Full text of 2026 Semi-Annual ReportFull text of 2026 Semi-Annual Report
Section I Important Notice Table of Contents and Definitions
The Board of Directors the Directors and Senior Management of the
Company warrant that the contents in this semi-annual report are true accurate
and complete and have no false representations misleading statements or
material omissions and they will severally and jointly accept legal responsibility
for such contents.Mr. Li Shuirong Principal of the Company Ms. Wang Yafang Person in
Charge of Accounting Work and Ms. Zhang Shaoying Person in Charge of the
Accounting Department (Accounting Officer) hereby declare that they warrant
the truthfulness accuracy and completeness of the financial report in this semi-
annual report.All Directors have attended the Board meeting to deliberate on the report.The Company does not plan to distribute cash dividends issue bonus shares
or convert capital reserves into share capital.This semi-annual report has been prepared in both Chinese and English. In
case of any discrepancy between the two versions the Chinese version shall
prevail.Full text of 2026 Semi-Annual Report
Contents
Section I Important Notice Table of Contents and D... 1
Section II Company Profile and Key Financial Indic... 5
Section III Management Discussion and Analysis ...... 8
Section IV Corporate Governance Environment and So.. 33
Section V Important Matters ........................ 37
Section VI Changes in Shares and Shareholders ...... 75
Section VII Bonds .................................. 82
Section VIII Financial Reports ..................... 83
Full text of 2026 Semi-Annual Report
Contents of Documents for Future Reference
(I) The financial statements containing signatures and seals of the person in charge of the Company the person
in charge of accounting work and the person in charge of the Accounting Department (Accounting Officer);
(II) Written confirmation from Directors and Senior Management of the Company on the 2026 Semi-Annual
Report;
(III) The originals of all company documents and announcements that are disclosed to the public via media
designated by CSRC during the reporting period;
(IV) The place where the above-mentioned documents are maintained: Office of the Board of Directors.Full text of 2026 Semi-Annual Report
Definitions
Term Refers to Definition
Company the Company
Rongsheng Petrochemical Refers to Rongsheng Petrochemical Co. Ltd.Rongsheng Holdings Refers to Zhejiang Rongsheng Holding Group Co. Ltd. controlling shareholder of the Company
Rongtong Logistics Refers to Zhejiang Rongtong Logistics Co. Ltd. a subsidiary of the Company's controlling shareholder
Saudi Aramco Refers to Saudi Arabian Oil Company a shareholder holding 5% or more of the Company’s shares
ZPC Refers to Zhejiang Petroleum & Chemical Co. Ltd. a subsidiary of the Company
Zhongjin Petrochemical
ZJPC Refers to Ningbo Zhongjin Petrochemical Co. Ltd. a subsidiary of the Company
Yisheng Investment Refers to Dalian Yisheng Investment Co. Ltd. a subsidiary of the Company
Shengyuan Chemical Fiber Refers to Zhejiang Shengyuan Chemical Fiber Co. Ltd. a subsidiary of the Company
Rongxiang Chemical Fiber Refers to Rongxiang Chemical Fiber Co. Ltd. a subsidiary of the Company
Hong Kong Shenghui Refers to Hong Kong Shenghui Co. Ltd. a subsidiary of the Company
Yongsheng Technology Refers to Zhejiang Yongsheng Technology Co. Ltd. a subsidiary of the Company
Rongsheng New Materials
(Zhoushan) Refers to Rongsheng New Materials (Zhoushan) Co. Ltd. a subsidiary of the Company
Rongsheng (Singapore) Refers to Rongsheng Petrochemical (Singapore) Pte. Ltd. a subsidiary of the Company
Zhejiang Yisheng Refers to Zhejiang Yisheng Petrochemical Co. Ltd. an associate of the Company
Hengyi Trading Refers to Ningbo Hengyi Trading Co. Ltd. an associate of the Company
Yisheng New Materials Refers to Zhejiang Yisheng New Materials Co. Ltd. a controlled subsidiary of Zhongjin Petrochemical
Niluoshan New Energy Refers to Ningbo Niluoshan New Energy Co. Ltd. a subsidiary of Zhongjin Petrochemical
Yisheng Dahua Refers to Yisheng Dahua Petrochemical Co. Ltd. a subsidiary of Yisheng Investment
Hainan Yisheng Refers to Hainan Yisheng Petrochemical Co. Ltd. an associate of Yisheng Investment
The Securities Regulatory
Commission CSRC Refers to China Securities Regulatory Commission
Stock Exchange SZSE Refers to Shenzhen Stock Exchange
Yuan 10000 yuan Refers to RMB RMB 10000.00
Reporting period Refers to January 1 2026 to June 30 2026
Full text of 2026 Semi-Annual Report
Section II Company Profile and Key Financial Indicators
I. Company Profile
Stock abbreviation Rongsheng Petrochemical Stock code 002493
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 foreign
language (if any) RSPC
Company’s legal representative Li Shuirong
II. Contact information
Secretary of the Board of Directors Representative of securities affairs
Name Quan Weiying Hu Yangyang
Address Lanjue International Office Building No. 358 Lanjue International Office Building No. 358
Jincheng Road Xiaoshan District Hangzhou Jincheng Road 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. Company Contact Information
Whether the Company’s registered address office address and postal code website email address and other contact
information changed during the reporting period
□ Applicable R Not applicable
The Company’s registered address office address and postal code website email address and other contact
information remained unchanged during the reporting period. For details please refer to the 2025 Annual Report.
2. Information Disclosure and Place Where the Report Is Available
Whether the information disclosure channels and the place where the report is available changed during the reporting
period
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
The website of the stock exchange on which the Company discloses its semi-annual report the names and websites
of the media selected by the Company for information disclosure and the place where the Company’s semi-annual
report is available remained unchanged during the reporting period. For details please refer to the 2025 Annual
Report.
3. Other Relevant Information
Whether other relevant information changed during the reporting period
□ Applicable R 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 R No
Increase or decrease of
This reporting period Same reporting period this reporting period of the previous year compared with the
previous year
Operating revenue (RMB) 129406713606.78 148629350935.50 -12.93%
Net profit attributable to shareholders of the
listed company (RMB) 5110652552.96 602084104.39 748.83%
Net profit attributable to shareholders of the
listed company excluding non-recurring 5343525369.10 754957891.58 607.79%
profit or loss (RMB)
Net cash flow from operating activities
(RMB) 21254077553.64 7586625253.68 180.15%
Basic earnings per share (RMB per share) 0.53 0.06 783.33%
Diluted earnings per share (RMB per share) 0.53 0.06 783.33%
Weighted average return on net assets 11.13% 1.37% 9.76%
Increase or decrease at
At the end of this
the end of this
reporting period At the end of 2025 reporting period compared with the end
of the previous year
Total assets (RMB) 402822539719.62 386633124294.10 4.19%
Net assets attributable to shareholders of the
listed company (RMB) 47653523410.47 43593522953.92 9.31%
V. Differences in Accounting Data under Domestic and Foreign Accounting Standards
1. Differences in net profit and net assets in financial reports disclosed in accordance with international
accounting standards and China’s accounting standards
□ Applicable R Not applicable
In the reporting period of the Company there is no difference in the net profit and net assets disclosed in the financial
report under international accounting standards and China’s accounting standards.Full text of 2026 Semi-Annual Report
2. Differences in net profit and net assets in financial reports disclosed in accordance with foreign accounting
standards and China’s accounting standards
□ Applicable R Not applicable
In the reporting period of the Company there is no difference in the net profit and net assets disclosed in the financial
report under foreign accounting standards and China’s accounting standards.VI. Items and Amounts of Non-recurring Profit or Loss
RApplicable □ Not applicable
Unit: RMB
Item Amount
Profit or loss on disposal of non-current assets (including the write-off part of the provision for asset
impairment) 5731630.19
Government grants included in the current profit or loss (excluding those closely related to the Company's
normal business operations granted in accordance with national policies based on certain standards and 13985643.04
having a continuous impact on the Company’s profit and losses)
Profit or loss arising from changes in the fair value of financial assets and financial liabilities held by non-
financial enterprises and gains or losses arising from the disposal of financial assets and financial liabilities -359403400.67
except for effective hedging activities related to the Company’s normal business operations
Fund occupation fees charged to non-financial enterprises and recognized in current profit or loss 153396.22
Profit or loss from entrusted investment or asset management 143013.70
Other non-operating income and expenses other than the items set out above -410642.51
Other profit or loss items falling within the definition of non-recurring gain or loss 4022688.71
Less: Effect of income tax -58116873.86
Effect on non-controlling interests (after tax) -44787981.32
Total -232872816.14
Other gain/loss items falling within the definition of non-recurring gain or loss:
□ Applicable R Not applicable
The Company has no other gain/loss items falling within the definition of non-recurring gain or loss
Explanation of the circumstances in which the non-recurring profit or loss items listed in the Explanatory
Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public - Non-
recurring Gains and Losses are defined as recurring gains and losses.□ Applicable R Not applicable
The Company does not define any of the non-recurring profit or loss items listed in the Explanatory Announcement
No. 1 on Information Disclosure for Companies Offering Their Securities to the Public - Non-recurring Gains and
Losses as recurring gains and losses.Full text of 2026 Semi-Annual Report
Section III Management Discussion and Analysis
I. Main Businesses of the Company during the Reporting Period
(I) Industry Overview during the Reporting Period
In the first half of 2026 spillover effects from geopolitical conflicts intensified commodity price volatility
increased global supply chains underwent profound adjustments and inflation and tight monetary policies
continued to exert pressure. Nevertheless the global economy did not stall. The IMF forecast global economic
growth of 3.0% for the full year with growth expected to recover to 3.4% in the following year demonstrating
continued resilience. As the US dollar fluctuated at elevated levels the policies of major central banks gradually
took effect. Although the external environment remained complex momentum for recovery continued to build.Amid these changes the Chinese economy consolidated its foundation through stability and broke new ground
through progress. GDP grew by 4.7% year on year including growth of 5.0% in the first quarter and 4.3% in the
second quarter remaining within a reasonable range. Industrial output increased steadily the industrial structure
continued to be optimized and upgraded foreign trade remained buoyant and exports of chemicals emerged as a
strong growth driver. Through its stability the Chinese economy provided an anchor of certainty amid global
changes; through structural progress it accumulated long-term momentum for high-quality development.Building on this momentum the petrochemical industry expanded output to secure supply and made flexible
adjustments to navigate changes fully leveraging its strengths across the entire industrial chain. Crude oil output
increased by 0.9% year on year further strengthening the resource foundation. Processing volumes were flexibly
adjusted while export value rose significantly helping safeguard the stability of global supply chains. Driven by
improved cost pass-through and stronger exports industry profitability rebounded markedly. In the first half of the
year profit of industrial enterprises above designated size in the industry increased by 18.7% year on year while
profit in the chemical manufacturing sector surged by 67.8% opening up broader opportunities for high-quality
development.(II) Main Products of the Company during the Reporting Period
Rongsheng Petrochemical is one of China’s leading privately owned petrochemical enterprises principally
engaged in the research and development production and sales of various petroleum products chemicals and
polyester products. The Company has established seven major production bases in the Bohai Economic Rim the
Yangtze River Delta Economic Circle and the Hainan “Belt and Road” Economic Circle forging five major
industrial chains covering polyester engineering plastics new energy high-end polyolefins and special rubber. It
is one of Asia’s major producers of polyester new energy materials engineering plastics and high value-added
polyolefins and possesses the world’s largest production capacities for chemicals such as PX and PTA.Through technological innovation green transformation and strategic deployment the Company actively
responds to national policy directions and advances its transformation and upgrading. The Company has actively
developed a differentiated high-end and green product portfolio covering new energy new materials organic
chemicals synthetic fibers synthetic resins synthetic rubber petroleum products and other fields substantially
realizing the transformation from “a drop of oil to everything in the world.” Building on its existing world-scale
integrated refining and chemical complex and comprehensive upstream and downstream supporting facilities the
Company continues to upgrade and improve its new materials industrial chain thereby developing a more
diversified and resilient product portfolio.Full text of 2026 Semi-Annual Report
At present the main products are shown in the following figure:
Note: products marked by dotted line / dotted box are products under planning.(III) Management measures
Full text of 2026 Semi-Annual Report
2026 marks the first year of the “15th Five-Year Plan” and a pivotal year for the Company to build on a new
starting point deepen its strategic deployment and accelerate its transformation and upgrading. During the reporting
period the Board of Directors thoroughly implemented the new development philosophy and remained committed
to connecting with the world through openness consolidating profitability through quality enhancement driving
upgrading through digital and intelligent technologies and achieving shared success through incentives. The
Company achieved operating revenue of RMB 129.407 billion in the first half of the year with total profit reaching
RMB 10.86 billion total assets reaching RMB 402.823 billion and EBITDA reaching RMB 24.705 billion.Compared with the same period of the previous year total assets grew by 4.9% while total profit increased by
488.74% and EBITDA increased by 85.53% representing marked improvements in operating cash flow and
earnings quality.
1. Global Connectivity: Deepening Cooperation and Expanding the Global Footprint
Rongsheng Petrochemical has consistently pursued high-end intelligent and green development coordinating
its overall development through scientific decision-making and accelerating the quality and pace of its high-end
industrial deployment. The Company further deepened its strategic cooperation with Saudi Aramco with the two
parties carrying out comprehensive collaboration in areas including crude oil supply assurance technology research
and development and overseas market expansion. The Company also plans to work with Saudi Basic Industries
Corporation (SABIC) to make strategic investments in advanced new materials projects introduce internationally
advanced processes and core technology systems and further stimulate the Company’s innovation vitality. The
Company’s international industrial cooperation continued to deepen and deliver substantive results.
2. Industrial Synergy: Reducing Costs Improving Efficiency Extending the Industrial Chain and
Strengthening the Foundation
Rongsheng Petrochemical has consistently focused on its core petrochemical business fully leveraging its
integrated advantages across the entire industrial chain. Internally the Company continued to tap into its potential
for cost reduction and efficiency improvement. It advanced the tank farms and terminal engineering of the Jintang
Crude Oil Storage and Transportation Base in an orderly manner significantly strengthening the resilience of its
logistics and storage operations. The Company also accelerated the Zhoushan-Ningbo Petrochemical Base
Interconnection Pipeline Project to achieve efficient coordination and connectivity among its three major production
bases.Units under ZPC’s High-performance Resin Project were successively put into operation further expanding
the Company’s production capacity for high-end chemical materials. At the Jintang New Materials Project in
Zhoushan the offshore high-altitude lifting of China’s heaviest petrochemical pipe rack was successfully completed.The Company continued to make solid progress in extending its industrial chain toward high-value-added products
generating increasingly strong momentum for transformation and upgrading.
3. Innovation-Driven Growth: Advancing Digital and Intelligent Transformation and Delivering
Fruitful Results
Rongsheng Petrochemical has consistently placed innovation at the core of its development with its research
and development investment intensity continuing to lead the industry. ZPC received multiple honors including
recognition as a “Manufacturing Single Champion Enterprise” and a “Provincial Advanced Intelligent Factory.” Its
digitalization case was selected as an outstanding industry case and its strong digital management capabilities
received authoritative recognition.The Jintang New Materials Project pioneered an integrated construction model and set a new domestic record
for large-tonnage offshore lifting. Driven by digital and intelligent transformation together with engineering
innovation the Company accelerated the conversion of innovation achievements into actual productive forces
further consolidating its leading position in the petrochemical new materials sector.
4. Talent Cohesion: Diversified Incentives for Joint Creation and Shared Success
Full text of 2026 Semi-Annual Report
Rongsheng Petrochemical has consistently implemented its strategy of strengthening the Company through
talent establishing an employee incentive system and consolidating the foundation for talent development. The
Company formulated the Remuneration Management System for Directors and Senior Management which is
aligned with its sustainable development. It scientifically determined remuneration allocation ratios across different
levels with greater emphasis placed on key positions frontline production employees and urgently needed high-
level and highly skilled talent while effectively improving the remuneration of general employees.The Company launched its first Employee Stock Ownership Plan since its listing with a total of 1404
employees participating and aggregate funds of RMB 1.7 billion raised. The diversified and long-term incentive
mechanisms have fully stimulated the initiative and creativity of the management team and employees.(IV) Operational synergy
1. Controlling shareholder
Rongsheng Holdings ranks 115th on the Fortune Global 500 list 32nd among the Top 500 Chinese Enterprises
7th among the Top 500 Chinese Manufacturing Enterprises and 7th among the Top 500 Private Enterprises in China.
The Group currently owns listed companies including Rongsheng Petrochemical (stock code: 002493) and Ningbo
United (stock code: 600051) and operates in a wide range of sectors including upstream oil and gas and trading
coal logistics equipment manufacturing process engineering technology real estate and venture capital. Rongtong
Logistics a subsidiary of the Group is a national AAAA-level logistics enterprise with a mature and stable carrier
cooperation and operating platform. Suzhou Shenghui Equipment Co. Ltd. a company controlled by the Group
specializes in the design manufacture and sale of pressure vessels cryogenic equipment spherical tanks and marine
equipment. Shanghai Huanqiu Engineering Co. Ltd. an investee company of the Group has extensive experience
in engineering procurement and construction (EPC). A number of projects invested in by Zhejiang Rongsheng
Venture Investment Co. Ltd. have not only generated sound economic returns but also promoted synergy across
the industrial chain. In addition a number of other investments are progressing steadily.
2. Strategic investors
Rongsheng Petrochemical and Saudi Aramco are positioned upstream and downstream of each other within
the industry and have established a solid foundation for cooperation. The two parties will conduct comprehensive
consultations and cooperation in areas including: * Frontier technology sharing and cooperation: The two parties
will engage in sincere discussions on leveraging their respective strengths to achieve technological complementarity
jointly develop new technologies processes and equipment that meet future market demand promote their
application in the market and share the necessary research and development resources. * Stable crude oil supply
assurance: Saudi Aramco has committed to supplying ZPC with 480000 barrels per day of high-quality crude oil
and providing the Company with production feedstocks including naphtha mixed xylene and straight-run fuel oil.* Interest-free purchase credit facility: Saudi Aramco will provide an interest-free purchase credit facility for a
term of 20 years in an amount of not less than USD 800 million. The credit facility may be increased during the
cooperation period which will help improve ZPC’s capital utilization efficiency and have a positive impact on its
profitability. * Flexible cooperation in crude oil storage: The parties will engage in amicable consultations
regarding the Company’s provision of crude oil storage tanks and related facilities located in Zhoushan to Saudi
Aramco. Saudi Aramco will maintain crude oil inventories of not less than 1.5 million metric tons helping safeguard
ZPC’s crude oil supply. * Extensive global sales channels: By leveraging Saudi Aramco’s overseas sales channels
the Company can further expand the international market for its products and deepen strategic cooperation with
overseas customers. Similarly by leveraging the resources that the Company has developed over many years Saudi
Aramco can rapidly gain access to the relevant international and domestic markets.The combination of the respective strengths of the two parties enables the forward positioning of raw material
supplies and the expansion of global sales channels promotes resource sharing and industrial chain synergy and
Full text of 2026 Semi-Annual Report
facilitates the joint development of a mutually beneficial industrial ecosystem. As a practitioner of the Belt and
Road Initiative Rongsheng Petrochemical is driven by both “going global” and “bringing in.” The Company has
established a strategic foothold in the Middle East and developed a supply chain network around the Indian Ocean
while attracting long-term investments from international strategic investors into China thereby injecting sustained
vitality into its continued development.
3. Refining and chemical sector
3.1. 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
refining and chemical integration base with a processing capacity of 40 million tons/year for oil refining 8.8 million
tons/year for paraxylene and 4.2 million tons/year for ethylene among which the single scale for hydrogenation
reforming and PX is the largest in the world. The project is designed to maximize the refining and chemical
integration provide high-quality raw materials for downstream chemical devices maximize the production of
aromatic hydrocarbons (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 utilization of energy resources such as steam and water and full use of the low-temperature waste heat of
the device it builds the world's largest thermal seawater desalination device to realize energy saving and emission
reduction. The refining and chemical integration rate of the project ranks first in the world far higher than the
average level of petrochemical 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
transported separately and refined separately. Combined with blending means it can process 80%-90% of the global
crude 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 main device scale and technical and economic indicators represent the most advanced level worldwide. As a
result of one-time overall planning oil refining aromatic hydrocarbon and ethylene fully demonstrate the concept
of "molecular oil refining" and make the best use of the material. All olefins are deeply processed into chemicals
with high 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
and downstream integration of the polyester industry. ZPC is located in Zhoushan a part of East China which is
the main consumer of terminal chemicals. The Yangtze River Delta contains about 70% of China's production
capacity of plastics and chemical fibers with obvious regional advantages. Located in Zhejiang Free Trade Zone
ZPC enjoys various preferential policies in the free trade zone and has continuously obtained the export quota of
refined oil; Yushan Island where it is located is an uninhabited island. Therefore it is convenient for development
and utilization and will have little impact on the surrounding society and broad development space in the future;
Being close 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 cost.Industrial AI has been deeply integrated into the core aspects of ZPC’s production and operations. ZPC has
constructed a new industrial intelligence system centered on "intelligent instrumentation + predictive maintenance
+ data governance" significantly enhancing production efficiency through data analysis and AI technologies. ZPC
has deployed an industrial control system with a scale of up to 1 million I/O points fully supporting the synergistic
improvement of production efficiency economic benefits and safety levels while driving the sustainable
development of the upstream and downstream industrial chains. Relying on over 1 million online instruments for
real-time monitoring of production processes combined with robotic inspection whole-process intelligent control
Full text of 2026 Semi-Annual Report
systems and intelligent safety risk control for the entire hazardous chemical transportation chain ZPC has achieved
a unit operation stability rate of ≥98.5% and an automatic control rate for major refining and chemical units of ≥
99% (significantly higher than the global refinery average of approximately 80%). Furthermore it has
comprehensively promoted the informationized visualized and intelligent management of safety access for
personnel vehicles and materials.
3.2. Zhongjin Petrochemical
Zhongjin Project which was put into operation in August 2015 is an aromatic hydrocarbon combined plant
currently in service with leading single scale in the world. This project pioneered the process of making aromatic
hydrocarbon 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
successfully achieved its first industrial application on ZPC’s 2# disproportionation unit (3.5 million tons/year).This catalyst features the excellent "Three Highs" characteristics of simultaneous high space velocity high
selectivity and a high conversion rate of heavy aromatics while demonstrating superior operational stability. Its
comprehensive performance and technical indicators have reached the current advanced industry levels enabling
import substitution. This reflects a staged progress in the Company's R&D and innovation capabilities and is of
great significance for continuously enhancing the operation of aromatics units improving raw material conversion
efficiency and achieving energy conservation and carbon reduction.
3.3. Rongsheng New Materials (Zhoushan)
As the expansion area of the Zhoushan Green Petrochemical Base Rongsheng New Materials (Zhoushan)
relies on ZPC and Ningbo Zhongjin Petrochemical to extend the industrial chain downstream and develop fine
chemicals and new chemical materials. The interconnection planning among ZPC Zhongjin Petrochemical and
Jintang New Materials is a core strategy for Rongsheng Petrochemical to build a synergetic development of the
entire industrial chain of "refining-aromatics-high-end new materials." Through infrastructure interconnection
industrial chain extension and policy coordination a cross-regional deep integration system has been established.Specifically ZPC has deployed crude oil storage and transportation base tank farms and terminal engineering in
Jintang as well as the Zhoushan-Ningbo Petrochemical Base interconnection pipeline project which will coordinate
and integrate storage resources for crude oil and various chemical products achieving efficient connectivity among
ZPC Zhongjin Petrochemical and the Jintang New Materials project through dedicated pipelines. At present the
project has commenced construction and relevant work is progressing in an orderly manner according to plan.
4.PTA sector
The Company's four major PTA production bases—Yisheng New Materials Yisheng Dahua Hainan Yisheng
and Zhejiang Yisheng—have a combined total production capacity of 21.5 million tons firmly ranking first in the
world in terms of scale. Relying on the integrated layout of the entire industrial chain the Company's PTA sector
has established significant competitive advantages in terms of upstream and downstream integrated synergy
logistics and economies of scale. In terms of upstream and downstream synergy the Company is equipped with
upstream PX capacity achieving a high proportion of self-sufficiency in the core raw material PX; downstream it
extends to cover products such as polyester bottle chips filaments and films with a prominent industrial chain
linkage effect. Regarding logistics each base is adjacent to premium coastal deep-water ports such as Ningbo and
Dalian equipped with large-scale dedicated terminals and transmission pipelines. Through modes such as pipeline
transportation and direct ship-to-shore delivery the comprehensive transportation cost is effectively reduced.Meanwhile the proximity to downstream polyester textile industrial clusters further enhances production and sales
response efficiency.Full text of 2026 Semi-Annual Report
Since the construction of the first private PTA production line in 2002 the Company has adhered to
independent innovation successively developing and building the first domestic PTA process package and
production units with independent intellectual property rights. It has achieved the first localized application of core
equipment such as large-scale oxidation reactors and high-speed pumps breaking the long-term dependence of
China's PTA industry on imported complete sets of patented technologies and driving the leapfrog development of
a large number of domestic equipment manufacturers. Meanwhile the Company continues to carry out
technological upgrades to existing equipment to improve production efficiency and product quality while
continuously optimizing raw material consumption to ensure efficient resource utilization.
5. Polyester sector
The Company has established a comprehensive polyester capacity system covering polyester filament
polyester bottle chips and polyester film forming a well-structured and highly efficient industrial layout. In the
field of polyester filament the Company primarily operates through two major production bases: Shengyuan
Chemical Fiber and Rongxiang Chemical Fiber with a total filament capacity ranking among the top players in
China. Notably Shengyuan Chemical Fiber empowers traditional production lines with digitalization to create "dark
factories" and realize "replacement of humans with machines" and has been awarded the "Intelligent Manufacturing
Excellent Scenario" by the Ministry of Industry and Information Technology. In the field of polyester film the main
production base is Yongsheng Technology with an annual capacity of 430000 tons ranking among the top four in
China. Through the development of differentiated products its product competitiveness and market influence
continue to increase. In the field of polyester bottle chips the Company leverages its industrial chain integration
advantages to continuously tap potential and increase efficiency. The current capacity for polyester bottle chips
reaches 5.3 million tons per year ranking second in the world and first in China. Relying primarily on the production
bases of Yisheng Dahua and Hainan Yisheng the Company consumes a portion of its PTA capacity locally
effectively strengthening industrial chain synergy and significantly enhancing overall profitability and
comprehensive competitive advantages. Furthermore Hainan Yisheng possesses an r-PET capacity of 50000 tons
per year. Its products have passed the U.S. Food and Drug Administration (FDA) certification confirming that they
can be used to produce PET containers with up to 100% recycled content for all types of food contact. Hainan
Yisheng has established a differentiated advantage in the fields of green low-carbon and circular economy and
was successfully selected as a "National Green Factory."
II. Analysis of Core Competitiveness
As one of the world’s leading chemical materials manufacturers Rongsheng Petrochemical is a major global
producer of polyester new energy materials engineering plastics and high value-added polyolefins. The ZPC
refining and chemical integration project which is primarily operated by the Company has an annual processing
capacity of 40 million tons of crude oil 8.8 million tons of paraxylene (PX) and 4.2 million tons of ethylene and
maintains a globally leading level of refining and chemical integration. In 2026 the Company’s global brand value
and industry influence continued to increase steadily. In May 2026 Rongsheng Petrochemical was included in the
Brand Finance Chemicals 25 ranking for the seventh consecutive year and retained fifth place globally making itthe only Chinese brand among the top five. In July 2026 Chemical & Engineering News (C&EN) released its “2026Global Top 50 Chemical Companies” ranking in which Rongsheng Petrochemical ranked 17th. In 2025 Rongsheng
Petrochemical also received recognition in a number of authoritative global industry rankings ranking ninth in the
ICIS Top 100 Chemical Companies and seventh globally in the Chemical Week Billion-Dollar Club ranking. In
terms of sustainable development the Company continued to lead the industry maintaining an MSCI ESG rating
of A and achieving industry-leading performance in carbon reduction water resource management and corporate
governance. Through its comprehensive sustainability capabilities the Company continued to shape a high-quality
and sustainable long-term development model.Full text of 2026 Semi-Annual Report
(I) Comprehensive Industrial Synergy Advantages
Through years of development and refinement the Company has seized opportunities arising from industryadjustments and achieved rapid growth establishing a business model that spans “from a drop of oil to everythingin the world.” By extending the industrial chain the Company has effectively reduced operating costs established
complementary upstream and downstream operations and enhanced its sustainable profitability and risk resilience.Building on the complete polyester industrial chains of ZPC’s controlling shareholder Rongsheng Petrochemicaland its shareholder Tongkun Group ZPC successfully completed the final link in the entire process “from a dropof oil to a filament” creating significant advantages through the integration of the upstream and downstream
polyester industry and generating strong synergies with its shareholders across other industrial chains.The interconnection between the Zhoushan Green Petrochemical Base and the Ningbo Petrochemical Base
enables the coordinated development of the two major bases. Pipeline transportation significantly reduces the risks
and costs associated with marine and road transportation. Large quantities of light hydrocarbon feedstocks generated
as by-products at the Ningbo Petrochemical Base can be transported by pipeline to the Zhoushan Green
Petrochemical Base and used as high-quality ethylene feedstocks while surplus petroleum products from the
Zhoushan Green Petrochemical Base can be transported to the Ningbo Petrochemical Base and used as high-quality
feedstocks for aromatics production.The ZPC project is equipped with supporting facilities capable of securing the crude oil supply required for
both phases of the project. The Mamu Crude Oil Depot and the Yushan Island Crude Oil Depot have a combined
storage capacity of 4.6 million cubic meters representing the largest dedicated storage capacity supporting a refining
and chemical project in China. As China’s most concentrated resource allocation hub for oil and gas enterprises
the Zhejiang Free Trade Zone has more than 30 million cubic meters of oil storage capacity at locations including
Cezi Island and Waidiao Island. Most of its oil pipeline networks are interconnected enabling local transportation
and transfer. The Company is advancing the tank farm and terminal projects of the Jintang Crude Oil Storage and
Transportation Base. The project includes three new 300000-dwt oil berths with a designed annual throughput of
50 million tons. The new tank farm will have a total storage capacity of 4.64 million cubic meters and a designed
annual turnover of 50 million tons. Upon completion of the project the economies of scale arising from large-
volume inbound and outbound transportation and rapid turnover of terminal throughput and crude oil reserves will
gradually become evident effectively generating both economic and social benefits.(II) Distinctive Location Advantages
Along China’s eastern coastline the Company’s production bases are primarily located in Dalian Liaoning
Province within the Bohai Economic Rim; Ningbo and Zhoushan Zhejiang Province within the Yangtze River
Delta Economic Circle; and Haikou Hainan Province along the Belt and Road Economic Belt and the Maritime
Silk Road. Each production base is adjacent to high-quality ports connected to waterways and equipped with
comprehensive terminal facilities. The principal and auxiliary raw materials required for the Company’s production
can be unloaded and stored at chemical terminals constructed or leased by the Company greatly facilitating the
transportation of bulk raw materials and inventory adjustments.The ZPC project is located in a major consumption region for petroleum and chemical products and its
principal products are well suited to market demand. Its chemical products primarily target East China and South
China which are among China’s most economically developed regions and have the most active downstream
markets for petrochemical products. Related industries including plastics processing light manufacturing and
household chemicals are well developed in these regions providing strong market demand for bulk petrochemical
products. The Company has diversified sales channels for refined oil products strong policy support and evident
competitive advantages. The Ministry of Commerce formally approved ZPC’s qualification to export refined oil
products through non-state trading. As the first privately owned refining and chemical enterprise to obtain such
Full text of 2026 Semi-Annual Report
export rights ZPC took the lead in opening a sales channel into Southeast Asia. Against the backdrop of excess
domestic refined oil supply ZPC’s refined oil export rights are scarce and highly valuable.(III) Outstanding Strategic Deployment Advantages
The management team has keen investment insight accurately determines the timing of project commissioning
and possesses outstanding investment and financing capabilities. The Company started its business in polyester
chemical fibers and established a solid foundation through years of development. Following the full commissioning
of ZPC’s 40-million-ton-per-year refining and chemical integration project in early 2022 ZPC became the world’s
largest single-site refinery. Leveraging the platform provided by the world’s largest single-site 40-million-ton
refining and chemical integration project the Company accelerated its deployment in downstream chemical new
materials. Focusing on new energy and high-end materials the Company developed a range of new energy and new
materials products including EVA POE DMC PC and ABS continuously enriching its product portfolio. As new
projects progress steadily the Company will expand its production capacities for new energy materials renewable
plastics specialty synthetic materials and high-end synthetic materials in an orderly manner further accelerating its
transformation toward new materials.(IV) Strong R&D and Innovation Advantages
The Company follows a technology research and development model driven by both “independent innovation”
and “open cooperation.” It has established first-class R&D platforms including a high-tech R&D center an
academician and expert workstation an enterprise technology center and a postdoctoral research workstation. The
Company also actively engages in external technological exchanges and discussions promotes integrated industry-
university-research cooperation and brings together resources from universities society and enterprises. Through
these initiatives the Company works with its partners to improve research capabilities advance technological
progress and jointly develop an open healthy and mutually beneficial innovation ecosystem. In recent years the
Company has continuously strengthened its research cooperation with domestic and international institutions with
R&D investment increasing year by year and remaining at an industry-leading level.The Company’s principal manufacturing enterprises are national high-tech enterprises with strong R&D
capabilities and extensive experience in process operations accumulated through long-term production management.Bringing together domestic and international capabilities in industry academia research and application the
Company conducts research and development through independent innovation and has established an integrated
achievement-maturation platform covering laboratory innovation bench-scale testing pilot testing and industrial
demonstration production. Leveraging its flexible systems and mechanisms and its complete industrial chain the
Company addresses the difficulties faced by certain domestic research institutes in incubating and commercializing
research results despite their basic research capabilities. It has removed the final bottleneck between scientific
research achievements and their industrial application promoted industrial technological innovation and upgrading
and sought to secure technological leadership. These efforts drive the Company’s high-quality development toward
independent technologies diversified raw materials high-end products green production and intelligent industrial
operations.(V) Extensive Human Resources Advantages
The Company attaches great importance to corporate culture development and has established a positive
working environment and strong corporate cohesion. Through internal development and external recruitment the
Company has assembled a stable team of core management R&D and technical personnel. The Company places
considerable emphasis on developing its existing workforce. Based on its actual circumstances and overall planning
it continuously expands employee selection and development platforms and establishes effective incentive
mechanisms. By improving employee remuneration and benefits refining professional title assessment and
clarifying promotion standards and reward mechanisms the Company maintains a practical proactive and capable
workforce. The Company dynamically evaluates employees’ overall capabilities through a combination of
Full text of 2026 Semi-Annual Report
assessments performance appraisals and competitions. It has fostered a healthy competitive environment in which
employees learn from one another strive to improve and compete for excellence. The Company emphasizes
assigning employees according to their individual strengths and placing them in suitable positions ensuring that all
types of talent have opportunities to fully demonstrate their abilities.In addition the Company attaches great importance to talent and team management and adopts a two-pronged
approach involving internal incentives and external talent development. In terms of internal management the
Company advances the development of three talent groups comprising Senior Management high-potential
employees and professional specialists. It places particular emphasis on talent assessment and integrity education
strengthens skills training and certification and improves employees’ capabilities in all respects. In terms of external
talent development the Company relies on industry-university-research cooperation platforms to actively recruit
highly educated and highly skilled talent increase the proportion of high-caliber employees and provide new
momentum for its development.(VI) Efficient Operational Management Advantages
The Company remains committed to institutional development and integrates digitalization intelligent
technologies standardization process-based management and regulatory compliance into its corporate operations.It actively strengthens information technology development comprehensively integrates procurement production
inventory sales and other business processes and continuously enhances its rapid-response capabilities. Taking
into account its actual circumstances the Company has established a comprehensive and effective management
system that clearly defines position responsibilities and workflows. Through refined management the Company
has effectively reduced its operating costs. After years of effort the Company’s information technology
performance appraisal and credit management systems have reached industry-leading levels. Meanwhile through
brand and corporate culture development the Company has further strengthened its corporate cohesion and brand
influence.III. Analysis of Main Business
Overview
For details please refer to "I. Main Businesses of the Company during the Reporting Period".Year-on-year Changes in Key Financial Data
Unit: RMB
This reporting period Same period of the previous year YoY change Reasons for changes
Operating revenue 129406713606.78 148629350935.50 -12.93%
Operating costs 109671529657.63 128878959937.59 -14.90%
Selling expenses 86672912.63 84293344.16 2.82%
Administrative
expenses 489898914.69 466821877.01 4.94%
Financial expenses 3031712215.69 3209956264.91 -5.55%
Mainly due to the year-on-year
increase in total profit during the
Income tax expenses 1599910333.55 178317788.37 797.22% current period resulting in a
corresponding increase in income
tax expenses
R&D investment 2242542374.59 2369091695.16 -5.34%
Full text of 2026 Semi-Annual Report
This reporting period Same period of the previous year YoY change Reasons for changes
21254077553.64 Mainly due to the year-on-year
Net cash flows from changes in net cash generated
operating activities 7586625253.68 180.15% from purchase and sales activities and taxes paid during the current
period
-20365844227.94 Mainly due to increased
Net cash flows from expenditures on the purchase and
investing activities -16060371106.87 -26.81% construction of long-term assets
during the period
Net cash flows from
financing activities 9314864561.03 9545184516.11 -2.41%
Net increase in cash Mainly due to increased cash
and cash equivalents 10297237265.23 1078135756.74 855.10% receipts from operating activities during the period
Whether the composition of the Company’s profit or sources of profit changed significantly during the reporting
period
□ Applicable RNot applicable
There were no significant changes in the composition of the Company’s profit or sources of profit during the
reporting period.Composition of Operating Revenue
Unit: RMB
This reporting period Same period of the previous year
Proportion of Proportion of Amount operating Amount operating YoY change
revenue revenue
Total operating
revenue 129406713606.78 100% 148629350935.50 100% -12.93%
By industry
Petrochemical
industry 106081941876.06 81.98% 128902515568.13 86.73% -17.70%
Polyester and
chemical fiber 13289684977.32 10.27% 11125503900.41 7.48% 19.45%
industry
Trade and
others 10035086753.40 7.75% 8601331466.96 5.79% 16.67%
By product
Oil refining
products 20803255178.70 16.08% 52406252637.61 35.26% -60.30%
Chemical
products 71267307481.23 55.07% 60742136938.65 40.87% 17.33%
PTA 14011379216.13 10.83% 15754125991.87 10.60% -11.06%
Polyester
chemical fiber
and film 13289684977.32 10.27% 11125503900.41 7.48% 19.45%
products
Trade and
others 10035086753.40 7.75% 8601331466.96 5.79% 16.67%
By region
Domestic 107648115188.12 83.19% 133658202665.65 89.93% -19.46%
Overseas 21758598418.66 16.81% 14971148269.85 10.07% 45.34%
Industries Products or Regions Accounting for More Than 10% of the Company’s Operating Revenue or Operating
Profit
R Applicable □ Not applicable
Full text of 2026 Semi-Annual Report
Unit: RMB
YoY change YoY change YoY change
Operating revenue Operating costs Gross profit margin in operating in operating
in gross
revenue costs profit margin
By industry
Petrochemical
industry 106081941876.06 88177049909.43 16.88% -17.70% -19.61% 1.97%
Polyester and
chemical fiber 13289684977.32 12389188913.52 6.78% 19.45% 13.05% 5.28%
industry
Trade and
others 10035086753.40 9105290834.68 9.27% 16.67% 10.55% 5.02%
By product
Oil refining
products 20803255178.70 13544397362.99 34.89% -60.30% -66.61% 12.31%
Chemical
products 71267307481.23 60670381107.02 14.87% 17.33% 13.60% 2.79%
PTA 14011379216.13 13962271439.42 0.35% -11.06% -11.11% 0.05%
Polyester
chemical fiber
and film 13289684977.32 12389188913.52 6.78% 19.45% 13.05% 5.28%
products
Trade and
others 10035086753.40 9105290834.68 9.27% 16.67% 10.55% 5.02%
By region
Domestic 107648115188.12 89083481492.24 17.25% -19.46% -22.09% 2.79%
Overseas 21758598418.66 20588048165.39 5.38% 45.34% 41.56% 2.52%
Where the statistical basis for the Company’s main business data was adjusted during the reporting period the
Company’s main business data for the most recent period as adjusted based on the statistical basis at the end of the
reporting period
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
IV. Analysis of Non-main Businesses
R Applicable □ Not applicable
Unit: RMB
Amount Proportion of total profit Explanation of reasons Sustainable
Investment income 362514525.42 3.34% Mainly due to gains from futures investments and investment income from associates No
Gains/(losses) from -292395250.55 -2.69% Mainly due to changes in unrealized gains on changes in fair value derivative financial assets No
Asset impairment loss -1070657.02 -0.01% Mainly due to provisions for inventory write-downs No
Non-operating income 4459855.55 0.04% Mainly compensation income No
Non-operating 6496192.84 0.06% Mainly miscellaneous non-recurring losses and expenses donation expenses No
Gains on disposal of
assets 7357324.96 0.07% Mainly gains on disposal of fixed assets No
Credit impairment loss 18584617.97 0.17% Mainly due to provisions for bad debts on receivables No
Other income 800815540.06 7.37% Mainly benefits under the VAT super-deduction policy for advanced manufacturing enterprises Yes
V. Analysis of Assets and Liabilities
1. Significant Changes in Asset Composition
Unit: RMB
At the end of this reporting period At the end of the previous year Explanation
Proportion Proportion Change in of Amount of total Amount of total proportion significant
assets assets changes
Monetary funds 23734636453.49 5.89% 13499669478.84 3.49% 2.40%
Accounts
receivable 2260963661.76 0.56% 3169305362.31 0.82% -0.26%
Inventories 32009662550.09 7.95% 33576127180.92 8.68% -0.73%
Investment
properties 9716959.60 0.002% 9852682.60 0.003% -0.001%
Long-term
equity 9446006115.38 2.34% 9764207212.23 2.53% -0.19%
investments
Fixed assets 249424094904.07 61.92% 259757528525.39 67.18% -5.26%
Construction in
progress 54979464670.50 13.65% 37854167659.20 9.79% 3.86%
Right-of-use
assets 60122571.18 0.01% 27062072.00 0.01% 0.00%
Short-term
borrowings 53190105943.25 13.20% 50196656887.59 12.98% 0.22%
Contract
liabilities 2755473814.03 0.68% 4083450306.60 1.06% -0.38%
Long-term
borrowings 129528625520.90 32.16% 122459201307.70 31.67% 0.49%
Lease liabilities 42251995.26 0.01% 0.01%
Non-current
liabilities due 37100487475.75 9.21% 35466338269.58 9.17% 0.04%
within one year
Full text of 2026 Semi-Annual Report
2. Major Overseas Assets
□ Applicable R Not applicable
3. Assets and Liabilities Measured at Fair Value
R Applicable □ Not applicable
Unit: RMB
Item Beginning balance Ending balance
Financial assets
1. Financial assets held for trading(not
including derivative financial assets)
2. Derivative financial assets 278828802.69 192305512.54
Subtotal of financial assets 278828802.69 192305512.54
Financial liabilities 254957356.99 242510513.90
Whether there were any significant changes in the measurement attributes of the Company’s major assets during
the reporting period
□ Yes R No
4. Restricted Assets as of the End of the Reporting Period
Unit: RMB
Item Closing gross carrying amount Reason for restriction
Monetary funds 568401314.82 Letters of credit bank acceptance bills letters of guarantee loan security deposits and funds in transit
Fixed assets 294528079475.45 Mortgaged as security for borrowings and letters of credit
Construction in
progress 16583927518.98 Mortgaged as security for borrowings and letters of credit
Intangible assets 6136663519.99 Mortgaged as security for borrowings and letters of credit
Total 317817071829.24
VI. Analysis of Investments
1. Overall Situation
R Applicable □ Not applicable
Investment during the reporting Investment during the same period of
period (RMB) the previous year (RMB) Change
9446006115.38 9715088710.27 -2.77%
2. Significant Equity Investments Acquired during the Reporting Period
□ Applicable R Not applicable
3. Significant Ongoing Non-equity Investments during the Reporting Period
□ Applicable R Not applicable
4. Investments in Financial Assets
(1) Securities Investments
□ Applicable R Not applicable
The Company had no securities investments during the reporting period.Full text of 2026 Semi-Annual Report
(2) Derivatives Investments
R Applicable □ Not applicable
1) Derivatives Investments for Hedging Purposes during the Reporting Period
R Applicable □ Not applicable
Unit: RMB 10000
Percentage
Gains/ of ending
(losses) Cumulative Purchases investments
Type of Initial Beginning from changes in during
Sales to the
derivatives investment changes in fair value the during the Ending Company’s
investment amount balance fair value recognized reporting reporting balance net assets
during the in equity period at the end period
period of the reporting
period
Forward foreign
exchange 23158.30 -9622.21 14596.82 0.31%
contracts
Paper futures
contracts -20771.15 -19617.32 -19617.32 -0.41%
Total 2387.15 -29239.53 -5020.50 -0.10%
Explanation of
the accounting
policies and
specific
accounting
principles for
hedging
activities during
the reporting No
period and
whether there
were any
significant
changes
compared with
the previous
reporting period
Explanation of
actual profit or
loss during the The Company recorded an actual investment loss of RMB 359.4034 million during the reporting period
reporting period
Explanation of
hedging N/A
effectiveness
Sources of
funds for
derivatives Self-owned funds
investments
(I) Risk Analysis of Commodity Futures Hedging Business
Risk analysis 1. Risk of Abnormal Price Fluctuations: In theory futures and spot prices of each traded product should converge during
and control the delivery period. However under rare irrational market conditions futures and spot prices may fail to converge which
measures for could adversely affect the Company’s hedging arrangements and even result in losses.derivatives
positions held 2. Liquidity Risk: Excessive capital investment in futures trading may create liquidity risk and may even result in actual losses due to forced liquidation if margin calls cannot be met in a timely manner. Inactive trading may also make
during the transactions difficult to execute giving rise to liquidity risk.reporting period
(including but 3. Operational Risk: Futures trading is highly specialized and complex and deficiencies in information systems or internal
not limited to controls may result in unexpected losses.market risk 4. Credit Risk: If prices fluctuate significantly against a counterparty the counterparty may breach relevant contractual
liquidity risk provisions or cancel the contract resulting in losses to the Company.credit risk 5. Legal Risk: Changes in relevant laws and regulations or violations thereof by counterparties may prevent contracts
from being performed as intended and cause losses to the Company.Full text of 2026 Semi-Annual Report
Percentage
Gains/ of ending
(losses) Cumulative Purchases investments
Type of Initial from changes in during Sales to the
derivatives investment Beginning balance changes in fair value the
during the Ending Company’s
investment amount fair value recognized reporting reporting balance net assets
during the in equity period period at the end
period of the reporting
period
operational risk (II) Risk Control Measures Proposed for Commodity Futures Hedging Business
and legal risk) 1. The Company matches its futures hedging activities with its operating activities to hedge against price fluctuation risks.Futures hedging is limited to futures products related to the raw materials or products required for the Company’s
operations.
2. The Company strictly controls the amount of funds used for hedging and reasonably plans and uses margins. It has
established design principles and specific approval authorities for hedging plans. Hedging activities are conducted solely
to mitigate commodity price risks and do not involve speculation or arbitrage. The hedged volume may not exceed the
volume of actual spot transactions and futures positions may not exceed the corresponding spot volume being hedged.
3. In accordance with the Rules Governing the Listing of Shares on the Shenzhen Stock Exchange and other relevant
regulations the Company has formulated the Commodity Futures Hedging Management System to govern futures
activities and minimize operational risks arising from inadequate systems or improper procedures.
4. The Company has established compliant computer systems and supporting facilities to ensure the normal conduct of
trading activities. In the event of a system failure corresponding measures will be taken promptly to mitigate losses.(III) Risk Analysis of Foreign Exchange Derivatives Trading
1. Market Risk: If exchange rate or interest rate movements deviate significantly from the Company’s expectations the
costs incurred after locking in exchange rates or interest rates may exceed those that would have been incurred without
such arrangements resulting in potential losses.
2. Internal Control Risk: Foreign exchange derivatives trading is highly specialized and complex and inadequate internal
control mechanisms may give rise to risks.
3. Customer or Supplier Default Risk: Delays in collecting accounts receivable from customers or postponed payments
to suppliers may affect the Company’s cash flows and cause the timing or amount of actual cash flows to differ from those
of executed foreign exchange derivatives transactions.Collection Forecast Risk: The Company generally forecasts payments and collections based on purchase orders customer
orders and expected orders. During actual execution suppliers or customers may adjust their orders or forecasts resulting
in inaccurate collection forecasts and delayed settlement of executed foreign exchange derivatives transactions.
4. Legal Risk: Changes in relevant laws or violations of applicable laws and regulations by counterparties may prevent
contracts from being performed as intended and cause losses to the Company.(IV) Risk Control Measures Proposed for Foreign Exchange Derivatives Trading
1. The Company has formulated the Foreign Exchange Derivatives Trading Management System which prohibits foreign
exchange derivatives transactions for speculative purposes. All such transactions must be based on normal production and
operations supported by specific business activities and conducted for the purpose of avoiding and preventing exchange
rate or interest rate risks. The system clearly stipulates operating principles approval authorities internal review
procedures responsible departments and personnel information segregation measures internal risk reporting and risk
handling procedures. It complies with relevant regulatory requirements meets operational needs and provides effective
risk control measures.
2. The Company’s Treasury Department and Audit Department as the responsible departments have clearly defined
management roles and responsibilities with accountability assigned to specific individuals. Tiered management
fundamentally prevents the risk of operations being conducted by a single person or department and improves the speed
of risk response while maintaining effective risk control.
3. The Company conducts foreign exchange derivatives transactions with large commercial banks possessing the requisite
legal qualifications and closely monitors relevant laws and regulations to mitigate potential legal risks.Full text of 2026 Semi-Annual Report
Percentage
Gains/ of ending
(losses) Cumulative Purchases investments
Type of Initial Sales to the
derivatives investment Beginning
from changes in during
balance changes in fair value the
during the Ending Company’s
investment amount fair value recognized reporting reporting balance net assets
during the in equity period period at the end
period of the reporting
period
Changes in the
market prices or
fair values of
invested
derivatives
during the
reporting
period The Company measures hedging investments at fair value. Forward foreign exchange contracts are generally valued based
including the on prices provided by or obtained from banks and other pricing service providers. Fair value is measured and recognized
specific monthly while the transaction price of futures represents their fair value.methods used to
analyze fair
value and the
assumptions and
parameters
applied
Litigation status
(if applicable) None
Disclosure date
of the Board
announcement
approving April 28 2026
derivatives
investments (if
any)
Disclosure date
of the
announcement
of the general
meeting of
shareholders May 22 2026
approving
derivatives
investments (if
any)
The Company is required to comply with the disclosure requirements for the chemical industry under the Self-Regulatory Guidelines
for Companies Listed on the Shenzhen Stock Exchange No. 3—Industry Information Disclosure.At its fifth meeting of the seventh Board of Directors held on April 26 2026 the Company reviewed and
approved the Proposal on Conducting Futures Hedging Business for 2026 which was subsequently approved at the
2025 Annual General Meeting of Shareholders. For details please refer to the Announcement on Conducting
Futures Hedging Business for 2026 (Announcement No. 2026-010) published on April 28 2026 in Securities Times
Securities Daily China Securities Journal and Shanghai Securities News and on CNINFO
(http://www.cninfo.com.cn). The Company conducts the relevant business strictly in accordance with the proposal
approved at the aforementioned meetings.
2) Derivatives Investments for Speculative Purposes during the Reporting Period
□ Applicable R Not applicable
The Company had no derivatives investments for speculative purposes during the reporting period.Full text of 2026 Semi-Annual Report
5. Use of Raised Funds
□ Applicable R Not applicable
The Company did not use any raised funds during the reporting period.VII. Sales of Major Assets and Equities
1. Sales of major assets
□ Applicable R Not applicable
The Company did not sell any major assets during the reporting period.
2. Sale of major equities
□ Applicable RNot applicable
VIII. Analysis of Major Subsidiaries and Associates
R Applicable □ Not applicable
Major subsidiaries and associates with an impact of 10% or more on the Company’s net profit
Full text of 2026 Semi-Annual Report
Unit: RMB10000
Company
Company name type Main business Registered capital Total assets Net assets Operating income Operating profit Net profit
Zhejiang
Petroleum & Production sales storage Subsidiary and transportation of RMB58800000000 29963191.33 10864611.62 9352144.39 965416.39 827462.04 Chemical Co.Ltd. petroleum products etc.Ningbo Zhongjin Production and sales of
Petrochemical Subsidiary chemical products and RMB6000000000 2711714.85 440074.94 1016356.49 12153.08 9663.12
Co. Ltd. petroleum products
Dalian Yisheng Project investment
Investment Co. Subsidiary domestic trade import and RMB 2018000000 1873458.05 550789.78 1083936.87 43339.45 37855.86
Ltd. export of goods
Yisheng Dahua Production and sales of
Petrochemical Subsidiary PTA and polyester bottle RMB2456450000 1691313.63 484113.24 1083936.87 26048.65 20565.98
Co. Ltd. chips
Zhejiang Yisheng
New Materials Subsidiary Production and sales of RMB3000000000 1111019.45 129654.97 1396845.92 -14302.51 -14945.50
Co. Ltd. PTA
Zhejiang Yisheng
Petrochemical Associate Production and sales of USD 514447100 2164782.60 627138.74 1334250.76 9111.39 8007.01
Co. Ltd. PTA and PIA
Hainan Yisheng Production and sales of
Petrochemical Associate PTA and polyester bottle RMB4580000000 2248557.60 712123.02 1649251.87 34279.97 34551.39
Co. Ltd. chips
Zhejiang
Shengyuan Production and sales of
Chemical Fiber Subsidiary polyester chips and RMB2000000000
916667.50 222780.92 346616.08 13291.58 11718.98
Co. Ltd. polyester filaments
Full text of 2026 Semi-Annual Report
Acquisition and disposal of subsidiaries during the reporting period
R Applicable □ Not applicable
Company Name Method of Acquisition or Disposal Impact on Overall Production During the Reporting Period Operations and Performance
Ningbo Yisheng Chemicals Co. Ltd. Deregistration No material impact
Description of Major Controlled and Investee Companies
(1) Zhejiang Petroleum & Chemical Co. Ltd.
Zhejiang Petroleum & Chemical Co. Ltd. is the implementation entity of the Company’s 40 million tons/year
refining and chemical integration project and is primarily engaged in the production sales storage and
transportation of petroleum products. Its legal representative is Li Shuirong and its registered capital is RMB 58800
million. It is a holding subsidiary of the Company. As of June 30 2026 it had total assets of RMB 299631.91
million and net assets of RMB 108646.12 million. For the six months ended June 30 2026 it recorded operating
revenue of RMB 93521.44 million and net profit of RMB 8274.62 million.
(2) Ningbo Zhongjin Petrochemical Co. Ltd.
Ningbo Zhongjin Petrochemical Co. Ltd. is primarily engaged in the storage of chemical products and the
wholesale and retail of chemical products and petroleum products other than hazardous chemicals. Its legal
representative is Li Shuirong and its registered capital is RMB 6000 million. It is a wholly-owned subsidiary of
the Company. As of June 30 2026 it had total assets of RMB 27117.15 million and net assets of RMB 4400.75
million. For the six months ended June 30 2026 it recorded operating revenue of RMB 10163.56 million and net
profit of RMB 96.63 million.
(3) Dalian Yisheng Investment Co. Ltd.
Dalian Yisheng Investment Co. Ltd. is primarily engaged in industrial investment domestic trade and the
import and export of goods. Its legal representative is Li Shuirong and its registered capital is RMB 2018 million.The Company holds 70% of its equity. As of June 30 2026 it had total assets of RMB 18734.58 million and net
assets of RMB 5507.90 million. For the six months ended June 30 2026 it recorded operating revenue of RMB
10839.37 million and net profit of RMB 378.56 million.
(4) Yisheng Dahua Petrochemical Co. Ltd.
Yisheng Dahua Petrochemical Co. Ltd. is primarily engaged in the production and sales of PTA and polyester
bottle chips as well as the import and export of goods and domestic trade. Its legal representative is Li Shuirong
and its registered capital is RMB 2456.45 million. As of June 30 2026 it had total assets of RMB 16913.14 million
and net assets of RMB 4841.13 million. For the six months ended June 30 2026 it recorded operating revenue of
RMB 10839.37 million and net profit of RMB 205.66 million.
(5) Zhejiang Yisheng New Materials Co. Ltd.
Zhejiang Yisheng New Materials Co. Ltd. is primarily engaged in the production and sales of PTA. Its legal
representative is Xu Baoyue and its registered capital is RMB 3000 million. Ningbo Zhongjin Petrochemical Co.Ltd. holds 51% of its equity. As of June 30 2026 it had total assets of RMB 11110.19 million and net assets of
RMB 1296.55 million. For the six months ended June 30 2026 it recorded operating revenue of RMB 13968.46
million and a net loss of RMB 149.46 million.
(6) Zhejiang Yisheng Petrochemical Co. Ltd.
Zhejiang Yisheng Petrochemical Co. Ltd. is primarily engaged in the production and sales of PTA and PIA.Its legal representative is Fang Xianshui and its registered capital is USD 514.4471 million. The Company holds
an aggregate equity interest of 30% in the company. As of June 30 2026 it had total assets of RMB 21647.83
Full text of 2026 Semi-Annual Report
million and net assets of RMB 6271.39 million. For the six months ended June 30 2026 it recorded operating
revenue of RMB 13342.51 million and net profit of RMB 80.07 million.
(7) Hainan Yisheng Petrochemical Co. Ltd.
Hainan Yisheng Petrochemical Co. Ltd. is an associate of Yisheng Investment a holding subsidiary of the
Company. It is primarily engaged in the production and sales of PTA and polyester bottle chips as well as import
and export business. Its legal representative is Fang Xianshui and its registered capital is RMB 4580 million.Yisheng Investment holds 50% of its equity. As of June 30 2026 it had total assets of RMB 22485.58 million and
net assets of RMB 7121.23 million. For the six months ended June 30 2026 it recorded operating revenue of RMB
16492.52 million and net profit of RMB 345.51 million.
(8) Zhejiang Shengyuan Chemical Fiber Co. Ltd.
Zhejiang Shengyuan Chemical Fiber Co. Ltd. is the implementation entity of the Company’s multifunctional
fiber technological upgrading project and is primarily engaged in the production and sales of polyester chips and
polyester filaments. Its legal representative is Li Shuirong and its registered capital is RMB 2000 million. It is a
wholly-owned subsidiary of the Company. As of June 30 2026 it had total assets of RMB 9166.68 million and net
assets of RMB 2227.81 million. For the six months ended June 30 2026 it recorded operating revenue of RMB
3466.16 million and net profit of RMB 117.19 million.
IX. Structured Entities Controlled by the Company
□ Applicable R Not applicable
X. Risks Facing the Company and Countermeasures
1. Risk of Fluctuations in Raw Material and Product Prices
As the Company operates within the crude oil industry chain upstream raw materials constitute the primary
component of its product costs. Fluctuations in crude oil prices may therefore cause price fluctuations in products
across the industry chain. The Company’s principal products include oil products aromatic hydrocarbons olefins
and downstream chemicals which are closely related to the national economy and people’s livelihoods. The
development of the industry is highly correlated with overall macroeconomic conditions and macroeconomic
changes may have a certain impact on the Company’s operating performance. The Company’s procurement
production and sales teams have extensive experience in procurement production sales hedging and logistics. In
coordination with the marketing department the Company will closely monitor market changes and continue to
combine strategic procurement with opportunistic procurement. It will also flexibly adjust its product mix and
production loads based on market demand arrange long-term and short-term contracts as appropriate and
strengthen sales management to mitigate the adverse impact of raw material price fluctuations.
2. Risk of Foreign Exchange Rate Fluctuations
The Company engages in overseas procurement and sales. As its business scale continues to expand its sales
and procurement amounts denominated in foreign currencies have increased accordingly. Meanwhile the foreign
exchange market is affected by various complex factors resulting in considerable uncertainty in exchange rate
movements. Significant fluctuations in the RMB exchange rate in the future may affect the Company’s operating
performance. Taking into account the characteristics of its cross-border business and adhering to the principles of
legality prudence safety and effectiveness the Company will conduct foreign exchange derivatives transactions
based on its actual business operations to avoid and mitigate foreign exchange risks.
3. Risk of Product Overcapacity
Full text of 2026 Semi-Annual Report
With the expansion of domestic refining and chemical integration capacity and the advancement of the strategy
of “reducing oil products and increasing chemicals” in recent years a certain degree of product homogeneity has
emerged among some basic chemical raw materials and general-purpose chemical products downstream of the
refining and chemical industry. On the one hand leveraging its complete and well-established industry chain
platform the Company is expected to remain at the lower end of the industry cost curve thereby maintaining a
favorable position in market competition. On the other hand many products included in the Company’s planned
new materials projects currently have limited domestic production capacity or are entirely dependent on imports.These products are expected to create differentiated competitive advantages and generate excess returns for the
Company.
4. Risk of Project Capital Expenditure
The petrochemical industry is capital-intensive and is characterized by large investment requirements and long
construction periods. Continuous large-scale capital expenditure may increase the Company’s asset-liability ratio
and place temporary pressure on its cash flows. In addition if the industry is at the bottom of its cycle and
downstream demand remains weak returns on project investments may fall short of expectations. The Company is
currently focusing on high-performance resin projects high-end new materials projects and the Jintang New
Materials Project. It will continue to exercise strict control over the pace of project investment and construction
adjust project scope in line with market developments maintain a reasonable asset-liability ratio and actively
advance its international cooperation plans to build a more competitive refining and chemical integration platform.XI. Formulation and Implementation of Market Value Management System and Valuation
Promotion Plan
Whether the company has formulated a market value management system.RYes □No
Whether the company has disclosed the valuation promotion plan.□ Yes R No
Market value management serves as a strategic cornerstone for the Company’s long-term value growth. By
establishing a scientific and systematic management framework the Company can continuously enhance its market
competitiveness consolidate investor confidence and promote the alignment of its intrinsic value with its market
value. To thoroughly implement the requirements for the high-quality development of the capital market and
effectively protect the lawful rights and interests of investors the Company formulated the Market Value
Management System in accordance with the Securities Law of the People’s Republic of China the Guidelines for
the Supervision of Listed Companies No. 10—Market Value Management the Rules Governing the Listing of
Shares on the Shenzhen Stock Exchange and other applicable laws and regulations taking into account the
characteristics of the industry and the Company’s actual operations. The system was reviewed and approved at the
22nd Meeting of the Sixth Board of Directors.
During the Reporting Period the Company strictly complied with the requirements of the Market Value
Management System. With information disclosure as the core investor relations as the link shareholder returns as
the objective and capital operations as the means the Company systematically advanced its market value
management initiatives continuously standardized its market value management practices and further enhanced its
investment value and shareholder returns thereby providing solid support for the Company’s high-quality and
sustainable development.Full text of 2026 Semi-Annual Report
XII. Implementation of the Action Plan for the “Dual Enhancement of Quality and Returns”Whether the Company has disclosed an announcement on the Action Plan for the “Dual Enhancement of Qualityand Returns”
RYes □No
To implement the guiding principles of “invigorating the capital market and boosting investor confidence” put
forward at the meeting of the Political Bureau of the CPC Central Committee on July 24 2023 as well as therequirement to “vigorously improve the quality and investment value of listed companies adopt more forceful andeffective measures and focus on stabilizing the market and confidence” set out at the executive meeting of the State
Council on January 22 2024 and to effectively protect the interests of investors the Company formulated the
Action Plan for the “Dual Enhancement of Quality and Returns” based on its confidence in the Company’s future
development prospects and recognition of the value of its shares. The Action Plan was disclosed on March 2 2024.The specific progress is as follows:
1. Remain Committed to Serving the Country through Industrial Development and Lead Industry
Growth
Rongsheng Petrochemical is one of the world’s leading petrochemical enterprises. In 2026 Brand Finance a
renowned UK-based brand valuation consultancy ranked Rongsheng Petrochemical fifth among the world’s most
valuable chemicals brands. The Company also ranked seventh in Chemical Week’s Billion-Dollar Club of global
chemicals companies and ninth in the ICIS Top 100 Chemical Companies. The Company has effectively
implemented its “vertical and horizontal strategy” and established seven major production bases in the Bohai
Economic Rim the Yangtze River Delta Economic Circle and the Hainan Free Trade Port Economic Circle. It has
developed five major industry chains covering polyester engineering plastics new energy high-end polyolefins
and specialty rubber. The Company is one of Asia’s major producers of polyester new energy materials engineering
plastics and high value-added polyolefins and possesses the world’s largest production capacities for PX PTA and
other chemicals.Building on its existing comprehensive industry chain the Company is actively developing projects involving
new energy and new materials products whose proportion in the Company’s product portfolio continues to increase.Meanwhile the Company is actively expanding its global presence. In 2023 the Company introduced Saudi Aramco
as a strategic investor. Saudi Aramco currently holds approximately 10% of the Company’s shares through its
wholly-owned subsidiary. In early 2024 the Company entered into a Memorandum of Understanding with Saudi
Aramco. Since the signing of the Memorandum of Understanding Rongsheng Petrochemical and Saudi Aramco
have actively advanced their cooperation and successively entered into the Cooperation Framework Agreement the
Framework Agreement Relating to a Joint Development Agreement the Development Framework Agreement and
other relevant agreements. The parties are currently conducting further negotiations on the specific terms of their
joint investments to facilitate the achievement of their respective strategic objectives. Building on the foregoing
cooperation the Company has continued to deepen its collaboration with listed companies controlled by Saudi
Aramco. In July 2026 the Company and its wholly-owned subsidiary Rongsheng New Materials (Zhoushan) Co.Ltd. entered into the Project Development Agreement for a New Project with Saudi Basic Industries Corporation
(SABIC) a Saudi-listed company controlled by Saudi Aramco. The parties are evaluating a potential investment by
SABIC in a 30% to no more than 50% equity interest in Rongsheng New Materials for the purposes of the new
project. By introducing advanced production processes and core technology systems the signing of the Project
Development Agreement may comprehensively enhance the Company’s international cooperation capabilities and
overall competitiveness.Full text of 2026 Semi-Annual Report
2. Emphasize R&D Investment and Drive Growth through Innovation
The Company keeps pace with the latest developments in international science and technology and continues
to introduce new technologies and products in clean energy high-end materials and green development. The
Company adheres to a technology R&D model driven by both “independent innovation” and “open cooperation.”
It has established first-class R&D platforms including a high-tech R&D center an academician and expert
workstation an enterprise technology center and a postdoctoral research workstation. Meanwhile the Company
actively conducts external technological exchanges and discussions proactively advances integrated industry-
university-research collaboration and integrates resources from universities social institutions and enterprises.Through these initiatives the Company works with relevant parties to enhance scientific research capabilities
promote technological progress and build an open sound and mutually beneficial innovation and development
system.
3. Emphasize Shareholder Returns and Share the Benefits of Development
While focusing on its own development the Company also attaches great importance to shareholder returns.To improve and strengthen its shareholder return mechanism and enhance the transparency and operability of its
profit distribution policy the Company has formulated and continuously updated its Shareholder Return Plan for
the Next Three Years since its listing in accordance with the Company Law of the People’s Republic of China the
Guidelines for the Supervision of Listed Companies No. 3—Cash Dividends of Listed Companies other applicable
laws regulations and normative documents as well as the Company’s Articles of Association. To date the
Company has made a total of 16 cash dividend distributions with aggregate cash dividends exceeding RMB10.358
billion. Going forward the Company will continue to maintain a dynamic balance among corporate development
performance growth and shareholder returns in light of its stage of development with a view to establishing a long-
term stable and sustainable shareholder value return mechanism.
4. Implement Share Repurchases and Shareholding Increases to Boost Market Confidence
Based on its confidence in the Company’s future development prospects and recognition of its long-term value
and to protect the interests of investors particularly minority investors strengthen investor confidence facilitate the
reasonable return of the Company’s share price to its long-term intrinsic value and promote the Company’s stable
and sustainable development the Company and its controlling shareholder Rongsheng Holdings have actively
implemented share repurchase and shareholding increase plans.Since the Company conducted its first share repurchase on March 29 2022 it has implemented three phases
of share repurchase plans all of which have been completed. The Company repurchased a total of 553232858
shares representing 5.4637% of its current total share capital for an aggregate transaction amount of
RMB6987904924.02 excluding transaction fees. Details are set out in the table below:
Amount to be
Repurchase Repurchase period Number of shares Repurchased amount repurchased (shares) repurchased (RMB 100 million) (RMB)
Phase I (cancelled) 2022.3.29-2022.8.2 136082746 10-20 1998203937.31
Phase II (all
repurchased shares
used for the 2022.8.18-2023.7.27 147862706 10-20 1989986431.34
Employee Stock
Ownership Plan)
Phase III (of which
5152595 shares
have been used for 2023.8.28-2024.8.19 269287406 15-30 2999714555.37
the Employee Stock
Ownership Plan)
Total 553232858 - 6987904924.02
Full text of 2026 Semi-Annual Report
From January 22 2024 to September 30 2025 the Company’s controlling shareholder Rongsheng Holdings
implemented three shareholding increase plans all of which have been completed. Rongsheng Holdings increased
its shareholding in the Company by a total of 289064301 shares representing 2.89% of the Company’s current
total share capital for an aggregate amount of approximately RMB2705.4922 million. Details are set out in the
table below:
Share
increase items Share increase period
Number of shares Amount to be increased Amount increased
increased (shares) (RMB 100 million) (RMB 10000)
Phase I 2024.1.22-2024.7.18 115530037 10-20 118805.82
Phase II 2024.8.21-2025.2.20 56892217 5-10 50487.35
Phase III 2025.4.8-2025.9.30 116642047 10-20 101256.05
Total 289064301 - 270549.22
5. Standardize corporate governance and deliver corporate value
The Company strictly complies with applicable laws and regulations and continuously improves its corporate
governance structure. It has established a modern corporate governance system comprising the General Meeting of
Shareholders the Board of Directors and its specialized committees including the Audit Committee as well as
senior management. The powers and responsibilities relating to decision-making execution and supervision are
clearly defined with effective checks and balances in place. The Company has also established and continuously
improved its internal control system standardized its operating procedures and promoted the ongoing optimization
of its internal control framework. The Company remains independent in terms of its business assets personnel
organizational structure and finance and has a complete business system and the capability to operate independently.The Company strictly adheres to the principles of truthfulness accuracy completeness timeliness and fairness
and continuously improves the effectiveness and transparency of its information disclosure. Guided by investor
needs the Company continues to present information concerning its operations and other matters to investors at
multiple levels from multiple perspectives and through comprehensive channels. Meanwhile the Company
continues to broaden and deepen its communications with investors and improve its open fair transparent and
multidimensional investor communication channels enabling investors to gain a more direct and comprehensive
understanding of the Company’s core value and strengthening their confidence in the Company. Going forward the
Company will continue to focus on its principal businesses remain investor-oriented and continue to implement the
Action Plan for the “Dual Enhancement of Quality and Returns.”
The Company will pursue sustainable and sound development and endeavor to contribute to stabilizing the
market and confidence through standardized corporate governance and proactive shareholder returns.Full text of 2026 Semi-Annual Report
Section IV Corporate Governance Environment and Society
I. Changes in the Company’s Directors and Senior Management
□ Applicable R Not applicable
There were no changes in the Company’s Directors or Senior Management during the Reporting Period. For details
please refer to the 2025 Annual Report.II. Profit Distribution and Conversion of Capital Reserve into Share Capital during the
Reporting Period
□ Applicable R Not applicable
For the interim period the Company does not plan to distribute any cash dividend issue any bonus shares or convert
any capital reserve into share capital.III. Implementation of Equity Incentive Plans Employee Stock Ownership Plans or Other
Employee Incentives
R Applicable □ Not applicable
1. Equity Incentives
Not applicable.
2. Implementation of the Employee Stock Ownership Plan
R Applicable □ Not applicable
All valid employee stock ownership plans during the Reporting Period
Total Number Percentage of the Sources of Funds for
Scope of Employees Number of Listed Employees of Shares Held Changes (Shares) Company’s Total
Implementation of the
Share Capital Plan
Directors and Senior
Management of the Employees’ self-funded
Company and eligible contributions and funds
employees of the Company 1404 153015301 Not applicable 1.53% obtained through other
and its controlled or wholly- means permitted by
owned subsidiaries laws and regulations
Shareholdings of Directors and Senior Management in the Employee Stock Ownership Plan during the Reporting
Period
Number of Shares Held at Number of Shares Held
Name Position the Beginning of the at the End of the
Percentage of the
Reporting Period (Shares) Reporting Period
Listed Company’s
(Shares) Total Share Capital
Full text of 2026 Semi-Annual Report
Xiang Jiongjiong Directors and
Zhou Xianhe and Senior 0 0 0.00%
Wang Yafang Management
Changes in asset management institutions during the Reporting Period
□ Applicable R Not applicable
Changes in equity arising from holders’ disposal of plan units and other circumstances during the Reporting Period
□ Applicable R Not applicable
Exercise of shareholder rights during the Reporting Period
According to the 2026 Employee Stock Ownership Plan (Draft) of Rongsheng Petrochemical Co. Ltd.participants in the Employee Stock Ownership Plan voluntarily waive the voting rights attached to the Company
shares indirectly held through their participation in the Employee Stock Ownership Plan. They are entitled to other
shareholder rights except for voting rights at the General Meeting of Shareholders of the listed company including
rights to dividends rights to subscribe for shares in rights offerings rights to shares converted from capital reserves
and other rights to asset returns.Other circumstances and explanations relating to the Employee Stock Ownership Plan during the Reporting Period
□ Applicable R Not applicable
Changes in members of the Management Committee of the Employee Stock Ownership Plan
□ Applicable R Not applicable
Financial impact of the Employee Stock Ownership Plan on the listed company during the Reporting Period and
the relevant accounting treatment
RApplicable □ Not applicable
The underlying shares of the Employee Stock Ownership Plan are sourced from shares repurchased by the
Company. The Company will perform the relevant accounting treatment in accordance with the Accounting
Standards for Business Enterprises No. 11—Share-based Payments and the Company’s accounting policies.Termination of the Employee Stock Ownership Plan during the Reporting Period
□ Applicable R Not applicable
Other explanations:
None.
3. Other Employee Incentives
□ Applicable R Not applicable
IV. Environmental Information Disclosure
Whether the listed company and its major subsidiaries are included in the list of enterprises legally required to
disclose environmental information
RYes □ No
Full text of 2026 Semi-Annual Report
Number of companies included in the list of ente
rprises legally
9
required to disclose environmental information
(number)
S/N Name of the company Index for searching environmental information disclosure reports in accordance with the law
Rongsheng Petrochemical Co. Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-morecode=913300002556
1 93873W&uniqueCode=3c406d8e3223fa92&date=2025&type=true&isSear
ch=true
Zhejiang Petroleum & Chemical Co. Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-morecode=913309003440
2 581426&uniqueCode=1056c787e9ef884a&date=2025&type=true&isSearc
h=true
Zhejiang Petroleum & Chemical Co. Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-morecode=913309003440
3 (Mamu Oil Depot) 581426&uniqueCode=0b60a837e866388c&date=2025&type=true&isSearc
h=true
ZPC Zheyou Technology Co. Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-morecode=91330900MA2
4 DMDUK27&uniqueCode=2a12c41d235c882b&date=2025&type=true&isS
earch=true
Ningbo Zhongjin Petrochemical Co. Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-morecode=913302117645
5 27945N&uniqueCode=3cb00cd1ff3a7624&date=2025&type=true&isSearc
h=true
Ningbo Niluoshan New Energy Co. Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-morecode=91330211MA2
6 CHYTM1K&uniqueCode=947307eeb99e5388&date=2025&type=true&isS
earch=true
Yisheng Dahua Petrochemical Co. Ltd. https://qyxxpl.ywzh.lnsthj.cn:8802/home/companiesreportenterId=6820787 492708869&publishdataId
Zhejiang Shengyuan Chemical Fiber Co. L https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
8 td. morecode=91330109754409144F&uniqueCode=01dd3ddeb8ed1d86&dat
e=2025&type=true&isSearch=true
Zhejiang Yongsheng Technology Co. Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
9 morecode=91330621MA2887DL53&uniqueCode=e0aae09c993e2f66&da
te=2025&type=true&isSearch=true
The Company must comply with the disclosure requirements for the chemical industry as outlined in the Shenzhen
Stock Exchange Guidelines for Self-Regulatory Supervision of Listed Companies No. 3 – Industry Information
Disclosure.Information on Environmental Accidents Involving the Listed Company
None
Full text of 2026 Semi-Annual Report
V. Social responsibility information
Rongsheng Petrochemical upholds a people-oriented development philosophy featuring win-win cooperation
and deeply integrates social responsibility management into its business strategy. During the Reporting Period the
Company continued to focus its efforts on key areas including customer service supply chain management and
public welfare. Through concrete actions the Company fulfilled its responsibilities as a corporate citizen and
demonstrated its strong sense of responsibility and commitment.In terms of customer service the Company has established multilevel and multidimensional customer service
and communication channels including communications with business representatives on-site visits seminars
online questionnaires telephone calls WeChat and email ensuring a customer complaint resolution rate of 100%.The Company has established an e-commerce platform for material procurement and product sales that supports
round-the-clock operation through multiple types of terminals. In 2025 approximately 4.8346 million tonnes of
products were transacted through the platform. The Company strictly protects customer privacy and information
security. No information security incidents or customer privacy breaches occurred in 2025.In terms of supply chain management the Company is committed to building a responsible supply chain
ecosystem and ensuring compliance throughout the entire process including tendering procurement acceptance
and payment. The Company regards environmental protection requirements as a baseline criterion for supplier
selection conducts supplier evaluations at least once a year and implements tiered supplier management. The
Company actively supports the development of local suppliers prioritizes the procurement of local tea ceramics
and silk products and promotes local agricultural products and agricultural products from poverty-stricken areas.The Company treats small and medium-sized enterprises equally ensures that all amounts payable are settled on
time and has no overdue payments to small and medium-sized enterprises.In terms of public welfare guided by the philosophy of “Remaining Loyal to the Party and Serving the Peoplethrough Prosperous Development” the Company is enthusiastic about public welfare undertakings actively makes
charitable donations and shares the benefits of its development with society. The Company is committed to carrying
out school-enterprise cooperation providing assistance to students and teachers offering mutual medical assistance
supporting procurement-based assistance programs conducting poverty alleviation and assistance for people in need
and caring for special groups. It also encourages employees to participate in voluntary services such as blood
donation and visits to people in need.The Company will as always fulfill its corporate social responsibilities share the benefits of development
with society actively promote civilized and harmonious social values and achieve mutual growth with society.Full text of 2026 Semi-Annual Report
Section V Important Matters
I. Commitments Fulfilled during the Reporting Period and Commitments Overdue and
Unfulfilled as at the End of the Reporting Period by the Company’s Actual Controller
Shareholders Related Parties Acquirers the Company and Other Commitment-Making
Parties
RApplicable □ Not applicable
Cause of Commitment Commitment Time of Term of Fulfillme
Commitment Party Type Content of Commitment Commitment Commitment nt
Share reform
commitment N/A N/A N/A N/A N/A
Commitments
stated in the
Report of
Acquisition or N/A N/A N/A N/A N/A
Equity
Change
Report
Commitments
made in assets N/A N/A N/A N/A N/A
reorganization
Directors Li Shuirong and Li
Yongqing and Supervisor Li
Guoqing undertake that during
their respective terms of office
the number of shares of the
issuer transferred by each of
them annually including shares
Directors and Shareholding held directly and indirectly shall Commitm
supervisors of reduction not exceed 25% of the total November 2 Long
the Company commitment number of shares of the issuer 2010 term
ents
honored
held by such person including
Commitment shares held directly and
made during indirectly; and that within six
IPO or re- months after leaving office they
financing shall not transfer any shares of
the issuer held directly or
indirectly by them.Within 36 months from the date
of listing of the Company’s
shares the pre-IPO shareholders
Pre-IPO Share lock-up shall neither transfer nor entrust November 2 Long Commitm
Shareholders commitment any other person to manage the 2010 term ents
shares of the issuer directly or honored
indirectly held by them
including shares derived
therefrom such as bonus shares
Full text of 2026 Semi-Annual Report
and shares converted from
capital reserves nor require the
issuer to repurchase such shares.Equity
incentive N/A N/A N/A N/A N/A
commitment
Rongsheng Holdings the
controlling shareholder of the
Company signed the Non-
competition Agreement with the
Company and promised not to
Commitments compete with the Company in
Other regarding the same industry. Li Shuirong
commitments competition the de facto controller and the
made to with peers largest natural person
minority Pre-IPO related-party shareholder of the Company November 2 Long
Commitm
shareholders Shareholders
ents
transactions and other shareholders 2010 term
of the and including Li Yongqing Li
honored
Company occupation of Guoqing Ni Xincai Xu
funds Yuejuan and Zhao Guanlong respectively issued the Letter of
Commitment on Avoiding
Horizontal Competition and
promised not to compete with
the company in the same
industry.Rongsheng Holdings promises During
not to voluntarily reduce its the share Being Zhejiang
Rongsheng Shareholding holdings of Rongsheng increase
duly
Holding increase Petrochemical shares during the January 19 period
performed
Group Co. commitment period of shareholding increase 2024 and
no breach
and within the statutory period statutory of Ltd. and to strictly abide by relevant time commitme
regulations. limit nt
Rongsheng Holdings promises During Being
Zhejiang not to voluntarily reduce its the share
Other Rongsheng Shareholding holdings of Rongsheng increase
duly
commitments Holding increase Petrochemical shares during the period
performed
period of shareholding increase August 21 2024 Group Co. commitment and
no breach
Ltd. and within the statutory period statutory
of
and to strictly abide by relevant time commitme
regulations. limit nt
Rongsheng Holdings promises During
Zhejiang not to voluntarily reduce its the share
Being
Rongsheng Shareholding holdings of Rongsheng increase
duly
Holding increase Petrochemical shares during the period
performed
Group Co. commitment period of shareholding increase
April 7 2025 and no breach
Ltd. and within the statutory period statutory
of
and to strictly abide by relevant time commitme
regulations. limit nt
Whether the
commitments
are performed Yes
on time
Full text of 2026 Semi-Annual Report
If the
commitments
have not been
fulfilled after
the deadline
the specific
reasons for the
failure to
complete the N/A
performance
and the work
plan for the
next step
should be
explained in
details
II. Non-operating Occupation of Funds of the Listed Company by the Controlling Shareholder
and Other Related Parties
□ Applicable R Not applicable
There were no non-operating fund misappropriations of the listed company by its controlling shareholder or other
related parties during the reporting period.III. Non-compliant External Guarantees
□ Applicable R Not applicable
There were no non-compliant external guarantees during the Reporting Period.IV. Appointment and Dismissal of Accounting Firms
Whether the semi-annual financial report has been audited
□ Yes R No
The Company’s semi-annual financial report has not been audited.V. Explanation of the Board of Directors on the Accounting Firm’s “Non-standard AuditReport” for the Reporting Period
□ Applicable R Not applicableVI. Explanation of the Board of Directors regarding Matters Relating to the “Non-standardAudit Report” for the Previous Year
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
VII. Matters Relating to Bankruptcy and Reorganization
□ Applicable R Not applicable
There were no matters relating to bankruptcy or reorganization during the Reporting Period.VIII. Litigation Matters
Major litigation and arbitration matters
□ Applicable R Not applicable
The Company had no major litigation or arbitration matters during the Reporting Period.Other litigation matters
□ Applicable R Not applicable
IX. Punishments and Rectifications
□ Applicable R Not applicable
There were no punishments or rectifications involving the Company during the Reporting Period.X. Integrity conditions of the Company its controlling shareholders and actual controllers
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
XI. Major Related Transactions
1. Related party transactions related to daily operations
RApplicable □ Not applicable
Content Pricing Amount of
Type of s of principles Price of related Proportion Trading Above the Settlement Available
Related related related of related related party to similar limit approved of related market Disclosure
party Relationship party party party party transactio transaction transaction
approved
(RMB limit or party
price for Disclosure index
transaction transact transactio (RMB amount not transaction similar
Date
ion n n 10000) 10000) transaction
https://www.cninfo.com.c
Bank n/new/disclosure/detailpl
Rongsheng Controlling Purchase of Coal and Market Market acceptance Market April 28 ate=szse&orgId=9900015
Holdings shareholder goods other 273114.12 44.57% 600000 No 502&stockCode=002493materials price price bills cash price 2026 etc. &announcementId=1225215344&announcementTi
me=2026-04-28
https://www.cninfo.com.c
Shareholder Crude n/new/disclosure/detailpl
Saudi holding more Purchase of oil fuel oil Market Market 2380456.1 1500000
Letter of Market April 28 ate=szse&orgId=9900015
Aramco than 5% of goods price price 2 29.44% 0 No credit cash price 2026 502&stockCode=002493
total shares ethylene etc. &announcementId=12252glycol 15344&announcementTi
me=2026-04-28
https://www.cninfo.com.c
PTA Bank n/new/disclosure/detailpl
Zhejiang PX ate=szse&orgId=9900015
Yisheng Associate
Sales of meta- Market Market acceptance Market April 28 goods xylene price price
436198.4 11.51% 3000000 No bills cash price 2026 502&stockCode=002493
etc. etc.&announcementId=12252
15344&announcementTi
me=2026-04-28
Total -- -- 3089768.64 --
1860000
0 -- -- -- -- --
Details of return of large sales N/A
Actual performance during the reporting period where the total amount of daily related party transactions to occur in During the reporting period all related-party transactions actually conducted by the Company that
the current period is estimated by category (if any) were subject to decision-making procedures under the applicable rules were submitted in advance to
and approved by the Board of Directors and the General Meeting of Shareholders respectively. The
Full text of 2026 Semi-Annual Report
actual amounts of the related-party transactions did not exceed the estimated limits and the pricing
of such transactions was fair.Reason for substantial differences between the transaction price and market reference price (if applicable) N/A
Full text of 2026 Semi-Annual Report
2. Related party transactions arising from the acquisition and sale of assets or equity
□ Applicable R 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 outward joint investment
□ Applicable R 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 R 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 RNot applicable
There are no deposits loans credits or other financial operations between the Company and the related finance
companies and the related party.
6. Transactions between the financial companies controlled by the company and related parties
□ Applicable R Not applicable
There are no deposits loans credits or other financial operations between the finance companies controlled by the
Company and the related party.
7. Other major related party transactions
□ Applicable R Not applicable
There were no other major related party transactions during the reporting period.XII. Material Contracts and Their Performance
1. Status of entrustment contracting and leasing
(1) Entrustment
□ Applicable R Not applicable
The Company had no entrustment during the reporting period.
(2) Contracting
□ Applicable R Not applicable
The Company had no contracting during the reporting period.Full text of 2026 Semi-Annual Report
(3) Leasing
□ Applicable R Not applicable
The Company had no leasing during the reporting period.Full text of 2026 Semi-Annual Report
2. Major guarantee
RApplicable □ Not applicable
Unit: RMB10000
External Guarantees Provided by the Company and Its Subsidiaries (Excluding Guarantees Provided to Subsidiaries)
Disclosure Date
Name of of the Counter- Whether the Whether the
Announcement Guarante Date of Actual
Actual Type of Collateral guarantee Guarantee Guaranteed Guarantee Guarantee Is
Party on the e Limit Occurrence
Guarante
e Amount Guarantee if any Arrangement Term Has Been Provided to a Guarantee s if any Fulfilled Related Party
Limit
Guarantees Provided by the Company to Its Subsidiaries
Disclosure Date
Name of of the Actual Counter- Whether the Whether the
Guaranteed Announcement Guarante Date of Actual Type of Collateral guarantee Guarantee Guarantee Guarantee Is
Party on the e Limit Occurrence
Guarante
e Amount Guarantee if any Arrangement Term Has Been Provided to a Guarantee s if any Fulfilled Related Party
Limit
Shengyuan
Chemical December 9 September 28 Joint and several 5030600
Fiber 2025 2025
675 liability guarantee 2026.9.28 No Yes
Shengyuan
Chemical December 9 September 28 Joint and several 2025 5030600 Fiber 2025
12150 liability guarantee 2026.10.28 No Yes
Shengyuan
Chemical December 9 Joint and several 5030600 January 4 2026 1200 2026.7.4 No Yes
Fiber 2025 liability guarantee
Shengyuan
Chemical December 9 Joint and several 2025 5030600 January 4 2026 1200 Fiber liability guarantee
2027.1.4 No Yes
Full text of 2026 Semi-Annual Report
Shengyuan
Chemical December 9 Joint and several
Fiber 2025
5030600 January 4 2026 1200 liability guarantee 2027.7.4 No Yes
Shengyuan
Chemical December 9 Joint and several 2025 5030600 January 4 2026 1200 Fiber liability guarantee
2028.1.4 No Yes
Shengyuan
Chemical December 9 Joint and several 2025 5030600 January 4 2026 1200 Fiber liability guarantee
2028.7.4 No Yes
Shengyuan
Chemical December 9 Joint and several 2025 5030600 January 4 2026 24000 liability guarantee 2029.1.4 No Yes Fiber
Shengyuan
Chemical December 9 Joint and several 2025 5030600 July 30 2025 360 Fiber liability guarantee
2026.7.30 No Yes
Shengyuan
Chemical December 9 Joint and several
Fiber 2025
5030600 March 2 2026 1700 liability guarantee 2026.9.2 No Yes
Shengyuan
Chemical December 9 5030600 March 10 2026 1300 Joint and several 2026.9.2 No Yes
Fiber 2025 liability guarantee
Shengyuan
Chemical December 9 2025 5030600
September 9
2025 695
Joint and several
Fiber liability guarantee
2026.9.9 No Yes
Shengyuan
Chemical December 9 5030600 July 30 2025 360 Joint and several 2027.1.30 No Yes
Fiber 2025 liability guarantee
Shengyuan
Chemical December 9 2025 5030600 March 2 2026 1700
Joint and several
Fiber liability guarantee
2027.3.2 No Yes
Shengyuan
Chemical December 9 2025 5030600 March 10 2026 1300
Joint and several
Fiber liability guarantee
2027.3.2 No Yes
Full text of 2026 Semi-Annual Report
Shengyuan
Chemical December 9 September 9 Joint and several
Fiber 2025
5030600 2025 695 liability guarantee 2027.3.9 No Yes
Shengyuan
Chemical December 9 Joint and several
Fiber 2025
5030600 July 30 2025 2520 liability guarantee 2027.7.30 No Yes
Shengyuan
Chemical December 9 Joint and several 2025 5030600 March 2 2026 1700 Fiber liability guarantee
2027.9.2 No Yes
Shengyuan
Chemical December 9 Joint and several 2025 5030600 March 10 2026 1300 Fiber liability guarantee
2027.9.2 No Yes
Shengyuan
Chemical December 9 September 9 Joint and several 5030600
Fiber 2025 2025
4865 liability guarantee 2027.9.9 No Yes
Shengyuan
Chemical December 9 2025 5030600 March 2 2026 11900
Joint and several
liability guarantee 2028.3.2 No Yes Fiber
Shengyuan
Chemical December 9 5030600 March 10 2026 9100 Joint and several 2025 liability guarantee 2028.3.2 No Yes Fiber
Shengyuan
Chemical December 9 Joint and several
Fiber 2025
5030600 January 1 2026 10000 liability guarantee 2026.12.15 No Yes
Shengyuan
Chemical December 9 2025 5030600 April 21 2026 10000
Joint and several
Fiber liability guarantee
2027.4.20 No Yes
Shengyuan
Chemical December 9 2025 5030600 June 17 2026 20000
Joint and several
Fiber liability guarantee
2027.6.16 No Yes
Shengyuan
Chemical December 9 November 25 2025 5030600 2025 7500
Joint and several
Fiber liability guarantee
2026.11.24 No Yes
Full text of 2026 Semi-Annual Report
Shengyuan
Chemical December 9 November 25 Joint and several 2025 5030600 2025 2500 liability guarantee 2026.11.24 No Yes Fiber
Shengyuan
Chemical December 9 December 3 Joint and several 5030600 5000 2026.12.2 No Yes
Fiber 2025 2025 liability guarantee
Shengyuan
Chemical December 9 December 3 Joint and several 2025 5030600 Fiber 2025
15000 liability guarantee 2026.12.2 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 January 3 2025 100 liability guarantee 2026.7.2 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 January 3 2025 28200 liability guarantee 2027.1.2 No Yes
Ningbo December 9
ZJPC 2025 5030600
January 26 100 Joint and several 2025 liability guarantee 2026.7.25 No Yes
Ningbo December 9 5030600 January 26 5800 Joint and several ZJPC 2025 2025 liability guarantee 2027.1.25 No Yes
Ningbo December 9 5030600 February 5 Joint and several ZJPC 2025 2025 100 liability guarantee 2026.8.4 No Yes
Ningbo December 9 February 5 Joint and several
ZJPC 2025 5030600 2025 20100 liability guarantee 2027.2.4 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 March 24 2026 23600 liability guarantee 2027.1.29 No Yes
Ningbo December 9
ZJPC 2025 5030600 March 25 2026 23600
Joint and several
liability guarantee 2027.2.26 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 March 27 2026 18300 liability guarantee 2027.2.16 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 May 12 2026 2000 liability guarantee 2027.3.24 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 May 12 2026 27500 liability guarantee 2027.5.11 No Yes
Full text of 2026 Semi-Annual Report
Ningbo December 9 November 11 Joint and several
ZJPC 2025 5030600 2025 36000 liability guarantee 2026.11.11 No Yes
Ningbo December 9 December 4 Joint and several
ZJPC 2025 5030600 2025 9999 liability guarantee 2026.12.4 No Yes
Ningbo December 9 January 16 Joint and several
ZJPC 2025 5030600 2026 20000 liability guarantee 2027.1.16 No Yes
Ningbo December 9 January 20 Joint and several
ZJPC 2025 5030600 2026 50000 liability guarantee 2027.1.20 No Yes
Ningbo December 9 January 21 Joint and several
ZJPC 2025 5030600 2026 39600 liability guarantee 2027.1.21 No Yes
Ningbo December 9
ZJPC 2025 5030600
January 26 Joint and several
2026 11000 liability guarantee 2027.1.26 No Yes
Ningbo December 9 January 26 Joint and several
ZJPC 2025 5030600 2026 30000 liability guarantee 2027.1.26 No Yes
Ningbo December 9
ZJPC 2025 5030600
December 12
2025 2000
Joint and several
liability guarantee 2026.12.9 No Yes
Ningbo December 9 December 12 Joint and several
ZJPC 2025 5030600 2025 36000 liability guarantee 2027.1.6 No Yes
Ningbo December 9
ZJPC 2025 5030600 March 12 2026 500
Joint and several
liability guarantee 2026.9.10 No Yes
Ningbo December 9
ZJPC 2025 5030600 March 12 2026 500
Joint and several
liability guarantee 2027.3.10 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 March 12 2026 9000 liability guarantee 2027.4.7 No Yes
Ningbo December 9 December 16 Joint and several
ZJPC 2025 5030600 2025 30000 liability guarantee 2026.12.16 No Yes
Ningbo December 9 January 19 Joint and several
ZJPC 2025 5030600 2026 20000 liability guarantee 2027.1.19 No Yes
Ningbo December 9 January 27 Joint and several
ZJPC 2025 5030600 2026 27000 liability guarantee 2027.1.27 No Yes
Full text of 2026 Semi-Annual Report
Ningbo December 9 Joint and several
ZJPC 2025 5030600 March 10 2026 32000 liability guarantee 2027.3.10 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 March 18 2026 26610 liability guarantee 2027.3.18 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 April 28 2026 31000 liability guarantee 2027.4.28 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 May 19 2026 93390 liability guarantee 2027.5.19 No Yes
Ningbo December 9 February 9 Joint and several
ZJPC 2025 5030600 2026 50000 liability guarantee 2027.2.8 No Yes
Ningbo December 9 5030600 November 24 Joint and several ZJPC 2025 2025 47000 liability guarantee 2026.11.20 No Yes
Ningbo December 9 November 24 Joint and several
ZJPC 2025 5030600 2025 3000 liability guarantee 2026.11.20 No Yes
Ningbo December 9
ZJPC 2025 5030600
December 26
2025 500
Joint and several
liability guarantee 2026.12.21 No Yes
Ningbo December 9
ZJPC 2025 5030600
December 26
2025 500
Joint and several
liability guarantee 2027.6.21 No Yes
Ningbo December 9 December 26 Joint and several
ZJPC 2025 5030600 2025 500 liability guarantee 2027.12.21 No Yes
Ningbo December 9 5030600 December 26 Joint and several ZJPC 2025 2025 7950 liability guarantee 2027.12.26 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 March 10 2026 19958.4 liability guarantee 2027.3.10 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 July 2 2025 24709.78 liability guarantee 2026.7.1 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 April 27 2026 100 liability guarantee 2026.10.27 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 April 27 2026 1900 liability guarantee 2027.4.27 No Yes
Full text of 2026 Semi-Annual Report
Ningbo December 9 Joint and several
ZJPC 2025 5030600 April 27 2026 8000 liability guarantee 2027.5.27 No Yes
Ningbo December 9 November 14 Joint and several
ZJPC 2025 5030600 2025 9700 liability guarantee 2026.11.13 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 March 13 2026 10802.83 liability guarantee 2027.3.13 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 March 19 2026 26080.91 liability guarantee 2026.12.26 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 March 20 2026 14240.01 liability guarantee 2026.12.26 No Yes
Ningbo December 9
ZJPC 2025 5030600 April 9 2026 13500
Joint and several
liability guarantee 2026.12.26 No Yes
Ningbo December 9
ZJPC 2025 5030600 April 17 2026 33000
Joint and several
liability guarantee 2026.12.26 No Yes
Ningbo December 9
ZJPC 2025 5030600 April 28 2026 32676.25
Joint and several
liability guarantee 2026.12.26 No Yes
Ningbo December 9 5030600 September 25 Joint and several ZJPC 2025 2025 5555.56 liability guarantee 2026.9.20 No Yes
Ningbo December 9 September 25 Joint and several
ZJPC 2025 5030600 2025 5555.56 liability guarantee 2026.12.20 No Yes
Ningbo December 9 September 25 Joint and several
ZJPC 2025 5030600 2025 5555.56 liability guarantee 2027.3.20 No Yes
Ningbo December 9 September 25 Joint and several
ZJPC 2025 5030600 2025 5555.56 liability guarantee 2027.6.20 No Yes
Ningbo December 9 September 25 Joint and several
ZJPC 2025 5030600 2025 5555.56 liability guarantee 2027.9.20 No Yes
Ningbo December 9 September 25 Joint and several
ZJPC 2025 5030600 2025 5555.56 liability guarantee 2027.10.25 No Yes
Ningbo December 9 January 22 Joint and several
ZJPC 2025 5030600 2026 10000 liability guarantee 2026.7.22 No Yes
Full text of 2026 Semi-Annual Report
Ningbo December 9 February 10 Joint and several
ZJPC 2025 5030600 2026 2400 liability guarantee 2026.8.10 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 April 14 2026 5700 liability guarantee 2026.10.14 No Yes
Ningbo December 9 September 16 Joint and several
ZJPC 2025 5030600 2025 9.09 liability guarantee 2026.10.13 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 April 14 2026 30.77 liability guarantee 2026.10.11 No Yes
Ningbo December 9 Joint and several
ZJPC 2025 5030600 May 11 2026 59.03 liability guarantee 2026.11.29 No Yes
Yisheng December 9
Dahua 2025 5030600 May 22 2025 7280
Joint and several
liability guarantee 2028.5.22 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 May 28 2025 8720 liability guarantee 2028.5.22 No Yes
Yisheng December 9
Dahua 2025 5030600 June 10 2025 10992
Joint and several
liability guarantee 2028.6.9 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 June 10 2025 758 liability guarantee 2026.12.21 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 June 12 2025 11616 liability guarantee 2028.6.9 No Yes
Yisheng December 9
Dahua 2025 5030600 June 12 2025 801
Joint and several
liability guarantee 2026.12.21 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 June 19 2025 6074.33 liability guarantee 2028.6.9 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 June 19 2025 441 liability guarantee 2026.12.21 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 July 11 2025 3303.78 liability guarantee 2026.7.9 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 July 15 2025 8600 liability guarantee 2026.7.14 No Yes
Full text of 2026 Semi-Annual Report
Yisheng December 9 Joint and several
Dahua 2025 5030600 July 18 2025 8000 liability guarantee 2026.7.17 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 January 8 2026 4952.01 liability guarantee 2029.1.8 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 January 8 2026 2000 liability guarantee 2027.6.21 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 January 8 2026 2000 liability guarantee 2028.6.21 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 January 9 2026 3650.67 liability guarantee 2029.1.8 No Yes
Yisheng December 9 5030600 January 13 7498.07 Joint and several Dahua 2025 2026 liability guarantee 2029.1.8 No Yes
Yisheng December 9 5030600 January 14 7498.07 Joint and several Dahua 2025 2026 liability guarantee 2029.1.8 No Yes
Yisheng December 9 5030600 January 22 7543.47 Joint and several Dahua 2025 2026 liability guarantee 2029.1.8 No Yes
Yisheng December 9 February 6
Dahua 2025 5030600 2026 7496.72
Joint and several
liability guarantee 2029.1.8 No Yes
Yisheng December 9
Dahua 2025 5030600
February 13
2026 2360.98
Joint and several
liability guarantee 2029.1.8 No Yes
Yisheng December 9 5030600 March 23 2026 5240.96 Joint and several Dahua 2025 liability guarantee 2027.3.12 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 March 26 2026 5240.96 liability guarantee 2027.3.18 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 April 2 2026 10815.98 liability guarantee 2027.3.25 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 April 15 2026 10390.63 liability guarantee 2027.3.30 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 May 14 2026 11700.53 liability guarantee 2027.5.7 No Yes
Full text of 2026 Semi-Annual Report
Yisheng December 9 Joint and several
Dahua 2025 5030600 June 18 2026 16613 liability guarantee 2027.6.11 No Yes
Yisheng December 9 August 27 Joint and several
Dahua 2025 5030600 2025 476.34 liability guarantee 2030.8.27 No Yes
Yisheng December 9 August 27 Joint and several
Dahua 2025 5030600 2025 50 liability guarantee 2027.1.23 No Yes
Yisheng December 9 August 27 Joint and several
Dahua 2025 5030600 2025 50 liability guarantee 2027.7.23 No Yes
Yisheng December 9 August 27 Joint and several
Dahua 2025 5030600 2025 50 liability guarantee 2028.1.23 No Yes
Yisheng December 9 5030600 August 27 50 Joint and several Dahua 2025 2025 liability guarantee 2028.7.23 No Yes
Yisheng December 9 5030600 August 27 50 Joint and several Dahua 2025 2025 liability guarantee 2029.1.23 No Yes
Yisheng December 9 5030600 August 27 50 Joint and several Dahua 2025 2025 liability guarantee 2029.7.23 No Yes
Yisheng December 9 5030600 August 27 476.34 Joint and several Dahua 2025 2025 liability guarantee 2030.1.23 No Yes
Yisheng December 9 September 10
Dahua 2025 5030600 2025 182.67
Joint and several
liability guarantee 2030.8.27 No Yes
Yisheng December 9 September 10 Joint and several
Dahua 2025 5030600 2025 182.67 liability guarantee 2030.1.23 No Yes
Yisheng December 9 September 26 Joint and several
Dahua 2025 5030600 2025 15.75 liability guarantee 2030.8.27 No Yes
Yisheng December 9 September 26 Joint and several
Dahua 2025 5030600 2025 15.75 liability guarantee 2030.1.23 No Yes
Yisheng December 9 October 23 Joint and several
Dahua 2025 5030600 2025 75.17 liability guarantee 2030.8.27 No Yes
Yisheng December 9 October 23 Joint and several
Dahua 2025 5030600 2025 75.17 liability guarantee 2030.1.23 No Yes
Full text of 2026 Semi-Annual Report
Yisheng December 9 October 30 Joint and several
Dahua 2025 5030600 2025 14.2 liability guarantee 2030.8.27 No Yes
Yisheng December 9 October 30 Joint and several
Dahua 2025 5030600 2025 14.2 liability guarantee 2030.1.23 No Yes
Yisheng December 9 November 20 Joint and several
Dahua 2025 5030600 2025 162.17 liability guarantee 2030.8.27 No Yes
Yisheng December 9 November 20 Joint and several
Dahua 2025 5030600 2025 162.17 liability guarantee 2030.1.23 No Yes
Yisheng December 9 November 27 Joint and several
Dahua 2025 5030600 2025 58 liability guarantee 2030.8.27 No Yes
Yisheng December 9 November 27 Joint and several
Dahua 2025 5030600 2025 58 liability guarantee 2030.1.23 No Yes
Yisheng December 9 5030600 December 19 Joint and several Dahua 2025 2025 3552.73 liability guarantee 2030.8.27 No Yes
Yisheng December 9
Dahua 2025 5030600
December 19 Joint and several
2025 3552.73 liability guarantee 2030.1.23 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 January 9 2026 525.3 liability guarantee 2030.8.27 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 January 9 2026 525.3 liability guarantee 2030.1.23 No Yes
Yisheng December 9 January 21
Dahua 2025 5030600 2026 226.92
Joint and several
liability guarantee 2030.8.27 No Yes
Yisheng December 9 January 21 Joint and several
Dahua 2025 5030600 2026 226.92 liability guarantee 2030.1.23 No Yes
Yisheng December 9 February 5 Joint and several
Dahua 2025 5030600 2026 200.64 liability guarantee 2030.8.27 No Yes
Yisheng December 9 February 5 Joint and several
Dahua 2025 5030600 2026 200.64 liability guarantee 2030.1.23 No Yes
Yisheng December 9 February 13 Joint and several
Dahua 2025 5030600 2026 528.1 liability guarantee 2030.8.27 No Yes
Full text of 2026 Semi-Annual Report
Yisheng December 9 February 13 Joint and several
Dahua 2025 5030600 2026 528.1 liability guarantee 2030.1.23 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 March 17 2026 12.8 liability guarantee 2030.8.27 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 March 17 2026 12.8 liability guarantee 2030.1.23 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 May 14 2026 60 liability guarantee 2030.8.27 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 May 14 2026 60 liability guarantee 2030.1.23 No Yes
Yisheng December 9
Dahua 2025 5030600 May 29 2026 54.85
Joint and several
liability guarantee 2030.8.27 No Yes
Yisheng December 9
Dahua 2025 5030600 May 29 2026 54.85
Joint and several
liability guarantee 2030.1.23 No Yes
Yisheng December 9
Dahua 2025 5030600 June 5 2026 468.85
Joint and several
liability guarantee 2030.8.27 No Yes
Yisheng December 9
Dahua 2025 5030600 June 5 2026 468.85
Joint and several
liability guarantee 2030.1.23 No Yes
Yisheng December 9
Dahua 2025 5030600 June 11 2026 153.31
Joint and several
liability guarantee 2030.8.27 No Yes
Yisheng December 9
Dahua 2025 5030600 June 11 2026 153.31
Joint and several
liability guarantee 2030.1.23 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 June 30 2026 368.99 liability guarantee 2030.8.27 No Yes
Yisheng December 9 Joint and several
Dahua 2025 5030600 June 30 2026 368.99 liability guarantee 2030.1.23 No Yes
Yongsheng December 9 Joint and several
Technology 2025 5030600 May 24 2022 2369 liability guarantee 2026.12.15 No Yes
Yongsheng December 9 October 14 Joint and several
Technology 2025 5030600 2022 436.89 liability guarantee 2026.12.15 No Yes
Full text of 2026 Semi-Annual Report
Yongsheng December 9 September 26 Joint and several
Technology 2025 5030600 2023 872 liability guarantee 2026.12.15 No Yes
Yongsheng December 9 October 12 Joint and several
Technology 2025 5030600 2022 2485.17 liability guarantee 2026.11.16 No Yes
Yongsheng December 9 October 12 Joint and several
Technology 2025 5030600 2022 2485.17 liability guarantee 2027.5.17 No Yes
Yongsheng December 9 October 12 Joint and several
Technology 2025 5030600 2022 1596.42 liability guarantee 2027.11.15 No Yes
Yongsheng December 9 October 24 Joint and several
Technology 2025 5030600 2022 888.76 liability guarantee 2027.11.15 No Yes
Yongsheng December 9 5030600 October 24 2485.17 Joint and several Technology 2025 2022 liability guarantee 2028.5.15 No Yes
Yongsheng December 9 5030600 October 24 2485.17 Joint and several Technology 2025 2022 liability guarantee 2028.11.15 No Yes
Yongsheng December 9
Technology 2025 5030600
October 24
2022 2485.17
Joint and several
liability guarantee 2029.5.15 No Yes
Yongsheng December 9 October 24 Joint and several
Technology 2025 5030600 2022 1420.13 liability guarantee 2029.11.15 No Yes
Yongsheng December 9
Technology 2025 5030600
November 9 Joint and several
2022 1065.05 liability guarantee 2029.11.15 No Yes
Yongsheng December 9
Technology 2025 5030600
November 9
2022 1135.41
Joint and several
liability guarantee 2030.5.15 No Yes
Yongsheng December 9 November 28 Joint and several
Technology 2025 5030600 2022 1349.76 liability guarantee 2030.5.15 No Yes
Yongsheng December 9 November 28 Joint and several
Technology 2025 5030600 2022 1248.14 liability guarantee 2030.11.15 No Yes
Yongsheng December 9 December 14 Joint and several
Technology 2025 5030600 2022 1237.04 liability guarantee 2030.11.15 No Yes
Yongsheng December 9 December 14 Joint and several
Technology 2025 5030600 2022 1469.8 liability guarantee 2031.5.15 No Yes
Full text of 2026 Semi-Annual Report
Yongsheng December 9 January 19 Joint and several
Technology 2025 5030600 2023 1015.38 liability guarantee 2031.5.15 No Yes
Yongsheng December 9 January 19 Joint and several
Technology 2025 5030600 2023 2485.17 liability guarantee 2031.11.16 No Yes
Yongsheng December 9 January 19 Joint and several
Technology 2025 5030600 2023 836.98 liability guarantee 2032.5.17 No Yes
Yongsheng December 9 February 14 Joint and several
Technology 2025 5030600 2023 1648.19 liability guarantee 2032.5.17 No Yes
Yongsheng December 9 February 14 Joint and several
Technology 2025 5030600 2023 1497.68 liability guarantee 2032.11.15 No Yes
Yongsheng December 9 Joint and several
Technology 2025 5030600 April 25 2023 987.5 liability guarantee 2032.11.15 No Yes
Yongsheng December 9 Joint and several
Technology 2025 5030600 April 25 2023 694.72 liability guarantee 2033.5.16 No Yes
Yongsheng December 9
Technology 2025 5030600 May 17 2023 1413.52
Joint and several
liability guarantee 2033.5.16 No Yes
Yongsheng December 9
Technology 2025 5030600
October 31 Joint and several
2023 376.94 liability guarantee 2033.5.16 No Yes
Yongsheng December 9 5030600 July 9 2025 5000 Joint and several Technology 2025 liability guarantee 2026.7.9 No Yes
Yongsheng December 9
Technology 2025 5030600 July 15 2025 5000
Joint and several
liability guarantee 2026.7.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 July 31 2018 165762.75 liability guarantee 2030.7.30 No Yes
December 9 August 10 Joint and several
ZPC 2025 6260000 2018 32309.52 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 March 18 2019 57375 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 August 3 2018 6702.93 liability guarantee 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9 Joint and several
ZPC 2025 6260000 August 9 2018 11008.35 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 August 9 2018 16510.23 liability guarantee 2030.7.30 No Yes
December 9 August 10 Joint and several
ZPC 2025 6260000 2018 2864.21 liability guarantee 2030.7.30 No Yes
December 9 August 10 Joint and several
ZPC 2025 6260000 2018 5503.17 liability guarantee 2030.7.30 No Yes
December 9 August 13 Joint and several
ZPC 2025 6260000 2018 2038.98 liability guarantee 2030.7.30 No Yes
ZPC December 9 6260000 August 16 2025 2018 19370.82
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 August 15 Joint and several 2025 6260000 2018 4080 liability guarantee 2030.7.30 No Yes
ZPC December 9 6260000 August 31 25500 Joint and several 2025 2018 liability guarantee 2030.7.30 No Yes
ZPC December 9 6260000 October 23 33614.61 Joint and several 2025 2018 liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000
October 26
2018 6110.82
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 October 30 2025 6260000 2018 2854.57
Joint and several
liability guarantee 2030.7.30 No Yes
December 9 October 31 Joint and several
ZPC 2025 6260000 2018 12235.41 liability guarantee 2030.7.30 No Yes
December 9 November 7 Joint and several
ZPC 2025 6260000 2018 3887.14 liability guarantee 2030.7.30 No Yes
December 9 November 8 Joint and several
ZPC 2025 6260000 2018 7949.02 liability guarantee 2030.7.30 No Yes
December 9 November 8 Joint and several
ZPC 2025 6260000 2018 5913.96 liability guarantee 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9 Joint and several
ZPC 2025 6260000 August 3 2018 2875.89 liability guarantee 2030.7.30 No Yes
December 9 November 9 Joint and several
ZPC 2025 6260000 2018 9701.22 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 January 1 2019 14863.95 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 January 3 2019 10188.27 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 January 4 2019 1631.18 liability guarantee 2030.7.30 No Yes
ZPC December 9 6260000 November 9 4162.62 Joint and several 2025 2018 liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 January 4 2019 7132.86
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 January 8 2019 3872.94
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 6260000 January 9 2019 10174.5 Joint and several 2025 liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000
January 10
2019 5095.53
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000
January 14
2019 2455.04
Joint and several
liability guarantee 2030.7.30 No Yes
December 9 January 15 Joint and several
ZPC 2025 6260000 2019 7346.04 liability guarantee 2030.7.30 No Yes
December 9 January 31 Joint and several
ZPC 2025 6260000 2019 8160 liability guarantee 2030.7.30 No Yes
December 9 January 30 Joint and several
ZPC 2025 6260000 2019 1223.39 liability guarantee 2030.7.30 No Yes
December 9 February 1 Joint and several
ZPC 2025 6260000 2019 6714.15 liability guarantee 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9 Joint and several
ZPC 2025 6260000 January 4 2019 1631.49 liability guarantee 2030.7.30 No Yes
December 9 February 1 Joint and several
ZPC 2025 6260000 2019 4282.47 liability guarantee 2030.7.30 No Yes
December 9 February 1 Joint and several
ZPC 2025 6260000 2019 3464.96 liability guarantee 2030.7.30 No Yes
December 9 February 3 Joint and several
ZPC 2025 6260000 2019 14276.43 liability guarantee 2030.7.30 No Yes
December 9 February 11 Joint and several
ZPC 2025 6260000 2019 1841.28 liability guarantee 2030.7.30 No Yes
ZPC December 9 6260000 February 12 2648.43 Joint and several 2025 2019 liability guarantee 2030.7.30 No Yes
ZPC December 9 6260000 February 11 10907.88 Joint and several 2025 2019 liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000
February 27 41999.11 Joint and several 2019 liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 March 1 2019 4679.25
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 February 1 Joint and several 2025 6260000 2019 1828.35 liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 March 7 2019 2852.94
Joint and several
liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 March 7 2019 7132.86 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 March 8 2019 815.59 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 March 8 2019 2445.85 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 March 12 2019 1836.51 liability guarantee 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9 Joint and several
ZPC 2025 6260000 March 13 2019 1227.52 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 March 15 2019 9996.51 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 March 29 2019 18360 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 April 8 2019 2034.9 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 April 10 2019 407.8 liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 April 11 2019 815.54
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 March 7 2019 1218.9
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 April 11 2019 1429.53
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 6260000 April 12 2019 3470.55 Joint and several 2025 liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 April 12 2019 409.17
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 April 12 2019 2852.94
Joint and several
liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 April 15 2019 1019.11 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 May 1 2019 4476.78 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 April 11 2019 609.45 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 May 7 2019 2281.23 liability guarantee 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9 Joint and several
ZPC 2025 6260000 May 7 2019 17340 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 May 7 2019 4484.94 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 May 9 2019 1834.39 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 May 10 2019 611.69 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 May 13 2019 1022.93 liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 May 13 2019 1426.62
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 May 16 2019 6525.96
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 June 1 2019 2445.96
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 June 4 2019 7133.74
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 May 7 2019 976.65
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 June 5 2019 4080
Joint and several
liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 June 5 2019 5095 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 June 6 2019 2446.78 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 June 6 2019 35700 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 June 6 2019 2045.87 liability guarantee 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9 Joint and several
ZPC 2025 6260000 June 12 2019 12235.41 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 June 20 2019 204.51 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 July 1 2019 51000 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 July 5 2019 2242.03 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 July 8 2019 815.59 liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 July 8 2019 17850
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 July 10 2019 8160
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 July 10 2019 2659.62
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 6260000 July 10 2019 1836.51 Joint and several 2025 liability guarantee 2030.7.30 No Yes
ZPC December 9 6260000 June 5 2019 1016.43 Joint and several 2025 liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 July 10 2019 1429.53
Joint and several
liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 July 11 2019 609.45 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 July 16 2019 2034.9 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 July 16 2019 3667.92 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 July 31 2019 22426.23 liability guarantee 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9 Joint and several
ZPC 2025 6260000 August 2 2019 4076.42 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 August 7 2019 2045.87 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 August 7 2019 4996.98 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 August 7 2019 3055.41 liability guarantee 2030.7.30 No Yes
December 9 September 23 Joint and several
ZPC 2025 6260000 2019 2037.45 liability guarantee 2030.7.30 No Yes
ZPC December 9 6260000 September 23 2025 2019 1636.08
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 September 29 Joint and several 2025 6260000 2019 44370 liability guarantee 2030.7.30 No Yes
ZPC December 9 6260000 September 30 6118.98 Joint and several 2025 2019 liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 August 7 2019 2144.04
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 October 9 2025 6260000 2019 2135.88
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 October 21 Joint and several 2025 6260000 2019 5913.96 liability guarantee 2030.7.30 No Yes
December 9 October 21 Joint and several
ZPC 2025 6260000 2019 3865.29 liability guarantee 2030.7.30 No Yes
December 9 October 29 Joint and several
ZPC 2025 6260000 2019 26520 liability guarantee 2030.7.30 No Yes
December 9 November 15 Joint and several
ZPC 2025 6260000 2019 5104.59 liability guarantee 2030.7.30 No Yes
December 9 October 9 Joint and several
ZPC 2025 6260000 2019 916.98 liability guarantee 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9 November 18 Joint and several
ZPC 2025 6260000 2019 1714.11 liability guarantee 2030.7.30 No Yes
December 9 November 19 Joint and several
ZPC 2025 6260000 2019 731.85 liability guarantee 2030.7.30 No Yes
December 9 November 21 Joint and several
ZPC 2025 6260000 2019 74970 liability guarantee 2030.7.30 No Yes
December 9 December 18 Joint and several
ZPC 2025 6260000 2019 1714.11 liability guarantee 2030.7.30 No Yes
December 9 December 19 Joint and several
ZPC 2025 6260000 2019 2852.94 liability guarantee 2030.7.30 No Yes
ZPC December 9 6260000 December 24 2025 2019 3063.57
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 January 16 Joint and several 2025 6260000 2020 3872.94 liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000
January 16 2243.49 Joint and several 2020 liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000
January 16
2020 1204.11
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 January 16 2025 6260000 2020 5913.96
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000
January 16 Joint and several
2020 1241.85 liability guarantee 2030.7.30 No Yes
December 9 February 14 Joint and several
ZPC 2025 6260000 2020 1420.66 liability guarantee 2030.7.30 No Yes
December 9 February 18 Joint and several
ZPC 2025 6260000 2020 415.14 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 March 16 2020 2648.43 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 March 19 2020 4077.45 liability guarantee 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9 Joint and several
ZPC 2025 6260000 March 31 2020 10200 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 April 1 2020 16575 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 April 17 2020 1016.43 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 April 17 2020 1429.53 liability guarantee 2030.7.30 No Yes
December 9 Joint and several
ZPC 2025 6260000 May 13 2020 2040 liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 June 3 2020 2445.96
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 June 5 2020 2445.96
Joint and several
liability guarantee 2030.7.30 No Yes
ZPC December 9 2025 6260000 July 4 2023 5321.11
Joint and several
liability guarantee 2027.3.15 No Yes
ZPC December 9 2025 6260000
January 20 Joint and several
2021 67230 liability guarantee 2032.11.15 No Yes
ZPC December 9 6260000 January 20 Joint and several 2025 2021 19671 liability guarantee 2032.11.15 No Yes
ZPC December 9 6260000 January 20 Joint and several 2025 2021 74700 liability guarantee 2032.11.15 No Yes
December 9 January 20 Joint and several
ZPC 2025 6260000 2021 249000 liability guarantee 2032.11.15 No Yes
December 9 January 20 Joint and several
ZPC 2025 6260000 2021 109062 liability guarantee 2032.11.15 No Yes
December 9 January 20 Joint and several
ZPC 2025 6260000 2021 21613.2 liability guarantee 2032.11.15 No Yes
December 9 January 20 Joint and several
ZPC 2025 6260000 2021 7470 liability guarantee 2032.11.15 No Yes
Full text of 2026 Semi-Annual Report
December 9 January 21 Joint and several
ZPC 2025 6260000 2021 28386 liability guarantee 2032.11.15 No Yes
December 9 January 21 Joint and several
ZPC 2025 6260000 2021 49800 liability guarantee 2032.11.15 No Yes
December 9 January 21 Joint and several
ZPC 2025 6260000 2021 49800 liability guarantee 2032.11.15 No Yes
December 9 January 21 Joint and several
ZPC 2025 6260000 2021 9960 liability guarantee 2032.11.15 No Yes
December 9 January 22 Joint and several
ZPC 2025 6260000 2021 28386 liability guarantee 2032.11.15 No Yes
ZPC December 9 6260000 February 4 47310 Joint and several 2025 2021 liability guarantee 2032.11.15 No Yes
ZPC December 9 6260000 February 5 37350 Joint and several 2025 2021 liability guarantee 2032.11.15 No Yes
ZPC December 9 6260000 February 5 34860 Joint and several 2025 2021 liability guarantee 2032.11.15 No Yes
ZPC December 9 February 5 2025 6260000 2021 14940
Joint and several
liability guarantee 2032.11.15 No Yes
ZPC December 9 2025 6260000
February 5 Joint and several
2021 49800 liability guarantee 2032.11.15 No Yes
ZPC December 9 February 5 Joint and several 2025 6260000 2021 92130 liability guarantee 2032.11.15 No Yes
December 9 February 5 Joint and several
ZPC 2025 6260000 2021 56772 liability guarantee 2032.11.15 No Yes
December 9 February 7 Joint and several
ZPC 2025 6260000 2021 28386 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 March 18 2021 10458 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 March 18 2021 17748.72 liability guarantee 2032.11.15 No Yes
Full text of 2026 Semi-Annual Report
December 9 Joint and several
ZPC 2025 6260000 March 19 2021 24900 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 March 19 2021 29880 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 March 22 2021 49800 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 March 22 2021 49800 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 March 25 2021 24900 liability guarantee 2032.11.15 No Yes
ZPC December 9 2025 6260000 March 26 2021 124500
Joint and several
liability guarantee 2032.11.15 No Yes
ZPC December 9 2025 6260000 March 26 2021 39840
Joint and several
liability guarantee 2032.11.15 No Yes
ZPC December 9 2025 6260000 April 28 2021 14940
Joint and several
liability guarantee 2032.11.15 No Yes
ZPC December 9 6260000 April 28 2021 64740 Joint and several 2025 liability guarantee 2032.11.15 No Yes
ZPC December 9 2025 6260000 April 28 2021 30876
Joint and several
liability guarantee 2032.11.15 No Yes
ZPC December 9 2025 6260000 April 28 2021 24900
Joint and several
liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 April 28 2021 15438 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 April 29 2021 39840 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 April 30 2021 2490 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 April 30 2021 2490 liability guarantee 2032.11.15 No Yes
Full text of 2026 Semi-Annual Report
December 9 Joint and several
ZPC 2025 6260000 June 29 2021 49800 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 July 5 2021 164340 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 July 5 2021 24900 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 July 6 2021 19920 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 July 6 2021 34860 liability guarantee 2032.11.15 No Yes
ZPC December 9 2025 6260000 July 6 2021 72210
Joint and several
liability guarantee 2032.11.15 No Yes
ZPC December 9 2025 6260000 July 6 2021 72210
Joint and several
liability guarantee 2032.11.15 No Yes
ZPC December 9 2025 6260000 July 6 2021 74700
Joint and several
liability guarantee 2032.11.15 No Yes
ZPC December 9 2025 6260000 July 6 2021 149400
Joint and several
liability guarantee 2032.11.15 No Yes
ZPC December 9 2025 6260000 July 6 2021 19920
Joint and several
liability guarantee 2032.11.15 No Yes
ZPC December 9 September 15 Joint and several 2025 6260000 2021 50278.08 liability guarantee 2032.11.15 No Yes
December 9 September 17 Joint and several
ZPC 2025 6260000 2021 19920 liability guarantee 2032.11.15 No Yes
December 9 September 17 Joint and several
ZPC 2025 6260000 2021 19422 liability guarantee 2032.11.15 No Yes
December 9 September 17 Joint and several
ZPC 2025 6260000 2021 39840 liability guarantee 2032.11.15 No Yes
December 9 September 17 Joint and several
ZPC 2025 6260000 2021 102090 liability guarantee 2032.11.15 No Yes
Full text of 2026 Semi-Annual Report
December 9 September 22 Joint and several
ZPC 2025 6260000 2021 16434 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 June 13 2022 7968 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 July 11 2022 169.32 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 August 2 2022 109.56 liability guarantee 2032.11.15 No Yes
December 9 Joint and several
ZPC 2025 6260000 August 4 2022 189.24 liability guarantee 2032.11.15 No Yes
ZPC December 9 2025 6260000 August 9 2022 59.76
Joint and several
liability guarantee 2032.11.15 No Yes
ZPC December 9 2025 6260000
August 10 Joint and several
2022 7.47 liability guarantee 2032.11.15 No Yes
ZPC December 9 6260000 September 5 256.47 Joint and several 2025 2022 liability guarantee 2032.11.15 No Yes
ZPC December 9 2025 6260000
October 10
2022 204.18
Joint and several
liability guarantee 2032.11.15 No Yes
ZPC December 9 6260000 November 1 Joint and several 2025 2022 219.12 liability guarantee 2032.11.15 No Yes
ZPC December 9 6260000 December 16 34.86 Joint and several 2025 2022 liability guarantee 2032.11.15 No Yes
December 9 December 27 Joint and several
ZPC 2025 6260000 2022 3984 liability guarantee 2032.11.15 No Yes
December 9 November 2 Joint and several
ZPC 2025 6260000 2021 8.77 liability guarantee 2026.7.1 No Yes
December 9 November 18 Joint and several
ZPC 2025 6260000 2021 0.4 liability guarantee 2026.7.1 No Yes
Full text of 2026 Semi-Annual Report
Total Guarantee Limit Approved Total Outstanding Balance of
for Subsidiaries as at the End of 11290600 Guarantees Provided to 5140521.29
the Reporting Period (B3) Subsidiaries as at the End of the Reporting Period (B4)
Guarantees Provided by Subsidiaries to Their Subsidiaries
Disclosure Date
Name of of the Counter- Whether the Whether the
Guaranteed Announcement Guarante Date of Actual
Actual Type of Collateral guarantee Guarantee Guarantee Guarantee Is
Party on the e Limit Occurrence
Guarante
e Amount Guarantee if any Arrangement Term Has Been Provided to a Guarantee s if any Fulfilled Related Party
Limit
Yisheng December 9 Joint and several
Dahua 2025 89000 May 22 2026 1230 liability guarantee 2026.8.22 No Yes
Yisheng December 9 Joint and several
Dahua 2025 89000 July 24 2025 17000 liability guarantee 2027.7.23 No Yes
Yisheng December 9
Dahua 2025 89000 July 24 2025 1000
Joint and several
liability guarantee 2026.12.21 No Yes
Yisheng December 9
Dahua 2025 89000 March 5 2026 3800.16
Joint and several
liability guarantee 2026.9.5 No Yes
Yisheng December 9
Dahua 2025 89000 March 11 2026 3994.65
Joint and several
liability guarantee 2026.9.11 No Yes
Yisheng December 9
Dahua 2025 89000 March 20 2026 2500
Joint and several
liability guarantee 2026.9.20 No Yes
Yisheng December 9 Joint and several
Dahua 2025 89000 April 16 2026 4000 liability guarantee 2026.10.16 No Yes
Yisheng December 9
Dahua 2025 89000 June 11 2026 3000
Joint and several
liability guarantee 2026.12.11 No Yes
Yisheng December 9 January 21 Joint and several
Dahua 2025 89000 2026 965.25 liability guarantee 2026.7.22 No Yes
Full text of 2026 Semi-Annual Report
Total Guarantee Limit Approved Total Outstanding Balance of
for Guarantees Provided by Guarantees Provided by
Subsidiaries to Their Subsidiaries 89000 Subsidiaries to Their 37490.06
as at the End of the Reporting Subsidiaries as at the End of the
Period (C3) Reporting Period (C4)
Total Guarantees of the Company (i.e. the Aggregate of the Above Three Categories)
Total Guarantee Limit Approved Total Outstanding Guarantee
as at the End of the Reporting 11379600 Balance as at the End of the 5178011.35
Period (A3+B3+C3) Reporting Period (A4+B4+C4)
Percentage of the Total Outstanding Guarantee Balance (i.e.A4+B4+C4) to the Company’s Net Assets 108.66%
Full text of 2026 Semi-Annual Report
3. Entrusted Wealth Management
R Applicable □ Not applicable
Overview of Entrusted Wealth Management During the Reporting Period
Unit: RMB 10000
Balance of Entrusted
Wealth Management Amount Overdue and
Product Category Risk Profile Products During the Unrecovered
Reporting Period
Bank wealth management
products Low risk 0.00 0.00
Note: As of the end of the reporting period all entrusted wealth management products had been redeemed.Specific circumstances where the Company as the sole principal entrusts financial institutions to conduct asset
management or invests in high-risk entrusted wealth management products with relatively low security and poor
liquidity
□ Applicable R Not applicable
4. Other major contracts
□ Applicable R Not applicable
No other major contracts of the Company during the reporting period.XIII. Registration Form of Reception Research Communication and Interviews during the
Reporting Period
R Applicable □ Not applicable
Reception Index to Basic Reception Reception Type of Reception Reception Main Topics Discussed
Date Venue Method Target and Materials Provided Information on the Target Research
Panorama For details please refer to:
Network’s Online http://www.cninfo.com.cn/new/disclosure/detailplatApril 30 “Investor communication e=szse&orgId=9900015502&stockCode=002493&a
2026 Relations via a network Individual Investors nnouncementId=1225272639&announcementTime=
Interactive platform 2026-04-30%2017:44Platform”
XIV. Explanation of other major matters
□ Applicable R Not applicable
No other important events to be described during the reporting period.XV. Major Events of Subsidiaries
□ Applicable RNot applicable
Full text of 2026 Semi-Annual Report
Section VI Changes in Shares and Shareholders
I. Changes in shares
1. Changes in shares
Unit: shares
Before the change Increase or decrease (+ -) After this change
Conversion of
Number Ratio Issuance of new shares Bonus shares capital reserves Others Subtotal Number Ratio into shares
I. Restricted shares 651375000 6.52% -24131250 -24131250 627243750 6.28%
1. State-owned shares
2. Shares held by state-
owned legal persons
3. Shares held by other
domestic capital 651375000 6.52% -24131250 -24131250 627243750 6.28%
Including: Shares
held by domestic legal
persons
Shares held by
domestic natural persons 651375000 6.52% -24131250 -24131250 627243750 6.28%
4. Shares held by
foreign investors
Including: Shares
held by foreign legal
persons
Shares held by
foreign natural persons
II. Shares not subject to
sales restrictions 9338067254 93.48% 24131250 24131250 9362198504 93.72%
Full text of 2026 Semi-Annual Report
1. RMB ordinary shares 9338067254 93.48% 24131250 24131250 9362198504 93.72%
2. Domestically-listed
foreign shares
3. Overseas-listed
foreign shares
4. Others
III. Total shares 9989442254 100.00% 0 0 9989442254 100.00%
Causes for change in shares
R Applicable □ Not applicable
Following the abolition of the Board of Supervisors and pursuant to the Shenzhen Stock Exchange Guidelines for Self-Regulatory Supervision of Listed Companies
No. 18—Reduction of Shareholdings by Shareholders Directors and Senior Management (2025 Revision) the number of restricted shares held by the departing
Supervisor was adjusted accordingly. Accordingly senior-management lock-up shares decreased by 24131250 shares during the Reporting Period.Approval of changes in shares
□ Applicable R Not applicable
Transfer of changes in shares
□ Applicable R Not applicable
Implementation progress of share repurchases
□ Applicable R Not applicable
Implementation progress of the disposal of repurchased shares through centralized competitive bidding
□ Applicable R Not applicable
Impact of changes in shares on financial indicators such as basic earnings per share and diluted earnings per share for the most recent year and the most recent period
and net assets per share attributable to the Company’s ordinary shareholders
□ Applicable R Not applicable
Other information that the Company considers necessary or that the securities regulatory authorities require to be disclosed
□ Applicable R Not applicable
2. Changes in restricted shares
Full text of 2026 Semi-Annual Report
R Applicable □ Not applicable
Unit: shares
Number of Number of
Restricted Shares Increase in
Number of
Shareholder Shares at the Released from Restricted
Restricted
Name Beginning of Restriction Shares during
Shares at the Reason for Restriction Date of Release from Restriction
the Period during the the Period
End of the
Period Period
During the term of office determined at the time of
appointment of a departing Supervisor and within
six months following the expiry of such term the
number of Company shares transferred by the
Li Guoqing 96525000 24131250 0 72393750 departing Supervisor each year through centralized May 20 2026
competitive bidding block trading transfer by
agreement or other means shall not exceed 25% of
the total number of Company shares held by such
person.Total 96525000 24131250 0 72393750 -- --
II. Securities issuance and listing
□ Applicable R Not applicable
III. Number of Shareholders and Shareholdings
Unit: shares
Full text of 2026 Semi-Annual Report
Total number of
common
shareholders at the 71963 Total Number of Preferred Shareholders with Restored Voting Rights at the
end of the reporting End of the Reporting Period if any (see Note 8)
0
period
Shareholdings of shareholders holding over 5% of shares or the top 10 shareholders (excluding shares lent through refinancing)
Number of Increase or Number of Pledge marking or freezing
Name of Nature of Shareholding shares held at decrease during shares held Number of non-
shareholders shareholders ratio the end of the the reporting with limited restricted Share status Number
report period period sales shares held conditions
Zhejiang Rongsheng Domestic non-
Holding Group Co. state-owned legal 55.05% 5499301781 0 0 5499301781.00 Not applicable 0
Ltd. person
Aramco Overseas Overseas legal 10.14% 1012552501 0 0 1012552501
Company B.V. person Not applicable 0
Li Shuirong Domestic natural 6.44% 643275000 0 482456250 160818750 person Not applicable 0
Hong Kong Securities
Clearing Company Overseas legal 2.21% 221237800 4911253 0 221237800 Not applicable 0
Limited person
Li Guoqing Domestic natural 0.97% 96525000 0 72393750 24131250 person Not applicable 0
Xu Yuejuan Domestic natural 0.97% 96525000 0 0 96525000 person Not applicable 0
Li Yongqing Domestic natural 0.97% 96525000 0 72393750 24131250 person Not applicable 0
Horizon Asset -
Huaneng
Trust · Jiayue No. 7
Single Fund Trust - Other 0.55% 55148287 0 0 55148287 Not applicable 0
Horizon Asset Huixin
No. 43 Single Asset
Management Plan
Full text of 2026 Semi-Annual Report
Huaneng Guicheng
Trust Co. Ltd. -
Huaneng 0.50% 50078500 0 0 50078500
Trust · Rongyue Other Not applicable 0
Weicheng collective
funds trust plan
China Life Insurance
Company Limited –
Traditional – General Other 0.49% 48592950 37479400 0 48592950 Not applicable 0
Insurance Product –
005L – CT001 SH
The situation (if any) that strategic investors
or general legal persons become the top 10
shareholders due to the placement of new Not applicable
shares (see Note 3)
Among the top 10 shareholders Zhejiang Rongsheng Holding Group Co. Ltd. is the controlling shareholder of the Company. Li Yongqing and
Explanation of the relationship or concerted Li Guoqing are nephews of Li Shuirong Chairman of Zhejiang Rongsheng Holding Group Co. Ltd. and Xu Yuejuan is the sister-in-law of Li
action among the above shareholders Shuirong. They therefore constitute related parties. Except for the foregoing relationships the Company has no knowledge of whether any other
shareholders are related to one another or are persons acting in concert.Explanation of the above shareholders on
delegating/receiving/waiving voting rights Not applicable
Special explanation on the existence of
repurchase accounts among the top 10 Among the top 10 shareholders the special securities account for share repurchases of Rongsheng Petrochemical Co. Ltd. held 417150112
shareholders (if any) (see Note 11) shares representing 4.18% of the Company’s total share capital.Shareholding of top 10 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 Class of shares
Name of shareholders at the end of the reporting period Class of shares Number
Zhejiang Rongsheng Holding Group Co. Ltd. 5499301781 RMB ordinary shares 5499301781
Aramco Overseas Company B.V. 1012552501 RMB ordinary shares 1012552501
Hong Kong Securities Clearing Company Limited 221237800 RMB ordinary shares 221237800
Li Shuirong 160818750 RMB ordinary shares 160818750
Xu Yuejuan 96525000 RMB ordinary shares 96525000
Full text of 2026 Semi-Annual Report
Horizon Asset - Huaneng Trust · Jiayue No. 7 Single Fund Trust 55148287 55148287
- Horizon Asset Huixin No. 43 Single Asset Management Plan RMB ordinary shares
Huaneng Guicheng Trust Co. Ltd. - Huaneng Trust · Rongyue 50078500
Weicheng collective funds trust plan RMB ordinary shares
50078500
China Life Insurance Company Limited – Traditional – General 48592950 48592950
Insurance Product – 005L – CT001 SH RMB ordinary shares
Ni Xincai 47925000 RMB ordinary shares 47925000
Dai Deming 40300000 RMB ordinary shares 40300000
Explanation of the relationship or concerted action among the top Among the top 10 shareholders Zhejiang Rongsheng Holding Group Co. Ltd. is the controlling shareholder of the
10 shareholders of outstanding shares not subject to sales Company. Xu Yuejuan is the sister-in-law of Li Shuirong Chairman of Zhejiang Rongsheng Holding Group Co. Ltd. and
restrictions and among the top 10 shareholders of outstanding Ni Xincai is the brother-in-law of Li Shuirong. They therefore constitute related parties. Except for the foregoing
shares not subject to sales restrictions and the top 10 shareholders relationships the Company has no knowledge of whether any other shareholders are related to one another or are persons acting in concert.Explanation of the top 10 shareholders' participation in securities Zhejiang Rongsheng Holding Group Co. Ltd. holds 5459301781 shares through an ordinary securities account and
margin trading (if any) (see Note 4) 40000000 shares through a margin account. Dai Deming holds 1300000 shares through an ordinary securities account and 39000000 shares through a margin account.Full text of 2026 Semi-Annual Report
Participation of shareholders holding more than 5% shares top 10 shareholders and top 10 shareholders of
outstanding shares not subject to sales restrictions in lending shares by refinancing business
□ Applicable R Not applicable
Changes in top 10 shareholders and top 10 shareholders of outstanding shares not subject to sales restrictions due
to lending/returning shares by refinancing business
□ Applicable R Not applicable
Whether any of the top 10 shareholders of ordinary share and the top 10 shareholders of ordinary share not subject
to sales restrictions of the Company have any agreed repurchase trading during the reporting period
□ Yes R No
The top 10 shareholders of ordinary share and the top 10 shareholders of ordinary share not subject to sales
restrictions did not conduct the agreed repurchase transaction during the reporting period
IV. Changes in Shareholdings of Directors and Senior Management
□ Applicable R Not applicable
There were no changes in the shareholdings of the Company’s Directors or Senior Management during the
Reporting Period. For details please refer to the 2025 Annual Report.V. Changes in the Controlling Shareholder or Actual Controller
Where the Company has previously disclosed that its actual controller was planning a change in control that has not
yet been completed the Company shall explain the progress of such change in control.□ Applicable R Not applicable
Change in the controlling shareholder during the Reporting Period
□ Applicable R Not applicable
There was no change in the Company’s controlling shareholder during the Reporting Period.Change in the actual controller during the Reporting Period
□ Applicable R Not applicable
There was no change in the Company’s actual controller during the Reporting Period.VI. Preferred Shares
□ Applicable R Not applicable
The Company had no preferred shares during the Reporting Period.Full text of 2026 Semi-Annual Report
Section VII Bonds
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
Section VIII Financial Reports
I. Audit Report
Whether the semi-annual report has been audited
□ Yes R No
The Company’s semi-annual financial report has not been audited.II. Financial Statements
The amounts in the financial statement notes are presented in RMB.
1. Consolidated Balance Sheet
Prepared by: Rongsheng Petrochemical Co. Ltd.June 30 2026
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Cash and bank balances 23734636453.49 13499669478.84
Settlement reserve
Placements with banks and other financial institutions
Trading financial assets
Derivative financial assets 192305512.54 278828802.69
Notes receivable
Accounts receivable 2260963661.76 3169305362.31
Accounts receivable financing 214924599.25 83421123.96
Prepayments 3305102984.78 2140598833.96
Premium receivables
Reinsurance receivables
Reinsurance contract reserves receivables
Other receivables 4369761244.01 4925104317.10
Including: Interest receivables
Dividends receivable 900000000.00
Financial assets purchased under resale agreements
Inventories 32009662550.09 33576127180.92
Including: data resources
Contract assets
Held-for-sale assets
Non-current assets due within one year
Other current assets 8493494401.73 7280589936.07
Full text of 2026 Semi-Annual Report
Total current assets 74580851407.65 64953645035.85
Non-current assets:
Loans and advances
Debt investments
Other debt investments
Long-term receivables
Long-term equity investment 9446006115.38 9764207212.23
Investment in other equity instruments
Other non-current financial assets
Investment property 9716959.60 9852682.60
Fixed assets 249424094904.07 259757528525.39
Construction in progress 54979464670.50 37854167659.20
Productive biological assets
Oil & gas assets
Right-of-use assets 60122571.18 27062072.00
Intangible assets 8991256856.68 9085688449.26
Including: data resources
Development expenses
Including: data resources
Goodwill
Long-term deferred expenses 966422.60
Deferred income tax assets 1599264279.84 1702308467.27
Other non-current assets 3730795532.12 3478664190.30
Total non-current assets 328241688311.97 321679479258.25
Total assets 402822539719.62 386633124294.10
Current liabilities:
Short-term borrowings 53190105943.25 50196656887.59
Borrowings from the central bank
Placements from banks and other financial institutions
Trading financial liabilities
Derivative financial liabilities 242510513.90 254957356.99
Notes payable 1633752998.56 1823730094.93
Accounts payable 55022314319.88 58958528675.95
Advances received
Contract liabilities 2755473814.03 4083450306.60
Financial assets sold for repurchase
Deposits received and interbank deposits
Deposits for securities trading agency
Deposits for securities underwriting agency
Employee benefits payable 741131380.44 1125814964.88
Taxes payable 1002658024.79 2645167588.84
Full text of 2026 Semi-Annual Report
Other payables 11733185071.34 8699387532.24
Including: Interest payable
Dividends payable 754030000.00
Handling charges and commissions payable
Reinsurance payable
Held-for-sale liabilities
Non-current liabilities due within one year 37100487475.75 35466338269.58
Other current liabilities 3326536702.13 1867329013.92
Total current liabilities 166748156244.07 165121360691.52
Non-current liabilities:
Insurance contract reserves
Long-term borrowings 129528625520.90 122459201307.70
Bonds payable
Including: Preferred share
Perpetual bond
Lease liabilities 42251995.26
Long-term payables
Long-term employee benefits payable
Provisions 44542210.85 43782604.66
Deferred income 453353280.62 392706559.60
Deferred income tax liabilities 1539145003.79 1624234093.37
Other non-current liabilities
Total non-current liabilities 131607918011.42 124519924565.33
Total liabilities 298356074255.49 289641285256.85
Owners’ equity:
Share capital 9989442254.00 9989442254.00
Other equity instruments
Including: Preferred share
Perpetual bond
Capital reserve 8958250210.36 8958186957.39
Less: treasury stock 4988804885.93 4988804885.93
Other comprehensive income -44215118.89 86668890.53
Special reserves 93202480.16 55804605.92
Surplus reserves 1270743066.03 1270743066.03
General risk reserve
Retained earnings 32374905404.74 28221482065.98
Total equity attributable to the parent company 47653523410.47 43593522953.92
Minority equity 56812942053.66 53398316083.33
Total equity 104466465464.13 96991839037.25
Full text of 2026 Semi-Annual Report
Total liabilities and owners’ equity 402822539719.62 386633124294.10
2. Balance Sheet of the Parent Company
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Cash and bank balances 2222050224.76 354353684.29
Trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 3430155.65 2437530.86
Accounts receivable financing 30099108.99 17919013.37
Prepayments 83107244.82 60256292.32
Other receivables 5214966090.11 2897360297.44
Including: Interest receivables
Dividends receivable 2432100000.00 550000000.00
Inventories 291298441.51 242437960.44
Including: data resources
Contract assets
Held-for-sale assets
Non-current assets due within one year
Other current assets 203083.50 26047627.84
Total current assets 7845154349.34 3600812406.56
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investment 55403226077.72 55647973695.59
Investment in other equity instruments
Other non-current financial assets
Investment property 9716959.60 9852682.60
Fixed assets 317497765.49 318871916.84
Construction in progress 1037735.85
Productive biological assets
Oil & gas assets
Right-of-use assets
Intangible assets 10890967.97 11853718.31
Including: data resources
Development expenses
Including: data resources
Full text of 2026 Semi-Annual Report
Goodwill
Long-term deferred expenses
Deferred income tax assets
Other non-current assets
Total non-current assets 55742369506.63 55988552013.34
Total assets 63587523855.97 59589364419.90
Current liabilities:
Short-term borrowings 6304838612.34 6285794109.03
Trading financial liabilities
Derivative financial liabilities
Notes payable 52916550.00
Accounts payable 5395932531.22 4861762156.96
Advances received
Contract liabilities 2486220583.76 2646739931.85
Employee benefits payable 36249464.99 80917996.59
Taxes payable 4104331.59 6581447.16
Other payables 12293796522.26 10133729308.36
Including: Interest payable
Dividends payable
Held-for-sale liabilities
Non-current liabilities due within one year 7390024135.00 5964831869.33
Other current liabilities 323208675.88 344076191.14
Total current liabilities 34234374857.04 30377349560.42
Non-current liabilities:
Long-term borrowings 11736899454.44 11919757273.07
Bonds payable
Including: Preferred share
Perpetual bond
Lease liabilities
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income 5797478.48 6301607.06
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 11742696932.92 11926058880.13
Total liabilities 45977071789.96 42303408440.55
Owners’ equity:
Share capital 9989442254.00 9989442254.00
Other equity instruments
Full text of 2026 Semi-Annual Report
Including: Preferred share
Perpetual bond
Capital reserve 9381253530.14 9381253530.14
Less: treasury shares 4988804885.93 4988804885.93
Other comprehensive income 121769757.80 104810451.40
Special reserves
Surplus reserves 1270743066.03 1270743066.03
Retained earnings 1836048343.97 1528511563.71
Total equity 17610452066.01 17285955979.35
Total liabilities and owners’ equity 63587523855.97 59589364419.90
3. Consolidated Income Statement
Unit: RMB
Item First Half of 2026 First Half of 2025
I. Gross operating revenue 129406713606.78 148629350935.50
Including: operating revenue 129406713606.78 148629350935.50
Interest income
Earned premium
Handling charge and commission income
II. Gross operating costs 119440750915.54 147757254574.45
Including: operating costs 109671529657.63 128878959937.59
Interest expense
Handling charge and commission expenses
Surrender value
Net payments for insurance claims
Net provision for insurance contract liabilities
Policy dividend payment
Reinsurance costs
Taxes and surcharges 3918394840.31 12748131455.62
Selling expenses 86672912.63 84293344.16
Administrative expenses 489898914.69 466821877.01
R&D expenses 2242542374.59 2369091695.16
Financial expenses 3031712215.69 3209956264.91
Including: interest expenses 3190639179.06 3280153933.32
Interest income 135999098.06 222591881.35
Add: Other income 800815540.06 1064837456.41
Investment income (losses expressed with "-") 362514525.42 284046651.75
Including: Return on investment in associates and 446204831.98 190297833.77
joint ventures
Full text of 2026 Semi-Annual Report
Gains on derecognition of financial assets
measured at amortized cost
Exchange gains (losses expressed with “-”)
Net exposure hedging gains (losses expressed with “-”)
Gains on changes in fair value (losses expressed with "-") -292395250.55 -299721409.22
Credit impairment loss (losses expressed with "-") 18584617.97 87104774.79
Asset impairment loss (losses marked with “-”) -1070657.02 -152150594.56
Gains on disposal of assets (losses expressed with “-”) 7357324.96 -64124.27
III. Operating profit (losses expressed with "-") 10861768792.08 1856149115.95
Add: Non-operating income 4459855.55 3898849.00
Less: Non-operating expenses 6496192.84 15476643.56
IV. Total profit (total losses expressed with "-") 10859732454.79 1844571321.39
Less: Income tax expenses 1599910333.55 178317788.37
V. Net profit (net losses expressed with "-") 9259822121.24 1666253533.02
(I) By business continuity
1. Net profit from going concern (net losses expressed with 9259822121.24 1666253533.02
“-”)
2. Net profit from discontinued operations (net losses
expressed with “-”)
(II) By ownership
1. Net profit attributable to shareholders of the parent 5110652552.96 602084104.39
company
2. Minority interest income 4149169568.28 1064169428.63
VI. Other comprehensive income net of tax -148091369.68 -67422232.10
Other comprehensive income attributable to owners of the -130884009.42 -63618787.95
parent net of tax
(I) Other comprehensive income which may not be
reclassified to profit or loss
1. Re-measurement of changes in defined benefit plans
2. Other comprehensive income which may not be
transferred to profit or loss under the equity method
3. Changes in fair value of investment in other equity
instruments
4. Changes in fair value attributable to changes in the
Company’s own credit risk
5. Others
(II) Other comprehensive income which may be reclassified -130884009.42 -63618787.95
to profit or loss
1. Other comprehensive income which may be transferred -2818582.89 -50041026.62
to profit or loss under the equity method
2. Changes in fair value of other debt investments
Full text of 2026 Semi-Annual Report
3. Amount of financial assets reclassified into other
comprehensive income
4. Credit impairment allowance for other debt
investments
5. Cash flow hedging reserves
6. Difference in translation of foreign currency financial -128065426.53 -13577761.33
statements
7. Others
Other comprehensive income attributable to minority -17207360.26 -3803444.15
shareholders net of tax
VII. Total comprehensive income 9111730751.56 1598831300.92
Total comprehensive income attributable to owners of the 4979768543.54 538465316.44
parent company
Total comprehensive income attributable to minority 4131962208.02 1060365984.48
shareholders
VIII. Earnings per share
(I) Basic earnings per share 0.53 0.06
(II) Diluted earnings per share 0.53 0.06
4. Income Statement of the Parent Company
Unit: RMB
Item First Half of 2026 First Half of 2025
I.Operating revenue 1658635943.40 874759022.69
Less: Operating costs 1416499121.05 783915236.41
Taxes and surcharges 4015977.87 3803080.38
Selling expenses 23530693.32 16171150.67
Administrative expenses 56431181.76 53041620.29
R&D expenses 89909438.96 51520823.00
Financial expenses 452655791.25 390501070.87
Including: interest expenses 437529655.83 389284382.25
Interest income 3930697.50 6362975.74
Add: Other income 2027136.04 347023654.77
Investment income (losses expressed with "-") 1653195627.15 169273572.94
Including: Return on investment in associates and joint 244047586.37 155613807.08
ventures
Gains on derecognition of financial assets
measured at amortized cost (loss expressed with "-")
Net exposure hedging gains (losses expressed with “-”)
Gains on changes in fair value (losses expressed with "-")
Credit impairment loss (losses expressed with "-") -984220.51 -462148.98
Asset impairment loss (losses marked with “-”)
Gains on disposal of assets (losses expressed with “-”) 5881.82 0.18
Full text of 2026 Semi-Annual Report
II. Operating profit (losses expressed with “-”) 1269838163.69 91641119.98
Add: Non-operating income 13610.45 2.15
Less: Non-operating expenses 5085779.68 5757786.29
III. Total profit (total losses expressed with “-”) 1264765994.46 85883335.84
Less: Income tax expenses
IV. Net profit (net losses expressed with "-") 1264765994.46 85883335.84
(1) Net profit from going concern (net losses expressed with 1264765994.46 85883335.84
“-”)
(2) Net profit from discontinued operations (net losses
expressed with “-”)
V. Other comprehensive income net of tax 16959306.40 -45627581.75
(I) Other comprehensive income which may not be
reclassified to profit or loss
1. Re-measurement of changes in defined benefit plans
2. Other comprehensive income which may not be
transferred to profit or loss under the equity method
3. Changes in fair value of investment in other equity
instruments
4. Changes in fair value attributable to changes in the
Company’s own credit risk
5. Others
(II) Other comprehensive income which may be reclassified 16959306.40 -45627581.75
to profit or loss
1. Other comprehensive income which may be transferred 16959306.40 -45627581.75
to profit or loss under the equity method
2. Changes in fair value of other debt investments
3. Amount of financial assets reclassified into other
comprehensive income
4. Credit impairment allowance for other debt
investments
5. Cash flow hedging reserves
6. Difference in translation of foreign currency financial
statements
7. Others
VI. Total comprehensive income 1281725300.86 40255754.09
VII. Earnings per share
(I) Basic earnings per share
(II) Diluted earnings per share
5. Consolidated Cash Flow Statement
Unit: RMB
Full text of 2026 Semi-Annual Report
Item First Half of 2026 First Half of 2025
I. Cash flow from operating activities:
Cash received from sales of goods or rendering of services 144616318030.36 166127081795.62
Net increase in deposits from customers and other banks
Net increase in borrowings from the central bank
Net increase in loans from other financial institutions
Cash received from receiving insurance premium of original
insurance contracts
Net cash received from reinsurance business
Net increase in deposits and investment of the insured
Cash received from interests handling charges and
commissions
Net increase in borrowing funds
Net increase in repurchase business capital
Net cash received from securities trading agency
Refunds of taxes and levies 4024659987.74 2764625616.17
Cash received relating to other operating activities 3221369865.89 2915095527.88
Subtotal of cash inflow from operating activities 151862347883.99 171806802939.67
Cash paid for goods purchased and services received 119672137045.21 145101204904.23
Net increase in loans and advances to customers
Net increase in deposits with the central bank and other banks
Cash paid for claims under original insurance contracts
Net increase in lending funds
Cash paid for interests handling charges and commissions
Cash paid for policy dividends
Cash paid to and on behalf of employees 2039891290.45 2179536574.50
Cash paid for taxes and levies 6169842548.94 15388171037.48
Cash paid relating to other operating activities 2726399445.75 1551265169.78
Subtotal of cash outflow from operating activities 130608270330.35 164220177685.99
Net cash flow from operating activities 21254077553.64 7586625253.68
II. Cash flows from investing activities:
Cash received from investment recovery 1423699610.58 1659568485.19
Cash received from the return on investment 43797524.36 48654510.65
Net cash received from the disposal of fixed assets intangible 11224432.76 3651539.93
assets and other long-term assets
Net cash received from the disposal of subsidiaries and other
business units
Cash received relating to other investing activities 35418235.70 33463822.77
Subtotal of cash inflow from investing activities 1514139803.40 1745338358.54
Full text of 2026 Semi-Annual Report
Cash paid for purchase and construction of fixed assets 20334113669.43 15577226702.86
intangible assets and other long-term assets
Cash paid for investments 1531280311.91 2191197289.79
Net increase in pledge loans
Net cash paid for acquisition of subsidiaries and other business
units
Cash paid relating to other investing activities 14590050.00 37285472.76
Subtotal of cash outflow from investing activities 21879984031.34 17805709465.41
Net cash flow from investing activities -20365844227.94 -16060371106.87
III. Cash flow from financing activities:
Cash received from capital contributions
Including: Cash received by subsidiaries from capital
contributions by non-controlling shareholders
Cash received from borrowings 81828730827.33 64601920548.88
Cash received relating to other financing activities 5811413542.99 12429276412.04
Subtotal of cash inflow from financing activities 87640144370.32 77031196960.92
Cash paid for repayment of debts 70620316255.36 61676972719.77
Cash paid for distribution of dividends and profit or payment 4495002408.59 4716590091.88
of interests
Including: Dividends or profit paid by subsidiaries to minority
shareholders
Cash paid relating to other financing activities 3209961145.34 1092449633.16
Subtotal of cash outflow from financing activities 78325279809.29 67486012444.81
Net cash flow from financing activities 9314864561.03 9545184516.11
IV. Effect of change in exchange rate on cash and cash 94139378.50 6697093.82
equivalents
V. Net increase in cash and cash equivalents 10297237265.23 1078135756.74
Add: Opening balance of cash and cash equivalents 12868997873.44 12943832335.45
VI. Ending balance of cash and cash equivalents 23166235138.67 14021968092.19
6. Cash Flow Statement of the Parent Company
Unit: RMB
Item First Half of 2026 First Half of 2025
I. Cash flow from operating activities:
Cash received from sales of goods or rendering of services 4811930464.98 8368331142.55
Refunds of taxes and levies 3365262.59 1975629.38
Cash received relating to other operating activities 2529156303.00 670727289.01
Subtotal of cash inflow from operating activities 7344452030.57 9041034060.94
Cash paid for goods purchased and services received 4153231997.03 6715246018.52
Full text of 2026 Semi-Annual Report
Cash paid to and on behalf of employees 188592917.78 130826793.13
Cash paid for taxes and levies 5818871.99 88121460.17
Cash paid relating to other operating activities 2586963039.15 84132591.60
Subtotal of cash outflow from operating activities 6934606825.95 7018326863.42
Net cash flow from operating activities 409845204.62 2022707197.52
II. Cash flows from investing activities:
Cash received from investment recovery
Cash received from the return on investment 43654510.65 43654510.65
Net cash received from the disposal of fixed assets intangible 28070.80 3620231.11
assets and other long-term assets
Net cash received from the disposal of subsidiaries and other
business units
Cash received relating to other investing activities 700000000.00 463029809.36
Subtotal of cash inflow from investing activities 743682581.45 510304551.12
Cash paid for purchase and construction of fixed assets 8091781.84 74273902.46
intangible assets and other long-term assets
Cash paid for investments 20000000.00 1559000000.00
Net cash paid for acquisition of subsidiaries and other business
units
Cash paid relating to other investing activities 1114950000.00 1860300000.00
Subtotal of cash outflow from investing activities 1143041781.84 3493573902.46
Net cash flow from investing activities -399359200.39 -2983269351.34
III. Cash flow from financing activities:
Cash received from capital contributions
Cash received from borrowings 10323500000.00 9959500000.00
Cash received relating to other financing activities 6073040000.00 4500000000.00
Subtotal of cash inflow from financing activities 16396540000.00 14459500000.00
Cash paid for repayment of debts 9152600000.00 8903650000.00
Cash paid for distribution of dividends and profit or payment 1301543586.40 1222453084.65
of interests
Cash paid relating to other financing activities 4084411168.57 2368601946.63
Subtotal of cash outflow from financing activities 14538554754.97 12494705031.28
Net cash flow from financing activities 1857985245.03 1964794968.72
IV. Effect of change in exchange rate on cash and cash -759708.79 -2373115.00
equivalents
V. Net increase in cash and cash equivalents 1867711540.47 1001859699.90
Add: Opening balance of cash and cash equivalents 354338684.29 682038492.96
VI. Ending balance of cash and cash equivalents 2222050224.76 1683898192.86
Full text of 2026 Semi-Annual Report
7. Consolidated Statement of Changes in Owners’ Equity
Current period
Unit: RMB
First Half of 2026
Owners’ equity attributable to the parent company
Other equity
Item instruments Other Surpl Retaine Minorit Total
Share Capital Less: treasur compre Special us
General d Subtota
Prefer Perpe y equity equity capital Oth reserve y stock hensive reserves reserv
risk
reserve earning
Other l
red tual income es s
shares bond er
I. Ending balance of 9989442 8958186 498880 866688 558046
1270 282214 435935 533983 969918
the previous year 254.00 957.39 4885.93 90.53 05.92
7430 82065.9 22953.9 16083.3 39037.2
66.03 8 2 3 5
Add: Changes
in accounting
policies
Correctio
n of errors in the
previous period
Other
II. Opening balance 9989442 8958186 498880 866688 558046
1270 282214 435935 533983 969918
254.00 957.39 4885.93 90.53 05.92 7430 82065.9 22953.9 16083.3 39037.2of the year 66.03 8 2 3 5
III.Increases/decreases -
in the current period 63252.97 130884 373978 415342 406000 341462 747462
009.42 74.24 3338.76
0456.55 5970.33 6426.88
(decrease expressed
with "-")
(I) Total -
comprehensive 130884 511065 497976 413196 911173
009.42 2552.96 8543.54 2208.02 0751.56 income
(II) Capital
contributed and
reduced by owners
Full text of 2026 Semi-Annual Report
1. Ordinary shares
contributed by
owners
2. Capital
contributed by
holders of other
equity instruments
3. Amount of share-
based payment
recognized in
owners’ equity
4. Others
(III) Profit - - - - 957229 957229 754030 171125
distribution 214.20 214.20 000.00 9214.20
1. Withdrawal of
surplus reserve
2. Withdrawal of
General risk reserve
3. Distribution to - - - -
owners (or 957229 957229 754030 171125
shareholders) 214.20 214.20 000.00 9214.20
4. Others
(IV) Internal carry-
forward of owners’
equity
1. Capital reserve
transferred into
capital (or share
capital)
2. Surplus reserve
transferred into
capital (or share
capital)
Full text of 2026 Semi-Annual Report
3. Surplus reserves
for making up loss
4. Changes in
defined benefit
plans carried
forward to retained
earnings
5. Other
comprehensive
income carried
forward to retained
earnings
6. Others
(V) Special reserve 373978 373978 366329 74030874.24 74.24 89.84 64.08
1. Amount
appropriated in the 182969 182969 150079 333048740.61 740.61 078.54 819.15
current period
2. Use in the current 145571 145571 113446 259017
period 866.37 866.37 088.70 955.07
(VI) Others 63252.97 63252.9 60772.4 124025.7 7 44
IV. Ending balance 9989442 8958250 498880
- 932024 1270 323749 476535 568129 104466442151 7430 05404.7 23410.4 42053.6 465464.of the current period 254.00 210.36 4885.93 18.89 80.16 66.03 4 7 6 13
Prior-year Corresponding Period
Unit: RMB
First Half of 2025
Owners’ equity attributable to the parent company
Other equity
Item instruments Other Gen
Share Capital Less: eral
Minority Total
Prefe
capital Perpe reserve treasury
compreh Special Surplus
ensive reserves reserves risk
Retained Ot equity equity
rred Ot stock rese earnings her
Subtotal
share tual her income rve
s bond
Full text of 2026 Semi-Annual Report
I. Ending
balance of
the 10125525 10819566 6987008 280892 190571 1270743 28330397 43859172 50964958 94824130
previous 000.00 635.04 823.24 216.98 87.43 066.03 005.41 287.65 012.02 299.67
year
Add:
Changes in
accounting
policies
Correction
of errors in
the
previous
period
Other
II. Opening
balance of 10125525 10819566 6987008 280892 190571 1270743 28330397 43859172 50964958 94824130
the year 000.00 635.04 823.24 216.98 87.43 066.03
005.41 287.65 012.02 299.67
III.Increases/d
ecreases in
the current - - -
period 638613.98 636187
331303
63.30 35514510 38499492
1093432 70843793
87.95 9.81 0.48 858.20 7.72 (decrease
expressed
with "-")
(I) Total
comprehen - 60208410
sive 636187 4.39
53846531 1060365 1598831
87.95 6.44 984.48 300.92 income
(II) Capital
contributed
and
reduced by
owners
1. Ordinary
shares
contributed
by owners
Full text of 2026 Semi-Annual Report
2. Capital
contributed
by holders
of other
equity
instruments
3. Amount
of share-
based
payment
recognized
in owners’
equity
4. Others
(III) Profit - - -
distribution 95722921 95722921 957229214.20 4.20 4.20
1.
Withdrawal
of surplus
reserve
2.
Withdrawal
of General
risk reserve
3.
Distributio
n to owners - - -
(or 95722921 95722921 95722921
shareholder 4.20 4.20 4.20
s)
4. Others
(IV)
Internal
carry-
forward of
owners’
equity
Full text of 2026 Semi-Annual Report
1. Capital
reserve
transferred
into capital
(or share
capital)
2. Surplus
reserve
transferred
into capital
(or share
capital)
3. Surplus
reserves for
making up
loss
4. Changes
in defined
benefit
plans
carried
forward to
retained
earnings
5. Other
comprehen
sive
income
carried
forward to
retained
earnings
6. Others
(V) Special 331303
reserve 63.30
33130363 32453303 65583666.30 .43 .73
1. Amount
appropriate
d in the 203467 20346754 16786894 37133649
current 546.03 6.03 4.57 0.60
period
Full text of 2026 Semi-Annual Report
2. Use in
the current 170337 17033718 13541564 30575282
period 182.73 2.73 1.14 3.87
(VI) Others 638613.98 638613.98 613570.29 1252184.27
IV. Ending
balance of 10125525
the current 000.00
10820205 6987008 217273 521875 1270743 27975251 43474177 52058390 95532568
249.02 823.24 429.03 50.73 066.03 895.60 367.17 870.22 237.39
period
8. Statement of Changes in Owners’ Equity of the Parent Company
Current amount
Unit: RMB
First Half of 2026
Other equity instruments Specia
Item Preferr Capital
Less: Other Surplus Retained
Share capital Perpetu Othe reserve treasury comprehens
l Other Total equity
ed al bond r stock ive income
reserv reserves earnings
shares es
I. Ending
balance of the 9989442254. 9381253530. 4988804885 104810451. 1270743066 15285115 1728595597
previous year 00 14 .93 40.03 63.71 9.35
Add: Changes
in accounting
policies
Correction of
errors in the
previous period
Other
II. Opening
balance of the 9989442254. 9381253530. 4988804885 104810451. 1270743066 15285115 1728595597
year 00 14 .93 40 .03 63.71 9.35
III.Increases/decre 16959306.4 307536780 324496086.6
ases in the 0 .26 6
current period
Full text of 2026 Semi-Annual Report
(decrease
expressed with
"-")
(I) Total
comprehensive 16959306.4 12647659 1281725300.income 0 94.46 86
(II) Capital
contributed and
reduced by
owners
1. Ordinary
shares
contributed by
owners
2. Capital
contributed by
holders of other
equity
instruments
3. Amount of
share-based
payment
recognized in
owners’ equity
4. Others
(III) Profit - -
distribution 957229214 957229214.2.20 0
1. Withdrawal
of surplus
reserve
2. Distribution - -
to owners (or 957229214 957229214.2
shareholders) .20 0
3. Others
(IV) Internal
carry-forward
Full text of 2026 Semi-Annual Report
of owners’
equity
1. Capital
reserve
transferred into
capital (or share
capital)
2. Surplus
reserve
transferred into
capital (or share
capital)
3. Surplus
reserves for
making up loss
4. Changes in
defined benefit
plans carried
forward to
retained
earnings
5. Other
comprehensive
income carried
forward to
retained
earnings
6. Others
(V) Special
reserve
1. Amount
appropriated in
the current
period
2. Use in the
current period
(VI) Others
Full text of 2026 Semi-Annual Report
IV. Ending
balance of the 9989442254. 9381253530. 4988804885 121769757. 1270743066 18360483 1761045206
current period 00 14 .93 80 .03 43.97 6.01
Amount of prior period
Unit: RMB
First Half of 2025
Other equity instruments
Item Capital Less: Other
Specia
l Surplus Retained Oth
Share capital Preferr Perpet
ed ual Other reserve
treasury comprehens
stock ive income reserv reserves earnings er
Total equity
shares bond es
I. Ending
balance of the 1012552500 11243374721 6987008823. 217617723 127074306 2785571654. 18655823342
previous year 0.00 .45 24 .95 6.03 14.33
Add: Changes in
accounting
policies
Correction of
errors in the
previous period
Other
II. Opening
balance of the 1012552500 11243374721 6987008823. 217617723 127074306 2785571654. 18655823342
year 0.00 .45 24 .95 6.03 14 .33
III.Increases/decrea
ses in the - -
current period 45627581. 871345878.3 -
(decrease 75 6 916973460.11
expressed with
"-")
(I) Total -
comprehensive 45627581. 85883335.84 40255754.09
income 75
(II) Capital
contributed and
reduced by
owners
Full text of 2026 Semi-Annual Report
1. Ordinary
shares
contributed by
owners
2. Capital
contributed by
holders of other
equity
instruments
3. Amount of
share-based
payment
recognized in
owners’ equity
4. Others
(III) Profit -
distribution 957229214.2
-
0 957229214.20
1. Withdrawal
of surplus
reserve
2. Distribution -
to owners (or 957229214.2 -
shareholders) 0 957229214.20
3. Others
(IV) Internal
carry-forward of
owners’ equity
1. Capital
reserve
transferred into
capital (or share
capital)
2. Surplus
reserve
transferred into
capital (or share
capital)
Full text of 2026 Semi-Annual Report
3. Surplus
reserves for
making up loss
4. Changes in
defined benefit
plans carried
forward to
retained
earnings
5. Other
comprehensive
income carried
forward to
retained
earnings
6. Others
(V) Special
reserve
1. Amount
appropriated in
the current
period
2. Use in the
current period
(VI) Others
IV. Ending
balance of the 1012552500 11243374721 6987008823. 171990142 127074306 1914225775. 17738849882
current period 0.00 .45 24 .20
6.03 78 .22
Full text of 2026 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 Yuejuan
Ni Xincai and Zhao Guanlong. The Company was registered on June 18 2007 and is headquartered in Hangzhou
Zhejiang Province. The Company now holds the Business License (Unified Social Credit Code:
91330000255693873W) issued by Zhejiang Administration for Market Regulation with a registered capital of
RMB 9989442254.00 and a total of 9989442254 shares (par value: RMB 1 per share) including outstanding
shares subject to sales restrictions: 627243750 A shares and outstanding shares not subject to sales restrictions:
9362198504 A shares. Shares of the Company were listed for trading at Shenzhen Stock Exchange on November
2 2010.
The Company operates in the petroleum and chemical fiber industry and is principally engaged in the
production and sale of refined oil products chemicals PTA polyester chips polyester filaments and films.These financial statements were approved for issuance at the eighth meeting of the seventh session of the Board
of Directors of the Company on August 24 2026.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
ability within 12 months from the end of the reporting period.V. Significant Accounting Policies and Accounting Estimates
Important note: According to the actual production and operation characteristics the Company has formulated
specific accounting policies and accounting estimates for transactions or events such as impairment of financial
instruments 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 operating results
cash flow and other relevant information.
2. Accounting period
The accounting year is the calendar year from January 1 to December 31.
3. Operating cycle
Full text of 2026 Semi-Annual Report
The business cycle of the Company is short and 12 months is taken as the liquidity division standard of assets
and liabilities.
4. Functional currency
The Company and its domestic subsidiaries adopt RMB as the functional currency while overseas subsidiaries
such as Hong Kong Shenghui Co. Ltd. Hong Kong Yisheng Dahua Petrochemical Co. Ltd. Yisheng New
Materials Trading Co. Ltd. Rongsheng Petrochemical (Hong Kong) Co. Ltd. Rongsheng Petrochemical
(Singapore) Private 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 they operate as the functional currency.
5. Determination method and selection basis of materiality
RApplicable □ Not applicable
Item Materiality
Important Prepayments with the aging more than 1 year Single amount exceeding 0.5% of total assets
Important dividends receivable aged over 1 year Single amount exceeding 0.5% of total assets
Important construction in progress Single amount exceeding 0.5% of total assets
Important accounts payable with the aging more than 1 year Single amount exceeding 0.5% of total assets
Important other payable with the aging more than 1 year Single amount exceeding 0.5% of total assets
Important Contract liabilities with the aging more than 1 year Single amount exceeding 0.5% of total assets
Important overseas operating entity 15% of total revenue
Important cash flows from investing activities Single amount exceeding 0.5% of total assets
Important non-wholly owned subsidiary The individual asset total exceeds 3% of the Group's total assets
Important associates The book value of individual investment exceeds 0.5% of the Group's total assets
The contingent matters of individual amount exceeding 3% of
Important contingencies total assets or other matters significantly influencing investor
decisions
Important post-balance sheet events Post-balance-sheet-date profit distribution and other matters significantly influencing investor decisions
6. Accounting treatment methods for business combinations under and not under common control
1. Accounting treatment method for business combinations under common control
Assets and liabilities acquired by the Company in a business combination are measured at their carrying
amounts in the consolidated financial statements of the ultimate controlling party at the combination date. The
difference between the Company's share of the carrying amount of the combined party's owners’ equity in the
consolidated financial statements of the ultimate controlling party and the carrying amount of the consideration paid
for the combination (or the total par value of the shares issued) is adjusted against the capital reserve. If the capital
reserve is insufficient to absorb the difference any excess is adjusted against retained earnings.
2. Accounting treatment method for business combinations not under common control
At the acquisition date the Company recognizes the excess of the combination cost over its share of the fair
value of the identifiable net assets of the acquiree acquired in the combination as goodwill. If the combination cost
is less than the Company's share of the fair value of the identifiable net assets of the acquiree acquired in the
combination the Company first reassesses the measurement of the fair values of the acquiree's identifiable assets
Full text of 2026 Semi-Annual Report
liabilities and contingent liabilities acquired as well as the combination cost. If after the reassessment the
combination cost remains less than the Company's share of the fair value of the identifiable net assets of the acquiree
acquired in the combination the difference is recognized in profit or loss for the current period.
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
relevant 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
financial statements. The consolidated financial statements are based on the financial statements of the parent
company and its subsidiaries and are prepared according to other related documents by the parent company in
accordance 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 comprised of 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 share
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 the output of the joint operation;
(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 based
on the Company's share of ownership.
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 convertible
to known amounts of cash and which are subject to an insignificant risk of change in value.
10. Foreign currency business and conversion of foreign currency statements
1. Translation of Foreign Currency Transactions
Foreign currency transactions are initially translated into RMB at the spot exchange rate prevailing on the
transaction date. At the balance sheet date monetary items denominated in foreign currencies are translated at the
spot exchange rate prevailing on that date. The resulting exchange differences except for those arising from the
principal and interest of specific foreign currency borrowings used for the acquisition or construction of qualifying
assets are recognized in profit or loss for the current period.Non-monetary items denominated in foreign currencies and measured at historical cost continue to be
translated at the spot exchange rate prevailing on the transaction date with their RMB amounts remaining
unchanged. Non-monetary items denominated in foreign currencies and measured at fair value are translated at the
Full text of 2026 Semi-Annual Report
spot exchange rate prevailing on the date when the fair value is determined and the resulting differences are
recognized in profit or loss for the current period or in other comprehensive income.
2. Translation of Foreign Currency Financial Statements
Assets and liabilities in the balance sheet are translated at the spot exchange rate prevailing at the balance sheet
date. Items of owners’ equity except for “retained earnings” are translated at the spot exchange rates prevailing on
the dates when the transactions occurred. Income and expense items in the income statement are translated at
exchange rates that approximate the spot exchange rates prevailing on the transaction dates. Translation differences
arising from the above translation of foreign currency financial statements are recognized 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 fair
value through profit or loss.At initial recognition financial liabilities are classified into four categories: (1) financial liabilities at fair value
through profit or loss; (2) financial liabilities arising from transfers of financial assets that do not qualify for
derecognition or from continuing involvement in transferred financial assets; (3) financial guarantee 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
liabilities
(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 profit or loss the transaction costs thereof shall be
directly recorded in current profit or loss. For other categories of financial assets or financial liabilities the related
transaction costs are included in the initial recognition amount. However if the accounts receivable initially
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
transaction 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 amortized cost
They are subsequently measured at amortized cost by adopting the effective interest method. Gains or losses
arising from financial assets measured at amortized cost and not part of any hedging relationship are included in
current profit or loss upon derecognition reclassification amortization 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
losses calculated by the effective interest method are included in current profit or loss and other gains or losses are
included in other comprehensive income. Upon derecognition the accumulated gain or loss previously included in
other comprehensive income is transferred from other comprehensive income and included in the current profit or
loss.
3) Equity instrument investments at fair value through other comprehensive income
Full text of 2026 Semi-Annual Report
They are subsequently measured at fair value. Dividends obtained (except those falling under the recovery of
investment costs) are included in current profit or loss and other gains or losses are included in other comprehensive
income. Upon derecognition the accumulated gain or loss previously included in other comprehensive income is
reclassified from other comprehensive income to retained earnings.
4) Financial assets at fair value through profit or loss
They are subsequently measured at fair value and the resulting gains or losses (including interest and dividend
income) are included in current profit or loss unless the financial asset is part of the hedging relationship.
(3) Subsequent measurement method for financial liabilities
1) Financial liabilities at fair value through profit or loss
Such financial liabilities comprise trading financial liabilities (including derivative financial liabilities) and
those specified as financial liabilities at fair value through profit or loss. Such financial liabilities are subsequently
measured at fair value. Change in fair value of financial liability designated to be measured at fair value through
profit or loss due to change in the Company's own credit risk is included in other comprehensive income unless the
treatment will cause or expand the accounting mismatch in profit or loss. Other gains or losses arising from such
financial liabilities (including interest expenses except changes in fair value caused by changes in the own credit
risk) are included in current profit or loss unless the financial liabilities are part of the hedging relationship. Upon
derecognition the accumulated gain or loss previously included in other comprehensive income is reclassified from
other comprehensive income to retained earnings.
2) Financial liabilities that are formed since the transfer of financial asset does not comply with the conditions
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 not falling under the above 1) or 2) and loan commitments not falling under
the above 1) and to lend at a rate lower than the market interest rate
A subsequent measurement shall be made after they are initially recognized according to the higher one of the
following: * the amount of loss allowance determined in accordance with the impairment provisions of financial
instruments; * the remaining amount after the determined accumulative amortization amount is deducted from the
initially recognized amount in accordance with relevant provisions of the Accounting Standards for Business
Enterprises No.14—Revenue.
4) Financial liabilities at amortized cost
They are measured at amortized cost under the effective interest method. Gains or losses arising from financial
liabilities measured at amortized cost and not part of any hedging relationship are included in current profit or loss
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:
* The contractual rights to the cash flows from the financial asset expire;
* The transfer of such financial assets has been completed and is in line with the provisions on derecognition
of a financial asset under the Accounting Standards for Business Enterprises No. 23—Transfer of Financial Assets.
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
transferred these financial assets will be derecognized and the rights and obligations that occurred or were retained
Full text of 2026 Semi-Annual Report
during the transfer are separately recognized as assets or liabilities. Where almost all risks and rewards on the
ownership of financial assets are retained the transferred financial assets shall continue to be recognized. Where
the Company has neither transferred nor retained substantially all the risks and rewards relating to the ownership of
the financial assets it shall be disposed of in the following conditions: (1) where the control over the financial asset
is not retained the recognition of the financial asset shall be terminated and the rights and obligations arising or
retained in the transfer shall be separately recognized as assets or liabilities; 2) where the control over the financial
asset is retained the relevant financial asset shall be recognized according to the degree of continued involvement
in the transferred financial asset and the relevant liabilities shall be recognized accordingly.When the overall transfer of financial assets meets the conditions for derecognition the difference between the
following two amounts shall be included in the current profit or loss: (1) the book value of the transferred financial
assets on the date of derecognition; (2) the sum of the consideration received from the transfer of financial assets
and the amount of the derecognized part in a cumulative amount of change in fair value which is originally included
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 part
meets the conditions for derecognition entirely the book value of the whole financial asset before transfer shall be
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 profit or loss:
(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 directly
included in other comprehensive income (the financial assets involved in the transfer are debt instrument
investments 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
valuation technique applicable in the prevailing circumstance and supported by sufficient available data and other
information. The Company classifies the input values used by the valuation technique as the following tiers and
uses them in turns:
(1) Level 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) Level 2 input value refers to them directly or indirectly observable input value of relevant assets or liabilities
apart from Level 1 input value including: quotations of similar assets or liabilities on an active market; quotations
of identical or similar assets or liabilities in markets that are not active; observable input values other than quotations
such as interest rates and yield curves that are observable during normal quotation intervals; input values for market
validation etc.;
(3) Level 3 input value refers to the unobservable input value of relevant assets or liabilities including the
volatility of interest rate and stock that cannot be directly observed or cannot be verified by observable market data
the future cash flows of the disposal obligations assumed in the business combination financial forecasts made
using 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 other than those
classified as financial liabilities at fair value through profit or loss financial guarantee contracts that do not belong
to financial liabilities at fair value through profit or loss or financial liabilities formed by the transfer of financial
assets that do not meet the conditions for derecognition or continue to be involved in the transferred financial assets
shall be impaired and loss allowance shall be recognized.Full text of 2026 Semi-Annual Report
Expected credit loss refers to the weighted average of credit losses of financial instruments weighted by the
risk of default. Credit loss refers to the difference between all contract cash flow receivables according to the
contract and all cash flows expected to be collected i.e. the present value of all cash shortfalls. The financial assets
purchased 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
cumulative change of expected credit loss in the whole existence period after initial recognition as the loss allowance
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
methods to measure the loss allowance 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
significantly since the initial recognition the Company shall measure the loss allowance according to the amount
of expected credit loss during the whole existence period. If the credit risk has not increased significantly since the
initial recognition the Company shall measure the loss allowance according to the amount of expected credit loss
of the financial instrument in the next 12 months.The Company uses available reasonable and based information including forward-looking information to
determine whether the credit risk of financial instruments has increased significantly since the initial recognition by
comparing the default risk of financial instruments on the balance sheet date with the default risk on the initial
recognition date.On the balance sheet date if the Company judges that the financial instrument only has low credit risk it is
assumed 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 instruments
the Company divides the financial instruments into different portfolios according to the common risk characteristics.The Company re-measures the expected credit loss on each balance sheet date and the resulting increase or
reversal of the loss allowance is included in the current profit or 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 sheet; For debt investment measured at fair value through other comprehensive income the loss allowances
are recognized in other comprehensive income by the Company instead of offsetting the book value of the financial
assets.
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 other.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
currently enforceable; (2) the Company intends either to settle on a net basis or to realize the financial assets and
pay off the financial liabilities simultaneously.For the transfer of financial assets not in line with the conditions for derecognition the Company does not
offset the transferred financial assets and liabilities.
12. Recognition Criteria and Provisioning Method for Expected Credit Losses on Receivables and Contract
Assets
1. Accounts receivable with expected credit losses provided by portfolio of credit risk characteristics
Full text of 2026 Semi-Annual Report
Portfolio category Basis for determining portfolios Method for measuring expected credit loss
With reference to historical credit loss
Bank acceptance bills receivable experience and in combination with the
current situation and the forecast of future
Type of notes economic conditions the expected credit loss
is calculated through default risk exposure and
Commercial acceptance bill receivables the expected credit loss rate in the whole
duration
With reference to historical credit loss
experience and in combination with the
current situation and the forecast of future
Accounts receivable - aging portfolio Aging economic conditions the comparison table
between the aging of accounts receivable and
the expected credit loss rate is compiled to
calculate the expected credit loss
With reference to historical credit loss
Accounts receivable - trade accounts portfolio of experience and in combination with the
overseas subsidiaries Nature of account current situation and the forecast of future
economic conditions the expected credit loss
Accounts receivable - Related party dealings portfolio Related parties within is calculated through default risk exposure and
within the scope of consolidation the scope of the expected credit loss rate in the whole consolidation [note] duration
Other receivables - Related party dealings portfolio Related parties within
within the scope of consolidation the scope of consolidation [note]
Other receivables - security deposits for borrowings
portfolio
Other receivables - government receivables portfolio With reference to historical credit loss
experience and in combination with the
Other receivables - futures margin portfolio current situation and the forecast of future
economic conditions the expected credit loss
Other receivables - Paper trading settlement is calculated through default risk exposure and
receivables portfolio Nature of account the expected credit loss rate in the next 12
months or the whole duration.Other receivables - deposit and margin receivables
portfolio
Other receivables - reserve fund receivables portfolio
Other receivables - current account portfolio
[Note]: This refers to related parties within the scope of the Company’s consolidated financial statements.
2. Comparison of aging and expected credit loss rates for the aging portfolio
Aging Expected credit loss rate of accounts receivable (%)
Within 1 year (included the same below) 5
1-2 year(s) 10
2-3 years 30
Above 3 years 100
The aging of accounts receivable shall be calculated from the date of initial recognition.
3. Criteria for identifying accounts receivable with expected credit losses provided by a single basis
For accounts receivable with credit risk significantly different from the portfolio credit risk the Company
makes provisions for expected credit losses by a single basis.
13. Contract Assets
Full text of 2026 Semi-Annual Report
The Company presents contract assets or contract liabilities in the balance sheet based on the relationship
between the performance of obligations and customer payments. The Company presents contract assets and contract
liabilities under the same contract on a net basis after offsetting them against each other.The Company presents the right to consideration from a customer that is unconditional (i.e. requiring only the
passage of time before payment is due) as a receivable and presents the right to consideration in exchange for goods
transferred to a customer (where the right is conditioned on something other than the passage of time) as a contract
asset.
14. Inventory
1. Classification of inventories
Inventory includes finished products or commodities held for sale in ordinary course of business products in
the process of production materials and supplies consumed in the process of production or providing labor services.
2. Measurement method for inventories issued
Inventories issued 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) Packaging materials
Packaging materials are amortized using the one-off amortization method.
5. Inventory write-down provision
On the balance sheet date the inventory was measured at the lower of the cost and net realizable value.Inventory 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
price of the inventory minus the estimated sales expenses and related taxes. For inventories requiring processing
net realizable value is determined in the ordinary course of business as the estimated selling price of the finished
goods less the estimated costs to completion estimated selling expenses and relevant taxes and surcharges.
15. 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
decisions about the relevant activities of the arrangement require the unanimous consent of the parties sharing
control. Significant influence refers to that one party has the power to participate in the decision-making of financial
and operating policies 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
owners’ equity of the combined party acquired in the book value of total owners’ equity in consolidated financial
statements 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
capital reserve. If the capital reserve is not sufficient for offsetting the adjustment is made to retained earnings.Full text of 2026 Semi-Annual Report
For the long-term equity investments formed through business combination under the same control and
implemented through multiple transactions step by step by the Company it is a must to judge whether they are
“package 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 party that should be enjoyed after combination in the consolidated financial statements of the ultimate
controller is recognized as an initial investment cost. The difference between the initial investment cost of long-
term equity investment on the date of combination and the sum of the book value of long-term equity investment
before the combination is realized and the book value of consideration additionally paid to further acquire shares
on the date of combination is adjusted against the capital reserve. If the capital reserve is not sufficient for offsetting
the adjustment is made to retained earnings.
(2) As for business combinations not under the same control the fair value of the consideration transferred at
the acquisition 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
implemented through multiple transactions step by step by the Company the accounting treatment is different in
separate financial statements and consolidated financial statements:
1) In separate financial statements the initial investment cost of long-term equity investment accounted using
the cost method is measured at the sum of the book value of equity investment originally held and investment cost
additionally paid.
2) In consolidated financial statements it is a must to judge whether they are “package deals”. If they are
package deals each deal is regarded as a deal to obtain control right for accounting treatment. Suppose these
transactions 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.
(3) Except for the formation of business combination: As for those obtained by cash payment the actually paid
purchase price is taken as the initial investment cost; the long-term equity investment formed by issuing equity
securities 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
Business Enterprises No. 12—Debt Restructuring; in the case of non-monetary asset exchange the initial
investment cost shall be determined in accordance with the Accounting Standards for Business Enterprises No. 7—
Exchange of Non-monetary Assets.
3. Methods for subsequent measurement and profit or 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 associates 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 loses
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
impact of each transaction meet one or more of the following conditions which usually indicates that multiple
transactions are "package deals":
Full text of 2026 Semi-Annual Report
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 other
transactions.
(2) Accounting treatment for non-"package deals"
1) Separate financial statements
For disposal of equity the difference between the carrying amount of the equity interest disposed of and the
actual disposal proceeds shall be recorded into current profit or loss. For the remaining equity if the investor still
has significant influence over the investee or imposes joint control with other parties it is accounted for by the
equity method; In case of failure to control jointly control or significantly influence the investee it shall be
calculated in accordance with the provisions of the Accounting Standards for Business Enterprises No. 22—
Recognition and Measurement of Financial Instruments.
2) Consolidated financial statements
Before losing control the capital reserves (capital premium) are adjusted at the difference between the disposal
consideration 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 offset retained earnings are offset.When losing control over a former subsidiary the remaining equity is re-measured at the fair value on the date
of control loss. The balance of the sum of the consideration received through the disposal of equity and the fair
value of the remaining equity after deducting the entitled share of net assets continuously calculated at the original
shareholding ratio from the purchase date or the date of combination in the subsidiary is recognized in the investment
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 reclassified to investment income for the period
during which the control is lost.
(3) Accounting treatment for "package deals"
1) Separate 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 consideration of each deal before losing the control and the book
value of long-term equity investment corresponding to the disposal investment is recognized as other comprehensive
income in separate financial statements and when the control is lost transferred together into profit or 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 consideration 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 profit or loss for
the period during which the control is lost.
16. Investment properties
Measurement model of investment properties
Measurement by the cost method
Depreciation or amortization methods
Full text of 2026 Semi-Annual Report
1. The Company’s investment properties include leased land-use rights land-use rights held for capital
appreciation and subsequent transfer 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.
17. 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 into the Company and their costs can be measured reliably.
(2) Depreciation method
Depreciable life Residual value rate Annual depreciation
Category Depreciation method (years) (%) rate (%)
Housing and buildings Straight-line depreciation method 5-30 5 or 10 19.00-3.00
Machinery and Straight-line
equipment depreciation method 10-15 5 or 10 9.50-6.00
Transportation Straight-line
facilities depreciation method 4-5 5 or 10 23.75-18.00
Other equipment Straight-line depreciation method 3-10 5 or 10 31.67-9.00
18. Construction in progress
1. Construction in progress is able to be recognized only when related economic benefits are very likely to
flow 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
ready for its intended use. As for construction in progress which is ready for the intended use but has not gone
through the formalities of final accounts of completion it shall be transferred into fixed assets at the estimated value.Upon 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 engineering has
Housing and buildings met the predetermined design requirements and has been accepted by the survey design
construction supervision and other units.Machinery and equipment After installation and commissioning it meets the design requirements or the standards specified in the contract
19. Borrowing costs
1. Recognition principle of the capitalization of borrowing costs
Full text of 2026 Semi-Annual Report
Where the borrowing costs incurred to the Company can be directly attributable to the acquisition and
construction or production of a qualifying asset for capitalization it shall be capitalized and recognized as costs of
relevant assets; Other borrowing costs shall be recognized as an expense when they are incurred and included in
current profit or loss.
2. Capitalization period of borrowing costs
(1) Capitalization begins when the borrowing cost meets the following conditions: 1) asset expenditure has
been incurred; 2) the borrowing costs have been incurred; 3) the acquisition construction or production activities
necessary 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
interrupted abnormally and the interruption period lasts for more than 3 months the capitalization of the borrowing
costs shall be suspended. The borrowing costs incurred during such period shall be recognized as expenses of the
current period until the asset's acquisition and construction or production activity restarts.
(3) When the assets acquired constructed or produced qualified for capitalization conditions are ready for
intended use or sales the capitalization of the borrowing costs shall be ceased.
3. Capitalization rate and amount of borrowing costs
In case of special borrowing for the acquisition & construction or production of assets eligible for capitalization
conditions the amount of interest eligible for capitalization shall be recognized after deducting the bank interests
for the unused portion or the investment income for short-term investment from the interest costs (including
recognized discount or amortization of premium under effective interest method) actually occurred in the current
period of specific borrowing. Where a general borrowing is used for the acquisition construction or production of
assets eligible for 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 by the capitalization rate of the general borrowings used.
20. Intangible assets
(1) Service life and its determination basis estimation amortization method or review procedure
1. Intangible assets include land use rights use right for sea area emission 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
based on the expected realization method of economic benefits related to it within its service life; where the
expected realization 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
Emission rights 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
Full text of 2026 Semi-Annual Report
(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 insurance
premiums basic medical insurance premiums unemployment insurance premiums work-related injury insurance
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
based on the working time records of the R&D personnel for each R&D project provided by the Company's
management 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 by the R&D personnel in different
positions between R&D expenses and production and operating expenses based on reasonable methods such as the
proportion of actual working hours based on the working hour records of the R&D personnel in different positions.
(2) Direct input costs
Direct input costs refer to the actual expenses incurred by the Company in implementing R&D activities.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 general
testing means that do not constitute fixed assets and inspection costs of trial products; 3) operating maintenance
adjustment inspection testing and repair of instruments and equipment used in R&D activities.
(3) Depreciation expenses and long-term deferred expenses
Depreciation expenses refer to the depreciation of instruments equipment and buildings in use used for R&D
activities.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 in use
and the actual depreciation incurred shall be allocated between R&D expenses and production and operating
expenses using a reasonable method based on factors such as actual working hours and area used.Long-term deferred expenses refer to the long-term deferred expenses incurred during the renovation
retrofitting decoration and repair of R&D facilities which are aggregated based on actual expenditures and
amortized evenly over the specified period.
(4) Intangible assets amortization expenses
Intangible assets amortization expenses refer to the amortization expenses of software intellectual property
non-patented technologies (proprietary technologies licenses designs and calculation methods etc.) used in R&D
activities.
(5) Design expenses
Design expenses refer to the expenses incurred in the conception development and manufacture of new
products 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 products.
(6) Equipment debugging and testing expenses
Equipment debugging and testing expenses refer to the expenses incurred in R&D activities during tooling
preparation including the costs incurred in developing special and dedicated production machines changing
production and quality control procedures or formulating new methods and standards.Full text of 2026 Semi-Annual Report
Expenses incurred for routine tooling preparation and industrial engineering for large-scale batch and
commercial 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
domestic or foreign institutions or individuals to carry out R&D activities (the results of the R&D activities are
owned by 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 in addition to the above expenses
including technical book and material fees material translation fees expert consultation fees high-tech R&D
insurance premiums retrieval demonstration review appraisal and acceptance fees of R&D results application
fees registration fees agency fees for intellectual property rights conference fees travel expenses communication
expenses etc.The expenditure in the research stage of internal research and development projects is included in the current
profit or loss. The expenditures incurred during the development of an internal R&D project shall be recognized as
intangible assets if they simultaneously meet the following conditions: (1) It is technically feasible to complete the
intangible assets so that they can be used or sold; (2) it is intended to finish and use or sell the intangible assets; (3)
the ways for intangible assets to generate economic benefits shall be proven useful including the way to prove that
there is a potential market for the products manufactured with the intangible assets or there is a potential market for
the intangible assets or the intangible assets will be used internally; (4) enough technical and financial resources
and other resources are available to support the development of such intangible assets and the Company is able to
use or sell such intangible assets; (5) the expenses incurred from developing the intangible asset can be reliably
measured.
21. Impairment of long-term assets
Long-term assets such as long-term equity investment investment properties measured by the cost model
fixed assets construction in progress right-of-use assets and intangible assets with limited service lives shall be
evaluated for their recoverable amount in case of any sign of impairment at the balance sheet date. For goodwill
formed by business combination and intangible assets with uncertain service life an impairment test should be
carried out every year regardless of whether there is a sign of impairment. Goodwill impairment testing must be
done in combination 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 provision
for asset impairment based on the difference and recognize such loss into the current gains and losses.
22. Long-term deferred expenses
Long-term deferred expenses refer to all expenses that have been paid and have an amortization period of more
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. If a long-term deferred
expense can no longer generate benefits in future accounting periods its remaining unamortized balance is
recognized in profit or loss for the current period in full.
23. Contract liabilities
The Company presents contract assets or liabilities in the balance sheet based on the relation between
performance obligation and customer payment. The Company will record the net amount of contract assets and
contract liabilities under the same contract after they are set off against each other.Full text of 2026 Semi-Annual Report
The Company presents the obligation to transfer goods to the customer for considerations received or
receivable from the customer as a contract liability.
24. Employee remuneration
Employee benefits include short-term employee benefits post-employment benefits termination benefits and
other long-term employee benefits.
(1) Accounting treatment of short-term employee benefits
During the accounting period in which employees provide services to the Company the short-term employee
benefits actually incurred are recognized as liabilities and included in current profit or loss or the cost of related
assets.
(2) Accounting treatment of post-employment benefits
Post-employment benefits are classified into defined contribution plans and defined benefit plans.
(1) During the accounting period in which employees provide services to the Company the contributions
payable under defined contribution plans are recognized as liabilities and included in current profit or loss or the
cost of relevant assets.
(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 using
unbiased and consistent actuarial assumptions the obligations arising from the defined benefit plan are measured
and the period for the relevant obligation is determined. In the meantime the obligations arising from the defined
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 of
obligations in the defined benefit plan minus the fair value of assets shall be recognized as net liabilities or net assets
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 lower);
3) At the end of the period the Company shall recognize the cost of employee remuneration as cost of service
the net interest of net liabilities or net assets of the defined benefit plan and changes arising from the re-measurement
of net liabilities or net assets of the defined benefit plan in which the cost of service and net interest of net liabilities
or net assets of the defined benefit plan are recorded in the current profit or loss or relevant asset cost changes
arising from the re-measurement of net liabilities or net assets of the defined benefit plan are recorded in other
comprehensive income and is not allowed to be carried back to gains or losses during the subsequent accounting
period but the amounts recognized in other comprehensive income can be transferred within the equity scope.
(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 profit or 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
expenses related to restructuring involving the payment of dismissal benefits.Full text of 2026 Semi-Annual Report
(4) Accounting treatment method for other long-term employee benefits
Where other long-term employee benefits provided by the Company meet the conditions of a defined
contribution plan they are accounted for in accordance with the relevant provisions applicable to defined
contribution plans. Other long-term employee benefits are accounted for in accordance with the relevant provisions
applicable to defined benefit plans. In order to simplify relevant 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 net 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 profit or loss or relevant asset cost.
25. Provisions
1. As the obligations arising from contingencies such as external guarantees litigation matters product quality
assurance and loss-making contracts constitute present obligations of the Company the performance of such
obligations 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 provisions.
2. The Company initially measures the provisions according to the best estimate of expenditures required to
fulfill relevant current obligations and reviews the book value of the provisions on the balance sheet date.
26. Revenue
1. Revenue recognition principle
The Company assesses the contract from the commencement date of the contract and identifies each distinct
performance obligation contained in the contract and determines whether each individual performance obligation
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
are met; otherwise it will constitute performance of obligation at a certain time point: (1) the customer obtains and
consumes economic benefits arising from contract performance by the Company; (2) the customer can control goods
in progress during the process of contract performance by the Company; (3) goods arising from contract
performance by the Company have irreplaceable purposes and the Company is entitled to receive payment for
accumulatively completed performance proportion to date throughout the contract term.If the performance obligations are performed within the specified period the Company will recognize the
income 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
recognized according to the costs incurred until the performance progress is determined reasonably. If the
performance obligations are performed at a time point the Company will recognize the income at the time when
the customer obtains 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 payment 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 has 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 Company has already transferred the significant risks and rewards of ownership of the goods to the
customer namely the customer has already obtained the significant risks and rewards of ownership of the goods;
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(5) the customer has accepted such goods; (6) other signs that indicate the customer has already obtained the control
over goods.
2. Revenue measurement principles
(1) The income shall be measured by the Company according to the transaction price apportioned to each single
performance obligation. Transaction price refers to the amount of consideration the Company expects to receive for
the transfer of goods or services to the customer but it does not include payments received on behalf of the third
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
consideration in line with the expected or most possible amount but the transaction price that contains variable
consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal
in the amount of cumulative revenue recognized will not occur when the relevant uncertainty is subsequently
resolved.
(3) If there is significant financing in the contract the Company shall determine the transaction price according
to the amount payable in cash when the client obtains control of the goods or services. The difference between the
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
acquisition 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
Company shall allocate the transaction price to each separate performance obligation according to the relative
proportion 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 filaments
and film and so forth fulfilling its performance obligation at a certain time point. Revenue from domestic sales are
recognized 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
relevant economic benefits are likely to flow in. Revenue 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 product 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.
27. Contract acquisition costs and contract performance 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
amortization period does not exceed one year shall be directly included in the current profit or loss as incurred. The
costs incurred by the Company for performing the contract if not within the applicability scope of relevant standards
relating to inventories fixed assets or intangible assets can be recognized as an asset within the contract
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 direct materials
manufacturing overhead (or similar costs) costs explicitly chargeable to the customer and other costs incurred
solely as a result of the contract;
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.
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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 profit or loss.If the book value of assets relating to contract cost is higher than the remaining consideration expected to be
obtained due to the transfer of goods or services relating to the assets minus the estimated cost to be incurred the
Company accrues impairment reserves for the excess portion and recognizes it as an asset impairment loss. If the
factors causing the impairment of the prior period change and make the remaining consideration expected to be
obtained due to the transfer of goods or services relating to the assets minus the estimated cost to be incurred higher
than the book value of the asset the withdrew asset impairment provision shall be reversed and recorded in the
current 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.
28. 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 subsidies shall be measured at the amount received or receivable. In the
case of a non-monetary asset the government grants shall be measured at fair value; where the fair value cannot 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 or subsidies that are required by government documents to be used for the acquisition or
other formation of long-term assets are classified as asset-related government grants. If the government documents
are not clear 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 government grants. Government grants relating to the assets are either written off against the book value of
the relevant assets or recognized as deferred income. The government grants recognized as deferred income shall
be recorded in the profit or loss on a reasonable and systematic basis over the service life of relevant assets. The
government grants measured according to notional amount shall be directly included in current profit or loss. If the
relevant asset has been sold transferred retired or damaged before the end of the service life the balance of the
relevant deferred income that has not been allocated will be transferred into the current profit or 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 asset-related and income-related components and for which it is difficult
to distinguish between the two the entire grant is classified as an income-related government grant. 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 profit or loss or offset against relevant
costs in the period of recognition of relevant costs expenses or losses. Government grants for compensation for
incurred relevant costs and expenses or losses are directly included in current profit or loss or offset against relevant
costs.
4. The government grants related to the daily business activities of the Company shall be recorded into other
income or written down related costs and expenses according to the economic and business nature. Government
grants not related to the ordinary course of business of the Company are recorded in non-operating income and
expenses.
5. Accounting treatment method for policy-based preferential loans with interest subsidy
(1) Where the government finance department disburses the discount interest funds to the lending bank and
the lending bank provides loans to the Company at preferential policy interest rates the Company shall use the
Full text of 2026 Semi-Annual Report
actual amount of loans received as the entry value and calculate the borrowing costs based on the principal and the
preferential policy interest rate.
(2) If the government finance department allocates the discount interest funds directly to the Company the
discount interest will be used to offset the borrowing costs.
29. Deferred Tax Assets/Deferred 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
determined based on tax laws) the deferred income tax assets or deferred income tax liabilities shall be calculated
and recognized 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
assets that were not recognized in previous accounting periods should be recognized.
3. At each balance sheet date the Company reviews the carrying amount of deferred tax assets. The carrying
amount is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow
the benefits of the deferred tax assets to be utilized. Any such reduction is reversed when it becomes probable that
sufficient taxable profits will be available.
4. The current income taxes and deferred income taxes of the Company are recorded as income tax expense or
income in the current gains or losses excluding income taxes arising from: (1) business combination; (2)
transactions or events recognized directly in owners’ 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 income
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
subject of tax payment involved intends to settle the current income tax assets and current income tax liabilities
with the net amount or obtain the assets and liquidate the liabilities simultaneously in each future important period
when the deferred income tax assets and deferred income tax liabilities are written back.
30. Lease
(1) Accounting treatment method of lease as the lessee
1. The Company as lessee
On the commencement date of the lease term the Company recognizes the lease with a lease term 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 sublease of
lease asset the original lease will not be deemed as a low-value asset lease.For all short-term leases and low-value asset leases the Company will recognize the lease payment in the
relevant asset cost or current profit or 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 Company
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
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The right-of-use assets shall be initially measured at cost. The cost includes: 1) the initial measurement amount
of the lease liability; 2. the amount of lease payment made on or before the commencement date of lease term net
of the relevant amount of used lease incentives (if any); 3. the initial direct expenses incurred by the lessee; 4)
expected 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
leased 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
payments as lease liabilities. In calculating the present value of the lease payments the Company adopts the interest
rate 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 payment
and its present value is treated as unrecognized financing expenses on which the interest expenses are recognized
at the discount rate of the present value of the lease payment during each period of the lease term and included in
the current profit or loss. The variable lease payments not included in the measurement of lease liabilities shall be
included in current profit or loss when actually incurred.After the inception of the lease the Company measures lease liabilities again according to the present value of
the lease payments after the change and adjusts the book value of the right-of-use asset accordingly in case of
changes in in-substance fixed lease payments changes in amounts expected to be payable under residual value
guarantees the index or ratio used to determine the lease payment amount the purchase option and evaluation
result or the actual exercise situation of the lease renewal option or the termination option. Where the book value of
the right-of-use asset has been reduced to zero but a further reduction is required for the lease liabilities the
remaining amount shall be included in the current profit or loss.
2. After-sale leaseback
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 right-
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 to
the lessor.If the asset transfer in the after-sale leaseback transaction does not belong to sales the Company will continue
to recognize the transferred assets and at the same time recognize a financial liability equal to the transferred income
and conduct accounting treatment for the financial liability according to the Accounting Standards for Business
Enterprises No.22-Recognition and Measurement of Financial Instruments.
(2) Accounting treatment method of lease as the lessor
1. The Company as lessor
At the inception of the lease a lease that transfers in substance almost all risks and rewards related to the
ownership of leased assets is classified as a financing lease by the Company. Except for the financing lease others
are treated as the operating lease.
(1) Operating lease
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During each period of the lease term the Company recognizes the lease receipts as rental income under the
straight-line method and the initial direct costs incurred are capitalized and amortized on the same basis as the
recognition of rental income which is included in the current profit or 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 profit or loss when actually incurred.
(2) Financing lease
At the commencement date of the lease the Company recognizes a finance lease receivable based on the net
lease investment (the sum of the unsecured residual value and the present value of the lease collection not received
on the first date of the lease term and discounted at the interest rate implicit in the lease) and derecognizes the
financing 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
lease investment are included in the current profit or loss when actually incurred.
2. After-sale leaseback
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
accounting treatment on the asset purchase according to other applicable accounting standards for business
enterprises and carry out accounting treatment on the asset lease according to the Accounting Standards for
Business Enterprises No.21-Lease.If the asset transfer in the after-sale leaseback transaction does not belong to sales the Company will not
recognize the transferred assets but recognize the financial assets equal to the transferred income and conduct
accounting treatment for the financial assets according to the Accounting Standards for Business Enterprises No.22-
Recognition and Measurement of Financial Instruments.
31. Other significant accounting policy and accounting estimate
Accounting treatment methods related to repurchasing company's shares
If the Company acquires its own shares for purposes such as reducing its registered capital or rewarding
employees the amount actually paid shall be recognized as treasury shares with a corresponding memorandum
record maintained. If the repurchased shares are cancelled the difference between the aggregate par value of the
cancelled shares calculated based on the par value and number of shares cancelled and the amount actually paid
for the repurchase shall be deducted from capital reserve. Where the capital reserve is insufficient the remaining
amount shall be deducted from retained earnings. If the repurchased shares awarded to employees constitute equity-
settled share-based payments upon employees exercising their rights to purchase the Company’s shares and paying
the consideration the cost of the treasury shares delivered to employees and the cumulative amount recognized in
capital reserve (other capital reserve) during the vesting period shall be derecognized and the difference shall be
adjusted against capital reserve (share premium).
32. Changes in significant accounting policies and accounting estimates
(1) Significant accounting policy changes
R Applicable □ Not applicable
1) Effective January 1 2026 the Company adopted the provisions of Accounting Standards for BusinessEnterprises Interpretation No. 19 issued by the Ministry of Finance concerning “the accounting treatment ofFull text of 2026 Semi-Annual Reportindemnification assets in business combinations not under common control.” This change in accounting policy had
no impact on the Company’s financial statements.
2) Effective January 1 2026 the Company adopted the provisions of Accounting Standards for BusinessEnterprises Interpretation No. 19 issued by the Ministry of Finance concerning “the accounting treatment of therelevant capital reserve upon disposal of a subsidiary originally acquired through a business combination undercommon control.” This change in accounting policy had no impact on the Company’s financial statements.
3) Effective January 1 2026 the Company adopted the provisions of Accounting Standards for BusinessEnterprises Interpretation No. 19 issued by the Ministry of Finance concerning “the derecognition of financialliabilities settled using an electronic payment system.” This change in accounting policy had no impact on the
Company’s financial statements.
4) Effective January 1 2026 the Company adopted the provisions of Accounting Standards for BusinessEnterprises Interpretation No. 19 issued by the Ministry of Finance concerning “the assessment of the contractualcash flow characteristics of financial assets and related disclosures.” This change in accounting policy had no impact
on the Company’s financial statements.
5) Effective January 1 2026 the Company adopted the provisions of Accounting Standards for BusinessEnterprises Interpretation No. 19 issued by the Ministry of Finance concerning “disclosures relating to equityinstruments designated as measured at fair value through other comprehensive income.” This change in accounting
policy had no impact on the Company’s financial statements.
(2) Changes in significant accounting estimate
□ Applicable R Not applicable
(3) Adjustments to Relevant Items of the Opening Financial Statements upon the Initial Application of New
Accounting Standards in 2026
□ Applicable R Not applicable
33. Others
1. Work safety cost
The work safety costs withdrawn by the Company in accordance with the Administrative Measures for the
Collection and Utilization of Enterprise Work Safety Funds (CZ [2022] No. 136) promulgated by the Ministry of
Finance and the Ministry of Emergency Management were charged to the costs of relevant products or current profit
or losses and also to the "special reserve". In the case of using the withdrawn safety production costs if they belong
to cost expenditure they shall directly offset the special reserves. Where a fixed asset is formed the expenditures
incurred shall be collected under the item “Construction in Progress” and shall be recognized as a fixed asset when
the completed work safety project is ready for its intended use. Moreover the special reserves shall be written down
upon the cost of the formed fixed assets and the accumulated depreciation of the same amount shall be confirmed
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
management requirements internal reporting system and so on. Operating segments refer to components within the
Company satisfying all the following conditions:
(1) It engages in business activities from which it may earn revenues and incur expenses;
Full text of 2026 Semi-Annual Report
(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
and cash flow.VI. Taxes
1. Main tax categories and tax rates
Tax category Basis of taxation Tax rate
Output VAT is calculated based on
revenue from the sale of goods and the
provision of taxable services in
Value-added tax accordance with tax laws. VAT payable 13% 9% 6% [Note 1]
is the excess of output VAT over
creditable input VAT for the current
period.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%
Property tax from the original value of the property in one go for ad valorem collection; the 1.2% 12%
rental income for rent based collection.Education surcharge Actual payment of turnover tax 3%
Local education surcharge Actual payment of turnover tax 2%
[Note 1] Sales of goods are subject to VAT at a rate of 13%. Rental income and sales of liquefied petroleum gas
and steam are subject to VAT at a rate of 9%. Revenue from carbon emission allowances warehousing services and
other businesses and interest income are subject to VAT at a rate of 6%. The “exemption credit and refund” policy
applies to exported goods with an export tax refund rate of 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] Enterprise income tax rates applicable to taxpayers subject to different tax rates are set out in the table
above.Name of taxpayer Income tax rate
Subsidiaries Zhejiang Shengyuan Chemical Fiber Co. Ltd.Ningbo Zhongjin Petrochemical Co. Ltd. Yisheng Dahua
Petrochemical Co. Ltd. Zhejiang Petroleum & Chemical Co. 15%
Ltd. Zhejiang Yongsheng Technology Co. Ltd.Subsidiaries Hong Kong Shenghui Co. Ltd. Hong Kong
Yisheng Dahua Petrochemical Co. Ltd. Yisheng New Materials
Trading Co. Ltd. Rongsheng Petrochemical (Hong Kong) Co. The tax shall be calculated and paid according to the relevant tax
Ltd. Rongsheng Petrochemical (Singapore) Private Co. Ltd. rates of the country and region where the business is located.Rongtong Logistics (Singapore) Private Co. Ltd. and Zhejiang
Petroleum & Chemical (Singapore) Private Co. Ltd.Subsidiaries Rongxiang Chemical Fiber Co. Ltd. Rongsheng 20%
International Trade (Hainan) Co. Ltd. Dalian Yisheng New
Full text of 2026 Semi-Annual Report
Materials Co. Ltd. and Zhejiang Rongyi Trading Co. Ltd.Zhejiang 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
Naphtha and Fuel Oil by the Ministry of Finance People's Bank of China and State Taxation Administration (No.
87 [2011] of the Ministry of Finance) the Notice on Improving the Tax Refund Policy of Consumption Tax for
Ethylene Aromatic Chemical Products from Naphtha 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) the Interim Measures for the Refund (Exemption) of Consumption Tax for Naphtha and Fuel Oil Used in
the Production of Ethylene and Aromatic Chemical Products by the State Taxation Administration (Announcement
of the State Administration of Taxation No. 36 of 2012) and the Announcement on the Refund of Consumption Tax
for Ethylene and Aromatic Chemical Products from Naphtha and Fuel Oil by the State Administration of Taxation
and General Administration of Customs (Announcement No. 29 of 2013 of the State Administration of Taxation and
the General Administration of Customs). Under these regulations enterprises that use naphtha and fuel oil to
produce ethylene and aromatics are entitled to a refund based on actual consumption of the consumption tax
included in naphtha and fuel oil purchased and actually used in the production of ethylene and aromatic chemical
products. Ningbo Zhongjin Petrochemical Co. Ltd. and Zhejiang Petroleum & Chemical Co. Ltd. subsidiaries of
the Company are entitled to the preferential policy for refunding consumption tax paid at the procurement stage.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. Pursuant to the Announcement on Policies for Deepening the Value-added Tax Reform (Announcement No.
39 of 2019 of the Ministry of Finance the State Taxation Administration and the General Administration of
Customs) the Announcement on Further Strengthening the Implementation of the Policy for Refunding Excess
Input Value-added Tax Credits (Announcement No. 14 of 2022 of the Ministry of Finance and the State Taxation
Administration) and the Announcement on Improving the Policy for Refunding Excess Input Value-added Tax
Credits (Announcement No. 7 of 2025 of the Ministry of Finance and the State Taxation Administration) the pilot
system for refunding excess input VAT credits at the end of a period has been implemented since April 1 2019
under which manufacturing enterprises may apply to the competent tax authorities for refunds of their excess input
VAT credits. The Company and certain subsidiaries met the relevant conditions and received refunds of excess
input VAT credits totaling RMB 51.2186 million during the current period.
3. According to the Announcement on Filing of High-tech Enterprises Recognized by Zhejiang Provincial
Accreditation Institutions in 2025 issued by the Office of the National High-tech Enterprise Accreditation
Management Leading Group subsidiaries Zhejiang Shengyuan Chemical Fiber Co. Ltd. and Zhejiang Petroleum
& Chemical Co. Ltd. have passed the high-tech enterprise accreditation and obtained the High-tech Enterprise
Certificate numbered GR202533008268 and GR202533003871 respectively. The validity period of the recognition
is 2025-2027 and the enterprise income tax is calculated and paid at a reduced rate of 15% in the current period.According to the Announcement on the Filing of the Second Batch of High-Tech Enterprises Recognized and
Reported by Dalian City Certification Organization in 2024 issued by the Office of the National High-tech
Enterprise Recognition Management Leading Group the subsidiary Yisheng Dahua Petrochemical Co. Ltd. passed
the high-tech enterprise accreditation and obtained the High-tech Enterprise Certificate with the number of
Full text of 2026 Semi-Annual Report
GR202421201548 which is valid from 2024 to 2026. 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 City
Authority in 2025 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
and obtained the High-tech Enterprise Certificate with the number of GR202533101851 with the validity period of
2025-2027. 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 New Technology Enterprises Identified and Reported by
Zhejiang Provincial Certification Organization in 2024 issued by the Office of the National High-tech Enterprise
Recognition Management Leading Group Zhejiang Yongsheng Technology Co. Ltd. a subsidiary has passed the
high-tech enterprise accreditation and obtained the High-tech Enterprise Certificate with the number of
GR202433003748 with the validity period of 2024-2026. The enterprise income tax is calculated and paid at the
reduced tax rate of 15% in the current period.
4. According to the Announcement on Further Supporting the Development of Small and Micro Enterprises
and Individual Industrial and Commercial Households of the Ministry of Finance and the State Administration of
Taxation (Announcement No.12 of the Ministry of Finance and the State Administration of Taxation in 2023) the
taxable 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
Rongxiang Chemical Fiber Co. Ltd. Rongsheng International Trade (Hainan) Co. Ltd. Dalian Yisheng New
Materials Co. Ltd. Zhejiang Rongyi Trading Co. Ltd. and Zhejiang Rongyi Chemical Fiber Co. Ltd. meet the
above requirements in this period. The urban maintenance and construction tax education surcharge and local
education surcharge are levied at half the applicable rates for small low-profit enterprises. Subsidiaries Dalian
Yisheng New Materials Co. Ltd. and Zhejiang Rongyi Chemical Fiber Co. Ltd. met the relevant requirements
during the current period.
5. According to the Announcement on the Policy of Adding and Deducting Value-added Tax for Advanced
Manufacturing Enterprises of the Ministry of Finance and State Taxation Administration (Announcement No.43 of
the Ministry of Finance and the State Administration of Taxation in 2023) from January 1 2023 to December 31
2027 advanced manufacturing enterprises are allowed to add 5% to the deductible input tax for offsetting the
payable 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 & Chemical Co. Ltd. and Zhejiang Yongsheng Technology Co. Ltd. are entitled to the above-mentioned
policy of adding and deducting.
6. Pursuant to the Notice on Policies Relating to Urban Maintenance and Construction Tax Education
Surcharge and Local Education Surcharge in Connection with Refunds of Excess Input Value-added Tax Credits
(Cai Shui [2018] No. 80) taxpayers receiving refunds of excess input VAT credits are permitted to deduct the
refunded VAT amount from the tax or levy bases for urban maintenance and construction tax education surcharge
and local education surcharge. During the current period subsidiaries Zhejiang Shengyuan Chemical Fiber Co.Ltd. Yisheng Dahua Petrochemical Co. Ltd. Dalian Rongxincheng Trading Co. Ltd. and Ningbo Zhongjin
Petrochemical Co. Ltd. were entitled to this tax incentive.
7. Pursuant to the Notice on Issues Relating to the Implementation of the Catalogues of Enterprise Income Tax
Incentives for Special-purpose Equipment for Environmental Protection Energy and Water Conservation and
Work Safety (Cai Shui [2008] No. 48) 10% of the investment in eligible special-purpose equipment purchased by
an enterprise for environmental protection energy and water conservation and work safety may be credited against
its enterprise income tax payable for the current year. Any unused credit may be carried forward to subsequent years
for a period not exceeding five tax years. Subsidiaries Yisheng Dahua Petrochemical Co. Ltd. and Zhejiang
Full text of 2026 Semi-Annual Report
Petroleum & Chemical Co. Ltd. purchased eligible special-purpose equipment and were entitled to the tax credit
equal to 10% of the relevant investment.VII. Notes to Items in the Consolidated Financial Statements
1. Cash and bank balances
Unit: RMB
Item Ending balance Beginning balance
Cash on hand 1413280.19 1356245.56
Bank deposit 22141340239.80 12158835849.89
Other monetary funds 1591882933.50 1339477383.39
Total 23734636453.49 13499669478.84
Including: Total amount of overseas deposits 6428922904.11 2275567146.98
2. Derivative financial assets
Unit: RMB
Item Ending balance Beginning balance
Paper futures contract 46337328.78 36638553.50
Foreign exchange derivatives 145968183.76 242190249.19
Total 192305512.54 278828802.69
3. Accounts receivable
(1) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 2337256735.63 3217852678.84
1-2 years 6638391.69 6188146.81
2-3 years 10858.87 1177.56
Above 3 years 12807.34 12160.09
Total 2343918793.53 3224054163.30
(2) Classified disclosure by bad debt accrual method
Unit: RMB
Ending balance Beginning balance
Book Book
Book balance Bad-debt provision value Book balance Bad-debt provision value
Category Percent Percent
Proporti Proporti Amoun
Amount on Amount
age of
provisio Amount
age of
on t provisio
n n
Full text of 2026 Semi-Annual Report
Accounts
receivable
with
provision 2260
for bad debt 234391 100.00% 8295518793.53 31.77 3.54% 96366
322405 100.00% 54748 1.70% 316930
reserves 1.76 4163.30 800.99 5362.31
based on
aging
portfolio
Total 234391 100.00% 829551
2260
8793.53 31.77 3.54% 96366
322405 100.00% 54748 1.70% 316930
1.76 4163.30 800.99 5362.31
Provision for bad debt by combination:
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Portfolio of trade receivables
from overseas subsidiaries 691752183.69
Aging portfolio 1652166609.84 82955131.77 5.02%
Total 2343918793.53 82955131.77 3.54%
Accounts receivable of provision for bad debt by aging combination:
Unit: RMB
Amount by the end of the period
Aging
Book balance Bad-debt provision Accrual ratio
Within 1 year 1645504551.94 82275227.60 5.00%
1-2 year(s) 6638391.69 663839.17 10.00%
2-3 years 10858.87 3257.66 30.00%
Above 3 years 12807.34 12807.34 100.00%
Subtotal 1652166609.84 82955131.77 5.02%
If the provision for bad debts of accounts receivable is accrued according to the general model of expected credit
loss:
□ Applicable R 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 Ending
Category balance Recovered or Provision reversed Write-off Other
balance
Bad-debt 54748800.99 28206330.78 82955131.77
provision made
Full text of 2026 Semi-Annual Report
on a portfolio
basis
Total 54748800.99 28206330.78 82955131.77
(4) Accounts receivables with top 5 ending balances by debtor
The total amount of the top 5 accounts receivable at the end of the period was RMB 1299386560.26
accounting for 55.43% of the total ending balance of accounts receivable at the end of the period. The corresponding
provision for bad debts was RMB 42063525.34.
4. Receivables financing
(1) Classified presentation of receivables financing
Unit: RMB
Item Ending balance Beginning balance
Bank acceptance bills 214924599.25 83421123.96
Total 214924599.25 83421123.96
(2) Receivables Financing Endorsed or Discounted by the Company at Period-end but Not Yet Matured as
of the Balance Sheet Date
Unit: RMB
Item Amount Derecognized at Period-end
Bank acceptance bills 3083708210.78
Total 3083708210.78
The acceptor of bank acceptance bills is a commercial bank with high credit and it is not likely that the bank
acceptance bills accepted by the acceptor will not be paid at maturity so the Company will derecognize these bank
acceptance bills that have been endorsed or discounted. However if such bills are not honored at maturity the
Company remains jointly liable to the holders in accordance with the Law of Negotiable Instruments.
5. Other receivables
Unit: RMB
Item Ending balance Beginning balance
Dividends receivable 900000000.00
Other receivables 3469761244.01 4925104317.10
Total 4369761244.01 4925104317.10
(1) Dividends Receivable
1) Classification of Dividends Receivable
Unit: RMB
Item (or Investee) Ending Balance Beginning Balance
Full text of 2026 Semi-Annual Report
Zhejiang Yisheng Petrochemical Co.Ltd. 900000000.00
Total 900000000.00
(2) Other receivables
1) Classification of Other Receivables by Nature
Unit: RMB
Nature of account Ending book balance Beginning book balance
Government receivables 3030267897.26 4575905403.92
Futures margin 126003411.21 334936493.12
Security deposits 22207907.83 19779471.63
Paper trading settlement receivables 269796687.71 41018656.98
Petty cash advances and others 46933625.14 15703525.34
Security deposits for borrowings 10000000.00
Current accounts 10800000.00 10800000.00
Total book balance 3506009529.15 5008143550.99
Less: Provision for bad debts 36248285.14 83039233.89
Total carrying amount 3469761244.01 4925104317.10
2) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 3363949421.99 4300023016.04
1-2 years 69064101.66 64995117.37
2-3 years 15394689.71 16349319.51
Above 3 years 57601315.79 626776098.07
Total book balance 3506009529.15 5008143550.99
Less: Provision for bad debts 36248285.14 83039233.89
Total carrying amount 3469761244.01 4925104317.10
3) Classified disclosure by bad debt accrual method
RApplicable □ Not applicable
Unit: RMB
Ending balance Beginning balance
Book balance Bad-debt provision Book balance Bad-debt provision
Category Percent Book Percent Book
Propor age of
Amount Amount value
Proporti age of
tion provisio Amount on Amount
value
provisio
n n
Full text of 2026 Semi-Annual Report
Provision
made for
bad debt 350600 100.00 362482 1.03% 346976 500814 830392 492510
reserves 9529.15 % 85.14 1244.01 3550.99
100.00% 33.89 1.66% 4317.10
based on
portfolio
Total 350600 100.00 362482 346976 5008149529.15 % 85.14 1.03% 1244.01 3550.99 100.00%
830392 492510
33.89 1.66% 4317.10
Provision for bad debt by combination:
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Government receivables 3030267897.26 5630321.96 0.19%
Futures margin 126003411.21
Security deposits 22207907.83 13912449.55 62.65%
Paper trading settlement 269796687.71
receivables
Petty cash advances and 46933625.14 10105513.63 21.53%
others
Current accounts 10800000.00 6600000.00 61.11%
Total 3506009529.15 36248285.14 1.03%
4) Provision for bad debts based on the general model of expected credit losses:
1) Breakdown
Unit: RMB
Stage I Stage II Stage III
Expected
Expected credit loss over
Bad-debt provision credit loss in the entire Expected credit loss for the entire Total
the next 12 duration duration (credit impairment has
months (without credit occurred)
impairment)
The balance as of January 1 260943.90 1223562.15 81554727.84 83039233.89
2026
The balance as of January 1
2026 in the current period
--Transferred into Stage II -15836.78 15836.78
--Transferred into Stage III -1350.00 1350.00
Provision in current period 1367767.55 942803.11 -49101519.41 -46790948.75
Balance as of June 30 2026 1612874.67 2180852.04 32454558.43 36248285.14
Provision ratio for bad debts at 0.05% 3.16% 44.46% 1.03%
period-end
2) Significant changes in gross carrying amounts that resulted in material changes in the loss allowance during the
current period
□Applicable RNot applicable
Full text of 2026 Semi-Annual Report
5) Top five other receivables by debtor based on ending balances
Unit: RMB
Proportion in a Ending balance of
Company name Nature of payment Ending balance Aging total ending balance of other provision for bad
receivables debts
Other receivables 1 Tax refunds 2587451481.2receivable 6 Within 1 year 73.80%
Other receivables 2 Subsidies receivable 409020000.00 Within 1 year 1-2 years 11.67% 2078457.53
Paper trading
Other receivables 3 settlement 209931171.98 Within 1 year 5.99%
receivables
Paper trading
Other receivables 4 settlement 59862498.50 Within 1 year 1.71%
receivables
Other receivables 5 Subsidies receivable 33796416.00 Above 3 years 0.96% 3551864.43
Total 3300061567.74 94.13% 5630321.96
6. Prepayments
(1) Prepayments presented by aging
Unit: RMB
Ending balance Beginning balance
Aging
Amount Proportion Amount Proportion
Within 1 year 3209139075.25 97.10% 2120580033.00 99.07%
1-2 years 89267888.61 2.70% 14582118.36 0.68%
2-3 years 2887361.15 0.09% 1787253.51 0.08%
Above 3 years 3808659.77 0.11% 3649429.09 0.17%
Total 3305102984.78 100.00% 2140598833.96 100.00%
Explanation of the reasons why the prepayment with an age of more than one year and an important amount has not
been settled in time:
There were no significant prepayments aged over 1 year at the end of the period.
(2) Top five recipients by ending balance of prepayments
The total amount of the top 5 prepayments at the end of the period was RMB 2575334282.35 accounting for
77.92% of the total prepayments at the end of the period.
7. Inventories
Whether the Company is subject to the disclosure requirements of the real estate industry
□Yes RNo
Full text of 2026 Semi-Annual Report
(1) Classification of inventories
Unit: RMB
Ending balance Beginning balance
Inventory
write-down Inventory
provision write-down
or provision or Item impairment
Book balance impairment Book value Book balance Book value
provision provision for
for contract contract
fulfillment fulfillment
costs costs
Raw 15684536395.4 15684536395.4 19405535119.5material 5 5 1 1484419.99
19404050699.5
2
Products in 43772343.7
process 9117469390.69 9117469390.69 8756530523.46 6 8712758179.70
Commodity
inventory 7045403985.04
3449003.6 7041954981.42 5257352277.10 34319017.02 8 5223033260.02
Goods
Shipped 77252750.35 77252750.35
Low-value
consumable 165701782.53 165701782.53 159032291.33 159032291.33
s
Total 32013111553.7 3449003.6 32009662550.0 33655702961.7 79575780.8 33576127180.91 2 9 5 3 2
(2) Inventory write-down provision and contract performance cost impairment provisions
Unit: RMB
Increase in the current period Decrease in the current period
Beginning Ending
Item balance Reversal or Provision Other balance write-off Other
Raw material 1484419.99 1484419.99
Products in
process 43772343.76 43772343.76
Finished Goods 34319017.08 1070657.02 31940670.48 3449003.62
Total 79575780.83 1070657.02 77197434.23 3449003.62
Specific basis for determining net realizable value and reasons for Inventory write-down provision of reversal or
write-off in the current period:
Item Specific basis for determining net
Reasons for reversal of Reasons for write-off of
realizable value Inventory write-down Inventory write-down provision provision
The net realizable value is determined The net realizable value of
Raw materials by the estimated selling price of the inventories for which write- The inventory with Inventory
Products in related finished goods minus estimated down provisions had been made write-down provision was
process costs to completion estimated selling in prior periods increased consumed/sold in this period
expenses and relevant taxes during the current period.Finished goods The net realizable value of
inventory The net realizable value is determined inventories for which write- Inventory with recognized
Goods Shipped by the estimated selling price of related down provisions had been made Inventory write-down
Full text of 2026 Semi-Annual Report
finished products minus the estimated in prior periods increased provision was sold during this
selling expenses and related taxes during the current period. period
8. Other current assets
Unit: RMB
Item Ending balance Beginning balance
VAT input tax to be deducted 5072426804.15 5165468990.03
Prepaid enterprise income tax 26640599.71 647911993.28
Consumption tax urban construction tax
and surcharges 401695691.72 128988839.74
Leased silver 2992731306.15 1338220113.02
Total 8493494401.73 7280589936.07
9. Long-term equity investment
Full text of 2026 Semi-Annual Report
Unit: RMB
Increase and decrease in the current period Ending
Beginnin Opening Investment Declared Ending balance of
g balance balance of Other Provision
Investee Additional Reduced gains or losses Other comprehensive distribution
balance provision
(book impairment for (book for
value) provision investment investment
recognized
under the income
equity of cash Other
adjustments changes dividends
impairme value) impairme
equity method or profit nt nt
I. Joint Venture
II. Associates
Zhejiang
Yisheng
Petrochem 2770776 900000000 1892689
ical Co. 225.62
24021023.10 -2107424.85 .00 823.87
Ltd.Ningbo
Hengyi 1215124
Trading 9.51 49693784.88 -8056860.73
5378817
3.66
Co. Ltd.Zhejiang
Xiaoshan
Rural 2823663 43654510. 2987640
Commerci 830.01 181486540.12 26145044.38 65 903.86
al Bank
Co. Ltd.Hainan
Yisheng
Petrochem 3510787453.52 172756944.53 -26856202.42
3656688
ical Co. 195.63
Ltd.ZPC-ENN
(Zhoushan 2147385 2295167
) Gas Co. 3.18 1477822.92 6.10
Ltd.Zhejiang
Dingshen
g 7520249 7582647
Petrochem 9.29
623972.99 2.28
ical
Engineeri
Full text of 2026 Semi-Annual Report
ng Co.Ltd.Zhejiang
Derong 3324831 100000000 4358059
Chemicals 22.11 .00 3359513.90 -36674.20 61.81
Co. Ltd.Zhoushan
ZPC
Zhougang 76616218.25 3412653.81 160699.64
8018957
Tugboat 1.70
Co. Ltd.Zhejiang
Dongjiang
Green
Petrochem
ical 1017360
Technolog 13.19 9050643.65
1107866
56.84
y
Innovatio
n Center
Co. Ltd.Ningbo
Coastal
Public 1128931 90000000. 1009358
Pipe 4.54 00 -353508.81 05.73
Gallery
Co. Ltd.Zhejiang
Zhenshi
Port 28027433.01 675440.89
2870287
Service 3.90
Co. Ltd.Subtotal 9764207 190000000 943654510 9446006212.23 .00 446204831.98 -10875443.62 124025.44.65 115.38
Total 9764207 190000000 943654510 9446006212.23 .00 446204831.98 -10875443.62 124025.44 .65 115.38
Full text of 2026 Semi-Annual Report
Recoverable amount determined based on fair value less costs of disposal
□ Applicable R Not applicable
Recoverable amount determined based on the present value of estimated future cash flows
□ Applicable R Not applicable
10. Investment properties
(1) Investment properties under the cost measurement mode
RApplicable □ Not applicable
Unit: RMB
Item Houses and buildings Total
I. Original book value
1. Initial balance 14286632.00 14286632.00
2. Increase in the current period
(1) Purchases
(2) Transfers from inventories/fixed assets/construction in progress
(3) Increase due to business merger
3. Decrease in the current period
(1) Disposal
(2) Other transfer-out
4. Ending balance 14286632.00 14286632.00
II. Accumulated depreciation and accumulated amortization
1. Initial balance 4433949.40 4433949.40
2. Increase in the current period 135723.00 135723.00
(1) Depreciation or amortization 135723.00 135723.00
3. Decrease in the current period
(1) Disposal
(2) Other transfer-out
4. Ending balance 4569672.40 4569672.40
III. Provision for impairment
1. Initial balance
2. Increase in the current period
(1) Accrual
3. Decrease in the current period
(1) Disposal
(2) Other transfer-out
4. Ending balance
IV. Book value
1. Closing book value 9716959.60 9716959.60
2. Beginning book value 9852682.60 9852682.60
The recoverable amount is determined based on fair value less costs of disposal
Full text of 2026 Semi-Annual Report
□ Applicable R Not applicable
The recoverable amount is determined based on the present value of estimated future cash flows
□ Applicable R Not applicable
(2) Investment properties under the fair value method
□ Applicable R Not applicable
11. Fixed assets
Unit: RMB
Item Ending balance Beginning balance
Fixed assets 249424094904.07 259757528525.39
Total 249424094904.07 259757528525.39
(1) Fixed assets
Unit: RMB
Housing and Machinery and Transportation Other
Item buildings equipment facilities equipment Total
I. Original book
value:
1. Initial balance 73578714547.25 265432406408.17 283018776.70 443380899.01 339737520631.13
2. Increase in the
current period 8708351.78 43350097.84 1864426.53 371253514.15 425176390.30
(1) Acquisition 8708351.78 42608504.91 1864426.53 371253514.15 424434797.37
(2) Transfer-in
from construction 741592.93 741592.93
in progress
(3) Increase from
Business
Combinations
3. Decrease in the
current period 17989783.86 27558288.74 992642.39 46540714.99
(1) Disposal or
scrapping 17989783.86 27558288.74 992642.39 46540714.99
4. Ending balance 73587422899.03 265457766722.15 257324914.49 813641770.77 340116156306.44
II. Accumulated
depreciation
1. Initial balance 15332369829.74 64089857571.40 229038910.70 328725793.90 79979992105.74
2. Increase in the
current period 1616212933.23 9095809566.55 8907755.22 33344104.59 10754274359.59
(1) Accrual 1616212933.23 9095809566.55 8907755.22 33344104.59 10754274359.59
3. Decrease in the
current period 15351734.94 25910317.77 943010.25 42205062.96
(1) Disposal or
scrapping 15351734.94 25910317.77 943010.25 42205062.96
4. Ending balance 16948582762.97 73170315403.01 212036348.15 361126888.24 90692061402.37
Full text of 2026 Semi-Annual Report
III. Provision for
impairment
1. Initial balance
2. Increase in the
current period
(1) Accrual
3. Decrease in the
current period
(1) Disposal or
scrapping
4. Ending balance
IV. Book value
1. Closing book
value 56638840136.06 192287451319.14 45288566.34 452514882.53 249424094904.07
2. Beginning book
value 58246344717.51 201342548836.77 53979866.00 114655105.11 259757528525.39
(2) Fixed asset with incomplete property right certificate
Unit: RMB
Item Book value Reasons for incomplete certificates of title
Houses and buildings - Shengyuan Chemical Fiber
Polymer Building etc. 1085908602.19 Still being processed
Houses and buildings - tank farm supporting buildings
and others of ZPC 338845016.63 Still being processed
Houses and buildings - ZPC dormitories 536323240.83 Still being processed
Houses and buildings - office buildings and others of
Yisheng Dahua Petrochemical Co. Ltd. 409763530.64 Still being processed
Houses and buildings -film warehouse and others of
Zhejiang Yongsheng Technology Co. Ltd. 211381076.74 Still being processed
(3) Impairment testing of fixed assets
□ Applicable R Not applicable
12. Construction in progress
Unit: RMB
Item Ending balance Beginning balance
Construction in progress 52560962759.09 36209167814.50
Engineering materials 2418501911.41 1644999844.70
Total 54979464670.50 37854167659.20
(1) Construction in progress
Full text of 2026 Semi-Annual Report
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book balance impairment Book value Book balance impairment Book value
High performance resin project 11499447359.99 11499447359.99 10192664303.89 10192664303.89
High-end new material project 10113722063.38 10113722063.38 8287858489.43 8287858489.43
Jintang New Material Project 15568869886.26 15568869886.26 10812301008.98 10812301008.98
Utilities and supporting facilities 7075681989.66 7075681989.66 2141303341.61 2141303341.61
Sporadic projects 8303241459.80 8303241459.80 4775040670.59 4775040670.59
Total 52560962759.09 52560962759.09 36209167814.50 36209167814.50
Full text of 2026 Semi-Annual Report
(2) Changes in major construction in progress in the current period
Unit: RMB
Amount Including
of fixed Proportio : Interest
Budget Increase assets Other decreases n of total
Accumula Capitalize capitaliza
(RMB Beginning in the carried in the Ending project Project
ted d amount tion rate Source of
Project
100 balance current over in balance input to progress
capitalize
period the current the d amount
of interest in the funds
million) in the current
current period budget of interest current period
period period
High performance 192.00 1019266 1306783 1149944 7332126 1282259
Bank loans
resin project 4303.89 056.10 7359.99 91.00% 90.00% 33.44 38.22 2.25% Other sources
High-end new 420.00 8287858 1825863 1011372 5704386 2498195
Bank loans
material project 489.43 573.95 2063.38 27.00% 25.00% 6.25 5.73 2.28% Other sources
Jintang New Material 1081230 4756568 1556886 5037441 2050002 Bank loans
Project 675.00 1008.98 877.28 9886.26 26.00% 26.00% 37.80 33.58 2.60% Other sources
Utilities and 2141303 4934378 7075681 3573420 Other supporting facilities 341.61 648.05 989.66 10.28 sources
Total 3143412 1282359 4425772 1651342 35820817143.91 4155.38 1299.29 647.77 27.53
(3) Impairment test of construction in progress
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
(4) Engineering materials
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book balance impairment Book value Book balance impairment Book value
Special 2401002816. 2401002816. 1639663143. 1639663143.materials 42 42 93 93
Special
equipment 17499094.99 17499094.99 5336700.77 5336700.77
Total 2418501911. 2418501911. 1644999844. 1644999844.41 41 70 70
13. Right-of-use assets
(1) Situation of right-of-use assets
Unit: RMB
Item Housing and buildings Total
I. Original book value
1. Initial balance 86209524.36 86209524.36
2. Increase in the current period 49907837.05 49907837.05
(1) Additions from new leases 49907837.05 49907837.05
3. Decrease in the current period 49003967.60 49003967.60
(1) Contract termination and transfer 49003967.60 49003967.60
4. Ending balance 87113393.81 87113393.81
II. Accumulated depreciation
1. Initial balance 59147452.36 59147452.36
2. Increase in the current period 14588970.37 14588970.37
(1) Accrual 14588970.37 14588970.37
3. Decrease in the current period 46745600.10 46745600.10
(1) Disposal
(2) Termination of contract and transfer 46745600.10 46745600.10
4. Ending balance 26990822.63 26990822.63
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 60122571.18 60122571.18
Full text of 2026 Semi-Annual Report
2. Beginning book value 27062072.00 27062072.00
(2) Impairment test of right-of-use assets
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
14. Intangible assets
(1) Intangible assets
Unit: RMB
Item Land-use right Proprietary Technology Management software Emission rights Sea area use right Total
I. Original book value
1. Initial balance 10233994973.10 5879510.85 63139236.32 84184187.41 41083997.72 10428281905.40
2. Increase in the
current period 432.62 6747797.47 4696061.00 9005517.08 20449808.17
(1) Acquisition 432.62 6747797.47 4696061.00 9005517.08 20449808.17
(2) Internal R&D
(3) Increase due to
business merger
3. Decrease in the
current period
(1) Disposal
4. Ending balance 10233995405.72 5879510.85 69887033.79 88880248.41 50089514.80 10448731713.57
II. Accumulated
amortization
1. Initial balance 1227263463.00 4920391.38 41753616.87 60821888.96 7834095.93 1342593456.14
2. Increase in the
current period 104355491.20 94339.62 3002461.35 2616052.98 4813055.60 114881400.75
(1) Accrual 104355491.20 94339.62 3002461.35 2616052.98 4813055.60 114881400.75
3. Decrease in the
current period
(1) Disposal
4. Ending balance 1331618954.20 5014731.00 44756078.22 63437941.94 12647151.53 1457474856.89
III. Provision for
impairment
Full text of 2026 Semi-Annual Report
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 8902376451.52 864779.85 25130955.57 25442306.47 37442363.27 8991256856.68
2. Beginning book
value 9006731510.10 959119.47 21385619.45 23362298.45 33249901.79 9085688449.26
Full text of 2026 Semi-Annual Report
(2) Land-use right for which the certificate of title has not been obtained
Unit: RMB
Item Book value Reasons for incomplete certificates of title
Land-use right 512016294.04 Still being processed
Subtotal 512016294.04
(3) Impairment test of intangible assets
□ Applicable R Not applicable
15. Long-term deferred expenses
Unit: RMB
Beginning Current-period Current-period Other
Item Balance Additions Amortization Reductions Ending Balance
Improvement Expenditures on
Leased Fixed Assets 1010597.58 44174.98 966422.60
Total 1010597.58 44174.98 966422.60
16. Deferred income tax assets deferred income tax liabilities
(1) Deferred income tax assets before offset
Unit: RMB
Ending balance Beginning balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Provisions for asset
impairment 73570852.93 11353488.27 132087595.85 20051007.82
Unrealized profit from
internal transactions 251192873.28 52202340.46 174555812.58 40826277.11
Deductible tax losses
carried forward 9288214458.04 1686455682.58 9919705630.57 1781179358.45
Changes in fair value
of trading financial
instruments and 15237380.66 2285607.10 49347430.82 10013897.63
derivative financial
instruments
Deferred income 447555802.14 67877814.75 386404952.54 58738520.64
Lease liabilities 18953973.37 2843096.01 37729036.17 5659355.43
Provisions 44542210.85 6681331.63 43782604.66 6567390.70
Total 10139267551.27 1829699360.80 10743613063.19 1923035807.78
Full text of 2026 Semi-Annual Report
(2) Deferred income tax liabilities before offset
Unit: RMB
Ending balance Beginning balance
Item Taxable temporary Deferred income tax Taxable temporary Deferred income tax
difference liabilities difference liabilities
One-time pre-tax
deduction of long-term 8779807630.19 1316971144.52 9209739455.74 1381460918.36
assets
Borrowing costs
capitalized in the
construction of long-
term assets by
subsidiaries using
borrowings contributed 1970328832.04 317372690.09 1962158305.99 309663627.22
by the parent company
as paid-in capital as
reflected in the
consolidated financial
statements
Changes in fair value
of trading financial
instruments and 165701857.90 26828646.10 273896236.86 43092081.30
derivative financial
instruments
Right-of-use assets 12401852.24 1860277.84 24803704.50 3720555.68
Government subsidies 409020000.00 102255000.00 409020000.00 102255000.00
Asset retirement costs
for fixed assets 28615507.97 4292326.20 31795008.79 4769251.32
Total 11365875680.34 1769580084.75 11911412711.88 1844961433.88
(3) Deferred income tax assets or liabilities presented as net amount after offset
Unit: RMB
Ending offset amount Ending balance of Beginning offset Beginning balance of
of deferred income deferred income tax amount of deferred deferred income tax
Item tax assets and assets and liabilities income tax assets and assets and liabilities
liabilities after offset liabilities after offset
Deferred income tax
assets 230435080.96 1599264279.84 220727340.51 1702308467.27
Deferred income tax
liabilities 230435080.96 1539145003.79 220727340.51 1624234093.37
(4) Details of unrecognized deferred income tax assets
Unit: RMB
Item Ending balance Beginning balance
Tax losses available for deduction 2359504468.94 2522179464.04
Changes in fair value of trading financial
instruments and derivative financial 227273133.24 205609926.17
instruments
Full text of 2026 Semi-Annual Report
Deferred income 5797478.48 6301607.06
Provisions for asset impairment 12833282.46 2236985.97
Lease liabilities 48034264.51 2623049.76
Total 2653442627.63 2738951033.00
(5) The tax losses available for deduction of unrecognized deferred income tax assets will expire in the
following year
Unit: RMB
Year Ending amount Beginning amount Note
2026 212805780.08 614211325.04
2027 1091975511.22 1092058167.72
2028 790944776.50 100185870.06
2029 172783801.19 173281724.51
2030 90994599.95 542442376.71
Total 2359504468.94 2522179464.04
17. Other non-current assets
Unit: RMB
Ending balance Beginning balance
Item Provision Provision
Book balance for Book value Book balance for Book value
impairment impairment
Prepayment
for purchase
of long-term 3730795532.12 3730795532.12 3478664190.30 3478664190.30
assets
Total 3730795532.12 3730795532.12 3478664190.30 3478664190.30
18. Assets with ownership or use rights restricted
Unit: RMB
Period end Period beginning
Item Book Book Restriction Restriction Book Book Restriction Restriction
balance value type situation balance value type situation
Deposits
Deposits for letters
for letters of credit
of credit bank
bank acceptance
Monetary 56840131 56840131 acceptance 63067160 63067160 bills
fund 4.82 4.82 Restricted bills 5.40 5.40 Restricted guarantees guarantees borrowings
and and ETC
borrowings services
and cash and funds
in transit subject to
assisted
Full text of 2026 Semi-Annual Report
enforcemen
t
Collateral Collateral
Fixed 29452807 22298190 for for
assets 9475.45 2364.41 Mortgage borrowings
29476294 23248040
and letters 5671.06 5403.84
Mortgage borrowings
and letters
of credit of credit
Collateral Collateral
Intangible 61366635 53385637 for for
assets 19.99 67.58 Mortgage borrowings
61366630 54361310
and letters 87.37 65.75
Mortgage borrowings
and letters
of credit of credit
Collateral Collateral
Constructio
n in 16583927 16583927
for
Mortgage borrowings 14296159 14296159
for
518.98 518.98 065.39 065.39 Mortgage borrowings progress and letters and letters
of credit of credit
Total 31781707 24547279 31582643 252843361829.24 4965.79 9429.22 7140.38
19. Short-term borrowings
Unit: RMB
Item Ending balance Beginning balance
Mortgage borrowings 50037534.44
Guaranteed borrowings 51162169841.60 47763339280.37
Unsecured borrowings 1977898567.21 2433317607.22
Total 53190105943.25 50196656887.59
20. Derivative financial liabilities
Unit: RMB
Item Ending balance Beginning balance
Paper Futures Contracts 242510513.90 244350092.55
Foreign Exchange Derivatives 10607264.44
Total 242510513.90 254957356.99
21. Notes payable
Unit: RMB
Category Ending balance Beginning balance
Bank acceptance bills 1633752998.56 1823730094.93
Total 1633752998.56 1823730094.93
22. Accounts payable
Unit: RMB
Item Ending balance Beginning balance
Full text of 2026 Semi-Annual Report
Payable for material procurement and operation 49484965772.11 50890431082.24
Payable for purchase of long-term assets 5537348547.77 8068097593.71
Total 55022314319.88 58958528675.95
23. Other payables
Unit: RMB
Item Ending balance Beginning balance
Dividends payable 754030000.00
Other payables 10979155071.34 8699387532.24
Total 11733185071.34 8699387532.24
(1) Dividends Payable
Unit: RMB
Item Ending balance Beginning balance
Dividends of ordinary shares 754030000.00
Total 754030000.00
(2) Other Payables
1) Other payables listed by the nature of payment
Unit: RMB
Item Ending balance Beginning balance
Current accounts 9214696647.31 7418563934.03
Deposit and security 1023308991.43 995066265.07
Settled but unpaid operating expenses 240079502.39 267785214.09
Fund of Employee Stock Ownership Plan 413040000.00
Other 88029930.21 17972119.05
Total 10979155071.34 8699387532.24
There were no significant other payables with an aging of more than one year at the end of the period.
24. Contract liabilities
Unit: RMB
Item Ending balance Beginning balance
Payments for goods 2755473814.03 4083450306.60
Total 2755473814.03 4083450306.60
There were no significant contract liabilities aged over one year at the end of the period.Full text of 2026 Semi-Annual Report
25. Employee compensation payable
(1) Presentation of employee compensation
Unit: RMB
Increase in the Decrease in the
Item Beginning balance current period current period Ending balance
I. Short-term
compensation 1039538622.97 1892080338.23 2285652728.63 645966232.57
II. Post-employment
benefits - defined 86276341.91 107185373.36 98296567.40 95165147.87
contribution plan
III. Termination
benefits 759338.55 759338.55
Total 1125814964.88 2000025050.14 2384708634.58 741131380.44
(2) Short-term remuneration
Unit: RMB
Increase in the Decrease in the
Item Beginning balance current period current period Ending balance
1. Wage bonus
allowance and subsidy 1024175031.56 1780547453.43 2175892355.56 628830129.43
2. Employee welfare
expenses 14216663.58 14065839.67 150823.91
3. Social insurance
premium 13973215.17 60774006.91 59590023.06 15157199.02
Including: Medical
insurance premium 7792655.78 54678060.57 54155023.03 8315693.32
Work-related injury
insurance premium 6180559.39 5792091.38 5131145.07 6841505.70
Maternity insurance
premium 303854.96 303854.96
4. Housing provident
fund 301845.50 24444779.05 24415435.05 331189.50
5. Labor union and
personnel education 1088530.74 12097435.26 11689075.29 1496890.71
expenses
Total 1039538622.97 1892080338.23 2285652728.63 645966232.57
(3) Presentation of defined contribution plan
Unit: RMB
Increase in the Decrease in the
Item Beginning balance current period current period Ending balance
1. Basic endowment
insurance 83652964.13 103943288.41 95323846.71 92272405.83
2. Unemployment
insurance premium 2623377.78 3242084.95 2972720.69 2892742.04
Full text of 2026 Semi-Annual Report
Total 86276341.91 107185373.36 98296567.40 95165147.87
26. Taxes payable
Unit: RMB
Item Ending balance Beginning balance
Value-added tax 167365725.98 443795758.28
Consumption tax 105001948.79 1573882352.93
Enterprise income tax 521174616.38 69159122.59
Individual income tax 7238573.16 14067513.97
Urban maintenance and construction tax 12372847.30 126276135.66
Land use tax 66463686.28 120812522.26
Renewable energy development fund 29059130.14 68624617.30
Stamp duty 41892643.94 54838753.97
Education surcharge 4258127.44 52441911.63
Property tax 23342506.35 37468119.44
Local education surcharge 2840051.61 34962574.35
Deed tax 12196548.00 30862764.00
Special fund for water conservancy
construction 6176976.94 14818413.21
Environmental protection tax 3259286.68 3140039.05
Resource tax 15355.80 16990.20
Total 1002658024.79 2645167588.84
27. Non-current liabilities due within one year
Unit: RMB
Item Ending balance Beginning balance
Long-term borrowings due within one
year 37075751233.13 35425986183.65
Lease liabilities due within one year 24736242.62 40352085.93
Total 37100487475.75 35466338269.58
28. Other current liabilities
Unit: RMB
Item Ending balance Beginning balance
Output tax to be transferred 301250350.66 513369770.13
Silver leased in 3025286351.47 1353959243.79
Total 3326536702.13 1867329013.92
Full text of 2026 Semi-Annual Report
29. Long-term borrowings
Unit: RMB
Item Ending balance Beginning balance
Guaranteed borrowings 44595728293.82 32766114434.02
Unsecured borrowings 1923985086.79 1085305275.56
Pledged and Guaranteed Loans 917504893.97 447201294.11
Mortgage and Guaranteed Loans 82091407246.32 88160580304.01
Total 129528625520.90 122459201307.70
[Note] The long-term borrowings of the Company and its subsidiaries include multiple bank borrowings with
financial covenants. As of June 30 2026 the carrying amount of such borrowings was RMB 88294361900. The
borrowing agreements require the Company and its subsidiaries to comply with certain covenants during the
borrowing period including but not limited to the debt-to-asset ratio current ratio and interest coverage ratio. In
the event of non-compliance with such covenants these borrowings will become repayable on demand by the
lending banks. The Company and its subsidiaries expect to be in compliance with the aforementioned covenants.
30. Lease liabilities
Unit: RMB
Item Ending balance Beginning balance
Lease payments 41589570.13
Unrecognized finance charges 662425.13
Total 42251995.26
31. Provisions
Unit: RMB
Item Beginning balance Increase in the current period Reason
Provision for fixed
asset abandonment 44542210.85 43782604.66
Estimated decommissioning costs
for hazardous waste landfills
Total 44542210.85 43782604.66
32. Deferred income
Unit: RMB
Beginning Increase in the Decrease in the Reasons for
Item balance current period current period Ending balance incurrence
Government
subsidies 392706559.60 78785800.00 18139078.98 453353280.62 Related to assets
Total 392706559.60 78785800.00 18139078.98 453353280.62
33. Share capital
Unit: RMB
Full text of 2026 Semi-Annual Report
Increase and decrease of this change (+ -)
Conversion
Beginning Issue of of Ending
balance New issue balance
of shares bonus provident Other Subtotal shares fund into
shares
Total number 998944225
of shares 4.00
99894422
54.00
34. Capital reserve
Unit: RMB
Increase in the Decrease in the
Item Beginning balance current period current period Ending balance
Capital premium (share
premium) 8917604948.20 8917604948.20
Other capital reserves 40582009.19 63252.97 40645262.16
Total 8958186957.39 63252.97 8958250210.36
Other notes including notes to increase and decrease in the current period and its reasons:
Due to other changes in the owners’ equity of the associate other than net profit or loss other comprehensive
income and profit distribution the Company's entitled share calculated based on its shareholding ratio amounting
to RMB 63252.97 was recognized in the capital reserve (other capital reserve).
35. Treasury stock
Unit: RMB
Increase in the Decrease in the
Item Beginning balance current period current period Ending balance
Repurchase of public shares 4988804885.93 4988804885.93
Total 4988804885.93 4988804885.93
36. Other comprehensive income
Unit: RMB
The amount incurred in the current period
Less: Less:
amount Amount
included in included
Amount other in other
Beginni incurred comprehens Attributab Attributabcomprehe
Item ng before ive income Less: le to the le to the
Ending
nsive
balance current previously Income tax parent minority
balance
income
income and then expenses company shareholdepreviously
tax transferred after tax rs after tax and then
into current transferre
profit or d into
loss current
Full text of 2026 Semi-Annual Report
retained
earnings
I. Other
comprehensiv
e income that
cannot be
reclassified
into profit or
loss
II. Other
comprehensiv
e income to be 866688 - - - -
reclassified 90.53 1480913 13088400 17207360. 44215118.into profit or 69.68 9.42 26 89
loss
Including:
other
comprehensiv
e income 119611 - - - 11679298
convertible 570.98 1087544 2818582.8 8056860.7 8.09
into profit or 3.62 9 3
loss by the
equity method
Translation
difference of
financial - - - - -
statements in 329426 1372159 12806542 9150499.5 16100810
foreign 80.45 26.06 6.53 3 6.98
currency
Total other - - - -
comprehensiv 866688
e income 90.53
1480913 13088400 17207360. 44215118.
69.68 9.42 26 89
37. Special reserves
Unit: RMB
Increase in the Decrease in the
Item Beginning balance current period current period Ending balance
Work safety expenses 55804605.92 182969740.61 145571866.37 93202480.16
Total 55804605.92 182969740.61 145571866.37 93202480.16
Other notes including notes to increase and decrease in the current period and its reasons:
The increase and decrease of special reserve in this period are the safety production expenses accrued and
used by subsidiaries Yisheng Dahua Petrochemical Co. Ltd. Ningbo Zhongjin Petrochemical Co. Ltd. Zhejiang
Yisheng New Material Co. Ltd. Zhejiang Petroleum & Chemical Co. Ltd. and ZPC Zheyou Technology Co.Ltd.
38. Surplus reserves
Unit: RMB
Increase in the Decrease in the
Item Beginning balance current period current period Ending balance
Statutory surplus
reserve 1270743066.03 1270743066.03
Full text of 2026 Semi-Annual Report
Total 1270743066.03 1270743066.03
39. Retained earnings
Unit: RMB
Item Current period Prior period
Adjusted beginning balance of retained
earnings 28221482065.98 28330397005.41
Add: Net profit attributable to the owner
of the parent company in the current 5110652552.96 848314274.77
period
Common stock dividends payable 957229214.20 957229214.20
Retained earnings at the end of the
period 32374905404.74 28221482065.98
40. Operating revenue and operating costs
(1) Details
Unit: RMB
The amount incurred in the current period Amount incurred in the previous period
Item
Revenue Cost Revenue Cost
Primary business 128971604750.20 109339330683.29 148009181013.17 128437128123.01
Other businesses 435108856.58 332198974.34 620169922.33 441831814.58
Total 129406713606.78 109671529657.63 148629350935.50 128878959937.59
Of which: Revenue
from Contracts with 129398286172.05 109668933736.39 148625506295.70 128876591060.58
Customers
(2) Breakdown of revenues
1) Breakdown of revenue generated by contracts with customers by goods or service categories
Unit: RMB
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Oil refining 20803255178.70 13544397362.99 52406252637.61 40569244124.05
Chemicals 71267307481.23 60670381107.02 60742136938.65 53407151495.43
PTA 14011379216.13 13962271439.42 15754125991.87 15707088918.89
Polyester products
chemical fibers and 13289684977.32 12389188913.52 11125503900.41 10959123038.16
films
Trade and others 10026659318.67 9102694913.44 8597486827.16 8233983484.05
Subtotal 129398286172.05 109668933736.39 148625506295.70 128876591060.58
2) Revenue from Contracts with Customers Disaggregated by Timing of Transfer of Goods or Services
Full text of 2026 Semi-Annual Report
Unit: RMB
Item Amount in the current period Amount in the previous period
Revenue recognized at a certain point of time 129398286172.05 148625506295.70
Subtotal 129398286172.05 148625506295.70
3) Information related to performance obligations
Types of
Amounts
Timing of Nature of the goods warranties
Significant Whether expected to be
satisfying promised to be provided by the
Item payment acting as a refunded to performance transferred by the Company and
terms principal customers by
obligations Company related
the Company
obligations
Advances
received; the
credit period
for accounts
Sale of Upon delivery of receivable is Products meeting national Yes None Assurance-type goods goods standards warranty generally 30 to
90 days after
product
delivery.
41. Taxes and surcharges
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item period period
Consumption tax 3296952404.63 11175699023.28
Urban maintenance and construction tax 231221627.39 782709884.37
Education surcharge 102144743.03 337116153.80
Property tax 25275622.30 23445599.03
Land use tax 62590348.09 58116054.62
Vehicle and vessel tax 43503.22 43838.21
Stamp duty 89386359.93 113549108.55
Local education surcharge 68096495.33 224744102.49
Environmental protection tax 7447629.31 6381089.55
Renewable energy development fund 29059130.14 21651334.53
Water conservancy construction fund 6176976.94 4675267.19
Total 3918394840.31 12748131455.62
Full text of 2026 Semi-Annual Report
42. Administrative expenses
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item period period
Employee compensation 227310866.40 191387950.72
Office expenses 38014613.26 41443666.62
Depreciation and amortization expense 130988542.34 133685404.20
Insurance premium 58600225.66 56591532.93
Business entertainment expenses 5655336.16 9292968.52
Other 29329330.87 34420354.02
Total 489898914.69 466821877.01
43. Selling expenses
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item period period
Employee compensation 59821843.65 57339546.73
Sales business expenses 2991191.80 2095862.18
Other 23859877.18 24857935.25
Total 86672912.63 84293344.16
44. R&D expenses
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item period period
Direct expenditures 1587472324.32 1705509902.92
Depreciation and amortization 484114845.91 347075587.62
Employee compensation 166139146.45 275138926.71
Equipment commissioning fee 3332751.71 6088072.49
Others 1483306.20 35279205.42
Total 2242542374.59 2369091695.16
45. Financial expenses
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item period period
Interest expense 3190639179.06 3280153933.32
Interest income -135999098.06 -222591881.34
Exchange gain or loss -126066415.03 1363537.16
Full text of 2026 Semi-Annual Report
Other 103138549.72 151030675.77
Total 3031712215.69 3209956264.91
46. Other income
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Sources of other income period period
Government grants related to assets 18139078.98 13637139.38
Government grants related to income 13985643.04 401568707.90
Return of fees for withheld individual
income tax 4447858.20 4155049.74
Additional VAT credits and exemptions 762840634.64 644538133.02
Other 1402325.20 938426.37
Total 800815540.06 1064837456.41
47. Gains on changes in fair value
Unit: RMB
Sources of income from changes in fair The amount incurred in the current Amount incurred in the previous
value period period
Trading financial liabilities -243925361.38
Derivative financial assets -49884736.65 37473544.84
Derivative financial liabilities -242510513.90 -93269592.68
Total -292395250.55 -299721409.22
48. Investment income
Unit: RMB
Item The amount incurred in the current Amount incurred in the previous period period
Long-term equity investment income
calculated by equity method 446204831.98 190297833.77
Financing discount loss of receivables -16978566.36 -3056076.31
Interest income from related party
lending 153396.22 176094.32
Investment income from disposal of -67008150.12
financial assets 96628799.97
Investment income from wealth 143013.70
management products
Total 362514525.42 284046651.75
49. Credit impairment loss
Unit: RMB
Full text of 2026 Semi-Annual Report
The amount incurred in the current Amount incurred in the previous
Item period period
Bad debt losses 18584617.97 87104774.79
Total 18584617.97 87104774.79
50. Asset impairment loss
Unit: RMB
Item The amount incurred in the current Amount incurred in the previous period period
Loss on inventory write-down -1070657.02 -152150594.56
Total -1070657.02 -152150594.56
51. Income from asset disposal
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Sources of asset disposal income period period
Income from disposal of fixed assets 7357324.96 -64124.27
52. Non-operating income
Unit: RMB
The amount incurred in the Amount incurred in the Amount included in non-
Item current period previous period recurring profit or loss of the current period
Liquidated damages and
income from compensation 4238296.24 3232472.57 4238296.24
Others 221559.31 666376.43 221559.31
Total 4459855.55 3898849.00 4459855.55
53. Non-operating expenses
Unit: RMB
The amount incurred in the Amount incurred in the Amount included in non-
Item current period previous period recurring profit or loss of the current period
External donations 4500000.00 4000000.00 4500000.00
Loss on damage and
scrapping of non-current 1625694.77 2486853.31 1625694.77
assets
Compensation payments
fines and late-payment 334938.70 8747499.44 334938.70
surcharges
Other 35559.37 242290.81 35559.37
Total 6496192.84 15476643.56 6496192.84
Full text of 2026 Semi-Annual Report
54. Income tax expenses
(1) Presentation of income tax expenses
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item period period
Income tax expenses in the current period 1581955235.70 142723502.07
Deferred income tax expenses 17955097.85 35594286.30
Total 1599910333.55 178317788.37
(2) Adjustment of accounting profit and income tax expense
Unit: RMB
Item The amount incurred in the current period
Profit before tax 10859732454.79
Income tax expense calculated at the statutory/applicable tax
rate 2714933113.70
Impact of different tax rates applied on subsidiaries -993823659.48
Effect of adjustments to income tax in respect of prior periods 213364.85
Influence of non-taxable income -45715406.32
Impact of non-deductible costs expenses and losses 47363676.55
Impact of using tax losses available for deduction on deferred -912665.94
income tax assets unrecognized in prior periods
Impact of temporary deductible difference or tax losses 39183470.33
available for deduction on deferred income tax assets
unrecognized in the current period
Impact of R&D cost plus deduction -161331560.14
Income tax expenses 1599910333.55
55. Other comprehensive income
Refer to Note in V (I) 36 for details.
56. 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 Amount incurred in the previous
Item period period
Recovery of deposits for bills letters of
credit etc. 465251966.61 946130946.82
Temporary borrowings received from
Zhejiang Rongsheng Holding Group Co. 1699842249.70
Ltd.Full text of 2026 Semi-Annual Report
Interest income received on bank
deposits 136748474.61 222591881.35
Recovery of operating deposits and
security deposits 228196586.49 500536662.41
Government grants received 583604269.26 1168356849.18
Other 107726319.22 77479188.12
Total 3221369865.89 2915095527.88
Other cash paid related to operating activities
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item period period
Payment of bills letters of credit and
other deposits 250769186.73 718529832.90
Repayment of temporary borrowings to
Zhejiang Rongsheng Holding Group Co. 1699842249.70
Ltd.Cash disbursements from administrative
expenses R&D expenses and sales 211066789.21 324385018.05
expenses
Payment of bank charges 101694937.93 140468419.35
Payment of operating deposit and
security deposit 131188904.95 152596821.33
Other 331837377.23 215285078.15
Total 2726399445.75 1551265169.78
(2) Cash related to investing activities
Other cash received related to investing activities
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item period period
Recovery of bills letters of credit and
other deposits 13287510.70 20810762.77
Deposits received for construction
projects and project bidding or auctions 21968125.00 12466400.00
Interest received on temporary loans to
ZPC-ENN (Zhoushan) Gas Co. Ltd. 162600.00 186660.00
Total 35418235.70 33463822.77
Other cash paid related to investing activities
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item period period
Payment of deposits related to
construction and project bidding or 14590050.00 17692600.00
auctions
Full text of 2026 Semi-Annual Report
Payment of deposits for bills letters of
credit etc. 19592872.76
Total 14590050.00 37285472.76
(3) Cash related to financing activities
Other cash received related to financing activities
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item period period
Temporary borrowings received from
Zhejiang Rongsheng Holding Group Co. 4670000000.00 3030000000.00
Ltd.Recovery leased silver deposit 949022591.65
Recovery of borrowing deposit 142500000.00 132500000.00
Proceeds received from discounted but
not yet due letters of credit and bills 585873542.99 8317753820.39
Funds received under the employee stock
ownership plan 413040000.00
Total 5811413542.99 12429276412.04
Other cash paid related to financing activities
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item period period
Repayment of temporary borrowings to
Zhejiang Rongsheng Holding Group Co. 2934428550.61 793685359.55
Ltd.Payment of financing fees 987029.85 6495620.57
Payments for right-of-use assets 24545564.88 15826686.80
Payment of borrowing deposits 250000000.00
Payment of silver lease deposits 276441966.24
Total 3209961145.34 1092449633.16
Changes in liabilities arising from financing activities
R Applicable □ Not applicable
Unit: RMB 10000
Item Opening Balance Increase – Cash Increase – Non- Decrease –
Decrease –
Non-cash Closing Changes cash Changes Cash Changes Changes Balance
Bank
borrowings 20808184.44 8182873.08 404199.69 7415808.94
21979448.27
Other
payables –
temporary
borrowings 741856.39 467000.00 6056.13 293442.86 921469.66
from
Zhejiang
Rongsheng
Full text of 2026 Semi-Annual Report
Holding
Group Co.Ltd.Other
payables –
dividends 171125.92 95722.92
75403.00
payable
Lease
liabilities
(including
lease 4035.21 5118.17 2454.56 6698.82
liabilities
due within
one year)
Total 21554076.04 8649873.08 586499.91 7807429.28 22983019.75
57. Supplementary information on cash flow statement
(1) Supplementary information of Cash Flow Statement
Unit: RMB
Supplementary information Current amount Amount of prior period
1. Converting net profit into cash flow
from operating activities:
Net profit 9259822121.24 1666253533.02
Add: Provisions for asset impairment 1070657.02 152150594.56
Credit impairment losses -18584617.97 -87104774.79
Depreciation of fixed assets and right-of-
use assets / depletion of oil and gas
assets and depreciation of productive 10700311139.98 8315750503.06
biological assets
Amortization of intangible assets 90683840.09 98211783.04
Amortization of long-term deferred
expenses 44174.98
Loss on disposal of fixed assets
intangible assets and other long-term -7357324.96 64124.27
assets (gains are indicated by “-”)
Loss on retirement of fixed assets (gains
are indicated by “-”) 1625694.77 2486853.31
Loss from changes in fair value (gains
are indicated by “-”) 292395250.55 299721409.22
Finance costs (gains are indicated by “-”) 3065644080.75 3200618546.85
Investment losses (gains are indicated by
“-”) -362514525.42 -284046651.75
Decrease in deferred tax assets (increases
are indicated by “-”) 103044187.43 -103479148.73
Increase in deferred tax liabilities
(decreases are indicated by “-”) -85089089.58 139073435.03
Decrease in inventories (increases are
indicated by “-”) 1545375962.05 -5047811.25
Full text of 2026 Semi-Annual Report
Decrease in operating receivables
(increases are indicated by “-”) -399086624.68 -1269368564.74
Increase in operating payables (decreases
are indicated by “-”) -3007338236.68 -4604242244.15
Other 74030864.08 65583666.73
Net cash flow from operating activities 21254077553.64 7586625253.68
2. Significant investment and financing
activities not involving cash receipts and
payments:
Conversion of debt into capital
Convertible corporate bonds maturing
within one year
Fixed assets acquired under finance
leases
3. Net change in cash and cash
equivalents:
Ending balance of cash 23166235138.67 14021968092.19
Less: Beginning balance of cash 12868997873.44 12943832335.45
Add: Ending balance of cash equivalents
Less: Beginning balance of cash
equivalents
Net increase in cash and cash equivalents 10297237265.23 1078135756.74
(2) Composition of cash and cash equivalents
Unit: RMB
Item Ending balance Beginning balance
I. Cash 23166235138.67 12868997873.44
Including: cash on hand 1413280.19 1356245.56
Bank deposits available for payment at
any time 22093340239.81 12149371258.16
Other monetary funds available on
demand 1023481618.67 718270369.72
II. Cash equivalents
III. Ending balance of cash and cash
equivalents 23166235138.67 12868997873.44
(3) Monetary funds that are not cash and cash equivalents
Unit: RMB
Amount at end of the Amount at beginning of Reasons for not cash and cash
Item period the period equivalents
Bank acceptance bill deposit 79929216.35 273168500.57
L/C deposit 189001785.76 214053200.39 These are all deposits for related businesses and are subject to
Security deposits for restrictions on use.borrowings 250000000.00 132500000.00
Full text of 2026 Semi-Annual Report
Guarantee deposit 1470312.71 1470312.71
ETC deposit 15000.00 ETC funds
Bank deposit 9464591.73 Funds subject to assisted enforcement
Bank deposit 48000000.00 Funds in transit
Total 568401314.82 630671605.40
58. Foreign currency monetary items
(1) Monetary items in foreign currency
Unit: RMB
Ending balance in foreign
Item currencies Conversion exchange rate Ending balance in RMB
Monetary fund 7151315585.73
Including: USD 1042708659.95 6.8109 7101784412.05
EUR 4738092.62 7.7671 36801239.16
HKD 395712.36 0.8686 343695.97
SGD 2354569.76 5.2605 12386214.20
GBP 2.70 9.0145 24.34
Accounts receivable 696645773.98
Including: USD 102283952.78 6.8109 696645773.98
Long-term borrowings 298220980.00
Including: EUR 38395408.84 7.7671 298220980.00
Other receivables 353847681.78
Including: USD 51576630.58 6.8109 351283273.22
SGD 487483.81 5.2605 2564408.56
Other payables 193833084.62
Including: USD 28443033.74 6.8109 193722658.48
SGD 20991.57 5.2605 110426.14
Accounts payable 4726795746.37
Including: USD 686592833.30 6.8109 4676315128.32
EUR 5712371.63 7.7671 44368561.69
GBP 678025.00 9.0145 6112056.36
Non-current liabilities due
within one year 53257865.75
Including: SGD 675671.32 5.2605 3554368.98
EUR 6399234.82 7.7671 49703496.77
(2) Description of the overseas operating entity including important overseas operating entity shall
disclose its main overseas business place functional currency and the basis for selection and shall also
disclose reasons in the case of changes in functional currency.RApplicable □ Not applicable
Full text of 2026 Semi-Annual Report
Company name Place of Functional registration currency Selection basis
Hong Kong Shenghui Co. Ltd. Hong Kong China
Hong Kong Yisheng Dahua Petrochemical Co. Ltd. Hong Kong China
Yisheng New Materials Trading Co. Ltd. Hong Kong China
Rongsheng Petrochemical (Hong Kong) Co. Ltd. Hong Kong China USD General settlement currency for company operation
Rongsheng Petrochemical (Singapore) Pte. Ltd. Singapore
Zhejiang Petroleum & Chemical (Singapore) Pte. Ltd. Singapore
Rongtong Logistics (Singapore) Pte. Ltd. Singapore
59. Lease
(1) The Company as the lessee
RApplicable □ Not applicable
Variable lease payments not included in the measurement of lease liabilities
□ Applicable R Not applicable
Simplified treatment of short-term leases or rental expenses of low-value assets
RApplicable □ Not applicable
1) Please refer to Note VII. 13 of these financial statements for information about the right-of-use assets.
2) Accounting policies of short-term leases and low-value asset leases of the Company are detailed in note V.
30 of these financial statements. The amounts of short-term lease expense and low-value asset lease expense
included in the current profit or loss are as follows:
Unit: RMB
Item Amount in the current period Amount in the previous period
Short-term lease expense 12706520.62 14257090.92
Total 12706520.62 14257090.92
3) Current profit or loss and cash flow related to leasing
Unit: RMB
Item Amount in the current period Amount in the previous period
Interest expense on lease liabilities 463178.64 3863755.25
Total cash outflow related to leasing 34376692.16 15936527.01
4) The maturity analysis of lease liabilities and the corresponding liquidity risk management are detailed in
Note XII. 1. (2) of these financial statements.
(2) The Company as the lessor
Operating lease as lessor
RApplicable □ Not applicable
Full text of 2026 Semi-Annual Report
1) Leasing revenue
Unit: RMB
Item Amount in the current period Amount in the previous period
Leasing revenue 9030760.39 3844639.80
Total 9030760.39 3844639.80
2) Operating leasing assets
Unit: RMB
Item Amount at the end of the period Amount at the beginning of the period
Intangible Assets 38280713.01 38962413.71
Investment Properties 9716959.60 9852682.60
Subtotal 47997672.61 48815096.31
Financial lease as lessor
□ Applicable R Not applicable
Undiscounted lease receipts for each of the next five years
RApplicable □ Not applicable
Unit: RMB
Undiscounted annual lease receivables
Item
Ending amount Beginning amount
Year 1 2137089.00 2137089.00
Year 2 2137089.00 2137089.00
Year 3 2137089.00 2137089.00
Year 4 2154898.00 2137089.00
Year 5 2208325.00 2172707.00
Total amount of undiscounted lease
receipts after five years 7853800.50 8975772.00
(3) Recognition of the profit and loss of financial leasing sales as a manufacturer or distributor
□ Applicable R Not applicable
60. Others
Supplier financing arrangements
(1) Terms and conditions of supplier financing arrangements
Unit: RMB
Bank Loan amount Borrowing date Payment due date Guarantor
Full text of 2026 Semi-Annual Report
China Construction Bank Zhejiang Rongsheng
Corporation Xiaoshan Sub- 345000000.00 2026.01.12- 2026.12.15-
branch 2026.02.09 2026.12.21
Holding Group Co.Ltd.China Minsheng Bank Corp. Zhejiang Rongsheng
Ltd. Ningbo Haishu Sub- 1192268.88 2026.01.26 2027.01.21 Holding Group Co.branch Ltd.Bank of China Limited Zhejiang Rongsheng
Zhejiang Branch 20000000.00
2026.03.18-
2026.03.19 2027.03.16 Holding Group Co. Ltd.
Agricultural Bank of China Zhejiang Rongsheng
Limited Ningbo Xiepu Sub- 150000000.00 2026.02.09 2027.02.02 Holding Group Co.branch Ltd.
(2) Liability details related to supplier financing arrangements
1) Book value of related liabilities
Unit: RMB
Item Amount by the end of Amount at the beginning the period of the period
Short-term borrowings 516192268.88 219897401.20
Including: Amounts already received by suppliers 516192268.88 219897401.20
Subtotal 516192268.88 219897401.20
2) Payment due date ranges for related liabilities
Unit: RMB
Item Due date range of payment at Due date range of payment at the the end of the period beginning of the period
Liabilities classified under financing arrangements 2026.12.15-2027.03.16 2026.01.13-2026.06.03
3) Non-cash changes in related liabilities
Unit: RMB
Non-cash change type Amount in the current period Amount in the previous period
Reclassification from accounts payable to
short-term borrowings 516192268.88 219897401.20
VIII. R&D expenditure
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item period period
Direct expenditures 1587472324.32 1705509902.92
Depreciation and amortization 484114845.91 347075587.62
Employee compensation 166139146.45 275138926.71
Equipment commissioning expenses 3332751.71 6088072.49
Others 1483306.20 35279205.42
Total 2242542374.59 2369091695.16
Full text of 2026 Semi-Annual Report
Including: expensed R&D expenditure 2242542374.59 2369091695.16
Full text of 2026 Semi-Annual Report
IX. Changes in the Scope of Consolidation
1. Changes in consolidation scope for other reasons
Decrease in consolidation scope
Profit from
Net assets on beginning of
Company name Method of equity disposal Date of disposal the disposal date the period to
disposal date
Ningbo Yisheng Chemicals Co. Ltd. Industrial and commercial deregistration Feb 5 2026
Full text of 2026 Semi-Annual Report
X. Interests in other entities
1. Rights and interests in subsidiaries
(1) Group composition
Unit: RMB10000 unless otherwise stated
Principal place of Shareholding ratio Method of
Name of subsidiary Registered capital business Place of registration Business nature Direct Indirect acquisition
Zhejiang Shengyuan Chemical
Fiber Co. Ltd. 200000.00 Xiaoshan Zhejiang Xiaoshan Zhejiang Manufacturing 100.00% Establishment
Zhejiang Shenghui New Materials
Co. Ltd. 2000.00 Xiaoshan Zhejiang Xiaoshan Zhejiang Manufacturing 100.00% Establishment
Business
combination
Hong Kong Shenghui Co. Ltd. USD 19700000.00 Hong Kong China Hong Kong China Commercial 100.00% under
common
control
Dalian Yisheng Investment Co.Ltd. 201800.00 Dalian Liaoning Dalian Liaoning Manufacturing 70.00% Establishment
Yisheng Dahua Petrochemical Co.Ltd. 245645.00 Dalian Liaoning Dalian Liaoning Manufacturing 84.60% Establishment
Hong Kong Yisheng Dahua
Petrochemical Co. Ltd. USD 100000.00 Hong Kong China Hong Kong China Commercial 100.00% Establishment
Dalian Rongxincheng Trading Co.Ltd. 1000.00 Dalian Liaoning Dalian Liaoning Commercial 100.00% Establishment
Zhejiang Rongtong Chemical Fiber
New Material Co. Ltd. 5000.00 Xiaoshan Zhejiang Xiaoshan Zhejiang Commercial 100.00% Establishment
Zhejiang Rongyi Chemical Fiber
Co. Ltd. 1000.00 Shaoxing Zhejiang Shaoxing Zhejiang Commercial 100.00% Establishment
Dalian Yisheng New Materials Co.Ltd. 2000.00 Dalian Liaoning Dalian Liaoning Manufacturing 100.00% Establishment
Ningbo Zhongjin Petrochemical Business
Co. Ltd. 600000.00 Ningbo Zhejiang Ningbo Zhejiang Manufacturing 100.00% combination
under
Full text of 2026 Semi-Annual Report
common
control
Ningbo Niluoshan New Energy
Co. Ltd. 36000.00 Ningbo Zhejiang Ningbo Zhejiang Manufacturing 100.00% Establishment
Business
Zhejiang Yisheng New Materials combination
Co. Ltd. 300000.00 Ningbo Zhejiang Ningbo Zhejiang Manufacturing 51.00% not under common
control
Ningbo Rongxincheng Trading Co.Ltd. 1000.00 Ningbo Zhejiang Ningbo Zhejiang Commercial 100.00% Establishment
Yisheng New Materials Trading
Co. Ltd. HKD 1000000.00 Hong Kong China Hong Kong China Commercial 100.00% Establishment
Zhejiang Rongyi Trading Co. Ltd. 1000.00 Ningbo Zhejiang Ningbo Zhejiang Commercial 100.00% Establishment
Rongsheng Petrochemical USD
(Singapore) Pte. Ltd. 101000000.00 Singapore Singapore Commercial 100.00% Establishment
Rongtong Logistics (Singapore)
Pte. Ltd. USD 1.00 Singapore Singapore Commercial 100.00% Establishment
Rongsheng Petrochemical (Hong
Kong) Co. Ltd. USD 100000.00 Hong Kong Hong Kong Commercial 100.00% Establishment
Rongsheng Petrochemical Sales
Co. Ltd. 10000.00 Xiaoshan Zhejiang Xiaoshan Zhejiang Commercial 100.00% Establishment
Business
Zhejiang Petroleum & Chemical combination
Co. Ltd. 5880000.00 Zhoushan Zhejiang Zhoushan Zhejiang Manufacturing 51.00% not under common
control
ZPC Zheyou Technology Co. Ltd. 41220.00 Zhoushan Zhejiang Zhoushan Zhejiang Manufacturing 70.00% Establishment
Zhejiang Petroleum & Chemical
(Singapore) Pte. Ltd. USD 100000.00 Singapore Singapore Commercial 100.00% Establishment
ZPC Jintang Logistics Co. Ltd. 200000.00 Zhoushan Zhejiang Zhoushan Zhejiang Commercial 100.00% Establishment
Zhejiang ZPC Sales Co. Ltd. 10000.00 Xiaoshan Zhejiang Xiaoshan Zhejiang Commercial 100.00% Establishment
Zhoushan ZPC Sales Co. Ltd. 6000.00 Zhoushan Zhejiang Zhoushan Zhejiang Commercial 100.00% Establishment
Zhoushan ZPC Trading Co. Ltd. 6000.00 Zhoushan Zhejiang Zhoushan Zhejiang Commercial 100.00% Establishment
Ningbo ZPC Sales Co. Ltd. 1000.00 Ningbo Zhejiang Ningbo Zhejiang Commercial 100.00% Establishment
Full text of 2026 Semi-Annual Report
Taizhou ZPC Sales Co. Ltd. 1000.00 Taizhou Zhejiang Taizhou Zhejiang Commercial 100.00% Establishment
ZPC (Zhejiang Free Trade Zone)
Green Petrochemical Research 10000.00 Zhoushan Zhejiang Zhoushan Zhejiang Commercial 100.00% Establishment
Institute Co. Ltd.Zhejiang ZPC Power Generation
Co. Ltd. 10000.00 Zhoushan Zhejiang Zhoushan Zhejiang Manufacturing 100.00% Establishment
Zhoushan ZPC Logistics Co. Ltd. 1000.00 Zhoushan Zhejiang Zhoushan Zhejiang Road transportation 100.00% Establishment
ZPC New Materials (Zhoushan)
Co. Ltd. 5000.00 Zhoushan Zhejiang Zhoushan Zhejiang Manufacturing 100.00% Establishment
Rongxiang Chemical Fiber Co.Ltd. 20000.00 Xiaoshan Zhejiang Xiaoshan Zhejiang Manufacturing 100.00% Establishment
Business
Zhejiang Yongsheng Technology combination
Co. Ltd. 102000.00 Shaoxing Zhejiang Shaoxing Zhejiang Manufacturing 70.00% not under common
control
Hainan Rongsheng International
Trade Co. Ltd. 10000.00 Danzhou Hainan Danzhou Hainan Commercial 100.00% Establishment
Rongsheng Chemicals (Shanghai)
Co. Ltd. 5000.00 Shanghai China Shanghai China Commercial 100.00% Establishment
Rongsheng New Materials
(Zhoushan) Co. Ltd. 1000000.00 Zhoushan Zhejiang Zhoushan Zhejiang Manufacturing 100.00% Establishment
Rongsheng New Materials
(Taizhou) Co. Ltd. 100000.00 Taizhou Zhejiang Taizhou Zhejiang Manufacturing 90.00% Establishment
(2) Major non-wholly owned subsidiaries
Unit: RMB 10000
Shareholding ratio of Profit or loss attributable to Dividend announced to be Ending balance of
Name of subsidiary minority shareholders minority shareholders in the distributed to minority current period shareholders in the current period minority equity
Dalian Yisheng Investment Co. Ltd. 30.00% 10406.42 60000.00 144921.58
Yisheng Dahua Petrochemical Co. Ltd. 15.40% 3167.78 15403.00 86688.07
Zhejiang Yisheng New Materials Co. Ltd. 49.00% -7411.60 63313.42
Full text of 2026 Semi-Annual Report
Zhejiang Petroleum & Chemical Co. Ltd. 49.00% 408713.57 5355344.42
Full text of 2026 Semi-Annual Report
(3) Main financial information of important partially-owned subsidiaries
Unit: RMB
Ending balance Beginning balance
Name of
subsidiary Current
Non- Current Non-current Total Current Non- Current Non- Total
assets current Total assets current Total assets current liabilitieassets liabilities liabilities liabilities assets assets liabilities liabilities s
Dalian
Yisheng 8489932 10244647 18734580 11097495 2129187449 1322668269 4828225707 10297683 15125909 61853658 16110437 779640
Investment 774.72 768.43 543.15 247.70 .79 7.49 .65 849.21 556.86 69.57 57.86 9627.43
Co. Ltd.Yisheng
Dahua
Petrochem 1032437 65887582 16913136 99428164 2129187449 1207200391 6662541224 67876950 13450236 61844454 16110437 779548
ical Co. 8075.80 56.41 332.21 66.63 .79 6.42 .93 79.30 304.23 82.27 57.86 9240.13
Ltd.Zhejiang
Yisheng
New 3309284 78009102 11110194 77787101 2034934676 9813644855 2412364347 80641918 10476556 67325328 22953627 902789
Materials 285.93 62.50 548.43 78.53 .74 .27 .49 62.92 210.41 13.86 94.40 5608.26
Co. Ltd.Zhejiang
Petroleum
& 3658268 263049225 299631913 91161572 9982422468 1909857970 3439473304 260023682 294418415 98133887 95987210
194121
Chemical 7904.06 361.65 265.71 401.23 7.68 88.91 0.39 707.64 748.03 242.09 927.65
098169.
74
Co. Ltd.Unit: RMB
The amount incurred in the current period Amount incurred in the previous period
Name of Total Cash flow from Total Cash flow from
subsidiary Operating income Net profit comprehensive operating Operating income Net profit comprehensive operating
income activities income activities
Dalian Yisheng
Investment Co. Ltd. 10839368728.87 378558558.05 332427916.23 393448366.12 11336267268.64 9152059.05 -1190745.88 -713331972.64
Yisheng Dahua
Petrochemical Co. 10839368728.87 205659791.09 186385351.69 393579890.32 11336267268.64 6914847.30 2912347.97 -713283182.32
Ltd.Full text of 2026 Semi-Annual Report
Zhejiang Yisheng
New Materials Co. 13968459165.41 -149454990.62 -152110908.99 539254158.04 13829765424.89 30312959.89 29760762.98 279302052.37
Ltd.Zhejiang Petroleum
& Chemical Co. 93521443932.63 8274620399.5 12656271685.7 17437463986.3
Ltd. 7
8274643708.99 9 120796087799.23 2132256063.54 2132259180.50 2
Full text of 2026 Semi-Annual Report
2. Interests in joint ventures and associates
(1) Important joint ventures or associates
Shareholding ratio Accounting method for
Name of the joint venture or associate Principal place of Place of business registration Business nature investments in joint ventures Direct Indirect and associates
Zhejiang Yisheng Petrochemical Co. Ltd. Ningbo Zhejiang Ningbo Zhejiang Manufacturing 16.07% 13.93% Accounting by the equity method
Hainan Yisheng Petrochemical Co. Ltd. Yangpu Hainan Yangpu Hainan Manufacturing 50.00% Accounting by the equity method
Zhejiang Xiaoshan Rural Commercial Bank
Co. Ltd. Xiaoshan Zhejiang Xiaoshan Zhejiang Finance 9.712% Accounting by the equity method
Basis for one having voting rights of below 20% and significant influences or one having voting rights of 20% or above 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 who has the substantive right to participate in decision-making. The representative can participate in the formulation of financial and operating policies of
Zhejiang Xiaoshan Rural Commercial Bank Co. Ltd. so as to exert significant influence on it.
(2) Main financial information of important associate
Unit: RMB
Ending balance/amount incurred in the current period Beginning balance/amount incurred in the prior period
Zhejiang Yisheng Hainan Yisheng Zhejiang Xiaoshan Zhejiang Yisheng Hainan Yisheng Zhejiang Xiaoshan
Petrochemical Co. Ltd. Petrochemical Co. Ltd. Rural Commercial Bank Co. Ltd. Petrochemical Co. Ltd. Petrochemical Co. Ltd.Rural Commercial Bank
Co. Ltd.Current assets 19452900619.42 11917524003.99 286455123667.08 17792530387.01 9484789190.11 282557537423.38
Non-current
assets 2194925361.16 10568051970.15 134425321617.37 2388584085.75 10913624377.07 127813706940.77
Total assets 21647825980.58 22485575974.14 420880445284.45 20181114472.76 20398413567.18 410371244364.15
Current
liabilities 13392129167.86 11578871981.46 364006042864.81 9823745603.06 9172781271.47 356324163029.04
Non-current
liabilities 1984309389.54 3785473797.02 25915586425.47 1159026774.00 4396203584.26 24786420361.14
Total liabilities 15376438557.40 15364345778.48 389921629290.28 10982772377.06 13568984855.73 381110583390.18
Full text of 2026 Semi-Annual Report
Minority equity 238697259.22 228973456.82
Shareholders'
equity
attributable to 6271387423.18 7121230195.66 30720118734.95 9198342095.70 6829428711.45 29031687517.15
the parent
company
Share of net
assets
calculated by
the 1881416226.95 3560615097.83 2983537931.54 2759502628.71 3414714355.73 2819557491.67
shareholding
ratio
Adjustments
- Goodwill 102420730.97 4040414.35 102420730.97 4040414.35
- Unrealized
profit from
internal -5318299.76 -6347633.17
transactions
- Others 11273596.92 -1029333.42 62557.97 11273596.89 65923.99
Book value of
equity
investment in 1892689823.87 3656688195.63 2987640903.86 2770776225.62 3510787453.52 2823663830.01
associate
Fair value of
equity
investment in
associate with
the public offer
Operating
income 13342507623.02 16492518689.80 3631129283.10 12398241720.04 15031996594.13 3581957831.75
Net profit 80070076.99 345513889.05 1883608620.77 126520376.17 1333455.86 1795647866.84
Net profit from
termination of
operation
Full text of 2026 Semi-Annual Report
Other
comprehensive -7024749.51 -53712404.84 269209048.64 177810.84 -12680611.20 -450524766.61
income
Total
comprehensive 73045327.48 291801484.21 2152817669.41 126698187.01 -11347155.34 1345123100.23
income
Dividends
received from
associates in 43654510.65 43654510.65
the current year
Full text of 2026 Semi-Annual Report
(3) Summarized financial information of individually immaterial joint ventures and associates
Unit: RMB
Ending balance/amount incurred in Beginning balance/amount incurred in
the current period the prior period
Joint ventures:
Total of the following items calculated as
per the respective shareholding proportion
Associates
Total book value of investments 908987192.02 658979703.08
Total of the following items calculated as
per the respective shareholding proportion
- Net profit 67940324.23 -21942494.89
- Other comprehensive income -8056860.73 -1902091.68
- Total comprehensive income 59883463.50 -23844586.58
XI. Government grants
1. At the end of the reporting period government grants recognized according to the amount receivable
R Applicable □ Not applicable
The ending balance of receivables was RMB 442816416.00.Reasons for failure to receive the estimated amount of government grants at the expected time
R Applicable □ Not applicable
As of the date on which these financial statements were authorized for issue the Company had remaining
government grants receivable of RMB 442816416.00 pending payment by the relevant finance authorities.
2. Liability items involving government subsidies
RApplicable □ Not applicable
Unit: RMB
Amount of Amount Amount carried Other
Accounting Beginning additional included in Related to
subject balance subsidy in current non-
forward to other change in Ending
income in current balance assets/incom
current period operating income current period period
e
Deferred 392706559.60 78785800.00 18139078.98
453353 Related to
income 280.62 assets
3. Government grants included in current profit and losses
RApplicable □ Not applicable
Unit: RMB
Accounting subject The amount incurred in the current Amount incurred in the previous period period
Full text of 2026 Semi-Annual Report
Amount of government subsidies
included in other income 32124722.02 415205847.28
XII. Risks Related to Financial Instruments
1. Various risks arising from financial instruments
The objective of the Company’s risk management is to strike an appropriate balance between risks and returns
minimize the adverse effects of risks on the Company’s operating results and maximize the interests of shareholders
and other equity investors. Based on this objective the Company’s basic risk management strategy is to identify
and analyze the various risks faced by the Company establish appropriate risk tolerance thresholds implement risk
management measures and monitor various risks in a timely and reliable manner so as to keep them within defined
limits.In its ordinary activities the Company is exposed to various risks related to financial instruments mainly
including credit risk liquidity risk and market risk. Management has reviewed and approved the policies for
managing these risks which are summarized below.(I) Credit risk
Credit risk is the risk that one party to a financial instrument fails to perform its obligations thereby causing a
financial loss to the other party.
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 has
increased significantly since initial recognition. When confirming whether the credit risks have increased
significantly since the initial recognition the Company considers reasonable and well-founded information
including qualitative and quantitative analysis based on historical data external credit risk ratings and forward-
looking information without incurring additional costs or efforts. Based on a single financial instrument or a
combination 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
determine changes in the expected default risks of financial instruments over the expected life of the financial
instrument.When one or more of the following quantitative and qualitative criteria is/are triggered the Company considers
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
balance 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
situation 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 financial
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;
Full text of 2026 Semi-Annual Report
4) For economic or contractual reasons relating to the debtor’s financial difficulty the creditor grants
concessions to the debtor that it would not otherwise consider.
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
financial instruments please see notes VII. 3 and VII. 5 of the financial statements for details.
4. Credit risk exposure and credit risk concentration
The Company’s credit risk mainly arises from monetary funds and receivables. In order to control the above
related risks the Company has taken the following measures respectively.
(1) Monetary funds
The Company deposits its bank deposits and other monetary funds with financial institutions that have high
credit ratings and is therefore exposed to relatively low credit risk.
(2) Receivables
The Company regularly evaluates the credit of customers who trade by credit. According to the credit
evaluation 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 approved and creditworthy third parties therefore no
collateral is required. Credit risk concentration is managed by customer. As of June 30 2026 the Company was
exposed to a certain degree of credit concentration risk as 55.43% of the Company’s accounts receivable (December
31 2025: 68.22%) was attributable to the five largest customers by outstanding balance. The Company did not hold
any collateral or other credit enhancements against its accounts receivable balances.The maximum credit risk exposure of the Company is the book value of each financial asset on the balance
sheet.(II) Liquidity risk
Liquidity risk refers to the risk of occurrence of capital shortage when the Company fulfills its obligations
settled 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
due 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
settlement and bank loan and adopts the method of the appropriate combination of long-term and short-term
financing methods to optimize the financing structure so as to maintain the balance between financing sustainability
and flexibility. The Company has obtained bank credit lines from a number of commercial banks to meet working
capital needs and capital expenditure.Financial liabilities classified by remaining contractual maturities
Unit: RMB
Ending balance
Item
Book value Undiscounted contract price Within 1 year 1-3 years Above 3 years
Bank
loans 219794482697.28 236142238801.29 105679064830.99 63313834358.06 67149339612.24
Full text of 2026 Semi-Annual Report
Derivative
financial 242510513.90 242510513.90 242510513.90
liability
Notes
payable 1633752998.56 1633752998.56 1633752998.56
Accounts 55022314319.88 55022314319.88 55022314319.88
payable
Other
payables 11733185071.34 11733185071.34 11733185071.34
Lease
liabilities 66988237.88 66988237.88 66988237.88
Subtotal 288493233838.84 304840989942.85 174377815972.55 63313834358.06 67149339612.24
(Cont.)
Amount at the beginning of the period
Item
Book value Undiscounted contract price Within 1 year 1-3 years Above 3 years
Bank
loans 208081844378.94 223180050527.12 89146010577.88 69745071623.40 64288968325.84
Derivative
financial 254957356.99 254957356.99 254957356.99
liability
Notes
payable 1823730094.93 1823730094.93 1823730094.93
Accounts
payable 58958528675.95 58958528675.95 58958528675.95
Other
payables 8699387532.24 8699387532.24 8699387532.24
Lease
liabilities 40352085.93 40844299.63 40844299.63
Subtotal 277858800124.98 292957498486.86 158923458537.62 69745071623.40 64288968325.84
(III) Market risk
Market risk means a risk that the fair value or future cash flow of the financial instrument fluctuates due to
changes 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
fluctuate 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
interest 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
appropriate combination of financial instruments through regular review and monitoring. The cash flow interest rate
risk faced by the Company is mainly related to the bank borrowings with floating interest rates.As of June 30 2026 the Company’s floating-rate bank borrowings amounted to RMB 149922.1099 million
and EUR 44.7946 million (December 31 2025: RMB 152924.5162 million and EUR 47.9943 million). Assuming
that all other variables remain unchanged a change of 50 basis points in interest rates would not have a material
impact on the Company’s profit before tax or shareholders’ equity.
2. Foreign exchange risk
Full text of 2026 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
related 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 when
necessary to ensure that the net risk exposure is maintained at an acceptable level.- The Company’s monetary assets and liabilities denominated in foreign currencies at the end of the period are
set out in Note VII.58(1) to these financial statements.
2. Financial assets
(1) Classification by transfer method
RApplicable □ Not applicable
Unit: RMB
Nature of transferred Amount of Judgment basis for
Transfer method financial assets transferred financial Derecognition status assets derecognition
Accounts receivable Substantially all risks
Bill discounting 3014246356.19 financing Derecognized and rewards have been transferred
Accounts receivable Substantially all risks
Bill endorsement 69461854.59 financing Derecognized and rewards have been transferred
Subtotal 3083708210.78
(2) Financial assets derecognized due to transfer
RApplicable □ Not applicable
Unit: RMB
Method of financial asset Amount of derecognized Gains or losses related to
Item transfer financial assets derecognition
Accounts receivable financing Discounting 3014246356.19 16427244.14
Accounts receivable financing Endorsement 69461854.59
Subtotal 3083708210.78 16427244.14
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 value Level 2 fair value Level 3 fair value
measurement measurement measurement Total
I. Recurring fair value
measurements -- -- -- --
Full text of 2026 Semi-Annual Report
1. Derivative financial
assets 46337328.78 145968183.76 192305512.54
2. Receivables
financing 214924599.25 214924599.25
Total assets
continuously measured 46337328.78 145968183.76 214924599.25 407230111.79
at fair value
3. Derivative financial
liabilities 242510513.90 242510513.90
Total liabilities
measured at fair value 242510513.90 242510513.90
on a recurring basis
II. Non-recurring fair
value measurements -- -- -- --
2. Basis for determining quoted market prices for recurring and non-recurring Level 1 fair value
measurements
The derivative financial assets and liabilities measured at Level 1 fair value held by the Company comprise
futures or paper commodity contracts outstanding at the end of the period. The related unrealized gains or losses
are determined based on their quoted market prices.
3. Valuation techniques adopted and the qualitative and quantitative information of important parameters
for recurring and non-recurring Level II fair value measurement items
The Company's derivative financial assets/liabilities measured at Level 2 fair value consist of forward foreign
exchange contracts whose fair value is determined by the Company using the present value of the difference
between the delivery exchange rate specified in the forward foreign exchange contract and the market forward
exchange rate on the balance sheet date.
4. Valuation techniques adopted and the qualitative and quantitative information of important parameters
for recurring and non-recurring Level III fair value measurement items
The receivables financing measured at Level 3 fair value held by the Company comprises bank acceptance
bills. Given their low credit risk and short remaining maturities the Company determines their fair value based on
their face amounts.XIV. Related parties and related-party transactions
1. The Company's parent company
Proportion of the Proportion of the
Name of parent Place of Company's Company's
company registration Business nature Registered capital shares held by the voting rights held
parent company by the parent company
Zhejiang Xiaoshan Industrial RMB 834.6640
Rongsheng Zhejiang investment million
55.05% 55.05%
Full text of 2026 Semi-Annual Report
Holding Group
Co. Ltd.Note to information about the Company's parent company
The ultimate controlling party of the Company is Li Shuirong.Other notes:
Li Shuirong directly holds a 6.44% equity interest in the Company. Zhejiang Rongsheng Holding Group Co. Ltd.holds a 55.05% equity interest in the Company and Li Shuirong holds a 63.523% equity interest in Zhejiang Rongsheng
Holding Group Co. Ltd. thereby indirectly holding a 34.97% equity interest in the Company. Accordingly Li Shuirong
holds an aggregate equity interest of 41.41% in the Company.
2. Information on subsidiaries of the Company
See Note X for details of the Company's subsidiaries.
3. The Company's joint ventures and associates
See Note X for details of important associates or associates of the Company.Other joint ventures and associates that form balances in related party transactions with the Company in the current
or previous period are as follows:
Name of joint venture or associate Relation with the Company
Ningbo Hengyi Trading Co. Ltd. Associate
ZPC-ENN (Zhoushan) Gas Co. Ltd. Associate
Zhejiang Dingsheng Petrochemical Engineering Co. Ltd. Associate
Ningbo Coastal Public Pipe Gallery Co. Ltd. Associate
Zhejiang Zhenshi Port Service Co. Ltd. Associate
Zhejiang Derong Chemicals Co. Ltd. Associate
Zhoushan ZPC Zhougang Tugboat Co. Ltd. Associate
Zhejiang Dongjiang Green Petrochemical Technology
Innovation Center Co. Ltd. Associate
4. Other related parties
Relationship between other related parties and the
Name of other related parties Company
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 Sanyuan Textile Co. Ltd. Controlled by a family member close to the actual controller
Zhejiang Rongxiang Thermal Power Co. Ltd. Under common control with the Company
Zhejiang Rongtong Logistics Co. Ltd. Under common control with the Company
Ningbo Rongxiang Logistics Co. Ltd. Under common control with the Company
Thermal Power Co. Ltd. of Ningbo Economic and
Technological Development Zone Under common control with the Company
Full text of 2026 Semi-Annual Report
Ningbo United Group Co. Ltd. Under common control with the Company
Qijiashan Hotel of Ningbo United Group Co. Ltd. Under common control with the Company
Ningbo United Group Import & Export Co. Ltd. Under common control with the Company
Suzhou Shenghui Equipment Co. Ltd. Under common control with the Company
Hangzhou Shengyuan Real Estate Development Co. Ltd. Under common control with the Company
Hangzhou Shengyuan Property Service Co. Ltd. Under common control with the Company
Ningbo Qingzhi Chemical Terminal Co. Ltd. Under common control with the Company
Ningbo Haineng Blend Oil Co. Ltd. Under common control with the Company
Hainan Shenggu Petrochemical Equipment Investment Co.Ltd. Under common control with the Company
Hong Kong Xinhengrong Co. Ltd. Subsidiary of Hainan Yisheng Petrochemical Co. Ltd.Shanghai Shenglanhui Technology Co. Ltd Associate of Hainan Shenggu Petrochemical Equipment Investment Co. Ltd.Hong Kong Yisheng Petrochemical Investment Co. Ltd. Subsidiary of Zhejiang Yisheng Petrochemical Co. Ltd.Ningbo Shengmao Trading Co. Ltd. Subsidiary of Hong Kong Yisheng Petrochemical Investment Co. Ltd.Zhejiang Yixin Chemical Fiber Co. Ltd. Subsidiary of Zhejiang Yisheng Petrochemical Co. Ltd.Dongzhan Shipping Co. Ltd. Associate of Zhejiang Rongtong Logistics Co. Ltd.Aramco
Shareholder
Overseas Company B.V.Saudi
Parent company of Aramco Overseas Company B.V.Arabian Oil Company
Aramco Trading Singapore Pte.Ltd. Subsidiary of Saudi Arabian Oil Company
Saudi
Subsidiary of Saudi Arabian Oil Company
Basic Industries Corporation
Aramco
Subsidiary of Saudi Arabian Oil Company
Trading Company
Aramco Trading Fujairah Fze Subsidiary of Aramco Trading Company
SABIC (Shanghai) Trading Co. Ltd. Subsidiary of Saudi Arabian Oil Company
Saudi Basic Industries (China) Investment Co. Ltd. Subsidiary of Saudi Arabian Oil Company
Shanghai Huanqiu Engineering Co. Ltd. Company where the actual controller serves as the Director
China Township Enterprises Association Organization where the actual controller serves as a chairman
Zhuoran (Zhejiang) Integration Technology Co. Ltd. Associate of Zhejiang Rongsheng Holding Group Co. Ltd.
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
Nature of Amount incurred
Related party related party in the current Approved Whether the Amount incurred
transaction period transaction limit approved in the prior period
Full text of 2026 Semi-Annual Report
limit was
exceeded
Saudi Arabian Oil
Company Crude oil 20755561211.45 No 46814267178.19
Aramco Trading Fuel oil gasoline
Singapore Pte.Ltd. etc. 2083631713.24 No 3864871275.70
Aramco Trading
Fujairah Fze Fuel oil 516973940.23 150000000000.00 No
SABIC (Shanghai)
Trading Co. Ltd. Ethylene glycol 313901937.97 No 245616299.31
Saudi Basic
Industries (China) Ethylene glycol 134492440.73 No
Investment Co. Ltd.Ningbo Hengyi
Trading Co. PTA 3028506077.36 7000000000.00 No 227721681.41
Ltd.[Note]
Zhejiang Rongsheng
Holding Group Co. Coal and other materials 2731141225.11 6000000000.00 No 5363583841.91 Ltd.Zhejiang Dingsheng Plant operation
Petrochemical and maintenance
Engineering Co. services and 681062914.83 1500000000.00 No 554834939.32
Ltd. repair services
Zhejiang Rongtong
Logistics Co. Ltd. Freight charges 352319384.83 1000000000.00 No 269187462.04
Zhejiang Rongxiang
Thermal Power Co. Steam etc. 245920544.43 700000000.00 No 139884731.11
Ltd.Auxiliary
Zhejiang Derong materials
Chemicals Co. Ltd. processing 218539487.91 1500000000.00 No 192962427.91
services etc.Zhejiang Yisheng
Petrochemical Co. Isophthalic acid
Ltd. etc.
162574097.36 400000000.00 No 155427700.41
Equipment and
Suzhou Shenghui materials
Equipment Co. Ltd. installation 39266798.93 600000000.00 No 97690451.00
services
Zhejiang Dongjiang
Green Petrochemical
Technology R&D design
Innovation Center services etc.
4981132.08 400000000.00 No 66886792.45
Co. Ltd.Shanghai
Shenglanhui Equipment and materials 78073174.16 200000000.00 No 33356666.62 Technology Co. Ltd.Zhuoran (Zhejiang)
Integration Equipment and materials 47433628.32 50000000.00 No 17522123.89 Technology Co. Ltd.Ningbo Qingzhi Lump-sum port
Chemicals Terminal operation fees 20700767.75 100000000.00 No 32566684.62
Co. Ltd. storage fees
Ningbo Haineng Warehousing
Blend Oil Co. Ltd. services 16599542.18 30000000.00 No 16028152.63
Full text of 2026 Semi-Annual Report
Shanghai Huanqiu
Engineering Co. Engineering
Ltd. design services
7830432.45 20000000.00 No 10616814.16
Zhejiang Sanyuan Workwear and
Textile Co. Ltd. other materials 4088971.66 10000000.00 No 2884576.99
Thermal Power Co.Ltd. of Ningbo
Economic and Electricity 62246.96 58911.23
Technological
Development Zone
Qijiashan Hotel of
Ningbo United Hotel services 47666.98 61251.88
Group Co. Ltd.Ningbo Rongxiang
Logistics Co. Ltd. Freight charges
10000000.00 No 25462670.38
Sanyuan Holding
Group Hangzhou
Thermal Power Co. Steam 4000000.00 No 1608839.45
Ltd.Total 31443709336.92 58133101472.61
Note: Of the above amount purchases from this company of RMB 2906.7331 million for the current period have
been presented on a net basis.Table of sales of goods and provision of labor services
Unit: RMB
Related party Nature of related party Amount incurred in the Amount incurred in the transaction current period prior period
Zhejiang Yisheng Petrochemical
Co. Ltd.[Note] PTA PX etc. 4361983974.39 4125443141.84
Ningbo Shengmao Trading Co.Ltd. PX and PTA 1643015652.87 84896025.76
Ningbo Hengyi Trading Co.Ltd.[Note] PTA and PX 1241419772.03 649618462.03
Aramco Trading Singapore Pte.Ltd. Diesel crude oil etc. 988658709.52 290242079.46
Zhejiang Derong Chemicals Co. Utilities industrial pyrolysis
Ltd. C5 etc. 439930780.96 277850733.43
Saudi Basic Industries Corporation PTA 262390902.67 246114941.05
Zhejiang Yixin Chemical Fiber
Co. Ltd. PTA 143113938.05
Hainan Yisheng Petrochemical
Co. Ltd. PTA PX and ethylene glycol 345639253.45
Rongsheng Energy (Zhoushan)
Co. Ltd. Equipment 91428504.60
Zhoushan ZPC Zhougang Tugboat
Co. Ltd. Vehicle diesel 4492248.81 5190827.52
Zhejiang Dingsheng
Petrochemical Engineering Co. Vehicle diesel 3426436.12 756637.15
Ltd.Full text of 2026 Semi-Annual Report
Zhejiang Rongtong Logistics Co. Vehicle diesel hardware
Ltd. spare parts PTA etc. 1211938.11 12522879.89
Zhejiang Rongxiang Thermal
Power Co. Ltd. Coal electricity and diesel 563980.13 7784451.12
Suzhou Shenghui Equipment Co.Ltd. Vehicle diesel etc. 47455.72 10619.47
Shanghai Huanqiu Engineering
Co. Ltd. Vehicle diesel 4424.78
Ningbo Rongxiang Logistics Co.Ltd. Vehicle diesel
48707.96
Ningbo Coastal Public Pipe
Gallery Co. Ltd. Service fees 368415.00
Ningbo Qingzhi Chemicals
Terminal Co. Ltd. Warehousing services 46229.51
Total 9527374201.73 5700847921.68
Note: Of the above amount sales to these companies of RMB 2906.7331 million for the current period have been
presented on a net basis.
(2) Related leases
The Company acts as the Lessor:
Unit: RMB
Type of leased Lease income recognized in Lease income recognized in
Name of lessee asset the current period the previous period
Zhejiang Dingsheng
Petrochemical Engineering Co. House lease 20453.16 25729.89
Ltd.The Company acts as the Lessee:
Unit: RMB
Rental expenses for short-term leases and leases of low-
Type of leased value assets on a simplified basis if applicable
Name of lessor asset Amount incurred in the Amount incurred in the
current period previous period
Hangzhou Shengyuan Property Service
Co. Ltd. Parking space 57087.38 28000.00
Hangzhou Shengyuan Real Estate
Development Co. Ltd. House leasing 2612027.60 2593407.34
Zhejiang Rongsheng Holding Group Co.Ltd. House leasing 550458.72 550458.72
(3) Related guarantees
The Company and its subsidiaries as the guaranteed party
Unit: RMB 10000 unless stated otherwise
Full text of 2026 Semi-Annual Report
Guarantor Guaranteed Commencement
Whether the
amount date Expiry date guarantee has been fully performed
Sanyuan Holding Group Co. Ltd. 8000.00 January 1 2024 December 28 2026 No
Zhejiang Rongsheng Holding Group Co.Ltd. 10087064.41 April 11 2021 February 28 2036 No
Zhejiang Rongsheng Holding Group Co.Ltd. and the Company 496094.00 July 30 2025 March 2 2028 No
Zhejiang Rongsheng Holding Group Co. 70000.00 December 20 Ltd. [Note 1] 2024 June 22 2031 No
Zhejiang Rongsheng Holding Group Co.Ltd. [Note 2] 27517.00 April 28 2020 April 1 2029 No
Zhejiang Rongsheng Holding Group Co.Ltd. [Note 3] 234843.49 October 21 2022 May 16 2031 No
Zhejiang Rongsheng Holding Group Co.Ltd. the Company Li Shuirong and Li 1156297.59 July 31 2018 July 30 2030 No
Jumei [Note 8]
Zhejiang Rongsheng Holding Group Co.Ltd. and the Company [Note 7] 2587612.98 January 20 2021
November 15
2032 No
Zhejiang Rongsheng Holding Group Co.Ltd. [Note 5] 928340.75 April 22 2024 February 15 2033 No
Zhejiang Rongsheng Holding Group Co.Ltd. [Note 6] 170500.00 August 29 2023 March 30 2034 No
Zhejiang Rongsheng Holding Group Co. 1892145.59 November 14 Ltd. [Note 4] 2022 October 30 2030 No
Zhejiang Rongsheng Holding Group Co.Ltd. 158213.62 January 12 2026
November 25
2026 No
Zhejiang Rongsheng Holding Group Co.Ltd. 3991598.09 July 10 2025 June 29 2027 No
Zhejiang Rongsheng Holding Group Co. EUR
Ltd. 18054000.00 January 31 2024 May 31 2027 No
Zhejiang Rongsheng Holding Group Co. USD
Ltd. 115495500.00 March 22 2023 May 31 2027 No
Zhejiang Rongsheng Holding Group Co. EUR
Ltd. [Note 5] 20816300.00 June 27 2024 June 30 2027 No
Zhejiang Rongsheng Holding Group Co. September 30
Ltd. [Note 5] USD 846800.00 March 24 2026 2026 No
Zhejiang Rongsheng Holding Group Co. USD
Ltd. [Note 4] 3363600.00 October 25 2023 July 1 2026 No
Zhejiang Rongsheng Holding Group Co.Ltd. and the Company [Note 7] USD 12900.00 November 2 2021 July 1 2026 No
Zhejiang Rongsheng Holding Group Co. EUR 500.00 November 18 Ltd. and the Company [Note 7] 2021 July 1 2026 No
Zhejiang Rongsheng Holding Group Co.Ltd. 457735.56 February 14 2025 March 6 2027 No
Zhejiang Rongsheng Holding Group Co.Ltd. 327100.00 April 3 2026 April 8 2027 No
Notes of related guarantee
Full text of 2026 Semi-Annual Report
[Note 1] Zhejiang Rongsheng Holding Group Co. Ltd. provides a joint and several liability guarantee for 100%
of the guaranteed amount. Ningbo Zhongjin Petrochemical Co. Ltd. a subsidiary of the Company provides
mortgage security over its fixed assets with a book balance of RMB 1533.4989 million.[Note 2] Zhejiang Rongsheng Holding Group Co. Ltd. provides a joint and several liability guarantee for 100%
of the guaranteed amount. Ningbo Niluoshan New Energy Co. Ltd. a subsidiary of the Company provides
mortgage security over its fixed assets and intangible assets with a total book balance of RMB 79.3522 million.[Note 3] Zhejiang Rongsheng Holding Group Co. Ltd. provides a joint and several liability guarantee for 100%
of the guaranteed amount. Zhejiang Yisheng New Materials Co. Ltd. a subsidiary of the Company provides
mortgage security over its fixed assets with a book balance of RMB 2963.1306 million.[Note 4] Zhejiang Rongsheng Holding Group Co. Ltd. provides a joint and several liability guarantee for 100%
of the guaranteed amount. Zhejiang Petroleum & Chemical Co. Ltd. a subsidiary of the Company provides
mortgage security over the completed assets of the additional 1.4 million tonnes per annum ethylene and
downstream chemical units project (Phase II Product Structure Optimization) including but not limited to the land
use rights above-ground buildings and project equipment formed upon the completion and acceptance of the
construction project.[Note 5] Zhejiang Rongsheng Holding Group Co. Ltd. provides a joint and several liability guarantee for 100%
of the guaranteed amount. Zhejiang Petroleum & Chemical Co. Ltd. a subsidiary of the Company provides
mortgage security over all assets formed by the High-performance Resins Project including but not limited to the
land use rights above-ground buildings and project equipment formed upon the completion and acceptance of the
construction project.[Note 6] Zhejiang Rongsheng Holding Group Co. Ltd. provides a joint and several liability guarantee for 100%
of the guaranteed amount. Zhejiang Petroleum & Chemical Co. Ltd. a subsidiary of the Company provides
mortgage security over its machinery and equipment with a book balance of RMB 4436.9511 million.[Note 7] Zhejiang Rongsheng Holding Group Co. Ltd. and the Company provide joint and several liability
guarantees for 60% of the guaranteed amount. Zhejiang Petroleum & Chemical Co. Ltd. a subsidiary of the
Company provides mortgage security over the completed assets of the 40 million tonnes per annum refining and
chemical integration project including but not limited to the land use rights above-ground buildings and project
equipment formed upon the completion and acceptance of the construction project.[Note 8] Zhejiang Rongsheng Holding Group Co. Ltd. and the Company provide joint and several liability
guarantees for 51% of the guaranteed amount. Zhejiang Petroleum & Chemical Co. Ltd. a subsidiary of the
Company provides mortgage security over the completed assets of the 40 million tonnes per annum refining and
chemical integration project including but not limited to the land use rights above-ground buildings and project
equipment formed upon the completion and acceptance of the construction project.
(4) Remuneration of key management personnel
Unit: RMB 10000
Item The amount incurred in the Amount incurred in the previous current period period
Remuneration of key management personnel 649.19 723.29
(5) Other related party transactions
1. Fund borrowing from/to related parties
Full text of 2026 Semi-Annual Report
(1) At the beginning of the period the Company had RMB 7418.5639 million payable to Zhejiang Rongsheng
Holding Group Co. Ltd. During the period the Company and its subsidiaries borrowed an aggregate amount of
RMB 4670.00 million from Zhejiang Rongsheng Holding Group Co. Ltd. accrued fund occupation fees of RMB
60.5613 million and repaid an aggregate amount of RMB 2934.4286 million in principal and interest. As of June
30 2026 the balance payable by the Company to Zhejiang Rongsheng Holding Group Co. Ltd. was RMB
9214.6966 million.
(2) During the period Zhejiang Shengyuan Chemical Fiber Co. Ltd. a subsidiary of the Company borrowed
an aggregate amount of RMB 1699.8422 million from Zhejiang Rongsheng Holding Group Co. Ltd. and repaid an
aggregate amount of RMB 1699.8422 million. As of June 30 2026 Zhejiang Shengyuan Chemical Fiber Co. Ltd.had fully repaid the above amounts.
(3) At the beginning of the period Zhejiang Petroleum & Chemical Co. Ltd. a subsidiary of the Company
had RMB 10.80 million receivable from ZPC-ENN (Zhoushan) Gas Co. Ltd. During the period interest of RMB
0.1626 million was accrued and collected. As of June 30 2026 the amount receivable from ZPC-ENN (Zhoushan)
Gas Co. Ltd. remained RMB 10.80 million.
2. The Company and its subsidiaries made the following payments to related parties for ongoing engineering
contracts:
Unit: RMB 10000
Related Party Current Period Same Period Last Year
Suzhou Shenghui Equipment Co. Ltd. 6999.25 16134.84
Zhejiang Dongjiang Green Petrochemical Technology Innovation Center Co. Ltd. 635.40 46092.87
Shanghai Shenglanhui Technology Co. Ltd. 1235.62 3972.48
Zhuoran (Zhejiang) Integration Technology Co. Ltd. 3402.00 2940.40
Total 12272.27 69140.59
3. As of June 30 2026 the deposit balances of the Company and its subsidiaries with the related party
Zhejiang Xiaoshan Rural Commercial Bank Co. Ltd. were RMB 596284850.03 USD 2729206.75 and EUR
129.66.
As of December 31 2025 the deposit balances of the Company and its subsidiaries with the related party
Zhejiang Xiaoshan Rural Commercial Bank Co. Ltd. were RMB 71089124.31 USD 3186008.86 and EUR
129.66.
6. Accounts receivable and payable of related parties
(1) Receivables
Unit: RMB
Ending balance Beginning balance
Project Related party
Book balance Bad-debt Bad-debt provision Book balance provision
Accounts Saudi Basic Industries
receivable Corporation 107502457.44 81355210.04
Zhejiang Yisheng Petrochemical Co. Ltd. 354658071.14 17732903.56 365689201.21 18284460.06
Aramco Trading Singapore Pte.Ltd. 216399824.26
Full text of 2026 Semi-Annual Report
Zhejiang Derong Chemicals Co. Ltd. 59059737.15 2952986.86
Subtotal 521220265.73 20685890.41 663444235.51 18284460.06
Dividends Zhejiang Yisheng
receivable Petrochemical Co. Ltd. 900000000.00
Subtotal 900000000.00
Hangzhou Shengyuan
Prepayment Real Estate 2612027.60
Development Co. Ltd.Subtotal 2612027.60
Other receivables ZPC-ENN (Zhoushan) Gas Co. Ltd. 10800000.00 6600000.00 10800000.00 6600000.00
Subtotal 10800000.00 6600000.00 10800000.00 6600000.00
(2) Payables
Unit: RMB
Item Related party Ending book balance Beginning book balance
Accounts payable Rongsheng Petrochemical (Singapore) Pte. Ltd. [Note] 26650545427.22 28256256144.32
Yisheng Dahua Petrochemical Co. Ltd. [Note] 2780210000.00 2365800000.00
Zhejiang Yisheng New Materials Co. Ltd. [Note] 1560224360.00 1670000000.00
Ningbo Zhongjin Petrochemical Co. Ltd. [Note] 2414056000.00 1405426000.00
Dalian Rongxincheng Trading Co. Ltd. [Note] 1127072195.56 440414455.48
Zhejiang ZPC Sales Co. Ltd. [Note] 800000000.00 170337839.99
Ningbo Rongxincheng Trading Co. Ltd. [Note] 306050000.00 161050000.00
Zhejiang Petroleum & Chemical Co. Ltd. [Note] 34000000.00 34000000.00
The Company [Note] 585000000.00 1168000000.00
Ningbo Hengyi Trading Co. Ltd. 10889979.71
Zhejiang Rongsheng Holding Group Co. Ltd. 440537286.76 404837206.40
Saudi Arabian Oil Company 3543622089.94
Zhejiang Dingsheng Petrochemical Engineering Co.Ltd. 337238077.47
Zhejiang Rongtong Logistics Co. Ltd. 65761341.33 144673343.36
Ningbo Rongxiang Logistics Co. Ltd. 31532493.55
Ningbo Qingzhi Chemicals Terminal Co. Ltd. 2324467.56 7309445.62
Shanghai Huanqiu Engineering Co. Ltd. 1001320.75 5160076.48
Zhejiang Sanyuan Textile Co. Ltd. 4287168.99 4249274.30
Ningbo Haineng Blend Oil Co. Ltd. 5469491.14 1329101.03
Zhejiang Derong Chemicals Co. Ltd. 809628.01
Suzhou Shenghui Equipment Co. Ltd. 11775711.18 132000.00
Thermal Power Co. Ltd. of Ningbo Economic and
Technological Development Zone 0.00 13665.56
Qijiashan Hotel of Ningbo United Group Co. Ltd. 8058.00 2565.00
Full text of 2026 Semi-Annual Report
Zhejiang Rongxiang Thermal Power Co. Ltd. 58462706.77
Aramco Trading Fujairah FZE 803913.45
Zhejiang Dongjiang Green Petrochemical Technology
Innovation Center Co. Ltd. 5057298.41
Subtotal 36857675514.97 40158054618.37
Notes payable Ningbo Hengyi Trading Co. Ltd. 50000000.00
Zhejiang Rongxiang Thermal Power Co. Ltd. 14770000.00
Subtotal 64770000.00
Contract liabilities
and other current Zhejiang Dingsheng Petrochemical Engineering Co. 13332.00 8122893.70
liabilities Ltd.Ningbo Shengmao Trading Co. Ltd. 17350674.51 2277662.26
Zhoushan ZPC Zhougang Tugboat Co. Ltd. 922964.74 499205.90
Hainan Yisheng Petrochemical Co. Ltd. 323158.43
Zhejiang Rongtong Logistics Co. Ltd. 956680.27 2293481.65
Shanghai Huanqiu Engineering Co. Ltd. 10000.00 10000.00
Subtotal 19253651.52 13526401.94
Other payables Zhejiang Rongsheng Holding Group Co. Ltd. 9214696647.31 7418563934.03
Zhejiang Dingsheng Petrochemical Engineering Co.Ltd. 1469900.00 1346500.00
Zhejiang Rongtong Logistics Co. Ltd. 5000.00 1005600.00
Suzhou Shenghui Equipment Co. Ltd. 500300.00 300.00
Subtotal 9216671847.31 7420916334.03
[Note] The above amounts relate to letters of credit issued by the Company and its subsidiaries. Upon receipt of the
letters of credit Rongsheng Petrochemical (Singapore) Pte. Ltd. Yisheng Dahua Petrochemical Co. Ltd. Zhejiang
Yisheng New Materials Co. Ltd. the Company Ningbo Zhongjin Petrochemical Co. Ltd. Dalian Rongxincheng
Trading Co. Ltd. Zhejiang ZPC Sales Co. Ltd. Ningbo Rongxincheng Trading Co. Ltd. and Zhejiang Petroleum
& Chemical Co. Ltd. discounted the relevant letters of credit prior to maturity.XV. Commitments and contingencies
1. Major commitments
Significant commitments at the balance sheet date
1. As of June 30 2026 the aggregate amount of letters of credit opened but not yet utilized by the Company
and its subsidiaries namely Zhejiang Shengyuan Chemical Fiber Co. Ltd. Yisheng Dahua Petrochemical Co. Ltd.Zhejiang Petroleum & Chemical Co. Ltd. Rongsheng Petrochemical (Singapore) Pte. Ltd. Zhejiang Yongsheng
Technology Co. Ltd. Ningbo Zhongjin Petrochemical Co. Ltd. Zhejiang Yisheng New Materials Co. Ltd.Zhejiang Yongsheng Technology Co. Ltd. and Rongsheng New Materials (Zhoushan) Co. Ltd. with Bank of
Communications Co. Ltd. Hangzhou Xiaoshan Sub-branch and other financial institutions amounted to RMB
41498416300.00 USD 146431100.00 EUR 38871100.00 and GBP 629000.00.
2. As of June 30 2026 the outstanding letters of guarantee of the Company and its subsidiaries were as follows:
Unit: 10000
Full text of 2026 Semi-Annual Report
Issuing Bank Applicant Beneficiary Guarantee Amount
Bank of China Limited Dalian Jinpu Yisheng Dahua
New Area Branch Petrochemical Co. Ltd. Zhengzhou Commodity Exchange CNY 14410.00
Bank of Ningbo Co. Ltd. Hudong Ningbo Zhongjin
Sub-branch Petrochemical Co. Ltd. Zhejiang Jinhui Construction Co. Ltd. CNY 9.09
Bank of Ningbo Co. Ltd. Hudong Ningbo Zhongjin Zhejiang Guojin Construction Co.Sub-branch Petrochemical Co. Ltd. Ltd. CNY 30.77
Bank of Ningbo Co. Ltd. Hudong Ningbo Zhongjin Zhejiang Juxing Construction and
Sub-branch Petrochemical Co. Ltd. Installation Engineering Co. Ltd. CNY 59.03
China Construction Bank Corporation Zhejiang Petroleum & Hangzhou Customs of the People’s
Zhoushan Branch Chemical Co. Ltd. Republic of China CNY 50000.00
Industrial and Commercial Bank of Zhejiang Petroleum & Hangzhou Customs of the People’s
China Limited Zhoushan Branch Chemical Co. Ltd. Republic of China CNY 33000.00
Industrial and Commercial Bank of Zhejiang Petroleum & Hangzhou Customs of the People’s
China Limited Zhoushan Branch Chemical Co. Ltd. Republic of China CNY 33000.00
Industrial and Commercial Bank of Zhejiang Petroleum & Hangzhou Customs of the People’s
China Limited Zhoushan Branch Chemical Co. Ltd. Republic of China CNY 34000.00
Bank of China Limited Zhoushan Zhejiang Petroleum & Hangzhou Customs of the People’s
Branch Chemical Co. Ltd. Republic of China CNY 30000.00
Bank of China Limited Zhoushan Zhejiang Petroleum & Hangzhou Customs of the People’s
Branch Chemical Co. Ltd. Republic of China CNY 50000.00
Bank of China Limited Zhoushan Zhejiang Petroleum & Hangzhou Customs of the People’s
Branch Chemical Co. Ltd. Republic of China CNY 40000.00
Bank of China Limited Zhoushan Zhejiang Petroleum & Hangzhou Customs of the People’s
Branch Chemical Co. Ltd. Republic of China CNY 30000.00
Bank of China Limited Zhoushan Zhejiang Petroleum & Hangzhou Customs of the People’s
Branch Chemical Co. Ltd. Republic of China CNY 50000.00
Bank of China Limited Zhoushan Zhejiang Petroleum & Hangzhou Customs of the People’s
Branch Chemical Co. Ltd. Republic of China CNY 49000.00
Bank of Communications Co. Ltd. Zhejiang Petroleum &
Hangzhou Xiaoshan Sub-branch Chemical Co. Ltd. Yitong New Materials Co. Ltd. CNY 17069.83
Bank of Communications Co. Ltd. Zhejiang Petroleum &
Hangzhou Xiaoshan Sub-branch Chemical Co. Ltd. Yitong New Materials Co. Ltd. CNY 27255.73
Industrial and Commercial Bank of ZPC Jintang Logistics Jintang Branch of Zhoushan Municipal
China Limited Zhoushan Branch Co. Ltd. Bureau of Natural Resources and CNY 146.91 Planning
2. Contingencies
(1) Material contingencies as at the balance sheet date
As of the balance sheet date the Company has no important contingencies that need to be disclosed.
(2) Explanation where the Company has no material contingencies requiring disclosure
The Company has no material contingencies to be disclosed.Full text of 2026 Semi-Annual Report
XVI. Events after the Balance Sheet Date
1. Other Events after the Balance Sheet Date
At the First Extraordinary General Meeting of Shareholders of 2026 held on June 25 2026 the Company
considered and approved the Proposal on the 2026 Employee Stock Ownership Plan (Draft) and its Summary the
Proposal on the Administrative Measures for the 2026 Employee Stock Ownership Plan and other relevant
proposals. The implementation of the Employee Stock Ownership Plan commenced during the Reporting Period
but the transfer of shares had not yet been completed as at the end of the Reporting Period. On July 7 2026 the
Company completed the non-trading transfer of 153 million shares and the relevant transfer was separately
disclosed in an announcement.XVII. Other Significant Matters
1. Segment Information
(1) Basis for Determining Reportable Segments and Accounting Policies
The Company determines its reportable segments based on its internal organizational structure management
requirements and internal reporting system with business segments serving as the basis for identifying reportable
segments. The operating results of the petrochemical production business polyester fiber manufacturing business
and trading business are assessed separately. Assets and liabilities jointly used by the respective segments are
allocated among the segments in proportion to their scale.
(2) Financial Information of Reportable Segments
Unit：RMB
Oil Refining Chemical Polyester Fiber
Item Production Production Manufacturing Trading Inter-segment Total
Business Business Business Business Eliminations
Revenue
from
principal 27078065547. 98493690878. 13293150155. 53332100905.-
63225402736. 128971604750.
operation 07 90 54 42 73 20
s
Cost of
principal 19834004769. 87876187643. 12389413664. 52438503311. -
operation 33 57 71 65 63198778705.
109339330683.
s 97
29
Total -
assets 454363058739.38
11427963170. 62968482190. 402822539719.28 04 62
Total 6403353931.6 - 298356074255.liabilities 305410917255.09 1 13458196931.21 49
Full text of 2026 Semi-Annual Report
XVIII. Notes to main items in 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) 3610690.16 2565821.96
Total 3610690.16 2565821.96
(2) Classified disclosure by bad debt accrual method
Unit: RMB
Ending balance Beginning balance
Book balance Bad-debt provision Book balance Bad-debt provision
Category
Amou Propor Percentag
Book Book
e of value Proporti
Percentag
Amount Amount Amount e of value nt tion provision on provision
Accounts
receivable
with
provision 3610
for bad debt 690.1 100.00 180534. 5.00% 3430 256582 128291.
2437
reserves 6 % 51 155.65 1.96
100.00% 10 5.00% 530.86
based on
aging
portfolio
3610
Total 690.1 100.00 180534. 5.00% 3430 256582 100.00% 128291.
2437
6 % 51 155.65 1.96 10
5.00% 530.8
6
Provision for bad debt by combination:
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Within 1 year 3610690.16 180534.51 5.00%
Total 3610690.16 180534.51 5.00%
If the provision for bad debts of accounts receivable is accrued according to the general model of expected credit
loss:
□ Applicable R Not applicable
(3) Bad debt reserves accrual recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
Category The amount of change in the current period
Full text of 2026 Semi-Annual Report
Beginning Recovered or Ending
balance Provision reversed Write-off Other balance
Provision made for bad
debt reserves based on 128291.10 52243.41 180534.51
aging portfolio
Total 128291.10 52243.41 180534.51
(4) Top five accounts receivable by ending balance
The total amount of the top 5 accounts receivable at the end of the period was RMB 3529184.67 accounting for
97.75% of the total accounts receivable at the end of the period. The corresponding provision for bad debts was
RMB 176459.24.
2. Other receivables
Unit: RMB
Item Ending balance Beginning balance
Dividends receivable 2432100000.00 550000000.00
Other receivables 2782866090.11 2347360297.44
Total 5214966090.11 2897360297.44
(1) Dividends receivable
1) Classification of dividends receivable
Unit: RMB
Project (or investee) Ending balance Beginning balance
Hong Kong Shenghui Co. Ltd. 550000000.00 550000000.00
Zhejiang Yisheng Petrochemical Co.Ltd. 482100000.00
Dalian Yisheng Investment Co. Ltd. 1400000000.00
Total 2432100000.00 550000000.00
2) Significant dividends receivable aged over 1 year
Unit: RMB
Whether impairment
Project (or investee) Ending balance Aging Reason for the unrecovered amount occurs and its judgment basis
Subsidiary operates
Hong Kong Shenghui Pending payment normally and no risk is
Co. Ltd. 550000000.00 2-3 years over 3 years arrangements expected in the
recovery of funds.Total 550000000.00
Full text of 2026 Semi-Annual Report
(2) Other receivables
1) Classification of other receivables by nature
Unit: RMB
Nature of account Ending book balance Beginning book balance
Government accounts receivable 409020000.00 409020000.00
Petty cash 2275927.64 2684528.02
Amounts due from related parties within
the scope of consolidation 2372767133.27 1925920763.12
Current accounts 3242800.84 3242800.84
Security deposits for borrowings 10000000.00
Total 2787305861.75 2350868091.98
2) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 1630149490.78 1276109520.10
1-2 years 150889396.41 90642139.84
2-3 years 630577397.64 608426855.12
Above 3 years 375689576.92 375689576.92
Total 2787305861.75 2350868091.98
3) Classified disclosure by bad debt accrual method
Unit: RMB
Ending balance Beginning balance
Book balance Bad-debt provision Book balance Bad-debt provision
Category Percent Book Percent Book
Amou Propor Proporti
nt tion Amount
age of value
provisio Amount
age of value
on Amount provisio
n n
Provision
made for
bad debt 2787
reserves 3058 100.00 443977 0.16% 278286 235086 350779 234736
based on 61.75 % 1.64 6090.11 8091.98
100.00% 4.54 0.15% 0297.44
aging
portfolio
2787
Total 3058 100.00 443977 0.16% 278286 235086 100.00% 350779 234736
61.75 % 1.64 6090.11 8091.98 4.54
0.15% 0297.44
Provision for bad debt by combination:
Unit: RMB
Name Ending balance
Full text of 2026 Semi-Annual Report
Book balance Bad-debt provision Percentage of provision
Government accounts
receivable 409020000.00 2078457.53 0.51%
Petty cash 2275927.64 2199174.07 96.63%
Amounts due from related
parties within the scope of 2372767133.27
consolidation
Current accounts 3242800.84 162140.04 5.00%
Total 2787305861.75 4439771.64 0.16%
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 Expected credit loss
Bad-debt provision Expected credit loss over the entire for the entire duration Total
in the next 12 months duration (without (credit impairment has
credit impairment) occurred)
The balance as of
January 1 2026 181607.98 1136609.64 2189576.92 3507794.54
The balance as of
January 1 2026 in the
current period
Provision in current
period -20430.02 952407.12 931977.10
Balance as of June 30
2026 161177.96 2089016.76 2189576.92 4439771.64
Provision ratio for bad
debts at period-end 0.01% 1.38% 0.22% 0.16%
Changes in the carrying amount where changes in the loss allowance during the current period were significant
□ Applicable R Not applicable
4) Top five other receivables by ending balance grouped by debtor
Unit: RMB
Proportion in a
Nature of total ending Ending balance of Company name payment Ending balance Aging balance of other provision for bad
receivables debts
Current account of
Other receivables 1 related parties 1263649822.31 Within 1 year 1-2 within the scope of years 45.34%
consolidation
Current account of
Other receivables 2 related parties Within 1 year 1-2 within the scope of 668599406.19 years 2-3 years 23.99%
consolidation
Other receivables 3 Government Within 1 year 1-2 receivables 409020000.00 years 14.67% 2078457.53
Other receivables 4 Current account of 373500000.00 Above 3 years 13.40%
related parties
Full text of 2026 Semi-Annual Report
within the scope of
consolidation
Current account of
Other receivables 5 a related party within the scope of 60000000.00 Within 1 year 2.15%
consolidation
Total 2774769228.50 99.55% 2078457.53
3. Long-term equity investment
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book balance impairment Book value Book balance impairment Book value
Investment in 5131310280 5131310280 51293102808 51293102808
subsidiaries 8.47 8.47 .47 .47
Investment in
joint ventures 4090123269. 4090123269 4354870887. 4354870887.and associates 25 .25 12 12
Total 5540322607 5540322607 55647973695 556479736957.72 7.72 .59 .59
(1) Investment in subsidiaries
Unit: RMB
Increase and decrease in the current period
Beginning Opening Ending Ending
Provision
Investee balance balance of balance balance of (book impairmen Additional Reduced for Other (book provision for
value) t provision investment investment impairmen value) impairment
t
Zhejiang
Shengyuan 20301400 20301400Chemical Fiber 00.00 00.00
Co. Ltd.Hong Kong
Shenghui Co. 141419910.00
14141991
Ltd. 0.00
Dalian Yisheng
Investment 14682044 14682044
Co. Ltd. 57.48
57.48
Ningbo
Zhongjin 59902011 59902011
Petrochemical 40.04 40.04
Co. Ltd.Rongsheng
Petrochemical 62088956 62088956
(Singapore) 0.00 0.00
Pte. Ltd.Rongsheng 10000000 10000000
International 0.00 0.00
Full text of 2026 Semi-Annual Report
Trading Co.Ltd.Zhejiang
Petroleum & 29987242 29987242
Chemical Co. 115.34 115.34
Ltd.Rongxiang
Chemical Fiber 3000000.0 3000000.0
Co. Ltd. 0 0
Zhejiang
Yongsheng 80030653 80030653
Technology 7.70 7.70
Co. Ltd.Rongsheng
International
Trading 1000000.0 1000000.0
(Hainan) Co. 0 0
Ltd.Rongsheng
Chemicals 50000000. 50000000.(Shanghai) Co. 00 00
Ltd.Rongsheng
New Materials 92000000 92000000(Zhoushan) 00.00 00.00
Co. Ltd.Rongsheng
New Materials 90000000 90000000(Taizhou) Co. 0.00 0.00
Ltd.Rongsheng
Petrochemical
(Hong Kong) 699087.91 699087.91
Limited
Zhejiang
Shenghui New 20000000. 20000000.Materials Co. 00 00
Ltd.Total 51293102 20000000. 51313102808.47 00 808.47
Full text of 2026 Semi-Annual Report
(2) Investments in joint ventures and associates
Unit: RMB
Increase and decrease in the current period
Beginning Opening Investment Declared Ending Ending
Investee balance balance of gains or losses
Other Other distribution balance
balance of
(book impairment Additional Reduced comprehensive Provision for (book provision
value) provision investment investment
recognized income equity of cash Other for under the adjustments changes dividends
impairment value) impairment
equity method or profit
I. Joint ventures
II. Associates
Zhejiang
Yisheng 15190558 12867261.37 -1128877.24 482100000 104869Petrochemic 07.60 .00 4191.73
al Co. Ltd.Ningbo
Hengyi 12151249.Trading Co. 51 49693784.88 -8056860.73
537881
73.66
Ltd.Zhejiang
Xiaoshan
Rural 28236638
Commercial 30.01 181486540.12 26145044.38
43654510. 29876465 0903.86
Bank Co.Ltd.Subtotal 43548708 244047586.37 16959306.41 525754510 40901287.12 .65 3269.25
Total 4354870887.12 244047586.37 16959306.41
525754510 409012.65 3269.25
The recoverable amount is determined based on fair value less costs of disposal
□ Applicable R Not applicable
The recoverable amount is determined based on the present value of estimated future cash flows
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
4.Operating revenue and operating cost
(1) Details
Unit: RMB
The amount incurred in the current period Amount incurred in the previous period
Item
Revenue Cost Revenue Cost
Primary business 1578947452.52 1398108985.27 743494859.25 714589038.03
Other businesses 79688490.88 18390135.78 131264163.44 69326198.38
Total 1658635943.40 1416499121.05 874759022.69 783915236.41
Of which: Revenue
from Contracts with 1657200217.24 1416363398.05 874388725.90 783779513.41
Customers
(2) Breakdown of operating revenue and operating cost
1) Breakdown of revenue generated by contracts with customers by goods or service categories
Unit: RMB
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Polyester products chemical
fibers and films 1578947452.52 1398108985.27 743494859.25 714589038.03
Trade and others 78252764.72 18254412.78 130893866.65 69190475.38
Subtotal 1657200217.24 1416363398.05 874388725.90 783779513.41
2) Breakdown of revenue from contracts with customers by timing of transfer of goods or services
Unit: RMB
Item Amount in the current period Amount in the previous period
Revenue recognized at a certain point of time 1657200217.24 874388725.90
Subtotal 1657200217.24 874388725.90
(3) Information related to performance obligations
Type of quality
Nature of Whether Amounts
Time of assurance
goods the expected to be
fulfillment of Important payment provided by the
Item transferred Company refunded to performance terms company and
by the acts as customers by
obligations related
company principal the company
obligations
Sale At the time of Products Prepayment; Accounts
of delivery of conforming Yes None Assurance-type
goods goods receivable payment period to national warranty standards
Full text of 2026 Semi-Annual Report
is generally 30 to 90 days
after product delivery
5. Investment income
Unit: RMB
Item The amount incurred in the current Amount incurred in the previous period period
Income from long-term equity 1400000000.00
investment under the cost method
Investment income from long-term
equity investments accounted for using 244047586.37 155613807.08
the equity method
Interest income from funds lent to related 9148040.78 13659765.86
parties
Total 1653195627.15 169273572.94
XIX. Supplementary information
1. Breakdown of non-recurring gains and losses in the current period
RApplicable □ Not applicable
Unit: RMB
Item Amount
Gains or losses on disposal of non-current assets 5731630.19
Government subsidies included in the current profit and losses (except those closely related to
the Company's normal business operations which are in line with national policies enjoyed 13985643.04
according to certain standards and have a continuous impact on the Company's profit and
losses)
Except for the effective hedging business related to the Company's normal business the gains
and losses of the fair value changes arising from financial assets and financial liabilities held -359403400.67
by non-financial enterprises and the gains and losses arising from the disposal of financial
assets and financial liabilities
Fees charged to non-financial enterprises for occupation of funds and recognized in current 153396.22
profit or loss
Profit or loss from entrusted investment or asset management 143013.70
Other non-operating income and expenses other than the items set out above -410642.51
Other profit or loss items falling within the definition of non-recurring gain or loss 4022688.71
Less: Effect of income tax -58116873.86
Effect of non-controlling interests (after tax) -44787981.32
Total -232872816.14
Situation of other profit/loss items falling within the definition of non-recurring gain or loss:
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
The Company has no other profit/loss items falling within the definition of non-recurring gain or loss
Statement of defining non-recurring profit and loss items listed in the Explanatory Announcement No.1 on
Information Disclosure of Companies Offering Securities to the Public - Non-recurring Profit and Losses as
recurring profit and losses
□ Applicable R Not applicable
2. Return on equity and earnings per share (EPS)
Earnings per share (EPS)
Profit within the reporting Weighted average
period return on net assets Basic earnings per share Diluted earnings per share
(RMB per share) (RMB per share)
Net profit attributable to ordinary
shareholders of the Company 11.13% 0.53 0.53
Net profit attributable to ordinary
shareholders of the Company
after deducting non-recurring 11.63% 0.56 0.56
gains and losses
3. Differences in Accounting Data under Domestic and Foreign Accounting Standards
(1) Differences in net profit and net assets between financial reports disclosed under International
Financial Reporting Standards and those disclosed under Chinese Accounting Standards for Business
Enterprises
□ Applicable R Not applicable
(2) Differences in net profit and net assets in financial reports disclosed in accordance with overseas
accounting standards and Chinese Accounting Standards for Business Enterprises
□ Applicable R Not applicable
Rongsheng Petrochemical Co. Ltd.Chairman: Li Shuirong
August 24 2026
沪公网安备31011802005267号
