2024 Semi-annual Report
Rongsheng Petrochemical Co., Ltd.
2024 Semi-annual Report
[Disclosure Time]
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2024 Semi-annual Report
Section I Important Notice, Table of Contents and Definitions
The Board of Directors, the Board of Supervisors and the directors, supervi
sors and senior management of the Company confirm that the contents in this se
mi-annual report are true, accurate, and complete and have no false representati
ons, misleading statements or material omissions, and they shall severally and joi
ntly accept legal responsibility for such contents.
Li Shuirong, Chairman of the Company, Wang Yafang, the person in charge
of the Company’s accounting and Zhang Shaoying, the person in charge of the A
ccounting Firm (Accounting Officer), hereby make representations in respect of
the truthfulness, accuracy and completeness of the financial statements in this se
mi-annual report.
All directors have attended the board meeting to deliberate this semi-annual
report.
The Company describes in detail the risks it may face in Section III of this r
eport under “X. Risks Faced by the Company and Countermeasures”, which inv
estors are advised to read.
The Company plans to pay no cash dividend, no bonus shares, and no conve
rsion of capital with provident fund.
This semi-annual report is prepared in Chinese and English respectively. In
case of any discrepancy between the two versions, the Chinese version shall prev
ail.
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2024 Semi-annual Report
Contents
Section I Important Notice, Table of Contents and Definitions ..................... 2
Section II Company Profile and Key Financial Indicators ............................ 7
Section III Management Discussion and Analysis ........................................ 10
Section IV Corporate Governance.................................................................. 32
Section V Environmental and Social Responsibility ..................................... 34
Section VI Important Matters ......................................................................... 46
Section VIII Preferred Shares ......................................................................... 85
Section IX Bonds .............................................................................................. 86
Section X Financial Reports ............................................................................ 89
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2024 Semi-annual Report
Contents of Documents for Future Reference
(1) The financial statements containing signature and seals of the person in charge of the Company, the perso
n in charge of the accounting works and the person in charge of the Accounting Firm (Accounting Officer);
(2) Written confirmation from directors, senior management and supervisors of the Company on the 2024 Se
mi-annual Report;
(3) The originals of all company documents and announcements that are disclosed to the public via media des
ignated by CSRC during the reporting period;
(4) The place where the above-mentioned documents are maintained: Office of the Board of Directors.
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2024 Semi-annual Report
Definitions
Term Refers to Definition
Company, the Company, Rongsheng Petrochem
Refers to Rongsheng Petrochemical Co., Ltd.
ical
Zhejiang Rongsheng Holding Group Co., Ltd., controlling shareh
Rongsheng Holding Refers to
older of the Company
Zhejiang Rongtong Logistics Co., Ltd., a subsidiary of the Comp
Rongtong Logistics Refers to
any
Zhejiang Rongsheng Venture Capital Co., Ltd., a subsidiary of th
Rongsheng Venture Capital Refers to
e Company’s controlling shareholder
Saudi Aramco Refers to Saudi Arabian Oil Company
Zhejiang Petroleum & Chemical Co., Ltd., a subsidiary of the Co
ZPC Refers to
mpany
Ningbo Zhongjin Petrochemical Co., Ltd., a subsidiary of the Co
Zhongjin Petrochemical Refers to
mpany
Dalian Yisheng Investment Co., Ltd, a subsidiary of the Compan
Yisheng Investment Refers to
y
Zhejiang Shengyuan Chemical Fiber Co., Ltd., a subsidiary of the
Shengyuan Chemical Fiber Refers to
Company
Rongxiang Chemical Fiber Co., Ltd., a subsidiary of the Compan
Rongxiang Chemical Fiber Refers to
y
Hong Kong Sheng Hui Refers to Hong Kong Sheng Hui Co., Ltd., a subsidiary of the Company
Rongsheng Petrochemical (Singapore) Pte. Ltd., a subsidiary of t
Rongsheng (Singapore) Refers to
he Company
Rongsheng International Trading Co., Ltd., a subsidiary of the Co
Rongsheng International Trading Refers to
mpany
Zhejiang Yongsheng Technology Co. Ltd., a subsidiary of the Co
Yongsheng Technology Refers to
mpany
Rongsheng (Zhoushan) New Materials Co., Ltd., a subsidiary of t
Rongsheng New Materials (Zhoushan) Refers to
he Company
Zhejiang Yisheng Petrochemical Co., Ltd., a joint stock subsidiar
Zhejiang Yisheng Refers to
y of the Company
Ningbo Hengyi Trading Co., Ltd., a joint stock subsidiary of the
Hengyi Trading Refers to
Company
Zhejiang Xiaoshan Rural Commercial Bank, a joint stock subsidi
Xiaoshan Rural Commercial Bank Refers to
ary of the Company
Zhejiang Petroleum Refers to Zhejiang Petroleum Co., Ltd., a joint stock subsidiary of ZPC
ZPC (Singapore) Refers to ZPC (Singapore) Pte. Ltd., a subsidiary of ZPC
Jintang Logistics Refers to Jintang Logistics Co., Ltd, a subsidiary of ZPC
Zhejiang Dingsheng Petrochemical Engineering Co., Ltd, a joint
Dingsheng Petrochemical Refers to
stock subsidiary of ZPC
Zhejiang Derong Chemicals Co. Ltd., a joint stock subsidiary of
Derong Chemicals Refers to
ZPC
ZPC-ENN (Zhoushan) Gas Co., Ltd., a joint stock subsidiary of
ENN (Zhoushan) Refers to
ZPC
Zhejiang Yisheng New Materials Co., Ltd., a holding subsidiary
Yisheng New Materials Refers to
of Zhongjin Petrochemical
Niluoshan New Energy Refers to Ningbo Niluoshan New Energy Co., Ltd., a subsidiary of Zhongji
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2024 Semi-annual Report
n Petrochemical
Yisheng Dahua Petrochemical Co., Ltd., a subsidiary of Yisheng
Yisheng Dahua Refers to
Investment
Hainan Yisheng Petrochemical Co., Ltd., a joint stock subsidiary
Hainan Yisheng Refers to
of Yisheng Investment
Hong Kong Yisheng Co., Ltd., a subsidiary of Hainan Yisheng Pe
Hong Kong Yisheng Refers to
trochemical
Dalian Rongxincheng Trading Co., Ltd., a subsidiary of Yisheng
Dalian Rongxincheng Refers to
Dahua
Zhejiang Rongtong Chemical Fiber New Material Co., Ltd., a sub
Rongtong New Materials Refers to
sidiary of Yisheng Dahua
Zhejiang Dongjiang Green Petrochemical Technology Innovation
Dongjiang Technology Refers to
Center Co., Ltd.
Ningbo Yisheng Chemical Co., Ltd, a subsidiary of Hong Kong S
Yisheng Chemical Refers to
heng Hui
Shanghai Brilliance Rating Refers to Shanghai Brilliance Credit Rating & Investors Service Co., Ltd.
The Securities Supervision Commission, CSRC Refers to China Securities Regulatory Commission
Stock exchange, SZSE Refers to Shenzhen Stock Exchange
Guosen Securities Refers to Guosen Securities Co., Ltd.
Yuan, 10,000 yuan Refers to RMB yuan, 10,000 yuan
Reporting period Refers to January 1, 2024 to June 30, 2024
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2024 Semi-annual Report
Section II Company Profile and Key Financial Indicators
I. Company Profile
Stock abbreviation Rongsheng Petrochemical Stock code 002493
Stock abbreviation before change (if any) None
Listed on Shenzhen Stock Exchange
Company name in Chinese 荣盛石化股份有限公司
Company abbreviation in Chinese 荣盛石化
Company name in the foreign language (if any) RONGSHENG PETROCHEMICAL CO., LTD.
Company abbreviation in the foreign language (i
RSPC
f any)
Legal representative of the Company Li Shuirong
II. Contact Information
Secretary of the Board of Directors Representative of Securities Affairs
Name Quan Weiying Hu Yangyang
Building of Zhejiang Rongsheng Holding Group, Yi Building of Zhejiang Rongsheng Holding Group, Yi
Address
nong Town, Xiaoshan District, Hangzhou nong Town, Xiaoshan District, Hangzhou
Telephone 0571-82520189 0571-82520189
Fax 0571-82527208 extension 8150 0571-82527208 extension 8150
E-mail qwy@rong-sheng.com yangyang@rong-sheng.com
III. Other Information
1. Contact information of the Company
Whether the Company's registered address, office address and postal code, company website and Email address, et
c. changed during the reporting period
□ Applicable Not applicable
There were no changes in the Company's registered address, office address and postal code, company website and
Email address, etc. during the reporting period. Please refer to the 2023 Annual Report for details.
2. Information disclosure and filing location
Whether the information disclosure and filing location changed during the reporting period
□ Applicable Not applicable
There were no changes in the stock exchange website, media and website for disclosing the semi-annual report by
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2024 Semi-annual Report
the Company; and, the filing location of the Company’s semi-annual report remained unchanged during the reporti
ng period. Please refer to the 2023 Annual Report for details.
3. Other relevant information
Whether other relevant information changed during the reporting period
□ Applicable Not applicable
IV. Key Accounting Data and Financial Indicators
Whether the Company needs to retroactively adjust or restate the accounting data of the previous years
□ Yes No
Increase or decrease in the repo
In the same period of th
In the reporting period rting period over the same perio
e previous year
d of the previous year
Operating income (RMB) 161,249,744,277.85 154,525,283,752.29 4.35%
Net profit attributable to share
holders of the listed company 857,934,883.14 -1,126,633,616.55 176.15%
(RMB)
Net profit attributable to share
holders of the listed company
672,376,557.15 -1,388,043,242.84 148.44%
net of non-recurring gain and
loss (RMB)
Net cash flow from operating
8,392,538,351.96 -2,278,779,430.90 468.29%
activities (RMB)
Basic earnings per share (RM
0.09 -0.11 181.82%
B per share)
Diluted earnings per share (R
0.09 -0.11 181.82%
MB per share)
Weighted average return on n
1.93% -2.42% 4.35%
et assets
Increase/decrease at the end of t
At the end of the reporting
End of previous year his reporting period compared t
period
o the end of the previous year
Total assets (RMB) 386,095,763,409.31 374,918,440,311.68 2.98%
Net assets attributable to shar
eholders of the listed compan 43,934,519,862.85 44,335,891,085.79 -0.91%
y (RMB)
V. Differences in Accounting Data under Domestic and Foreign Accounting Standards
1. Differences in net profits and net assets between financial reports disclosed in accordance with internatio
nal accounting standards and China’s accounting standards
□ Applicable Not applicable
In the reporting period of the Company, there were no differences in the net profits and net assets disclosed in the f
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2024 Semi-annual Report
inancial report under international accounting standards and China’s accounting standards.
2. Differences in net profits and net assets between financial reports disclosed in accordance with foreign ac
counting standards and China’s accounting standards
□ Applicable Not applicable
In the reporting period of the Company, there were no differences in the net profits and net assets disclosed in the f
inancial report under foreign accounting standards and China’s accounting standards.
VI. Items and Amounts of Non-recurring Gain and Loss
Applicable □ Not applicable
Unit: RMB
Item Amount
Profits and losses on the disposal of non-current assets (including the write-off part of the provision for asset
5,269,441.94
impairment)
Government grants included in the current profits and losses (except those closely related to the Company's n
ormal business operations, which are in line with national policies, enjoyed according to certain standards, an 17,442,587.20
d have a continuous impact on the Company's profits and losses)
Except for the effective hedging business related to the Company's normal business, the gains and losses of t
he fair value changes arising from financial assets and financial liabilities held by non-financial enterprises a 221,510,263.84
nd the gains and losses arising from the disposal of financial assets and financial liabilities
Fund possession cost included in current gain and loss charged to non-financial enterprises 213,251.56
Other non-operating revenues and expenditures except for the aforementioned items -27,608,928.38
Other profit/loss items falling within the definition of non-recurring gain or loss 70,311,778.50
Less: Affected amount of income tax 26,872,124.72
Affected amount of minority shareholders' equity (after tax) 74,707,943.95
Total 185,558,325.99
Other profit/loss items falling within the definition of non-recurring gain or loss:
□ Applicable Not applicable
The Company has no other profit/loss items falling within the definition of non-recurring gain or loss
Explanation of the circumstances in which the non-recurring gain and loss items listed in the Explanatory Announ
cement No. 1 on Information Disclosure of Companies Publicly Issuing Securities-Non-recurring Gains and Losse
s are defined as recurring gains and losses.
□Applicable Not applicable
The Company has no explanation of the circumstances in which the non-recurring gain and loss items listed in the
Explanatory Announcement No. 1 on Information Disclosure of Companies Publicly Issuing Securities-Non-recurr
ing Gains and Losses are defined as recurring gains and losses.
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2024 Semi-annual Report
Section III Management Discussion and Analysis
I. Main Businesses of the Company during the Reporting Period
(I). Industry of the Company during the reporting period
Entering the first half of 2024, global economies continued to adjust their stance amid the aftermath of the Fe
deral Reserve's interest rate hikes and geopolitics, and the world economy showed a moderate recovery. According
to the latest report from the International Monetary Fund (IMF), the global economic growth rate was forecast to
be 3.2% in 2024. During the reporting period, the global manufacturing and service PMI continued to rise, and the
year-on-year growth rate of trade volume of major trading countries improved significantly.
Despite the complex and volatile domestic and overseas environment, China, as an important player in the wo
rld economic landscape, continued to embark on the steady course of economic development in the first half of 20
24. During the period, China's economy continued to recover, showing overall stable operation, with both quantita
tive growth and qualitative improvement. In the second quarter, GDP grew by 4.7% year-on-year, a slight decline f
rom the first quarter. "In spite of the situation changed, the trend is still positive." Although there have been short-t
erm fluctuations, the long-term trend of positive development remains unchanged.
During the reporting period, crude oil prices remained at a medium-to-high level, the demand side recovered
steadily, and the degree of recovery showed a diversified trend. For example, downstream demand for automobile
s, home appliances, etc. increased steadily, and the chemical fiber industry improved gradually. As petrochemical p
roduction capacity commissioning did not achieve expectations, the rate of operation of some downstream industri
es was reduced and the supply and demand pattern gradually improved. Although the fluctuation of international e
nergy prices and the volatility of the international trade environment have put pressure on the industry's profit gro
wth, the Chinese government's series of policies, such as promoting energy conservation and emission reduction, a
pplying green and low-carbon technologies, encouraging the integration and upgrading of industrial chains, and de
epening international capacity cooperation, have provided solid support for the industry's transformation, upgradin
g and stable development.
(II) The Company’s main products during the reporting period
Rongsheng Petrochemical is one of the leading private petrochemical enterprises in China, ranking 6th in the
list of the most valuable brands in global chemical industry and 14th in the top 50 global chemical enterprises. The
Company is mainly engaged in the R&D, production and sales of all kinds of oil products, chemicals and polyeste
r products. It has established seven production bases in Bohai Economic Rim, Yangtze River Delta Economic Circ
le and Hainan Belt and Road Economic Circle, forming five industrial chains of polyester, engineering plastics, ne
w energy, high-end polyolefin and special rubber. It is one of the important producers of polyester, new energy mat
erials, engineering plastics and high value-added polyolefin in Asia, with the world's or the country's top-ranked pr
oduction capacity of PX, PC, butadiene, MMA, cis-butadiene rubber and styrene-butadiene rubber and other chem
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2024 Semi-annual Report
icals.
As a leader in the industry, the Company will continue to consolidate its leading position in the global chemic
al market in the first half of 2024. With the concept of "from a drop of oil to everything in the world", the Compan
y continues to expand and improve its product portfolio, covering many fields such as new energy, new materials,
organic chemicals, synthetic fibers, synthetic resins, synthetic rubber, and oil products. The construction of produc
t chains such as polyester, engineering plastics, new energy materials, high value-added polyolefins and special ru
bber further highlights the integrated industrial chain advantages of Rongsheng Petrochemical. Especially in the p
olyester industry chain, the Company has achieved full-chain coverage from upstream raw materials to final produ
cts, enhancing the synergy and market competitiveness of the industry chain. At present, the main products are sho
wn in the following figure:
Note: products marked by dotted line / dotted box are products under the plan.
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2024 Semi-annual Report
(III) Operational measures and results
1. Expand industrial cooperation and deepen international footprint
Rongsheng Petrochemical deepened its cooperation with Saudi Aramco and signed a Memorandum of Unders
tanding and a Cooperation Framework Agreement. The two parties intend to sell and purchase 50% of the equity o
f Zhongjin Petrochemical, a subsidiary wholly owned by Rongsheng Petrochemical, and SASREF, a subsidiary wh
olly owned by Saudi Aramco, respectively, and jointly develop the expansion projects of Zhongjin Petrochemical a
nd SASREF according to the equity ratio. The progress made by the two parties this time is expected to further str
engthen their daily communication, technical R&D, and business cooperation, and promote the realization of their
respective strategic goals and long-term sustainable development. In addition, the Company signed new project ag
reements with local governments and industry partners, expanding its business scope and market influence.
2. Optimize production management and improve economic benefits
The Company, adhering to the principles of refined management and promoting energy conservation and con
sumption reduction, and with the efficient operation of refining and chemical integration project of ZPC, achieved
a steady increase in crude oil processing volume and high-load operation of refining and ethylene units, and effecti
vely reduced production costs and improved profitability by optimizing resource allocation and cost control. The r
egular meeting mechanism ensures seamless integration of procurement, production and sales to maximize benefit
s.
3. Promote scientific and technological innovation and strengthen core advantages
Rongsheng Petrochemical has achieved remarkable results in technological innovation. For example, the succ
essful application of Zhongjin Petrochemical's new disproportionation catalyst has not only improved production e
fficiency, but also broken down foreign technological barriers. The Green Petrochemical Technology Innovation C
enter established by the Company has promoted the resolution of industry problems and the development of new t
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2024 Semi-annual Report
echnologies, and pushed forward the green upgrade of the industrial chain.
4. Build a talent team and activate organizational vitality
The Company attaches great importance to the construction of a talent team. Through systematic training, ski
ll competitions and other activities, it improves the skill level of employees, encourages employees to innovate and
create, and has formed a team of talents with international vision and professional skills. The team members play
a key role in technological innovation and corporate management, winning multiple honors for the Company and e
nhancing the Company's soft power and brand value.
(IV) Operation synergy
1. Controlling shareholder
Rongsheng Holding ranks 138th among the Fortune Global 500, 40th among the top 500 Chinese enterprises a
nd 5th among the top 500 private enterprises in China. At present, the Group has listed companies such as Rongshe
ng Petrochemical (stock code: 002493) and Ningbo United (stock code: 600051), with its business involving oil an
d gas upstream and trading, coal, logistics, equipment manufacturing, process engineering technology, real estate,
venture capital and other fields; Rongtong Logistics, a subsidiary is a national AAAA-level logistics enterprise, wh
ich has a mature and stable carrier cooperation operation platform; Suzhou Shenghui Equipment Co., Ltd., a holdi
ng company, specializes in the design, manufacture and sales of pressure vessels, cryogenic equipment, spherical t
anks and marine equipment; Shanghai Huanqiu Engineering Co., Ltd., a joint stock company of the Company, has
extremely rich experience in engineering EPC; A number of projects invested by Rongsheng Venture Capital not o
nly achieved good economic returns, but also promoted the synergy of the industrial chain; In addition, a number o
f other investments are also constantly advancing.
2. Strategic investors
Rongsheng Petrochemical and Saudi Aramco form the upstream and downstream in the industry and maintain
a good foundation for cooperation. The two companies will carry out all-round consultations and cooperation, suc
h as: ① Frontier technology sharing cooperation: The two companies will sincerely discuss to complement each ot
her's technologies through their advantages, jointly develop new technologies, processes and equipment to meet th
e future market demand, and promote them on the market, and at the same time share the necessary resources for R
&D; ② Stable crude oil supply guarantee: Saudi Aramco supplies ZPC with high-quality crude oil with the promis
ed quantity of 480,000 barrels per day, and provides the Company with production raw materials such as naphtha,
mixed xylene and straight-run fuel; ③ Interest-free purchase credit line: A credit line with a term of 20 years and a
n amount of USD 800 million, which can be increased during the cooperation period, will be provided, which is co
nducive to improving the capital utilization efficiency of ZPC and will have a positive impact on improving its pro
fitability; ④ Flexible cooperation in crude oil storage: Through amicable negotiations with relevant parties, the Co
mpany provides Saudi Aramco with crude oil storage tanks and related facilities in Zhoushan, and Saudi Aramco n
eeds to maintain a crude oil inventory of not less than 1.5 million metric tons, which is helpful to ensure the crude
oil supply of ZPC; ⑤ Broad global sales channels: Relying on overseas sales channels of Saudi Aramco, the Com
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2024 Semi-annual Report
pany can further expand the international market of its products and deepen strategic cooperation with overseas cu
stomers. Similarly, with the Company's deep-seated resources for many years, Saudi Aramco can also quickly ente
r the relevant international and domestic markets.
Rongsheng Petrochemical deepened its cooperation with Saudi Aramco and signed a Memorandum of Unders
tanding and a Cooperation Framework Agreement. The two parties intend to sell and purchase 50% of the equity o
f Zhongjin Petrochemical, a subsidiary wholly owned by Rongsheng Petrochemical, and SASREF, a subsidiary wh
olly owned by Saudi Aramco, respectively, and jointly develop the expansion projects of Zhongjin Petrochemical a
nd SASREF according to the equity ratio. The progress made by the two parties this time is expected to further str
engthen their daily communication, technical R&D, and business cooperation, and promote the realization of their
respective strategic goals and long-term sustainable development.
3. Refining and chemical sector
3.1. Zhejiang Petroleum & Chemical Co., Ltd. (ZPC)
With the goal of building a "private, green, international, trillion-level and flagship" base, ZPC's refining and
chemical integration project has been planned and unified at one time. At present, it has formed a world-class refin
ing and chemical integration base with a processing capacity of 40 million tons/year for oil refining, 8.8 million to
ns/year for paraxylene and 4.2 million tons/year for ethylene, among which the single scale for hydrogenation, ref
orming and PX is the largest in the world. The project is designed to maximize the refining and chemical integratio
n, provide high-quality raw materials for downstream chemical devices, maximize the production of aromatic hydr
ocarbons (PX) and chemical products, and minimize the output of fuel. The yield of fuel is lower than the industry
average, with outstanding effect of reducing oil and increasing chemical. Meanwhile, through the optimal utilizati
on of energy resources such as steam and water, and full use of the low-temperature waste heat of the device, it bui
lds the world's largest thermal seawater desalination device to realize energy saving and emission reduction. The re
fining and chemical integration rate of the project ranks first in the world, far higher than the average level of petro
chemical industry integration in China, and the scale and integration degree of the base are at a leading position in
the world.
ZPC's crude oil has strong adaptability, and can be stored according to light, medium, heavy and acid, transpo
rted separately and refined separately. Combined with blending means, it can process 80%-90% of the global crud
e oil, which greatly enhances its adaptability to oil price fluctuations and offers obvious advantages compared with
other domestic leading enterprises. It has flexible product structure, and mature and reliable technology, and its m
ain device scale and technical and economic indicators represent the most advanced level worldwide. As a result o
f one-time overall planning, oil refining, aromatic hydrocarbon and ethylene fully demonstrate the concept of "mol
ecular oil refining" and make the best use of the material. All olefins are deeply processed into chemicals with hig
h import dependence, which makes them have stronger ability to cope with the industry cycle.
As the upstream industry of the polyester industry chain, ZPC has successfully established the last link of the
whole process from a drop of oil to a piece of fiber for the Company, and formed the great advantage of upstream
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2024 Semi-annual Report
and downstream integration of the polyester industry. ZPC is located in Zhoushan, a part of East China, which is th
e main consumer of terminal chemicals. The Yangtze River Delta contains about 70% of China's production capaci
ty of plastics and chemical fibers, with obvious regional advantages. Located in Zhejiang Free Trade Zone, ZPC en
joys various preferential policies in the free trade zone and has continuously obtained the export quota of refined o
il; Yushan Island, where it is located, is an uninhabited island. Therefore, it is convenient for development and utili
zation, and will have little impact on the surrounding society and broad development space in the future; Being clo
se to the consumer market, ZPC enjoys a prominent position advantage as a sea-land hub at the Ningbo-Zhoushan
port with convenient access to bulk materials and products, and a significantly low transportation costs.
3.2. Zhongjin Petrochemical
Zhongjin Project, which was put into operation in August 2015, is an aromatic hydrocarbon combined plant c
urrently in service with leading single scale in the world. This project pioneered the process of making aromatic hy
drocarbon products with fuel oil (cheaper than naphtha) as raw material, and adopted a new technical route, which
can solve the shortage of global naphtha supply, greatly save the procurement cost of raw materials, introduce the
concept of "circular economy", and innovatively use the by-product hydrogen to process fuel oil into naphtha.
The new disproportionation catalyst jointly developed by Zhongjin Petrochemical and Tongji University has
been successfully applied for the first time in ZPC 2# disproportionation plant (3.5 million tons/year). The catalyst
has the excellent characteristics of "three highs", namely high space velocity, high yield and high conversion and
utilization rate of heavy aromatic hydrocarbon, and has good operation stability, whose comprehensive performanc
e and technical indicators have reached the advanced level in the world, realizing import substitution, which reflec
ts the staged progress of the Company's scientific research and innovation ability and level, and is of great signific
ance for continuously improving the technical level of production equipment, improving the conversion and utiliza
tion efficiency of raw materials, reducing consumption and production costs, and realizing the aromatic hydrocarb
on production from large-scale to strong and green production.
3.3. Rongsheng New Materials (Zhoushan)
As the expansion area of Zhoushan Green Petrochemical Base, relying on ZPC and Ningbo Zhongjin Petroch
emical, it extends the industrial chain downstream and develops fine chemicals and new chemical materials. The c
ompany focuses on developing downstream products of the existing industrial chains of ZPC and Zhongjin, to ach
ieve the value-added and efficiency increase in raw materials of Zhongjin and ZPC. At present, the project has star
ted construction and related work is progressing in an orderly manner.
4. PTA sector
Since the establishment of the first private PTA production line in 2002, the Company has insisted on indepen
dent innovation, successively developed and built the first domestic PTA process package and production equipme
nt with independent intellectual property rights, and realized the first domestic application of core equipment such
as large-scale oxidation reactors and high-speed pumps, which changed the long-term dependence of China's PTA
industry on the introduction of complete sets of foreign patented technology, and promoted a large number of dom
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2024 Semi-annual Report
estic equipment manufacturers to achieve leap-forward development. At the same time, we have continuously carri
ed out technical transformation on existing equipment to improve production efficiency and product quality, and at
the same time continuously optimized raw material consumption to ensure efficient use of resources. Meanwhile,
the Company has steadily promoted the launch of new production capacity, on the one hand, to meet the growing
market demand, and on the other hand, to stabilize the Company's leading position in the polyester industry.
5. Polyester sector
With the general policy of "safety and environmental protection, quality improvement, cost reduction and ben
efits increase", the Company focuses on strengthening pandemic prevention and control, implementing hidden dan
ger treatment, boosting process optimization and promoting lean production management. Yongsheng Technology'
s 250,000-ton functional polyester film expansion project has been successfully put into production, and the comp
any's annual polyester film production capacity has reached 430,000 tons, ranking the top four in China. The Com
pany's PTA production enterprises make full use of the advantages of the Company's complete industrial chain inte
gration to continuously tap the potential and increase benefits to produce polyester bottle chips. At present, its prod
uction capacity ranks first in China, with part of PTA production capacity consumed locally, which enhances the c
ompetitiveness of the enterprise and improve the economic benefits. The 500,000 tons of differentiated fiber proje
ct of Shengyuan Phase II, which mainly produces flame-retardant, functional and dye-free fiber products, is also in
progress.
II. Analysis of Core Competitiveness
1. Complete industrial synergistic advantages
After years of development and improvement, the Company has seized the opportunity of industrial adjustme
nt, achieved rapid growth, and formed the development strategy of "from a drop of oil to everything in the world".
Through the extension of the industrial chain, the Company has effectively reduced the business cost, realized the
mutual support of upstream and downstream sectors, and also improved its sustainable profitability and risk resist
ance. For example, ZPC can supply PX as raw material for PTA production to shareholder units and related compa
nies, and ethylene glycol as raw material for downstream production of polyester bottle chips, films and chemical
fibers. The release of ZPC's production capacity has greatly supplemented the mutual supply demand of raw mater
ials for the development of the Company's industrial chain and realized self-sufficiency of raw materials.
The interconnection of Zhoushan Green Petrochemical Base and Ningbo Petrochemical Base can realize the c
oordinated development of both Ningbo and Zhoushan bases, and pipeline transportation greatly reduces the risk a
nd cost of ship transportation and land transportation; A large number of light hydrocarbon raw materials by-produ
cts from Ningbo Petrochemical Base are transported to Zhoushan Green Petrochemical Base through pipelines, wh
ich can be used as high-quality ethylene raw materials. Surplus oil products from Zhoushan Green Petrochemical
Base can be transported to Ningbo Petrochemical Base as high-quality raw materials for aromatic hydrocarbon pro
duction.
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2024 Semi-annual Report
The construction of ZPC Project has supporting facilities that can meet the demand of crude oil supply in the
two phases of the project. The total storage capacity of Mamu crude oil depot and Yushan Island crude oil depot h
as reached 4.6 million mwhich is the largest storage capacity among domestic refining and chemical facilities. A
s the most concentrated resource allocation base for oil and gas enterprises in China, Zhejiang free Trade Zone has
an oil depot capacity of more than 30 million mincluding Huangzeshan Island, Cezi Island and Waidiao Island.
Most of the oil pipeline networks are interconnected, making local transportation available.
2. Remarkable location advantages
The Company's production bases are located along the eastern coastline of China, including the "Circum-Boh
ai Sea Economic Zone" in Dalian City, Liaoning Province; and "Yangtze River Delta Economic Circle" in Ningbo
City, Zhejiang Province; the "Belt and Road Economic Belt"; and the "Maritime Silk Road" in Haikou City, Hain
an Province. Each production base of the Company is adjacent to high-quality ports, connected with canals and eq
uipped with complete wharf facilities. The main raw materials and other auxiliary raw materials required for produ
ction can be unloaded and stored at the chemical material wharf built or rented by the Company, providing conven
ient transportation of bulk raw materials and inventory adjustment.
ZPC Project is located in the concentrated consumption area of oil products and chemical products, with stro
ng market demand for the key products. The target market for chemical products is mainly East China and South C
hina, where the economy is the most developed with the most active downstream consumption market for petroch
emical products, and whose related industries such as downstream plastic product processing industry, light indust
ry and daily chemical industry are developed, with strong market acceptance for bulk petrochemical products. Refi
ned oil sales channels are diverse, with strong policy support and significant competitive advantages. In 2020, the
Ministry of Commerce officially approved granting ZPC the export qualification of non-state-owned trade refined
oil. As the first private refining and petrochemical enterprise to obtain export permission, ZPC took the lead in ope
ning sales channels in Southeast Asia. In the face of the excess supply of domestic refined oil, this export permissi
on given to ZPC has become more valuable.
3. Excellent strategic layout advantages
The Company, with inherent strong market sensitivity and flexible decision-making mechanism, can not only
keep a close eye on the market, but also make timely and accurate adjustments to the strategy and seize the preem
ptive opportunities of the market under its own mechanism advantages of fast pace and few links. The managemen
t has a keen sense of investment, accurate timing for project operation and excellent investment and financing capa
city. The Company started from polyester chemical fiber, and after years of development, it has formed a good fou
ndation. With the full-scale operation of the 40 million tons/year refining and chemical integration project of its su
bsidiary in early 2022, ZPC has become the largest single refinery in the world. Relying on the platform of 40 mill
ion tons/year refining and chemical integration project of ZPC, which is the largest single refinery in the world, th
e Company has accelerated the layout of downstream new chemical materials, aimed at the field of new energy an
d high-end materials, and has deployed a number of new energy and new material products such as EVA, POE, D
17
2024 Semi-annual Report
MC, PC and ABS, continuously enriching its product chain. With the steady progress of new projects, the Compan
y's production capacity of new energy materials, renewable plastics, special synthetic materials, and high-end synt
hetic materials will be expanded in an orderly manner, and the transformation of new materials will be gradually a
ccelerated.
4. Strong R&D and innovation advantages
The Company upholds a technological R&D pattern driven by both independent innovation and cooperation.
It has established many world-class R&D platforms, including a high-tech R&D center, a workstation for academi
cians and experts, an enterprise technology center, and a post-doctoral science and research workstation. Moreove
r, it engages in active technology exchanges and discussions and promotes industry-university-research collaborati
on to acquire resources from universities, the community, and the Company. With all sectors of society, it jointly p
romotes its research capability and technological advancement and together create an innovation ecosystem that is
open, healthy, and cooperative, where everyone can benefit. In recent years, the Company has continuously prom
oted scientific research cooperation with domestic and foreign countries and increased its R&D investment year b
y year to maintain a leading level in the industry.
The Company's main manufacturing subsidiaries are all national high-tech enterprises with strong R&D stren
gth and rich process operation experience accumulated during long-term production management, which have gath
ered the strength of "production, learning, research and use" at home and abroad, carried out R&D with independe
nt innovation, and established an integrated achievement improvement platform for laboratory innovation, small te
st, pilot test and industrial demonstration production, and overcome the disadvantage that it is difficult to incubate
and transform related achievements although with basic research by other research institutes in China relying on th
e Company's flexible system and mechanism and complete industrial chain advantages, breaking through the final
ceiling from scientific research achievements to industrial promotion and application, boosting industrial technolo
gical innovation and upgrading, seizing the technologically leading position, and promoting the Company's high-q
uality development in the terms of technological independence, raw material diversification, high-end products, gr
een production and intelligent industry.
5. Rich human resource advantages
Focusing on the construction of corporate culture, the Company has formed a good working atmosphere and
strong corporate cohesion. The Company has also trained a group of stable core management, R&D, and technical
talents through internal training and external recruitmemt. The Company attaches importance to the cultivation of
on-the-job staff. Based on reality and comprehensive planning, the Company is constantly broadening the staff sel
ection platform and formulating an effective incentive mechanism. To maintain the practical and effective work of
the staff, the Company has improved the benefits of employees, optimized the professional title assessment syste
m, and clarified the promotion standards and incentives. The Company combined the employee examination with
performance evaluation and replaced some evaluations with competition to dynamically evaluate employees' comp
rehensive quality and form a positive competitive atmosphere where everyone strives to excel. Following the princ
18
2024 Semi-annual Report
iple of "different measures for different talents and making good use of the strengths of talents", every employee w
ill have the opportunity to exercise their abilities.
In addition, the Company attaches great importance to the management of talents and teams, and adopts both
internal incentives and external training. In terms of internal management, it promotes the construction of three tea
ms, namely, senior management, high potential talents and specialized talents. In particular, it attaches importance
to talent evaluation and integrity education, strengthens skills training and skills accreditation, and improve the qu
ality of employees in all aspects. In terms of external training, relying on cooperation platforms such as Industry-U
niversity-Research, it actively introduces talents with good education and excellent skill, increases the proportion
of high-quality employees, and provide new momentum for enterprise development.
6. Efficient operation and management advantages
The Company adheres to system construction, integrates digitization, intelligence, standardization, process, a
nd regulation into operations; actively strengthens IT construction; comprehensively integrates business links such
as sourcing, production, inventory, and sales; and constantly improves the rapid response ability. The Company h
as established a complete set of effective management systems in combination with actual situations, defined post
responsibilities and work flow, and effectively reduced the operation costs through fine management. Through yea
rs of efforts, the Company's construction in systems such as information, performance appraisal, and credit manag
ement are at the leading position in the industry. Meanwhile, through brand and cultural construction, the Compan
y has further enhanced its corporate cohesion and brand influence, won the "No.6 on the List of the Most Valuable
Brands in Global Chemical Industry in 2024", "No. 14 among the Top 50 Global Chemical Companies in 2024",
"No. 2 on the List of the Top 500 Oil and Chemical Enterprises in Sales Revenue in 2023 (Independent Production
and Operation)", "Best Practice Award of the Board of Directors of Listed Companies in 2023", "Best Practice Ca
se of ESG of Listed Companies in China in 2023", "Golden Bull Prize Top 50 ESG Carbon Neutralization Awards
of the First Guoxin Cup", "ESG Progress Case of Xinhua Credit Jinlan Cup", and "Five-star Kunpeng Enterprise i
n Hangzhou", etc.
III. Analysis of Main Business
Overview
See related contents in "I. Main Businesses of the Company during the Reporting Period".
Year-on-year changes of major financial data
Unit: RMB
In the reporting perio In the same period of Year-on-year increase
Reason for change
d the previous year (decrease)
Operating income 161,249,744,277.85 154,525,283,752.29 4.35%
Operating cost 141,256,133,696.06 139,757,633,719.45 1.07%
Marketing expenses 78,933,484.96 100,549,410.04 -21.50%
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2024 Semi-annual Report
Administrative expense
438,040,873.14 404,763,431.53 8.22%
s
Financial expenses 3,695,610,943.82 4,070,814,062.56 -9.22%
Mainly due to the incre
ase in total profit in thi
s period compared with
Income tax expenses 257,909,218.53 -752,468,740.63 134.28% the same period last ye
ar, which led to an incr
ease in corresponding i
ncome tax expenses
R & D investment 2,496,929,812.35 3,293,231,534.62 -24.18%
Mainly due to the year-
on-year increase in net
Net cash flow from ope cash receipts from the
8,392,538,351.96 -2,278,779,430.90 468.29%
rating activities Company's purchase an
d sales business in this
period
Net cash flow from inv
-16,703,533,922.77 -14,829,820,455.43 -12.63%
estment activities
Net cash flow from fin
14,000,756,664.85 15,356,373,078.79 -8.83%
ancing activities
Mainly due to the incre
Net increase in cash an ase in cash receipts fro
5,522,661,291.23 -2,094,250,081.76 363.71%
d cash equivalents m operating activities i
n this period
Major changes in profit composition or profit sources during the reporting period
□ Applicable Not applicable
There were no major changes in profit composition or profit sources during the reporting period.
Operating income composition
Unit: RMB
In the reporting period In the same period of the previous year
Year-on-year inc
Proportion in ope Proportion in oper rease (decrease)
Amount Amount
rating income ating income
Total operating inc 161,249,744,277.8 154,525,283,752.2
100% 100% 4.35%
ome 5 9
By industry
Petrochemical Ind 143,512,501,519.3 140,099,506,826.5
89.00% 90.66% 2.44%
ustry 8 1
Polyester chemical
8,458,552,743.59 5.25% 7,346,436,217.27 4.76% 15.14%
fiber industry
Trade and others 9,278,690,014.88 5.75% 7,079,340,708.51 4.58% 31.07%
By product
Oil refining produc
59,838,932,657.76 37.11% 55,062,107,428.82 35.63% 8.68%
ts
Chemical products 57,596,453,886.82 35.72% 58,838,530,475.22 38.08% -2.11%
PTA 26,077,114,974.80 16.17% 26,198,868,922.47 16.95% -0.46%
Polyester chemical
8,458,552,743.59 5.25% 7,346,436,217.27 4.76% 15.14%
fiber film
20
2024 Semi-annual Report
Trade and others 9,278,690,014.88 5.75% 7,079,340,708.51 4.58% 31.07%
By region
138,850,841,311.8 138,025,327,277.0
China 86.11% 89.32% 0.60%
8 1
Overseas 22,398,902,965.97 13.89% 16,499,956,475.28 10.68% 35.75%
Industries, products or regions that account for more than 10% of the company's operating income or profit
Applicable □ Not applicable
Unit: RMB
Year-on-year i Year-on-year i Year-on-year i
Operating inco Gross profit m ncrease (decre ncrease (decre ncrease (decre
Operating cost
me argin ase) in operati ase) in operati ase) in gross p
ng revenue ng cost rofit margin
By industry
Petrochemical I 143,512,501,51 124,218,042,90
13.44% 2.44% -1.34% 3.31%
ndustry 9.38 7.11
Polyester chemi
8,458,552,743. 8,345,372,567.
cal fiber industr 1.34% 15.14% 17.48% -1.97%
59 39
y
Trade and other 9,278,690,014. 8,692,718,221.
6.32% 31.07% 28.84% 1.63%
s 88 55
By product
Oil refining pro 59,838,932,65 48,726,246,42
18.57% 8.68% 7.22% 1.10%
ducts 7.76 4.89
Chemical produ 57,596,453,88 49,118,458,19
14.72% -2.11% -9.56% 7.03%
cts 6.82 7.00
26,077,114,97 26,373,338,28
PTA -1.14% -0.46% 0.85% -1.32%
4.80 5.23
Polyester chemi 8,458,552,743. 8,345,372,567.
1.34% 15.14% 17.48% -1.97%
cal fiber film 59 39
Trade and other 9,278,690,014. 8,692,718,221.
6.32% 31.07% 28.84% 1.63%
s 88 55
By region
138,850,841,31 119,238,815,71
China 14.12% 0.60% -3.49% 3.63%
1.88 1.03
22,398,902,96 22,017,317,98
Overseas 1.70% 35.75% 35.83% -0.06%
5.97 5.02
In the case that the statistical standards for main business data of the company are adjusted during the reporting pe
riod, the main business data of the company in the latest period are subject to those after the adjustment of the stati
stical standards at the end of the reporting period
□ Applicable Not applicable
IⅤ. Non-core business analysis
Applicable □ Not applicable
21
2024 Semi-annual Report
Unit: RMB
Whether it is sus
Amount Proportion in total profit Cause description
tainable
Mainly due to futures invest
Investment income -52,174,957.84 -2.70% ment and investment income No
from joint ventures
Profit (loss) from fair v 115,037,218.5 Mainly due to futures invest
5.96% No
alue change 3 ment
Mainly the inventory depreci
Asset impairment -12,655,239.18 -0.66% No
ation provision accrued
Mainly compensation incom
Non-operating income 7,827,844.76 0.41% No
e
Mainly due to sporadic non-r
Non-operating expense
35,436,773.14 1.84% ecurring losses and donation No
s
outlay
Income from asset disp Mainly the loss from disposa
5,269,441.94 0.27% No
osal l of fixed assets
Mainly due to the provision f
-138,884,225.3
Credit impairment loss -7.20% or bad debts of accounts rece No
8
ivable
Mainly due to value-added ta
1,253,751,467. x credit policy benefits for a
Other income 64.97% Yes
78 dvanced manufacturing enter
prises
V. Analysis of assets and liabilities
1. Significant changes in asset composition
Unit: RMB
At the end of the reporting perio
At the end of the previous year Increase (decr
d Description of
ease) of propo
Proportion in t Proportion in t major changes
Amount Amount rtion
otal assets otal assets
19,222,581,25 13,070,255,46
Monetary fund 4.98% 3.49% 1.49%
0.75 6.02
Accounts receiv 7,628,521,455. 4,737,733,703.
1.98% 1.26% 0.72%
able 74 66
55,283,049,55 61,733,657,34
Inventory 14.32% 16.47% -2.15%
9.37 2.07
Investment real
10,259,851.60 0.00% 10,395,574.60 0.00% 0.00%
estate
Long-term equit 9,403,115,007. 9,183,711,444.
2.44% 2.45% -0.01%
y investment 57 96
215,692,742,20 219,699,679,39
Fixed assets 55.87% 58.60% -2.73%
0.98 7.52
Construction in 53,069,309,97 41,820,671,07
13.75% 11.15% 2.60%
progress 9.25 0.59
Right-of-use ass
188,026,784.20 0.05% 200,102,141.16 0.05% 0.00%
ets
Short-term borr 44,219,682,05 11.45% 44,810,936,76 11.95% -0.50%
22
2024 Semi-annual Report
owings 9.34 7.94
Contractual liab 3,511,525,781. 4,421,732,432.
0.91% 1.18% -0.27%
ilities 43 83
Long-term borr 130,518,130,60 125,179,583,82
33.80% 33.39% 0.41%
owings 0.50 1.18
Lease liabilities 182,428,242.97 0.05% 193,002,312.38 0.05% 0.00%
Non-current liab
30,295,055,76 30,286,684,17
ilities due withi 7.85% 8.08% -0.23%
3.90 4.81
n one year
2. Major overseas assets
□ Applicable Not applicable
3. Assets and liabilities measured at fair value
□ Applicable Not applicable
4. Restrictions on rights of assets as of the end of the reporting period
Original book value at
Item Reasons for restriction
the end of the period
Monetary fund 2,213,064,862.00 Letter of credit, bank acceptance bill, guarantee and borrowing deposit
Accounts receivable financi
46,292,719.64 Bank acceptance bills as collateral
ng
Fixed assets 229,585,409,448.96 Borrowings and letters of credit as collateral
Construction in progress 39,671,194,782.07 Borrowings and letters of credit as collateral
Intangible assets 6,190,310,100.42 Borrowings and letters of credit as collateral
Total 277,706,271,913.09
VI. Analysis of investment status
1. Overall situation
Applicable □ Not applicable
Investment amount in the reporting pe Investment amount in the same period
Variations
riod (RMB) of last year (RMB)
9,403,115,007.57 8,891,042,895.47 5.76%
2. Significant equity investments acquired during the reporting period
□ Applicable Not applicable
23
2024 Semi-annual Report
3. Major ongoing non-equity investments during the reporting period
□ Applicable Not applicable
4. Investment in financial assets
(1) Securities investment
□ Applicable Not applicable
The Company had no securities investment during the reporting period.
(2) Investment in derivatives
□ Applicable Not applicable
The Company had no derivatives investment during the reporting period.
5. Use of the raised funds
□ Applicable Not applicable
The Company did not use the raised funds during the reporting period.
VII. Sales of Major Assets and Equities
1. Sales of major assets
□ Applicable Not applicable
The Company did not sell any major assets during the reporting period.
2. Sale of major equities
□ Applicable Not applicable
VIII. Analysis of Main Holding and Joint-stock Companies
Applicable □ Not applicable
Main subsidiaries and joint-stock companies affecting more than 10% of the Company’s net profit
Unit: RMB10,000
Registe
Company Company Total asse Operatin Operatin
Main business red capi Net assets Net profit
name type ts g income g profit
tal
Production, sales, st 5,580,00 30,152,73 9,547,080. 13,221,84 231,851.1 202,990.3
ZPC Subsidiary orage and transporta 0 6.96 27 5.84 0 4
tion of petroleum pr
24
2024 Semi-annual Report
oducts, etc.
Production and sale
Zhongjin P
s of chemical produ 2,803,902. 665,991.6 710,426.3 -21,038.6 -21,061.2
etrochemic Subsidiary 600,000
cts and petroleum p 28 1 1 4 4
al
roducts
Project investment,
Yisheng In domestic trade, imp 1,788,989. 764,038.7 1,579,153.
Subsidiary 201,800 -6,484.91 -4,290.50
vestment ort and export of go 02 7 29
ods
Production and sale
Yisheng Da 1,620,763. 595,966.8 1,579,153. -12,361.7 -10,159.6
Subsidiary s of PTA and polyes 245,645
hua 95 4 29 7 6
ter bottle chips
Yisheng Ne Production and sale 1,225,875. 205,246.9 1,677,362. -24,457.0 -24,003.0
Subsidiary 300,000
w Materials s of PTA 79 5 87 2 6
USD 51
Zhejiang Yi Joint-stock Production and sale 2,119,011. 905,028.4 1,210,414.
4,447,10 9,631.81 7,221.68
sheng company s of PTA 32 8 31
0
Production and sale
Hainan Yis Joint-stock 1,862,324. 685,393.2 1,635,549.
s of PTA and polyes 458,000 12,186.69 11,248.17
heng company 12 7 27
ter bottle chips
Production and sale
Shengyuan
s of polyester chips 686,863.3 217,867.2 163,667.3
Chemical F Subsidiary 200,000 1,228.47 698.75
and polyester filame 5 4 8
iber
nts
Acquisition and disposal of subsidiaries during the reporting period
Applicable □ Not applicable
Acquisition and disposal methods d Impact on overall production, operatio
Company name
uring the reporting period n and performance
Taizhou ZPC Sales Co., Ltd. New establishment No significant impact
Zhejiang Rongyi Chemical Fiber Co., Ltd. New establishment No significant impact
Description of major holding companies and joint-stock companies
(1) Zhejiang Petroleum & Chemical Co., Ltd.
Zhejiang Petroleum & Chemical Co., Ltd. (ZPC) is the implementing body of the Company's 40 million tons/year
refining and chemical integration project. Its business scope includes general business items such as production, sa
les, storage and transportation of petroleum products, import and export trade of crude oil, sales of petrochemical r
aw and auxiliary materials and equipment and their parts and components. With Li Shuirong as its legal representa
tive, ZPC, a holding subsidiary of the Company, owns a registered capital of RMB 55,800 million. By June 2024, t
he company had total assets of RMB 301,527.37 million and net assets of RMB 95,470.80 million; From January t
o June 2024, the company achieved an operating revenue of RMB 132,218.46 million and a net profit of RMB 2,0
29.90 million.
(2) Ningbo Zhongjin Petrochemical Co., Ltd.
The business scope of Ningbo Zhongjin Petrochemical Co., Ltd. includes the storage of chemical products; wholes
ale and retail of chemical products and petroleum products (except hazardous chemicals). With Li Shuirong as its l
25
2024 Semi-annual Report
egal representative, Zhongjin Petrochemical, a wholly-owned subsidiary of the Company, owns a registered capita
l of RMB 6,000 million. By June 2024, the company had total assets of RMB 28,039.02 million and net assets of R
MB 6,659.92 million; From January to June 2024, the company achieved an operating revenue of RMB 7,104.26
million and a net profit of RMB -210.61 million.
(3) Dalian Yisheng Investment Co., Ltd.
Dalian Yisheng Investment Co., Ltd. is mainly engaged in industrial investment. With Li Shuirong as its legal repr
esentative, Yisheng Investment owns registered capital of RMB 2,018 million. The Company holds 70% of its equ
ity. By June 2024, the company had total assets of RMB 17,889.89 million and net assets of RMB 7,640.39 millio
n; From January to June 2024, the company achieved an operating revenue of RMB 15,791.53 million and a net pr
ofit of RMB -42.91 million.
(4) Yisheng Dahua Petrochemical Co., Ltd.
Yisheng Dahua Petrochemical Co., Ltd. is mainly engaged in the production and sales of PTA. With Li Shuirong a
s its legal representative, Yisheng Dahua Petrochemical owns a registered capital of RMB 2,456.45 million. By Ju
ne 2024, the company had total assets of RMB 16,207.64 million and net assets of RMB 5,959.67 million; From J
anuary to June 2024, the company achieved an operating revenue of RMB 15,791.53 million and a net profit of R
MB -101.60 million.
(5) Zhejiang Yisheng New Materials Co., Ltd.
Zhejiang Yisheng New Materials Co., Ltd. is mainly engaged in the production and sales of PTA. The legal represe
ntative is Xu Baoyue, the registered capital is RMB 3 billion, and Ningbo Zhongjin Petrochemical Co., Ltd. holds
51% of its equity. By June 2024, the company had total assets of RMB 12,258.76 million and net assets of RMB 2,
052.47 million; From January to June 2024, the company achieved an operating revenue of RMB 16,773.63 millio
n and a net profit of RMB -240.03 million.
(6) Zhejiang Yisheng Petrochemical Co., Ltd.
Zhejiang Yisheng Petrochemical Co., Ltd. is mainly engaged in PTA production and sales. With Fang Xianshui as
its legal representative, Yisheng Petrochemical owns a registered capital of USD 514,447,100. By June 2024, the c
ompany had total assets of RMB 21,190.11 million and net assets of RMB 9,050.28 million; From January to June
2024, the company achieved an operating revenue of RMB 12,104.14 million and a net profit of RMB 72.22 milli
on.
(7) Hainan Yisheng Petrochemical Co., Ltd.
Hainan Yisheng Petrochemical Co., Ltd. is a joint-stock subsidiary of Yisheng Investment, the Company's holding
subsidiary. The Company's main business includes the production and sales of PTA and polyester bottle chips, and
import and export business. With Fang Xianshui as its legal representative, Yisheng Petrochemical owns a register
ed capital of RMB 4,580 million. Yisheng Investment holds 50% of its equity. By June 2024, the company had tota
26
2024 Semi-annual Report
l assets of RMB 18,623.24 million and net assets of RMB 6,853.93 million; From January to June 2024, the comp
any achieved an operating revenue of RMB 16,355.49 million and a net profit of RMB 112.48 million.
(8) Zhejiang Shengyuan Chemical Fiber Co., Ltd.
Zhejiang Shengyuan Chemical Fiber Co., Ltd. is the implementing body of the Company's multi-functional fibre t
echnical transformation project. Its business scope covers the manufacturing and processing of polyester and span
dex (only for preparation) and the distribution of light textile raw materials and products. With Li Shuirong as its l
egal representative, Shengyuan Chemical Fiber, a wholly-owned subsidiary of the Company, owns a registered cap
ital of RMB 2,000 million. By June 2024, the company had total assets of RMB 6,868.63 million and net assets of
RMB 2,178.67 million; From January to June 2024, the company achieved an operating revenue of RMB 1,636.67
million and a net profit of RMB 6.99 million.
IX. Structured Entities Controlled by the Company
□ Applicable Not applicable
X. Risks Faced by the Company and Countermeasures
1. Risk from fluctuation of raw materials and products
As a member of the crude oil industrial chain, the Company's main cost of production is the cost of upstream
raw materials. Therefore, the fluctuation of crude oil prices will result in the price fluctuation of products in the in
dustry chain. Our main products are aromatic hydrocarbons, chemicals and oil products, which are closely related
to the national economy and people's livelihood. The industry development is highly correlated with the prosperity
of the national economy, and macroeconomic changes will have a certain adverse impact on our performance. Ou
r purchasing and marketing team and production team has rich experience in procurement, trade, hedging, and logi
stics. With the help of the marketing department, we will focus on market changes, adhere to the combination of st
rategic procurement and preferential procurement, and effectively reduce procurement costs. We also strengthen s
ales management and arrange flexible long-term and short-term contracts to reduce the adverse impact of raw mat
erial fluctuations.
2. Risk of foreign currency exchange rate fluctuations
In the future, the market-oriented reform of the exchange rate will become one of the important factors affecti
ng investors' asset allocation. If the USD further strengthens in the interest rate increase cycle, it may lead to great
er pressure on the depreciation of the Chinese Yuan. As the Company pursues international growth, the sharp fluct
uation of the currency exchange rate of foreign exchange settlement, which is dominated by the USD, will jeopard
ize daily operations of the Company. While controlling financial risks, we will continue to optimize the financing
structure and the financing scale of USD funds, control the cost within a reasonable range, and then reduce the adv
erse impact of the exchange rate.
27
2024 Semi-annual Report
3. Risk of product overcapacity
With the expansion of domestic refining and chemical integration capacity and the promotion of the strategy
of "reducing oil and increasing chemicals" in recent years, the basic chemical raw materials and general chemical
products in the downstream of refining and chemical industry are characterized by certain homogenization. With t
he support of the Company's complete and refined industrial chain platform, the Company will still be at the left e
nd of the industry cost curve in the future, thus occupying a favorable position in the market competition. On the o
ther hand, many products in the new materials project planned by the Company have limited domestic production
capacity or even rely entirely on imports, which will bring excess returns to the Company.
4. Risk of project capital expenditure
Petrochemical industry is a capital-intensive industry with large investment scale and long construction perio
d. Continued large-scale capital investment will likely increase the level of asset-liability ratio and trigger cash flo
w risks. Besides, in the context of overcapacity in the industry and sluggish downstream demand, the return on inv
ested capital may also be less than expected. After the second phase of ZPC was put into production, although the
Company planned several new materials projects intensively, it has strictly controlled the pace of investment and c
onstruction, adjusted the project content in strict accordance with the market situation, maintained a reasonable ass
et-liability ratio, and actively negotiated cooperation with foreign petrochemical giants such as Saudi Aramco to cr
eate a more competitive refining and chemical integration platform.
XI. Implementation of the Action Plan of "Double Improvement of Quality and Return"
Whether the Company has disclosed the action plan announcement of "double improvement of quality and return
".
Yes □No
In order to implement the guiding ideology of "activating the capital market and boosting investors' confidenc
e" put forward at the meeting of the Political Bureau of the CPC Central Committee on July 24, 2023 and "improv
ing the quality and investment value of listed companies, taking more powerful and effective measures, focusing o
n stabilizing the market and confidence" put forward at the executive meeting of the State Council on January 22,
2024, and earnestly protect the interests of all investors, the Company has formulated the action plan of "double im
provement of quality and return" based on its confidence in the future development prospects of the Company and
its recognition of the stock value, and disclosed it on March 2, 2024. Details are as follows:
1. Insist on serving the country through industry and lead the development of the industry
Rongsheng Petrochemical is one of the globally leading petrochemical enterprises, ranking 6th in the list of t
he most valuable brands in global chemical industry in 2024 and 14th in the top 50 global chemical enterprises in
2024. The Company is firmly putting into practice the “vertical and horizontal strategy”. It has established seven p
roduction bases in Bohai Economic Rim, Yangtze River Delta Economic Circle and Hainan Belt and Road Econo
28
2024 Semi-annual Report
mic Circle, forming five industrial chains of polyester, engineering plastics, new energy, high-end polyolefin and s
pecial rubber. It is one of the important producers of polyester, new energy materials, engineering plastics and hig
h value-added polyolefin in Asia, with the largest production capacity of chemicals such as PX and PTA in the wo
rld. Since listing, the Company's business has developed rapidly, and its operating income has increased from RM
B 15,795,678,900 in 2010 to RMB 325,111,614,300 in 2023, with a compound growth rate of 26.19%.
On the basis of the existing complete industrial chain, the Company actively arranges products related to new
energy and new materials, and the proportion of related products continues to increase. At the same time, the Com
pany actively carried out the global layout. In 2023, the Company introduced Saudi Aramco as a strategic investor.
At present, Saudi Aramco holds about 10% of the Company's equity through its wholly-owned subsidiary. In earl
y 2024, the Company signed a Memorandum of Understanding with Saudi Aramco, and the two sides are discussi
ng further cooperation matters to promote the realization of their strategic goals.
2. Attach importance to R&D investment and drive growth with innovation
The Company keeps up with the forefront of international science and technology, and constantly launches ne
w technologies and products in clean energy, high-end materials and green development. The Company upholds a
technological R&D pattern driven by both independent innovation and cooperation. It has established many world
-class R&D platforms, including a high-tech R&D center, a workstation for academicians and experts, an enterpris
e technology center, and a post-doctoral science and research workstation. Moreover, it engages in active technolo
gy exchanges and discussions and promotes industry-university-research collaboration to acquire resources from u
niversities, the community, and the Company. With all sectors of society, it jointly promotes its research capability
and technological advancement and together create an innovative development system that is open, healthy, and c
ooperative, where everyone can benefit.
3. Attach importance to shareholders' returns and share development achievements
While paying attention to its own development, the Company also attaches great importance to shareholders'
return. In order to improve and enhance the Company's shareholder return mechanism and increase the transparen
cy and operability of profit distribution policies, the Company has formulated the Shareholders' Return Plan for th
e Next Three Years since its listing, according to the Company Law of People's Republic of China, the Supervisio
n Guide for Listed Companies No.3-Cash Dividends of Listed Companies and other laws, regulations and the Arti
cles of Association, and has continuously updated them. Up to now, a total of 14 cash dividends have been paid, w
ith a total cash dividend of nearly RMB 8.443 billion. In the future, the Company will continue to coordinate the d
ynamic balance of corporate development, performance growth and shareholder return according to its developme
nt stage, and realize a "long-term, stable and sustainable" shareholder value return mechanism.
4. Carry out repurchase by increasing holdings to boost market confidence
Based on the confidence in the Company's future development prospects and the recognition of its long-term
value, the Company and its controlling shareholder Rongsheng Holding have actively carried out share repurchase
and increase plans in order to protect the interests of investors, especially small and medium-sized investors, enha
29
2024 Semi-annual Report
nce investors' confidence, promote the reasonable return of the Company's stock price to its long-term intrinsic val
ue, and promote the Company's stable and sustainable development.
Since the Company repurchased shares for the first time on March 29, 2022, it has implemented three-phase s
hare repurchase schemes, which have been completed. 553,232,858 shares of the Company have been repurchased
in the three repurchase phases, accounting for 5.4637% of the Company's total share capital, with a total turnover
of RMB 6,987,904,924.02 (excluding transaction costs). The details are as follows.
Number of shares repurc Amount to be repurchase Repurchased amou
Repurchase Repurchase period
hased (shares) d (RMB 100 million) nt (RMB)
Phase I 2022.3.29-2022.8.2 136,082,746 10-20 1,998,203,937.31
Phase II 2022.8.18-2023.7.27 147,862,706 10-20 1,989,986,431.34
Phase III 2023.8.28-2024.8.19 269,287,406 15-30 2,999,714,555.37
Total 553,232,858 - 6,987,904,924.02
The controlling shareholder, Rongsheng Holding, implemented the plan to increase its shareholding from Jan
uary 22, 2024 to July 18, 2024, and increased its shareholding of 115,530,037 shares of the Company through the t
rading system of the Shenzhen Stock Exchange by means of centralized bidding, accounting for 1.14% of the total
share capital of the Company at present, and the amount of the increase in the shareholding was approximately R
MB 1,188,058,200 yuan. Rongsheng Holding plans to implement the share increase plan again within 6 months fr
om August 21, 2024, with the amount of increase not less than RMB 500 million and not more than RMB 1 billio
n. At present, the controlling shareholder's plan is still in the process of implementation, the specific implementati
on progress can be found in the company's relevant announcements, the Company will fulfill the information discl
osure obligations in a timely manner in accordance with the relevant provisions.
5. Standardize corporate governance and deliver corporate value
The Company strictly abides by the requirements of relevant laws and regulations, constantly improves the co
rporate governance structure, establishes and enhances the internal control system, regulates the company's operati
on, strives to achieve full coverage of the system, and promotes a more mature construction of the internal control
system. The Company has established a corporate governance structure of "three meetings and one management",
namely the General Meeting of Shareholders, Board of Directors, Board of Supervisors and Senior Management,
which has independent business and operational autonomy and operates independently in business, assets, personn
el, institutions and finance.
The Company strictly abides by the principle of "truthfulness, accuracy, completeness, timeliness and fairnes
s", constantly improves the effectiveness and transparency of information disclosure, and continuously presents in
vestors with information on the Company's operations at multiple levels, from multiple angles and in all directions.
At the same time, the Company continuously expands the breadth and depth of investor communication, and impr
oves the open, fair, transparent and multi-dimensional investor communication channels, so that investors can und
erstand the Company's core values more intuitively and comprehensively and enhance their confidence in the Com
pany.
30
2024 Semi-annual Report
In the future, the Company will continue to focus on its main business, adhere to the investor-oriented princip
le, continue to practice the "double improvement of quality and return", realize the sustainable and healthy develo
pment of the Company, and strive to make positive contributions to stabilizing the market and confidence through
standardized corporate governance and positive investor returns.
31
2024 Semi-annual Report
Section IV Corporate Governance
I. The Convening of the Annual General Meeting and Extraordinary General Meeting During
the Reporting Period
1. General meeting of shareholders during the reporting period
Investor Attenda Meeting Resoluti
Session Type Convening Date Disclosure Date
nce Ratio on
For details, please
refer to CNINFO
(http://www.cninf
o.com.cn) Announ
The First Extraordi cement on Resoluti
Extraordinary Gen
nary General Meet 64.32% January 15, 2024 January 16, 2024 ons of the First Ext
eral Meeting
ing in 2024 raordinary Genera
l Meeting of Share
holders in 2024 (A
nnouncement No.:
2024-009)
For details, please
refer to CNINFO
(http://www.cninf
o.com.cn) Announ
Annual General M
Annual General M cement on Resoluti
eeting of Sharehol 77.26% May 24, 2024 May 25, 2024
eeting ons of Annual Gen
ders in 2023
eral Meeting of Sh
areholders in 2023
(Announcement N
o.: 2024-037)
2. Preferred shareholders with voting rights recovered requested to convene an extraordinary general meeti
ng of shareholders
□ Applicable Not applicable
II. Changes in Directors, Supervisors and Senior Management
□ Applicable Not applicable
There were no changes in the Company’s directors, supervisors and senior management during the reporting perio
d. Please refer to the 2023 Aannual Rreport for details.
III. Profit Distribution and Conversion of Capital Reserve into Share Capital during the Repo
rting Period
□ Applicable Not applicable
The Company plans not to distribute cash dividends, issues bonus stocks, or convert capital reserve into share capi
tal in the semi-annual period.
32
2024 Semi-annual Report
IV. Implementation of the Company's Equity Incentive Plan, Employee Stock Ownership Plan
or Other Employee Incentives
□ Applicable Not applicable
The Company had no implementation of equity incentive plans, employee stock ownership plans or other employe
e incentives during the reporting period.
33
2024 Semi-annual Report
Section V Environmental and Social Responsibility
I. Major Environmental Issues
Whether the listed company and its subsidiaries are key pollutant discharging units announced by environmental p
rotection authorities
Yes □No
Environmental protection policies and industry standards
The Company and its subsidiaries have strictly abided by the laws and regulations such as the Environmental
Protection Law of the People's Republic of China, Law of the People's Republic of China on the Prevention and C
ontrol of Environmental Pollution by Solid Waste, Law of the People's Republic of China on Prevention and Contr
ol of Environmental Noise Pollution, Law of the People's Republic of China on Prevention and Control of Air Poll
ution, Law of the People's Republic of China on Prevention and Control of Radioactive Pollution, and the require
ments of the ecological environmental protection department, and timely handled the environmental protection per
mit procedures such as emission right, applied for and obtained the pollutant discharge permit, business license for
hazardous waste and radiation safety permit; They have implemented procedures such as filing the sewage outlet i
nto the sea, filing the self-monitoring plan and filing the emergency plan for sudden environmental incidents, and
ensured the legal start-up and legitimate operation of relevant devices of all projects and supporting projects.
1. Executive standards
(1) The emissions of flue gas from the heating furnace, catalytic regeneration flue gas, tail gas from the sulfur
unit, reforming catalytic regeneration flue gas, organic waste gas and the concentration of atmospheric pollutants
at the plant boundary shall comply with the special emission limits for atmospheric pollutants specified in the Emi
ssion Standard of Pollutants for Petroleum Refining Industry (GB31570-2015) and the Emission Standard of Pollu
tants for Petrochemical Industry (GB31571-2015) and Emission Standards for Synthetic Resin Industry Pollutants
(GB31572-2015).
(2) The sulfuric acid mist of sulfuric acid plants shall be subject to the special emission limits of atmospheric
pollutants specified in the Emission Standard of Pollutants for Sulfuric Acid Industry (GB26132-2010).
(3) The emission of odor pollutants shall comply with the Class II standard of Emission Standard for Odor Po
llutants (GB14554-93).
(4) The exhaust gas pollutants of the power boiler shall be subject to an 80% commitment value of emission l
imit specified in Phase II of the Emission Standard of Air Pollutants for Coal-fired Power Plants (DB33/2147-201
8).
(5) The exhaust gas pollutants from boilers in Mamu Oil Depot shall be subject to the special emission limits
of oil-fired boilers in the Emission Standard of Air Pollutants for Boilers (GB13271-2014).
34
2024 Semi-annual Report
(6) The tailwater discharge of the integrated project and the sewage treatment plant of the base shall comply
with the special discharge limits specified in the Emission Standard of Pollutants for Petroleum Refining Industry
(GB 31570-2015), the Emission Standard of Pollutants for Petrochemical Industry (GB31571-2015) and the Emiss
ion Standard of Pollutants for Synthetic Resin Industry (GB31572-2015).
(7) The noise at the boundary of the factory shall comply with the Class III standard of Emission Standard for
Noise at Boundary of Industrial Enterprises (GB12348-2008).
(8) The Integrated Project and the Solid Waste Disposal Center shall implement the Standard for Pollution Co
ntrol on the Non-hazardous Industrial Solid Waste Storage and Landfill (GB 18599-2001), the Standard for Polluti
on Control of Hazardous Waste Storage (GB 18597-2001), the Standard for Pollution Control of Hazardous Waste
Incineration (GB 18484-2020) and the Standard for Pollution Control of Hazardous Waste Landfill (GB 18598-20
19).
2. Quality standards
(1) The base and the points of concern shall implement the Class I (Class I area) and Class II (Class II area) st
andards in the Ambient Air Quality Standard (GB3095-2012) according to the category of ambient air functional a
reas. The Cm value specified in Detailed Explanation of Integrated Emission Standard of Air Pollutants is taken as
the reference value of quality standard for non-methane total hydrocarbon (2.0mg/m3).
(2) The monitoring of surface water shall comply with the Standard for Seawater Quality (GB3097-1997).
Environmental protection administrative licensing
Validity ter
S/N Certificate Certificate No. Issued by
m
Pollutant Discharge Permit of Ro Hangzhou Municipal Ecology an November
1 91330000255693873W001P
ngsheng Petrochemical d Environment Bureau 5, 2026
Pollutant Discharge Permit of ZP Zhoushan Ecology and Environ July 14, 202
2 913309003440581426001P
C ment Bureau 9
Zhoushan Ecology and Environ March 4, 20
3 Radiation Safety Permit of ZPC ZHF [L2105]
ment Bureau 29
Pollutant Discharge Permit of Zh Zhenhai Branch of Ningbo Ecol December 3
4 91330211764527945N001P
ongjin Petrochemical ogy and Environment Bureau 1, 2025
Radiation Safety Permit of Zhon Department of Ecology and Envi July 16, 202
5 ZHFZ [B2500]
gjin Petrochemical ronment of Zhejiang Province 8
Pollutant Discharge Permit for Ni Zhenhai Branch of Ningbo Ecol February 9,
6 91330211MA2CHYTM1K001V
luoshan New Energy ogy and Environment Bureau 2027
Pollutant Discharge Permit of Yi Dalian Ecology and Environmen October 13,
7 912102137873094570001R
sheng Dahua t Bureau 2028
Radiation Safety Permit of Yishe Dalian Ecology and Environmen November 2
8 LHFZ [B0001]
ng Dahua t Bureau 5, 2026
Ecological Environment Bureau
Pollutant Discharge Permit of Ha April 2, 202
9 914603005527989627001P of Yangpu Economic Developm
inan Yisheng 9
ent Zone
Radiation Safety Permit of Haina Department of Emergency Mana December 2
10 QHFZ [00153]
n Yisheng gement of Hainan Province 6, 2026
35
2024 Semi-annual Report
Pollutant Discharge Permit of Zh Ningbo Ecological Environment August 2, 2
11 91330200744973411W001W
ejiang Yisheng Bureau Beilun Branch 028
Radiation Safety Permit of Zhejia Department of Ecology and Envi November 1
12 ZHFZ (B2005)
ng Yisheng ronment of Zhejiang Province 7, 2024
Pollutant Discharge Permit of Sh Hangzhou Municipal Ecology an November
13 91330109754409144F001P
engyuan Chemical Fiber d Environment Bureau 5, 2026
Radiation Safety Permit of Sheng Hangzhou Municipal Ecology an December
14 ZHFZ [A2408]
yuan Chemical Fiber d Environment Bureau 4, 2028
Pollutant Discharge Permit of Yo Shaoxing Ecology and Environm February 6,
15 91330621MA2887DL53001Q
ngsheng Technology ent Bureau 2029
Radiation Safety Permit of Yong Department of Ecology and Envi August 7, 2
16 ZHFZ [D2193]
sheng Technology ronment of Zhejiang Province 027
Industry emission standards and specific situations of pollutant emissions involved in production and operation act
ivities
36
2024 Semi-annual Report
Types of m
Names of main
Company or ain polluta Number o Emission con Pollutant disch Total certifi
pollutants and Discharge Distribution of discharg Total emi Excessive
Subsidiary N nts and par f discharg centration/int arge standards ed emission
particular poll method e outlets ssions emissions
ame ticular poll e outlets ensity in execution s
utants
utants
Rongsheng Pet Ultra-clean of Rongxiang
Waste gas Smoke dust Organized 2 2.9894mg/m 20mg/Nm 1.3557t 13.65t/a /
rochemical furnace area
Rongsheng Pet Ultra-clean of Rongxiang
Waste gas Sulfur dioxide Organized 2 4.758mg/m 50mg/Nm 2.1699t 121.93t/a /
rochemical furnace area
Rongsheng Pet Ultra-clean of Rongxiang
Waste gas Nitric oxide Organized 2 18.895mg/m 150mg/Nm 8.6021t 102.59t/a /
rochemical furnace area
Rongsheng Pet Volatile organic Ultra-clean of Rongxiang
Waste gas Organized 2 0.627mg/m 60mg/L 0.2645t 110.38t/a /
rochemical compounds furnace area
Rongsheng Pet Ammonia nitrog Under contr
Waste water 1 Shengyuan factory gate 0.18mg/m 35mg/L 0.0015t 0.16t/a /
rochemical en ol
Rongsheng Pet Chemical oxyge Under contr
Waste water 1 Shengyuan factory gate 29.73mg/m 500mg/Nm 0.515t 3.69t/a /
rochemical n demand ol
Mean: 0.79mg GB31570, GB
Particulate matt Discharge af
ZPC Waste gas 66 In the factory /m Range: 0- 31571, GB315 54.02t 779.14t/a /
er ter treatment
20.96mg/m 72
Mean: 2.67mg GB31570, GB
Discharge af
ZPC Waste gas Sulfur dioxide 98 In the factory /m Range: 0- 31571, GB315 200.36t 1367.89t/a /
ter treatment
35.91mg/m 72
Mean: 31.96m GB31570, GB
Discharge af
ZPC Waste gas Nitric oxide 102 In the factory g/m Range: 0 31571, GB315 2339.69t 3519.88t/a /
ter treatment
-89.73mg/m 72
Mean: 30.58m
GB31570, GB
Discharge af g/m Range:
ZPC Waste water COD 1 In the factory 31571, GB315 204.37t 260.59t/a /
ter treatment 0.7-49.3mg/m
72
Mean: 0.1272
GB31570, GB
Ammonia nitrog Discharge af mg/m Range:
ZPC Waste water 1 In the factory 31571, GB315 0.97t 26.52t/a /
en ter treatment 0.01-2.57mg/
m 72
Zhongjin Petro Continuous GB13223, GB
Waste gas Sulfur dioxide 15 Whole factory 6.78mg/m 23.43t 251.76t/a /
chemical blow-down 31570
37
2024 Semi-annual Report
Zhongjin Petro Continuous GB13223, GB
Waste gas Nitric oxide 15 Whole factory 21.11mg/m 72.97t 1141.74t/a /
chemical blow-down 31570
Zhongjin Petro Continuous GB13223, GB
Waste gas Smoke dust 15 Whole factory 2.41mg/m 8.32t 216.47t/a /
chemical blow-down 31570
Zhongjin Petro Chemical oxyge Continuous
Waste water 2 East side 68.80mg/L GB8978 9.80t 300.71t/a /
chemical n demand blow-down
Zhongjin Petro Ammonia nitrog Continuous
Waste water 2 East side 16.22mg/L GB8978 2.31t 36.23t/a /
chemical en blow-down
Yisheng Dahu Southeast corner of the pl
Waste gas Nitric oxide Continuous 3 33.95mg/m 50mg/m 78.29t 415.8t/a /
a ant
Yisheng Dahu Southeast corner of the pl
Waste gas Sulfur dioxide Continuous 3 0.49mg/m 35mg/m 1.13t 251t/a /
a ant
Yisheng Dahu Southeast corner of the pl
Waste gas Smoke dust Continuous 3 1.48mg/m 5mg/m 9.92t 55.12t/a /
a ant
Yisheng Dahu Chemical oxyge Northwest corner and nort
Waste water Continuous 2 56.28mg/L 300mg/L 455.21t 1683.24t/a /
a n demand h side of the plant
Yisheng Dahu Ammonia nitrog Northwest corner and nort
Waste water Continuous 2 0.2mg/L 30mg/L 8.44t 224.87t/a /
a en h side of the plant
DB46-485-202
Hainan Yishen Discharge af Boiler/heat medium furna 4.24/24.27/11. 0, GB13271-20
Waste gas SO2 3 23.35t 683.10t/a /
g ter treatment ce/two-stage boiler 10mg/m3 14, GB13223-2
011
DB46-485-202
Hainan Yishen Discharge af Boiler/heat medium furna 32.59/49.23/2 0, GB13271-20
Waste gas NOx 3 55.85t 1134.27t/a /
g ter treatment ce/two-stage boiler 6.85mg/m3 14, GB13223-2
011
DB46-485-202
Hainan Yishen Discharge af Boiler/heat medium furna 6.68/4.24/4.30 0, GB13271-20
Waste gas Smoke dust 3 6.63t 272.64t/a /
g ter treatment ce/two-stage boiler mg/m3 14, GB13223-2
011
Hainan Yishen Discharge af GB31571-2015,
Waste water COD 1 Sewage station 30.22mg/m3 91.84t 544.41t/a /
g ter treatment GB31572-2015
Hainan Yishen Ammonia nitrog Discharge af GB31571-2015,
Waste water 1 Sewage station 0.49mg/m3 1.68t 42.36t/a /
g en ter treatment GB31572-2015
Zhejiang Yishe Discharge af 3.84/2.41mg/ DB33/2147-201
Waste gas SO2 2 Boiler island 15t 197.45t/a /
ng ter treatment m3 8
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2024 Semi-annual Report
Zhejiang Yishe Discharge af 20.1/24.26mg/ DB33/2147-201
Waste gas NOX 2 Boiler island 27.14t 409.53t/a /
ng ter treatment m3 8
Zhejiang Yishe Particulate matt Discharge af 3.51/1.56mg/ DB33/2147-201
Waste gas 2 Boiler island 2.75t 78.99t/a /
ng er ter treatment m3 8
Zhejiang Yishe Discharge af 45.94/33.21m
Waste water COD 2 Sewage station GB31571-2015 231.71t 1039.84t/a /
ng ter treatment g/L
Zhejiang Yishe Ammonia nitrog Discharge af 0.18/0.32mg/
Waste water 2 Sewage station GB31571-2015 0.9t 15.59t/a /
ng en ter treatment L
One for us
Shengyuan Ch Particulate matt e and one
Waste gas Organized Furnace area 7.03mg/m 20mg/Nm 2.17t 8.74t/a /
emical Fiber er for standb
y
One for us
Shengyuan Ch e and one
Waste gas Sulfur dioxide Organized Furnace area 1.78mg/m 50mg/Nm 1.21t 17.38t/a /
emical Fiber for standb
y
One for us
Shengyuan Ch e and one
Waste gas Nitric oxide Organized Furnace area 32.48mg/m 150mg/Nm 8.77t 52.15t/a /
emical Fiber for standb
y
One for us
Organized a
Shengyuan Ch e and one
Waste gas Non-methane nd unorgani Furnace area 4.17mg/m 60mg/L 0.41t 97.298t/a /
emical Fiber for standb
zed
y
Shengyuan Ch Ammonia nitrog Southeast corner of the pl
Waste water Organized 1 0.18mg/m 35mg/L 0.0015t 1.3t/a /
emical Fiber en ant
Shengyuan Ch Chemical oxyge Southeast corner of the pl
Waste water Organized 1 29.73mg/m 500mg/Nm 0.515t 2.74t/a /
emical Fiber n demand ant
Emission Stand
ard of Air Pollut
Yongsheng Te Organized e
Waste gas Nitric oxide 1 In the factory 40mg/m ants for Boilers 13.63t 86t/a /
chnology mission
(GB13271-201
4)
Emission Stand
ard of Air Pollut
Yongsheng Te Organized e
Waste gas Sulfur dioxide 1 In the factory 2mg/m ants for Boilers 0.78t 106.2t/a /
chnology mission
(GB13271-201
4)
39
2024 Semi-annual Report
Emission Stand
ard of Air Pollut
Yongsheng Te Organized e
Waste gas NmHc 1 In the factory 4.5mg/m ants for Boilers 7.45t 19.27t/a /
chnology mission
(GB13271-201
4)
Integrated Wast
Yongsheng Te Chemical oxyge Under contr ewater Discharg
Waste water 1 In the factory 49mg/L 1.96t 10.8t/a /
chnology n demand ol e Standard (GB
31575-2015)
Integrated Wast
Yongsheng Te Ammonia nitrog Under contr ewater Discharg
Waste water 1 In the factory 0.26mg/L 0.01t 1.35t/a /
chnology en ol e Standard (GB
31575-2015)
Treatment of pollutants
Company name Types of pollutants Treatment technology and treatment capacity
Boiler flue gas denitrification: Selective catalytic reduction denitrification (SCR) process, processing capacity: 60,000Nm3/
h flue gas volume/set; denitrification efficiency: no less than 87.5%, ammonia escape: no more than 3ppm, SO2/SO3 conve
rsion rate: less than 1%, and denitrification system resistance: no more than 800Pa.
Boiler flue gas bag dust removal: bag filter dust removal, processing capacity: 60,000Nm3/h flue gas volume/set, outlet dus
t: 35mg/Nm3.
Boiler flue gas desulfurization: limestone-gypsum wet desulfurization process, processing capacity: 240,000Nm3/h flue gas
volume/set, desulfurization efficiency: more than 96.5%.
Boiler flue gas wet electric dust removal: wet electric adsorption dust removal, processing capacity: 240,000Nm 3/h flue gas
Waste gas, waste wa volume; dust removal rate (including gypsum): outlet dust concentration <5mg/Nm3; PM2.5 removal rate: ≥80%; droplet r
Rongsheng Petrochemical
ter and solid waste emoval rate: ≥75%.
Boiler flue gas tube bundle dust removal: cyclonic adsorption dust removal, processing capacity: 240,000Nm3/h flue gas vo
lume.
Online monitoring of boiler flue gas.
COD online monitor.
VOCS direct combustion method.
Oil fume purifier.
Waste gas, waste wa
ZPC ter, solid waste and Waste gas:
noise
40
2024 Semi-annual Report
Denitrification facilities: mainly include major exhaust gas treatment facilities, including low-nitrogen burners, ultra-low-ni
trogen burners, selective catalytic reduction denitrification (SCR), selective non-catalytic reduction denitrification (SNCR),
etc.
Desulfurization and recovery: seawater desulfurization, alkaline scrubber, sulfur recovery unit (550,000 tons/year in the firs
t phase + 520,000 tons/year in the second phase), recovering the acid gas and acid water in the whole site to produce sulfur.
Dust removal facilities: including cyclone separators, bag dust removal facilities, electric dust removal facilities, wet dust r
emoval, etc.
Organic waste gas treatment facilities: The oil and gas recovery in the whole site is carried out by combining zoning and ce
ntralized treatment; the recovery system mainly adopts decentralized classification collection pretreatment + centralized ter
minal treatment mode. The main treatment facilities include RTO regenerative incinerators, CO catalytic oxidizers, etc.
Foul gas treatment facilities: low-concentration odor treatment facilities in sewage plants (80,000 m/h), odor treatment faci
lities in incineration plants (50,000 m/h), and odor treatment facilities in landfills (50,000 m/h).
Abnormal working condition treatment: full-site flare incineration and flare gas recovery system (refinery flare gas recover
y 38460m/h + chemical flare gas recovery 2081m/h).
Wastewater:
The factory area is subject to rain-sewage diversion, and clean water-sewage diversion, and the entire wastewater system is
subject to quality-based diversion and classified treatment. The main treatment units include the first phase + second phase
oily wastewater treatment unit (2100 + 3400m/h), the first phase + second phase high ammonia nitrogen wastewater treatm
ent unit (500 + 500m/h), the first phase + second phase high salt wastewater treatment unit (1100 + 1800m/h), the first ph
ase + second phase recycled water unit (3600 + 5000m/h), the cyanide-contained wastewater pretreatment unit (600m/h),
and the alkali residue wastewater pretreatment (6m/h). The main treatment technologies are physical method + biological
method + biochemical method.
Solid wastes: The industrial solid waste disposal center is divided into the incineration area and the landfill area. The incine
ration area includes sludge dehydration and drying, incineration, tail gas purification, odor treatment and other units. The d
esigned disposal capacity of the first phase and the second phase is 36,000 + 72,000 tons/year. The landfill area includes so
lidification workshop, landfill, leachate treatment, odor treatment and other blocks, with a total capacity of 700,000 m3. The
landfill is built in phases, and 280,000 m3 has been completed. The oil residue gasification & filter cake incineration recov
ery unit mainly processes the filter cake produced by the oil residue hydrogen production unit to achieve volume reduction
and resource utilization, with a disposal scale of 66,700 tons/year. The chemical waste liquid incineration unit is used to ce
ntralized treatment and recycling of organic waste liquid with low recycling value, with a disposal scale of 168,000 tons/ye
ar.
Noise: Set up a sound insulation room, install sound attenuation and sound insulation equipment, choose low-noise equipm
ent, make reasonable layout, and ensure basic vibration prevention and noise reduction
Wastewater treatment facilities, processing capacity: 450t/h.
Organized waste gas treatment facilities, processing capacity: 3,000,000m3/h.
Waste gas, waste wa Unorganized waste gas treatment facilities.
Zhongjin Petrochemical
ter and solid waste
Abnormal working condition waste gas treatment facilities, processing capacity: 1 set of multi-point ground flare, 1 set of 2
0,000m 3 dry gas cabinet, 3 sets of 1,800Nm3/h combustible gas recovery compressor units, 1 unit of acid gas alkali cleane
r, and 1 set of closed acid gas flare.
41
2024 Semi-annual Report
Solid waste treatment facilities.
Sewage treatment plant: anaerobic + aerobic, processing capacity: 48,000 tons/day.
Waste gas, waste wa RTO regenerative incinerator: incineration.
Yisheng Dahua
ter and solid waste
Heat medium furnace flue gas: seawater desulfurization, ozone denitrification, bag dust removal, processing capacity: 458,
000 m3/h.
Boiler flue gas environmental protection facilities: desulfurization facilities (gypsum method), denitrification facilities (SC
R), dust removal facilities (electrostatic + wet electric dust removal), processing capacity: total flue gas 200,000 m 3/h.
Waste gas, waste wa Sewage treatment unit: anaerobic + biological, processing capacity: 4,200 tons/day.
Shengyuan Chemical Fiber
ter and solid waste
Waste gas treatment device of sewage station, processing capacity: 2000 m3/h*3.
Oil fume purification unit, processing capacity: 13 sets of 15,000 m3/h, 8 sets of 8,000 m3/h
Gas boiler flue gas low-nitrogen combustion system, installed with boiler nitrogen oxide online automatic mo
nitoring system.
Waste gas
Waste gas
treatment Pulse dust removal device for PTA feeding dust
1 set of odor generating unit capping and waste gas collection and treatment device in sewage station
Sewage T
1 set of sewage treatment system with a treatment capacity of 1250t/d
reatment
Rain and s
ewage div
Yongsheng Technology Waste water ersion, cle Establish rain and sewage diversion system and clean water and sewage diversion system in the factory area;
an water a Standardize the sewage outlets in the factory area, and install online monitoring devices for pH, COD and am
nd sewag monia nitrogen
e diversio
n, etc.
Noise con Set up a sound insulation room separately, install sound attenuation and sound insulation equipment, choose l
Noise
trol ow-noise equipment, make reasonable layout, and ensure basic vibration prevention and noise reduction
Solid was
Solid waste te disposa Standardize the hazardous waste yards and general solid waste yards
l
42
2024 Semi-annual Report
Emergency response plans for paroxysmal environment events
Emergency plan Filing number Filing time
Emergency Response Plan for Paroxysmal Environment Events of Rongsheng Petrochemical 330109-2022-04
July 26, 2022
Co., Ltd. 5-L
Emergency Response Plan for Paroxysmal Environment Events of Zhejiang Petroleum & Che 330921-2023-00
July 11, 2023
mical Co., Ltd. 4-H
Emergency Response Plan for Paroxysmal Environment Events of Ningbo Zhongjin Petroche 330211-2022-01
March 2022
mical Co., Ltd. 9-H
Emergency Response Plan for Paroxysmal Environment Events of Yisheng Dahua Petrochem 2102132023-066
March 2023
ical Co., Ltd. -H
Emergency Response Plan for Paroxysmal Environment Events of Hainan Yisheng Petroche December 20
/
mical Co., Ltd. 21
Emergency Response Plan for Paroxysmal Environment Events of Zhejiang Yisheng Petroche September 2
/
mical Co., Ltd. 023
Emergency Response Plan for Paroxysmal Environment Events of Zhejiang Shengyuan Chem 330109-2022-03
June 2, 2022
ical Fiber Co., Ltd. 4-L
Emergency Response Plan for Paroxysmal Environment Events of Zhejiang Yongsheng Techn 330621-2021-10 October，20
ology Co., Ltd. 6-L 21
Investment in environmental governance and protection and payment of environmental protection tax
In accordance with the relevant requirements of the national and local governments, the Company and its sub
sidiaries completed various monitoring and environmental governance tasks. From January to June 2024, the Com
pany invested a total of approximately RMB 225.94 million in environmental protection-related investments.
Environmental self-monitoring scheme
The Company and its subsidiaries strictly abide by the environmental protection laws, regulations and relevan
t regulations of the state and local governments. The Company has established an environmental self-monitoring s
cheme to ensure that all pollutants are discharged and disposed of in strict accordance with the requirements of law
s and regulations. The self-monitoring scheme is disclosed in the pollution source monitoring data management sy
stem. The Company carries out pollution source monitoring in strict accordance with the monitoring scheme to en
sure that all pollutants are discharged in strict accordance with the requirements of laws and regulations, and entru
sts a qualified third-party monitoring agency to carry out monitoring on a regular basis.
Administrative penalties imposed on environmental issues during the reporting period
None
Other environmental information that should be disclosed
Other environmental information that should be disclosed has been disclosed as required.
Measures taken to reduce carbon emission and their effects during the reporting period
Applicable □ Not applicable
ZPC:
Comprehensive utilization of CO2:
(1) EO/EG unit: CO2 purification process;
43
2024 Semi-annual Report
(2) Polycarbonate unit: All CO2 used in the non-phosgene process comes from the EO/EG unit;
(3) Vinyl acetate unit: by-product CO2, making dry ice;
A total of 57,000 tons of carbon dioxide was collected and utilized from January 1 to June 30, 2024.
Yisheng Dahua:
(1) The originally designed secondary unit has insufficient processing capacity for the tail gas treatment unit.
In 2023, a new 2RTO-5 was put into use to treat about 320T/HR of tail gas. After treatment, the VOC concentratio
n of the tail gas is less than 40mg/m3 under normal operation, meeting the environmental protection treatment requ
irements and reducing VOC emissions by about 480 tons per year.
(2) The RTO regenerative ceramics of primary unit has reached the end of its service life. In the first half of t
his year, we purchased regenerative ceramics and planned to carry out major repairs and replacement in a bid to av
oid excessive RTO emissions. After commissioning, VOC exports can be reduced from 100 mg/m3 to about 60 mg
/m3, decreasing VOC emissions by about 51.2 tons per year.
Yongsheng Technology:
The 7.2MW Roof Distributed Photovoltaic Generation Project was fully put into operation in July 2024.
Other environmental protection-related information
The Company and its subsidiaries attach great importance to environmental protection and make major decisi
ons on environmental protection periodically or irregularly. The Company has established a Health, Safety and En
vironment (HSE) Department to comprehensively supervise and manage the Company's HSE issues. Each subsidi
ary has a full-time environmental protection department responsible for daily comprehensive management, superv
ision and inspection. To understand the dynamics of pollution, the Company has established a strict monitoring sy
stem and entrusted the environmental management and monitoring department to monitor the water, gas, noise an
d slag of the whole plant.
II. Social Responsibility
The Company emphasizes the concept of “win-win cooperation”, continues to support community public wel
fare, and demonstrates the Company's mission and responsibility with practical actions. The Company continues t
o improve customer service quality, strengthen responsible procurement management, provide public welfare volu
nteer services, and work together with customers, suppliers, community members and other stakeholders to make
common progress, build harmony and share beauty.
The Company adheres to customer-oriented service, continuously improves its service management system, a
ctively responds to the diverse needs of customers, improves service quality and efficiency in multiple dimensions,
strictly protects customer privacy and information security, and improves customer satisfaction.
The Company is committed to building a responsible supply chain, deepening supplier compliance managem
ent, optimizing supplier management and business processes, paying attention to preventing supply chain risks, est
44
2024 Semi-annual Report
ablishing equal, mutually beneficial, close and stable cooperative relationships with excellent suppliers, and worki
ng together with suppliers to create a credible, honest, transparent and responsible supply chain ecosystem.
Advocating the concept of public welfare and enthusiastic about public welfare undertakings, the Company a
ctively carries out public welfare donations, and shares development results with the society. The Company is com
mitted to providing financial assistance to students and teachers, mutual medical assistance, poverty alleviation an
d care for special groups. It encourages employees to participate in various volunteer service activities such as blo
od donation and condolences, carries forward the spirit of volunteers, continuously promotes public welfare and h
ealthy development of the community, actively spreads civilized and harmonious social customs, and contributes t
o the construction of a harmonious and beautiful society.
45
2024 Semi-annual Report
Section VI Important Matters
I. Commitments Fulfilled by the Company’s Actual Controllers, Shareholders, Related Parties, Acquirers, the Company, and Other Relevant Parties to Com
mitments During the Reporting Period, and Commitments not Fulfilled by the End of the Reporting Period
Applicable □ Not applicable
Commitment P Commitment T Time of Co Term of Com
Cause of Commitment Content of Commitment Fulfillment
arty ype mmitment mitment
Share reform commitment Not applicable Not applicable Not applicable Not applicable Not applicable
Commitments stated in the Re
port of Acquisition or Equity Not applicable Not applicable Not applicable Not applicable Not applicable
Change Report
Commitments made during as
Not applicable Not applicable Not applicable Not applicable Not applicable
sets restructuring
Directors Li Shuirong and Li Yongqing and Supervisor Li Guoqin
g promised that during their tenure, the annual transfer of the issu
Share lock-up
Directors and su er's shares (including directly and indirectly held shares) would n
Commitment made during IP Commitment m November commitment f Commitments
pervisors of the ot exceed 25% of the total issuer’s shares (including directly and i
O or re-financing ade during IPO 2, 2010 or a period of honored
Company ndirectly held shares) held by them. Within six months after resig
36 months
nation, they would not transfer the issuer's shares directly or indir
ectly held by them.
Equity incentive commitment Not applicable Not applicable Not applicable Not applicable Not applicable
Zhejiang Rongsheng Holding Group Co., Ltd., the controlling sha
reholder of the Company, signed the Non-competition Agreement
with the Company and promised not to compete with the Compa
Other commitments to minorit ny in the same industry. Li Shuirong, the de facto controller and t
Shareholders be Commitment m November Commitments
y shareholders of the Compan he largest natural person shareholder of the Company, and other s Long term
fore issuance ade during IPO 2, 2010 honored
y hareholders, including Li Yongqing, Li Guoqing, Ni Xincai, Xu Y
uejuan and Zhao Guanlong, respectively issued the Letter of Com
mitment on Avoiding Horizontal Competition and promised not to
compete with the company in the same industry.
Other commitments Not applicable Not applicable Not applicable Not applicable Not applicable
Whether the commitments are
Yes
fulfilled on time
46
2024 Semi-annual Report
If the commitments have not b
een fulfilled on time, the speci
fic reasons for the failure to co
Not applicable
mplete the performance and th
e work plan for the next step s
hould be explained in detail
II. Non-operating Occupation of Funds of the Listed Company by the Controlling Shareholder and Other Related Parties
□ Applicable Not applicable
There was no non-operating occupation of funds of the listed company by the controlling shareholder and other related parties during the reporting period.
III. Illegal External Guarantee
□ Applicable Not applicable
There was no illegal external guarantee during the reporting period.
IV. Appointment and Dismissal of Accounting Firm
Whether the semi-annual report has been audited
□ Yes No
The semi-annual report has not been audited.
V. Statement of the Board of Directors and the Board of Supervisors on the "Non-standard Audit Report" Issued by the Accounting Fir
m During the Reporting Period
□ Applicable Not applicable
47
2024 Semi-annual Report
VI. Statement of the Board of Directors on the "Non-standard Audit Report" of the Previous
Year
□ Applicable Not applicable
VII. Matters Related to Bankruptcy and Reorganization
□ Applicable Not applicable
No matters related to bankruptcy and reorganization of the Company occurred during the reporting period.
VIII. Litigation Matters
Major litigation and arbitration matters
□ Applicable Not applicable
The Company had no major litigation and arbitration during the reporting period.
Other litigation matters
□ Applicable Not applicable
IX. Penalties and Rectification
Applicable □ Not applicable
Type of inves
Conclusion (if Disclosure
Entity/name Type Cause tigation penal Disclosure reference
any) Date
ty
Rongsheng Petroc
Other
hemical Co., Ltd. Take the supervi For details, please refer
Li Shuirong Director Inaccurate dis sion and manage to CNINFO (www.cninf
closure of info ment measures o o.com.cn) Announceme
Xiang Jiongjiong Director rmation relate f issuing warnin nt on the Company and
May 30, 202
d to the Comp Other g letters and rec Relevant Personnel Rec
Senior ma 4
Wang Yafang any's perform ord them in the i eiving the Warning Lett
nagement ance projectio ntegrity files of t er from Zhejiang Regul
n he securities and atory Bureau (Announc
Senior ma futures markets. ement No.: 2024-038).
Quan Weiying
nagement
Explanation of rectification
Applicable □ Not applicable
After receiving the Warning Letter, the Company and relevant personnel attached great importance to the pro
blems pointed out in the Warning Letter, fully learned lessons in strict accordance with the requirements of Zhejian
g Securities Regulatory Bureau, continuously strengthened the study of securities laws and regulations, further imp
roved and strictly implemented the financial and accounting management system, strengthened the management of
48
2024 Semi-annual Report
information disclosure affairs, further raised the standardized operation level of the Company, and safeguarded th
e interests of the Company and its all shareholders.
The administrative regulatory measure will not affect the normal business management and standardized oper
ation of the Company. The Company will fulfill its information disclosure obligations in a timely manner in strict
accordance with relevant regulatory requirements and relevant laws and regulations, and make every effort in ever
y aspect of business management and standardized governance. Investors are advised to invest rationally and pay a
ttention to the investment risk.
X. Integrity of the Company, Its Controlling Shareholders and Actual Controllers
□Applicable Not applicable
XI. Major Related Party Transactions
1. Related party transactions related to daily operations
Applicable □ Not applicable
49
2024 Semi-annual Report
Amou
nt of r
Proport
Type of Pricing pri Price of elated Trading Above t Available
Contents of ion to si Settlement
Relati related nciples of r related party limit a he appr market p
Related p related par milar tr of related p Disclosure
onshi party tr elated part party tr trans pprove oved li rice for si Disclosure index
arty ty transacti ansactio arty transa Date
p ansactio y transactio ansactio action d (RMB mit or n milar tra
on n amou ction
n n n (RM 10,000) ot nsaction
nt
B 10,0
00)
http://www.cninf
o.com.cn/new/dis
closure/detail?stoc
Banker's acc
Parent Purchas Coal and ot kCode=002493&a
Rongsheng Market pric Market 642,2 100.0 2,000,00 eptance bill, Market pri April 26, 20
comp e of goo her material No nnouncementId=1
Holding e price 70.21 0% 0 spot exchan ce 24
any ds s 219827987&orgId
ge, etc.
=9900015502&an
nouncementTime
=2024-04-26
http://www.cninf
o.com.cn/new/dis
closure/detail?stoc
Minor
Purchas Crude oil, fu 4,550, Letter of cre kCode=002493&a
Saudi Ara ity sha Market pric Market 12,000,0 Market pri April 26, 20
e of goo el oil, ethyle 823.5 47.29% No dit, spot exc nnouncementId=1
mco rehold e price 00 ce 24
ds ne glycol 5 hange 219827987&orgId
ers
=9900015502&an
nouncementTime
=2024-04-26
http://www.cninf
o.com.cn/new/dis
closure/detail?stoc
Associ Banker's acc
kCode=002493&a
Zhejiang Y ated e Sales of Market pric Market 402,7 1,500,00 eptance bill, Market pri April 26, 20
PTA, PX 4.81% No nnouncementId=1
isheng nterpri goods e price 82.78 0 spot exchan ce 24
219827987&orgId
se ge, etc.
=9900015502&an
nouncementTime
=2024-04-26
5,595,
15,500,0
Total -- -- 876.5 -- -- -- -- -- --
00
4
Details of return of large sales Not applicable
Actual performance during the reporting period None
50
2024 Semi-annual Report
where the total amount of daily related party tra
nsactions to occur in the current period is estima
ted by category (if any)
Reason for substantial differences between the t
ransaction price and market reference price (if a Not applicable
pplicable)
2. Related party transactions arising from the acquisition and sale of assets or equity
□Applicable Not applicable
The Company had no related party transactions related to the acquisition or sales of assets or equity during the reporting period.
3. Related party transactions for joint outward investment
□Applicable Not applicable
The Company had no related party transactions related to joint outward investment during the reporting period.
4. Related party transactions on credit and debt
□Applicable Not applicable
The Company had no related party transactions on credit and debt during the reporting period.
5. Transactions with financial companies with associated relationships
□Applicable Not applicable
There were no deposits, loans, credits or other financial operations between the Company and the related financial companies, and the related party.
6. Transactions between the financial companies controlled by the Company and related parties
□Applicable Not applicable
There were no deposits, loans, credits or other financial operations between the financial companies controlled by the Company and the related party.
7. Other major related party transactions
□Applicable Not applicable
There were no other major related party transactions during the reporting period.
51
2024 Semi-annual Report
XII. Material Contracts and Their Performance
1. Trusteeship, contracting and leasing matters
(1) Entrustment
□Applicable Not applicable
The Company had no entrustment during the reporting period.
(2) Contracting
□Applicable Not applicable
The Company had no contracting during the reporting period.
(3) Lease
□Applicable Not applicable
The Company had no leasing during the reporting period.
2. Major guarantee
Applicable □ Not applicable
Unit：RMB 10,000
52
2024 Semi-annual Report
Guarantees of the Company to its subsidiaries
Date of disclosur
Name of g Actual gu Collater Counter-guara If the guarantee
e of announceme Guarante Actual occurre Guarantee perio Whether it’s relate
uarantee arantee a Guarantee type al (if an ntee situation (i has been perfor
nt relating to gu e limit nce date d d party guarantee
object mount y) f any) med
arantee limit
Shengyuan
December 29, 20 Related responsib
Chemical 5,771,600 April 26, 2024 2,500 October 22, 2024 No Yes
23 ility guarantee
Fiber
Shengyuan
December 29, 20 Related responsib November 26, 20
Chemical 5,771,600 January 1, 2024 10,000 No Yes
23 ility guarantee 24
Fiber
Shengyuan
December 29, 20 January 11, 202 Related responsib
Chemical 5,771,600 10 July 11, 2024 No Yes
23 4 ility guarantee
Fiber
Shengyuan
December 29, 20 Related responsib
Chemical 5,771,600 July 21, 2023 50 July 21, 2024 No Yes
23 ility guarantee
Fiber
Shengyuan
December 29, 20 Related responsib
Chemical 5,771,600 July 21, 2023 9,900 August 21, 2024 No Yes
23 ility guarantee
Fiber
Shengyuan
December 29, 20 January 11, 202 Related responsib
Chemical 5,771,600 10 January 11, 2025 No Yes
23 4 ility guarantee
Fiber
Shengyuan
December 29, 20 January 11, 202 Related responsib February 11, 2025
Chemical 5,771,600 2,480 No Yes
23 4 ility guarantee
Fiber
Shengyuan
December 29, 20 Related responsib
Chemical 5,771,600 March 20, 2024 10,000 March 17, 2025 No Yes
23 ility guarantee
Fiber
Shengyuan
December 29, 20 Related responsib
Chemical 5,771,600 March 21, 2024 10,000 March 21, 2025 No Yes
23 ility guarantee
Fiber
Shengyuan
December 29, 20 Related responsib
Chemical 5,771,600 April 23, 2024 10,000 April 16, 2025 No Yes
23 ility guarantee
Fiber
Shengyuan December 29, 20 Related responsib September 5, 202
5,771,600 March 29, 2024 186.76 No Yes
Chemical 23 ility guarantee 4
53
2024 Semi-annual Report
Fiber
Yisheng D December 29, 20 Related responsib
5,771,600 May 24, 2023 20,000 May 22, 2025 No Yes
ahua 23 ility guarantee
Yisheng D December 29, 20 Related responsib
5,771,600 June 15, 2023 33,000 June 6, 2025 No Yes
ahua 23 ility guarantee
Yisheng D December 29, 20 Related responsib
5,771,600 July 25, 2023 14,400 July 12, 2024 No Yes
ahua 23 ility guarantee
Yisheng D December 29, 20 Related responsib
5,771,600 July 27, 2023 19,200 July 19, 2024 No Yes
ahua 23 ility guarantee
Yisheng D December 29, 20 January 31, 202 Related responsib
5,771,600 18,268.99 January 17, 2025 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 February 7, 202 Related responsib
5,771,600 11,000 January 27, 2025 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 Related responsib
5,771,600 June 6, 2024 27,000 June 5, 2026 No Yes
ahua 23 ility guarantee
Yisheng D December 29, 20 Related responsib
5,771,600 June 19, 2024 20,000 June 19, 2026 No Yes
ahua 23 ility guarantee
Yisheng D December 29, 20 Related responsib
5,771,600 June 27, 2024 16,800 June 19, 2025 No Yes
ahua 23 ility guarantee
Yisheng D December 29, 20 Related responsib
5,771,600 March 6, 2024 20,285.64 February 27, 2025 No Yes
ahua 23 ility guarantee
Yisheng D December 29, 20 September 27, 2 Related responsib September 16, 20
5,771,600 8,123 No Yes
ahua 23 023 ility guarantee 24
Yisheng D December 29, 20 Related responsib
5,771,600 March 28, 2024 9,917.42 March 21, 2025 No Yes
ahua 23 ility guarantee
Yisheng D December 29, 20 September 20, 2 Related responsib
5,771,600 9,026.4 August 23, 2024 No Yes
ahua 23 023 ility guarantee
Yisheng D December 29, 20 February 5, 202 Related responsib December 20, 202
5,771,600 18,062.42 No Yes
ahua 23 4 ility guarantee 4
Yisheng D December 29, 20 February 26, 20 Related responsib
5,771,600 21,912 February 14, 2025 No Yes
ahua 23 24 ility guarantee
Yisheng D December 29, 20 Related responsib
5,771,600 May 6, 2024 23,972.4 March 21, 2025 No Yes
ahua 23 ility guarantee
Yisheng D December 29, 20 5,771,600 May 30, 2024 3,284.92 Related responsib July 3, 2024 No Yes
54
2024 Semi-annual Report
ahua 23 ility guarantee
Yisheng D December 29, 20 Related responsib
5,771,600 June 13, 2024 3,291.3 July 13, 2024 No Yes
ahua 23 ility guarantee
Yongsheng
December 29, 20 Related responsib December 15, 202
Technolog 5,771,600 March 2, 2021 5,785.71 No Yes
23 ility guarantee 5
y
Yongsheng
December 29, 20 Related responsib December 15, 202
Technolog 5,771,600 June 16, 2021 1,339 No Yes
23 ility guarantee 5
y
Yongsheng
December 29, 20 Related responsib December 15, 20
Technolog 5,771,600 May 24, 2022 5,903.5 No Yes
23 ility guarantee 26
y
Yongsheng
December 29, 20 October 14, 202 Related responsib December 15, 20
Technolog 5,771,600 1,088.52 No Yes
23 2 ility guarantee 26
y
Yongsheng
December 29, 20 September 26, 2 Related responsib December 15, 20
Technolog 5,771,600 2,176 No Yes
23 023 ility guarantee 26
y
Yongsheng
December 29, 20 Related responsib December 15, 202
Technolog 5,771,600 March 2, 2021 3,248.12 No Yes
23 ility guarantee 4
y
Yongsheng
December 29, 20 Related responsib
Technolog 5,771,600 March 2, 2021 5,785.71 June 15, 2025 No Yes
23 ility guarantee
y
Yongsheng
December 29, 20 Related responsib December 15, 202
Technolog 5,771,600 June 16, 2021 752 No Yes
23 ility guarantee 4
y
Yongsheng
December 29, 20 Related responsib
Technolog 5,771,600 June 16, 2021 1,339 June 15, 2025 No Yes
23 ility guarantee
y
Yongsheng
December 29, 20 Related responsib December 15, 202
Technolog 5,771,600 May 24, 2022 466 No Yes
23 ility guarantee 4
y
Yongsheng
December 29, 20 Related responsib
Technolog 5,771,600 May 24, 2022 1,164.5 June 15, 2025 No Yes
23 ility guarantee
y
Yongsheng December 29, 20 5,771,600 October 14, 202 85.89 Related responsib December 15, 202 No Yes
55
2024 Semi-annual Report
Technolog 23 2 ility guarantee 4
y
Yongsheng
December 29, 20 October 14, 202 Related responsib
Technolog 5,771,600 214.71 June 15, 2025 No Yes
23 2 ility guarantee
y
Yongsheng
December 29, 20 September 26, 2 Related responsib December 15, 202
Technolog 5,771,600 172 No Yes
23 023 ility guarantee 4
y
Yongsheng
December 29, 20 September 26, 2 Related responsib
Technolog 5,771,600 430 June 15, 2025 No Yes
23 023 ility guarantee
y
Yongsheng
December 29, 20 Related responsib November 15, 20
Technolog 5,771,600 June 6, 2022 2,451.45 No Yes
23 ility guarantee 24
y
Yongsheng
December 29, 20 Related responsib
Technolog 5,771,600 June 6, 2022 178 May 15, 2025 No Yes
23 ility guarantee
y
Yongsheng
December 29, 20 Related responsib
Technolog 5,771,600 June 15, 2022 2,273.45 May 15, 2025 No Yes
23 ility guarantee
y
Yongsheng
December 29, 20 Related responsib November 17, 20
Technolog 5,771,600 June 15, 2022 1,194.42 No Yes
23 ility guarantee 25
y
Yongsheng
December 29, 20 Related responsib November 17, 20
Technolog 5,771,600 August 22, 2022 1,257.03 No Yes
23 ility guarantee 25
y
Yongsheng
December 29, 20 Related responsib
Technolog 5,771,600 August 22, 2022 137.31 May 15, 2026 No Yes
23 ility guarantee
y
Yongsheng
December 29, 20 September 6, 20 Related responsib
Technolog 5,771,600 2,230.51 May 15, 2026 No Yes
23 22 ility guarantee
y
Yongsheng
December 29, 20 October 12, 202 Related responsib
Technolog 5,771,600 83.63 May 15, 2026 No Yes
23 2 ility guarantee
y
Yongsheng December 29, 20 October 12, 202 Related responsib November 16, 20
5,771,600 2,451.45 No Yes
Technolog 23 2 ility guarantee 26
56
2024 Semi-annual Report
y
Yongsheng
December 29, 20 October 12, 202 Related responsib
Technolog 5,771,600 2,451.45 May 17, 2027 No Yes
23 2 ility guarantee
y
Yongsheng
December 29, 20 October 12, 202 Related responsib November 15, 20
Technolog 5,771,600 1,574.75 No Yes
23 2 ility guarantee 27
y
Yongsheng
December 29, 20 October 24, 202 Related responsib November 15, 20
Technolog 5,771,600 876.7 No Yes
23 2 ility guarantee 27
y
Yongsheng
December 29, 20 October 24, 202 Related responsib
Technolog 5,771,600 2,451.45 May 15, 2028 No Yes
23 2 ility guarantee
y
Yongsheng
December 29, 20 October 24, 202 Related responsib November 15, 20
Technolog 5,771,600 2,451.45 No Yes
23 2 ility guarantee 28
y
Yongsheng
December 29, 20 October 24, 202 Related responsib
Technolog 5,771,600 2,451.45 May 15, 2029 No Yes
23 2 ility guarantee
y
Yongsheng
December 29, 20 October 24, 202 Related responsib November 15, 20
Technolog 5,771,600 1,400.86 No Yes
23 2 ility guarantee 29
y
Yongsheng
December 29, 20 November 9, 20 Related responsib November 15, 20
Technolog 5,771,600 1,050.59 No Yes
23 22 ility guarantee 29
y
Yongsheng
December 29, 20 November 9, 20 Related responsib
Technolog 5,771,600 1,120 May 15, 2030 No Yes
23 22 ility guarantee
y
Yongsheng
December 29, 20 November 28, 2 Related responsib
Technolog 5,771,600 1,331.45 May 15, 2030 No Yes
23 022 ility guarantee
y
Yongsheng
December 29, 20 November 28, 2 Related responsib November 15, 20
Technolog 5,771,600 1,231.2 No Yes
23 022 ility guarantee 30
y
Yongsheng
December 29, 20 December 14, 2 Related responsib November 15, 20
Technolog 5,771,600 1,220.25 No Yes
23 022 ility guarantee 30
y
57
2024 Semi-annual Report
Yongsheng
December 29, 20 December 14, 2 Related responsib
Technolog 5,771,600 1,449.85 May 15, 2031 No Yes
23 022 ility guarantee
y
Yongsheng
December 29, 20 January 19, 202 Related responsib
Technolog 5,771,600 1,001.6 May 15, 2031 No Yes
23 3 ility guarantee
y
Yongsheng
December 29, 20 January 19, 202 Related responsib November 16, 20
Technolog 5,771,600 2,451.45 No Yes
23 3 ility guarantee 31
y
Yongsheng
December 29, 20 January 19, 202 Related responsib
Technolog 5,771,600 825.63 May 17, 2032 No Yes
23 3 ility guarantee
y
Yongsheng
December 29, 20 February 14, 20 Related responsib
Technolog 5,771,600 1,625.82 May 17, 2032 No Yes
23 23 ility guarantee
y
Yongsheng
December 29, 20 February 14, 20 Related responsib November 15, 20
Technolog 5,771,600 1,477.36 No Yes
23 23 ility guarantee 32
y
Yongsheng
December 29, 20 Related responsib November 15, 20
Technolog 5,771,600 April 25, 2023 974.1 No Yes
23 ility guarantee 32
y
Yongsheng
December 29, 20 Related responsib
Technolog 5,771,600 April 25, 2023 685.29 May 16, 2033 No Yes
23 ility guarantee
y
Yongsheng
December 29, 20 Related responsib
Technolog 5,771,600 May 17, 2023 1,394.33 May 16, 2033 No Yes
23 ility guarantee
y
Yongsheng
December 29, 20 October 31, 202 Related responsib
Technolog 5,771,600 371.82 May 16, 2033 No Yes
23 3 ility guarantee
y
Yongsheng
December 29, 20 Related responsib
Technolog 5,771,600 May 28, 2024 5,000 May 28, 2025 No Yes
23 ility guarantee
y
Yongsheng
December 29, 20 Related responsib
Technolog 5,771,600 May 30, 2024 5,000 May 28, 2025 No Yes
23 ility guarantee
y
Zhongjin P December 29, 20 5,771,600 February 1, 202 20,000 Related responsib January 24, 2025 No Yes
58
2024 Semi-annual Report
etrochemic 23 3 ility guarantee
al
Zhongjin P
December 29, 20 February 7, 202 Related responsib
etrochemic 5,771,600 35,000 February 6, 2025 No Yes
23 3 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 April 1, 2024 20,000 February 7, 2025 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 April 22, 2024 20,000 February 21, 2025 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 April 22, 2024 30,000 February 21, 2025 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 May 6, 2024 25,000 April 24, 2025 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib November 28, 20
etrochemic 5,771,600 January 1, 2024 50,000 No Yes
23 ility guarantee 24
al
Zhongjin P
December 29, 20 Related responsib September 19, 20
etrochemic 5,771,600 June 20, 2024 39,934.91 No Yes
23 ility guarantee 24
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 May 20, 2024 35,000 May 20, 2025 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 December 8, 20 Related responsib
etrochemic 5,771,600 49,850 December 8, 2024 No Yes
23 22 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 June 19, 2024 17,856 June 3, 2025 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 June 26, 2024 23,000 June 26, 2025 No Yes
23 ility guarantee
al
Zhongjin P December 29, 20 Related responsib
5,771,600 August 14, 2023 53,610 August 14, 2024 No Yes
etrochemic 23 ility guarantee
59
2024 Semi-annual Report
al
Zhongjin P
December 29, 20 Related responsib September 4, 202
etrochemic 5,771,600 March 4, 2024 27,400 No Yes
23 ility guarantee 4
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 January 1, 2024 30,000 January 1, 2025 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 January 30, 202 Related responsib
etrochemic 5,771,600 20,000 January 30, 2025 No Yes
23 4 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 April 8, 2024 48,200 April 8, 2025 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 April 15, 2024 3,700 April 15, 2025 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 April 19, 2024 6,700 April 18, 2025 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 April 22, 2024 12,000 April 22, 2025 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 June 5, 2024 4,900 December 5, 2024 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 June 6, 2024 53,390 December 6, 2024 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 February 4, 202 Related responsib November 23, 20
etrochemic 5,771,600 18,261 No Yes
23 4 ility guarantee 24
al
Zhongjin P
December 29, 20 February 6, 202 Related responsib November 23, 20
etrochemic 5,771,600 10,000 No Yes
23 4 ility guarantee 24
al
Zhongjin P
December 29, 20 February 7, 202 Related responsib November 23, 20
etrochemic 5,771,600 11,791 No Yes
23 4 ility guarantee 24
al
60
2024 Semi-annual Report
Zhongjin P
December 29, 20 February 21, 20 Related responsib November 23, 20
etrochemic 5,771,600 29,000 No Yes
23 24 ility guarantee 24
al
Zhongjin P
December 29, 20 February 23, 20 Related responsib November 23, 20
etrochemic 5,771,600 12,450 No Yes
23 24 ility guarantee 24
al
Zhongjin P
December 29, 20 February 26, 20 Related responsib November 23, 20
etrochemic 5,771,600 18,498 No Yes
23 24 ility guarantee 24
al
Zhongjin P
December 29, 20 Related responsib November 14, 20
etrochemic 5,771,600 May 15, 2024 23,575.23 No Yes
23 ility guarantee 24
al
Zhongjin P
December 29, 20 Related responsib November 14, 20
etrochemic 5,771,600 May 15, 2024 14,848.51 No Yes
23 ility guarantee 24
al
Zhongjin P
December 29, 20 Related responsib November 14, 20
etrochemic 5,771,600 May 15, 2024 9,635.32 No Yes
23 ility guarantee 24
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 June 7, 2024 12,478.6 June 6, 2025 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 June 27, 2024 38,438.4 June 20, 2025 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 April 25, 2024 20,000 October 24, 2024 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib November 12, 20
etrochemic 5,771,600 May 13, 2024 31,000 No Yes
23 ility guarantee 24
al
Zhongjin P
December 29, 20 January 22, 202 Related responsib
etrochemic 5,771,600 14,256 July 5, 2024 No Yes
23 4 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 March 4, 2024 19,509.59 July 26, 2024 No Yes
23 ility guarantee
al
Zhongjin P December 29, 20 5,771,600 March 12, 2024 36,603.56 Related responsib August 12, 2024 No Yes
61
2024 Semi-annual Report
etrochemic 23 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib September 6, 202
etrochemic 5,771,600 April 15, 2024 34,800 No Yes
23 ility guarantee 4
al
Zhongjin P
December 29, 20 Related responsib
etrochemic 5,771,600 March 11, 2024 16,724.8 July 29, 2024 No Yes
23 ility guarantee
al
Zhongjin P
December 29, 20 Related responsib September 11, 20
etrochemic 5,771,600 April 19, 2024 19,273.3 No Yes
23 ility guarantee 24
al
Zhongjin P
December 29, 20 November 13, 2 Related responsib
etrochemic 5,771,600 100 February 28, 2025 No Yes
23 023 ility guarantee
al
December 29, 20 Related responsib
ZPC 6,260,000 July 31, 2018 255,000 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 August 10, 2018 79,394.25 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 March 18, 2019 57,375 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 August 3, 2018 10,224.48 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 August 9, 2018 16,786.65 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 August 9, 2018 25,178.96 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 August 10, 2018 4,358.61 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 August 10, 2018 8,392.45 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 August 13, 2018 3,108.45 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 August 16, 2018 29,534.1 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 August 15, 2018 6,218.94 July 30, 2030 No Yes
23 ility guarantee
62
2024 Semi-annual Report
December 29, 20 Related responsib
ZPC 6,260,000 August 31, 2018 25,500 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 September 29, 2 Related responsib
ZPC 6,260,000 1,017.45 July 30, 2030 No Yes
23 018 ility guarantee
December 29, 20 October 23, 201 Related responsib
ZPC 6,260,000 51,272.09 July 30, 2030 No Yes
23 8 ility guarantee
December 29, 20 October 26, 201 Related responsib
ZPC 6,260,000 9,320.76 July 30, 2030 No Yes
23 8 ility guarantee
December 29, 20 October 30, 201 Related responsib
ZPC 6,260,000 4,351.83 July 30, 2030 No Yes
23 8 ility guarantee
December 29, 20 October 31, 201 Related responsib
ZPC 6,260,000 18,654.78 July 30, 2030 No Yes
23 8 ility guarantee
December 29, 20 November 7, 20 Related responsib
ZPC 6,260,000 5,915.26 July 30, 2030 No Yes
23 18 ility guarantee
December 29, 20 November 8, 20 Related responsib
ZPC 6,260,000 12,122.43 July 30, 2030 No Yes
23 18 ility guarantee
December 29, 20 November 8, 20 Related responsib
ZPC 6,260,000 9,017.82 July 30, 2030 No Yes
23 18 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 August 3, 2018 4,384.47 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 November 9, 20 Related responsib
ZPC 6,260,000 14,795.1 July 30, 2030 No Yes
23 18 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 January 1, 2019 22,675.52 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 January 3, 2019 15,539.7 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 January 4, 2019 2,486.76 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 November 9, 20 Related responsib
ZPC 6,260,000 6,342.36 July 30, 2030 No Yes
23 18 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 January 4, 2019 10,879.32 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 January 4, 2019 75,923.5 July 30, 2030 No Yes
23 ility guarantee
63
2024 Semi-annual Report
December 29, 20 Related responsib
ZPC 6,260,000 January 8, 2019 5,907.33 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 January 6, 2019 15,525.68 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 January 10, 201 Related responsib
ZPC 6,260,000 7,770.79 July 30, 2030 No Yes
23 9 ility guarantee
December 29, 20 January 14, 201 Related responsib
ZPC 6,260,000 3,735.95 July 30, 2030 No Yes
23 9 ility guarantee
December 29, 20 January 15, 201 Related responsib
ZPC 6,260,000 11,195.52 July 30, 2030 No Yes
23 9 ility guarantee
December 29, 20 January 30, 201 Related responsib
ZPC 6,260,000 65,790 July 30, 2030 No Yes
23 9 ility guarantee
December 29, 20 January 31, 201 Related responsib
ZPC 6,260,000 12,437.88 July 30, 2030 No Yes
23 9 ility guarantee
December 29, 20 January 30, 201 Related responsib
ZPC 6,260,000 1,865.07 July 30, 2030 No Yes
23 9 ility guarantee
December 29, 20 February 1, 201 Related responsib
ZPC 6,260,000 10,246.16 July 30, 2030 No Yes
23 9 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 January 4, 2019 2,489.31 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 February 1, 201 Related responsib
ZPC 6,260,000 6,528.51 July 30, 2030 No Yes
23 9 ility guarantee
December 29, 20 February 1, 201 Related responsib
ZPC 6,260,000 5,284.14 July 30, 2030 No Yes
23 9 ility guarantee
December 29, 20 February 3, 201 Related responsib
ZPC 6,260,000 21,765.27 July 30, 2030 No Yes
23 9 ility guarantee
December 29, 20 February 11, 20 Related responsib
ZPC 6,260,000 2,801.97 July 30, 2030 No Yes
23 19 ility guarantee
December 29, 20 February 12, 20 Related responsib
ZPC 6,260,000 4,039.2 July 30, 2030 No Yes
23 19 ility guarantee
December 29, 20 February 11, 20 Related responsib
ZPC 6,260,000 16,579.08 July 30, 2030 No Yes
23 19 ility guarantee
December 29, 20 February 27, 20 Related responsib
ZPC 6,260,000 46,920 July 30, 2030 No Yes
23 19 ility guarantee
64
2024 Semi-annual Report
December 29, 20 Related responsib
ZPC 6,260,000 March 1, 2019 7,141.02 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 February 1, 201 Related responsib
ZPC 6,260,000 2,792.25 July 30, 2030 No Yes
23 9 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 March 7, 2019 4,350.81 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 March 7, 2019 10,879.32 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 March 8, 2019 1,243.38 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 March 8, 2019 3,729.98 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 March 12, 2019 2,798.88 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 March 13, 2019 1,867.98 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 March 15, 2019 15,236.76 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 March 29, 2019 18,360 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 April 8, 2019 3,105.14 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 April 10, 2019 621.69 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 April 11, 2019 1,243.58 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 March 7, 2019 1,861.5 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 April 11, 2019 2,177.7 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 April 12, 2019 5,288.19 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 April 12, 2019 622.66 July 30, 2030 No Yes
23 ility guarantee
65
2024 Semi-annual Report
December 29, 20 Related responsib
ZPC 6,260,000 April 12, 2019 4,350.81 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 April 15, 2019 1,554.16 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 May 1, 2019 6,831.45 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 April 11, 2019 930.75 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 May 7, 2019 3,480.75 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 May 7, 2019 17,340 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 May 7, 2019 6,838.08 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 May 9, 2019 2,797.48 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 May 10, 2019 932.54 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 May 13, 2019 1,556.65 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 May 13, 2019 2,175.66 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 May 16, 2019 9,948.57 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 May 30, 2019 51,000 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 June 1, 2019 3,729.63 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 June 4, 2019 10,879.11 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 May 7, 2019 1,489.2 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 June 5, 2019 6,218.94 July 30, 2030 No Yes
23 ility guarantee
66
2024 Semi-annual Report
December 29, 20 Related responsib
ZPC 6,260,000 June 5, 2019 7,769.44 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 June 6, 2019 3,730.14 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 June 6, 2019 35,700 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 June 6, 2019 3,113.3 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 June 12, 2019 18,654.78 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 June 20, 2019 311.61 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 July 1, 2019 51,000 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 July 5, 2019 3,419.15 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 July 8, 2019 1,243.38 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 July 8, 2019 17,850 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 July 10, 2019 12,437.88 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 July 10, 2019 4,047.28 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 July 10, 2019 2,798.88 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 June 5, 2019 1,551.93 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 July 10, 2019 2,177.7 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 July 11, 2019 930.75 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 July 16, 2019 3,105.14 July 30, 2030 No Yes
23 ility guarantee
67
2024 Semi-annual Report
December 29, 20 Related responsib
ZPC 6,260,000 July 16, 2019 5,592.66 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 July 31, 2019 34,194.48 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 August 2, 2019 6,216.63 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 August 7, 2019 3,113.3 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 August 7, 2019 7,618.38 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 August 7, 2019 4,660.38 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 September 23, 2 Related responsib
ZPC 6,260,000 3,106.92 July 30, 2030 No Yes
23 019 ility guarantee
December 29, 20 September 23, 2 Related responsib
ZPC 6,260,000 2,492.88 July 30, 2030 No Yes
23 019 ility guarantee
December 29, 20 September 29, 2 Related responsib
ZPC 6,260,000 44,370 July 30, 2030 No Yes
23 019 ility guarantee
December 29, 20 September 30, 2 Related responsib
ZPC 6,260,000 9,327.39 July 30, 2030 No Yes
23 019 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 August 7, 2019 3,267.57 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 October 9, 2019 3,260.94 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 October 21, 201 Related responsib
ZPC 6,260,000 9,017.82 July 30, 2030 No Yes
23 9 ility guarantee
December 29, 20 October 21, 201 Related responsib
ZPC 6,260,000 5,898.66 July 30, 2030 No Yes
23 9 ility guarantee
December 29, 20 October 29, 201 Related responsib
ZPC 6,260,000 26,520 July 30, 2030 No Yes
23 9 ility guarantee
December 29, 20 November 15, 2 Related responsib
ZPC 6,260,000 7,777.5 July 30, 2030 No Yes
23 019 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 October 9, 2019 1,399.44 July 30, 2030 No Yes
23 ility guarantee
68
2024 Semi-annual Report
December 29, 20 November 18, 2 Related responsib
ZPC 6,260,000 2,612.73 July 30, 2030 No Yes
23 019 ility guarantee
December 29, 20 November 19, 2 Related responsib
ZPC 6,260,000 1,116.9 July 30, 2030 No Yes
23 019 ility guarantee
December 29, 20 November 21, 2 Related responsib
ZPC 6,260,000 74,970 July 30, 2030 No Yes
23 019 ility guarantee
December 29, 20 December 18, 2 Related responsib
ZPC 6,260,000 2,565.3 July 30, 2030 No Yes
23 019 ility guarantee
December 29, 20 December 19, 2 Related responsib
ZPC 6,260,000 4,350.81 July 30, 2030 No Yes
23 019 ility guarantee
December 29, 20 December 24, 2 Related responsib
ZPC 6,260,000 4,667.01 July 30, 2030 No Yes
23 019 ility guarantee
December 29, 20 January 16, 202 Related responsib
ZPC 6,260,000 5,907.33 July 30, 2030 No Yes
23 0 ility guarantee
December 29, 20 January 16, 202 Related responsib
ZPC 6,260,000 3,420.06 July 30, 2030 No Yes
23 0 ility guarantee
December 29, 20 January 16, 202 Related responsib
ZPC 6,260,000 1,895.16 July 30, 2030 No Yes
23 0 ility guarantee
December 29, 20 January 16, 202 Related responsib
ZPC 6,260,000 9,017.82 July 30, 2030 No Yes
23 0 ility guarantee
December 29, 20 January 16, 202 Related responsib
ZPC 6,260,000 1,834.47 July 30, 2030 No Yes
23 0 ility guarantee
December 29, 20 February 14, 20 Related responsib
ZPC 6,260,000 2,173.37 July 30, 2030 No Yes
23 20 ility guarantee
December 29, 20 February 18, 20 Related responsib
ZPC 6,260,000 627.81 July 30, 2030 No Yes
23 20 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 March 16, 2020 4,039.2 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 March 19, 2020 6,218.94 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 March 31, 2020 10,200 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 April 1, 2020 16,575 July 30, 2030 No Yes
23 ility guarantee
69
2024 Semi-annual Report
December 29, 20 Related responsib
ZPC 6,260,000 April 17, 2020 1,551.93 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 April 17, 2020 2,177.7 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 May 13, 2020 2,040 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 June 3, 2020 3,729.63 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 June 5, 2020 3,729.63 July 30, 2030 No Yes
23 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 July 4, 2023 20,249.78 March 15, 2027 No Yes
23 ility guarantee
December 29, 20 January 20, 202 Related responsib November 15, 20
ZPC 6,260,000 76,140 No Yes
23 1 ility guarantee 32
December 29, 20 January 20, 202 Related responsib November 15, 20
ZPC 6,260,000 22,278 No Yes
23 1 ility guarantee 32
December 29, 20 January 20, 202 Related responsib November 15, 20
ZPC 6,260,000 84,600 No Yes
23 1 ility guarantee 32
December 29, 20 January 20, 202 Related responsib November 15, 20
ZPC 6,260,000 282,000 No Yes
23 1 ility guarantee 32
December 29, 20 January 20, 202 Related responsib November 15, 20
ZPC 6,260,000 123,516 No Yes
23 1 ility guarantee 32
December 29, 20 January 20, 202 Related responsib November 15, 20
ZPC 6,260,000 24,477.6 No Yes
23 1 ility guarantee 32
December 29, 20 January 20, 202 Related responsib November 15, 20
ZPC 6,260,000 8,460 No Yes
23 1 ility guarantee 32
December 29, 20 January 21, 202 Related responsib November 15, 20
ZPC 6,260,000 32,148 No Yes
23 1 ility guarantee 32
December 29, 20 January 21, 202 Related responsib November 15, 20
ZPC 6,260,000 56,400 No Yes
23 1 ility guarantee 32
December 29, 20 January 21, 202 Related responsib November 15, 20
ZPC 6,260,000 56,400 No Yes
23 1 ility guarantee 32
December 29, 20 January 21, 202 Related responsib November 15, 20
ZPC 6,260,000 11,280 No Yes
23 1 ility guarantee 32
70
2024 Semi-annual Report
December 29, 20 January 22, 202 Related responsib November 15, 20
ZPC 6,260,000 32,148 No Yes
23 1 ility guarantee 32
December 29, 20 February 4, 202 Related responsib November 15, 20
ZPC 6,260,000 53,580 No Yes
23 1 ility guarantee 32
December 29, 20 February 5, 202 Related responsib November 15, 20
ZPC 6,260,000 42,300 No Yes
23 1 ility guarantee 32
December 29, 20 February 5, 202 Related responsib November 15, 20
ZPC 6,260,000 39,480 No Yes
23 1 ility guarantee 32
December 29, 20 February 5, 202 Related responsib November 15, 20
ZPC 6,260,000 16,920 No Yes
23 1 ility guarantee 32
December 29, 20 February 5, 202 Related responsib November 15, 20
ZPC 6,260,000 56,400 No Yes
23 1 ility guarantee 32
December 29, 20 February 5, 202 Related responsib November 15, 20
ZPC 6,260,000 104,340 No Yes
23 1 ility guarantee 32
December 29, 20 February 5, 202 Related responsib November 15, 20
ZPC 6,260,000 64,296 No Yes
23 1 ility guarantee 32
December 29, 20 February 7, 202 Related responsib November 15, 20
ZPC 6,260,000 32,148 No Yes
23 1 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 March 18, 2021 11,844 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 March 18, 2021 20,100.96 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 March 19, 2021 28,200 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 March 19, 2021 33,840 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 March 22, 2021 56,400 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 March 22, 2021 56,400 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 March 25, 2021 28,200 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 March 26, 2021 141,000 No Yes
23 ility guarantee 32
71
2024 Semi-annual Report
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 March 26, 2021 45,120 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 April 28, 2021 16,920 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 April 28, 2021 73,320 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 April 28, 2021 34,968 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 April 28, 2021 28,200 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 April 28, 2021 17,484 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 April 29, 2021 45,120 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 April 30, 2021 2,820 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 April 30, 2021 2,820 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 June 29, 2021 56,400 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 July 5, 2021 186,120 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 July 5, 2021 28,200 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 July 6, 2021 22,560 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 July 6, 2021 39,480 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 July 6, 2021 81,780 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 July 6, 2021 81,780 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 July 6, 2021 84,600 No Yes
23 ility guarantee 32
72
2024 Semi-annual Report
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 July 6, 2021 169,200 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 July 6, 2021 22,560 No Yes
23 ility guarantee 32
December 29, 20 September 15, 2 Related responsib November 15, 20
ZPC 6,260,000 56,941.44 No Yes
23 021 ility guarantee 32
December 29, 20 September 17, 2 Related responsib November 15, 20
ZPC 6,260,000 22,560 No Yes
23 021 ility guarantee 32
December 29, 20 September 17, 2 Related responsib November 15, 20
ZPC 6,260,000 21,996 No Yes
23 021 ility guarantee 32
December 29, 20 September 17, 2 Related responsib November 15, 20
ZPC 6,260,000 45,120 No Yes
23 021 ility guarantee 32
December 29, 20 September 17, 2 Related responsib November 15, 20
ZPC 6,260,000 115,620 No Yes
23 021 ility guarantee 32
December 29, 20 September 22, 2 Related responsib November 15, 20
ZPC 6,260,000 18,612 No Yes
23 021 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 June 13, 2022 9,024 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 July 11, 2022 191.76 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 August 2, 2022 124.08 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 August 4, 2022 214.32 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 August 9, 2022 67.68 No Yes
23 ility guarantee 32
December 29, 20 Related responsib November 15, 20
ZPC 6,260,000 August 10, 2022 8.46 No Yes
23 ility guarantee 32
December 29, 20 September 5, 20 Related responsib November 15, 20
ZPC 6,260,000 290.46 No Yes
23 22 ility guarantee 32
December 29, 20 October 10, 202 Related responsib November 15, 20
ZPC 6,260,000 231.24 No Yes
23 2 ility guarantee 32
December 29, 20 November 1, 20 Related responsib November 15, 20
ZPC 6,260,000 248.16 No Yes
23 22 ility guarantee 32
73
2024 Semi-annual Report
December 29, 20 December 16, 2 Related responsib November 15, 20
ZPC 6,260,000 39.48 No Yes
23 022 ility guarantee 32
December 29, 20 December 27, 2 Related responsib November 15, 20
ZPC 6,260,000 4,512 No Yes
23 022 ility guarantee 32
December 29, 20 November 2, 20 Related responsib
ZPC 6,260,000 91.81 July 1, 2024 No Yes
23 21 ility guarantee
December 29, 20 November 18, 2 Related responsib
ZPC 6,260,000 715.48 July 1, 2024 No Yes
23 021 ility guarantee
December 29, 20 December 3, 20 Related responsib
ZPC 6,260,000 386.15 July 1, 2024 No Yes
23 21 ility guarantee
December 29, 20 Related responsib
ZPC 6,260,000 April 28, 2022 239.46 July 1, 2024 No Yes
23 ility guarantee
December 29, 20 September 5, 20 Related responsib
ZPC 6,260,000 1,514.27 January 31, 2026 No Yes
23 22 ility guarantee
December 29, 20 September 8, 20 Related responsib
ZPC 6,260,000 15,099.24 July 30, 2024 No Yes
23 22 ility guarantee
December 29, 20 October 12, 202 Related responsib
ZPC 6,260,000 57.46 July 1, 2024 No Yes
23 2 ility guarantee
Total limits of guarantees to sub Total amount actually incurred
sidiaries approved during the re 12,031,600 of guarantees to subsidiaries du 6,177,570.15
porting period (B3) ring the reporting period (B4)
Guarantees of a subsidiary to its subsidiaries
Date of disclosur
Name of g Actual gu Collater Counter-guara If the guarantee Whether to provid
e of announceme Guarante Actual occurre Guarantee perio
uarantee arantee a Guarantee type al (if an ntee situation (i has been perfor e guarantee for rel
nt relating to gu e limit nce date d
object mount y) f any) med ated party
arantee limit
Yisheng D December 29, 20 January 25, 202 Related responsib
200,000 69.39 July 25, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 25, 202 Related responsib
200,000 18.68 July 25, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 25, 202 Related responsib
200,000 228.41 July 25, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 25, 202 Related responsib
200,000 38.19 July 25, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 200,000 January 25, 202 221.61 Related responsib July 25, 2024 No Yes
74
2024 Semi-annual Report
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 25, 202 Related responsib
200,000 286.55 July 25, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 25, 202 Related responsib
200,000 112.13 July 25, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 25, 202 Related responsib
200,000 25.06 July 25, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 25, 202 Related responsib
200,000 7.05 July 25, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 25, 202 Related responsib
200,000 41.38 July 25, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 25, 202 Related responsib
200,000 42.97 July 25, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 25, 202 Related responsib
200,000 51.32 July 25, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 26, 202 Related responsib
200,000 61.72 July 26, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 26, 202 Related responsib
200,000 173.91 July 26, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 26, 202 Related responsib
200,000 104.34 July 26, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 26, 202 Related responsib
200,000 187.48 July 26, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 26, 202 Related responsib
200,000 353.96 July 26, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 26, 202 Related responsib
200,000 76.64 July 26, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 26, 202 Related responsib
200,000 182.73 July 26, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 26, 202 Related responsib
200,000 17.28 July 26, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 26, 202 Related responsib
200,000 7.06 July 26, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 200,000 March 26, 2024 0.82 Related responsib September 26, 20 No Yes
75
2024 Semi-annual Report
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib September 26, 20
200,000 March 26, 2024 4.33 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib September 26, 20
200,000 March 26, 2024 13.68 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib September 26, 20
200,000 March 26, 2024 16 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib December 13, 202
200,000 June 13, 2024 82.61 No Yes
ahua 23 ility guarantee 4
Yisheng D December 29, 20 Related responsib December 13, 202
200,000 June 13, 2024 32 No Yes
ahua 23 ility guarantee 4
Yisheng D December 29, 20 Related responsib
200,000 January 8, 2024 140 July 8, 2024 No Yes
ahua 23 ility guarantee
Yisheng D December 29, 20 Related responsib
200,000 January 8, 2024 140 July 8, 2024 No Yes
ahua 23 ility guarantee
Yisheng D December 29, 20 Related responsib
200,000 January 8, 2024 140 July 8, 2024 No Yes
ahua 23 ility guarantee
Yisheng D December 29, 20 Related responsib
200,000 January 8, 2024 105 July 8, 2024 No Yes
ahua 23 ility guarantee
Yisheng D December 29, 20 January 11, 202 Related responsib
200,000 96.85 July 11, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 11, 202 Related responsib
200,000 152.66 July 11, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 11, 202 Related responsib
200,000 39.31 July 11, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 11, 202 Related responsib
200,000 6.18 July 11, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 January 11, 202 Related responsib
200,000 61.06 July 11, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 February 7, 202 Related responsib
200,000 3,066.54 August 7, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 February 7, 202 Related responsib
200,000 3,066.54 August 7, 2024 No Yes
ahua 23 4 ility guarantee
Yisheng D December 29, 20 200,000 March 14, 2024 3,088.62 Related responsib September 14, 20 No Yes
76
2024 Semi-annual Report
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib September 15, 20
200,000 March 15, 2024 3,088.62 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib September 18, 20
200,000 March 18, 2024 97.34 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib September 18, 20
200,000 March 18, 2024 12.29 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib September 18, 20
200,000 March 18, 2024 277.61 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib September 21, 20
200,000 March 21, 2024 108.4 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib September 21, 20
200,000 March 21, 2024 34.21 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib September 21, 20
200,000 March 21, 2024 611.79 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib September 21, 20
200,000 March 21, 2024 123.44 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib September 21, 20
200,000 March 21, 2024 31.05 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib September 21, 20
200,000 March 21, 2024 90.46 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib September 21, 20
200,000 March 21, 2024 158.41 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib September 21, 20
200,000 March 21, 2024 12.99 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib
200,000 May 11, 2024 2,100 August 11, 2024 No Yes
ahua 23 ility guarantee
Yisheng D December 29, 20 Related responsib
200,000 May 11, 2024 2,208.5 August 11, 2024 No Yes
ahua 23 ility guarantee
Yisheng D December 29, 20 Related responsib November 24, 20
200,000 May 24, 2024 840 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib November 29, 20
200,000 May 29, 2024 392 No Yes
ahua 23 ility guarantee 24
Yisheng D December 29, 20 200,000 March 15, 2024 16,277.5 Related responsib September 12, 20 No Yes
77
2024 Semi-annual Report
ahua 23 ility guarantee 24
Yisheng D December 29, 20 Related responsib December 12, 202
200,000 June 13, 2024 2,700 No Yes
ahua 23 ility guarantee 4
Yisheng D December 29, 20 Related responsib December 13, 202
200,000 June 13, 2024 5,500 No Yes
ahua 23 ility guarantee 4
Yisheng D December 29, 20 Related responsib September 25, 20
200,000 March 29, 2024 917.03 No Yes
ahua 23 ility guarantee 24
Total limits of guarantees to sub Total amount actually incurred
sidiaries approved during the re 200,000 of guarantees to subsidiaries du 48,141.7
porting period (C3) ring the reporting period (C4)
Total amount of guarantees of the Company (Including the above three mentioned guarantees)
Total limits of guarantees appro Total amount actually incurred
ved during the reporting period 12,231,600 of guarantees during the reporti 6,225,711.85
(A3+B3+C3) ng period (A4+B4+C4)
Total actual guarantees (i.e. A4+B4+C4) as a percentage of the Company's net assets 141.70%
3. Entrusted asset management
□Applicable Not applicable
The Company had no entrusted asset management during the reporting period.
4. Other major contracts
□Applicable Not applicable
The Company had no other major contracts during the reporting period.
XIII. Explanation of Other Major Matters
□ Applicable Not applicable
The Company had no other major matters to be described during the reporting period.
XIV. Major Matters of Subsidiaries
□Applicable Not applicable
78
2024 Semi-annual Report
Section VII Changes in Shares and Shareholders
I. Changes in Shares
1. Changes in shares
Unit: share
Before the change Increase or decrease (+, -) After the change
Bonus s Capital conve
Number Ratio New shares issued Others Subtotal Number Ratio
hares rsion
I. Restricted shares 627,243,750 6.19% 627,243,750 6.19%
1. State-owned shares
2. Shares held by state-o
wned legal persons
3. Shares held by other d
627,243,750 6.19% 627,243,750 6.19%
omestic capital
Including: Shares held
by domestic legal persons
Shares held by domest
627,243,750 6.19% 627,243,750 6.19%
ic natural persons
4. Shares held by foreign
investors
Including: Shares held
by foreign legal persons
Shares held by foreign
natural persons
II. Shares not subject to sale 9,498,281,25
93.81% 9,498,281,250 93.81%
s restrictions 0
9,498,281,25
1. RMB ordinary shares 93.81% 9,498,281,250 93.81%
0
2. Domestically-listed for
eign shares
79
2024 Semi-annual Report
3. Overseas-listed foreig
n shares
4. Others
10,125,525,0
III. Total shares 100.00% 10,125,525,000 100.00%
00
Causes for change in shares
□Applicable Not applicable
Approval of changes in shares
□Applicable Not applicable
Transfer of share changes
□Applicable Not applicable
Implementation progress of share repurchase
Applicable □Not applicable
During the reporting period, the Company repurchased 35,947,336 shares through its dedicated securities account via centralized bidding in the third phase of its shar
e buyback program. The highest transaction price was RMB 10.33 per share, and the lowest was RMB 9.38 per share, with a total transaction amount of RMB 359,90
1,072.78 (excluding transaction fees). As of the disclosure date of this report, the Company has completed three phases of the buyback program. The details are as fol
lows:
Number of shares
Disclosure time Number of shares to b Repurchase Repurchased amou Highest repurch Lowest repurchase
Proposed repurchase amount repurchased (share
of the scheme e repurchased (shares) period nt (yuan) ase price (yuan) price (yuan)
s)
45,454,500 shares -90,9 RMB 1 billion (inclusive) and n
2022.3.29-2
2022.3.16 09,100 shares (all inclus ot more than RMB 2 billion (inc 136,082,746 1,998,203,937.31 15.83 13.1
022.8.2
ive) lusive)
50 million shares-100 m RMB 1 billion (inclusive) and n
2022.8.18-2
2022.8.5 illion shares (both inclu ot more than RMB 2 billion (inc 147,862,706 1,989,986,431.34 15.45 10.04
023.7.27
sive) lusive)
80
2024 Semi-annual Report
83,333,333 shares - 16
RMB 1.5 billion (inclusive) - R 2023.8.28-2
2023.8.22 6,666,667 shares (both i 269,287,406 2,999,714,555.37 12.70 8.66
MB 3 billion (inclusive) 024.8.19
nclusive)
Implementation progress of reducing repurchased shares by centralized bidding.
□ Applicable Not applicable
Impact of share changes on financial indicators such as basic EPS, diluted EPS, net assets per share attributable to ordinary shareholders of the Company for the most
recent year and the latest period.
□ Applicable Not applicable
Other disclosures that the Company deems necessary or required by the securities regulatory authorities to be disclosed.
□ Applicable Not applicable
2. Changes in restricted shares
□ Applicable Not applicable
II. Securities Issuance and Listing
□ Applicable Not applicable
III. Number and Shareholding of the Company's Shareholders
Unit: share
81
2024 Semi-annual Report
Total number of preferred shareholders with votin
Total number of common shareholders at the en
98,145 g rights restored at the end of the reporting period 0
d of the reporting period
(if any) (see Note 8)
Shareholdings of shareholders holding over 5% of shares or the top 10 shareholders (excluding shares lent through refinancing)
Number of sh Increase or d Number of sha Pledge, marking or freezing
Number of non
Nature of sharehol Shareholding ares held at t ecrease durin res held with li
Name of shareholders -restricted shar
ders ratio he end of the g the reportin mited sales con Share status Number
es held
report period g period ditions
Zhejiang Rongsheng Holdin Domestic non-state-
52.46% 5,311,350,017 101,112,537 0 5,311,350,017 Not applicable 0
g Group Co., Ltd. owned legal person
Aramco Overseas Company Overseas legal pers
10.00% 1,012,552,501 0 0 1,012,552,501 Not applicable 0
B.V. on
Domestic natural pe
Li Shuirong 6.35% 643,275,000 0 482,456,250 160,818,750 Not applicable 0
rson
Hong Kong Securities Clear Overseas legal pers
1.81% 183,133,399 36,342,888 0 183,133,399 Not applicable 0
ing Company Limited on
Domestic natural pe
Li Guoqing 0.95% 96,525,000 0 72,393,750 24,131,250 Not applicable 0
rson
Domestic natural pe
Xu Yuejuan 0.95% 96,525,000 0 0 96,525,000 Not applicable 0
rson
Domestic natural pe
Li Yongqing 0.95% 96,525,000 0 72,393,750 24,131,250 Not applicable 0
rson
Horizon Asset - Huaneng Tr
ust Jiayue No. 7 Single Fu
nd Trust - Horizon Asset Hu Other 0.54% 55,148,287 0 0 55,148,287 Not applicable 0
ixin No. 43 Single Asset Ma
nagement Plan
Hua'neng Guicheng Trust C
o., Ltd. - Hua'neng Trust R
Other 0.49% 50,078,500 0 0 50,078,500 Not applicable 0
ongyue Weicheng collective
funds trust plan
Domestic natural pe
Dai Deming 0.47% 48,000,000 19,630,000 0 48,000,000 Not applicable 0
rson
The situation (if any) that strategic investors or gen
eral legal persons become the top 10 shareholders d Not applicable
ue to the placement of new shares
82
2024 Semi-annual Report
Among the top 10 shareholders, Zhejiang Rongsheng Holding Group Co., Ltd. is the controlling shareholder of the Company,
Explanation of the relationship or concerted action Li Yongqing and Li Guoqing are nephews of Li Shuirong, Chairman of the Board of Directors of Zhejiang Rongsheng Holdin
among the above shareholders g Group Co., Ltd., Xu Yuejuan is sister-in-law of Li Shuirong, forming associated relationships. In addition to the above associ
ated relationships, the Company has no knowledge of whether other shareholders are related to each other or act in concert.
Explanation of the above shareholders on delegatin
Not applicable
g/receiving/waiving voting rights
Special explanation on the existence of repurchase
Among the top 10 shareholders, Rongsheng Petrochemical Co., Ltd. repurchased 552,380,458 shares in the special securities a
accounts among the top 10 shareholders (if any) (se
ccount, accounting for 5.46% of the Company's total share capital.
e Note 11)
Shareholding of top 10 common shareholders not subject to sales restrictions (excluding shares lent through refinancing and executive lock-in shares)
Number of shares not subject to sales restrictions held at the end of the r Class of shares
Name of shareholders
eporting period Class of shares Class of shares
Zhejiang Rongsheng Holding Group Co., Ltd. 5,311,350,017 RMB ordinary shares 5,311,350,017
Aramco Overseas Company B.V. 1,012,552,501 RMB ordinary shares 1,012,552,501
Hong Kong Securities Clearing Company Limited 183,133,399 RMB ordinary shares 183,133,399
Li Shuirong 160,818,750 RMB ordinary shares 160,818,750
Xu Yuejuan 96,525,000 RMB ordinary shares 96,525,000
Horizon Asset - Huaneng Trust Jiayue No. 7 Singl
e Fund Trust - Horizon Asset Huixin No. 43 Single 55,148,287 RMB ordinary shares 55,148,287
Asset Management Plan
Hua'neng Guicheng Trust Co., Ltd. - Hua'neng Trus
50,078,500 RMB ordinary shares 50,078,500
t Rongyue Weicheng collective funds trust plan
Dai Deming 48,000,000 RMB ordinary shares 48,000,000
Ni Xincai 47,925,000 RMB ordinary shares 47,925,000
Hangzhou Mingzhu Enterprise Management Partne
39,838,466 RMB ordinary shares 39,838,466
rship (Limited Partnership)
Explanation of the relationship or concerted action
Among the top 10 shareholders, Zhejiang Rongsheng Holding Group Co., Ltd. is the controlling shareholder of the Company,
among the top 10 shareholders of outstanding share
Xu Yuejuan is the sister-in-law of Li Shuirong, Chairman of the Board of Directors of Zhejiang Rongsheng Holding Group Co.,
s not subject to sales restrictions and among the top
Ltd., and Ni Xincai is the brother-in-law of Li Shuirong, forming associated relationships. In addition to the above associated
10 shareholders of outstanding shares not subject to
relationships, the Company has no knowledge of whether other shareholders are related to each other or act in concert.
sales restrictions and the top 10 shareholders
Zhejiang Rongsheng Holding Group Co., Ltd. holds 5,271,350,017 shares through an ordinary account and 40,000,000 shares
Explanation of the top 10 shareholders' participatio
through a credit account. Dai Deming holds 2,000,000 shares through a regular account and 46,000,000 shares through a marg
n in securities margin trading (if any) (see Note 4)
in account.
83
2024 Semi-annual Report
Participation of shareholders holding more than 5% shares, top 10 shareholders and top 10 shareholders of outstan
ding shares not subject to sales restrictions in lending shares by refinancing business.
□ Applicable Not applicable
Changes in top 10 shareholders and top 10 shareholders of of outstanding shares not subject to sales restrictions du
e to lending/returning shares by refinancing business.
□ Applicable Not applicable
Whether any of the top 10 shareholders of ordinary share and the top 10 shareholders of ordinary shares not subjec
t to sales restrictions of the Company have any agreed repurchase trading during the reporting period?
□ Yes No
The top 10 shareholders of ordinary share and the top 10 shareholders of ordinary shares not subject to sales restric
tions did not conduct the agreed repurchase transaction during the reporting period.
IV. Equity Changes of Directors, Supervisors and Senior Management
□ Applicable Not applicable
There were no equity changes of the Company’s directors, supervisors and senior management during the reportin
g period; see 2023 Annual Report for details.
V. Changes in Controlling Shareholder or Actual Controller
Change of controlling shareholder during the reporting period
□ Applicable Not applicable
The controlling shareholder of the Company remained unchanged during the reporting period.
Changes in actual controller during the reporting period
□ Applicable Not applicable
The actual controller of the Company remained the same during the reporting period.
84
2024 Semi-annual Report
Section VIII Preferred Shares
□ Applicable Not applicable
The Company had no preferred shares during the reporting period.
85
2024 Semi-annual Report
Section IX Bonds
Applicable □ Not applicable
I. Enterprise Bonds
□ Applicable Not applicable
The Company had no enterprise bonds during the reporting period.
II. Corporate Bonds
Applicable □ Not applicabl
1. Basic information of corporate bonds
Bond abbrev Issue da Value dat Maturity d Bond b Interest Mode of repayment of principal
Name of bond Bond code Trading venue
iation te e ate alance rate and interest
The interest shall be accrued per y
2020 Public Offering of Gree ear on a simple interest basis, inst
n Corporate Bonds to Eligible 20 Rongshen August September September ead of compound interest. The int Shenzhen Stock Exc
149220 100,000 3.45%
Investors by Rongsheng Petr g G2 28, 2020 2, 2020 2, 2024 erest shall be paid once a year, an hange
ochemical Co., Ltd. (Grade 2) d the last interest shall be paid tog
ether with the principal.
Investor suitability arrangements (if any) Qualified institutional investor
Applicable transaction mechanism Bidding transaction
Any risk of termination of listing and trading (if any) or not an
None
d countermeasures
Unit：RMB 10,000
86
2024 Semi-annual Report
Overdue bonds
□ Applicable Not applicable
2. Trigger and implementation of issuer or investor option clauses and investor protection clauses
Applicable □ Not applicable
Bond abbreviatio Type of clause covered Implementation of inves
Name of bond Option clause
n under the bond tor protection clause
2020 Public Offering of G The implementation condi
Option to adjust coupon During the reporting p
reen Corporate Bonds to E tions for the above clause
rate, put-back option an eriod, there was no ne
ligible Investors by Rongs 20 Rongsheng G2 of investor protection hav
d accelerated settlement ed to implement the op
heng Petrochemical Co., L e not been triggered durin
clause tion clause.
td. (Grade 2) g the reporting period
3. Adjustment of credit rating results during the reporting period
□ Applicable Not applicable
4. Implementation and changes of guarantee, debt repayment plan and other debt repayment security meas
ures during the reporting period and the impact on interests of bond investors
□ Applicable Not applicable
III. Debt Financing Instruments of Non-financial Enterprises
□ Applicable Not applicable
During the reporting period, the Company did not have any debt financing instruments of non-financial enterprise
s.
IV. Convertible Corporate Bonds
□ Applicable Not applicable
The Company had no convertible bond during the reporting period.
V. Loss within the scope of the Consolidated Financial Statements during the reporting period
of the Company exceeding 10% of the net assets at the end of last year
□ Applicable Not applicable
VI. Key Accounting Data and Financial Indicators of the Company in Recent Two Years as of
the End of the Reporting Period
Unit：RMB 10,000
Increase or decrease at the end of t
At the end of the reporting At the end of the previous
Item he reporting period over the end of
period year
the previous year
87
2024 Semi-annual Report
Current ratio 0.597 0.5967 0.05%
Liability-asset ratio 75.32% 74.75% 0.57%
Quick ratio 0.2005 0.1490 34.56%
Increase or decrease in the reportin
In the same period of the
In the reporting period g period over the same period of th
previous year
e previous year
Net profit net of non-rec
67,237.66 -138,804.32 148.44%
urring gain and loss
EBITDA total debt ratio 6.17% 3.76% 2.41%
Interest coverage ratio 1.35 0.19 610.53%
Cash interest coverage r
3.16 0.51 519.61%
atio
EBITDA interest covera
3.18 1.82 74.73%
ge ratio
Loan repayment rate 100.00% 100.00% 0.00%
Interest cover ratio 100.00% 100.00% 0.00%
88
2024 Semi-annual Report
Section X Financial Reports
I. Audit Report
Whether the semi-annual report is audited
□ Yes No
The Company's semi-annual financial report is unaudited.
II. Financial Statements
The financial statement notes are represented in RMB.
1. Consolidated Balance Sheet
Prepared by: Rongsheng Petrochemical Co., Ltd.
June 30, 2024
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Monetary fund 19,222,581,250.75 13,070,255,466.02
Settlement provision
Lending funds
Trading financial assets 535,602,017.09 310,087,429.45
Derivative financial assets
Notes receivable
Accounts receivable 7,628,521,455.74 4,737,733,703.66
Accounts receivable financing 300,502,992.56 175,036,242.93
Advance payment 2,598,691,446.09 1,493,312,465.86
Premium receivables
Reinsurance receivables
Reinsurance contract reserves receivables
Other receivables 4,027,880,726.92 4,510,228,597.49
Including: Interest receivables
Dividends receivable
Redemptory monetary capital for sale
Stock 55,283,049,559.37 61,733,657,342.07
Where: data resources
Contract assets
Held-for-sale assets
Non-current assets due within one year
Other current assets 4,856,362,002.18 5,297,128,974.31
89
2024 Semi-annual Report
Total current assets 94,453,191,450.70 91,327,440,221.79
Non-current assets:
Loans and advances
Creditors investment
Other creditors investment
Long-term receivables
Long-term equity investment 9,403,115,007.57 9,183,711,444.96
Investment in other equity instruments
Other non-current financial assets
Investment real estate 10,259,851.60 10,395,574.60
Fixed assets 215,692,742,200.98 219,699,679,397.52
Construction in progress 53,069,309,979.25 41,820,671,070.59
Productive biological assets
Oil & gas assets
Right-of-use assets 188,026,784.20 200,102,141.16
Intangible assets 8,000,188,568.79 7,128,930,412.44
Where: data resources
Development expenses
Where: data resources
Goodwill
Long-term deferred expenses 45,701.13
Deferred income tax assets 725,258,610.34 690,808,878.08
Other non-current assets 4,553,670,955.88 4,856,655,469.41
Total non-current assets 291,642,571,958.61 283,591,000,089.89
Total assets 386,095,763,409.31 374,918,440,311.68
Current liabilities:
Short-term borrowings 44,219,682,059.34 44,810,936,767.94
Borrowings from the central bank
Borrowing funds
Trading financial liabilities 1,316,317,084.58 623,298,741.33
Derivative financial liabilities
Notes payable 3,221,161,129.33 4,195,471,402.63
Accounts payable 58,034,176,861.77 49,744,126,901.38
Advance collections
Contractual liabilities 3,511,525,781.43 4,421,732,432.83
Financial assets sold for repurchase
Deposits from customers and interbank
Funds from securities trading agency
Funds from securities underwriting agency
Payroll payable 694,446,438.61 1,032,220,776.56
Taxes payable 1,989,978,918.33 476,781,167.70
90
2024 Semi-annual Report
Other payables 14,493,764,110.94 16,919,133,504.47
Including: Interests payable
Dividends payable 228,000,000.00
Handling charges and commissions payable
Reinsurance payable
Held-for-sale liabilities
Non-current liabilities due within one year 30,295,055,763.90 30,286,684,174.81
Other current liabilities 440,923,005.96 551,990,844.96
Total current liabilities 158,217,031,154.19 153,062,376,714.61
Non-current liabilities:
Insurance contract reserves
Long-term borrowings 130,518,130,600.50 125,179,583,821.18
Bonds payable
Including: Preferred share
Perpetual bond
Lease liabilities 182,428,242.97 193,002,312.38
Long-term payables
Long-term payroll payable
Estimated liabilities
Deferred income 194,182,559.81 195,581,593.25
Deferred income tax liabilities 1,688,386,736.06 1,619,074,228.97
Other non-current liabilities
Total non-current liabilities 132,583,128,139.34 127,187,241,955.78
Total liabilities 290,800,159,293.53 280,249,618,670.39
Owner's equity:
Share capital 10,125,525,000.00 10,125,525,000.00
Other equity instruments
Including: Preferred share
Perpetual bond
Capital reserve 10,826,290,162.32 10,825,322,259.36
Less: treasury stock 6,979,518,635.02 6,619,807,176.02
Other comprehensive income 178,350,265.60 110,203,866.35
Special reserves 49,282,801.82 60,677,296.91
Surplus reserves 974,151,644.68 974,151,644.68
Generic risk reserves
Undistributed profits 28,760,438,623.45 28,859,818,194.51
Total owner's equity attributable to the parent company 43,934,519,862.85 44,335,891,085.79
Minority equity 51,361,084,252.93 50,332,930,555.50
Total owners' equity 95,295,604,115.78 94,668,821,641.29
Total liabilities and owner's equity 386,095,763,409.31 374,918,440,311.68
Legal representative: Li Shuirong Head of accounting: Wang Yafang Head of accounting body: Zhang Shaoying
91
2024 Semi-annual Report
2. Balance Sheet of the Parent Company
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Monetary fund 1,987,915,680.30 3,178,729,609.27
Trading financial assets 590,642.24
Derivative financial assets
Notes receivable
Accounts receivable 75,388,403.04 20,051,350.25
Accounts receivable financing 38,168,147.02 48,866,718.09
Advance payment 469,668,735.96 86,770,376.46
Other receivables 2,658,824,606.04 3,279,228,160.71
Including: Interest receivables
Dividends receivable 850,000,000.00 1,230,000,000.00
Stock 234,265,265.89 373,819,275.01
Where: data resources
Contract assets
Held-for-sale assets
Non-current assets due within one year
Other current assets 3,709,577.44
Total current assets 5,467,940,415.69 6,988,056,132.03
Non-current assets:
Creditors investment
Other creditors investment
Long-term receivables
Long-term equity investment 45,603,004,282.75 44,868,063,401.17
Investment in other equity instruments
Other non-current financial assets
Investment real estate 10,259,851.60 10,395,574.60
Fixed assets 279,105,961.98 278,851,669.68
Construction in progress
Productive biological assets
Oil & gas assets
Right-of-use assets 362,662.83
Intangible assets 14,694,052.90 15,926,750.02
Where: data resources
Development expenses
Where: data resources
Goodwill
Long-term deferred expenses
92
2024 Semi-annual Report
Deferred income tax assets
Other non-current assets
Total non-current assets 45,907,064,149.23 45,173,600,058.30
Total assets 51,375,004,564.92 52,161,656,190.33
Current liabilities:
Short-term borrowings 5,923,370,186.11 5,205,927,913.36
Trading financial liabilities
Derivative financial liabilities
Notes payable 587,853,297.92 877,250,766.14
Accounts payable 3,404,083,128.40 2,236,363,176.15
Advance collections
Contractual liabilities 680,579,643.50 132,034,985.73
Payroll payable 41,745,020.18 62,259,994.55
Taxes payable 3,700,209.37 9,502,189.46
Other payables 14,585,813,665.08 17,362,996,403.59
Including: Interests payable
Dividends payable
Held-for-sale liabilities
Non-current liabilities due within one year 3,736,165,157.33 5,306,548,588.47
Other current liabilities 88,475,353.66 17,164,548.14
Total current liabilities 29,051,785,661.55 31,210,048,565.59
Non-current liabilities:
Long-term borrowings 6,654,232,650.00 4,066,370,787.22
Bonds payable
Including: Preferred share
Perpetual bond
Lease liabilities
Long-term payables
Long-term payroll payable
Estimated liabilities
Deferred income 7,813,992.80 8,319,120.04
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 6,662,046,642.80 4,074,689,907.26
Total liabilities 35,713,832,304.35 35,284,738,472.85
Owner's equity:
Share capital 10,125,525,000.00 10,125,525,000.00
Other equity instruments
Including: Preferred share
Perpetual bond
Capital reserve 11,243,374,721.45 11,243,374,721.45
93
2024 Semi-annual Report
Less: treasury stock 6,979,518,635.02 6,619,807,176.02
Other comprehensive income 142,970,496.89 80,110,211.22
Special reserves
Surplus reserves 974,151,644.68 974,151,644.68
Undistributed profits 154,669,032.57 1,073,563,316.15
Total owners' equity 15,661,172,260.57 16,876,917,717.48
Total liabilities and owner's equity 51,375,004,564.92 52,161,656,190.33
3. Consolidated Income Statement
Unit: RMB
Item 2024 semi-annual 2023 semi-annual
I. Gross operating income 161,249,744,277.85 154,525,283,752.29
Including: operating revenue 161,249,744,277.85 154,525,283,752.29
Interest income
Earned premium
Handling charge and commission income
II. Gross operating costs 160,462,598,482.36 157,870,551,223.95
Including: operating costs 141,256,133,696.06 139,757,633,719.45
Interest expense
Handling charge and commission expenses
Surrender value
Net payments for insurance claims
Net reserve fund extracted for insurance liability
Policy dividend payment
Reinsurance costs
Taxes and surcharges 12,496,949,672.03 10,243,559,065.75
Marketing expenses 78,933,484.96 100,549,410.04
Administrative expenses 438,040,873.14 404,763,431.53
R&D expenses 2,496,929,812.35 3,293,231,534.62
Financial expenses 3,695,610,943.82 4,070,814,062.56
Including: interest expenses 3,544,593,781.09 3,625,811,842.89
Interest income 240,894,876.38 223,711,660.97
Add: Other income 1,253,751,467.78 104,660,432.05
Investment income (losses are presented in "-") -52,174,957.84 178,577,881.79
Including: Return on investment in associated enterprises
187,861,798.54 239,850,471.43
and joint ventures
Gains on derecognition of financial assets measur
ed at amortized cost
Exchange gain (loss expressed with “-”)
Net exposure hedging gain (loss expressed with “-”)
Income from changes in fair value (losses are presented in "-") 115,037,218.53 310,625,655.12
94
2024 Semi-annual Report
Credit impairment losses (loss expressed with “-”) -138,884,225.38 -39,633,196.86
Asset impairment loss (losses are presented in "-") -12,655,239.18 -64,830,582.66
Income from asset disposal (losses are presented in "-") 5,269,441.94 -84,509.13
III. Operating profit (losses expressed with “-”) 1,957,489,501.34 -2,855,951,791.35
Add: Non-operating income 7,827,844.76 2,038,960.44
Less: Non-operating expenses 35,436,773.14 849,439.19
IV. Income before tax 1,929,880,572.96 -2,854,762,270.10
Less: Income tax expenses 257,909,218.53 -752,468,740.63
III. Net income 1,671,971,354.43 -2,102,293,529.47
(I) By business continuity
1. Net profit from going concern (net losses expressed with “-”) 1,671,971,354.43 -2,102,293,529.47
2. Net profit from discontinued operations (net losses expressed
with “-”)
(II) By ownership
1. Net profit attributable to shareholders of the parent company
857,934,883.14 -1,126,633,616.55
(net loss filled in with "-")
2. Profit or loss of minority shareholders (net loss filled in with "
814,036,471.29 -975,659,912.92
-")
VI. Other comprehensive income, net of tax 63,725,659.14 168,529,741.50
After-tax net of other comprehensive income attributable to the ow
68,146,399.25 174,901,083.27
ners of parent company
(I) Other comprehensive income which may not be reclassified t
-590,642.24
o gain and loss
1. Re-measurement of changes in defined benefit plans
2. Other comprehensive income which may not be transferred
to gain and loss under the equity method
3. Changes in fair value of investment in other equity instrume
nts
4. Changes in fair value of the credit risk of the Company
5. Others -590,642.24
(II) Other comprehensive income which may be reclassified to g
68,737,041.49 174,901,083.27
ain and loss
1. Other comprehensive income which may be transferred to g
49,009,488.62 -32,777,139.77
ain and loss under the equity method
2. Changes in fair value of other creditors investment
3. Amount of financial assets reclassified into other comprehe
nsive income
4. Provision for credit impairment of other creditors investme
nts
5. Cash flow hedging reserves
6. Difference in translation of foreign currency financial state
19,727,552.87 207,678,223.04
ments
7. Others
Other comprehensive income attributable to minority shareholders,
-4,420,740.11 -6,371,341.77
net of tax
VII. Total comprehensive income 1,735,697,013.57 -1,933,763,787.97
95
2024 Semi-annual Report
Total comprehensive income attributable to owners of the parent co
926,081,282.39 -951,732,533.28
mpany
Total comprehensive income attributable to minority shareholders 809,615,731.18 -982,031,254.69
VIII. Earnings per share:
(I) Basic earnings per share 0.09 -0.11
(II) Diluted earnings per share 0.09 -0.11
Legal representative: Li Shuirong Head of accounting: Wang Yafang Head of accounting body: Zhang Shaoying
4. Income Statement of the Parent Company
Unit: RMB
Item 2024 semi-annual 2023 semi-annual
I. Operating income 1,667,089,209.61 1,904,808,648.13
Less: Operating costs 1,622,817,980.64 1,874,789,103.99
Taxes and surcharges 5,912,334.69 2,607,675.09
Marketing expenses 23,221,188.84 26,880,098.49
Administrative expenses 38,757,438.94 23,716,251.23
R&D expenses 40,769,492.32 53,266,225.68
Financial expenses 350,680,352.26 403,526,675.25
Including: interest expenses 392,165,659.03 429,963,010.74
Interest income 45,265,589.17 16,599,784.42
Add: Other income 338,665,781.84 3,974,497.63
Investment income (losses are pre
123,163,894.95 111,928,533.98
sented in "-")
Including: Return on investme
nt in associated enterprises and joint vent 142,718,593.27 146,126,783.72
ures
Income from derecogni
tion of financial assets measured at amort
ized cost (loss expressed with “-”)
Net exposure hedging gain (loss e
xpressed with “-”)
Income from changes in fair valu
e (losses are presented in "-")
Credit impairment losses (loss ex
-4,422,822.78 -9,136,090.59
pressed with “-”)
Asset impairment loss (losses are
presented in "-")
Income from asset disposal (losse
-157,689.80 -107,408.12
s are presented in "-")
II. Operating profit (loss to be filled out
42,179,586.13 -373,317,848.70
with the minus sign "-")
Add: Non-operating income 1,102.15 19,958.10
Less: Non-operating expenses 3,760,517.66 338.98
III. Total profit (total loss to be filled out
38,420,170.62 -373,298,229.58
with the minus sign "-")
96
2024 Semi-annual Report
Less: Income tax expenses
IV. Net profit (net loss to be filled out wit
38,420,170.62 -373,298,229.58
h the minus sign "-")
(I) Net profits from going concern (net
38,420,170.62 -373,298,229.58
loss expressed with “-”)
(II) Net profits from discontinuing ope
ration (net loss expressed with “-”)
V. Other comprehensive incomes, net of t
62,860,285.67 -127,061.16
ax
(I) Other comprehensive income wh
ich may not be reclassified to gain and lo -590,642.24
ss
1. Re-measurement of changes in
defined benefit plans
2. Other comprehensive income
which may not be transferred to gain and
loss under the equity method
3. Changes in fair value of invest
ment in other equity instruments
4. Changes in fair value of the cre
dit risk of the Company
5. Others -590,642.24
(II) Other comprehensive income w
63,450,927.91 -127,061.16
hich may be reclassified to gain and loss
1. Other comprehensive income
which may be transferred to gain and los 63,450,927.91 -127,061.16
s under the equity method
2. Changes in fair value of other c
reditors investment
3. Amount of financial assets recl
assified into other comprehensive incom
e
4. Provision for credit impairment
of other creditors investments
5. Cash flow hedging reserves
6. Difference in translation of for
eign currency financial statements
7. Others
VI. Total comprehensive incomes 101,280,456.29 -373,425,290.74
VII. Earnings per share
(I) Basic earnings per share
(II) Diluted earnings per share
5. Consolidated Cash Flow Statement
Unit: RMB
Item 2024 semi-annual 2023 semi-annual
I. Cash flow from operating activities:
Cash received from sales of goods or r 174,417,692,257.97 178,201,062,732.02
97
2024 Semi-annual Report
endering of services
Net increase in deposits from customer
s and other banks
Net increase in borrowings from the ce
ntral bank
Net increase in loans from other financ
ial institutions
Cash received from receiving insuranc
e premium of original insurance contract
s
Net cash received from reinsurance bu
siness
Net increase in deposits and investmen
t of the insured
Cash received from interests, handling
charges and commissions
Net increase in borrowing funds
Net increase in repurchase business ca
pital
Net cash received from securities tradi
ng agency
Refunds of taxes and levies 2,602,039,750.26 2,445,377,522.07
Cash received relating to other operati
2,920,163,105.87 4,490,843,204.34
ng activities
Subtotal of cash inflow from operating a
179,939,895,114.10 185,137,283,458.43
ctivities
Cash paid for goods purchased and ser
156,652,864,492.85 170,942,183,577.59
vices received
Net increase in loans and advances to
customers
Net increase in deposits with the centr
al bank and other banks
Cash paid for claims under original ins
urance contracts
Net increase in lending funds
Cash paid for interests, handling charg
es and commissions
Cash paid for policy dividends
Cash paid to and on behalf of employe
2,295,802,786.75 2,254,417,512.61
es
Payments of all types of taxes 11,009,232,043.73 10,665,209,175.36
Cash paid relating to other operating a
1,589,457,438.81 3,554,252,623.77
ctivities
Subtotal of cash outflow from operating
171,547,356,762.14 187,416,062,889.33
activities
Net cash flow from operating activities 8,392,538,351.96 -2,278,779,430.90
II. Cash flows from investing activities:
Cash received from investment recove
1,473,616,505.29 1,596,493,789.84
ry
98
2024 Semi-annual Report
Cash received from the return on inves
13,228,639.60 39,685,918.80
tment
Net cash received from the disposal of
fixed assets, intangible assets and other l 259,399,359.92 164,567.04
ong-term assets
Net cash received from the disposal of
18,698,663.16
subsidiaries and other business units
Cash received relating to other investi
59,352,298.76 310,660,628.44
ng activities
Subtotal of cash inflow from investment
1,805,596,803.57 1,965,703,567.28
activities
Cash paid for purchase and constructio
n of fixed assets, intangible assets and ot 17,344,328,757.83 14,998,585,601.67
her long-term assets
Cash paid for investments 1,056,298,128.11 1,570,703,757.46
Net increase in pledge loans
Net cash paid for acquisition of subsid
iaries and other business units
Cash paid relating to other investing a
108,503,840.40 226,234,663.58
ctivities
Subtotal of cash outflow from investment
18,509,130,726.34 16,795,524,022.71
activities
Net cash flow from investment activities -16,703,533,922.77 -14,829,820,455.43
III. Cash flow from financing activities:
Cash received from absorption of inve
228,000,000.00
stment
Including: Cash received by subsidiari
es from investments of minority sharehol 228,000,000.00
ders
Cash received from borrowings 74,713,977,878.21 69,050,797,915.91
Cash received relating to other financi
18,799,408,866.65 4,554,000,000.00
ng activities
Subtotal of cash inflow from financing a
93,741,386,744.86 73,604,797,915.91
ctivities
Cash paid for repayment of debts 69,885,306,739.83 50,333,783,864.21
Cash paid for distribution of dividends
5,175,591,739.74 5,579,093,602.51
and profits or payment of interests
Including: Dividends or profits paid by
228,000,000.00
subsidiaries to minority shareholders
Cash paid relating to other financing a
4,679,731,600.44 2,335,547,370.40
ctivities
Subtotal of cash outflow from financing
79,740,630,080.01 58,248,424,837.12
activities
Net cash flow from financing activities 14,000,756,664.85 15,356,373,078.79
IV. Effect of change in exchange rate on
-167,099,802.81 -342,023,274.22
cash and cash equivalents
V. Net increase in cash and cash equivale
5,522,661,291.23 -2,094,250,081.76
nts
Add: Opening balance of cash and cas
11,486,855,097.52 15,459,279,803.77
h equivalents
99
2024 Semi-annual Report
VI. Ending balance of cash and cash equi
17,009,516,388.75 13,365,029,722.01
valents
6. Cash Flow Statement of the Parent Company
Unit: RMB
Item 2024 semi-annual 2023 semi-annual
I. Cash flow from operating activities:
Cash received from sales of goods or r
8,485,308,901.03 3,821,944,250.75
endering of services
Refunds of taxes and levies 5,512,767.96 6,895,663.22
Cash received relating to other operati
909,261,207.63 209,329,629.24
ng activities
Subtotal of cash inflow from operating a
9,400,082,876.62 4,038,169,543.21
ctivities
Cash paid for goods purchased and ser
7,126,809,713.06 4,382,424,862.02
vices received
Cash paid to and on behalf of employe
177,602,399.78 149,906,056.53
es
Payments of all types of taxes 66,226,432.61 9,748,781.30
Cash paid relating to other operating a
167,863,198.19 112,878,878.35
ctivities
Subtotal of cash outflow from operating
7,538,501,743.64 4,654,958,578.20
activities
Net cash flow from operating activities 1,861,581,132.98 -616,789,034.99
II. Cash flows from investing activities:
Cash received from investment recove
ry
Cash received from the return on inves
393,228,639.60 39,685,918.80
tment
Net cash received from the disposal of
fixed assets, intangible assets and other l 161,625.29
ong-term assets
Net cash received from the disposal of
subsidiaries and other business units
Cash received relating to other investi
504,638,350.00
ng activities
Subtotal of cash inflow from investment
897,866,989.60 39,847,544.09
activities
Cash paid for purchase and constructio
n of fixed assets, intangible assets and ot 584,457.58 3,944,526.39
her long-term assets
Cash paid for investments 542,000,000.00 827,000,000.00
Net cash paid for acquisition of subsid
iaries and other business units
Cash paid relating to other investing a
634,100,000.00
ctivities
Subtotal of cash outflow from investment
1,176,684,457.58 830,944,526.39
activities
100
2024 Semi-annual Report
Net cash flow from investment activities -278,817,467.98 -791,096,982.30
III. Cash flow from financing activities:
Cash received from absorption of inve
stment
Cash received from borrowings 10,530,190,000.00 8,012,734,846.32
Cash received relating to other financi
1,148,500,000.00 7,560,000,000.00
ng activities
Subtotal of cash inflow from financing a
11,678,690,000.00 15,572,734,846.32
ctivities
Cash paid for repayment of debts 8,779,925,337.17 6,737,974,664.83
Cash paid for distribution of dividends
1,245,925,277.56 1,742,995,626.85
and profits or payment of interests
Cash paid relating to other financing a
4,402,960,578.42 4,943,986,958.94
ctivities
Subtotal of cash outflow from financing
14,428,811,193.15 13,424,957,250.62
activities
Net cash flow from financing activities -2,750,121,193.15 2,147,777,595.70
IV. Effect of change in exchange rate on
377,460.89 1,223,824.25
cash and cash equivalents
V. Net increase in cash and cash equivale
-1,166,980,067.26 741,115,402.66
nts
Add: Opening balance of cash and cas
3,154,529,147.56 510,179,880.17
h equivalents
VI. Ending balance of cash and cash equi
1,987,549,080.30 1,251,295,282.83
valents
7. Consolidated Statement of Changes in Owner's Equity
Amount of the current period
Unit: RMB
101
2024 Semi-annual Report
2024 semi-annual
Owner's equity attributable to the parent company
Item Other equity instruments Other c Minor Total own
Less: trea Surplus Generic ity eq ers' equit
Share c Perpe Capital ompreh Special Undistribute Oth Subto
Preferred sury stoc reserve risk res uity y
apital tual b Other reserve ensive i reserves d profits er tal
shares k s erves
ond ncome
44,33 50,33
I. Ending bal 10,125, 10,825,3
6,619,807, 110,203, 60,677,2 974,151, 28,859,818,19 5,891, 2,930, 94,668,82
ance of the p 525,00 22,259.3
176.02 866.35 96.91 644.68 4.51 085.7 555.5 1,641.29
revious year 0.00 6
9 0
Add: Ch
anges in acco
unting polici
es
Co
rrection of er
rors in the pr
evious period
Ot
her
44,33 50,33
II. Opening b 10,125, 10,825,3
6,619,807, 110,203, 60,677,2 974,151, 28,859,818,19 5,891, 2,930, 94,668,82
alance of the 525,00 22,259.3
176.02 866.35 96.91 644.68 4.51 085.7 555.5 1,641.29
year 0.00 6
9 0
III. Increase
or decrease i
-401,3 1,028,
n the current 967,902. 359,711,4 68,146,3 -11,394, -99,379,571.0 626,782,4
71,22 153,6
period (decre 96 59.00 99.25 495.09 6 74.49
2.94 97.43
ase is present
ed in "-")
(I) Total com 926,0 809,6
68,146,3 857,934,883.1 1,735,697,
prehensive in 81,28 15,73
99.25 4 013.57
come 2.39 1.18
(II) Capital c
-359,7 228,0
ontributed an 359,711,4 -131,711,4
11,45 00,00
d reduced by 59.00 59.00
9.00 0.00
owners
102
2024 Semi-annual Report
1. Ordinary s
-359,7 228,0
hares investe 359,711,4 -131,711,4
11,45 00,00
d by the own 59.00 59.00
9.00 0.00
ers
2. Capital co
ntributed by
holders of ot
her equity ins
truments
3. Amount of
share-based
payment reco
gnized in ow
ners’ equity
4. Others
-957,3
(III) Profit di -957,314,454. -957,314,
14,45
stribution 20 454.20
4.20
1. Withdrawa
l of surplus r
eserve
2. Withdrawa
l of generic ri
sk reserves
3. Distributio
-957,3
n to owners -957,314,454. -957,314,
14,45
(or sharehold 20 454.20
4.20
ers)
4. Others
(IV) Internal
carry-forwar
d of owner's
equity
1. Capital res
erve transferr
ed into capita
l (or share ca
pital)
103
2024 Semi-annual Report
2. Surplus re
serve transfer
red into capit
al (or share c
apital)
3. Surplus re
serves for ma
king up loss
4. Changes i
n defined ben
efit plans car
ried forward
to retained ea
rnings
5. Other com
prehensive in
comes carrie
d forward to
retained earn
ings
6. Others
-11,39 -10,39
(V) Special r -11,394, -21,786,4
4,495. 1,979.
eserve 495.09 74.82
09 73
1. Amount ap
195,2 159,8
propriated in 195,246, 355,056,5
46,41 10,16
the current p 416.80 86.30
6.80 9.50
eriod
2. Use in the 206,6 170,2
206,640, 376,843,0
current perio 40,91 02,14
911.89 61.12
d 1.89 9.23
967,902. 967,9 929,9 1,897,848.
(VI) Others
96 02.96 45.98 94
IV. Ending b 43,93 51,36
10,125, 10,826,2
alance of the 6,979,518, 178,350, 49,282,8 974,151, 28,760,438,62 4,519, 1,084, 95,295,60
525,00 90,162.3
current perio 635.02 265.60 01.82 644.68 3.45 862.8 252.9 4,115.78
0.00 2
d 5 3
Amount of previous year
104
2024 Semi-annual Report
Unit: RMB
2023 semi-annual
Owner's equity attributable to the parent company
Other equity instru
Item ments Gen
Other co Minority e Total own
Less: trea eric Undistrib
Share capi Prefe Capital re mprehen Special r Surplus Ot quity ers' equity
Perpe sury stoc risk uted profi Subtotal
tal rred Ot serve sive inco eserves reserves her
tual b k rese ts
share her me
ond rves
s
I. Ending ba
lance of the 10,125,52 10,822,59 3,978,202, 139,462, 886,470, 29,264,53 47,260,38 49,905,39 97,165,78
previous ye 5,000.00 4,513.39 364.65 613.71 394.72 2,743.94 2,901.11 9,878.19 2,779.30
ar
Add: C
hanges in ac 1,300,627. 1,300,627. 1,300,627.
counting pol 54 54 54
icies
C
orrection of
errors in the
previous pe
riod
Ot
her
II. Opening
10,125,52 10,822,59 3,978,202, 139,462, 886,470, 29,265,83 47,261,68 49,905,39 97,167,08
balance of t
5,000.00 4,513.39 364.65 613.71 394.72 3,371.48 3,528.65 9,878.19 3,406.84
he year
III. Increase
or decrease
in the curre
1,929,551. 174,901, -2,602,99 -2,426,16 -980,177,3 -3,406,33
nt period (d
34 083.27 0,968.75 0,334.14 72.03 7,706.17
ecrease is pr
esented in "-
")
(I) Total co
174,901, -1,126,63 -951,732,5 -982,031,2 -1,933,76
mprehensiv
083.27 3,616.55 33.28 54.69 3,787.97
e income
105
2024 Semi-annual Report
(II) Capital
contributed
and reduced
by owners
1. Ordinary
shares inves
ted by the o
wners
2. Capital c
ontributed b
y holders of
other equity
instruments
3. Amount o
f share-base
d payment r
ecognized i
n owners’ e
quity
4. Others
(III) Profit d -1,476,35 -1,476,35 -1,476,35
istribution 7,352.20 7,352.20 7,352.20
1. Withdraw
al of surplus
reserve
2. Withdraw
al of generic
risk reserve
s
3. Distributi
on to owner -1,476,35 -1,476,35 -1,476,35
s (or shareh 7,352.20 7,352.20 7,352.20
olders)
4. Others
(IV) Interna
l carry-forw
ard of owne
r's equity
106
2024 Semi-annual Report
1. Capital re
serve transf
erred into ca
pital (or sha
re capital)
2. Surplus r
eserve trans
ferred into c
apital (or sh
are capital)
3. Surplus r
eserves for
making up l
oss
4. Changes i
n defined be
nefit plans c
arried forwa
rd to retaine
d earnings
5. Other co
mprehensiv
e incomes c
arried forwa
rd to retaine
d earnings
6. Others
(V) Special
reserve
1. Amount a
ppropriated 180,176, 180,176,90 141,267,66 321,444,57
in the curre 909.39 9.39 2.52 1.91
nt period
2. Use in th
180,176, 180,176,90 141,267,66 321,444,57
e current pe
909.39 9.39 2.52 1.91
riod
1,929,551. 1,929,551. 1,853,882. 3,783,434.
(VI) Others
34 34 66 00
107
2024 Semi-annual Report
IV. Ending
balance of t 10,125,52 10,824,52 3,978,202, 314,363, 886,470, 26,662,84 44,835,52 48,925,22 93,760,74
he current p 5,000.00 4,064.73 364.65 696.98 394.72 2,402.73 3,194.51 2,506.16 5,700.67
eriod
8. Statement of Changes in Owners’ Equity of the Parent Company
Amount of the current period
Unit: RMB
2024 semi-annual
Other equity instruments
Item Other comp
Preferr Capital rese Less: treasur Special r Surplus r Undistribute Total owner
Share capital Perpetu rehensive in Other
ed shar Other rve y stock eserves eserves d profits s' equity
al bond come
es
I. Ending balanc
10,125,525,00 11,243,374,7 6,619,807,17 80,110,211.2 974,151,6 1,073,563,31 16,876,917,7
e of the previous
0.00 21.45 6.02 2 44.68 6.15 17.48
year
Add: Chang
es in accounting
policies
Correc
tion of errors in t
he previous peri
od
Other
II. Opening bala 10,125,525,00 11,243,374,7 6,619,807,17 80,110,211.2 974,151,6 1,073,563,31 16,876,917,7
nce of the year 0.00 21.45 6.02 2 44.68 6.15 17.48
III. Increase or d
ecrease in the cu
359,711,459.0 62,860,285.6 -918,894,283. -1,215,745,4
rrent period (dec
0 7 58 56.91
rease is presente
d in "-")
(I) Total compre 62,860,285.6 101,280,456.
38,420,170.62
hensive income 7 29
(II) Capital contr 359,711,459.0 -359,711,45
108
2024 Semi-annual Report
ibuted and reduc 0 9.00
ed by owners
1. Ordinary shar
359,711,459.0 -359,711,45
es invested by th
0 9.00
e owners
2. Capital contri
buted by holders
of other equity i
nstruments
3. Amount of sha
re-based paymen
t recognized in o
wners’ equity
4. Others
(III) Profit distri -957,314,454. -957,314,45
bution 20 4.20
1. Withdrawal of
surplus reserve
2. Distribution to
-957,314,454. -957,314,45
owners (or shar
20 4.20
eholders)
3. Others
(IV) Internal carr
y-forward of ow
ner's equity
1. Capital reserv
e transferred into
capital (or share
capital)
2. Surplus reserv
e transferred into
capital (or share
capital)
3. Surplus reserv
es for making up
loss
4. Changes in de
109
2024 Semi-annual Report
fined benefit pla
ns carried forwar
d to retained ear
nings
5. Other compre
hensive incomes
carried forward t
o retained earnin
gs
6. Others
(V) Special reser
ve
1. Amount appro
priated in the cur
rent period
2. Use in the cur
rent period
(VI) Others
IV. Ending balan
10,125,525,00 11,243,374,7 6,979,518,63 142,970,496. 974,151,6 154,669,032.5 15,661,172,2
ce of the current
0.00 21.45 5.02 89 44.68 7 60.57
period
Amount of previous year
Unit: RMB
2023 semi-annual
Other equity instruments
Item Other comp
Preferr Capital rese Less: treasur Special r Surplus r Undistribute Total owner
Share capital Perpetu rehensive in Other
ed shar Other rve y stock eserves eserves d profits s' equity
al bond come
es
I. Ending balanc
10,125,525,00 11,243,393,3 3,978,202,36 44,972,616.0 886,470,3 1,760,789,41 20,082,948,4
e of the previous
0.00 93.54 4.65 9 94.72 8.72 58.42
year
Add: Chang
es in accounting
policies
Correc
110
2024 Semi-annual Report
tion of errors in t
he previous peri
od
Other
II. Opening bala 10,125,525,00 11,243,393,3 3,978,202,36 44,972,616.0 886,470,3 1,760,789,41 20,082,948,4
nce of the year 0.00 93.54 4.65 9 94.72 8.72 58.42
III. Increase or d
ecrease in the cu
-1,849,655,58 -1,849,782,6
rrent period (dec -127,061.16
1.78 42.94
rease is presente
d in "-")
(I) Total compre -373,298,229. -373,425,29
-127,061.16
hensive income 58 0.74
(II) Capital contr
ibuted and reduc
ed by owners
1. Ordinary shar
es invested by th
e owners
2. Capital contri
buted by holders
of other equity i
nstruments
3. Amount of sha
re-based paymen
t recognized in o
wners’ equity
4. Others
(III) Profit distri -1,476,357,35 -1,476,357,3
bution 2.20 52.20
1. Withdrawal of
surplus reserve
2. Distribution to
-1,476,357,35 -1,476,357,3
owners (or shar
2.20 52.20
eholders)
3. Others
111
2024 Semi-annual Report
(IV) Internal carr
y-forward of ow
ner's equity
1. Capital reserv
e transferred into
capital (or share
capital)
2. Surplus reserv
e transferred into
capital (or share
capital)
3. Surplus reserv
es for making up
loss
4. Changes in de
fined benefit pla
ns carried forwar
d to retained ear
nings
5. Other compre
hensive incomes
carried forward t
o retained earnin
gs
6. Others
(V) Special reser
ve
1. Amount appro
priated in the cur
rent period
2. Use in the cur
rent period
(VI) Others
IV. Ending balan
10,125,525,00 11,243,393,3 3,978,202,36 44,845,554.9 886,470,3 -88,866,163.0 18,233,165,8
ce of the current
0.00 93.54 4.65 3 94.72 6 15.48
period
112
2024 Semi-annual Report
III. Company Profile
Rongsheng Petrochemical Co., Ltd. (hereinafter referred to as the Company) is a joint-stock limited company
initiated and established on the foundation of Rongsheng Chemical Fiber Group Co., Ltd. by Zhejiang Rongsheng
Holding Group Co., Ltd., as well as natural persons including Li Shuirong, Li Yongqing, Li Guoqing, Xu Yuejua
n, Ni Xincai and Zhao Guanlong. The Company was registered on June 18, 2007 and is headquartered in Hangzho
u, Zhejiang Province. The Company now holds the Business License (Unified Social Credit Code: 913300002556
93873W) issued by Zhejiang Provincial Administration for Market Regulation, with a registered capital of RMB 1
0,125,525,000.00 and a total of 10,125,525,000 shares (par value: RMB 1 per share), including outstanding shares
subject to sales restrictions: 627,243,750 A shares, and outstanding shares not subject to sales restrictions: 9,498,2
81,250 A shares. Shares of the Company were listed for trading at Shenzhen Stock Exchange on November 2, 201
0.
The Company operates in the petrochemical fiber industry. Business scope: manufacturing and processing of
polyester yarn and chemical fabric, processing of paper products, sales of light textile raw materials and products,
hardware, chemical products and raw materials (other than hazardous chemicals and precursor chemicals), industri
al investment, warehousing services of ordinary goods (excluding dangerous goods), road cargo transportation (op
eration with a valid license), import and export business. (Business activities subject to the approval shall be carrie
d out upon approval by relevant departments according to law.) Main products include oil refining products, chem
ical products, PTA, polyester chip, polyester yarn and film, and so forth.
The financial statements were approved for publication at the 19th meeting of the 6th session of the Board of
Directors of the Company on August 27, 2024.
IV. Preparation Basis of Financial Statements
1. Preparation basis
The financial statements of the Company are prepared on a going concern basis.
2. Going concern
There are no matters or circumstances that cause the Company to have serious doubts about its going concern abili
ty within 12 months from the end of the reporting period.
V. Significant Accounting Policies and Accounting Estimates
Tips for specific accounting policies and accounting estimates:
Important tips: According to the actual production and operation characteristics, the Company has formulated spec
ific accounting policies and accounting estimates for transactions or events such as impairment of financial instru
ments, inventory, construction in progress, depreciation of fixed assets, intangible assets and revenue recognition.
1. Statement of compliance with the Accounting Standards for Business Enterprises
The financial statements prepared by the Company comply with the requirements of the Accounting Standards for
Business Enterprises, which truthfully and completely reflect the Company's financial position, business achievem
ents, cash flow and other relevant information.
113
2024 Semi-annual Report
2. Accounting period
The accounting year is the calendar year from January 1 to December 31.
3. Operating cycle
The business cycle of the Company is short, and 12 months is taken as the liquidity division standard of assets and
liabilities.
4. Recording currency
The Company and its domestic subsidiaries adopt RMB as the recording currency, while overseas subsidiaries suc
h as Hong Kong Sheng Hui Co., Ltd., Hong Kong Yisheng Dahua Petrochemical Co., Ltd., Yisheng New Material
s Trading Co., Ltd., Rongsheng Petrochemical (Hong Kong) Co., Ltd., Rongsheng Petrochemical (Singapore) Priv
ate Co., Ltd., Rongtong Logistics (Singapore) Private Co., Ltd., and Zhejiang Petroleum & Chemical (Singapore)
Private Co., Ltd. engaging in overseas operations, choose the currency in the main economic environment where t
hey operate as the recording currency.
5. Determination method and selection basis of importance standard
Applicable □ Not applicable
Item Importance standard
Important Advance payments with the aging more tha The Company recognizes prepayments with a single prepayment amount
n 1 year exceeding 0.5% of total assets as important prepayments.
The Company recognizes construction in progress with a single amount e
Important construction in progress
xceeding 0.5% of total assets as important construction in progress.
Important accounts payable with the aging more than The Company recognizes accounts payable with a single amount exceedi
1 year ng 0.5% of total assets as important accounts payable.
Important other payable with the aging more than 1 y The Company recognizes other payables with a single amount exceeding
ear 0.5% of total assets as important other payables.
Important contractual liabilities with the aging more t The Company recognizes contract liabilities with a single contract liabilit
han 1 year y amount exceeding 0.5% of total assets as important contract liabilities.
The Company recognizes cash flows from investing activities with a sing
Important cash flows from investing activities le cash flow amount exceeding 0.5% of total assets as important cash flo
ws from investing activities.
The Company recognizes subsidiaries with total single assets exceeding
Important non-wholly owned subsidiary
3% of total assets as important non-wholly owned subsidiaries.
The Company recognizes joint ventures with single investment book valu
Important joint ventures e exceeding 0.5% of the Company's total assets as important joint venture
s.
The Company recognizes commitments with a single amount exceeding
Important commitments 3% of total assets or other matters that have a significant impact on inves
tors' decisions as important commitments.
The Company recognizes contingencies with a single amount exceeding
Important contingencies 3% of total assets or other matters that have a significant impact on inves
tors' decisions as important contingencies.
The Company recognizes the profit distributions after the balance sheet d
Important post-balance sheet events ate and other matters that have a significant impact on investors’ decision
s as important post-balance sheet events.
114
2024 Semi-annual Report
6. Accounting methods for business combinations under the same control and not under the same control
1. Accounting methods for business combinations under the same control
The assets and liabilities acquired by the Company in business combination shall be measured according to th
e book value of the combined party in the consolidated financial statements of the final controlling party on the dat
e of combination. The Company shall adjust the capital reserve according to the difference between the book value
share of the owner's equity of the combined party in the consolidated financial statements of the final controlling
party and the book value of the consolidated consideration paid or the total face value of the issued shares; If the c
apital reserve is not sufficient for offsetting, the adjustment is made to retained earnings.
2. Accounting methods for business combinations not under the common control
On the purchase date, the difference between the combined cost and the fair value share of the identifiable net
assets of the acquiree obtained in the merger is recognized as goodwill. If the combined cost is less than the fair v
alue share of the identifiable net assets of the acquiree obtained in the combination, first, the fair value of identifia
ble assets, liabilities and contingent liabilities of the acquiree and the measurement of combined cost are reviewed.
If the combined cost is still less than the fair value share of identifiable net assets of the acquiree obtained in the m
erger after review, the difference is included in the current gain and loss.
7. Judgement standard of control and preparation method of consolidated financial statements
1. Judgement of control
Control means the Company has the power over the investee, enjoys variable returns by participating in the r
elevant activities of the investee, and has the ability to use the power to influence the variable amount of returns.
2. Preparation method for consolidated financial statements
The parent company brings all subsidiaries under its control into the consolidation scope of the consolidated f
inancial statements. The consolidated financial statements are based on the financial statements of the parent comp
any and its subsidiaries and are prepared according to other related documents by the parent company in accordan
ce with the Accounting Standards for Business Enterprises No. 33—Consolidated Financial Statements.
8. Classification of joint arrangement and accounting methods for joint operation
1. The joint arrangement is divided into joint operation and joint venture.
2. When the Company is a party to a joint operation, the following items are recognized in relation to the shar
e of interest in the joint operation:
(1) Recognition of assets held individually and assets held jointly on a holding share basis;
(2) Recognition of liabilities assumed individually and liabilities assumed jointly on a holding share basis;
(3) Recognition of revenue from the sale of the Company's share of common operation output;
(4) Recognition of income from joint operations arising from the sale of assets based on the Company's share
of ownership;
(5) Recognition of expenses incurred separately and recognition of expenses incurred in joint operations base
d on the Company's share of ownership.
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9. Recognition standard for cash and cash equivalents
Cash listed in the statement of cash flows refers to cash on hand and deposits that can be used for payment at
any time. The term "cash equivalents" refers to short-term and highly liquid investments that are readily convertibl
e to known amounts of cash and which are subject to an insignificant risk of change in value.
10. Foreign currency business and translation of foreign currency statements
1. Translation of foreign currency business
In foreign currency transactions, the spot exchange rate at the transaction date shall be adopted at the initial re
cognition to convert the foreign currency into the amount of RMB. On the balance sheet date, the monetary items
denominated in foreign currencies are translated at the spot exchange rate on the balance sheet date. The exchange
differences arising from the exchange rate are included in current gain and loss except for the exchange difference
between the principal and interest of foreign currency-specific borrowings related to the acquisition and construct
ion of assets eligible for capitalization. The foreign currency non-monetary items measured at historical cost are st
ill translated at the spot exchange rate at the transaction date, and their RMB amount shall not be changed. Foreign
currency non-monetary items measured at fair value are translated at the spot exchange rate at the determination d
ate of fair value, and the exchange differences are included in current gain and loss or other comprehensive incom
e.
2. Translation of foreign currency financial statements
Items of assets and liabilities in the balance sheet are translated at the spot exchange rate prevailing on the bal
ance sheet date. Except for the "undistributed profit" item, other items of owner's equity are translated at the spot e
xchange rate at the transaction date. Income and expense items in the income statement are translated at the approx
imate spot exchange rate at the transaction date. The converted difference in foreign currency financial statements
arising from the above translations is included in other comprehensive income.
11. Financial instruments
1. Classification of financial assets and financial liabilities
At initial recognition, financial assets are classified into the following three categories: (1) financial assets at
amortized cost; (2) financial assets at fair value through other comprehensive income; and (3) financial assets at fa
ir value through gain and loss.
At initial recognition, financial liabilities are classified into four categories: (1) financial liabilities at fair valu
e through gain and loss; (2) financial liabilities that are formed since the transfer of financial assets do not comply
with the conditions for derecognition or continue to involve in the financial assets to be transferred; (3) financial g
uarantee contracts not falling under the above (1) or (2), and loan commitments not falling under the above (1) and
lending at a rate lower than the market interest rate; (4) financial liabilities at amortized cost.
2. Recognition basis, measurement methods and derecognition conditions for financial assets and financial li
abilities
(1) Recognition basis and initial measurement methods for financial assets and financial liabilities
A financial asset or a financial liability shall be recognized when the Company becomes a party to a financial
instrument contract. A financial asset or financial liability shall be measured at fair value at the initial recognition.
For financial assets or financial liabilities at fair value through gain and loss, the transaction expenses thereof shal
l be directly recorded in current gain and loss. For other categories of financial assets or financial liabilities, the rel
ated transaction expenses are included in the initial recognition amount. However, if the accounts receivable initial
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ly recognized by the Company do not contain significant financing components or the Company does not consider
the financing components in contracts less than one year, the initial recognition shall be carried out according to tr
ansaction price as defined in the Accounting Standards for Business Enterprises No. 14—Revenue.
(2) Subsequent measurement method for financial assets
1) Financial assets measured at the amortized cost are subsequently measured with the amortized cost by mea
ns of effective interest method. Gains or losses arising from financial assets measured at amortized cost and not pa
rt of any hedging relationship are included in current gain and loss upon derecognition, reclassification, amortizati
on under the effective interest method or recognition of impairment.
2) Debt instrument investments at fair value through other comprehensive income
They are subsequently measured at fair value. Interest, impairment losses or gains and exchange gains and los
ses calculated by the effective interest method are included in current gain and loss, and other gains or losses are in
cluded in other comprehensive income. Upon derecognition, the accumulated gain or loss previously included in o
ther comprehensive incomes is transferred from other comprehensive incomes and included in the current gain and
loss.
3) Equity instrument investments at fair value through other comprehensive income
They are subsequently measured at fair value. Dividends obtained (except those falling under the recovery of
investment costs) are included in current gain and loss, and other gains or losses are included in other comprehensi
ve income. Upon derecognition, the accumulated gain or loss previously included in other comprehensive incomes
is transferred out from other comprehensive incomes and included in retained earnings.
4) Financial assets at fair value through gain and loss
They are subsequently measured at fair value, and the resulting gains or losses (including interest and dividend inc
ome) are included in current gain and loss, unless the financial asset is part of the hedging relationship.
(3) Subsequent measurement method for financial liabilities
1) Financial liabilities measured with fair value and with the changes included in current profit and loss, inclu
ding the trading financial liabilities (including derivative instruments belonging to financial liabilities) and the fina
ncial liabilities measured with fair value and with the changes included in current profit and loss. Such financial li
abilities are subsequently measured at fair value. Change in fair value of financial liability designated to be measur
ed at fair value through gain and loss due to change in the Company's own credit risk is included in other compreh
ensive income, unless the treatment will cause or expand the accounting mismatch in gain and loss. Other gains or
losses arising from such financial liabilities (including interest expenses, except changes in fair value caused by c
hanges in the own credit risk) are included in current gain and loss, unless the financial liabilities are part of the he
dging relationship. Upon derecognition, the accumulated gain or loss previously included in other comprehensive i
ncomes is transferred out from other comprehensive incomes and included in retained earnings.
2) Financial liabilities that are formed since the transfer of financial asset does not comply with the condition
s for derecognition or continue to involve in the financial assets to be transferred
They are measured pursuant to relevant provisions under Accounting Standards for Business Enterprises No. 23—
Transfer of Financial Assets.
3) Financial guarantee contracts that do not fall under 1) or 2) above, and loan commitments that do not fall u
nder 1) above and are loaned at a rate below the market interest rate, are subsequently measured after initial recog
nition according to the higher one of the following: ① the amount of loss reserve determined in accordance with th
e impairment provisions of financial instruments; ② the remaining amount after the determined accumulative amo
rtization amount is deducted from the initially recognized amount in accordance with relevant provisions of the Ac
counting Standards for Business Enterprises No.14—Revenue.
4) Financial liabilities at amortized cost
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They are measured at amortized cost under the effective interest method. Gains or losses arising from financi
al liabilities measured at amortized cost and not part of any hedging relationship are included in current gain and l
oss when derecognized and amortized under the effective interest method.
(4) Derecognition of financial assets and financial liabilities
1) The Company will derecognize the financial assets when one of the following conditions are met:
① The contractual rights to the cash flows from the financial asset expire;
② The transfer of such financial assets has been completed and is in line with the provisions on derecognitio
n of a financial asset under the Accounting Standards for Business Enterprises No. 23—Transfer of Financial Ass
ets.
2) When the current obligations of financial liabilities (or part thereof) have been discharged, the recognition of
the financial liabilities (or part thereof) shall be terminated accordingly.
3. Recognition basis and measurement method for transfer of financial assets
Where the Company transfers almost all risks and returns related to the ownership of the financial assets trans
ferred, these financial assets will be derecognized, and the rights and obligations that occurred or were retained du
ring the transfer are separately recognized as assets or liabilities. Where almost all risks and rewards on the owners
hip of financial assets are retained, the transferred financial assets shall continue to be recognized. Where the Com
pany has neither transferred nor retained any risk and reward relating to the ownership of the financial assets, it sh
all be disposed of in the following conditions: (1) where the control over the financial asset is not retained, the rec
ognition of the financial asset shall be terminated, and the rights and obligations arising or retained in the transfer s
hall be separately recognized as assets or liabilities; 2) where the control over the financial asset is retained, the rel
evant financial asset shall be recognized according to the degree of continued involvement in the transferred finan
cial asset, and the relevant liabilities shall be recognized accordingly.
When the overall transfer of financial assets meets the conditions for derecognition, the difference between th
e following two amounts shall be included in the current gain and loss: (1) the book value of the transferred financ
ial assets on the date of derecognition; (2) the sum of the consideration received from the transfer of financial asset
s and the amount of the derecognized part in a cumulative amount of change in fair value which is originally inclu
ded in other comprehensive income (the financial assets involved in the transfer are debt instrument investments at
fair value through other comprehensive income). A part of financial assets is transferred, and if the transferred par
t meets the conditions for derecognition entirely, the book value of the whole financial asset before transfer shall b
e allocated between the derecognized part and the continued recognition part according to their relative fair values
on the transfer date, and the difference between the following two amounts shall be included in current gain and l
oss: (1) the book value of the derecognized part; (2) the sum of the consideration of the derecognized part and the
amount of the corresponding derecognized part in the accumulated amount of changes in fair value originally direc
tly included in other comprehensive income (the financial assets involved in the transfer are debt instrument invest
ments at fair value through other comprehensive income).
4. Methods for determination of the fair value of financial assets and financial liabilities
When determining the fair value of related financial assets and financial liabilities, the Company adopts the v
aluation technique applicable in the prevailing circumstance and supported by sufficient available data and other i
nformation. The Company classifies the input values used by the valuation technique as the following tiers and use
s them in turns:
(1) Tier 1 input value refers to the unadjusted quotations of the same assets or liabilities in an active market
which can be obtained on the measurement date;
(2) Tier 2 input value refers to them directly or indirectly observable input value of relevant assets or liabiliti
es apart from Tier 1 input value, including: quotations of similar assets or liabilities on an active market; quotation
s of identical or similar assets or liabilities in markets that are not active; observable input values other than quotat
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ions, such as interest rates and yield curves that are observable during normal quotation intervals; input values for
market validation, etc.;
(3) Tier 3 input value refers to the unobservable input value of relevant assets or liabilities, including the vol
atility of interest rate and stock that cannot be directly observed or cannot be verified by observable market data, t
he future cash flows of the disposal obligations assumed in the business combination, financial forecasts made usi
ng its own data, etc.
5. Impairment of financial instruments
On the basis of expected credit loss, for financial assets at amortized cost, debt instrument investments at fair
value through other comprehensive income, contract assets, lease receivables, loan commitments classified as fina
ncial liabilities at fair value through gain and loss, financial guarantee contracts that do not belong to financial liab
ilities at fair value through gain and loss or financial liabilities formed by the transfer of financial assets that do no
t meet the conditions for derecognition or continue to be involved in the transferred financial assets shall be impair
ed and loss reserve shall be recognized.
Expected credit loss refers to the weighted average of credit losses of financial instruments weighted by the ri
sk of default. Credit loss refers to the difference between all contract cash flow receivables according to the contra
ct, and all cash flows expected to be collected, that is, the present value of all cash shortages. The financial assets p
urchased or generated by the Company that have suffered credit impairment are discounted according to the credit
-adjusted effective interest rate of the financial assets.
For the purchased or originated financial assets with credit impairment, the Company only recognizes the cu
mulative change of expected credit loss in the whole existence period after initial recognition as the loss reserve on
the balance sheet date.
For lease receivables, and the receivables and contract assets arising from transactions as stipulated under the
Accounting Standards for Business Enterprises No. 14—Revenue, the Company uses simplified measurement me
thods to measure the loss reserve according to the expected credit loss amount equivalent to the whole duration.
For financial assets other than the above measurement methods, the Company assesses whether its credit risk
has increased significantly since initial recognition on each balance sheet date. If the credit risk has increased signi
ficantly since the initial recognition, the Company shall measure the loss reserve according to the amount of expec
ted credit loss during the whole existence period. If the credit risk has not increased significantly since the initial r
ecognition, the Company shall measure the loss reserve according to the amount of expected credit loss of the fina
ncial instrument in the next 12 months.
The Company uses available reasonable and based information, including forward-looking information, to de
termine whether the credit risk of financial instruments has increased significantly since the initial recognition by c
omparing the default risk of financial instruments on the balance sheet date with the default risk on the initial reco
gnition date.
On the balance sheet date, if the Company judges that the financial instrument only has low credit risk, it is as
sumed that the credit risk of the financial instrument has not increased significantly since the initial recognition.
The Company evaluates the expected credit risk and measures the expected credit loss on the basis of a single
financial instrument or combination of financial instruments. When based on the portfolio of financial instrument
s, the Company divides the financial instruments into different portfolios according to the common risk characteris
tics.
The Company re-measures the expected credit loss on each balance sheet date, and the resulting increase or r
eversal of the loss reserve is included in the current gain and loss as impairment loss or profit. For financial assets
at amortized cost, the loss provision is offset against the book value of the financial asset as given in the balance s
heet; For debt investment measured at fair value through other comprehensive income, the loss allowances are rec
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ognized in other comprehensive income by the Company instead of offsetting the book value of the financial asset
s.
6. Offset of financial assets and financial liabilities
Financial assets and financial liabilities are listed separately on the balance sheet and can not offset each othe
r. However, if the following conditions are met at the same time, the net amount after mutual offset shall be listed
in the balance sheet: (1) the Company has the legal right to set off the recognized amount, and such legal right is c
urrently enforceable; (2) the Company intends either to settle on a net basis, or to realize the financial assets and p
ay off the financial liabilities simultaneously.
For the transfer of financial assets not in line with the conditions for derecognition, the Company does not off
set the transferred financial assets and liabilities.
12. Contract assets
The Company presents contract assets or liabilities in the balance sheet based on the relation between perform
ance obligation and customer payment. The Company will record the net amount of contract assets and contract lia
bilities under the same contract after they are set off against each other. The Company records the right to receive
consideration from customers unconditionally (i.e., only depending on the time lapses) as the receivables, and pres
ents the right to receive consideration when goods have been transferred to the customers, which depends on other
factors other than the time lapses, as contract assets.
1. Accounts receivable and contract assets with expected credit losses provided by portfolio of credit risk chara
cteristics
Basis for determining port
Portfolio category Method for measuring expected credit loss
folios
With reference to historical credit loss experien
Banker's acceptance receivables ce and in combination with the current situation
and the forecast of future economic conditions,
Type of notes
the expected credit loss is calculated through d
Commercial acceptance bill receivables efault risk exposure and the expected credit loss
rate in the whole duration
With reference to historical credit loss experien
ce and in combination with the current situation
and the forecast of future economic conditions,
Accounts receivable - aging portfolio Aging the comparison table between the aging of acco
unts receivable and the expected credit loss rate
is compiled to calculate the expected credit los
s
Accounts receivable - trade accounts portfolio o With reference to historical credit loss experien
Nature of account ce and in combination with the current situation
f overseas subsidiaries
and the forecast of future economic conditions,
the expected credit loss is calculated through d
Accounts receivable - Related party dealings po Related parties within the sc efault risk exposure and the expected credit loss
rtfolio within the scope of consolidation ope of consolidation [note] rate in the whole duration
Other receivables - Related party dealings portf Related parties within the sc
olio within the scope of consolidation ope of consolidation [note] With reference to historical credit loss experien
ce and in combination with the current situation
Other receivables - borrowing margin portfolio and the forecast of future economic conditions,
the expected credit loss is calculated through d
Other receivables - government receivables port efault risk exposure and the expected credit loss
Nature of account
folio rate in the next 12 months or the whole duratio
n.
Other receivables - futures margin portfolio
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Other receivables - paper goods transaction settl
ement portfolio
Other receivables - deposit and margin receivab
les portfolio
Other receivables - reserve fund receivables por
tfolio
Other receivables - current account portfolio
[Note]: Related parties of the Company and within the scope of consolidated financial statements
2. Comparison table between aging of aging portfolio and expected credit loss rate
Accounts receivable
Aging
Expected credit loss rate (%)
Within 1 year (included, the same below) 5
1-2 year(s) 10
2-3 years 30
Above 3 years 100
The age of accounts receivable is calculated from the month in which the payment is actually made.
3. Criteria for identifying accounts receivable and contract assets with expected credit losses provided by a si
ngle basis
For accounts receivable and contract assets with credit risk significantly different from the portfolio credit ris
k, the Company makes provisions for expected credit losses by a single basis.
13. Inventories
1. Classification of inventories
Inventories include finished products or commodities held for sale in daily activities, products in the process
of production, materials and supplies consumed in the process of production or providing labor services.
2. Valuation method for delivered inventories
Inventories delivered shall be weighted average at the end of each month.
3. Inventory system of inventories
The perpetual inventory system is adopted for inventories.
4. Amortization method for low-value consumables and packaging materials
(1) Low-value consumables
Low-value consumables are amortized using the one-off amortization method.
(2) Packages
Low-value consumables are amortized using the one-off amortization method.
5. Recognition standard and accrual method of inventory falling price reserves
On the balance sheet date, the inventory was measured at the lower of the cost and net realizable value. Inven
tory falling price reserves were accrued based on the difference between the cost and the net realizable value. The
net realizable value of inventory directly used for sale will be determined by the amount of the estimated selling pr
ice of the inventory minus the estimated sales expenses and related taxes. For inventories that need to be processe
d, the net realizable value shall be determined in the normal production and operation process by subtracting the es
timated selling price of finished products produced from the estimated cost to be incurred when completion, the es
timated sales expenses and relevant taxes and fees. On the balance sheet date, if a part of the same inventory has a
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contract price agreement and other parts do not have a contract price, the net realizable value shall be determined r
espectively, and the corresponding cost shall be compared to determine the accrual or reversal amount of inventor
y depreciation reserve respectively.
14. Long-term equity investment
1. Judgment of joint control and significant influence
Joint control refers to the shared control over a certain arrangement according to the relevant agreement, and
the activities under such arrangement are subject to approval by the parties sharing the control power. Significant i
nfluence refers to that one party has the power to participate in the decision-making of financial and operating poli
cies of the investee but is unable to control or jointly control these policies with other parties.
2. Determination of investment cost
(1) For business combination under the same control, where the combining party uses cash payment, transfer
of non-cash assets, assumption of debts or issuing of equity securities as combination consideration, the share of o
wner's equity of the combined party acquired in the book value of total owner's equity in consolidated financial sta
tements of the ultimate controller on the combination date shall be identified as the initial investment cost of long-
term equity investment. The difference between the initial investment cost of long-term equity investment and the
book value of the combination consideration paid or the par value of the issued shares is adjusted against the capit
al reserve. If the capital reserve is not sufficient for offsetting, the adjustment is made to retained earnings.
For the long-term equity investments formed through business combination under the same control] and impl
emented through multiple transactions step by step by the Company, it is a must to judge whether they are “packag
e deals”. If they are package deals, each deal is regarded as a deal to obtain control right for accounting treatment.
If it is not a package deal, on the date of combination, the share of the book value of net assets of the combined pa
rty that should be enjoyed after combination in the consolidated financial statements of the ultimate controller, is r
ecognized as an initial investment cost. The difference between the initial investment cost of long-term equity inve
stment on the date of combination and the sum of the book value of long-term equity investment before the combi
nation is realized and the book value of consideration additionally paid to further acquire shares on the date of com
bination is adjusted against the capital reserve. If the capital reserve is not sufficient for offsetting, the adjustment i
s made to retained earnings.
(2) As for business combinations not under the same control, the fair value of the combination consideration
paid on the combination date is recorded as the initial investment cost of long-term equity investment.
For the long-term equity investments formed through business combination not under the same control and i
mplemented through multiple transactions step by step by the Company, the accounting treatment is different in u
nconsolidated financial statements and consolidated financial statements:
1) In individual financial statements, the initial investment cost of long-term equity investment accounted usi
ng the cost method is measured at the sum of the book value of equity investment originally held and investment c
ost additionally paid.
2) In consolidated financial statements, it is a must to judge whether they are “package deals”. If they are pac
kage deals, each deal is regarded as a deal to obtain control right for accounting treatment. Suppose these transacti
ons are not "package deals", the equities of the acquiree held before the purchase date shall be re-measured at fair
value at the purchase date. The difference between the fair value and its book value shall be recognized as current
investment income. In case the equity of the acquiree held before the purchase date involves other comprehensive
income under the equity method, relevant other comprehensive income shall be transferred to the current return on
the purchase date, except for other comprehensive income resulting from the re-measurement of the investee's net
defined benefit plan liabilities or changes in net assets.
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(3) Except for the formation of business combination: As for those obtained by cash payment, the actually pai
d purchase price is taken as the initial investment cost; the long-term equity investment formed by issuing equity s
ecurities, the fair value of issuing equity securities is taken as the initial investment costs. If acquired through debt
restructuring, its initial investment cost shall be determined in accordance with the Accounting Standards for Busi
ness Enterprises No. 12—Debt Restructuring; in the case of non-monetary asset exchange, the initial investment c
ost shall be determined in accordance with the Accounting Standards for Business Enterprises No. 7—Exchange o
f Non-monetary Assets.
3. Methods for subsequent measurement and gain and loss recognition
The long-term equity investment in the invested entity under its control will be accounted for through the cost
method; long-term equity investment in associated enterprises and joint ventures is accounted for under the equity
method.
4. Treatment methods for investments in subsidiaries through multiple deals step by step until control losing
(1) Judgment principle for whether a "package deal" or not
If the equity investment in the subsidiary is disposed of step by step through multiple transactions until it lose
s control, the Company will judge whether the step-by-step transaction is a "package deal" by combining the terms
of the transaction agreement, the disposal consideration obtained separately, the object of equity sale, the disposal
method and the disposal time in each step of the step-by-step transactions. The terms, conditions and economic im
pact of each transaction meet one or more of the following conditions, which usually indicates that multiple transa
ctions are "package deals":
1) These transactions were concluded at the same time or under the consideration of mutual impact;
2) These transactions as a whole can achieve a complete business result;
3) The occurrence of a transaction depends on the occurrence of at least one other transaction;
4) A transaction is uneconomical when viewed alone, but it is economical when considered together with oth
er transactions.
(2) Accounting treatment for non-"package deals"
1) Individual financial statements
For disposal of equity, the difference between book value and the actual price of the acquisition shall be recor
ded into current gain and loss. For the remaining equity, if the investor still has significant influence over the inves
tee or imposes joint control with other parties, it is accounted for by the equity method; In case of failure to contro
l, jointly control or significantly influence the investee, it shall be calculated in accordance with the provisions of t
he Accounting Standards for Business Enterprises No. 22—Recognition and Measurement of Financial Instrument
s.
2) Consolidated financial statements
Before losing control, the capital reserves (capital premium) are adjusted at the difference between the dispos
al cost and the share in net assets of subsidiaries calculated continuously from the acquisition date or combination
date corresponding to the disposal of long-term equity investment; if the capital premium is not sufficient to be off
set, retained earnings are offset.
When losing control over a former subsidiary, the remaining equity is re-measured at the fair value on the dat
e of control loss. The balance of the sum of the consideration received through the disposal of equity and the fair v
alue of the remaining equity after deducting the entitled share of net assets continuously calculated at the original s
hareholding ratio from the purchase date or the date of combination in the subsidiary is recognized in the investme
nt income for the period during which the control is lost, and is written off against goodwill. Other comprehensive
income related to equity investment in the former subsidiary is transferred into return on investment for the period
during which the control is lost.
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(3) Accounting treatment for "package deals"
1) Individual financial statements
Each deal is considered as a deal for the disposal of the subsidiary and losing control of accounting treatment.
However, the difference between the disposal cost of each deal before losing the control and the book value of lon
g-term equity investment corresponding to the disposal investment is recognized as other comprehensive income i
n individual financial statements, and when the control is lost, transferred together into gain and loss for the period
during which the control is lost.
2) Consolidated financial statements
Each deal is considered as a deal for the disposal of the subsidiary and losing control of accounting treatment.
However, the difference between the disposal cost of each deal before losing the control and the entitled share of
net assets of the subsidiary corresponding to the disposal investment is recognized as other comprehensive income
in consolidated financial statements, and when the control is lost, transferred together into gain and loss for the pe
riod during which the control is lost.
15. Investment properties
Measurement model of investment properties
Measurement by the cost method
Depreciation or amortization methods
1. Investment properties of the Company include the land use rights leased and held for sale after appreciatio
n, and leased buildings.
2. Investment properties are initially measured by cost and subsequently measured by the cost model, with its
depreciation or amortization conducted by the same methods for fixed assets and intangible assets.
16. Fixed assets
(1) Recognition conditions
Fixed assets refer to tangible assets held for production, service, lease or operation with a service life of more than
one accounting year. Fixed assets can be recognized only when related economic benefits are very likely to flow i
nto the Company, and their costs can be measured reliably.
(2) Depreciation method
Depreciable life (year Annual depreciation r
Category Depreciation method Residual value rate
s) ate
Straight-line depreciati
Housing and buildings 5-30 5 or 10 19.00-3.00
on method
Machinery and equipm Straight-line depreciati
10-15 5 or 10 9.50-6.00
ent on method
Transportation facilitie Straight-line depreciati
4-5 5 or 10 23.75-18.00
s on method
Straight-line depreciati
Other equipment 3-10 5 or 10 31.67-9.00
on method
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17. Construction in progress
1. Construction in progress is able to be recognized only when related economic benefits are very likely to flo
w into the Company, and its costs can be measured reliably. Construction in progress is measured at the actual cost
incurred before such asset is ready for the intended use.
2. Construction in progress is carried forward to fixed assets based on actual costs of the project when it is rea
dy for its intended use. As for construction in progress which is ready for the intended use but has not gone throug
h the formalities of final accounts of completion, it shall be transferred into fixed assets at the estimated value. Up
on the final accounts of completion, the previous tentatively estimated value other than accrued depreciation shall
be adjusted based on actual costs.
Category Standards and timing for carrying forward construction in progress to fixed assets
The main project and supporting projects have been substantially completed and the eng
Housing and buildings ineering has met the predetermined design requirements, and has been accepted by the s
urvey, design, construction, supervision and other units.
Machinery and equipme After installation and commissioning, it meets the design requirements or the standards
nt specified in the contract
18. Borrowing costs
1. Recognition principle of the capitalization of borrowing costs
Where the borrowing costs incurred to the Company can be directly attributable to the acquisition and constru
ction or production of a qualifying asset for capitalization, it shall be capitalized and recognized as costs of relevan
t assets; Other borrowing costs shall be recognized as an expense when they are incurred and included in current g
ain and loss.
2. Capitalization period of borrowing costs
(1) Capitalization begins when the borrowing cost meets the following conditions: 1) asset expenditure has be
en incurred; 2) the borrowing costs have been incurred; 3) the acquisition, construction or production activities nec
essary to bring the asset to its intended use or sales have been initiated.
(2) Where the acquisition and construction or production process of assets eligible for capitalization are interr
upted abnormally and the interruption period lasts for more than 3 months, the capitalization of the borrowing cost
s shall be suspended. The borrowing costs incurred during such period shall be recognized as expenses of the curre
nt period until the asset's acquisition and construction or production activity restarts.
(3) Capitalization of borrowing costs should be stopped when assets eligible for capitalization are purchased,
built or produced to the intended usable or saleable state.
3. Capitalization rate and capitalization amount of borrowing costs
In case of special borrowing for the acquisition & construction or production of assets eligible for capitalizati
on conditions, interest income to be capitalized shall be recognized after deducting the bank interests for the unuse
d portion or the investment income for short-term investment from the interest costs (including recognized depreci
ation or amortization of premium under effective interest method) actually occurred in the current period of specifi
c borrowing. Where a general borrowing is used for the acquisition, construction, or production of assets eligible f
or capitalization, it shall determine the capitalization amount of interests on the general borrowing by multiplying
the weighted average asset expenses of the part of the accumulative asset expenses minus the special borrowings b
y the capitalization rate of the general borrowings used.
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19. Intangible assets
(1) Service life and its determination basis, estimation, amortization method or review procedure
1. Intangible assets include land use rights, patented technology and management software, and so on, which
are initially measured according to cost.
2. Any intangible asset with a limited service life shall be amortized in a systematic and rational manner base
d on the expected realization method of economic benefits related to it within its service life; where the expected r
ealization method cannot be confirmed reliably, the straight-line method shall be adopted. Details are as follows:
Item Service life and its determination basis Amortization method
Land-use right 15-50 years, registration period of land use right certificate Straight-line method
Know-how 6-10 years, expected income period Straight-line method
Management software 5-10 years, expected income period Straight-line method
Pollution dumping right 5-20 years, registration period of the certificate Straight-line method
Sea area use right 1-50 years, registration period of the certificate Straight-line method
(2) Collection scope of R&D expenditure and related accounting treatment methods
(1) Personnel labor expenses
Personnel labor expenses include the Company's R&D personnel's wages and salaries, basic pension insuranc
e premiums, basic medical insurance premiums, unemployment insurance premiums, work-related injury insuranc
e premiums, maternity insurance premiums and housing provident fund, as well as the labor costs of external R&D
personnel.
If R&D personnel serve on multiple R&D projects at the same time, the labor expenses shall be identified bas
ed on the working time records of the R&D personnel for each R&D project provided by the Company's managem
ent department and allocated proportionally among the different R&D projects.
For personnel directly engaged in R&D activities and external R&D personnel who are also engaged in non-
R&D activities, the Company will allocate the actual labor expenses incurred in different positions between R&D
expenses and production and operating expenses based on reasonable methods such as the proportion of actual wo
rking hours.
(2) Direct investment expenses
Direct investment expenses refer to the actual expenses incurred by the Company in implementing R&D acti
vities. Including: 1) directly consumed materials, fuel and power costs; 2) R&D and manufacturing costs of molds
and process equipment used for intermediate tests and product trials, purchase costs of samples, prototypes and ge
neral testing means that do not constitute fixed assets, and inspection costs of trial products; 3) operating maintena
nce, adjustment, inspection, testing, and repair of instruments and equipment used in R&D activities.
(3) Depreciation expenses
Depreciation expenses refer to the depreciation of instruments, equipment and buildings used for R&D activit
ies.
For instruments, equipment and buildings in use that are used for R&D activities and are also used for non-R
&D activities, necessary records shall be made on the use of such instruments, equipment and buildings, and the a
ctual depreciation incurred shall be allocated between R&D expenses and production and operating expenses usin
g a reasonable method based on factors such as actual working hours and area used.
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(4) Intangible assets amortization expenses
Intangible assets amortization expenses refer to the amortization expenses of software, intellectual property, n
on-patented technologies (proprietary technologies, licenses, designs and calculation methods, etc.) used in R&D a
ctivities.
(5) Design expenses
Design expenses refer to the expenses incurred in the conception, development and manufacture of new prod
ucts and new processes, the design of processes, technical specifications, procedures, and operating characteristics,
including related costs incurred in creative design activities to obtain innovative, creative, and breakthrough prod
ucts.
(6) Equipment debugging and testing expenses
Equipment debugging and testing expenses refer to the expenses incurred in R&D activities during tooling pr
eparation, including the costs incurred in developing special and dedicated production machines, changing product
ion and quality control procedures, or formulating new methods and standards.
Expenses incurred for routine tooling preparation and industrial engineering for large-scale batch and comme
rcial production are not included in the collection scope.
(7) Commissioned external R&D expenses
Commissioned external R&D expenses refer to the expenses incurred when the Company entrusts other dome
stic or foreign institutions or individuals to carry out R&D activities (the results of the R&D activities are owned b
y the Company and are closely related to the Company's main business operations).
(8) Other expenses
Other expenses refer to other expenses directly related to R&D activities, including technical book and materi
al fees, material translation fees, expert consultation fees, high-tech R&D insurance premiums, retrieval, demonstr
ation, review, appraisal, and acceptance fees of R&D results, application fees, registration fees, agency fees for int
ellectual property rights, conference fees, travel expenses, communication expenses, etc.
4. The expenses for the internal R&D projects at the research stage are accounted into the current profits and
losses in occurrence. The expenses for the internal R&D projects at the development stage can be recognized as in
tangible assets only when meeting the following conditions: (1) Technically feasible to complete the intangible ass
ets, so that they can be used or sold; (2) With the intention to complete, use or sell the intangible assets; (3) Ways
of intangible assets to generate economic benefits, including those can prove that the products generated by the int
angible assets can be sold or the intangible assets themselves can be sold and prove that the intangible assets to be
used internally are useful; (4) With the support of adequate technical and financial and other resources to complete
the development of the intangible assets and with the ability to use or sell the intangible assets; (5) The expenses a
ttributable to the development stage of the intangible assets can be measured reliably.
20. Impairment of long-term assets
Long-term assets such as long-term equity investment, investment properties measured by the cost model, fix
ed assets, construction in progress, right-of-use assets and intangible assets with limited service lives shall be eval
uated for their recoverable amount in case of any sign of impairment at the balance sheet date. For goodwill forme
d by business combination and intangible assets with uncertain service life, an impairment test should be carried o
ut every year regardless of whether there is a sign of impairment. Goodwill impairment testing must be done in co
mbination with the asset group or asset group portfolio to which it is linked.
Where the recoverable amount of asset is lower than its book value, the Company shall recognize the provisio
n for asset impairment based on the difference and recognize such loss into the current gains and losses.
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21. Long-term deferred expenses
Long-term deferred expenses refer to all expenses that have been paid and have an amortization period of mo
re than one year (excluding one year). Long-term deferred expenses are recorded at the actual incurred amount and
amortized on an average basis by stages over the beneficial period or prescribed period. In case that long-term def
erred expense items cannot benefit the future accounting periods, the amortized value of such unamortized items s
hall be fully transferred into the current gain and loss.
22. Contract liabilities
The Company presents contract assets or liabilities in the balance sheet based on the relation between perform
ance obligation and customer payment. The Company will record the net amount of contract assets and contract lia
bilities under the same contract after they are set off against each other.
The Company presents the obligation to transfer goods to the customer for considerations received or receiva
ble from the customer as a contract liability.
23. Employee remuneration
(1) Accounting treatment method for short-term remuneration
The actual short-term remuneration in the accounting period when employees offer services for the Company
will be recognized as liabilities and included in current gain and loss or relevant asset cost.
(2) Accounting treatment method of post-employment benefits
Post-employment benefits are divided into defined contribution plans and defined benefit plans.
(1) Recognize the amount payable calculated according to the defined contribution plan in the accounting per
iod when the employees provide services for the Company as the liabilities and include in current profits and losse
s or related asset costs.
(2) The accounting treatment for a defined benefit plan generally includes the following steps:
1) In accordance with the projected unit credit method, demographic and financial variables are estimated usi
ng unbiased and consistent actuarial assumptions, the obligations arising from the defined benefit plan are measure
d, and the period for the relevant obligation is determined. In the meantime, the obligations arising from the define
d benefit plan are discounted to determine the present value and current cost of service of the defined benefit plan.
2) Where the defined benefit plan involves any assets, the deficit or surplus resulting from the present value o
f obligations in the defined benefit plan minus the fair value of assets shall be recognized as net liabilities or net as
sets of the defined benefit plan. Where the defined benefit plan has any surplus, the Company will measure the net
assets of the defined benefit plan based on the surplus or asset limit of the defined benefit plan (whichever is the l
ower);
3) At the end of the period, the Company shall recognize the cost of employee remuneration as cost of servic
e, the net interest of net liabilities or net assets of the defined benefit plan and changes arising from the re-measure
ment of net liabilities or net assets of the defined benefit plan, in which the cost of service and net interest of net li
abilities or net assets of the defined benefit plan are recorded in the current gain and loss or relevant asset cost, cha
nges arising from the re-measurement of net liabilities or net assets of the defined benefit plan are recorded in othe
r comprehensive incomes and is not allowed to be carried back to gains or losses during the subsequent accounting
period, but the amounts recognized in other comprehensive incomes can be transferred within the equity scope.
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(3) Accounting treatment method for dismissal benefits
Where dismissal benefits are provided to employees, liabilities in employee remuneration are recognized and
included in the current gain and loss when: (1) the Company is not in a position to unilaterally withdraw dismissal
benefits provided under termination plans or layoff proposals; (2) when the Company recognizes the costs or expe
nses related to restructuring involving the payment of dismissal benefits.
(4) Accounting treatment method for other long-term employee benefits
Where the Company provides other long-term employee benefits for its employees and the employee reaches
the conditions of the defined benefit plan, accounting treatment shall be adopted based on relevant provisions of t
he defined benefit plan. For long-term employee benefits other than the aforesaid ones, the accounting treatment s
hould be conducted in accordance with relevant provisions of the defined benefit plan. In order to simplify relevan
t accounting treatments, the employee remuneration cost resulting from other long-term employee benefits shall be
recognized as cost of service, the total net amount of component items, including net interest of net liabilities or n
et asset of other long-term employee benefits, as well as changes arising from re-measurement of net liabilities or
net asset of other long-term employee benefits and so on, is recorded in current gain and loss or relevant asset cost.
24. Estimated liabilities
1. As the obligations arising from contingencies such as external guarantees, litigation matters, product qualit
y assurance, and loss-making contracts become current obligations of the company, the performance of such oblig
ations is likely to result in the outflow of economic benefits from the company, and the amount of such obligations
can be measured reliably, the Company shall recognize such obligations as estimated liabilities.
2. The Company initially measures the estimated liabilities according to the best estimate of expenditures req
uired to fulfill relevant current obligations and reviews the book value of the estimated liabilities on the balance sh
eet date.
25. Income
Disclosure of accounting policies adopted for revenue recognition and measurement according to business types
1. Revenue recognition principle
The Company assesses the contract from the commencement date of the contract and recognizes each individ
ual performance obligation included by the contract, and determines whether each individual performance obligati
on will be fulfilled during a certain period or at a certain time point.
It will constitute performance of the obligation in a certain period of time if any of the following conditions a
re met; otherwise it will constitute performance of obligation at a certain time point: (1) the customer obtains and c
onsumes economic benefits arising from contract performance by the Company; (2) the customer can control good
s in progress during the process of contract performance by the Company; (3) goods arising from contract perform
ance by the Company have irreplaceable purposes, and the Company is entitled to receive payment for accumulati
vely completed performance proportion to date throughout the contract term.
If the performance obligations are performed within the specified period, the Company will recognize the inc
ome within this period in accordance with the progress of the contract's performance. If the performance progress
cannot be determined reasonably and the costs incurred are expected to be compensated, the income will be recog
nized according to the costs incurred until the performance progress is determined reasonably. If the performance
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obligations are performed at a time point, the Company will recognize the income at the time when the customer o
btains control power over goods or services. When judging whether the customer has already obtained the right of
control over goods, the Company shall consider the following items: (1) the Company has the right to receive pay
ment currently; namely, the customer assumes the obligation of making payment currently in regards to the goods;
2) the Company has already transferred the legal ownership of the goods to the customer; namely, the customer h
as already obtained the legal ownership of such goods; 3) the Company has already transferred the material object
of the goods to the customer, namely the customer has already obtained such goods in the material object; 4) the C
ompany has already transferred the significant risk and consideration of the property in the goods to the customer,
namely, the customer has already obtained the significant risk and consideration of the property in the goods; (5) t
he customer has accepted such goods; (6) other signs that indicate the customer has already obtained the control o
ver goods.
2. Revenue measurement principles
(1) The income shall be measured by the Company according to the transaction price apportioned to each sin
gle performance obligation. Transaction price refers to the amount of consideration the Company expects to receiv
e for the transfer of goods or services to the customer, but it does not include payments received on behalf of the th
ird party or funds to be returned to the customer.
(2) In case of variable consideration in contract, the Company will determine the best estimate of variable con
sideration in line with the expected or most possible amount, but the transaction price that contains variable consid
eration will not exceed the amount of accumulated recognized income that is least likely to be reversed when relev
ant uncertainties are removed.
(3) If there is significant financing in the contract, the Company shall determine the transaction price accordi
ng to the amount payable in cash when the client obtains control of the goods or services. The difference between t
he transaction price and contract consideration is amortized by the effective interest method during the term of the
contract. On the contract commencement date, if the Company estimates that the time between the customer's acqu
isition of control over goods or services and the payment of the price by the customer will not exceed one year, the
significant financing in the contract shall not be considered.
(4) If there are two or more performance obligations in the contract, at the beginning of the contract, the Com
pany shall allocate the transaction price to each separate performance obligation according to the relative proportio
n of the stand-alone selling price of the goods promised by each performance obligation.
3. Specific methods for revenue recognition
The Company mainly sells oil refining products, chemical products, PTA, polyester chip, polyester yarn and f
ilm, and so forth, fulfilling its performance obligation at a certain time point. Proceeds from domestic sales are rec
ognized when the Company has delivered the products to the buyer, the amount of product sales revenue has been
determined, the payment for goods has been recovered, or the collection voucher has been obtained, and the releva
nt economic benefits are likely to flow in. Proceeds from overseas market sales are recognized when the Company
has declared the products at the customs and obtained the bill of lading according to the contract, the amount of pr
oduct sales revenue has been determined, the payment for goods has been recovered, or the collection voucher has
been obtained, and the relevant economic benefits are likely to flow in.
26. Contract costs
Where the incremental cost incurred by the Company to acquire the contract is expected to be recovered, it is
recognized in the form of contract acquisition cost as an asset. The contract acquisition cost for which the amortiza
tion period does not exceed one year shall be directly included in the current gain and loss as incurred.
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The costs incurred by the Company for performing the contract, if not within the applicability scope of releva
nt standards relating to inventories, fixed assets or intangible assets, can be recognized as an asset within the contr
act performance cost if the following conditions are met:
1. The cost is related to a current contract or a contract to be obtained, including direct labor cost, direct mate
rial/manufacture cost (or similar costs), cost to be undertaken by the customer and other costs incurred under the c
ontract;
2. The cost increases the resources available to the Company to fulfill performance duties in the future;
3. The costs are expected to be recovered.
Assets related to contract cost are amortized on the same basis as recognition of revenue of goods or services
related to the asset and recognized in current gain and loss.
If the book value of assets relating to contract cost is higher than the remaining consideration expected to be o
btained due to the transfer of goods or services relating to the assets minus the estimated cost to be incurred, the C
ompany accrues impairment reserves for the excess portion and recognizes it as an asset impairment loss. If the fa
ctors causing the impairment of the prior period change and make the remaining consideration expected to be obta
ined due to the transfer of goods or services relating to the assets minus the estimated cost to be incurred higher th
an the book value of the asset, the withdrew asset impairment provision shall be reversed and recorded in the curre
nt gains or losses, but the book value of the asset after reversion shall not exceed the book value of the asset at the
reversion date under the condition of not withdrawing the impairment provision.
27. Government grants
1. Government grants are recognized when both of the following conditions are met: (1) the Company is able
to meet the conditions attached to the government grants; (2) the Company can receive government grants. In the
case of a monetary asset, the government grantsshall be measured according to the amount received or accrued. In
the case of a non-monetary asset, the government grants shall be measured at fair value; where the fair value cann
ot be reliably obtained, it shall be measured in accordance with the nominal amount.
2. Judgment basis and accounting method for asset-related government grants
Government grants that are required by government documents to be used for the acquisition or other formati
on of long-term assets are classified as asset-related government grants. If the government documents are not clea
r, judgment shall be made on the basis of the basic conditions that must be met to obtain the grants, and those that
are based on the acquisition, construction or other formation of long-term assets are treated as asset-related govern
ment grants. Government grants relating to the assets are either written off against the book value of the relevant a
ssets or recognized as deferred income. The government grants recognized as deferred income shall be recorded in
the gain and loss on a reasonable and systematic basis over the service life of relevant assets. The government gra
nts measured according to notional amount shall be directly included in current gain and loss. If the relevant asset
has been sold, transferred, retired or damaged before the end of the service life, the balance of the relevant deferre
d income that has not been allocated will be transferred into the current gain and loss of asset disposal.
3. Judgment basis and accounting method for income-related government grants
Government grants other than those related to assets will be classified into income-related government grants.
For government grants that include both the asset-related and the income-related components, it is difficult to dis
tinguish between government grants that are asset-related or income-related and such grants are generally classifie
d as asset-related. Income-related government grants of the Company are used for compensation for relevant costs
& expenses or losses in subsequent periods, which are recognized as deferred income, and recorded in current gai
n and loss or offset against relevant costs in the period of recognition of relevant costs, expenses or losses. Govern
ment grants for compensation for incurred relevant costs and expenses or losses are directly included in current gai
n and loss or offset against relevant costs.
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4. The government grants related to the daily business activities of the Company shall be recorded into other i
ncomes or written down related costs and expenses according to the economic and business nature. Government gr
ants not related to the daily activities of the Company are recorded in non-operating incomes and expenses.
5. Accounting treatment method for policy-based preferential loans with discounted interest
(1) Where the Treasury disburses the discount interest funds to the lending bank, and the lending bank provid
es loans to the Company at preferential policy interest rates, the Company shall use the actual amount of loans rec
eived as the entry value, and calculate the borrowing costs based on the principal and the preferential policy intere
st rate.
(2) If the Treasury allocates the discount interest funds directly to the Company, the discount interest will be
used to offset the borrowing costs.
28. Deferred income tax assets/deferred income tax liabilities
1. Depending on the difference between the book value and the tax base of assets or liabilities (the difference
between the tax base and the book value if the tax base of items not recognized as assets or liabilities can be deter
mined based on tax laws), the deferred income tax assets or deferred income tax liabilities shall be calculated and r
ecognized based on the applicable tax rate during the expected asset recovery or liability settlement period.
2. Deferred income tax assets shall be recognized to the extent of probable taxable income used for deducting
temporary deductible difference. On the balance sheet date, if there is concrete evidence indicating that it is likely
to obtain enough taxable income in the future to offset temporary deductible difference, the deferred income tax a
ssets that were not recognized in previous accounting periods should be recognized.
3. At the balance sheet date, the Company should recheck the book value of deferred income tax assets. If it i
s unlikely to obtain enough taxable income to offset gains generated from the deferred income tax assets, then it is
necessary to write down the book value of deferred income tax assets. If it is likely to obtain enough taxable incom
e, the deducted amount shall be recovered.
4. The current income taxes and deferred income taxes of the Company are recorded as income tax expense o
r income in the current gains or losses, excluding income taxes arising from: (1) business combination; (2) transact
ions or events recognized directly in owner's equity.
5. When both following conditions are met, the Company will list the deferred income tax assets and deferred
income tax liabilities as net amount after offset: (1) When the Company has the legal right to settle the income tax
assets and income tax liabilities of the Company in the current period with net amount; and (2) the deferred inco
me tax assets and deferred income tax liabilities are related to the income tax levied by the same tax collection and
management department from the same subject of tax payment or from different subjects of tax payment but the s
ubject of tax payment involved intends to settle the current income tax assets and current income tax liabilities wit
h the net amount or obtain the assets and liquidate the liabilities simultaneously in each future important period wh
en the deferred income tax assets and deferred income tax liabilities are written back.
29. Lease
(1) Accounting treatment method of lease as the lessee
On the commencement date of the lease term, the Company, as the lessee, recognizes the lease with a lease te
rm of no more than 12 months and without the purchase option as a short-term lease; and recognizes the lease with
lower value when a single leased asset is brand new as a low-value asset lease. In case of a sublease or expected s
ublease of lease asset, the original lease will not be deemed as a low-value asset lease.
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For all short-term leases and low-value asset leases, the Company will recognize the lease payment in the rele
vant asset cost or current gain and loss under the straight-line method during each period of the lease term.
In addition to the above short-term leases and low-value asset leases under simplified treatment, the Compan
y recognizes the right-of-use assets and lease liabilities for the lease on the commencement date of the lease term.
(1) Right-of-use assets
The right-of-use assets shall be initially measured at cost. The cost includes: 1) the initial measurement amou
nt of the lease liability; 2. the amount of lease payment made on or before the commencement date of lease term, n
et of the relevant amount of used lease incentives (if any); 3. the initial direct expenses incurred by the lessee; 4) e
xpected cost to be incurred by the lessee for the purpose of disassembly and removal of lease assets, restoration of
the site where leased assets are located or restoration of leased assets to the status as agreed in lease terms.
The Company will use the straight-line method to calculate the depreciation of the right-of-use assets. Where
it is reasonably certain that the ownership of the leased assets can be obtained at the expiry of the lease term, the le
ased assets shall be depreciated by the Company over its remaining service life. Where it is not reasonably certain
that the ownership of the leased assets can be obtained at the time the term of the lease expires, the Company shall
accrue the depreciation within the shorter of the lease period and the remaining service life of the leased assets.
(2) Lease liabilities
On the commencement date of the lease, the Company recognizes the present value of outstanding lease pay
ments as lease liabilities. In calculating the present value of the lease payments, the Company adopts the interest ra
te embedded in the lease as the discount rate. If the Company is unable to determine the interest rate embedded in
the lease, it will adopt the incremental borrowing rate as the discount rate. The difference between the lease payme
nt and its present value is treated as unrecognized financing expenses, on which the interest expenses are recogniz
ed at the discount rate of the present value of the lease payment during each period of the lease term and included i
n the current gain and loss. The variable lease payments not included in the measurement of lease liabilities shall b
e included in current gain and loss when actually incurred.
After the inception of the lease, the Company measures lease liabilities again according to the present value o
f the lease payments after the change, and adjusts the book value of the right-of-use asset accordingly in case of ch
anges in the actual fixed payment amount, the expected payable amount of the guarantee residual value, the index
or ratio used to determine the lease payment amount, the purchase option, and evaluation result or the actual exerc
ise situation of the lease renewal option or the termination option. Where the book value of the right-of-use asset h
as been reduced to zero, but a further reduction is required for the lease liabilities, the remaining amount shall be i
ncluded in the current gain and loss.
(2) Accounting treatment method of lease as the lessor
At the inception of the lease, a lease that transfers in substance almost all risks and rewards related to the own
ership of leased assets is classified as a financing lease by the Company as the as lessor. Except for the financing l
ease, others are treated as the operating lease.
(1) Operating lease
During each period of the lease term, the Company recognizes the lease receipts as rental income under the st
raight-line method, and the initial direct costs incurred are capitalized and amortized on the same basis as the reco
gnition of rental income, which is included in the current gain and loss by installment. Variable lease payments the
Company acquired in connection with operating leases that are not included in the lease receipts are recognized in
the current gain and loss when actually incurred.
(2) Financing lease
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At the inception of the lease, the Company recognizes the financing lease receivables based on the net lease i
nvestment (the sum of the unsecured residual value and the present value of the lease collection not received on th
e first date of the lease term and discounted at the interest rate implicit in the lease), and derecognizes the financin
g lease assets. During each period of the lease term, the Company calculates and recognizes the interest income at
the interest rate implicit in the lease.
The variable lease payments obtained by the Company that are not included in the measurement of the net lea
se investment are included in the current gain and loss when actually incurred.
3. After-sale leaseback
(1) The Company as lessee
According to the Accounting Standards for Business Enterprises No.14-Revenue, the Company evaluates and
determines whether the asset transfer in the after-sale leaseback transaction belongs to sales.
If the asset transfer in the after-sale leaseback transaction belongs to sales, the Company will measure the rig
ht-of-use assets formed by after-sale leaseback according to the part of the book value of the original assets related
to the right-of-use obtained by leaseback, and only recognize the relevant gains or losses for the right transferred t
o the lessor.
If the asset transfer in the after-sale leaseback transaction does not belong to sales, the Company will continu
e to recognize the transferred assets, and at the same time recognize a financial liability equal to the transferred inc
ome, and conduct accounting treatment for the financial liability according to the Accounting Standards for Busine
ss Enterprises No.22-Recognition and Measurement of Financial Instruments.
(2) The Company as lessor
According to the Accounting Standards for Business Enterprises No.14-Revenue, the Company evaluates and
determines whether the asset transfer in the after-sale leaseback transaction belongs to sales.
If the asset transfer in the after-sale leaseback transaction belongs to sales, the Company will carry out accou
nting treatment on the asset purchase according to other applicable accounting standards for business enterprises, a
nd carry out accounting treatment on the asset lease according to the Accounting Standards for Business Enterpris
es No.21-Lease.
If the asset transfer in the after-sale leaseback transaction does not belong to sales, the Company will not reco
gnize the transferred assets, but recognize the financial assets equal to the transferred income, and conduct account
ing treatment for the financial assets according to the Accounting Standards for Business Enterprises No.22-Recog
nition and Measurement of Financial Instruments.
30. Other significant accounting policy and accounting estimate
Accounting treatment methods related to repurchasing company's shares
If the Company's shares are purchased for reasons such as reducing the registered capital or rewarding emplo
yees, they shall be treated as treasury stock according to the actual amount paid and registered for future reference.
If the repurchased shares are cancelled, the capital reserve will be offset by the difference between the total par va
lue of the shares calculated according to the cancelled par value and the number of cancelled shares and the actual
amount paid for the repurchase, and the retained earnings will be offset if the capital reserve is insufficient; If the r
epurchased shares are awarded to the employees of the Company as equity-settled shares, when the employees exe
rcise the right to purchase the shares of the Company and pay the price, the cost of the treasury stocks delivered to
the employees and the accumulated amount of capital reserve (other capital reserve) during the waiting period will
be resold, and the capital reserve (equity premium) will be adjusted according to the difference.
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31. Changes in significant accounting policies and accounting estimates
(1) Significant accounting policy changes
□ Applicable Not applicable
(2) Changes in significant accounting estimate
□ Applicable Not applicable
(3) The first implementation of the new accounting standards since 2024, and the first implementation of ite
ms related to the financial statements at the beginning of that year
□ Applicable Not applicable
32. Others
(1) Work safety cost
The work safety costs withdrawn by the Company in accordance with the Administrative Measures for the C
ollection and Utilization of Enterprise Work Safety Funds (CZ [2022] No. 136) promulgated by the Ministry of Fi
nance and the Ministry of Emergency Management were charged to the costs of relevant products or current profit
s or losses and also to the "special reserve". In the case of using the withdrawn safety production costs, if they belo
ng to cost expenditure, they shall directly offset the special reserves. Where a fixed asset is formed, the expenditur
es incurred shall be collected under the item “Construction in Progress” and shall be recognized as a fixed asset w
hen the completed security project reaches the intended usable state. Moreover, the special reserves shall be writte
n down upon the cost of the formed fixed assets, and the accumulated depreciation of the same amount shall be co
nfirmed, and such fixed assets will not be depreciated in any following period.
(2) Segment report
The Company determines the operating segment on the basis of its internal organizational structure, managem
ent requirements, internal reporting system and so on. Operating segments refer to components within the Compan
y satisfying all the following conditions:
1) It engages in business activities from which it may earn revenues and incur expenses;
2) The management can evaluate the operating results of such components on a regular basis, so as to decide
to allocate resources to them and evaluate their performance;
3) It has access to accounting information of the component, such as its financial condition, operation result a
nd cash flow.
VI. Taxes
1. Main tax categories and tax rates
Tax category Basis of taxation Tax rate
The value-added tax received is calculate
d on the basis of sales of goods and taxab
Value-added tax le service income calculated according to 13%, 9%, 6% [Note 1]
the tax law. After deducting the VAT pai
d allowed for the current period, the diffe
135
2024 Semi-annual Report
rence is VAT payable.
Consumption tax Taxable sales (volume) [Note 2]
Urban maintenance and construction tax Actual payment of turnover tax 7%, 5%
Enterprise income tax Taxable income [Note 3]
The remaining value after deducting 30%
from the original value of the property i
Property tax 1.2%, 12%
n one go for ad valorem collection; the re
ntal income for rent based collection.
Education surcharge Actual payment of turnover tax 3%
Local education surcharge Actual payment of turnover tax 2%
[Note 1] VAT is calculated and paid at the tax rate of 13% for goods sold. Rental income and sales of liquefie
d petroleum gas and steam shall be subject to VAT at the rate of 9%. Warehousing services and other businesses an
d interest income shall be subject to VAT at the rate of 6%. The policy of “tax exemption, credit and refund” is imp
lemented for export goods, and the export tax rebate rate is 13%.
[Note 2] Sales of fuel oil, diesel and aviation kerosene are subject to consumption tax at RMB 1.2/liter. Sales
of gasoline and naphtha are subject to consumption tax at RMB 1.52/liter.
[Note 3] Explanation for enterprise income tax rate of taxpayers at different tax rates
Name of taxpayer Income tax rate
Subsidiaries: Zhejiang Shengyuan Chemical Fiber Co., Ltd., Ningbo Zhongjin Petrochemical Co., Lt
d., Yisheng Dahua Petrochemical Co., Ltd., Zhejiang Petroleum & Chemical Co., Ltd., Zhejiang Yon 15%
gsheng Technology Co., Ltd.
Subsidiaries: Hong Kong Sheng Hui Co., Ltd., Hong Kong Yisheng Dahua Petrochemical Co., Ltd., The tax shall be calculated
and paid according to the
Yisheng New Materials Trading Co., Ltd., Rongsheng Petrochemical (Hong Kong) Co., Ltd.， Rong
relevant tax rates of the co
sheng Petrochemical (Singapore) Pte. Ltd., Rongtong Logistics (Singapore) Pte. Ltd., and Zhejiang P untry and region where th
etroleum & Chemical (Singapore) Pte. Ltd. e business is located.
Subsidiaries: Rongxiang Chemical Fiber Co., Ltd., Rongsheng International Trade (Hainan) Co., Ltd.,
Dalian Zhejiang Yisheng New Materials Co., Ltd. and Zhejiang Rongyi Trading Co., Ltd., Zhejiang 20%
Rongyi Chemical Fiber Co., Ltd.
Other taxpayers other than the above 25%
2. Tax preference
1. According to requirements in the Notice on the Continuation of the Policy of Partial Consumption Tax on
Naphth and Fuel Oil by the Ministry of Finance, People's Bank of China and State Taxation Administration (No. 8
7 [2011] of the Ministry of Finance), the Notice on Improving the Tax Refund Policy of Consumption Tax for Eth
ylene Aromatic Chemical Products from Naphth and Fuel Oil by the Ministry of Finance, People's Bank of China,
General Administration of Customs and State Taxation Administration (No. 2 [2013] of the Ministry of Finance), t
he Interim Measures for the Refund (Exemption) of Consumption Tax for Naphth and Fuel Oil Used in the Produc
tion of Ethylene and Aromatic Chemical Products by the State Taxation Administration (Announcement of the Sta
te Administration of Taxation No. 36 of 2012) and the Announcement on the Refund of Consumption Tax for Eth
ylene and Aromatic Chemical Products from Naphth and Fuel Oil by the State Administration of Taxation and Ge
neral Administration of Customs (Announcement No. 29 of 2013 of the State Administration of Taxation and the
General Administration of Customs), in the case that the production enterprise implementing the fixed-point direct
supply plan and selling naphth and fuel oil within the planned quantity limit, with a Chinese anti-counterfeiting sp
ecial VAT invoice with "DDZG" logo, it shall be exempted from consumption tax. The subsidiaries Ningbo Zhon
gjin Petrochemical Co., Ltd. and Zhejiang Petroleum & Chemical Co., Ltd. are qualified for the tax refund, and th
136
2024 Semi-annual Report
e preferential policy of refunding consumption tax paid in the procurement stage is applicable. Ningbo Zhongjin P
etrochemical Co., Ltd. and Zhejiang Petroleum & Chemical Co., Ltd. implementing the fixed-point direct supply p
lan meet the above conditions, and the preferential policy of exemption from consumption tax on the sales stage is
applicable.
According to the requirements of the Notice on Continuing the Increase of Refined Oil Consumption Tax by
the Ministry of Finance and State Administration of Taxation (No. 11 [2015] of the Ministry of Finance), the unit
consumption tax of diesel, aviation kerosene and fuel oil increase from RMB 1.1/L to RMB 1.2/L, and suspension
of consumption tax continues to apply in aviation kerosene. The subsidiary Zhejiang Petroleum & Chemical Co.,
Ltd. enjoys the preferential policy of suspension of consumption tax for selling aviation kerosene.
2. According to the Announcement on Deepening the Reform of Value-added Tax of the Ministry of Finance,
the State Administration of Taxation and the General Administration of Customs (Announcement No.39 of 2019 o
f the General Administration of Taxation of the Ministry of Finance) and the Announcement on Further Strengthen
ing the Implementation of the Tax Refund Policy for Value-added Tax at the End of the Period of the Ministry of F
inance and the State Administration of Taxation (Announcement No.14 of 2022 of the Ministry of Finance and the
State Administration of Taxation), the tax refund system for value-added tax at the end of the period was tried out
on April 1, 2019. The Company and some subsidiaries meet the relevant conditions for the tax credit refund, and th
e total amount of tax credit refund received in this period is RMB 272.3684 million.
3. According to the Announcement on Filing of High-tech Enterprises Recognized by Zhejiang Provincial Ac
creditation Institutions in 2022 issued by the Office of the National High-tech Enterprise Accreditation Manageme
nt Leading Group, subsidiaries Zhejiang Shengyuan Chemical Fiber Co., Ltd. and Zhejiang Petroleum & Chemica
l Co., Ltd. have passed the high-tech enterprise accreditation and obtained the High-tech Enterprise Certificate nu
mbered GR202233004307 and GR202233003797 respectively. The validity period of the recognition is 2022-202
4, and the enterprise income tax is calculated and paid at a reduced rate of 15% in the current period.
According to the Announcement on Filing the Third Batch of High-tech Enterprises Recognized by Dalian in
2021 issued by the Office of the National High-tech Enterprise Recognition Management Leading Group, the sub
sidiary Yisheng Dahua Petrochemical Co., Ltd. passed the high-tech enterprise accreditation and obtained the Hig
h-tech Enterprise Certificate with the number of GR202121200832, which is valid from December 2021 to Novem
ber 2024. The enterprise income tax shall be calculated and paid at the reduced tax rate of 15% in this period.
According to the Announcement on Filing the First Batch of High-tech Enterprises Recognized by Ningbo Ci
ty Authority in 2022 issued by the Office of the National High-tech Enterprise Recognition Management Leading
Group, Ningbo Zhongjin Petrochemical Co., Ltd., a subsidiary, has passed the high-tech enterprise accreditation a
nd obtained the High-tech Enterprise Certificate with the number of GR202233101251, with the validity period of
2022-2024. The enterprise income tax is calculated and paid at the reduced tax rate of 15% in the current period.
According to the Announcement on the Filing of the First Batch of High-tech Enterprises Recognized in Zhej
iang Province in 2021 issued by the Office of the National High-tech Enterprise Recognition Management Leadin
g Group, Zhejiang Yongsheng Technology Co., Ltd., a subsidiary, has passed the recognition of a high-tech enterp
rise and obtained the "High tech Enterprise Certificate" with the number GR202133009456. The recognition perio
d is from December 2021 to November 2024, and the enterprise income tax is calculated and paid at a reduced rate
of 15% in this period.
4. According to the Announcement on Further Supporting the Development of Small and Micro Enterprises a
nd Individual Industrial and Commercial Households of the Ministry of Finance and the State Administration of Ta
xation (Announcement No.12 of the Ministry of Finance and the State Administration of Taxation in 2023), the tax
able income of small and micro enterprises will be calculated at a reduced rate of 25%, and their corporate income
tax will be paid at a rate of 20%, which will continue to be implemented until December 31, 2027. Subsidiaries R
ongxiang Chemical Fiber Co., Ltd., Rongsheng International Trade (Hainan) Co., Ltd., Dalian Yisheng New Mater
137
2024 Semi-annual Report
ials Co., Ltd., Zhejiang Rongyi Trade Co., Ltd. and Zhejiang Rongyi Chemical Fiber Co., Ltd. meet the above requ
irements in this period. The urban maintenance and construction tax, education surcharge and local education surc
harge are levied at half the rate for small low-profit enterprises. The subsidiaries Dalian Yisheng New Materials C
o., Ltd. and Zhejiang Rongyi Chemical Fiber Co., Ltd. meet the above requirements in this period.
5. According to the Announcement on the Policy of Adding and Deducting Value-added Tax for Advanced M
anufacturing Enterprises of the Ministry of Finance and State Taxation Administration (Announcement No.43 of th
e Ministry of Finance and the State Administration of Taxation in 2023), from January 1, 2023 to December 31, 20
27, advanced manufacturing enterprises are allowed to add 5% to the deductible input tax for offsetting the payabl
e value-added tax in the current period. In the current period, subsidiaries Zhejiang Shengyuan Chemical Fiber Co.,
Ltd., Yisheng Dahua Petrochemical Co., Ltd., Ningbo Zhongjin Petrochemical Co., Ltd., Zhejiang Petroleum & C
hemical Co., Ltd. and Zhejiang Yongsheng Technology Co., Ltd. are entitled to the above-mentioned policy of offs
etting and deducting.
6. According to the Notice On Issues Related to the Implementation of the Preferential Catalogue of Enterpris
e Income Tax for Special Equipment of Environmental Protection, the Preferential Catalogue of Enterprise Income
Tax for Special Equipment of Energy and Water Conservation and the Preferential Catalogue of Enterprise Incom
e Tax for Special Equipment of Work Safety (No. 48 [2008] of the Ministry of Finance), for the special equipment
purchased by the Company that can be used for environmental protection, energy and water conservation, safe pro
duction and other purposes, the enterprise income tax payable of the current year can be deducted by 10% of the e
quipment investment. If the tax payable of the enterprise in the current year is insufficient for credit, it can be carri
ed forward to the next year, and the carryforward period shall not exceed five tax years. The subsidiary Zhejiang P
etroleum & Chemical Co., Ltd. has special equipment that can be used for environmental protection, energy and w
ater conservation and safe production, which is qualified for the preferential policy of 10% of the investment to cre
dit the taxable income of the enterprise income tax in the current year.
VII. Notes to Items in the Consolidated Financial Statements
1. Monetary fund
Unit: RMB
Item Ending balance Beginning balance
Cash on hand 1,411,306.08 1,499,665.59
Bank deposit 16,653,022,880.81 11,121,148,364.87
Other monetary funds 2,568,147,063.86 1,947,607,435.56
Total 19,222,581,250.75 13,070,255,466.02
Including: Total amount of overseas deposits 5,488,998,220.77 2,007,064,372.61
2. Trading financial assets
Unit: RMB
Item Ending balance Beginning balance
Financial assets at fair value through curr
535,602,017.09 310,087,429.45
ent gain and loss
Where: Derivative financial assets 535,602,017.09 310,087,429.45
Total 535,602,017.09 310,087,429.45
138
2024 Semi-annual Report
3. Accounts receivable
(1) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 7,602,122,954.60 4,552,918,612.20
1-2 years 254,388,140.32 293,966,484.61
2-3 years 38,830,066.39 41,283,731.68
Above 3 years 5,268,036.70 387,649.73
Total 7,900,609,198.01 4,888,556,478.22
(2) Classified disclosure by bad debt accrual method
Unit: RMB
Ending balance Beginning balance
Book balance Bad-debt provision Book balance Bad-debt provision
Categor
y Percent Book va Percent Book va
Proporti lue Proporti lue
Amount Amount age of p Amount Amount age of p
on on
rovision rovision
Account
s receiva
ble with
provisio
n for bad 7,900,60 272,087, 7,628,52 4,888,55 150,822, 4,737,73
100.00% 3.44% 100.00% 3.09%
debt res 9,198.01 742.27 1,455.74 6,478.22 774.56 3,703.66
erves bas
ed on agi
ng portfo
lio
7,900,60 272,087, 7,628,52 4,888,55 150,822, 4,737,73
Total 100.00% 3.44% 100.00% 3.09%
9,198.01 742.27 1,455.74 6,478.22 774.56 3,703.66
Provision for bad debt by combination:
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Trade fund portfolio of overse
3,357,597,967.78 17,505,622.28 0.52%
as subsidiaries
Aging portfolio 4,543,011,230.23 254,582,119.99 5.60%
Total 7,900,609,198.01 272,087,742.27 3.44%
If the provision for bad debts of accounts receivable is accrued according to the general model of expected credit l
oss:
□ Applicable Not applicable
(3) Bad debt reserves accrual, recovered or reversed in the current period
Provision for bad debts in the current period:
139
2024 Semi-annual Report
Unit: RMB
The amount of change in the current period
Beginning bala Ending balanc
Category Recovered or r
nce Provision Write-off Other e
eturned
Provision made
for bad debt re
150,822,774.56 121,264,967.71 272,087,742.27
serves based on
aging portfolio
Total 150,822,774.56 121,264,967.71 272,087,742.27
(4) Accounts receivables and contract assets with top 5 ending balances by debtor
Unit: RMB
Ending balance of
Proportion of acc
Ending balance of bad debt provisio
Ending balance o ounts receivable a
Ending balance o accounts receiva n for accounts rec
Company name f accounts receiva nd total ending b
f contract assets ble and contract a eivable and impai
ble alance of contract
ssets rment provision o
assets
f contract assets
Customer 1 2,305,101,911.96 2,305,101,911.96 29.18%
Customer 2 2,217,545,343.31 2,217,545,343.31 28.07% 110,877,267.17
Customer 3 649,344,742.34 649,344,742.34 8.22% 32,467,237.12
Customer 4 360,195,827.42 360,195,827.42 4.56% 42,695,506.91
Customer 5 240,156,151.46 240,156,151.46 3.04%
Total 5,772,343,976.49 5,772,343,976.49 73.07% 186,040,011.20
4. Receivables financing
(1) Classified presentation of receivables financing
Unit: RMB
Item Ending balance Beginning balance
Banker's acceptance 300,502,992.56 175,036,242.93
Total 300,502,992.56 175,036,242.93
(2) Receivable financing pledged by the Company at the end of the period
Unit: RMB
Item Pledged amount at the end of the period
Banker's acceptance 46,292,719.64
Total 46,292,719.64
(3) Receivables financing endorsed or discounted by the company at the end of the period and not expired y
et on the balance sheet date
Unit: RMB
140
2024 Semi-annual Report
Amount with recognition terminated a Amount with recognition not terminat
Item
t the end of the period ed at the end of the period
Banker's acceptance 2,367,935,471.01
Total 2,367,935,471.01
5. Other receivables
Unit: RMB
Item Ending balance Beginning balance
Other receivables 4,027,880,726.92 4,510,228,597.49
Total 4,027,880,726.92 4,510,228,597.49
1) Classification of other receivables by nature
Unit: RMB
Nature of account Ending book balance Beginning book balance
Government receivables 3,783,802,693.62 4,013,740,226.69
Paper goods transaction settlement 27,769,911.16 60,243,144.32
Loan deposit 81,000,000.00 85,908,960.00
Futures margin 100,992,596.30 317,793,118.68
Deposit receivable margin 65,347,134.47 34,082,287.67
Reserve fund receivables and others 14,526,705.98 26,389,252.01
Current accounts 10,800,000.00 10,810,665.07
Total 4,084,239,041.53 4,548,967,654.44
2) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 2,928,640,630.77 2,890,584,356.52
1-2 years 1,051,693,157.81 1,565,488,732.75
2-3 years 24,962,231.83 44,802,241.88
Above 3 years 78,943,021.12 48,092,323.29
Total 4,084,239,041.53 4,548,967,654.44
3) Classified disclosure by bad debt accrual method
Applicable □ Not applicable
Unit: RMB
Ending balance Beginning balance
Categor Book balance Bad-debt provision Book balance Bad-debt provision
y Book va Book va
Proporti Percent lue Proporti Percent lue
Amount Amount Amount Amount
on age of p on age of p
141
2024 Semi-annual Report
rovision rovision
Provisio
n made f
or bad d
ebt reser 4,084,23 56,358,3 4,027,88 4,548,96 38,739,0 4,510,22
100.00% 1.38% 100.00% 0.85%
ves base 9,041.53 14.61 0,726.92 7,654.44 56.95 8,597.49
d on agi
ng portfo
lio
4,084,23 56,358,3 4,027,88 4,548,96 38,739,0 4,510,22
Total 100.00% 1.38% 100.00% 0.85%
9,041.53 14.61 0,726.92 7,654.44 56.95 8,597.49
Type name of provision for bad debt by combination:
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Government receivables portf
3,783,802,693.62 36,703,212.00 0.97%
olio
Paper goods transaction settle
27,769,911.16
ment portfolio
Borrowing deposit portfolio 81,000,000.00
Futures margin portfolio 100,992,596.30
Deposit receivable margin por
65,347,134.47 12,859,673.00 19.68%
tfolio
Portfolio of petty cash receiva
14,526,705.98 4,902,120.04 33.75%
ble, etc.
Current account portfolio 10,800,000.00 1,893,309.57 17.53%
Total 4,084,239,041.53 56,358,314.61 1.38%
Provision for bad debts is made according to the general model of expected credit loss:
Unit: RMB
Stage I Stage II Stage III
Expected credit loss o Expected credit loss f
Bad-debt provision Expected credit loss i ver the entire duratio or the entire duration Total
n the next 12 months n (without credit imp (credit impairment ha
airment) s occurred)
The balance as of Janu
2,257,739.83 18,866,417.27 17,614,899.85 38,739,056.95
ary 1, 2024
The balance as of Janu
ary 1, 2024 in the curre
nt period
--Transferred into Stag
-55,340.00 55,340.00
e II
--Transferred into Stag
-198,971.64 198,971.64
e III
Provision in current per
931,496.33 18,370,970.51 -1,683,209.18 17,619,257.66
iod
Balance as of June 30,
3,133,896.16 37,292,727.78 15,931,690.67 56,358,314.61
2024
Changes in the carrying amount of the provision for losses that are significant in amount during the current period
□ Applicable Not applicable
142
2024 Semi-annual Report
4) Bad debt reserves accrual, recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
The amount of change in the current period
Beginning bala Ending balanc
Category Recovered or r
nce Provision Write-off Other e
eturned
Provision made
for bad debt re
38,739,056.95 17,619,257.66 56,358,314.61
serves based on
aging portfolio
Total 38,739,056.95 17,619,257.66 56,358,314.61
5) Top five debtors with the biggest ending balances of other accounts receivable
Unit: RMB
Proportion in a to
Ending balance of
Nature of paymen tal ending balanc
Company name Ending balance Aging provision for bad
t e of other receiva
debts
bles
Tax refund receiva
Company 1 2,401,004,693.62 Within 1 year 58.79%
bles
Company 2 Grants receivable 1,045,798,000.00 1-2 year(s) 25.61% 36,703,212.00
Company 3 Grants receivable 337,000,000.00 Within 1 year 8.25%
Company 4 Loan deposit 66,000,000.00 1-2 year(s) 1.62%
Company 5 Deposit 49,194,978.02 Within 1 year 1.20% 2,459,748.90
Total 3,898,997,671.64 95.46% 39,162,960.90
6. Advance payments
(1) Advance payments presented by age
Unit: RMB
Ending balance Beginning balance
Aging
Amount Proportion Amount Proportion
Within 1 year 2,425,066,193.04 93.32% 1,433,838,902.86 96.02%
1-2 years 134,899,619.62 5.19% 51,983,340.46 3.48%
2-3 years 38,725,633.43 1.49% 7,490,222.54 0.50%
Total 2,598,691,446.09 100% 1,493,312,465.86 100%
Explanation of the reasons why the prepayment with an age of more than one year and an important amount has no
t been settled in time:
No important prepayment aged over 1 year at the end of the period
143
2024 Semi-annual Report
(2) Top five payers with the biggest ending balances of advance payments
Proportion in
Company name Book balance
balance of advance payments (%)
Supplier 1 1,069,887,960.96 41.17%
Supplier 2 123,486,599.52 4.75%
Supplier 3 119,370,677.61 4.59%
Supplier 4 110,158,340.84 4.24%
Supplier 5 109,889,151.81 4.23%
Subtotal 1,532,792,730.74 58.98%
7. Inventories
Whether the Company is subject to the disclosure requirements of the real estate industry
No
(1) Classification of inventories
Unit: RMB
Ending balance Beginning balance
Inventory dep Inventory dep
reciation reser reciation reser
Item ves or provisio ves or provisio
Book balance n for impairm Book value Book balance n for impairm Book value
ent of contract ent of contract
performance c performance c
ost ost
30,949,588,33 30,949,588,33 38,274,190,34 38,273,851,06
Raw material 339,286.40
2.51 2.51 7.56 1.16
Products in pro 15,992,459,77 15,992,459,77 15,957,096,29 15,947,647,28
9,449,010.11
cess 5.07 5.07 3.96 3.85
Commodity sto 8,183,067,932. 8,170,412,692. 7,425,770,624. 7,321,918,747.
12,655,239.18 103,851,876.74
cks 00 82 07 33
Semi-finished p
roducts shipped 43,141,279.48 7,872,975.73 35,268,303.75
in transit
Work in proces
92,099.37 92,099.37 252,182.13 252,182.13
s - outsourced
Low-value cons
170,496,659.60 170,496,659.60 154,719,763.85 154,719,763.85
umables
55,295,704,79 55,283,049,55 61,855,170,49 61,733,657,34
Total 12,655,239.18 121,513,148.98
8.55 9.37 1.05 2.07
144
2024 Semi-annual Report
(2) Provision for obsolete inventory or for impairment of the cost of contract performance
Unit: RMB
Increase in the current period Decrease in the current period
Beginning bala Ending balanc
Item Reversal or wr
nce Provision Other Other e
ite-off
Raw material 339,286.40 339,286.40
Products in pro
9,449,010.11 9,449,010.11
cess
Commodity sto
103,851,876.74 12,655,239.18 103,851,876.74 12,655,239.18
cks
Semi-finished p
roducts shipped 7,872,975.73 7,872,975.73
in transit
Total 121,513,148.98 12,655,239.18 121,513,148.98 12,655,239.18
8. Other current assets
Unit: RMB
Item Ending balance Beginning balance
VAT input tax to be deducted 4,284,651,618.59 4,338,748,642.91
Business income tax pre-paid 571,710,383.59 797,324.80
Prepayment of consumption tax 957,583,006.60
Total 4,856,362,002.18 5,297,128,974.31
9. Long-term equity investment
Unit: RMB
145
2024 Semi-annual Report
Increase and decrease in the current period
Opening Investment Ending ba
Beginning bal balance of Declared di Ending balan lance of p
gains or loss Other compr
Investee ance (book va impairme Addition Reduced Other equ stribution o Provision ce (book valu rovision f
es recognize ehensive inc Othe
lue) nt provisi al invest investme ity change f cash divid for impair e) or impair
d under the ome adjustm r
on ment nt s ends or pro ment ment
equity meth ents
fits
od
I. Joint ventures
II. Associated enterprise
Zhejiang Yi
sheng Petro 2,704,956,582. 21,665,035.6 2,726,359,033.
-262,584.85
chemical C 65 7 47
o., Ltd.
Ningbo Hen
167,563,505.1 -23,507,790. 137,918,780.2
gyi Trading -6,136,933.88
0 98 4
Co., Ltd.
Zhejiang Xi
aoshan Rura
2,265,598,668. 154,621,146. 69,728,519.7 13,228,639. 2,476,719,695.
l Commerci
75 81 4 60 70
al Bank Co.,
Ltd.
Hainan Yish
eng Petroch 3,483,137,669. 57,270,199.9 -20,456,446.2 3,519,951,423.
emical Co., 72 9 8 43
Ltd.
ZPC-ENN
(Zhoushan)
8,937,867.92 5,133,354.35 14,071,222.27
Gas Co., Lt
d.
Zhejiang Di
ngsheng Pet
13,061,225.8
rochemical 43,794,603.87 56,855,829.72
5
Engineering
Co., Ltd.
Zhejiang De
rong Chemi 296,641,210.3 -47,696,009. 1,858,511. 250,803,711.7
cals Co., Lt 3 61 03 5
d.
146
2024 Semi-annual Report
Zhoushan Z
PC Zhougan
74,255,638.79 6,784,335.85 39,337.91 81,079,312.55
g Tugboat C
o., Ltd.
Ningbo Coa
stal Public P
5,511,703.40 -341,245.93 5,170,457.47
ipe Gallery
Co., Ltd.
Zhejiang Zh
enshi Port S
22,001,594.48 2,266,945.97 24,268,540.45
ervice Co.,
Ltd.
Zhejiang Do
ngjiang Gre
en Petroche
111,312,399.9 -1,395,399.4 109,917,000.5
mical Techn
5 3 2
ology Innov
ation Center
Co., Ltd.
9,183,711,444. 187,861,798. 42,872,554.7 1,897,848. 13,228,639. 9,403,115,007.
Subtotal
96 54 3 94 60 57
9,183,711,444. 187,861,798. 42,872,554.7 1,897,848. 13,228,639. 9,403,115,007.
Total
96 54 3 94 60 57
147
2024 Semi-annual Report
The recoverable amount is determined according to the net amount of fair value minus disposal expenses
□ Applicable Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□ Applicable Not applicable
10. Investment real estates
(1) Investment real estate under the cost measurement mode
Applicable □ Not applicable
Unit: RMB
Construction in progr
Item Houses and buildings Land-use right Total
ess
I. Original book value
1. Initial balance 14,286,632.00 14,286,632.00
2. Increase in the
current period
(1) Outsourci
ng
(2) Transfers
from inventories/fixed
assets/construction in p
rogress
(3) Increase d
ue to business merger
3. Decrease in the
current period
(1) Disposal
(2) Other tran
sfer-out
4. Ending balance 14,286,632.00 14,286,632.00
II. Accumulated deprec
iation and accumulated
amortization
1. Initial balance 3,891,057.40 3,891,057.40
2. Increase in the
135,723.00 135,723.00
current period
(1) Accrual o
135,723.00 135,723.00
r amortization
3. Decrease in the
current period
(1) Disposal
(2) Other tran
sfer-out
4. Ending balance 4,026,780.40 4,026,780.40
III. Provision for impai
rment
1. Initial balance
148
2024 Semi-annual Report
2. Increase in the
current period
(1) Accrual
3. Decrease in the
current period
(1) Disposal
(2) Other tran
sfer-out
4. Ending balance
IV. Book value
1. Closing book v
10,259,851.60 10,259,851.60
alue
2. Beginning book
10,395,574.60 10,395,574.60
value
The recoverable amount is determined according to the net amount of fair value minus disposal expenses
□ Applicable Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□ Applicable Not applicable
(2) Investment real estate under the fair value method
□ Applicable Not applicable
11. Fixed assets
Unit: RMB
Item Ending balance Beginning balance
Fixed assets 215,692,742,200.98 219,699,679,397.52
Total 215,692,742,200.98 219,699,679,397.52
(1) Fixed assets
Unit: RMB
Housing and buil Machinery and e Transportation fa
Item Other equipment Total
dings quipment cilities
I. Original book va
lue:
1. Initial bala 194,194,556,207.5 265,996,991,314.6
71,198,105,232.65 247,878,440.68 356,451,433.69
nce 8 0
2. Increase in
123,479,733.16 4,047,034,566.31 1,377,812.02 15,217,395.15 4,187,109,506.64
the current period
(1) Acqu
1,744,636.86 789,637,600.68 1,377,812.02 13,948,345.16 806,708,394.72
isition
(2) Trans
fer-in from constru 121,735,096.30 3,257,396,965.63 1,269,049.99 3,380,401,111.92
ction in progress
(3) Incre
149
2024 Semi-annual Report
ase due to business
merger
3. Decrease in
349,666,053.29 12,080.00 349,678,133.29
the current period
(1) Disp
349,666,053.29 12,080.00 349,678,133.29
osal or scrapping
4. Ending bal 197,891,924,720.6 269,834,422,687.9
71,321,584,965.81 249,256,252.70 371,656,748.84
ance 0 5
II. Accumulated de
preciation
1. Initial bala
8,802,448,426.77 37,023,289,144.10 198,473,039.46 261,561,634.53 46,285,772,244.86
nce
2. Increase in
1,503,890,567.77 6,412,930,967.99 7,812,238.50 21,378,642.80 7,946,012,417.06
the current period
(1) Accr
1,503,890,567.77 6,412,930,967.99 7,812,238.50 21,378,642.80 7,946,012,417.06
ual
3. Decrease in
101,636,861.73 6,985.44 101,643,847.17
the current period
(1) Disp
101,636,861.73 6,985.44 101,643,847.17
osal or scrapping
4. Ending bal
10,306,338,994.54 43,334,583,250.37 206,285,277.96 282,933,291.89 54,130,140,814.75
ance
III. Provision for i
mpairment
1. Initial bala
11,539,672.22 11,539,672.22
nce
2. Increase in
the current period
(1) Accr
ual
3. Decrease in
the current period
(1) Disp
osal or scrapping
4. Ending bal
11,539,672.22 11,539,672.22
ance
IV. Book value
1. Closing bo 154,545,801,798.0 215,692,742,200.9
61,015,245,971.27 42,970,974.74 88,723,456.95
ok value 2 8
2. Beginning 157,159,727,391.2 219,699,679,397.5
62,395,656,805.88 49,405,401.22 94,889,799.16
book value 6 2
(2) Fixed assets with the certificate of title not transacted
Unit: RMB
Reasons for incomplete certificates of t
Item Book value
itle
Houses and buildings - office buildings a
nd others of Yisheng Dahua Petrochemic 275,778,095.22 Still being processed
al Co., Ltd.
150
2024 Semi-annual Report
Houses and buildings -film warehouse an
d others of Zhejiang Yongsheng Technol 43,109,731.18 Still being processed
ogy Co. Ltd.
Houses and buildings - polymerization b
uilding and others of Zhejiang Shengyua 374,265,842.77 Still being processed
n Chemical Fiber Co., Ltd.
Houses and buildings - tank farm, suppor
5,444,821,861.41 Still being processed
ting buildings and others of ZPC
Houses and buildings - buildings of Zhey
86,455,826.85 Still being processed
ou Technology Co. Ltd.
Subtotal 6,224,431,357.43
12. Projects under construction
Unit: RMB
Item Ending balance Beginning balance
Construction in progress 50,286,377,908.13 40,987,208,589.89
Engineering materials 2,782,932,071.12 833,462,480.70
Total 53,069,309,979.25 41,820,671,070.59
(1) Construction in progress
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for i
Book balance Book value Book balance Book value
impairment mpairment
1.4 million tons
ethylene and d
ownstream che
mical plant (opt 15,797,743,244.5 15,797,743,244. 15,402,756,12 15,402,756,12
imization of pro 4 54 4.76 4.76
duct structure o
f Phase II proje
ct)
Utilities and su
19,414,123,742.5 19,414,123,742. 14,708,733,89 14,708,733,89
pporting faciliti
9 59 0.06 0.06
es
15,074,510,921.0 15,074,510,921. 10,875,718,57 10,875,718,57
Other projects
0 00 5.07 5.07
50,286,377,908.1 50,286,377,908. 40,987,208,58 40,987,208,58
Total
3 13 9.89 9.89
151
2024 Semi-annual Report
(2) Changes in major construction in progress in the current period
Unit: RMB
Including:
Amount of fi Proportio Accumulat Interest ca
Other de Capitalized Sour
Increase in t xed assets ca n of total p ed capitali pitalizatio
Budget Beginning creases in Ending b Project p amount of ce of
Project he current p rried over in roject inpu zed amoun n rate in t
number balance the curre alance rogress interest in t fund
eriod the current p t to the bu t of interes he current
nt period he current s
eriod dget t period
period
1.4 million tons eth
Bank
ylene and downstrea
34,485,1 loan,
m chemical plant (o 15,402,756, 937,907,435. 542,920,315. 15,797,74 549,994,67 33,014,341.
70,000.0 98% 98% 3.52% other
ptimization of produ 124.76 62 84 3,244.54 3.87 73
0 sour
ct structure of Phase
ce
II project)
Bank
loan,
Utilities and support 14,708,733, 6,652,520,44 1,947,130,59 19,414,12 689,764,54 224,614,74
3.52% other
ing facilities 890.06 3.21 0.68 3,742.59 0.98 9.98
sour
ce
34,485,1 1,239,759,
30,111,490, 7,590,427,87 2,490,050,90 35,211,86 214.85 257,629,09
Total 70,000.0
014.82 8.83 6.52 6,987.13 1.71
0
(3) Impairment test of construction in progress
□ Applicable Not applicable
(4) Engineering materials
152
2024 Semi-annual Report
Unit: RMB
Ending balance Beginning balance
Item Provision for i Provision for i
Book balance Book value Book balance Book value
mpairment mpairment
Special materia 2,543,449,013. 2,543,449,013.
507,367,195.93 507,367,195.93
ls 69 69
Special equipm
239,483,057.43 239,483,057.43 326,095,284.77 326,095,284.77
ent
2,782,932,071. 2,782,932,071.
Total 833,462,480.70 833,462,480.70
12 12
13. Right-of-use assets
(1) Details of right-of-use assets
Unit: RMB
Item Housing and buildings Total
I. Original book value
1. Initial balance 285,203,745.16 285,203,745.16
2. Increase in the current period
1) Leased in
3. Decrease in the current period
4. Ending balance 285,203,745.16 285,203,745.16
II. Accumulated depreciation
1. Initial balance 85,101,604.00 85,101,604.00
2. Increase in the current period 12,075,356.96 12,075,356.96
(1) Accrual 12,075,356.96 12,075,356.96
3. Decrease in the current period
(1) Disposal
4. Ending balance 97,176,960.96 97,176,960.96
III. Provision for impairment
1. Initial balance
2. Increase in the current period
(1) Accrual
3. Decrease in the current period
(1) Disposal
4. Ending balance
IV. Book value
1. Closing book value 188,026,784.20 188,026,784.20
2. Beginning book value 200,102,141.16 200,102,141.16
(2) Impairment test of right-of-use assets
□ Applicable Not applicable
153
2024 Semi-annual Report
14. Intangible assets
(1) Intangible assets
Unit: RMB
Item Land-use right Proprietary technology Management software Pollution dumping right Sea area use right Total
I. Original book value
1. Initial balance 7,921,588,443.27 5,879,510.85 60,447,191.09 113,384,688.14 38,477,963.94 8,139,777,797.29
2. Increase in the current
1,166,215,102.35 852,815.47 2,635,982.11 1,169,703,899.93
period
(1) Acquisition 1,166,215,102.35 852,815.47 2,635,982.11 1,169,703,899.93
(2) Internal R&D
(3) Increase due to
business merger
3. Decrease in the curren
204,043,000.00 204,043,000.00
t period
(1) Disposal
(2)
204,043,000.00 204,043,000.00
Sales reduction
4. Ending balance 8,883,760,545.62 5,879,510.85 61,300,006.56 113,384,688.14 41,113,946.05 9,105,438,697.22
II. Accumulated amortization
1. Initial balance 854,803,056.18 4,543,032.90 29,034,219.45 101,858,356.39 20,608,719.93 1,010,847,384.85
2. Increase in the current
92,109,984.02 159,516.62 3,535,126.94 3,874,241.62 505,092.76 100,183,961.96
period
(1) Accrual 92,109,984.02 159,516.62 3,535,126.94 3,874,241.62 505,092.76 100,183,961.96
3. Decrease in the curren
5,781,218.38 5,781,218.38
t period
(1) Disposal
(2)
5,781,218.38 5,781,218.38
Sales reduction
4. Ending balance 941,131,821.82 4,702,549.52 32,569,346.39 105,732,598.01 21,113,812.69 1,105,250,128.43
154
2024 Semi-annual Report
III. Provision for impairment
1. Initial balance
2. Increase in the current
period
(1) Accrual
3. Decrease in the curren
t period
(1) Disposal
4. Ending balance
IV. Book value
1. Closing book value 7,942,628,723.80 1,176,961.33 28,730,660.17 7,652,090.13 20,000,133.36 8,000,188,568.79
2. Beginning book value 7,066,785,387.09 1,336,477.95 31,412,971.64 11,526,331.75 17,869,244.01 7,128,930,412.44
155
2024 Semi-annual Report
(2) Impairment test of intangible assets
□ Applicable Not applicable
15. Long-term deferred expenses
Unit: RMB
Beginning Increase in the Amortization amount i Other reducti
Item Ending balance
balance current period n the current period ons
Improvement expense for fi
xed assets rented through op 45,701.13 45,701.13
erating lease
Total 45,701.13 45,701.13
16. Deferred tax assets/deferred tax liabilities
(1) Deferred income tax assets before offset
Unit: RMB
Ending balance Beginning balance
Item Deductible temporary Deferred income tax a Deductible temporary Deferred income tax a
difference ssets difference ssets
Provision for impairme
255,201,714.47 51,442,303.18 246,050,247.19 42,463,572.53
nt of assets
Unrealized profits from
27,869,181.49 3,451,684.14 63,697,197.61 13,460,223.08
internal transactions
Deductible loss 5,289,898,642.94 949,827,841.11 6,398,196,587.74 1,157,432,552.84
Changes in fair value o
f trading financial instr
344,496,030.54 51,775,548.58 137,921,940.29 21,006,601.04
uments and derivative f
inancial instruments
Deferred income 185,918,567.01 28,765,562.82 186,812,473.21 28,932,982.09
Lease liabilities 188,888,527.07 28,333,279.07 195,424,408.50 29,313,661.28
Total 6,292,272,663.52 1,113,596,218.90 7,228,102,854.54 1,292,609,592.86
(2) Deferred income tax liabilities before offset
Unit: RMB
Ending balance Beginning balance
Item Taxable temporary Deferred income tax li Taxable temporary di Deferred income tax li
difference abilities fference abilities
One-time pre-tax deductio
10,459,188,485.13 1,568,878,272.77 10,872,084,425.53 1,630,812,663.83
n of long-term assets
The parent company, refle
cted at the level of consoli
dated statements, invests t
he borrowing as paid-in ca 2,147,832,508.29 325,439,667.40 2,147,934,662.52 326,849,061.47
pital into the subsidiary co
mpany, which serves as th
e borrowing interest for th
156
2024 Semi-annual Report
e capitalization of long-ter
m asset construction.
Changes in fair value of tr
ading financial instrument
477,852,384.33 71,677,857.65 309,098,071.08 49,549,153.55
s and derivative financial i
nstruments
Right-of-use assets 176,523,645.33 26,478,546.80 184,427,099.32 27,664,064.90
Government grants 337,000,000.00 84,250,000.00 744,000,000.00 186,000,000.00
Total 13,598,397,023.08 2,076,724,344.62 14,257,544,258.45 2,220,874,943.75
(3) Deferred income tax assets or liabilities presented as net amount after offset
Unit: RMB
Ending balance of def Beginning offset amo Beginning balance of
Ending offset amount
erred income tax asse unt of deferred incom deferred income tax a
Item of deferred income ta
ts and liabilities after e tax assets and liabili ssets and liabilities aft
x assets and liabilities
offset ties er offset
Deferred income tax as
388,337,608.56 725,258,610.34 601,800,714.78 690,808,878.08
sets
Deferred income tax lia
388,337,608.56 1,688,386,736.06 601,800,714.78 1,619,074,228.97
bilities
(4) Details of unrecognized deferred income tax assets
Unit: RMB
Item Ending balance Beginning balance
Deductible loss 3,203,929,753.35 3,808,384,773.87
Changes in fair value of trading financial
instruments and derivative financial instr 117,000.00 74,162,385.08
uments
Deferred income 8,263,992.80 8,769,120.04
Provision for impairment of assets 29,541,266.98 26,285,676.35
Lease liabilities 14,383,892.16 18,116,777.97
Total 3,256,235,905.29 3,935,718,733.31
(5) The deductible loss of unrecognized deferred income tax assets will expire in the following year
Unit: RMB
Year Ending amount Beginning amount Remarks
2024 565,117,200.13 585,681,449.15
2025 866,970,464.10 869,483,144.03
2026 614,091,618.09 852,380,510.77
2027 1,091,978,451.22 1,094,661,596.29
2028 49,801,237.81 406,178,073.63
2029 15,970,782.00
Total 3,203,929,753.35 3,808,384,773.87
157
2024 Semi-annual Report
17. Other non-current assets
Unit: RMB
Ending balance Beginning balance
Item Provision for i Provision for i
Book balance Book value Book balance Book value
mpairment mpairment
Prepayment for
3,529,347,655. 3,529,347,655. 4,445,441,053. 4,445,441,053.
purchase of lon
85 85 45 45
g-term assets
Rental value of 1,024,323,300. 1,024,323,300.
411,214,415.96 411,214,415.96
silver leased in 03 03
4,553,670,955. 4,553,670,955. 4,856,655,469. 4,856,655,469.
Total
88 88 41 41
18. Assets with ownership or use rights restricted
Unit: RMB
Period end Period beginning
Item Book bal Restriction Restriction Book bala Book valu Restriction Restriction
Book value
ance type situation nce e type situation
Letter of cr Letter of cr
edit, bank a edit, bank a
cceptance b cceptance b
Monetary f 2,213,06 2,213,064,86 Deposit occ 1,583,400,3 1,583,400,3 Deposit occ
ill, guarant ill, guarant
und 4,862.00 2.00 upation 68.50 68.50 upation
ee and borr ee and borr
owing depo owing depo
sit sit
Bank accep Bank accep
Accounts r
46,292,71 46,292,719.6 tance bills tance bills
eceivable fi Pledge 263,131.23 263,131.23 Pledge
9.64 4 as collatera as collatera
nancing
l l
Borrowings Borrowings
Fixed asset 229,585,4 190,500,156, and letters 226,875,01 194,464,28 and letters
Mortgage Mortgage
s 09,448.96 174.33 of credit as 1,143.49 0,744.52 of credit as
collateral collateral
Borrowings Borrowings
Intangible a 6,190,31 5,656,392,48 and letters 5,608,715,1 5,135,074,5 and letters
Mortgage Mortgage
ssets 0,100.42 0.88 of credit as 98.07 43.17 of credit as
collateral collateral
Borrowings Borrowings
Constructio
39,671,19 39,671,194,7 and letters 29,889,674, 29,889,674, and letters
n in progre Mortgage Mortgage
4,782.07 82.07 of credit as 426.59 426.59 of credit as
ss
collateral collateral
277,706,2 238,087,101, 263,957,06 231,072,69
Total
71,913.09 018.92 4,267.88 3,214.01
19. Short-term borrowings
(1) Categories of short-term borrowings
Unit: RMB
Item Ending balance Beginning balance
158
2024 Semi-annual Report
Pledge and guarantee borrowings 198,000,000.00
Pledge borrowings 12,500,000.00
Guarantee borrowings 42,715,894, 787.39 43,817,771,706.43
Credit borrowings 1,491,287, 271.95 795,165,061.51
Total 44,219,682,059.34 44,810,936,767.94
20. Trading financial liabilities
Unit: RMB
Item Ending balance Beginning balance
Trading financial liabilities 1,316,317,084.58 623,298,741.33
Where: Derivative financial liabiliti
1,128,440.00 78,931,785.08
es
Where: Fair value of leased silver
1,315,188,644.58 544,366,956.25
Total 1,316,317,084.58 623,298,741.33
21. Notes payable
Unit: RMB
Category Ending balance Beginning balance
Banker's acceptance 3,221,161,129.33 4,195,471,402.63
Total 3,221,161,129.33 4,195,471,402.63
22. Accounts payable
(1) Presentation of accounts payable
Unit: RMB
Item Ending balance Beginning balance
Payable for material procurement and op
50,000,734,028.24 39,250,503,194.27
eration
Payable for purchase of long-term assets 8,033,442,833.53 10,493,623,707.11
Total 58,034,176,861.77 49,744,126,901.38
23. Other payables
Unit: RMB
Item Ending balance Beginning balance
Dividends payable 228,000,000.00
Other payables 14,493,764,110.94 16,691,133,504.47
Total 14,493,764,110.94 16,919,133,504.47
159
2024 Semi-annual Report
(1) Dividends payable
Unit: RMB
Item Ending balance Beginning balance
Dividends payable on ordinary shares by
228,000,000.00
subsidiaries
Total 228,000,000.00
(2) Other payables
1) Other payables listed by the nature of payment
Unit: RMB
Item Ending balance Beginning balance
Entrusted loan 238,316,341.67 787,149,197.50
Current accounts 13,060,849,775.22 14,776,720,257.46
Deposit and security 927,212,585.97 826,693,128.75
Settled but unpaid operating expenses 249,108,671.94 278,440,701.05
Other 18,276,736.14 22,130,219.71
Total 14,493,764,110.94 16,691,133,504.47
24. Contractual liabilities
Unit: RMB
Item Ending balance Beginning balance
Loans 3,511,525,781.43 4,421,732,432.83
Total 3,511,525,781.43 4,421,732,432.83
25. Payroll payable
(1) Presentation of employee benefits
Unit: RMB
Increase in the curren Decrease in the curre
Item Beginning balance Ending balance
t period nt period
I. Short-term compensa
1,019,260,553.27 1,917,996,802.71 2,253,895,470.10 683,361,885.88
tion
II. Post-employment be
nefits - defined contrib 12,960,223.29 84,679,940.36 86,555,610.92 11,084,552.73
ution plan
III. Dismissal welfare 342,237.60 342,237.60
Total 1,032,220,776.56 2,003,018,980.67 2,340,793,318.62 694,446,438.61
160
2024 Semi-annual Report
(2) Short-term remuneration
Unit: RMB
Increase in the curren Decrease in the curre
Item Beginning balance Ending balance
t period nt period
1. Wage, bonus, allowa
1,010,626,077.30 1,805,914,819.22 2,144,019,850.81 672,521,045.71
nce and subsidy
2. Employee welfare ex
13,240,201.31 12,766,365.32 473,835.99
penses
3. Social insurance pre
7,487,649.31 48,814,409.20 48,469,523.05 7,832,535.46
mium
Including: Medica
6,528,799.94 41,953,158.58 41,443,615.04 7,038,343.48
l insurance premium
Work-relat
ed injury insurance pre 958,849.37 6,690,363.18 6,855,020.57 794,191.98
mium
Birth insur
170,887.44 170,887.44
ance premium
4. Housing provident f
290,954.00 35,281,605.47 33,385,986.46 2,186,573.01
und
5. Labor union and per
sonnel education expen 855,872.66 14,745,767.51 15,253,744.46 347,895.71
ses
Total 1,019,260,553.27 1,917,996,802.71 2,253,895,470.10 683,361,885.88
(3) Presentation of defined contribution plan
Unit: RMB
Increase in the curren Decrease in the curre
Item Beginning balance Ending balance
t period nt period
1. Basic endowment in
12,529,399.41 81,739,870.74 83,552,724.90 10,716,545.25
surance
2. Unemployment insur
430,823.88 2,940,069.62 3,002,886.02 368,007.48
ance premium
Total 12,960,223.29 84,679,940.36 86,555,610.92 11,084,552.73
26. Taxes payable
Unit: RMB
Item Ending balance Beginning balance
Value-added tax 16,626,593.79 7,837,443.46
Consumption tax 1,260,374,588.93 28,973,236.05
Enterprise income tax 111,565,614.34 61,736,590.18
Individual income tax 9,392,959.86 15,229,448.50
Urban maintenance and construction tax 134,382,412.28 29,773,987.02
Property tax 11,018,907.46 30,376,665.46
Land use tax 296,774,910.67 234,528,096.28
161
2024 Semi-annual Report
Education surcharge 55,955,128.14 12,775,359.01
Local education surcharge 37,304,718.75 8,518,206.02
Environmental protection tax 2,800,521.72 2,831,476.99
Stamp duty 53,782,265.39 40,489,040.73
Deed tax 297.00 3,711,618.00
Total 1,989,978,918.33 476,781,167.70
27. Non-current liabilities due within one year
(1) Details
Unit: RMB
Item Ending balance Beginning balance
Long-term borrowings due within one ye
29,245,630,791.42 28,229,063,293.47
ar
Bonds payable due within one year 1,028,580,796.22 2,037,082,007.25
Lease liabilities due within one year 20,844,176.26 20,538,874.09
Total 30,295,055,763.90 30,286,684,174.81
(2) Increase/decrease of bonds payable: (excluding preferred stock, perpetual bond and other financial instruments
classified as financial liabilities)
Unit: RMB
Amo
rtiza
Issu Repa
Interes tion
Open e in yme
Name Coup Issue t accru of pr Closi Defa
Par v Issue dat ing b curr nt in
of bo on rat Bond period amo ed by emiu ng ba ult o
alue e alanc ent curr
nd e unt par val ms o lance r not
e peri ent p
ue r dis
od eriod
coun
ts
2020.4.2 1,02 1,03
20 Ro 1,000, 995,4 338,
6,31 11,950, 8,60
ngshe 000,0 3.86% 1、2020. 4 years (2 + 2) 52,83 457. No
1,40 136.98 0,00
ng G1 00.00 4.22 0.20 22
5.80 0.00
This tranche of b
onds has a matur
ity of 4 years, wi
2020.8.3 th the right to adj 1,01
20 Ro 1,000, 995,4 607, 1,028,
1、2020. ust the nominal i 0,77 17,202,
ngshe 000,0 3.45% 05,66 455. 580,7 No
9.01、20 nterest rate by th 0,60 739.74
ng G2 00.00 0.39 03 96.22
20.9.02 e issuer and sell 1.45
back by the inve
stor at the end of
the second year.
1,99 2,03 1,03
945, 1,028,
0,85 7,08 29,152, 8,60
Total —— 912. 580,7
8,49 2,00 876.72 0,00
25 96.22
0.59 7.25 0.00
162
2024 Semi-annual Report
28. Other current liabilities
Unit: RMB
Item Ending balance Beginning balance
Output tax to be transferred 440,923,005.96 551,990,844.96
Total 440,923,005.96 551,990,844.96
29. Long-term borrowings
(1) Categories of long-term borrowings
Unit: RMB
Item Ending balance Beginning balance
Pledge borrowings 96,313,870,471.67 98,775,848,764.18
Mortgage borrowings 300,000,000.00 400,775,733.62
Guaranteed borrowings 33,904,260,128.83 25,540,063,351.05
Credit borrowings 462,895,972.33
Total 130,518,130,600.50 125,179,583,821.18
30. Lease liabilities
Unit: RMB
Item Ending balance Beginning balance
Lease payments 226,413,838.57 241,120,991.44
Unacknowledged financial charges -43,985,595.60 -48,118,679.06
Total 182,428,242.97 193,002,312.38
31. Deferred income
Unit: RMB
Beginning balanc Increase in the cu Decrease in the c Reasons for incur
Item Ending balance
e rrent period urrent period rence
Government grants
Government grants 195,581,593.25 11,360,000.00 12,759,033.44 194,182,559.81
related to assets
Total 195,581,593.25 11,360,000.00 12,759,033.44 194,182,559.81
32. Share capital
Unit: RMB
Increase and decrease of this change (+, -)
Conversion of pr Ending bala
Beginning balance New issue Issue of bonu
ovident fund into Other Subtotal nce
of shares s shares
shares
Total number 10,125,525,0
10,125,525,000.00
of shares 00.00
163
2024 Semi-annual Report
33. Capital reserves
Unit: RMB
Increase in the curren Decrease in the curre
Item Beginning balance Ending balance
t period nt period
Capital premium (capit
10,779,726,139.51 10,779,726,139.51
al stock premium)
Other capital reserves 45,596,119.85 967,902.96 46,564,022.81
Total 10,825,322,259.36 967,902.96 10,826,290,162.32
Other notes, including notes to increase and decrease in the current period and its reasons:
As a result of other changes in owners' equity of associates other than net profit or loss, other comprehensive
income and profit appropriation, the Company's share, calculated on the basis of the proportion of shareholding, w
as credited to capital surplus (other capital surplus) in the amount of 967,902.96 yuan.
34. Treasury stock
Unit: RMB
Increase in the curren Decrease in the curre
Item Beginning balance Ending balance
t period nt period
Repurchase of public s
6,619,807,176.02 359,711,459.00 6,979,518,635.02
hares
Total 6,619,807,176.02 359,711,459.00 6,979,518,635.02
According to the “Proposal on the Repurchase of the Company's Shares” considered and passed at the 21st M
eeting of the Fifth Session of the Board of Directors of the Company held on March 15, 2022, it was agreed that th
e Company would use its own funds to repurchase some of the public shares of the Company by means of centrali
zed bidding transactions for the conversion of corporate bonds issued by the Company that can be converted into s
hares, and the total amount of the funds to be repurchased this time will not be less than RMB1 billion (inclusive)
and not more than RMB 2 billion (inclusive), and the repurchase price will not be more than RMB 22 per share.
According to the “Proposal on Repurchase of Company's Shares” considered and passed at the 2nd Meeting o
f the Sixth Session of the Board of Directors of the Company held on August 4, 2022, it was agreed that the Comp
any would use its own funds to repurchase some of the public shares of the Company by means of centralized bidd
ing transactions for conversion of corporate bonds convertible into shares issued by the Company or employee sha
reholding plan, and the total amount of funds for this repurchase shall not be less than RMB1 billion (inclusive) an
d not more than RMB2 billion (inclusive) and the price of repurchase will not exceed RMB 20 per share.
According to the “Proposal on the Repurchase of the Company's Shares” considered and passed at the 10th M
eeting of the Sixth Session of the Board of Directors held on August 21, 2023 and the “Proposal on Increasing the
Amount of the Company's Repurchase of Shares (Phase III)” considered and passed at the 14th Meeting of the Six
th Session of the Board of Directors held on November 27, 2023, it was agreed that the Company would use its ow
n funds to repurchase by way of centralized bidding transactions some of the Company's domestic RMB ordinary
shares (A shares) issued by the Company for conversion of corporate bonds issued by listed companies that can be
converted into shares or employee shareholding plan, the amount of this repurchase will not be less than RMB 1.5
billion (inclusive) and not more than RMB 3 billion (inclusive), and the repurchase price will not exceed RMB 18
yuan/share (inclusive).
The Company had repurchased 516,433,122 shares at the beginning of the period, and repurchased 35,947,33
6 shares by way of centralized bidding transactions through the special securities account for repurchase during th
164
2024 Semi-annual Report
e period, with the highest transaction price of RMB 10.33 per share and the lowest transaction price of RMB 9.38
per share, and the total transaction amount of RMB 359,901,072.78 (excluding transaction fees). At the same time,
the Company obtained a cash settlement gain of RMB189,613.78 accordingly through the signing of OTC derivat
ives related agreements with CITIC Securities Company Limited and Shenwan Hongyuan Securities Company Li
mited, thus reducing the actual cost of repurchase for the period by RMB189,613.78.
35. Other comprehensive income
Unit: RMB
The amount incurred in the current period
Less: Amo
Less: amo
unt includ
unt includ
ed in other
ed in other
comprehe
Amount in comprehe Attributab Attributab
Beginning nsive inco Ending bal
Item curred bef nsive inco Less: Inco le to the pa le to the mi
balance mes previo ance
ore curren me previo me tax exp rent comp nority shar
usly and th
t income ta usly and th enses any after t eholders af
en transfer
x en transfer ax ter tax
red into cu
red into cu
rrent retai
rrent gain
ned earnin
and loss
gs
I. Other co
mprehensiv
e income th
-590,642.2 -590,642.2
at cannot b 590,642.24
4 4
e reclassifie
d into profi
t or loss
-590,642.2 -590,642.2
Other 590,642.24
4 4
II. Other co
mprehensiv
e income to 109,613,22 64,316,301. 68,737,041. -4,420,740. 178,350,26
be reclassi 4.11 38 49 11 5.60
fied into pr
ofit or loss
Including:
other comp
rehensive i
ncome con
105,770,28 42,872,554. 49,009,488. -6,136,933. 154,779,77
vertible int
6.01 73 62 89 4.63
o profit or l
oss by the e
quity meth
od
Transl
ation differ
ence of fina
3,842,938.1 21,443,746. 19,727,552. 1,716,193.7 23,570,490.
ncial state
0 65 87 8 97
ments in fo
reign curre
ncy
Total other
comprehen 110,203,86 63,725,659. 68,146,399. -4,420,740. 178,350,26
sive incom 6.35 14 25 11 5.60
e
165
2024 Semi-annual Report
36. Special reserve
Unit: RMB
Increase in the curren Decrease in the curre
Item Beginning balance Ending balance
t period nt period
Work safety expenses 60,677,296.91 195,246,416.80 206,640,911.89 49,282,801.82
Total 60,677,296.91 195,246,416.80 206,640,911.89 49,282,801.82
Other notes, including notes to increase and decrease in the current period and its reasons:
Changes in special reserve during the period were all attributable to safety production fees provided for and exp
ended by subsidiaries Yisheng Dahua Petrochemical Co., Ltd., Ningbo Zhongjin Petrochemical Co., Ltd., Zhejiang
Yisheng New Materials Co., Ltd., Zhejiang Petroleum & Chemical Co., Ltd. and ZPC Zheyou Technology Co., Lt
d.
37. Surplus reserve
Unit: RMB
Increase in the current Decrease in the curr
Item Beginning balance Ending balance
period ent period
Statutory surplus reserve 974,151,644.68 974,151,644.68
Total 974,151,644.68 974,151,644.68
38. Undistributed profits
Unit: RMB
Item Current period Prior period
Undistributed profits at the end of the prior period before the adjustm
28,859,818,194.51 29,264,532,743.94
ent
Total amount of undistributed profit at the beginning of adjustment ("
1,300,627.54
+" for increase, "-" for decrease)
Undistributed profit at the beginning of the period after adjustment 28,859,818,194.51 29,265,833,371.48
Add: Net profit attributable to the owner of the parent company in the
857,934,883.14 -1,126,633,616.55
current period
Common stock dividends payable 957,314,454.20 1,476,357,352.20
Undistributed profit at the end of the period 28,760,438,623.45 26,662,842,402.73
39. Operating income and operating costs
Unit: RMB
The amount incurred in the current period Amount incurred in the previous period
Item
Revenue Cost Revenue Cost
Primary business 160,079,424,414.28 140,556,935,637.10 154,208,585,059.79 139,557,422,671.72
Other businesses 1,170,319,863.57 699,198,058.96 316,698,692.50 200,211,047.73
Total 161,249,744,277.85 141,256,133,696.06 154,525,283,752.29 139,757,633,719.45
1) Breakdown of income by commodity type
166
2024 Semi-annual Report
Item Amount in the current period Amount in the previous period
Revenue Cost Revenue Cost
Oil refining 59,838,932,657.76 48,726,246,424.89 55,062,107,428.82 45,444,345,713.79
Chemical 57,596,453,886.82 49,118,458,197.00 58,838,530,475.22 54,312,061,215.61
PTA 26,077,114,974.80 26,373,338,285.23 26,198,868,922.47 26,150,440,178.24
Polyester chemical fiber film 8,458,552,743.59 8,345,372,567.39 7,346,436,217.27 7,103,615,870.05
Trade and others 9,278,690,014.88 8,692,718,221.55 7,079,340,708.51 6,747,170,741.76
Total 161,249,744,277.85 141,256,133,696.06 154,525,283,752.29 139,757,633,719.45
2) Breakdown of income by the time of commodity transfer
Item Amount in the current period Amount in the previous period
Revenue recognized at a certain point of time 161,249,318,488.86 154,524,576,134.52
Revenue recognized at a certain period of time 425,788.99 707,617.77
Total 161,249,744,277.85 154,525,283,752.29
(3) The revenue recognized in the current period included in the opening book value of contract liabilities is 4,
421,732,432.83 yuan.
40. Taxes and surcharges
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
Consumption tax 10,978,246,370.38 9,052,613,367.30
Urban maintenance and construction tax 764,424,581.48 630,841,527.61
Education surcharge 332,817,591.84 270,454,545.77
Property tax 14,133,561.40 4,818,231.42
Land use tax 72,200,604.38 7,635,782.75
Vehicle and vessel use tax 44,985.46 50,549.64
Stamp duty 107,573,102.77 91,225,567.44
Local education surcharge 221,878,394.54 180,304,238.66
Environmental protection tax 5,630,479.78 5,615,255.16
Total 12,496,949,672.03 10,243,559,065.75
41. Management expenses
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
Employee compensation 208,789,083.98 185,798,003.18
Office expenses 54,249,360.40 64,671,634.46
Depreciation and amortization expense 106,087,038.33 79,060,728.97
Insurance premium 30,511,570.43 8,308,602.47
Business entertainment expenses 6,882,681.56 8,111,405.17
167
2024 Semi-annual Report
Other 31,521,138.44 58,813,057.28
Total 438,040,873.14 404,763,431.53
42. Marketing expenses
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
Employee compensation 56,136,825.51 63,363,691.24
Sales business expenses 2,193,116.70 19,686,887.93
Other 20,603,542.75 17,498,830.87
Total 78,933,484.96 100,549,410.04
43. R&D expenses
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
Direct input 1,665,062,813.44 2,632,385,681.71
Depreciation and amortization 454,966,340.52 377,120,072.35
Employee compensation 362,187,152.24 268,013,526.46
Equipment commissioning fee 8,550,243.78 5,390,252.95
Outsourcing R&D and others 6,163,262.37 10,322,001.15
Total 2,496,929,812.35 3,293,231,534.62
44. Financial expenses
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
Interest expense 3,544,593,781.09 3,625,811,842.89
Interest income 240,894,876.38 223,711,660.97
Exchange gain or loss 186,839,681.50 466,810,926.53
Other 205,072,357.61 201,902,954.11
Total 3,695,610,943.82 4,070,814,062.56
45. Other income
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Sources generating other incomes
riod d
Government grants related to assets 12,759,033.44 14,415,451.98
Government grants related to income 354,442,587.20 86,535,713.78
Return of fees for withheld taxes 3,889,552.53 3,709,266.29
168
2024 Semi-annual Report
Value-added tax with deduction 881,642,794.61
Other 1,017,500.00
Total 1,253,751,467.78 104,660,432.05
46. Income from changes in fair value
Unit: RMB
Sources of income from changes in fair The amount incurred in the current pe Amount incurred in the previous perio
value riod d
Trading financial assets 326,380,708.78 373,456,101.92
Where: Gains from changes in fair v
alue arising from financial assets classifi 326,380,708.78 373,456,101.92
ed at fair value through profit or loss
Trading financial liabilities -211,343,490.25 -62,830,446.80
Total 115,037,218.53 310,625,655.12
47. Investment income
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
Long-term equity investment income cal
187,861,798.54 239,850,471.43
culated by equity method
Investment income from disposal of long
9,860,629.44
-term equity investments
Investment income from disposal of tradi
-346,723,053.25 -81,035,172.03
ng financial assets
Receivables financing discounting expen
106,473,045.31 9,802,915.22
ses
Interest income from related party lendin
213,251.56 99,037.73
g
Total -52,174,957.84 178,577,881.79
48. Credit impairment loss
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
Bad debt losses -138,884,225.38 -39,633,196.86
Total -138,884,225.38 -39,633,196.86
49. Asset impairment loss
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
169
2024 Semi-annual Report
I. Inventory depreciation loss and contrac
-12,655,239.18 -64,830,582.66
t performance cost impairment loss
Total -12,655,239.18 -64,830,582.66
50. Income from asset disposal
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Sources of asset disposal income
riod d
Income from disposal of assets 5,269,441.94 -84,509.13
51. Non-operating income
Unit: RMB
Amount included in non-rec
The amount incurred in the Amount incurred in the pre
Item urring gain and loss of the c
current period vious period
urrent period
Income from indemnity and fi
7,023,731.21 838,710.13 7,023,731.21
nes
Other 804,113.55 200,250.31 804,113.55
Total 7,827,844.76 2,038,960.44 7,827,844.76
52. Non-operating expenses
Unit: RMB
Amount included in non-rec
The amount incurred in the Amount incurred in the pre
Item urring gain and loss of the c
current period vious period
urrent period
External donations 3,750,000.00 3,750,000.00
Late fee 31,084,001.90 301,816.09 31,084,001.90
Other 602,771.24 547,623.10 602,771.24
Total 35,436,773.14 849,439.19 35,436,773.14
53. Income tax expenses
(1) Presentation of income tax expenses
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
Income tax expenses in the current perio
292,771,993.36 198,063,195.10
d
Deferred income tax expenses -34,862,774.83 -950,531,935.73
Total 257,909,218.53 -752,468,740.63
170
2024 Semi-annual Report
(2) Adjustment of accounting profit and income tax expense
Unit: RMB
Item The amount incurred in the current period
Total profits 1,929,880,572.96
Income tax expenses calculated at the appropriate/applicable ta
482,470,143.24
x rate
Impact of different tax rates applied on subsidiaries -152,555,384.55
Influence of income tax during periods prior to adjustment -1,439,155.76
Influence of non-taxable income -10,721,847.90
Impact of non-deductible costs, expenses and losses 3,841,659.46
Impact of using deductible loss on deferred income tax assets u
-16,940,697.96
nrecognized in prior periods
Impact of temporary deductible difference or deductible loss on
122,544,479.04
deferred income tax assets unrecognized in the current period
Impact of R&D cost plus deduction -169,289,977.04
Income tax expenses 257,909,218.53
54. Other comprehensive incomes
See the Notes V (I) 35 for details.
55. Cash flow statement items
(1) Cash related to operating activities
Other cash received related to operating activities
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
Recovery of bills, letters of credit and ot
1,274,732,571.30 2,223,926,332.12
her deposits
Temporary borrowings received from Zh
ejiang Rongsheng Holding Group Co., Lt 1,500,000,000.00
d.
Interest income received from bank depo
240,894,876.38 184,274,855.72
sits
Recovery of operating deposit and securi
77,717,964.04 78,943,677.78
ty deposit
Government grants received 1,277,709,639.73 498,113,367.88
Other 49,108,054.43 5,584,970.84
Total 2,920,163,105.88 4,490,843,204.34
Other cash paid related to operating activities
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
171
2024 Semi-annual Report
Payment of bills, letters of credit and oth
1,039,940,396.18 1,363,618,254.50
er deposits
Repayment of temporary borrowings to
Zhejiang Rongsheng Holding Group Co., 1,500,000,000.00
Ltd.
Cash disbursements from administrative
expenses, R&D expenses and sales expe 200,274,385.44 247,771,882.68
nses
Payment of bank charges 184,101,320.45 170,964,467.88
Payment of operating deposit and securit
77,799,264.13 233,369,986.76
y deposit
Other 87,342,072.61 38,528,031.95
Total 1,589,457,438.81 3,554,252,623.77
(2) Cash related to investment activities
Other cash received related to investment activities
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
Recovery of bills, letters of credit and ot
58,439,047.20 300,801,878.44
her deposits
Received deposit for project and land auc
700,000.00 9,806,550.00
tion
Recovery of temporary borrowings and i
nterest from ZPC-ENN (Zhoushan) Gas 213,251.56 52,200.00
Co., Ltd.
Total 59,352,298.76 310,660,628.44
Other cash paid related to investment activities
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
Paid deposit related to project and land a
29,960,000.00 21,772,882.05
uction
Payment of bills, letters of credit and oth
78,543,840.40 204,461,781.53
er deposits
Total 108,503,840.40 226,234,663.58
(3) Cash related to financing activities
Other cash received related to financing activities
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
Temporary borrowings received from Zh
ejiang Rongsheng Holding Group Co., Lt 898,500,000.00 3,756,000,000.00
d.
Entrusted loan received from Zhejiang Yi 548,000,000.00
172
2024 Semi-annual Report
sheng Petrochemical Co., Ltd.
Recovery of borrowing deposit 250,000,000.00 250,000,000.00
Payment received for discounted but une
17,650,908,866.65
xpired L/Cs and notes
Total 18,799,408,866.65 4,554,000,000.00
Other cash paid related to financing activities
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
Repayment of temporary borrowings to
Zhejiang Rongsheng Holding Group Co., 2,638,841,925.73 1,281,510,402.57
Ltd.
Repayment of entrusted loan and interest
to Zhejiang Yisheng Petrochemical Co., 561,272,792.49 771,887,121.59
Ltd.
Payment of financing fees 10,641,996.38 15,979,886.75
Payments for right-of-use assets 14,493,187.65 16,169,959.49
Payment of borrowing deposit 250,000,000.00 250,000,000.00
Payment for stock repurchase 359,901,072.78
Payment of silver lease deposit 844,580,625.41
Total 4,679,731,600.44 2,335,547,370.40
Changes in all liabilities arising from financing activities
Applicable □Not applicable
Increase in the current period Decrease in the current period
Opening balan Ending balanc
Item Non-cash chan Non-cash chan
ce Cash changes Cash changes e
ges ges
Bank borrowin 198,219,583,88 74,713,977,87 3,909,407,400. 72,836,984,02 204,005,985,13
gs 2.59 8.21 00 5.37 5.43
Other payables
– temporary bor
rowings of Zhej 14,615,763,66 2,638,841,925. 12,983,097,74
898,500,000.00 107,676,000.00
iang Rongshen 6.09 73 0.36
g Holding Grou
p
Other payables
- entrusted loan
of Zhejiang Yis 787,149,197.50 12,439,900.00 561,272,792.49 238,316,305.01
heng Petroche
mical Co., Ltd.
Other accounts
1,185,314,454.
payable - divide 228,000,000.00 957,314,454.20
20
nds payable
Bonds payable
(including bond 2,037,082,007. 1,038,600,000. 1,028,580,796.
30,098,788.97
s payable due w 25 00 22
ithin one year)
Lease liabilities
(including thos
213,541,186.47 4,224,400.00 14,493,187.65 203,272,398.82
e due within on
e year)
173
2024 Semi-annual Report
216,101,119,93 75,612,477,87 5,021,160,943. 78,275,506,38 218,459,252,37
Total
9.90 8.21 17 5.44 5.84
56. Supplementary information of Cash Flow Statement
(1) Supplementary information of Cash Flow Statement
Unit: RMB
Supplementary information Current amount Amount of prior period
1. Reconciliation from net profits to cash
flows from operating activities:
Net profit 1,671,971,354.43 -2,102,293,529.47
Add: Provision for impairment of asset
151,539,464.56 104,463,779.52
s
Fixed assets depreciation, oil and
gas assets depletion, productive biologica 7,353,832,931.65 6,694,859,530.55
l assets depreciation
Depreciation of assets with right
12,075,356.96 13,198,674.80
of use
Amortization of intangible assets 90,278,218.65 73,419,072.52
Amortization of long-term deferr
45,701.13 74,278.56
ed expenses
Loss on disposing fixed assets, in
tangible assets and other long-term assets -5,269,441.94 84,509.13
(gains expressed with "-")
Loss from scrapping of fixed asse
ts (income is presented with "-")
Loss from fair value changes (gai
-115,037,218.53 -310,625,655.12
ns expressed with "-")
Financial expenses (gains express
3,750,706,175.81 4,061,769,909.71
ed with "-")
Investment loss (gains expressed
52,174,957.84 -218,545,353.28
with "-")
Decrease in deferred income tax a
-34,449,732.26 -946,536,989.23
ssets (increase expressed with "-")
Increase in deferred income tax li
69,312,507.09 -13,973,961.39
abilities (decrease expressed with "-")
Decrease in inventories (increase
6,466,710,786.77 15,390,669,640.75
expressed with “-”)
Decrease in operating receivables
-6,339,774,806.89 -3,022,908,454.07
(increase expressed with “-”)
Increase in operating payables (d
-4,709,791,428.51 -22,002,434,883.88
ecrease expressed with “-”)
Other -21,786,474.80
Net cash flow from operating acti
8,392,538,351.96 -2,278,779,430.90
vities
2. Significant investment and financing a
ctivities not involving cash deposit and w
ithdrawal:
Debt into capital
174
2024 Semi-annual Report
Convertible corporate bonds due withi
n one year
Fixed assets leased under finance lease
s
3. Net change in cash and cash equivalen
ts:
Ending balance of cash 17,009,516,388.75 13,365,029,722.01
Less: Beginning balance of cash 11,486,855,097.52 15,459,279,803.77
Add: Ending balance of cash equivale
nts
Less: Beginning balance of cash equiv
alents
Net increase in cash and cash equivale
5,522,661,291.23 -2,094,250,081.76
nts
(2) Composition of cash and cash equivalents
Unit: RMB
Item Ending balance Beginning balance
I. Cash 17,009,516,388.75 11,486,855,097.52
Including: cash on hand 1,411,306.08 1,499,665.59
Bank deposits available for paym
16,653,022,880.81 11,121,148,364.87
ent at any time
Other monetary funds available o
355,082,201.86 364,207,067.06
n demand
III. Ending balance of cash and cash equi
17,009,516,388.75 11,486,855,097.52
valents
(3) Monetary funds that are not cash and cash equivalents
Unit: RMB
Reasons for not cash and ca
Item Current amount Amount of prior period
sh equivalents
These are all deposits for relat
Bank acceptance bill deposit 586,785,487.30 771,727,014.41 ed businesses and are subject
to restrictions on use.
These are all deposits for relat
L/C deposit 510,556,957.10 561,350,011.26 ed businesses and are subject
to restrictions on use.
These are all deposits for relat
Loan deposit 250,000,000.00 250,000,000.00 ed businesses and are subject
to restrictions on use.
These are all deposits for relat
Guarantee deposit 20,000,000.00 ed businesses and are subject
to restrictions on use.
These are all deposits for relat
Silver lease deposit 844,580,625.41 ed businesses and are subject
to restrictions on use.
The accrued interest on the de
Accrued interest on deposits 1,140,792.19 322,342.83
posit
175
2024 Semi-annual Report
ETC deposit 1,000.00 1,000.00
Total 2,213,064,862.00 1,583,400,368.50
57. Foreign currency monetary items
(1) Monetary items in foreign currency
Unit: RMB
Ending balance in foreign c
Item Conversion exchange rate Ending balance in RMB
urrencies
Monetary fund
Including: USD 966,181,616.82 7.1268 6,885,783,146.75
EUR 4,673,908.12 7.6617 35,810,081.85
HKD 711,154.71 0.91268 649,056.68
Pound 2.70 9.043 24.42
Singapore dollar 1,949,779.64 5.279 10,292,886.72
Accounts receivable
Including: USD 550,513,259.43 7.1268 3,923,397,897.33
Long-term borrowings
Including: USD
EUR 51,193,878.48 7.6617 392,232,138.75
Other payables
Including: USD 26,522,358.27 7.1268 189,019,542.92
Singapore dollar 5,585.00 5.279 29,483.22
Accounts payable
Including: USD 5,863,603,043.57 7.1268 41,788,726,170.89
EUR 10,406,710.55 7.6617 79,733,094.22
Other receivables
Including: USD 5,346,264.25 7.1268 38,101,756.06
HKD 53,902,970.91 0.91268 49,196,163.49
Non-current liabilities due wit
hin one year
Including: EUR 6,399,234.82 7.6617 49,029,017.42
Japanese Yen 4,100,000,000.00 0.044738 183,425,800.00
(2) Description of the overseas operating entity, including important overseas operating entity, shall disclose
its main overseas business place, recording currency and the basis for selection, and shall also disclose reas
ons in the case of changes in recording currency.
Applicable □ Not applicable
Company name Place of registration Recording currency Selection basis
Hong Kong Sheng Hui Co., Ltd. Hong Kong, China USD General
176
2024 Semi-annual Report
Hong Kong Yisheng Dahua Petroc settlement currency for co
Hong Kong, China mpany operation
hemical Co., Ltd.
Yisheng New Materials Trading C
Hong Kong, China
o., Ltd.
Rongsheng Petrochemical (Hong K
Hong Kong, China
ong) Co., Ltd.
Rongsheng Petrochemical (Singap
Singapore
ore) Pte. Ltd.
Zhejiang Petroleum & Chemical (S
Singapore
ingapore) Pte. Ltd.
Rongtong Logistics (Singapore) Pt
Singapore
e. Ltd.
58. Leasing
(1) The Company as the lessee
Applicable □ Not applicable
Variable lease payments not included in the measurement of lease liabilities
□Applicable Not applicable
Simplified treatment of short-term leases or rental expenses of low-value assets
Applicable □ Not applicable
The Company's accounting policies for short-term leases and leases of low-value assets are described in the not
es to the financial statements in Note III (29). The amounts of short-term lease charges and low-value asset lease c
harges recognized in profit or loss are as follows:
Amount of the same period la
Item Amount in the current period
st year
Short-term lease expense 11,182,468.20 11,301,267.54
Lease expense of low value assets (exclude short-term lea
se)
Total 11,182,468.20 11,301,267.54
(2) The Company as the lessor
Operating lease as lessor
Applicable □ Not applicable
Unit: RMB
Including: income related to variable l
Item Leasing revenue ease payments not included in the leas
e receipts
Leasing revenue 425,788.99 425,788.99
Total 425,788.99 425,788.99
Financial lease as lessor
□ Applicable Not applicable
Undiscounted lease receipts for each of the next five years
177
2024 Semi-annual Report
□ Applicable Not applicable
(3) Recognition of the profit and loss of financial leasing sales as a manufacturer or distributor
□ Applicable Not applicable
VIII. R&D expenditure
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
Direct input 1,665,062,813.44 2,632,385,681.71
Depreciation and amortization 454,966,340.52 377,120,072.35
Employee compensation 362,187,152.24 268,013,526.46
Equipment commissioning fee 8,550,243.78 5,390,252.95
Outsourcing R&D and others 6,163,262.37 10,322,001.15
Total 2,496,929,812.35 3,293,231,534.62
Including: expensed R&D expenditure 2,496,929,812.35 3,293,231,534.62
IX. Consolidation scope changes
1. Disposal of subsidiaries
Whether there were any transactions or events during the period in which control of subsidiaries was lost
□Yes No
2. Changes in consolidation scope for other reasons
Increase of consolidation scope
Proportion of subs
Equity acquisition metho Date of equity acquis Subscribed capita
Company name cribed capital cont
d ition l contribution
ribution (%)
Taizhou ZPC Sales Co., Ltd. New establishment February 27, 2024 10,000,000.00 100
Zhejiang Rongyi Chemical Fi
New establishment March 8, 2024 10,000,000.00 100
ber Co., Ltd.
178
2024 Semi-annual Report
X. Interests in other entities
1. Rights and interests in subsidiaries
(1) Group composition
Unit: RMB10,000
Principal place of Shareholding ratio
Name of subsidiary Registered capital Place of registration Business nature Shareholding ratio
business Direct Indirect
Zhejiang Shengyuan Chemical Fibe
200,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Manufacturing 100.00% Setup
r Co., Ltd.
Business combinations
Hong Kong Sheng Hui Co., Ltd. USD1,970.00 Hong Kong, China Hong Kong, China Commercial 100.00%
under the same control
Ningbo Yisheng Chemical Co., Ltd. USD10,526.00 Ningbo, Zhejiang Ningbo, Zhejiang Manufacturing 95.00% Setup
Dalian Yisheng Investment Co., Lt
201,800.00 Dalian, Liaoning Dalian, Liaoning Manufacturing 70.00% Setup
d.
Yisheng Dahua Petrochemical Co.,
245,645.00 Dalian, Liaoning Dalian, Liaoning Manufacturing 84.60% Setup
Ltd.
Hong Kong Yisheng Dahua Petroch
USD10.00 Hong Kong, China Hong Kong, China Commercial 100.00% Setup
emical Co., Ltd.
Dalian Rongxincheng Trading Co.,
1,000.00 Dalian, Liaoning Dalian, Liaoning Commercial 100.00% Setup
Ltd.
Zhejiang Rongtong Chemical Fiber
5,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Commercial 100.00% Setup
New Material Co., Ltd.
Dalian Yisheng New Materials Co.,
2,000.00 Dalian, Liaoning Dalian, Liaoning Manufacturing 100.00% Setup
Ltd.
Ningbo Zhongjin Petrochemical C Business combinations
600,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Manufacturing 100.00%
o., Ltd. under the same control
Ningbo Niluoshan New Energy Co.,
36,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Manufacturing 100.00% Setup
Ltd.
Business combination
Zhejiang Yisheng New Materials C not involving enterpris
300,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Manufacturing 51.00%
o., Ltd. es under common cont
rol
179
2024 Semi-annual Report
Ningbo Rongxincheng Trading Co.,
1,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Commercial 100.00% Setup
Ltd.
Yisheng New Materials Trading C
HKD100.00 Hong Kong, China Hong Kong, China Commercial 100.00% Setup
o., Ltd.
Zhejiang Rongyi Trading Co., Ltd. 1,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Commercial 100.00% Setup
Rongsheng Petrochemical (Singapo
USD10,100.00 Singapore Singapore Commercial 100.00% Setup
re) Pte. Ltd.
Rongtong Logistics (Singapore) Pt
USD0.0001 Singapore Singapore Commercial 100.00% Setup
e. Ltd.
Rongsheng Petrochemical (Hong K
USD10.00 Hong Kong Hong Kong Commercial 100.00% Setup
ong) Co., Ltd.
Rongsheng International Trading C
10,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Commercial 100.00% Setup
o., Ltd.
Zhejiang Petroleum & Chemical C Zhoushan, Zhejiang Business combinations
5,580,000.00 Zhoushan, Zhejiang Manufacturing 51.00%
o., Ltd. under the same control
Zhoushan, Zhejiang
ZPC Zheyou Technology Co., Ltd. 41,220.00 Zhoushan, Zhejiang Manufacturing 70.00% Setup
Zhejiang Petroleum & Chemical (Si
USD10.00 Singapore Singapore Commercial 100.00% Setup
ngapore) Pte. Ltd.
Zhoushan, Zhejiang
ZPC Jintang Logistics Co., Ltd. 200,000.00 Zhoushan, Zhejiang Commercial 100.00% Setup
Zhejiang ZPC Sales Co., Ltd. 10,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Commercial 100.00% Setup
Zhoushan, Zhejiang
Zhoushan ZPC Sales Co., Ltd. 6,000.00 Zhoushan, Zhejiang Commercial 100.00% Setup
Zhoushan, Zhejiang
Zhoushan ZPC Trading Co., Ltd. 6,000.00 Zhoushan, Zhejiang Commercial 100.00% Setup
Ningbo ZPC Sales Co., Ltd. 1,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Commercial 100.00% Setup
ZPC (Zhejiang Free Trade Zone) Gr
Zhoushan, Zhejiang
een Petrochemical Research Institut 10,000.00 Zhoushan, Zhejiang Commercial 100.00% Setup
e Co., Ltd.
Zhejiang ZPC Power Generation C Zhoushan, Zhejiang
10,000.00 Zhoushan, Zhejiang Manufacturing 100.00% Setup
o., Ltd.
Rongxiang Chemical Fiber Co., Lt
20,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Manufacturing 100.00% Setup
d.
180
2024 Semi-annual Report
Zhejiang Yongsheng Technology C Business combinations
92,000.00 Shaoxing, Zhejiang Shaoxing, Zhejiang Manufacturing 70.00%
o. Ltd. under the same control
Zhejiang Zhuosheng Industry & Tra
1,000.00 Shaoxing, Zhejiang Shaoxing, Zhejiang Commercial 100.00% Setup
de Co., Ltd.
Hainan Rongsheng International Tr
10,000.00 Danzhou, Hainan Danzhou, Hainan Commercial 100.00% Setup
ade Co., Ltd.
Rongsheng Chemical (Shanghai) C
5,000.00 Shanghai, China Shanghai, China Commercial 100.00% Setup
o., Ltd.
Rongsheng New Materials (Zhoush Zhoushan, Zhejiang
100,000.00 Zhoushan, Zhejiang Manufacturing 100.00% Setup
an) Co., Ltd.
Rongsheng Energy (Zhoushan) Co., Zhoushan, Zhejiang
10,000.00 Zhoushan, Zhejiang Manufacturing 100.00% Setup
Ltd.
Rongsheng New Materials (Taizho
100,000.00 Taizhou, Zhejiang Taizhou, Zhejiang Manufacturing 90.00% Setup
u) Co., Ltd.
Zhejiang Rongshen New Materials
2,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Commercial 100.00% Setup
Co., Ltd.
Zhejiang Shengcheng New Material
2,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Commercial 100.00% Setup
s Co., Ltd
Zhejiang Huiyu New Materials Co.,
2,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Commercial 100.00% Setup
Ltd.
Taizhou ZPC Sales Co., Ltd. 1,000.00 Taizhou, Zhejiang Taizhou, Zhejiang Commercial 100.00% Setup
Zhejiang Rongyi Chemical Fiber C
1,000.00 Shaoxing, Zhejiang Shaoxing, Zhejiang Commercial 100.00% Setup
o., Ltd.
181
2024 Semi-annual Report
(2) Major non-wholly owned subsidiaries
Unit: RMB
Gain and loss attribut Dividend announced t
Shareholding ratio of
able to minority share o be distributed to mi Ending balance of mi
Name of subsidiary minority shareholders
holders in the current nority shareholders in nority equity
period the current period
Dalian Yisheng Invest
30.00% -8,176,805.59 2,037,276,364.28
ment Co., Ltd.
Yisheng Dahua Petroch
15.40% -15,648,931.78 1,032,768,220.30
emical Co., Ltd.
Zhejiang Yisheng New
49.00% -122,061,617.90 1,006,035,940.20
Materials Co., Ltd.
Zhejiang Petroleum &
49.00% 992,285,472.69 46,976,012,916.66
Chemical Co., Ltd.
(3) Main financial information of important partially-owned subsidiaries
Unit: RMB
Ending balance Beginning balance
Name
of sub Non-c Non-c
Curre Non-c Curre Total l Curre Non-c Curre Total l
sidiar Total urrent Total urrent
nt asse urrent nt liab iabiliti nt asse urrent nt liab iabiliti
y assets liabili assets liabili
ts assets ilities es ts assets ilities es
ties ties
Dalian
Yishen
7,373, 10,51 17,88 8,516, 1,733, 10,24 6,043, 10,17 16,21 7,509, 1,006, 8,516,
g Inves
740,85 6,149, 9,890, 076,25 426,19 9,502, 382,79 3,002, 6,384, 876,23 365,99 242,22
tment
9.82 294.12 153.94 5.63 6.45 452.08 3.70 029.51 823.21 1.58 5.26 6.84
Co., Lt
d.
Yishen
g Dahu
9,210, 6,996, 16,20 8,514, 1,733, 10,24 7,881, 6,690, 14,57 7,507, 1,006, 8,514,
a Petro
642,94 996,55 7,639, 544,94 426,19 7,971, 162,64 663,04 1,825, 801,18 365,99 167,18
chemic
4.46 4.30 498.76 4.16 6.45 140.61 3.98 3.40 687.38 7.61 5.26 2.87
al Co.,
Ltd.
Zhejia
ng Yis
heng N 3,770, 8,487, 12,25 7,976, 2,230, 10,20 3,092, 8,847, 11,93 6,977, 2,670, 9,647,
ew Ma 821,38 936,48 8,757, 215,51 072,81 6,288, 416,62 477,86 9,894, 327,91 572,64 900,56
terials 2.34 7.32 869.66 1.70 9.65 331.35 6.70 2.13 488.83 8.39 9.50 7.89
Co., Lt
d.
Zhejia
ng Petr
oleum 61,03 240,48 301,52 88,62 117,42 206,05 64,56 233,49 298,06 89,96 114,63 204,60
& Che 7,534, 9,835, 7,369, 6,669, 9,897, 6,566, 8,747, 8,324, 7,071, 7,924, 8,353, 6,278,
mical 396.36 220.23 616.59 059.65 892.02 951.67 170.94 220.33 391.27 493.30 580.77 074.07
Co., Lt
d.
Unit: RMB
The amount incurred in the current period Amount incurred in the previous period
Name of s
ubsidiary Operating Total com Cash flow Operating Total com Cash flow
Net profit Net profit
income prehensive from finan income prehensive from finan
182
2024 Semi-annual Report
income cing activit income cing activit
ies ies
Dalian Yish
eng Invest 15,791,532, -42,904,95 -59,754,89 -782,651,3 14,135,227, 86,841,067. 57,348,886. -1,088,546,
ment Co., 876.12 0.43 4.51 40.65 704.16 42 01 093.37
Ltd.
Yisheng Da
hua Petroch 15,791,532, -101,596,6 -97,990,14 -783,529,1 14,135,227, -73,067,16 -51,033,48 -1,089,402,
emical Co., 876.12 48.56 6.36 06.29 704.16 4.80 7.10 616.64
Ltd.
Zhejiang Yi
sheng New 16,773,628, -240,030,6 -239,524,3 284,377,43 17,913,286, -206,590,6 -206,311,6 205,886,71
Materials C 679.50 19.95 82.63 0.35 293.88 38.53 59.91 2.10
o., Ltd.
Zhejiang P
etroleum & 132,218,45 2,029,903,4 2,029,897,9 25,118,624, 120,776,30 -1,751,527, -1,751,601, 9,529,287,6
Chemical 8,401.42 22.19 73.59 052.19 3,042.53 430.45 063.10 72.59
Co., Ltd.
2. Equity in joint ventures or associated enterprises
(1) Important joint ventures or associated enterprises
Shareholding ratio Accounting me
Name of the jo thod for invest
int venture or Principal place Place of registr Business natur ments in joint
associated ente of business ation e Direct Indirect ventures and a
rprise ssociated enter
prises
Zhejiang Yishe Accounting by t
Ningbo, Zhejia Ningbo, Zhejia
ng Petrochemic Manufacturing 16.07% 13.93% he equity metho
ng ng
al Co., Ltd. d
Hainan Yisheng Accounting by t
Yangpu, Haina Yangpu, Haina
Petrochemical Manufacturing 50.00% he equity metho
n n
Co., Ltd. d
Zhejiang Xiaos
Accounting by t
han Rural Com Xiaoshan, Zheji Xiaoshan, Zheji
Finance 9.71% he equity metho
mercial Bank C ang ang
d
o., Ltd.
Basis for one having voting rights of below 20% and significant influences or one having voting rights of 20% or a
bove but no significant influences:
The Company holds 9.712% of the shares of Zhejiang Xiaoshan Rural Commercial Bank Co., Ltd. and has a
representative on the board of directors of the company, which enjoys the right to participate in decision-making o
n a substantial basis and through which it can participate in the formulation of the financial and operating policies
of Zhejiang Xiaoshan Rural Commercial Bank Co., Ltd. and achieve the goal of exerting significant influence ove
r it.
(2) Main financial information of important associated enterprises
Unit: RMB
Ending balance/amount incurred in the current pe Beginning balance/amount incurred in the prior pe
riod riod
183
2024 Semi-annual Report
Zhejiang Xiao Zhejiang Xiao
Zhejiang Yishe Hainan Yishen Zhejiang Yishe Hainan Yishen
shan Rural Co shan Rural Co
ng Petrochemi g Petrochemic ng Petrochemi g Petrochemic
mmercial Ban mmercial Ban
cal Co., Ltd. al Co., Ltd. cal Co., Ltd. al Co., Ltd.
k Co., Ltd. k Co., Ltd.
18,261,902,50 7,241,736,358. 259,594,001,09 16,498,637,54 6,162,955,958. 238,736,568,51
Current assets
9.60 99 1.73 7.38 24 2.17
Non-current ass 2,928,210,737. 11,381,504,85 120,122,930,00 3,137,691,308. 10,723,396,18 113,548,089,57
ets 26 6.11 3.73 20 7.42 4.71
21,190,113,24 18,623,241,21 379,716,931,09 19,636,328,85 16,886,352,14 352,284,658,08
Total assets
6.86 5.10 5.46 5.58 5.66 6.88
Current liabiliti 11,030,587,19 6,793,412,176. 330,877,723,79 9,220,485,531. 5,777,465,785. 306,542,331,51
es 1.12 79 6.67 00 67 4.47
Non-current lia 1,109,241,267. 4,975,896,311. 23,113,457,93 1,436,900,038. 4,326,522,448. 22,201,300,43
bilities 14 57 8.98 76 83 6.51
12,139,828,45 11,769,308,48 353,991,181,73 10,657,385,56 10,103,988,23 328,743,631,95
Total liabilities
8.26 8.36 5.65 9.76 4.50 0.98
Minority equity 295,827,214.40 284,964,915.83
Shareholders' e 25,429,922,14
quity attributabl 9,050,284,788. 6,853,932,726. 5.41 8,978,943,285. 6,782,363,911. 23,256,061,22
e to the parent c 60 74 82 16 0.07
ompany
Share of net ass
ets calculated b 2,715,085,436. 3,426,966,363. 2,469,703,178. 2,693,682,985. 3,391,181,955. 2,258,628,665.
y the shareholdi 58 37 92 75 58 69
ng ratio
Adjustments
- Goodwill 102,420,730.97 4,040,414.35 102,420,730.97 4,040,414.35
- Unrealized pr
ofits from inter
-10,465,016.83
nal transactions
- Others 11,273,596.89 -9,435,670.91 2,976,102.43 11,273,596.90 2,929,588.71
Book value of e
quity investmen 2,726,359,033. 3,519,951,423. 2,476,719,695. 2,704,956,582. 3,483,137,669. 2,265,598,668.
t in associated e 47 43 70 65 72 75
nterprise
Fair value of eq
uity investment
in associated en
terprise with th
e public offer
Operating inco 12,104,143,06 16,355,492,69 4,145,047,089. 12,693,711,32 10,107,704,72 3,601,028,878.
me 2.27 0.18 21 7.43 7.64 05
1,611,200,043. 1,370,009,795.
Net profit 72,216,785.54 112,481,708.13 25,151,242.14 314,997,204.80
73 40
Net profit from
termination of o
peration
Other compreh -103,051,718.2
-875,282.76 -40,912,892.55 717,977,303.36 24,537,134.00 117,255,082.81
ensive income 2
Total comprehe 2,329,177,347. 1,487,264,878.
71,341,502.78 71,568,815.58 49,688,376.14 211,945,486.58
nsive income 09 21
Dividends recei 13,228,639.60 39,685,918.80
ved from associ
184
2024 Semi-annual Report
ated enterprises
in the current y
ear
(3) Summary of the financial information of minor joint ventures and associated enterprises
Unit: RMB
Ending balance/amount incurred in th Beginning balance/amount incurred in
e current period the prior period
Associated enterprise:
Total book value of investments
Joint venture:
Total book value of investments 680,084,854.97 730,018,523.84
Total of the following items calculated as
per the respective shareholding proporti
on
- Net profit -45,694,583.93 -57,518,763.73
- Other comprehensive income -6,136,933.88 -11,674,323.74
- Total comprehensive income -51,831,517.81 -69,193,087.47
XI. Government grants
1. At the end of the reporting period, government grants recognized according to the amount receivable
Applicable □ Not applicable
The ending balance of accounts receivable: RMB 1,382,798,000.00.
Reasons for not receiving the estimated amount of government grantsat the expected time
□ Applicable Not applicable
2. Liability items involving government grants
Applicable □ Not applicable
Unit: RMB
Amount car
Amount of a Amount incl
ried forward Other chang
Accounting Beginning b dditional su uded in curr Ending ba Related to asse
to other inc e in current
subject alance bsidy in cur ent non-oper lance ts/income
ome in curre period
rent period ating income
nt period
Deferred inc 195,581,593. 11,360,000.0 12,759,033.4 194,182,55 Related to asset
ome 25 0 4 9.81 s
3. Government grantsincluded in current profits and losses
Applicable □ Not applicable
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Accounting subject
riod d
185
2024 Semi-annual Report
Amount of government grants included i
367,201,620.64 100,951,165.76
n other income
Total 367,201,620.64 100,951,165.76
XII. Risks related to financial instruments
1. Various risks arising from financial instruments
The Company conducts risk management to seek the appropriate balance between the risks and benefits to m
itigate the adverse effects of the risks on the Company's business performance and maximize the interests of share
holders and other equity investors. Based on this objective, the Company's basic policy for risk management is to
confirm and analyze all kinds of risks faced by the Company, set up an appropriate risk bottom line, conduct risk
management, and monitor all risks promptly and reliably to limit risks within a specific range.
The Company faces various risks related to financial instruments in its daily activities, mainly including credi
t risk, liquidity risk and market risk. The Management has deliberated and approved the policies governing such ri
sks, as outlined below.
(I) Credit risk
Credit risk refers to the risk that may bring financial loss to one party of the financial tool caused by the other
party's failure to perform its obligations in the contract.
1. Practice of credit risk management
(1) Evaluation method of credit risk
On each balance sheet date, the Company assesses whether the credit risk of relevant financial instruments ha
s increased significantly since initial recognition. When confirming whether the credit risks have increased signific
antly since the initial recognition, the Company considers reasonable and well-founded information, including qua
litative and quantitative analysis based on the Company's history data, external credit risk ratings and forward-look
ing information, without incurring additional costs or efforts. Based on a single financial instrument or a combinat
ion of financial instruments with similar credit risk characteristics, the Company compares the default risks of the
financial instruments on the balance sheet date with the default risks on the initial recognition date so as to determi
ne changes in the expected default risks of financial instruments during the duration.
When one or more of the following quantitative and qualitative criteria is/are triggered, the Company conside
rs that the credit risks of financial instruments have increased significantly:
1) The quantitative criteria mainly refer to that the probability of default of the remaining duration on the bala
nce sheet date increases by more than a certain proportion compared with the initial recognition;
2) The qualitative criteria mainly include significant adverse changes in the debtor's business or financial situ
ation, and existing or expected changes in the technical, market, economic or legal environment, which will have a
significant adverse impact on the debtor's repayment ability to the Company, etc.
(2) Definition of default and credit-impaired assets
When a financial instrument meets one or more of the following conditions, the Company defines the financi
al asset as a default, and its standard is consistent with the definition of credit impairment:
1) The debtor has major financial difficulties;
2) The debtor violates the binding provisions on the debtor in the contract;
3) The debtor is likely to go bankrupt or undergo another financial restructuring;
4) The creditor gives the debtor concessions that the debtor would not make under any other circumstances d
ue to economic or contractual considerations related to the debtor's financial difficulties.
186
2024 Semi-annual Report
2. Measurement of expected credit loss
Key parameters for measuring expected credit loss include the probability of default (PD), loss given default
(LGD) and exposure at default (EAD). The Company has taken into account the quantitative analysis and forward-
looking information of historical statistical data (such as counterparty rating, guarantee method, collateral type and
repayment method), and established the PD, LGD and EAD models.
3. For the reconciliation between the opening balance and the closing balance of the provision for loss of fina
ncial instruments, please see notes V (I) 3 and V (I) 6 of the financial statements for details.
4. Credit risk exposure and credit risk concentration
The credit risk to the Company mainly comes from monetary funds and accounts receivable. In order to contr
ol the above related risks, the Company has taken the following measures respectively.
(1) Monetary fund
The Company deposits bank deposits and other monetary funds in financial institutions with high credit ratin
g, so its credit risk is low.
(2) Accounts receivable
The Company regularly evaluates the credit of customers who trade by credit. According to the credit evaluat
ion results, the Company chooses to trade with recognized customers with good credit and monitors their accounts
receivable balance to ensure that the Company will not face significant bad debt risk.
Since the Company only conducts transactions with recognized third parties with good credit, no collateral is
required. Credit risk concentration is managed according to customers. As of December 31, 2023, the Company ha
s a certain credit concentration risk, because 73.07% (December 31, 2023: 53.41%) of the Company's accounts rec
eivable are from the top five customers ranking in terms of balance. The Company holds no collateral or other cre
dit enhancement for the balance of accounts receivable.
The maximum credit risk exposure of the Company is the book value of each financial asset on the balance sh
eet.
(II) Liquidity risk
Liquidity risk refers to the risk of occurrence of capital shortage when the Company fulfills its obligations set
tled by delivering cash or other financial assets. Liquidity risk may result from the inability to sell financial assets
at fair value as soon as possible; or because the other party is unable to repay its contractual debts; or from debts d
ue in advance; or from the inability to generate expected cash flow.
In order to control this risk, the Company comprehensively uses various financing means, such as bill settlem
ent and bank loan, and adopts the method of the appropriate combination of long-term and short-term financing m
ethods to optimize the financing structure, so as to maintain the balance between financing sustainability and flexi
bility. The Company has obtained bank credit lines from a number of commercial banks to meet working capital n
eeds and capital expenditure.
Financial liabilities are classified by remaining maturity date
Ending balance
Item Undiscounted co
Book value Within 1 year 1-3 years Above 3 years
ntract price
Bank loans 203,983,443,451.26 225,335,440,396.59 76,482,438,359.32 72,265,496,564.06 76,587,505,473.21
Trading fina
ncial liabiliti 1,316,317,084.58 1,316,317,084.58 1,128,440.00 1,315,188,644.58
es
Notes payabl 3,221,161,129.33 3,221,161,129.33 3,221,161,129.33
187
2024 Semi-annual Report
e
Accounts pa
58,034,176,861.77 58,034,176,861.77 58,034,176,861.77
yable
Other payabl
14,493,764,110.94 14,493,764,110.94 14,493,764,110.94
es
Bonds payab
1,028,580,796.22 1,034,500,000.00 1,034,500,000.00
le
Lease liabilit
203,272,419.23 245,644,771.16 21,367,895.04 71,140,116.94 153,136,759.18
ies
Subtotal 282,280,715,853.33 303,681,004,354.37 153,288,536,796.40 73,651,825,325.58 76,740,642,232.39
Continued
Amount at the end of last year
Item Undiscounted co
Book value Within 1 year 1-3 years Above 3 years
ntract price
Bank loans 197,839,011,037.27 221,286,938,697.31 77,162,762,558.85 62,140,808,417.55 81,983,367,720.91
Trading fina
ncial liabiliti 623,298,741.33 623,298,741.33 78,931,785.08 544,366,956.25
es
Notes payabl
4,195,471,402.63 4,195,471,402.63 4,195,471,402.63
e
Accounts pa
49,744,126,901.38 49,744,126,901.38 49,744,126,901.38
yable
Other payabl
16,691,133,504.47 16,691,133,504.47 16,691,133,504.47
es
Bonds payab
2,037,082,007.25 2,073,100,000.00 2,073,100,000.00
le
Lease liabilit
213,541,186.47 261,662,503.81 29,346,490.83 55,282,901.20 177,033,111.78
ies
Subtotal 271,343,664,780.80 294,875,731,750.93 149,974,872,643.24 62,740,458,275.00 82,160,400,832.69
(III) Market risk
Market risk means a risk that the fair value or future cash flow of the financial instrument fluctuates due to ch
anges in market price. Market risk mainly includes interest rate risk and foreign exchange risk.
1. Interest rate risk
Interest rate risk refers to the risk that the fair value of financial instruments or cash flow in the future may flu
ctuate due to changes in the market interest rate. The interest-bearing financial instruments with fixed interest rates
expose the Company to fair value interest rate risk, and the interest-bearing financial instruments with floating int
erest rates expose the Company to cash flow interest rate risk. The Company determines the ratio of fixed interest
rate and floating interest rate financial instruments according to the market environment, and maintains an appropr
iate combination of financial instruments through regular review and monitoring. The cash flow interest rate risk f
aced by the Company is mainly related to the bank borrowings with floating interest rates.
As of June 30, 2024, the bank borrowings with a floating interest rate of the Company are RMB 138,161.784
3 million, and EUR 57.5928 million (December 31, 2023: RMB 157,889.1476 million, EUR 60.7927 million). Un
der the assumption that other variables remain unchanged, assuming that the interest rate changes by 50 benchmar
k points, we believe that it will not have a significant impact on the total profits and shareholders' equity.
2. Foreign exchange risk
188
2024 Semi-annual Report
Foreign exchange risk means a risk that the fair value or future cash flow of a financial instrument fluctuates
due to a change in the foreign exchange rate. The risk of exchange rate changes faced by the Company is mainly r
elated to the Company's foreign currency monetary assets and liabilities. For foreign currency assets and liabilities,
in case of short-term imbalance, the Company will buy and sell foreign currencies at the market exchange rate wh
en necessary to ensure that the net risk exposure is maintained at an acceptable level.
The Company's monetary assets and liabilities in foreign currencies at the end of the period are detailed in No
tes to the Financial Statements V (V) 1 to the financial statements.
XIII. Disclosure of Fair Value
1. Fair value at the end of the period of assets and liabilities measured at fair value
Unit: RMB
Ending fair value
Item Level 1 fair val Level 2 fair val Level 3 fair val
ue measureme ue measureme ue measureme Total
nt nt nt
I. Sustained measurement of fair value -- -- -- --
1. Trading financial assets and other non-current finan
cial assets
(1) Financial assets classified as financial assets meas
ured at fair value through profit or loss for the current 65,496,522.76 470,105,494.33 535,602,017.09
period
Derivative financial assets 65,496,522.76 470,105,494.33 535,602,017.09
2. Receivables financing 300,502,992.56 300,502,992.56
Total assets continuously measured at fair value 65,496,522.76 470,105,494.33 300,502,992.56 836,105,009.65
3. Trading financial liabilities
1,316,317,084. 1,316,317,084.
(1) Trading financial liabilities
58 58
1,316,317,084. 1,316,317,084.
Derivative financial liabilities
58 58
1,316,317,084. 1,316,317,084.
Total liabilities continuously measured at fair value
58 58
II. Unsustained fair value measurement -- -- -- --
2. Basis for determination of the market prices of sustained and unsustained Level 1 fair value measuremen
t items
It is based on the floating gain and loss amount determined by the futures and paper cargo position contract in
accordance with the fair value on the balance sheet date.
3. Qualitative and quantitative information of valuation techniques and important parameters adopted for s
ustained and unsustained Level 2 fair value measurement items
For forward settlement contracts held, they are measured at fair value based on the valuation table for forward
settlement business provided by the bank at the end of the period.
189
2024 Semi-annual Report
4. Qualitative and quantitative information of valuation techniques and important parameters adopted for s
ustained and unsustained Level 3 fair value measurement items
Basis: the fair value is determined by using a specific valuation technique, and the important parameters adop
ted include interest rates that cannot be directly observed and so on.
XIV. Related parties and related-party transactions
1. The Company's parent company
Proportion of the
Proportion of the
Company's votin
Name of parent c Place of registrati Company's share
Business nature Registered capital g rights held by t
ompany on s held by the pare
he parent compan
nt company
y
Zhejiang Rongshe
Xiaoshan, Zhejian Industrial investme
ng Holding Group 834,664,000 yuan 52.46% 52.46%
g nt
Co., Ltd.
Note to information about the Company's parent company
Li Shuirong directly holds 6.35% shares of the Company; Zhejiang Rongsheng Holding Group Co., Ltd. holds 52.
46% shares of the Company, and Li Shuirong holds 63.523% shares of Zhejiang Rongsheng Holding Group Co., L
td., thus indirectly holding 33.32% shares of the Company, so he holds a total of 39.67% shares of the Company.
The ultimate controlling party of the Company is Li Shuirong.
2. Information on subsidiaries of the Company
See Note IX for details of the Company's subsidiaries.
3. The Company's joint ventures and associated enterprises
See the note for important cooperative enterprises or joint ventures of the Company.
Other joint ventures and associated enterprises that form balances in related party transactions with the Company i
n the current or previous period are as follows:
Name of joint venture or associated enterprise Relation with the Company
Zhejiang Provincial Petroleum Co., Ltd. Associated enterprise
ZPC-ENN (Zhoushan) Gas Co., Ltd. Associated enterprise
Zhejiang Dingsheng Petrochemical Engineering Co., Ltd. Associated enterprise
Ningbo Coastal Public Pipe Gallery Co., Ltd. Associated enterprise
Zhejiang Zhenshi Port Service Co., Ltd. Associated enterprise
Zhejiang Derong Chemicals Co., Ltd. Associated enterprise
Zhoushan ZPC Zhougang Tugboat Co., Ltd. Associated enterprise
Ningbo Hengyi Trading Co., Ltd. Associated enterprise
Zhejiang Dongjiang Green Petrochemical Technology Innovation Cen
Associated enterprise
ter Co., Ltd.
Zhejiang Jurong Petroleum & Chemical Sales Co., Ltd. [Note 1] Associated enterprise
190
2024 Semi-annual Report
Other notes
[Note 1] The company was cancelled on October 26, 2023.
4. Other related parties
Relationship between other related parties and the Compan
Name of other related parties
y
Li Jumei Close family member of the actual controller
Sanyuan Holding Group Co., Ltd. Controlled by a family member close to the actual controller
Sanyuan Holding Group Hangzhou Thermal Power Co., Ltd. Controlled by a family member close to the actual controller
Zhejiang Saintyear Textile Co., Ltd. Controlled by a family member close to the actual controller
Zhejiang Rongtong Logistics Co., Ltd. The same ultimate actual controller
Ningbo Rongxiang Logistics Co., Ltd. The same ultimate actual controller
Thermal Power Co., Ltd. of Ningbo Economic and Technologic
The same ultimate actual controller
al Development Zone
Qijiashan Hotel of Ningbo United Group Co., Ltd. The same ultimate actual controller
Ningbo United Group Co., Ltd. The same ultimate actual controller
Suzhou Shenghui Equipment Co., Ltd. The same ultimate actual controller
Hangzhou Shengyuan Real Estate Development Co., Ltd. The same ultimate actual controller
Daishan Chenyu Real Estate Co., Ltd. The same ultimate actual controller
Rongsheng Coal Co., Ltd. The same ultimate actual controller
Rongsheng Energy Co., Ltd. The same ultimate actual controller
Ningbo Qingzhi Chemical Terminal Co., Ltd. The same ultimate actual controller
Ningbo Qijiashan Chemical Terminal Co., Ltd. The same ultimate actual controller
Ningbo Haineng Blend Oil Co., Ltd. The same ultimate actual controller
Subsidiary of Hong Kong Yisheng Petrochemical Investment C
Ningbo Shengmao Trading Co., Ltd.
o., Ltd.
Zhejiang Yixin Chemical Fiber Co., Ltd. Subsidiary of Zhejiang Yisheng Petrochemical Co., Ltd.
Associated enterprise of Zhejiang Rongtong Logistics Co., Ltd.
Dongzhan Shipping Co., Ltd.
Guangsha (Zhoushan) Energy Group Co., Ltd. Subsidiary of Zhejiang Provincial Petroleum Co., Ltd.
Zhejiang Petroleum Integrated Energy Sales Co., Ltd. Subsidiary of Zhejiang Provincial Petroleum Co., Ltd.
Zhejiang Petroleum Storage & Transportation Co., Ltd. Subsidiary of Zhejiang Provincial Petroleum Co., Ltd.
Zhoushan Petroleum Pipeline Co., Ltd. Subsidiary of Zhejiang Provincial Petroleum Co., Ltd.
ZHEJIANG
Subsidiary of Zhejiang Provincial Petroleum Co., Ltd.
PETROLEUM TRADING (SINGAPORE) PTE. LTD.
Aramco Overseas Company B.V. [Note 1] Shareholder
SAUDI ARABIAN OIL COMPANY [Note 1] Parent company of Aramco Overseas Company B.V.
ARAMCO TRADING SINGAPORE PTE LTD [Note 1] Subsidiary of SAUDI ARABIAN OIL COMPANY
SAUDI BASIC INDUSTRIES CORPORATION[Note 1] Subsidiary of SAUDI ARABIAN OIL COMPANY
SABIC (Shanghai) Trading Co., Ltd. [Note 1] Subsidiary of SAUDI ARABIAN OIL COMPANY
Shanghai Huanqiu Engineering Co., Ltd. Actual controller serves as its director
Other notes
191
2024 Semi-annual Report
[Note 1] Aramco Overseas Company B.V. acquired 1,012,552,501 shares of the Company held by Zhejiang Rong
sheng Holding Group Co., Ltd. on March 27, 2023, and its parent company Saudi Arabian Oil Company and relate
d companies became related parties of the Company.
5. Related party transactions
(1) Related party transactions regarding purchase and sales of goods as well as provision and acceptance of
labor services
Table of the purchasing of goods and receiving of labor services
Unit: RMB
Contents of relate The amount incu Whether it exceed Amount incurred
Trading limit app
Related party d party transactio rred in the curren s the approved li in the previous pe
roved
n t period mit or not (Y/N) riod
Zhejiang Rongshe
Coal and other mat
ng Holding Group 6,422,702,073.67 20,000,000,000.00 N 9,203,105,641.75
erials
Co., Ltd.
Zhejiang Rongton
g Logistics Co., Lt Freight 368,890,405.94 1,000,000,000.00 N 531,548,409.92
d.
Sanyuan Holding
Group Hangzhou
Steam 6,641,229.37 30,000,000.00 N 4,791,721.11
Thermal Power C
o., Ltd.
Zhejiang Saintyear Work clothes and
3,111,060.18 15,000,000.00 N 2,394,958.41
Textile Co., Ltd. other materials
Ningbo Hengyi Tr
PTA 222,176,663.79 1,000,000,000.00 N 211,953,592.92
ading Co., Ltd.
Ningbo Qingzhi C
Lump sum fee for
hemical Terminal 33,305,366.08 100,000,000.00 N 36,123,758.82
port operation
Co., Ltd.
Ningbo Rongxiang
Logistics Co., Ltd. Freight 23,856,257.17 30,000,000.00 N 23,806,547.61
Hainan Yisheng Pe
trochemical Co., L PTA 19,644,839.29 305,000,000.00 N
td.
Suzhou Shenghui
Equipment and ma
Equipment Co., Lt 137,229,365.82 600,000,000.00 N 84,014,976.28
terials
d.
Zhejiang Yisheng
Petrochemical Co., m-phthalic acid 114,492,123.90 300,000,000.00 N 47,306,743.36
Ltd.
Ningbo Haineng B Warehousing servi
15,388,953.94 50,000,000.00 N 15,812,394.15
lend Oil Co., Ltd. ce
Guangsha (Zhoush
Warehousing servi
an) Energy Group 47,720,549.07 200,000,000.00 N 59,158,556.00
ce
Co., Ltd.
Processing fee, cra
Zhejiang Derong C
cking C5 and m-pe 203,148,866.10 600,000,000.00 N 341,814,473.82
hemicals Co., Ltd.
ntadiene
Dongzhan Shippin
Freight 2,946,816.61 30,000,000.00 N 12,206,518.81
g Co., Ltd.
192
2024 Semi-annual Report
Shanghai Huanqiu
Engineering desig
Engineering Co., L 12,126,124.78 30,000,000.00 N
n service
td.
Zhejiang Dingshen
Device guarantee s
g Petrochemical E
ervice and mainten 375,827,719.22 800,000,000.00 N 345,759,181.50
ngineering Co., Lt
ance service
d.
Zhoushan Petroleu
m Pipeline Co., Lt Freight 31,023,812.02 60,000,000.00 N 5,288,990.83
d.
Zhejiang Petroleu
m Integrated Energ Diesel 422,230.09 2,000,000.00 N 630,247.79
y Sales Co., Ltd.
SABIC (Shanghai)
Ethylene glycol 327,762,663.24 N 317,929,261.69
Trading Co., Ltd
ARAMCO TRADI
NG SINGAPORE Fuel oil 1,385,419,356.55 120,000,000,000.0 N
PTE LTD 0
SAUDI ARABIA
N OIL COMPAN Crude oil 43,795,053,498.36 N 27,189,630,729.16
Y
Qijiashan Hotel of
Ningbo United Gr Hotel service 186,352.04 1,000,000.00 N 76,056.84
oup Co., Ltd.
Thermal Power C
o., Ltd. of Ningbo
Economic and Tec Electricity 48,325.56 1,000,000.00 N 49,438.48
hnological Develo
pment Zone
Total 53,549,124,652.78 38,433,402,199.25
Selling commodities/offering labor
Unit: RMB
Contents of related party tr The amount incurred in the Amount incurred in the pre
Related party
ansaction current period vious period
Zhejiang Rongtong Logistics
Vehicle diesel, PTA 10,909,855.73 11,667,724.36
Co., Ltd.
Hainan Yisheng Petrochemica
PTA, PX, cardboard 168,481,157.17
l Co., Ltd.
Ningbo Shengmao Trading C
PTA, PX 60,823,639.63 153,267,962.43
o., Ltd.
Zhejiang Yixin Chemical Fibe
PTA 331,991,150.43 147,504,424.78
r Co., Ltd.
Zhejiang Yisheng Petrochemi
PTA, PX 4,027,827,808.20 5,368,839,946.05
cal Co., Ltd.
Cracking C5, C9, diesel, pow
Zhejiang Derong Chemicals
er and energy, consulting serv 387,441,764.35 539,900,609.38
Co., Ltd.
ices
Zhejiang Dingsheng Petroche
Vehicle diesel 1,246,017.71 935,398.27
mical Engineering Co., Ltd.
Zhoushan Petroleum Pipeline
Consulting services 732,944.11
Co., Ltd.
Suzhou Shenghui Equipment Vehicle diesel 7,079.64 9,734.51
193
2024 Semi-annual Report
Co., Ltd.
Ningbo Rongxiang Logistics
Vehicle diesel 613,522.13 3,643,690.64
Co., Ltd.
Zhejiang Petroleum Integrate
Vehicle diesel and gasoline 78,725,150.54 245,866,250.46
d Energy Sales Co., Ltd.
Zhoushan ZPC Zhougang Tug Vehicle diesel and service cha
3,810,923.47 7,139,205.79
boat Co., Ltd. rge
ARAMCO TRADING SING
Diesel and aviation kerosene 224,887,450.44
APORE PTE LTD
SAUDI BASIC INDUSTRIE
PTA 377,713,617.48
S CORPORATION
Ningbo Hengyi Trading Co.,
PX 1,103,276,006.05
Ltd.
ZHEJIANG PETROLEUM T
RADING (SINGAPORE) PT Crude oil
E. LTD. [Note 1]
Total 6,610,006,929.91 6,647,256,103.84
Note to related party transactions of goods purchase & sale and labor services rendering & receiving
[Note 1] The Company did not engage in the business of agency sales of products with ZHEJIANG PETROL
EUM TRADING (SINGAPORE) PTE. LTD during the current period, and the cumulative amount of agency sales
through the Company for the same period of the previous year amounted to 1,089,776,400 Yuan.
(2) Related leasing
The Company acts as the Lessor:
Unit: RMB
Lease income recognized in Lease income recognized in
Name of lessee Type of leased asset
the current period the previous period
Rongtong Logistics Co., Ltd. House lease 425,788.99 642,201.84
Ningbo Rongxiang Logistics
House lease 65,415.93
Co., Ltd.
Total 425,788.99 707,617.77
The Company acts as the Lessee:
Unit: RMB
Rental expenses f Variable lease pa
or short-term leas yments not includ
Interest expense o
es and leases of lo ed in the measure Increase in right-
Rent paid n lease liabilities
w-value assets on ment of lease liabi of-use assets
assumed
a simplified basis, lities, if applicabl
Type of if applicable e
Name o
leased
f lessor The am Amoun The am Amoun The am Amoun The am Amoun The am Amoun
asset
ount in t incur ount in t incur ount in t incur ount in t incur ount in t incur
curred red in t curred red in t curred red in t curred red in t curred red in t
in the c he prev in the c he prev in the c he prev in the c he prev in the c he prev
urrent ious pe urrent ious pe urrent ious pe urrent ious pe urrent ious pe
period riod period riod period riod period riod period riod
Hangzh
ou Shen House l 3,418,1 1,847,6
gyuan easing 49.57 27.16
Real Es
194
2024 Semi-annual Report
tate De
velopm
ent Co.,
Ltd.
Zhejian
g Rong
sheng
House l 275,22 275,22
Holdin
easing 9.36 9.36
g Grou
p Co.,
Ltd.
(3) Affiliated guarantees
The Company as guarantor
Unit: RMB
Starting date of the g Ending date of the gu If the guarantee has b
Secured party Guarantee amount
uarantee arantee een performed (Y/N)
Rongsheng Holding 74,434,982,149.95 January 29, 2021 June 11, 2028 N
Rongsheng Holding 183,425,800.00 March 28, 2024 December 27, 2024 N
Rongsheng Holding, th
4,255,409,072.55 December 8, 2022 June 26, 2025 N
e Company
Rongsheng Holding [N
485,271,939.80 April 28, 2020 April 1, 2029 N
ote 1]
Rongsheng Holding [N
554,166,666.62 January 26, 2022 January 15, 2026 N
ote 2]
Rongsheng Holding [N
3,413,333,333.35 January 13, 2023 August 29, 2026 N
ote 9]
Rongsheng Holding [N
11,361,031,702.29 November 14, 2022 February 15, 2033 N
ote 6]
Rongsheng Holding [N
2,684,510,144.02 November 22, 2021 May 9, 2028 N
ote 3]
Rongsheng Holding [N
52,812,500.00 December 8, 2020 January 15, 2025 N
ote 4]
Rongsheng Holding, th
e Company, Li Shuiron 17,753,743,522.94 July 31, 2018 July 30, 2030 N
g, Li Jumei [Note 7]
Rongsheng Holding, th
29,305,496,400.00 January 20, 2021 November 15, 2032 N
e Company [Note 8]
Rongsheng Holding [N
2,202,000,000.00 October 12, 2022 October 12, 2025 N
ote 5]
Rongsheng Holding 2,170,779,782.68 January 11, 2024 December 27, 2024 N
Rongsheng Holding [N
100,000,000.00 January 9, 2024 August 27, 2024 N
ote 10]
Rongsheng Holding 549,626,732.38 May 12, 2023 March 30, 2026 N
Rongsheng Holding 43,702,317,776.11 July 3, 2023 June 12, 2025 N
Rongsheng Holding 6,175,152,828.83 March 22, 2023 November 15, 2024 N
Rongsheng Holding 1,051,691,451.14 January 22, 2024 September 6, 2024 N
Rongsheng Holding, th
196,052,789.56 April 25, 2023 August 26, 2026 N
e Company [Note 6]
195
2024 Semi-annual Report
Rongsheng Holding [N
143,830,226.88 March 25, 2023 January 31, 2026 N
ote 6]
Rongsheng Holding [N
4,380,373,591.20 June 4, 2024 August 31, 2024 N
ote 5]
Rongsheng Holding, th
177,726,019.09 November 18, 2021 January 31, 2026 N
e Company [Note 8]
Rongsheng Holding, th
3,312,679.18 November 2, 2021 July 1, 2024 N
e Company [Note 8]
Rongsheng Holding [N
149,237,865.68 May 22, 2024 December 30, 2025 N
ote 11]
Rongsheng Holding 4,319,136,904.00 August 16, 2022 August 18, 2025 N
Rongsheng Holding 185,260,058.00 March 27, 2024 January 11, 2025 N
Rongsheng Holding [N
396,240,000.00 July 18, 2023 August 7, 2024 N
ote 5]
Rongsheng Holding 1,000,000.00 November 13, 2023 February 28, 2025 N
Description of related guarantee
[Note 1] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 100% of the guarante
e amount. Ningbo Niluoshan New Energy Co., Ltd., a subsidiary of the Company, provided mortgage guarantee fo
r fixed assets and intangible assets of RMB 86,225,600.
[Note 2] Zhejiang Rongsheng Holding Group Co., Ltd. has provided joint and several liability guarantees for 100%
of the guarantee amount. Ningbo Zhongjin Petrochemical Co., Ltd., a subsidiary of the Company, provided mortg
age guarantee with fixed assets of RMB 3,489,121,700.
[Note 3] Zhejiang Rongsheng Holding Group Co., Ltd. has provided joint and several liability guarantees for 100%
of the guarantee amount. Zhejiang Yisheng New Materials Co., Ltd., a subsidiary of the Company, provided mort
gage guarantee with machinery and equipment of RMB 4,095,216,600.
[Note 4] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 50% of the guarantee
amount. Zhejiang Yisheng New Materials Co., Ltd., a subsidiary of the Company, provided mortgage guarantee w
ith machinery and equipment of RMB 653,515,500.
[Note 5] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 60% of the guarantee
amount.
[Note 6] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 100% of the guarante
e amount. The Company's subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has provided a mortgage guarante
e with the completed assets of the newly added 1.4 million tons/year ethylene and downstream chemical plant (Ph
ase II project product structure optimization) project (including but not limited to the mortgage guarantee provided
in the form of land use right, above-ground structures and equipment of the project after the completion acceptanc
e of the construction project).
[Note 7] Zhejiang Rongsheng Holding Group Co., Ltd. and the Company provide joint liability guarantee for 51%
of the guarantee amount. The Company's subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has provided a mo
rtgage guarantee with the completed asset-refining and chemical integration project with an annual output of 40 m
illion tons (including but not limited to the mortgage guarantee provided in the form of land use right, above-grou
nd structures and equipment of the project after the completion acceptance of the construction project).
[Note 8] Zhejiang Rongsheng Holding Group Co., Ltd. and the Company provide joint liability guarantee for 60%
of the guarantee amount. The Company's subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has provided a mo
rtgage guarantee with the completed asset-refining and chemical integration project with an annual output of 40 m
196
2024 Semi-annual Report
illion tons (including but not limited to the mortgage guarantee provided in the form of land use right, above-grou
nd structures and equipment of the project after the completion acceptance of the construction project).
[Note 9] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint and several liability guarantees for 100% of
the guarantee amount. The Company's subsidiary Zhejiang Petroleum & Chemical Co., Ltd. provides a mortgage g
uarantee by machinery and equipment worth RMB 4,759,243,000.
[Note 10]: Zhejiang Rongsheng Holding Group Co., Ltd. provides joint and several liability guarantees for 100%
of the guarantee amount. The Company's subsidiary Zhejiang Yongsheng Technology Co., Ltd. provides mortgage
guarantee with the deposit of RMB 92,750,000.
[Note 11] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 100% of the guarant
ee amount. The Company's subsidiary Zhejiang Petroleum & Chemical Co., Ltd. provides a mortgage guarantee w
ith the completed asset-high-performance resin (including but not limited to the mortgage guarantee provided in th
e form of land use right, above-ground structures and equipment of the project after the completion acceptance of t
he construction project).
(4) Remuneration of key management personnel
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
Remuneration of key management perso
7,650,276.55 6,219,431.41
nnel
(5) Other related transactions
1. Fund borrowing from/to related parties
(1) At the beginning of the period, the Company had RMB 14,615.7636 million payable to Zhejiang Rongshe
ng Holding Group Co., Ltd.; in the current period, the Company has borrowed RMB 898.50 million from Zhejiang
Rongsheng Holding Group Co., Ltd., made RMB 107.6759 million provisions for fund possession cost, and return
ed RMB 2,638.8419 million of principal and interest on a cumulative basis. As of June 30, 2024, the amount payab
le by the Company is RMB 12,983.0977 million.
(2) At the beginning of the period, the entrusted loan and the related interest payable of Zhejiang Yisheng Ne
w Materials Co., Ltd. to Zhejiang Yisheng Petrochemical Co., Ltd. were RMB 786.00 million and RMB 1.1492 mi
llion, respectively. In the current period, RMB 548.00 million was paid in due course, RMB 0 of the entrusted loan
was received, RMB 12.4399 million of entrusted loan interest was accrued, and RMB 13.2728 million of entruste
d loan interest was paid. As of June 30, 2024, RMB 238.00 million of entrusted loan and RMB 316,300 of entruste
d loan interest were not yet due for payment.
(3) As of June 30, 2024, the amount receivables of subsidiary Zhejiang Petroleum & Chemical Co., Ltd. from
ZPC-ENN (Zhoushan) Gas Co., Ltd. were RMB 10.80 million. In the current period, RMB 226,000 of entrusted l
oan interest was accrued, and RMB 226,000 of loan principal and interest was collected. As of June 30, 2024, the a
mount receivables of Zhejiang Petroleum & Chemical Co., Ltd. were RMB 10.80 million.
2. As of June 30, 2024, the subsidiary Zhejiang Petroleum & Chemical Co., Ltd. had made RMB 577,467,82
3.24 of house payments to Daishan Chenyu Real Estate Co., Ltd. on a cumulative basis.
As of June 30, 2024, the subsidiaries Yisheng Dahua Petrochemical Co., Ltd. and Zhejiang Petroleum & Che
mical Co., Ltd. had made RMB 276.3229 million of construction equipment cost for the project contracts in progre
ss to Suzhou Shenghui Equipment Co., Ltd. on a cumulative basis.
197
2024 Semi-annual Report
As of June 30, 2024, the subsidiaries Zhejiang Yisheng New Materials Co., Ltd., Yisheng Dahua Petrochemic
al Co., Ltd. and Zhejiang Petroleum & Chemical Co., Ltd. had made RMB 361.00 million of construction equipme
nt cost and technical development expense for the project contracts in progress to Zhejiang Dongjiang Green Petro
chemical Technology Innovation Center Co., Ltd. on a cumulative basis.
As of June 30, 2024, the subsidiary Zhejiang Petroleum & Chemical Co., Ltd. had made RMB 37.1577 millio
n of construction equipment cost for the project contracts in progress to Zhejiang Dingsheng Petrochemical Engine
ering Co., Ltd. on a cumulative basis.
3. As of June 30, 2024, the deposit balance of the Company and its subsidiaries in the related party Zhejiang
Xiaoshan Rural Commercial Bank Co., Ltd. was RMB 504,054,765.02, USD 1,321,746.75, and EUR 129.66; at th
e end of the period, there were no bank acceptance bills issued but not yet due for payment.
4. Asset transfer of related parties
Pricing principles of
Contents of related Type of related part Transacti
Transferee related party transa Amount
party transaction y transaction on time
ction
Zhejiang Dongjiang Green
Petrochemical Technolog 36,371,681.
Fixed assets Transfer 2024 Agreed Price
y Innovation Center Co., L 41
td.
6. Accounts receivable and payable of related parties
(1) Receivables
Unit: RMB
Ending balance Beginning balance
Project Related party Bad-debt provisio Bad-debt provisio
Book balance Book balance
n n
Accounts receivabl
e
Zhejiang Yisheng
Petrochemical Co., 360,195,827.42 42,695,506.91 317,158,242.68 38,391,748.43
Ltd.
SAUDI BASIC IN
DUSTRIES CORP 95,068,696.91 4,753,434.85 71,159,154.19 3,557,957.71
ORATION
Zhejiang Derong C
76,870,949.78 3,843,547.49 57,463,699.62 2,873,184.98
hemicals Co., Ltd.
Subtotal 532,135,474.11 51,292,489.24 445,781,096.49 44,822,891.12
Advance payment
Ningbo Hengyi Tr
6,000,000.00
ading Co., Ltd.
Hangzhou Shengy
uan Real Estate De
3,567,132.35
velopment Co., Lt
d.
Subtotal 9,567,132.35
Other receivables
ZPC-ENN (Zhous
10,800,000.00 1,893,309.57 10,800,000.00 1,893,309.57
han) Gas Co., Ltd.
198
2024 Semi-annual Report
Rongsheng Energy
10,665.06 533.25
Co., Ltd.
Subtotal 10,800,000.00 1,893,309.57 10,810,665.06 1,893,842.82
(2) Payables
Unit: RMB
Project Related party Ending book balance Beginning book balance
Accounts payable
Rongsheng Petrochemical (Si
32,340,098,857.71 17,500,740,384.58
ngapore) Pte. Ltd. [Note]
Ningbo Zhongjin Petrochemic
1,045,283,481.65 1,004,420,000.00
al Co., Ltd. [Note]
Zhejiang Yisheng New Materi
1,076,459,043.37 941,459,043.38
als Co., Ltd. [Note]
Yisheng Dahua Petrochemical
2,283,000,000.00 770,000,000.00
Co., Ltd. [Note]
Dalian Rongxincheng Trading
790,750,958.50 494,747,501.53
Co., Ltd. [Note]
Zhejiang Rongtong Chemical
Fiber New Material Co., Ltd. 465,060,958.88
[Note]
The Company [Note] 1,010,000,000.00 385,000,000.00
Zhejiang Petroleum & Chemi
843,605,966.00 380,248,726.38
cal Co., Ltd. [Note]
Zhejiang Shengyuan Chemica
158,000,000.00
l Fiber Co., Ltd. [Note]
Ningbo Rongxincheng [Note] 100,000,000.00
SAUDI ARABIAN OIL CO
641,663,868.24 7,482,166,334.12
MPANY
ARAMCO TRADING SING
365,498,003.53
APORE PTE LTD
Guangsha (Zhoushan) Energy
22,833,934.16
Group Co., Ltd.
Zhejiang Rongtong Logistics
72,783,093.69 114,735,427.56
Co., Ltd.
Suzhou Shenghui Equipment
12,414,239.24 19,581,790.48
Co., Ltd.
Ningbo Qingzhi Chemical Ter
10,868,879.48 6,456,923.33
minal Co., Ltd.
Zhoushan Petroleum Pipeline
5,354,663.89 6,309,654.33
Co., Ltd.
Shanghai Huanqiu Engineerin
3,672,000.00
g Co., Ltd.
Zhejiang Saintyear Textile C
292,824.86 3,196,676.08
o., Ltd.
Dongzhan Shipping Co., Ltd. 2,668,604.42
Ningbo Rongxiang Logistics
13,360,207.20 1,811,859.97
Co., Ltd.
199
2024 Semi-annual Report
Ningbo Haineng Blend Oil C
379,208.29
o., Ltd.
Zhejiang Dingsheng Petroche
370,000.00 320,000.00
mical Engineering Co., Ltd.
Electric Power Branch, Ther
mal Power Co., Ltd. of Ningb
53,941.82
o Economic and Technologica
l Development Zone
Ningbo United Group Co., Lt
8,058.00 8,058.00
d.
Subtotal 40,246,314,141.83 30,129,369,030.84
Contract liabilities and other c
urrent liabilities
Zhejiang Petroleum Integrate
8,277,352.96 23,731,636.49
d Energy Sales Co., Ltd.
Zhejiang Rongtong Logistics
2,268,575.00
Co., Ltd.
Ningbo Shengmao Trading C
733,619.30 302,096.62
o., Ltd.
Zhoushan ZPC Zhougang Tug
1,447,693.85 254,037.39
boat Co., Ltd.
Zhejiang Saintyear Textile C
45,602.11 11,048.15
o., Ltd.
Ningbo Hengyi Trading Co. L
8,464,763.08
td.
Subtotal 18,969,031.30 26,567,393.65
Other payables
Zhejiang Rongsheng Holding
12,983,097,673.00 14,615,763,666.09
Group Co., Ltd.
Zhejiang Yisheng Petrochemi
238,316,341.67 787,149,197.50
cal Co., Ltd.
Zhejiang Dingsheng Petroche
36,050.00 11,700.00
mical Engineering Co., Ltd.
Zhejiang Yixin Chemical Fibe
365,845.33
r Co., Ltd.
Subtotal 13,221,450,064.67 15,403,290,408.92
XV. Commitments and contingencies
1. Major commitments
Significant commitments at the balance sheet date
1. As of June 30, 2024, the number of letters of credit issued but not withdrawn in the financial institutions, in
cluding Bank of Communications Hangzhou Xiaoshan Sub-Branch by the Company and its holding subsidiaries Z
hejiang Shengyuan Chemical Fiber Co., Ltd., Yisheng Dahua Petrochemical Co., Ltd., Zhejiang Petroleum & Che
mical Co., Ltd., Rongsheng Petrochemical (Singapore) Pte. Ltd., Zhejiang Yongsheng Technology Co., Ltd., Ning
bo Zhongjin Petrochemical Co., Ltd., Zhejiang Yisheng New Materials Co., Ltd. and Zhejiang Yongsheng Techno
logy Co., Ltd. were RMB 43,866.8627 million, USD 742.4981 million, EUR 82.1957 million, GBP 629,000, and
FRF 235,000.
200
2024 Semi-annual Report
2. As of June 30, 2024, the unexpired letters of guarantee of the Company and its subsidiaries are as follows:
Unit：RMB 10,000
Issuing bank Name of issuing company Beneficiary Guarantee amount
Banking Department of Ningbo
Zhejiang Yisheng New Materi Agricultural Bank of China Limited Fran
Branch, Agricultural Bank of JPY 414,100.00
als Co., Ltd. kfurt Branch
China Limited
Ningbo Zhenhai Branch, Bank Ningbo Zhongjin Petrochemic CCCC Water Resources and Hydropower
CNY 100.00
of China Limited al Co., Ltd. Construction Co., Ltd.
Zhoushan Branch, Shanghai P
Zhejiang Petroleum & Chemi Hangzhou Customs of the People's Re
udong Development Bank C CNY 7,420.00
cal Co., Ltd. public of China
o., Ltd.
Zhoushan Branch, Shanghai P
Zhejiang Petroleum & Chemi Hangzhou Branch of Standard Charter
udong Development Bank C CNY 42,000.00
cal Co., Ltd. ed Bank (China) Co., Ltd.
o., Ltd.
Xiaoshan Branch, Agricultura Zhejiang Petroleum & Chemi Hangzhou Customs of the People's Re
CNY 101,590.00
l Bank of China Limited cal Co., Ltd. public of China
Zhoushan Branch, China Con Zhejiang Petroleum & Chemi Mitsubishi Commercial Metal Trading
CNY 7,069.55
struction Bank Corporation cal Co., Ltd. (China) Co., Ltd.
Zhoushan Branch, China Con Zhejiang Petroleum & Chemi CCCC Water Resources and Hydropo
CNY 300.00
struction Bank Corporation cal Co., Ltd. wer Construction Co., Ltd.
Zhoushan Branch, China Con Zhejiang Petroleum & Chemi
Guiyan Resources (Yimen) Co., Ltd. CNY 4,884.14
struction Bank Corporation cal Co., Ltd.
Zhoushan Branch, China Con Zhejiang Petroleum & Chemi
Standard Chartered (China) Co., Ltd. CNY 1,000.00
struction Bank Corporation cal Co., Ltd.
Zhoushan Branch, China Con Zhejiang Petroleum & Chemi Hangzhou Customs of the People's Re
CNY 50,000.00
struction Bank Corporation cal Co., Ltd. public of China
Zhoushan Branch, Bank of C Zhejiang Petroleum & Chemi Hangzhou Customs of the People's Re
CNY 70,105.00
hina Limited cal Co., Ltd. public of China
Zhoushan Branch, Bank of C Zhejiang Petroleum & Chemi
Standard Chartered (China) Co., Ltd. CNY 1,000.00
hina Limited cal Co., Ltd.
Zhoushan Branch, Huaxia Ba Zhejiang Petroleum & Chemi Hangzhou Customs of the People's Re
CNY 28,140.00
nk Co., Ltd. cal Co., Ltd. public of China
Zhoushan Branch, Postal Savi Zhejiang Petroleum & Chemi Standard Chartered (China) Co., L
CNY 3,000.00
ngs Bank of China cal Co., Ltd. td.
Zhoushan Branch, Bank of W Zhejiang Petroleum & Chemi Hangzhou Customs of the People's Re
CNY 25,620.00
enzhou Co., Ltd. cal Co., Ltd. public of China
Hangzhou Xiaoshan Branch,
Zhejiang Petroleum & Chemi Hangzhou Customs of the People's Re
Bank of Communications C CNY 68,410.00
cal Co., Ltd. public of China
o., Ltd.
Ningbo Zhenhai Branch, Ping Zhejiang Petroleum & Chemi Hangzhou Customs of the People's Re
CNY 32,000.00
An Bank Co., Ltd. cal Co., Ltd. public of China
Zhoushan Branch, Industrial a
Zhejiang Petroleum & Chemi Hangzhou Customs of the People's Re
nd Commercial Bank of Chin CNY 100,000.00
cal Co., Ltd. public of China
a Limited
Dalian Jinpu New Area Branc Yisheng Dahua Petrochemical Dalian Customs of the People's Repub
CNY 10,000.00
h of Bank of China Limited Co., Ltd. lic of China
201
2024 Semi-annual Report
2. Contingencies
(1) Important contingencies on balance sheet date
As of the balance sheet date, there were no important contingencies requiring disclosure by the Company.
(2) Explanation even if the Company has no important contingencies to be disclosed
The Company has no important contingencies to be disclosed.
XVI. Other Important Matters
1. Segment information
(1) Determination basis and accounting policies for reporting segments
Factors considered in determining reporting segments
The Company determines its reportaing segments on the basis of its internal organizational structure, manage
ment requirements, and internal reporting system, and its reporting segments on the basis of business segments. Th
e operating results of the petrochemical production business, polyester fiber manufacturing business, and wholesal
e and retail business are evaluated separately. Assets and liabilities shared with the segments are allocated among t
he different segments in proportion to their size.
(2) Financial information of the reporting segments
Unit: RMB
Oil refining pr Chemical prod Polyester fiber
Inter-segment
Item oduction busin uction busines manufacturin Trade business Total
offset
ess s g business
Revenue from
60,916,920,17 102,361,011,75 8,464,427,840. 99,953,021,60 -111,615,956,9 160,079,424,41
main businesse
5.03 7.75 36 5.99 64.85 4.28
s
Main business c 49,829,641,10 94,146,275,44 8,347,692,812. 99,774,184,07 -111,540,857,7 140,556,935,63
osts 6.32 4.06 53 3.50 99.31 7.10
61,053,214,12 14,451,786,37 -51,133,016,91 386,095,763,40
Total assets 361,723,779,815.76
9.78 8.37 4.60 9.31
42,277,445,87 10,943,757,59 -12,144,984,18 290,800,159,29
Total liabilities 249,723,940,005.72
0.20 8.65 1.04 3.53
XVII. Notes to Main Items of the Financial Statements of the Parent Company
1. Accounts receivable
(1) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 71,925,195.66 15,627,737.43
202
2024 Semi-annual Report
1-2 years 6,020,319.12 3,459,098.34
2-3 years 2,344,542.78 2,988,301.68
Above 3 years 1,927,643.03 101,666.96
Total 82,217,700.59 22,176,804.41
(2) Classified disclosure by bad debt accrual method
Unit: RMB
Ending balance Beginning balance
Book balance Bad-debt provision Book balance Bad-debt provision
Categor
y Percent Book va Percent Book va
Proporti lue Proporti lue
Amount Amount age of p Amount Amount age of p
on on
rovision rovision
Account
s receiva
ble with
provisio
n for bad 82,217,7 6,829,29 75,388,4 22,176,8 2,125,45 20,051,3
100.00% 8.31% 100.00% 9.58%
debt res 00.59 7.55 03.04 04.41 4.16 50.25
erves ba
sed on c
ombinati
on
82,217,7 6,829,29 75,388,4 22,176,8 2,125,45 20,051,3
Total 100.00% 8.31% 100.00% 9.58%
00.59 7.55 03.04 04.41 4.16 50.25
Provision for bad debts based on an ageing portfolio:
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Within 1 year 71,925,195.66 3,596,259.78 5.00%
1-2 year(s) 6,020,319.12 602,031.91 10.00%
2-3 years 2,344,542.78 703,362.83 30.00%
Above 3 years 1,927,643.03 1,927,643.03 100.00%
Total 82,217,700.59 6,829,297.55 8.31%
If the provision for bad debts of accounts receivable is accrued according to the general model of expected credit l
oss:
□ Applicable Not applicable
(3) Bad debt reserves accrual, recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
The amount of change in the current period
Beginning bala Ending balanc
Category Recovered or r
nce Provision Write-off Other e
eturned
Provision made 2,125,454.16 4,703,843.39 6,829,297.55
203
2024 Semi-annual Report
for bad debt re
serves based on
combination
Total 2,125,454.16 4,703,843.39 6,829,297.55
(4) Accounts receivables and contract assets with top 5 ending balances by debtor
Unit: RMB
Ending balance of
Proportion of acc
Ending balance of bad debt provisio
Ending balance o ounts receivable a
Ending balance o accounts receiva n for accounts rec
Company name f accounts receiva nd total ending b
f contract assets ble and contract a eivable and impai
ble alance of contract
ssets rment provision o
assets
f contract assets
Customer 6 48,042,198.63 48,042,198.63 58.43% 2,402,109.93
Customer 7 6,761,660.56 6,761,660.56 8.22% 338,083.03
Customer 8 2,101,500.00 2,101,500.00 2.56% 210,150.00
Customer 9 1,642,425.15 1,642,425.15 2.00% 82,121.26
Customer 10 1,575,054.57 1,575,054.57 1.92% 78,752.73
Total 60,122,838.91 60,122,838.91 73.13% 3,111,216.95
2. Other receivables
Unit: RMB
Item Ending balance Beginning balance
Dividends receivable 850,000,000.00 1,230,000,000.00
Other receivables 1,808,824,606.04 2,049,228,160.71
Total 2,658,824,606.04 3,279,228,160.71
(1) Dividends receivable
1) Classification of dividends receivable
Unit: RMB
Project (or investee) Ending balance Beginning balance
Hong Kong Sheng Hui Co., Ltd. 550,000,000.00 550,000,000.00
Ningbo Zhongjin Petrochemical Co., Ltd. 300,000,000.00 300,000,000.00
Zhejiang Yongsheng Technology Co. Ltd. 280,000,000.00
Zhejiang Shengyuan Chemical Fiber Co., Ltd. 100,000,000.00
Total 850,000,000.00 1,230,000,000.00
2) Significant dividends receivable aged over 1 year
Unit: RMB
Reason for the unreco Whether impairment
Project (or investee) Ending balance Aging
vered amount occurs and its judgme
204
2024 Semi-annual Report
nt basis
Hong Kong Sheng Hui Subsidiaries are in nor
300,000,000.00 Above 3 years Unrecovered
Co., Ltd. mal operation
Total 300,000,000.00
3) Classified disclosure by bad debt accrual method
□ Applicable Not applicable
(2) Other receivables
1) Classification of other receivables by nature
Unit: RMB
Nature of account Ending book balance Beginning book balance
Current account of related parties within
1,471,186,163.44 1,299,250,326.32
the scope of consolidation
Grants receivable 337,000,000.00 744,000,000.00
Deposit receivable margin 600,000.00 6,312,327.58
Reserve fund receivables 2,261,621.77 2,169,706.59
Total 1,811,047,785.21 2,051,732,360.49
2) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 1,435,358,208.29 1,676,042,783.57
1-2 years
2-3 years 373,500,000.00
Above 3 years 375,689,576.92 2,189,576.92
Total 1,811,047,785.21 2,051,732,360.49
3) Classified disclosure by bad debt accrual method
Unit: RMB
Ending balance Beginning balance
Book balance Bad-debt provision Book balance Bad-debt provision
Categor
y Percent Book va Percent Book val
Proporti lue Proporti ue
Amount Amount age of p Amount Amount age of p
on on
rovision rovision
Provisio
n made f
or bad d
1,811,04 2,223,17 1,808,82 2,051,73 2,504,19 2,049,22
ebt reser 100.00% 0.12% 100.00% 0.12%
7,785.21 9.17 4,606.04 2,360.49 9.78 8,160.71
ves base
d on port
folio
205
2024 Semi-annual Report
1,811,04 2,223,17 1,808,82 2,051,73 2,504,19 2,049,22
Total 100.00% 0.12% 100.00% 0.12%
7,785.21 9.17 4,606.04 2,360.49 9.78 8,160.71
Type name of provision for bad debt by combination: other receivables of provision for bad debt by combination
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Portfolio of transactions betw
een related parties within the 1,471,186,163.44
consolidation scope
Grants receivable 337,000,000.00
Deposit receivable margin por
600,000.00 600,000.00 100.00%
tfolio
Portfolio of petty cash receiva
2,261,621.77 1,623,179.17 71.77%
ble, etc.
Total 1,811,047,785.21 2,223,179.17 0.12%
Provision for bad debts is made according to the general model of expected credit loss:
Unit: RMB
Stage I Stage II Stage III
Expected credit loss o Expected credit loss f
Bad-debt provision Expected credit loss i ver the entire duratio or the entire duration Total
n the next 12 months n (without credit imp (credit impairment ha
airment) s occurred)
The balance as of Janu
314,622.86 2,189,576.92 2,504,199.78
ary 1, 2024
The balance as of Janu
ary 1, 2024 in the curre
nt period
--Transferred into Stag
e II
Reversal in the current
period
Provision in the current
-281,020.61 -281,020.61
period
Balance as of June 30,
33,602.25 2,189,576.92 2,223,179.17
2024
Changes in the carrying amount of the provision for losses that are significant in amount during the current period
□ Applicable Not applicable
4) Top five debtors with the biggest ending balances of other accounts receivable
Unit: RMB
Proportion in a to
Ending balance of
Nature of paymen tal ending balanc
Company name Ending balance Aging provision for bad
t e of other receiva
debts
bles
Portfolio of transac
Company 6 tions between relat 623,559,492.87 Within 1 year 34.43%
ed parties within th
e consolidation sco
206
2024 Semi-annual Report
pe
Portfolio of transac
tions between relat
Company 7 ed parties within th 416,391,868.83 Within 1 year 22.99%
e consolidation sco
pe
Portfolio of transac
tions between relat
Company 8 ed parties within th 373,500,000.00 More than 3 years 20.62%
e consolidation sco
pe
Company 9 Government grants 337,000,000.00 Within 1 year 18.61%
Portfolio of transac
tions between relat
Company 10 ed parties within th 57,572,192.61 Within 1 year 3.18%
e consolidation sco
pe
Total 1,808,023,554.31 99.83%
3. Long-term equity investment
Unit: RMB
Ending balance Beginning balance
Item Provision for i Provision for i
Book balance Book value Book balance Book value
mpairment mpairment
Investment in s 41,493,102,80 41,493,102,80 40,951,102,80 40,951,102,80
ubsidiaries 8.47 8.47 8.47 8.47
Investment in j
oint ventures an 4,109,901,474. 4,109,901,474. 3,916,960,592. 3,916,960,592.
d associated ent 28 28 70 70
erprises
45,603,004,28 45,603,004,28 44,868,063,40 44,868,063,40
Total
2.75 2.75 1.17 1.17
207
2024 Semi-annual Report
(1) Investment in subsidiaries
Unit: RMB
Increase and decrease in the current period Ending balance
Beginning balance (bo Opening balance of im Ending balance
Investee Additional inv Reduced invest Provision for imp of provision fo
ok value) pairment provision Other (book value)
estment ment airment r impairment
Zhejiang Petrole
um & Chemical 28,457,242,115.34 28,457,242,115.34
Co., Ltd.
Ningbo Zhongji
n Petrochemical 5,990,201,140.04 5,990,201,140.04
Co., Ltd.
Zhejiang Sheng
yuan Chemical 2,030,140,000.00 2,030,140,000.00
Fiber Co., Ltd.
Dalian Yisheng
Investment Co., 1,468,204,457.48 1,468,204,457.48
Ltd.
Rongsheng Petr
ochemical (Sing 620,889,560.00 620,889,560.00
apore) Pte. Ltd.
Zhejiang Yongs
532,000,000.0
heng Technolog 198,306,537.70 730,306,537.70
0
y Co. Ltd.
Hong Kong She
ng Hui Co., Ltd. 141,419,910.00 141,419,910.00
Rongsheng Inter
national Trading 100,000,000.00 100,000,000.00
Co., Ltd.
Rongxiang Che
mical Fiber Co., 3,000,000.00 3,000,000.00
Ltd.
Rongsheng Inter
national Trade
1,000,000.00 1,000,000.00
(Hainan) Co., Lt
d.
208
2024 Semi-annual Report
Rongsheng Che
mical (Shangha 40,000,000.00 10,000,000.00 50,000,000.00
i) Co., Ltd.
Rongsheng New
Materials (Zho 1,000,000,000.00 1,000,000,000.00
ushan) Co., Ltd.
Rongsheng New
Materials (Taiz 900,000,000.00 900,000,000.00
hou) Co., Ltd.
Rongsheng Petr
ochemical (Hon
699,087.91 699,087.91
g Kong) Co., Lt
d.
542,000,000.0
Total 40,951,102,808.47 41,493,102,808.47
0
(2) Investment in joint ventures and associated companies
Unit: RMB
209
2024 Semi-annual Report
Increase and decrease in the current period
Declared Ending ba
Opening ba Investment g
Beginning ba Additi Other compr distributi Ending balan lance of pr
lance of im Reduced ains or losses Other eq Provision
Investor lance (book v onal i ehensive inco on of cash ce (book valu ovision for
pairment p investme recognized u uity chan for impair Other
alue) nvest me adjustme dividend e) impairme
rovision nt nder the equi ges ment
ment nts s or profit nt
ty method
s
I. Joint ventures
II. Associated enterprise
Zhejiang Yishen
1,483,798,41 11,605,237.4 1,495,262,998.
g Petrochemical -140,657.95
8.85 4 34
Co., Ltd.
Zhejiang Xiaosh
an Rural Comm 2,265,598,66 154,621,146. 13,228,63 2,476,719,695.
69,728,519.74
ercial Bank Co., 8.75 81 9.60 70
Ltd.
Ningbo Hengyi
167,563,505.1 -23,507,790.9 137,918,780.2
Trading Co., Lt -6,136,933.88
0 8 4
d.
3,916,960,59 142,718,593. 13,228,63 4,109,901,474.
Subtotal 63,450,927.91
2.70 27 9.60 28
3,916,960,59 142,718,593. 13,228,63 4,109,901,474.
Total 63,450,927.91
2.70 27 9.60 28
The recoverable amount is determined according to the net amount of fair value minus disposal expenses
□ Applicable Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□ Applicable Not applicable
210
2024 Semi-annual Report
4. Operating income and operating cost
Unit: RMB
The amount incurred in the current period Amount incurred in the previous period
Item
Revenue Cost Revenue Cost
Primary business 1,645,278,941.17 1,604,951,175.69 1,880,440,264.50 1,851,745,862.85
Other businesses 21,810,268.44 17,866,804.95 24,368,383.63 23,043,241.14
Total 1,667,089,209.61 1,622,817,980.64 1,904,808,648.13 1,874,789,103.99
Breakdown information of operating income and operating cost:
(1) Breakdown of revenue by goods
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Polyester chemical fiber film 1,645,278,941.17 1,604,951,175.69 1,880,440,264.50 1,851,745,862.85
Trade and others 21,810,268.44 17,866,804.95 24,368,383.63 23,043,241.14
Subtotal 1,667,089,209.61 1,622,817,980.64 1,904,808,648.13 1,874,789,103.99
(2) Breakdown of revenue by time of transferring goods
Amount in the current peri Amount in the previous
Item
od period
Revenue recognized at a certain point of time 1,666,663,420.62 1,904,166,446.29
Revenue recognized at a certain period of time 425,788.99 642,201.84
Subtotal 1,667,089,209.61 1,904,808,648.13
(3) The revenue recognized in the current period included in the opening book value of contract liabilities is R
MB 132,034,985.73.
5. Investment income
Unit: RMB
The amount incurred in the current pe Amount incurred in the previous perio
Item
riod d
Income from long-term equity investmen
142,718,593.27 146,126,783.72
t under theequity method
Receivable financing discounting expens
-38,617,554.90 -34,198,249.74
e
Interest income from the inter-bank loan
19,062,856.58
of related party
Total 123,163,894.95 111,928,533.98
6. Others
R&D expenses
Amount in the previous pe
Item Amount in the current period
riod
Direct input 27,292,336.08 40,111,005.23
211
2024 Semi-annual Report
Depreciation and amortization 826,532.32 1,149,657.56
Employee compensation 12,233,376.57 11,620,113.68
Outsourcing R&D and others 417,247.35 385,449.21
Total 40,769,492.32 53,266,225.68
XVIII. Supplementary Information
1. Breakdown of non-recurring gains and losses in the current period
Applicable □ Not applicable
Unit: RMB
Item Amount Notes
Profits and losses on disposal of non-current assets 5,269,441.94
Government grants included in the current profits and losses (exc
ept those closely related to the Company's normal business operat
ions, which are in line with national policies, enjoyed according t 17,442,587.20
o certain standards, and have a continuous impact on the Compan
y's profits and losses)
Except for the effective hedging business related to the Company'
s normal business, the gains and losses of the fair value changes a
rising from financial assets and financial liabilities held by non-fi 221,510,263.84
nancial enterprises and the gains and losses arising from the dispo
sal of financial assets and financial liabilities
Fund possession cost included in current gain and loss charged to
213,251.56
non-financial enterprises
Other non-operating revenues and expenditures except for the afo
-27,608,928.38
rementioned items
Other profit/loss items falling within the definition of non-recurri
70,311,778.50
ng gain or loss
Less: Affected amount of income tax 26,872,124.72
Affected amount of minority shareholders' equity (after tax) 74,707,943.95
Total 185,558,325.99 --
Other profit/loss items falling within the definition of non-recurring gain or loss:
□ Applicable Not applicable
The Company has no other profit/loss items falling within the definition of non-recurring gain or loss
Explanation of the circumstances in which the non-recurring gain and loss items listed in the Explanatory Announ
cement No. 1 on Information Disclosure of Companies Publicly Issuing Securities-Non-recurring Gains and Losse
s are defined as recurring gains and losses.
□Applicable Not applicable
2. Return on equity and earnings per share (EPS)
Earnings per share (EPS)
Profit within the reporting p Weighted average return on
eriod net assets Basic earnings per share (R Diluted earnings per share
MB per share) (RMB per share)
212
2024 Semi-annual Report
Net profit attributable to ordin
ary shareholders of the Comp 1.93% 0.09 0.09
any
Net profit attributable to ordin
ary shareholders of the Comp
1.51% 0.07 0.07
any after deducting non-recur
ring gains and losses
3. Differences in Accounting Data under Domestic and Foreign Accounting Standards
(1) Differences in net profits and net assets in financial reports disclosed in accordance with international ac
counting standards and China accounting standards
□ Applicable Not applicable
(2) Differences in net profits and net assets in financial reports disclosed in accordance with foreign account
ing standards and China accounting standards
□ Applicable Not applicable
Rongsheng Petrochemical Co., Ltd.
Chairman: Li Shuirong
August 27, 2024
213
