Investment Rating - The report maintains a "Buy" investment rating for Sinopec (600028.SH) [1] Core Views - Sinopec's Q3 performance is under pressure due to declining oil prices and reduced profit margins in petrochemical products, leading to a significant year-on-year decrease in net profit [1] - The company emphasizes shareholder returns, committing to a cash dividend payout ratio of no less than 65% over the next three years, indicating a stable high dividend expectation for investors [1] - The chemical sector continues to face challenges, but Sinopec has made notable progress in reducing losses, with expectations for a potential turnaround as oil prices decline and demand improves [1] Summary by Sections Financial Performance - For the first nine months of 2024, Sinopec reported revenue of 23,665.41 billion yuan, a year-on-year decline of 4.19%, and a net profit attributable to shareholders of 44.247 billion yuan, down 16.46% [1] - In Q3 2024, the company achieved revenue of 7,904.1 billion yuan, a year-on-year decrease of 9.8%, and a net profit of 8.544 billion yuan, reflecting a year-on-year decline of 52.15% [1] Shareholder Returns - The board has proposed a cash dividend of 0.146 yuan per share (tax included) for the year, reinforcing the company's commitment to shareholder returns [1] Chemical Sector Performance - The domestic chemical market remains in a downturn, with a total operating volume of 62.17 million tons, a year-on-year decrease of 1.26 million tons [1] - Despite the challenges, Sinopec's chemical segment has shown significant improvement in reducing losses, with a pre-tax loss of 4.787 billion yuan, a reduction of 1.92 billion yuan compared to the previous year [1]

| Section I | | | | | | | --- | --- | --- | --- | --- | --- | | 1. Class of shares Ordinary shares | H Type of shares | | Listed on the Exchange | Yes | + | | Stock code (if listed) 00386 | Description | | | | | | A. Changes in issued shares or treasury shares | Changes in issued shares | | Changes in treasury | | | | | (excluding treasury shares) | | shares | | | | Events | Number of issued shares (excluding treasury shares) | As a % of existing number of issued shares (excluding treasury shares) before th ...

FF305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks andlor on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation Date Submitted: 05 November 2024 Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is disoloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of H ...

FF305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks andlor on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation Date Submitted: 04 November 2024 Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is disoloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of H ...

Investment Rating - The investment rating for Sinopec (600028) is "Outperform the Market" and is maintained [2][25] Core Views - Sinopec reported a revenue of 2366.541 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.2%, and a net profit attributable to shareholders of 44.247 billion yuan, a decline of 16.5% year-on-year [6][10] - The decline in oil prices has negatively impacted the company's profitability across all business segments, with a significant drop in net profit of 52.1% in the third quarter compared to the previous year [6][10] - The company expects EPS for 2024-2026 to be 0.60, 0.61, and 0.63 yuan respectively, with a reasonable value range of 6.92-7.61 yuan based on comparable company valuation levels [25] Business Segment Summaries Exploration and Production - In Q3 2024, Sinopec's oil and gas equivalent production was 128 million barrels, a year-on-year increase of 1.68% but a quarter-on-quarter decrease of 0.37% [15][17] - The exploration and production segment generated operating revenue of 69.620 billion yuan, down 6.09% year-on-year, with operating profit of 13.547 billion yuan, a decrease of 1.62% quarter-on-quarter [15][19] Refining - The refining segment reported an income of 376.731 billion yuan in Q3 2024, a year-on-year decrease of 7.31%, and an operating loss of 539 million yuan, marking the first quarterly loss of 2023 [19][20] - The decline in crude oil prices has increased operational pressure due to higher refining costs and inventory losses [19] Chemicals - The chemical segment achieved revenue of 135.465 billion yuan in Q3 2024, a slight increase of 0.45% year-on-year, but incurred an operating loss of 1.732 billion yuan [22] - The "ethylene-naphtha" price spread was only 191.37 USD/ton in Q3 2024, significantly lower than the average of 425 USD/ton since 2012, indicating ongoing pressure in this segment [22][23] Marketing and Distribution - The marketing and distribution segment reported revenue of 448.978 billion yuan in Q3 2024, a year-on-year decrease of 8.16%, with operating profit down 64.91% [7][14]

FF305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks andlor on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation Date Submitted: 01 November 2024 Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is disoloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of H ...

为维护公司价值及股东权益，2024年8月23日，中国石油化工股份有限公司（简称 "公司"或"本公司"）第九届董事会第二次会议审议通过了《关于以集中竞价交易方 式回购公司股份的方案》，具体内容详见公司于2024年8月26日在上海证券交易所网站 披露的相关公告。现将公司回购股份进展情况公告如下： 2024年10月，公司通过集中竞价交易方式已累计回购A股股份30,309,200股，占公 司总股本的比例为0.02%，购买的最高价为人民币6.33元/股、最低价为人民币6.16元/股， 支付的金额为人民币188,823,082.00元（不含交易费用）。截至2024年10月31日，公司本 轮已累计回购A股股份37,800,000股，占公司总股本的比例为0.03%，购买的最高价为人 民币6.40元/股、最低价为人民币6.16元/股，支付的总金额为人民币236,138,451.00元（不 含交易费用）。 股票代码：600028 股票简称：中国石化 公告编号：2024-48 上述回购进展符合法律法规的规定及公司披露的回购股份方案。公司将按照相关 规定及回购股份方案，根据市场情况在回购期限内实施股份回购，回购的股份将全部 用于注销 ...

Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks andlor on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation 31 October 2024 Date Submitted: Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is disoloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of Hong (in ...

FF305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks andlor on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation Date Submitted: 30 October 2024 Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is disoloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of Ho ...