Financial Performance - In 2019, the total operating revenue reached RMB 2,966,193 million, an increase of 2.6% compared to RMB 2,891,179 million in 2018[5] - The net profit attributable to shareholders of the parent company was RMB 57,591 million, representing a decrease of 8.7% from RMB 63,089 million in the previous year[7] - The net cash flow from operating activities amounted to RMB 153,420 million, down 12.8% from RMB 175,868 million in 2018[7] - The basic earnings per share for 2019 was RMB 0.476, down 8.7% from RMB 0.521 in 2018[8] - The weighted average return on equity was 7.90%, a decrease of 0.77 percentage points from 8.67% in 2018[8] - The operating profit for the year was CNY 86.2 billion, representing a year-on-year growth of 4.8%[26] - The profit attributable to shareholders was CNY 57.5 billion, with a stable cash flow and sound financial condition[26] - The company's net profit for the year was RMB 7.20 billion, a decrease of 8.7% compared to the previous year[54] Assets and Liabilities - Total assets as of December 31, 2019, were RMB 1,755,071 million, a 10.2% increase from RMB 1,592,308 million in 2018[6] - The total liabilities increased by 19.5% to RMB 878,166 million from RMB 734,649 million in 2018[6] - The total equity attributable to shareholders of the parent company was RMB 739,169 million, a slight increase of 2.9% from RMB 718,355 million in 2018[6] - The asset-liability ratio increased to 50.04% from 46.14% in 2018, reflecting a rise of 3.90 percentage points[8] - The company's long-term liabilities increased to RMB 301.79 billion, up RMB 132.24 billion from RMB 169.55 billion in 2018[83] Dividends - The company proposed a final dividend of RMB 0.19 per share, in addition to an interim dividend of RMB 0.12 per share, totaling RMB 0.31 per share for the year[3] - The proposed final dividend is CNY 0.19 per share, combined with an interim dividend of CNY 0.12 per share, totaling CNY 0.31 per share, with a payout ratio of 65.3%[26] - The cash dividend per share for 2019 was RMB 0.31, down from RMB 0.42 in 2018 and RMB 0.50 in 2017[125] - The total cash dividend amount for 2019 was RMB 37.53 billion, a decrease from RMB 50.85 billion in 2018 and RMB 60.54 billion in 2017[125] Operational Highlights - Sinopec's domestic oil and gas reserve replacement rate reached 138.7%, indicating effective exploration and development efforts[25] - The company reported a significant increase in natural gas market share, further enhancing its competitive position[25] - The company has accelerated the construction of comprehensive service stations and smart infrastructure to adapt to market demands[25] - The company has implemented an innovation-driven development strategy, achieving breakthroughs in key research and development projects[25] - The company has maintained stable production operations while deepening supply-side structural reforms[25] Capital Expenditures - The company plans to invest CNY 143.4 billion in capital expenditures for 2020[28] - The exploration and development segment's capital expenditure for 2020 is projected to be RMB 61.1 billion, emphasizing oil and gas capacity construction[51] - The refining segment's capital expenditure for 2020 is set at RMB 22.4 billion, focusing on structural adjustment projects in various locations[51] - The chemical segment's capital expenditure is planned at RMB 32.3 billion, targeting several key projects including ethylene and coal chemical projects[51] Market and Sales Performance - Domestic natural gas consumption reached 306.7 billion cubic meters in 2019, a year-on-year increase of 9.4%[30] - The apparent consumption of refined oil products was 330 million tons, with a year-on-year growth of 1.4%[31] - The total sales volume of crude oil decreased by 8.5% to 6,034 thousand tons, while the average realized price fell by 3.2% to RMB 3,000 per ton[56] - Natural gas sales volume increased by 11.9% to 27,073 million cubic meters, with the average realized price rising by 11.6% to RMB 1,562 per thousand cubic meters[56] Environmental and Social Responsibility - The company is committed to green development, achieving a 100% solid waste disposal rate and a 3.9% reduction in sulfur dioxide emissions year-on-year[49] - The company invested nearly RMB 190 million in targeted poverty alleviation, implementing 53 projects across six designated poverty-stricken counties[98] - The total funding for poverty alleviation efforts amounted to RMB 187.44 million, helping 31,003 registered impoverished individuals to escape poverty[99] - Environmental protection measures were strictly implemented, with all pollution control facilities operating effectively and meeting national emission standards[96] Governance and Compliance - The company has established a risk management framework that enhances its resilience and sustained profitability[20] - The board of directors held a total of 4 meetings in 2019, ensuring effective governance and decision-making processes[107] - Sinopec's board evaluates its operational performance annually, ensuring alignment with regulatory requirements and corporate governance standards[107] - The company has established effective channels for communication with shareholders, including investor hotlines and online platforms[116] Human Resources - As of December 31, 2019, Sinopec had a total of 402,206 employees, with 250,175 being retired employees[159] - The educational background of employees showed that 107,740 held bachelor's degrees (27%), 18,123 held master's degrees or above (5%), and 153,296 had high school or below education (38%)[163] - Sinopec conducted training for 3,700 key talents at headquarters, focusing on corporate development strategies and key annual tasks[166] Related Party Transactions - The total amount of related party transactions for the year 2019 was RMB 447.608 billion, with purchases amounting to RMB 286.769 billion, accounting for 9.45% of similar transaction amounts[100] - The company’s related party transactions were approved by the board and complied with the Hong Kong Listing Rules[102] - The company’s related party transactions have been audited by external auditors in accordance with the relevant standards[102]