Summary of 2024 Annual Report
Stock code: 002493 Stock abbreviation: Rongsheng Petrochemica Announcement No：2025-014
Summary of 2024 Annual Report of Rongsheng Petrochemical
Co. Ltd.I. Important Tips
This summary is extracted from the full annual report. To fully understand the Company’s operating results
financial status and future development plan investors should read the full annual report carefully disclosed on the
media designated by China Securities Regulatory Commission (CSRC).All directors have attended the Board meeting to consider this annual report.Notes of non-standard audit opinion
□ Applicable □ Not applicable
The plan for the profit distribution or the plan for converting reserved funds into share capital during the reporting
period deliberated by the Board of Directors
□Applicable □ Not applicable
Convert reserved funds into share capital or not
□ Applicable □ Not applicable
The plan for the profit distribution deliberated and approved by the board of directors is as follows: taking
9572292142 shares as the radix the Company will send cash dividends of RMB 1 (tax included) and 0 bonus
share (tax included) to all shareholders for every 10 shares and instead of converting capital reserve into share
capital.The plan for the distribution of preferred stock profits during the reporting period adopted by the board of directors
through resolution
□ Applicable □ Not applicable
II. Basic Information of the Company
1. Company Profile
Stock abbreviation Rongsheng Petrochemical Stock code 002493
Listed on Shenzhen Stock Exchange
Abbreviation before change (if
any) None
Contact information Secretary of the Board of Directors Representative of securities affairs
Name Quan Weiying Hu Yangyang
Lanjue International Office Building
Lanjue International Office Building No. 358
Address No. 358 Jincheng Road Xiaoshan Jincheng Road Xiaoshan District Hangzhou
District Hangzhou City Zhejiang
City Zhejiang Province
Province
1Summary of 2024 Annual Report
Fax 0571-82527208 extension 8150 0571-82527208 extension 8150
Tel 0571-82520189 0571-82520189
E-mail qwy@rong-sheng.com yangyang@rong-sheng.com
2. Main Business or Product Introduction during the Reporting Period
(1) Industry of the Company during the Reporting Period
Looking back at 2024 the global economy experienced slow growth with a gradually declining inflation rate.While major economies maintained accommodative monetary policies their upward momentum remained
somewhat insufficient. Amid complex and challenging external conditions China’s economy forged ahead against
headwinds achieving stable progress with continuously reinforced positive trends. Its strides along the path of high-
quality development grew steadier providing strong support and creating more opportunities for global economic
recovery and development.(I) Global economy
During the reporting period the world economy continued its slow recovery amidst multiple challenges
advancing along a low-to-moderate growth trajectory with uneven progress. Regional divergence in economic
growth became more pronounced with emerging economies remaining the primary drivers of global economic
expansion. According to World Bank and International Monetary Fund (hereinafter referred to as the “IMF”)
estimates global GDP growth reached 3.2% in 2024 up from 2.6% in 2023. The rising inflationary trend was
partially contained while international trade showed activity amid fluctuations and the restructuring of global
industrial chains accelerated with major economies maintaining loose fiscal and monetary policies. IMF data
indicates that the global commodity price index for 2024 stood at 165.2 down by 0.3% from 2023 signaling an
overall moderation in commodity prices.USD/Barrel Brent crude oil price in 2024
100
88.97
9084.96
81.8083.0582.9284.05
79.1179.02
80
73.0675.2773.5173.23
70
60
50
January February March April May June July August September October November December
Source: Wind
(II) Domestic economy
This year amid complex economic conditions ’China’s economy maintained steady progress. The Gross
Domestic Product (GDP) reached RMB 134.91 trillion marking a 5% year-on-year growth elevating the economic
scale to new heights while maintaining leading growth momentum among major economies. The quarterly GDPgrowth rates were 5.3% 4.7% 4.6% and 5.4% respectively demonstrating a pattern of “strong start moderate
2Summary of 2024 Annual Reportmid-year and upward end” reflecting overall stable and progressive economic performance. The value-added
output of industrial enterprises above designated size grew by 5.8% year-on-year with total profits reaching RMB
7.4 trillion. Following the timely introduction of incremental policies industrial production sustained recovery and
profitability gradually rebounded confirming that the fundamental trend and supporting conditions for long-term
economic growth remain unchanged.
2020-2024 Gross Domestic Product (GDP)
Unit: 100 million Unit: %
160000020
1349084
1294272
1234029
1173823
120000015
1034868
8000008.610
5.45.0
4000003.15
2.3
00
20202021202220232024
Gross Domestic Product (GDP) Growth Rate (Right Axis)
Source: National Bureau of Statistics
(III) Petrochemical industry
The petrochemical industry faced both opportunities and challenges. Evolving global dynamics continued to
impact China’s crude oil imports and product pricing systems through persistent supply chain uncertainties.However China benefited from comprehensive supporting advantages across its complete chemical industrial chain
with production and consumption capacities for multiple chemical products ranking first globally. According to
European Chemical Industry Council (CEFIC) data China accounted for 43% of global chemical sales in 2023. In
recent years China’s petrochemical enterprises have achieved remarkable technological and innovativeadvancements. Leveraging robust domestic demand for chemical products and actively responding to the “Belt andRoad Initiative” they continued expanding into emerging chemical markets. Under the guidance of the “dual-circulation” development paradigm transitioning from “product exports” to “capacity globalization” is emerging
as a critical strategic pathway for the global layout of petrochemical enterprises.According to statistics from the China Petroleum and Chemical Industry Federation China’s petrochemical
industry achieved an operating revenue of RMB 16.28 trillion in 2024 with a year-on-year increase of 2.1%; and a
total profit of RMB 789.71 billion with an year-on-year decrease of 8.8% indicating the industry remains in an
adjustment cycle; The industry’s total import-export volume stood at USD 948.81 billion with a year-on-year
decrease of 2.4% showing overall stable trade performance. Breaking down by sector the oil & gas sector benefited
from reserve expansion and production increase policies generating RMB 1.49 trillion in revenue (+1.5% YoY)
and RMB 336.08 billion in profits (+12.4% YoY). The refining sector showed recovery due to low-base effects
with domestic refined oil product output (gasoline kerosene and diesel combined) reaching 419 million tons (+0.3%
YoY). The chemical sector reported RMB 9.76 trillion in revenue (+4.6% YoY) but profits fell to RMB 454.44
billion (-6.4% YoY) due to downstream property market weakness.In 2024 multiple government bodies including the State Council the National Development and Reform
3Summary of 2024 Annual Report
Commission and the Ministry of Industry and Information Technology introduced various regulatory policies tosupport and standardize the petrochemical industry. The “large-scale equipment renewals and the trade-in of oldconsumer goods ” policies boosted demand for chemical materials while environmental policies continued guiding
green transformation. Industrial policies like the Implementation Plan for Innovative Development of Fine Chemical
Industry (2024-2027) and the Work Plan for Digital Transformation of Raw Material Industry (2024-2026)
promoted the reshaping of market structures and guided the direction for the refined and intelligent development
of petrochemical enterprises.S/N Policy Issuing authority Time
Ministry of Industry and
Work Plan for Digital Transformation of Raw Material Industry Information Technology 1 (2024-2026) (MIIT) and Other Eight January 16 2024 Ministries and
Commissions
2 Implementation Opinions on Promoting the Innovative
MIIT and Other Six
Development of Future Industries Ministries and January 29 2024 Commissions
3 Action Plan for Promoting Large-Scale Equipment Renewal and Consumer Goods Trade-in State Council March 13 2024
4 2024-2025 Energy Conservation and Carbon Reduction Action Plan State Council May 29 2024
5 Notice on Improving New Energy Integration to Ensure High- National Energy Quality Development of New Energy Administration June 4 2024
Work Plan for Phasing Out and Upgrading Outdated Chemical Ministry of Emergency 6 Plants Management and three June 14 2024 other departments
Ministry of Industry and
7 Implementation Plan for Innovative Development of Fine Information Technology Chemical Industry (2024-2027) (MIIT) and eight other July 12 2024
departments
National Development and
8 Several Measures to Strengthen Support for Large-Scale Reform Commission Equipment Renewal and Consumer Goods Trade-in (NDRC) and Ministry of July 24 2024
Finance
9 Work Plan for Accelerating the Establishment of a Dual Control General Office of the State System for Carbon Emission Council July 30 2024
10 Opinions on Accelerating the All-round Green Transformation of
Central Committee of the
Economic and Social Development Communist Party of China August 11 2024 and the State Council
11 Guiding Opinions on Vigorously Taking the Renewable Energy
NDRC and Other Five
Substitution Action Ministries and October 18 2024 Commissions
14th National People’s
12 Energy Law of the People’s Republic of China Congress Standing November 8 2024
Committee
The evolution of industry cycles will continue testing corporate strategic resilience while technological
upgrading and capacity optimization remain key to breakthrough. China’s petrochemical industry with a solid
development foundation is an important pillar industry of the national economy. Leading integrated refining-
chemical enterprises like Rongsheng Petrochemical actively advance “oil-to-chemicals” transformation through
their integrated advantages tapping cost-reduction and efficiency-enhancement potential while rapidly responding
to market demands to continuously improve profitability. Currently three dominant trends are shaping the
industry’s development: high-end digital intelligence and green and low-carbon. Domestic petrochemical
companies are vigorously developing innovative fine chemicals with growing R&D investment in high-end
chemical products. With emerging technologies proliferating the digital transformation in China’s petrochemical
4Summary of 2024 Annual Report
industry is deepening leveraging IoT big data and AI to enhance digital energy efficiency and new material R&D
thereby strengthening anti-cyclical capabilities. As the “carbon peaking and carbon neutrality” agenda accelerates
green and low-carbon development has become an imperative for industry transformation and upgrading.Petrochemical enterprises must simultaneously improve production energy efficiency and increase R&D investment
in clean energy technologies to meet future market requirements.(IV) Industry position and competitive advantages of the Company
As one of the world’s leading chemical material producers Rongsheng Petrochemical is a major manufacturer
of polyester new energy materials engineering plastics and high-value-added polyolefins in China and Asia. The
refining and chemical integration project of ZPC which was led by the Company boasts 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
achieving globally leading integration rates. In July 2024 US Chemical & Engineering News (C&EN) ranked
Rongsheng Petrochemical 14th in its “Global Top 50 Chemical Companies 2024” marking the Company’s fourthconsecutive year on the list. The same year Rongsheng Petrochemical was ranked 8th in ICIS’ “World Top 100Chemical Companies” 6th in US Chemical Week’s “Billion-Dollar Club of Global Chemical Companies” and 6th
in Brand Finance’s “World’s Most Valuable Chemical Brands 2024”. In November 2024 the globally authoritative
index provider MSCI (Morgan Stanley Capital International) announced its latest ESG ratings with Rongsheng
Petrochemical’s MSCI ESG rating upgraded to BBB ranking among the global leaders in the Diversified Chemicals
sector demonstrating management performance at the forefront of the global petrochemical industry in terms of
carbon emission reduction water resource management and corporate governance.In recent years the Company has actively responded to national policy directives through technological
innovation green transformation and strategic planning to drive transformation and upgrading. For vertical
extension it has continued to strengthen the resource integration and scale effects of its refining and chemical
integration model and fully leveraged its advantages of “cost reduction and efficiency improvement” and potential
of “oil-to-chemical conversion” to enhance operational performance. For horizontal expansion the Company has
actively laid out differentiated high-end and green product systems with its product portfolio covering new energy
materials polyester synthetic resins and other sectors significantly boosting its comprehensive competitiveness in
the global market. Through the projects such as ZPC’s refining and chemical integration project and Jintang new
materials it is aggressively developing high-value downstream sectors including new energy materials and premium
resins; By continuously extending and complementing its industrial chain it achieves comprehensive coverage from
basic chemical raw materials to advanced new materials establishing a production system with high-quality
development. In terms of global cooperation the strategic partnership between Rongsheng Petrochemical and Saudi
Aramco has further solidified its industry position. Since Aramco’s strategic investment in 2023 both parties have
deepened collaboration in crude oil procurement raw material supply technological exchange and overseas market
expansion. In 2024 the Company enhanced equity cooperation with Aramco through joint development of the
Zhongjin Petrochemical and SASREF expansion projects substantially strengthening its global layout.
(2) Analysis of Main Business
Rongsheng Petrochemical is one of the leading private petrochemical enterprises in China. It is mainly engaged
in the research development production and sales of all kinds of oil products chemicals and polyester products. It
has established seven production bases in Bohai Economic Rim Yangtze River Delta Economic Circle and Hainan
Belt and Road Economic Circle forming five industrial chains of polyester engineering plastics new energy high-
end polyolefin and special rubber. It is one of the important producers of polyester new energy materials
engineering plastics and high value-added polyolefin in Asia with the largest production capacity of chemicals such
as PX and PTA in the world.(I) Main products
The Company’s products are rich in variety and complete in specifications covering many fields such as new
5Summary of 2024 Annual Report
energy new materials organic chemicals synthetic fibers synthetic resins synthetic rubber and oil products
basically achieving “from a drop of oil to everything in the world” and constantly upgrading and improving the
industrial chain of new materials on the basis of the existing super-large integrated refining base worldwide and
complete upstream and downstream facilities.At present the main products are shown in the following figure:
Note: products marked by dotted line / dotted box are products under the plan.(II) Operation measures
6Summary of 2024 Annual Report
China’s economy demonstrated remarkable resilience and innovative vitality amid pressures and difficulties
consolidating stable growth while making solid progress. The petrochemical industry maintained fundamental
stability with breakthrough advancements where technological innovation and low-carbon transformation emerged
as core drivers for further industrial development. During the reporting period under the leadership of the Board of
Directors the Company firmly seized the opportunity stabilized the “core business foundation” of existing
industries explored high-end materials as new growth frontiers focused on promoting the “three-oriented”
transformation of internationalization greening and digital-intelligence and made solid progress in high-quality
development.
1. Advance industrial layout through vertical and horizontal planning
In 2024 we steadfastly implemented our “Vertical-Horizontal” development strategy achieving steady
progress in international cooperation while pursuing differentiated growth. Establish “new pillars” for global
collaboration. This year the Company signed the Memorandum of Cooperation and the Collaboration Framework
Agreement with Saudi Aramco to jointly explore joint operations of Zhongjin Petrochemical and Jubail Refining
and Chemical Company expand overseas markets through mutual equity participation and joint projects by
subsidiaries tap the cooperation potential in operation management resource advantages sales channels and
cutting-edge technologies strengthen the complementarity of industrial chains enhance the global market share
enhance the anti-risk ability of transnational operations and ensure the sustainable growth of the Company in its
globalization journey. Accelerate “milestones” by project construction. This year ZPC put into production a pilot
plant of α-olefins with an annual output of 1000 tons laying the foundation for the whole industrial chain of POE;
The successful trial production of 100000 tons/year rare earth cis-polybutadiene rubber plant marked an important
step for the Company in the field of green tire materials; The 380000 tons/year polyether plant produced qualified
products the 1500000-ton multifunctional polyester chip project was successfully put into production and the
Jintang new materials and other projects were promoted in an orderly manner which continuously expanded the
Company’s differentiated high-end and green product matrix.
2. Enhance the whole chain with digital intelligence and lean management
In 2024 guided by our operational philosophy of “stability based efficiency prioritized” we relentlessly
pursued cost reduction and efficiency improvement achieved remarkable results through lean management and
realized “zero accidents” for safe production throughout the year. Optimize and tighten the “benefit valve” in the
whole chain. This year we adhered to the market efficiency of products as the guide adjusted the processing scheme
flexibly in time carried out in-depth optimization of the whole industrial chain and completed three “oil conversion”
processing technologies and process reserves for “light medium and heavy” components of catalytic gasoline; We
researched and implemented cross-flow filtration technology of oil residue which continuously improved the
technical economy of slurry bed; We improved the product yield optimized the production process and
continuously enhanced the market adaptability of the integrated refining and chemical operation scheme. Drive and
activate “new momentum” by digital intelligence. This year Zhejiang Petrochemical’s “Digitization Project ofRefining and Chemical Integration” was selected as a national advanced manufacturing project and the construction
of MES energy module continued to advance realizing the informationization and digitalization of energy
management; The advanced control project was put into full use which became an important means to save energy
reduce consumption tap potential and increase efficiency. The reservation and delivery system for hazardous
chemicals of Zhongjin Petrochemical was officially put into operation and the automatic license plate recognition
system for loading vehicles of Yongsheng Technology was successfully put into use. Information technology is
deeply integrated with the Company’s business processes and various measures are taken to boost cost reduction
and efficiency improvement.
3. Enhance quality and efficiency through low-carbon transformation and innovation
In 2024 we led the industrial upgrading with technological innovation and empower sustainable development
with clean and low carbon. Enter the “Fast Lane” via technological breakthroughs. This year the Company invested
7Summary of 2024 Annual Report
RMB 5.101 billion in R&D significantly enhanced its independent R&D innovation capability continued to build
a collaborative innovation ecology of “Industry-University-Research-Application” deeply participated in the
formulation of industry standards and was awarded the “Zhejiang High-tech Enterprise R&D Center” which further
strengthened the supporting force of the technology platform. Multiple self-developed new products passed
certification and with Zhejiang Petrochemical’s containerized marine packaging successfully delivered
technological innovation continued to elevate its product competitiveness. Paint a “new background” via low-
carbon transformation. This year the Company invested RMB 273 million in environmental protection and ZPC
led the country in energy efficiency and water efficiency of many key products for two consecutive years. Its
industrial chain of high-value utilization of carbon dioxide realized the synergy of energy saving pollution reduction
carbon reduction and high-value utilization of carbon dioxide and continuously transformed environmental benefits
into economic benefits. Yisheng Dahua carried out major energy-saving and water-saving technical transformation
projects and won the title of “Dalian Water-saving Enterprise”; Shengyuan Chemical Fiber Distributed Photovoltaic
Power Generation Project achieved grid-connected operation which can provide 15 million kWh of green electricity
every year; Yongsheng Technology’s boiler fuel was cleaned and upgraded effectively reducing the impact of
volatile gases on the environment. With the exploration and practice in low-carbon transformation Rongsheng
Petrochemical’s ESG rating was upgraded from B to BBB and its CDP rating also achieved excellent improvementranking among the top in the global general and diverse chemicals industry and it was awarded as “the Best ListedCompany for ESG Management in 2024”.(III) Operation synergy
1. Controlling shareholder
Rongsheng Holdings ranks 138th among the top 500 enterprises in the world 40th among the top 500 Chinese
enterprises and 5th among the top 500 private enterprises in China. At present the Group has listed companies such
as Rongsheng Petrochemical (stock code: 002493) and Ningbo United (stock code: 600051) with its business
involving oil and gas upstream and trading coal logistics equipment manufacturing process engineering
technology real estate venture capital and other fields; Rongtong Logistics a subsidiary is a national AAAA-level
logistics enterprise which has a mature and stable carrier cooperation operation platform; Suzhou Shenghui
Equipment Co. Ltd. a holding company specializes in the design manufacture and sales of pressure vessels
cryogenic equipment spherical tanks and marine equipment; Shanghai Huanqiu Engineering Co. Ltd. a joint stock
company of the Company has extremely rich experience in engineering EPC; A number of projects invested by
Zhejiang Rongsheng Venture Investment Co. Ltd. not only achieved good economic benefits but also promoted
the synergy of the industrial chain; In addition a number of other investments are also constantly advancing.
2. Strategic investors
Rongsheng Petrochemical and Saudi Aramco form the upstream and downstream in the industry and maintain
a good foundation for cooperation. The two companies will carry out all-round consultations and cooperation such
as: * Frontier technology sharing cooperation: The two companies will sincerely discuss to complement each
other’s technologies through their advantages jointly develop new technologies processes and equipment to meet
the future market demand and promote them on the market and at the same time share the necessary resources for
research and development; * Stable crude oil supply guarantee: Saudi Aramco supplies ZPC with high-quality
crude oil with the promised quantity of 480000 barrels per day and provides the Company with production raw
materials such as naphtha mixed xylene and straight-run fuel; * Interest-free purchase credit line: A credit line
with a term of 20 years and an amount of USD 800 million which can be increased during the cooperation period
will be provided which is conducive to improving the capital utilization efficiency of ZPC and will have a positive
impact on improving its profitability; * Flexible cooperation in crude oil storage: Though amicable negotiations
of related parties the Company provides Saudi Aramco with crude oil storage tanks and related facilities in
Zhoushan and Saudi Aramco needs to maintain a crude oil inventory of not less than 1.5 million metric tons which
is helpful to ensure the crude oil supply of ZPC; * Broad global sales channels: Relying on overseas sales channels
8Summary of 2024 Annual Report
of Saudi Aramco the Company can further expand the international market of its products and deepen strategic
cooperation with overseas customers. Similarly with the Company’s deep-seated resources for many years Saudi
Aramco can also quickly enter the relevant international and domestic markets.In addition Rongsheng Petrochemical planned to acquire 50% equity in SASREF Refinery a wholly-owned
subsidiary of Saudi Aramco in Jubail Saudi Arabia and participate in its expansion. This “powerful alliance”
achieves the advance of raw material supply and the expansion of global sales channels promotes resource sharing
and industrial chain coordination and jointly builds an industrial ecology with mutual benefits and win-win situation.As a practitioner of the “Belt and Road Initiative” Rongsheng Petrochemical driven by the dual drivers of “goingout” and “attracting investment” has established a strategic fulcrum in the Middle East laid out a supply chain
network around the Indian Ocean and attracted international strategic funds to invest in China for long term
injecting continuous vitality for its prosperous 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 costs.
3.2. Zhongjin Petrochemical
Zhongjin Project which was put into operation in August 2015 is an aromatic hydrocarbon combined plant
9Summary of 2024 Annual Report
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
been successfully applied for the first time in ZPC 2# disproportionation plant (3.5 million tons/year). The catalyst
has the excellent characteristics of “three highs” namely high space velocity high yield and high conversion and
utilization rate of heavy aromatic hydrocarbon and has good operation stability whose comprehensive performance
and technical indicators have reached the advanced level in the world at present realizing import substitution which
reflects the staged progress of the Company’s scientific research and innovation ability and level and is of great
significance for continuously improving the technical level of production equipment improving the conversion and
utilization efficiency of raw materials reducing consumption and production costs and realizing the aromatic
hydrocarbon production from large to strong and achieving green efficiency.
3.3. Rongsheng New Materials (Zhoushan)
As the expansion area of Zhoushan Green Petrochemical Base relying on ZPC and Ningbo Zhongjin
Petrochemical it extends the industrial chain downstream and develops fine chemicals and new chemical materials.The company focuses on developing downstream products of the existing industrial chains of ZPC and Zhongjin
to achieve the value-added and efficiency increase in raw materials of Zhongjin and ZPC. At present the project
has started construction and related work is progressing in an orderly manner.
4. PTA sector
Since the establishment of the first private PTA production line in 2002 the Company has insisted on
independent innovation successively developed and built the first domestic PTA process package and production
equipment with independent intellectual property rights and realized the first domestic application of core
equipment such as large-scale oxidation reactors and high-speed pumps which changed the long-term dependence
of China’s PTA industry on the introduction of complete sets of foreign patented technology and promoted a large
number of domestic equipment manufacturers to achieve leap-forward development. At the same time we have
continuously carried out technical transformation on existing equipment to improve production efficiency and
product quality and at the same time continuously optimized raw material consumption to ensure efficient use of
resources. Meanwhile the Company has steadily promoted the launch of new production capacity on the one hand
to meet the growing market demand and on the other hand to stabilize the Company’s leading position in the
polyester industry.
5. Polyester sectorWith the general policy of “safety and environmental protection quality improvement cost reduction andbenefits increase” the Company focuses on strengthening pandemic prevention and control implementing hidden
danger treatment boosting process optimization and promoting lean production management. Yongsheng
Technology’s 250000-ton functional polyester film expansion project has been successfully put into production
and the Company’s annual polyester film production capacity has reached 430000 tons ranking the top four in
China. The Company’s PTA production enterprises make full use of the advantages of the Company’s complete
industrial chain integration to continuously tap the potential and increase benefits to produce polyester bottle chips.At present its production capacity ranks first in China with part of PTA production capacity consumed locally
which enhances the competitiveness of the enterprise and improve the economic benefits. The 500000 tons of
differentiated fiber project of Shengyuan Phase II which mainly produces flame-retardant functional and dye-free
fiber products is also in progress.
3．Key Accounting Data and Financial Indicators
10Summary of 2024 Annual Report
(1) Key Accounting Data and Financial Indicators in Recent Three Years
Whether the Company needs to retroactively adjust or restate the accounting data of the previous years
□ Yes □ No
Unit: RMB
Increase or decrease
at the end of this year
At the end of 2024 At the end of 2023 compared with the At the end of 2022
end of the previous
year
Total assets 377845944183.98 374918440311.68 0.78% 362588594491.52
Net assets attributable
to shareholders of the 43859172287.65 44335891085.79 -1.08% 47261560704.95
listed company
Increase or decrease
2024 2023 of this year compared with the previous 2022
year
Operating revenue 326475162608.88 325111614268.09 0.42% 289094841612.76
Net profit attributable
to shareholders of the 724484686.45 1158146248.89 -37.44% 3340713394.56
listed company
Net profit attributable
to shareholders of the
listed company after 762154045.53 820092947.36 -7.06% 2012164243.32
deducting non-
recurring profit or loss
Net cash flows from
operating activities 34609126604.88 28079221508.73 23.26% 19058136885.36
Basic EPS (RMB per
share) 0.08 0.12 -33.33% 0.33
Diluted EPS (RMB per
share) 0.08 0.12 -33.33% 0.33
Weighted average ROE 1.65% 2.48% -0.83% 6.87%
(2) Key Accounting Data on a Quarterly Basis
Unit: RMB
Q1 Q2 Q3 Q4
Operating revenue 81088312171.89 80161432105.96 83946567914.37 81278850416.66
Net profit attributable
to shareholders of the 552356783.62 305578099.52 18742137.68 -152192334.37
listed company
Net profit attributable
to shareholders of the
listed company net of 474627417.74 197749139.41 15815885.95 73961602.43
non-recurring gain and
loss
Net cash flow from
operating activities 4129270983.86 4263267368.09 11323922792.34 14892665460.58
Whether there is significant difference between the above financial indicators or the total sum of them and the
financial indicators related to the quarterly report and semiannual report disclosed by the Company
11Summary of 2024 Annual Report
□ Yes □ No
4. Situation of Share Capital and Shareholders
(1) Number of ordinary shareholders and preferred shareholders with voting rights restored and
shareholdings of the top 10 shareholders
Unit: share
Total number
Total number of
Total number of common
Total number of preferred shareholders
of common shareholders whose
at the end of preferred shareholders
shareholders voting rights were
89709 the last month 87976 with voting rights 0 0
at the end of restored at the end
before the restored at the end of
the reporting the reporting period of last month before
period disclosure date the disclosure date
of the annual of annual report
report
Shareholdings of the top 10 shareholders (excluding shares lent through refinancing)
Number of Number of Pledge marking or freezing
Name of Nature of Shareholding shares held at shares held with
shareholders shareholders ratio the end of the limited sales Share status Number
report period conditions
Zhejiang Domestic
Rongsheng non-state- 53.16% 5382659734 0 Not applicable 0
Holding Group owned legal
Co. Ltd. person
Aramco
Overseas
Overseas 10.00% 1012552501 0 Not applicable 0
legal person
Company B.V.Domestic
Li Shuirong natural 6.35% 643275000 482456250 Not applicable 0
person
Hong Kong
Securities
Overseas
Clearing 1.74% 175884129 0 Not applicable 0
legal person
Company
Limited
Domestic
Li Guoqing natural 0.95% 96525000 72393750 Not applicable 0
person
Domestic
Xu Yuejuan natural 0.95% 96525000 0 Not applicable 0
person
Domestic
Li Yongqing natural 0.95% 96525000 72393750 Not applicable 0
person
Horizon Asset -
Huaneng
Trust · Jiayue
No. 7 Single Other 0.54% 55148287 0 Not applicable 0
Fund Trust -
Horizon Asset
Huixin No. 43
12Summary of 2024 Annual Report
Single Asset
Management
Plan
Industrial and
Commercial
Bank of China
Limited –
Huatai-
PineBridge CSI
Other 0.52% 52504751 0 Not applicable 0
300 Exchange
Traded Open-
End Index
Securities
Investment
Fund
Huaneng
Guicheng Trust
Co. Ltd. -
Huaneng
Other 0.49% 50078500 0 Not applicable 0
Trust · Rongyue
Weicheng
collective funds
trust plan
Among the top 10 shareholders Zhejiang Rongsheng Holding Group Co. Ltd. is the controlling
Explanation of the relationship shareholder of the Company Li Yongqing and Li Guoqing are nephews of Li Shuirong
Chairman of the Board of Directors of Zhejiang Rongsheng Holding Group Co. Ltd. Xu
or concerted action among the
above shareholders Yuejuan is sister-in-law of Li Shuirong forming associated relationships. In addition to the
above associated relationships the Company has no knowledge of whether other shareholders
are related to each other or persons acting in concert.Explanation of the top 10
Zhejiang Rongsheng Holding Group Co. Ltd. holds 5342659734 shares through an ordinary
shareholders’ participation in
securities margin trading (if any) account and 40000000 shares through a credit account.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 □ 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 □ Not applicable
(2) Total number of preferred shareholders and shares holding of the top 10 preferred shareholders of the
Company
□ Applicable □ Not applicable
During the reporting period the Company did not have preferred shareholders holding shares.
13Summary of 2024 Annual Report
(3) The property rights and control relations between the Company and its actual controller disclosed by a
block diagram
Li Shuirong
63.523%
Zhejiang Rongsheng Holding 6.35%
Group Co. Ltd.
53.16%
Rongsheng Petrochemical
Co. Ltd.
5. Corporate Bonds Existing on the Date of Approval of the Annual Report
□ Applicable □ Not applicable
III. Important Considerations
Ningbo Zhongjin Petrochemical Co. Ltd. a wholly-owned subsidiary of the Company applied to Ningbo
Branch of China Pacific Property Insurance Co. Ltd. for a tariff guarantee insurance coverage of not more than
RMB 585 million for a guarantee period from March 1 2025 to March 1 2026 and the Company will provide joint
liability guarantee for it which is subject to the letter of guarantee signed by both parties.Rongsheng Petrochemical Co. Ltd.Chairman: Li Shuirong
April 24 2025
14
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