Earnings release
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibilities for the contents of this announcement , make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement . (a joint stock limited company incorporated in the People’s Republic of China with limited liability) (Stock Code: 00386) Overseas Regulatory Announcement China Petroleum & Chemical Corporation The First Quarterly Report for 202 5 This announcement is made pursuant to Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong ). Beijing, the PRC, 28 April 2025 By Order of the Board China Petroleum & Chemical Corporation Huang Wensheng Vice President and Secretary to the Board of Directors As of the date of this announcement, directors of the Company are: Ma Yongsheng*, Zhao Dong#, Zhong Ren*, Li Yonglin#, Lv Lianggong#, Niu Shuanwen#, Wan Tao#, Yu Baocai#, Xu Lin+, Zhang Liying+, Liu Tsz Bun Bennet+ and Zhang Xiliang+. # Executive Director * Non-executive Director + Independent Non-executive Director
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China Petroleum & Chemical Corporation The First Quarterly Report for 2025 28 April 2025 Beijing, China
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2 Important notice The Board of Directors, the Supervi sory Committee of China Petroleum & Chemical Corporation (“Sinopec Corp.” or the “Company”) and its directors, supervisors and senior management warrant the authenticity, accuracy and completeness of the information conta ined in this quarterly report and there are no false representations, misleading statements or material omissions and severally and jointly accept full responsibility. This first quarterly report for 2025 was approved at the 6th meeting of the Ninth Session of the Board of Directors of Sinopec Corp. All directors attended this meeting. Mr. Ma Yongsheng, Chairman of the Board of Directors, Mr. Zhao Dong, Vice Chairman of the Board of Directors and President, Ms. Shou Donghua, Chief Financial Officer and Head of the Financial Department of Sinopec Corp. warrant the authenticity, accuracy and completeness of the financial statements contained in this quarterly report. The financial statements in this quarterly report were not audited.
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3 1. Principal financial data 1.1 Principal financial data and indicators 1.1.1 Principal financial data and indicators prepared in accordance with China Accounting Standards for Business Enterprises (CASs) RMB million Three-month period ended 31 March 2025 Three-month period ended 31 March 2024 Change (%) Operating income 735,356 789,967 (6.9) Net profit attributable to equity shareholders of the Company 13,264 18,316 (27.6) Net profit attributable to equity shareholders of the Company excluding extraordinary gains and losses 13,223 18,186 (27.3) Net cash flow generated from/ (used in) operating activities 8,138 (13,755) — Basic earnings per share (RMB) 0.109 0.153 (28.8) Diluted earnings per share (RMB) 0.109 0.153 (28.8) Weighted average return on net assets (%) 1.60 2.23 (0.63) percentage points RMB million As of 31 March 2025 As of 31 December 2024 Change (%) Total assets 2,123,049 2,084,771 1.8 Total equity attributable to equity shareholders of the Company 834,815 819,922 1.8 1.1.2 Extraordinary items and corresponding amounts RMB million Extraordinary items Three-month period ended 31 March 2025 (income)/expenses Net gain on disposal of non-current assets (202) Donations 23 Government grants (122) Gains on holding and disposal of various investments (38) Other extraordinary expenses, net 215 Subtotal (124) Tax effect 45 Total (79) Attributable to: Equity shareholders of the Company (41) Minority interests (38)
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4 1.1.3 Principal financial data and indicators prepared in accordance with IFRS Accounting Standards RMB million Three-month period ended 31 March 2025 Three-month period ended 31 March 2024 Change (%) Revenue 735,356 789,967 (6.9) Operating profit 20,895 27,320 (23.5) Profit attributable to shareholders of the Company 13,975 18,721 (25.4) Net cash generated from/ (used in) operating activities 8,138 (13,755) — Basic earnings per share (RMB) 0.115 0.156 (26.3) Diluted earnings per share (RMB) 0.115 0.156 (26.3) Return on net assets (%) 1.68 2.25 (0.57) percentage points RMB million As of 31 March 2025 As of 31 December 2024 Change (%) Total assets 2,119,718 2,081,440 1.8 Total equity attributable to shareholders of the Company 830,719 815,815 1.8 1.2 Significant changes in major items contained in the consolidated financial statements prepared in accordance with CASs. Items of Consolidated Balance Sheet As of 31 March 2025 As of 31 December 2024 Increase/(Decrease) Main reasons for changes Amount Percentage RMB million RMB million RMB million (%) Derivative financial assets 3,327 2,554 773 30.3 Impact of changes in fair value of hedging business. Accounts receivable 61,213 44,333 16,880 38.1 Impact of increased sales volume of trade business. Receivables financing 9,869 2,613 7,256 277.7 Increase in bill-settled transactions. Prepayments 8,973 6,429 2,544 39.6 Increase in prepayments of crude oil procurement etc. Non-current liabilities due within one year 85,297 64,602 20,695 32.0 Certain long-term loans being reclassified to non-current liabilities due within one year. Debentures payable 52,579 25,562 27,017 105.7 Issuance of long-term debentures for financing during the reporting period.
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5 Items of Consolidated Income Statement For three-month period ended 31 March Increase/(Decrease) Main reasons for changes 2025 2024 Amount Percentage RMB million RMB million RMB million (%) Financial expenses 4,579 2,704 1,875 69.3 Increase in net exchange loss on foreign currency loans. Investment income 1,647 5,472 (3,825) (69.9) Impact of changes in gains and losses of hedging business and the decrease in the profit of associates and joint ventures. Gains/(losses) from changes in fair value 2,463 (4,897) 7,360 — Impact of increase in floating gains of hedging business. Credit impairment reversals/(losses) 102 (40) 142 — Increase in reversal of allowance for doubtful accounts on receivables in the reporting period. Impairment (losses)/reversals (210) 42 (252) — Increase in impairment losses of certain inventories due to the declining crude oil prices. Asset disposal gains 202 99 103 104.0 Increase in the disposal income of service station assets year-on-year during the reporting period. Items of Consolidated Cash Flow Statement For three-month period ended 31 March Increase/(Decrease) Main reasons for changes 2025 2024 Amount Percentage RMB million RMB million RMB million (%) Refund of taxes and levies 1,164 2,503 (1,339) (53.5) Decrease in V AT credit refund during the reporting period. Cash received from returns on investments 304 921 (617) (67.0) Decrease in cash dividends received from associates and joint ventures during the reporting period. Net cash received from disposal of fixed assets, intangible assets and other long-term assets 210 621 (411) (66.2) Cash received from disposal of Hunan Petrochemical assets in the previous year, which did not happen during the reporting period. Cash paid for acquisition of investments (2,053) (91) (1,962) — Year-on-year increase in capital injection to associates and joint ventures in this period. Other cash paid relating to investing activities (20,771) (32,480) 11,709 — Decrease in time deposits with maturities over three months. Cash received from capital contributions 482 12,358 (11,876) (96.1) Cash received from the issue of shares to the target subscriber in the previous year, which did not happen during the reporting period. Other cash received relating to financing activities 13 799 (786) (98.4) Carrying out the finance leasing business in the previous year, which did not happen during the reporting period.
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6 Items of Consolidated Cash Flow Statement For three-month period ended 31 March Increase/(Decrease) Main reasons for changes 2025 2024 Amount Percentage RMB million RMB million RMB million (%) Cash paid for dividends, profits distribution or interest (3,990) (2,237) (1,753) — Increase in dividends distributed by the subsidiary. 2. Shareholders information Total number of shareholders and top ten shareholders at the end of the reporting period Total number of ordinary shareholders at the end of the reporting period Total number of shareholders was 464,080, including 458,853 holders of A shares and 5,227 holders of H shares. The shareholdings of top ten shareholders (excluding shares lent through refinancing) Name of shareholder Nature of shareholder Total number of shares held (share) Perce ntage (%) Number of restricted shares held (share) Shares subject to pledges, marked or freezing Status Amount (share) China Petrochemical Corporation State-owned share 83,062,059,096 68.49 2,390,438,247 None - HKSCC Nominees Limited1 H share 23,914,248,606 19.72 - Unknown Unknown 中国证券金融股份有限公司 A share 2,325,374,407 1.92 - None - 中国石油天然气集团有限公司 A share 2,165,749,530 1.79 - None - 香港中央结算有限公司 A share 935,783,479 0.77 - None - 中国人寿保险股份有限公司－ 传统－普通保险产品－ 005L－ CT001 沪 A share 440,377,137 0.36 - None - 中央汇金资产管理有限责任公 司 A share 315,223,600 0.26 - None - 中国工商银行－上证 50 交易型 开放式指数证券投资基金 A share 266,955,553 0.22 - None - 中国工商银行股份有限公司－ 华泰柏瑞沪深 300 交易型开放式 指数证券投资基金 A share 238,600,697 0.20 - None - 国信证券股份有限公司 A share 236,234,058 0.19 - Pledged 109,603,1 00 Note 1: Sinopec Century Bright Capital Investment Limited, an overseas wholly-owned subsidiary of China Petrochemical Corporation, held 1,042,664,000 H shares, accounting for 0.86% of the total issued share capital of Sinopec Corp. Those shareholdings were included in the total number of the shares held by HKSCC Nominees Limited. The shareholdings of top ten shareholders with non-restricted shares (excluding shares lent through refinancing) Name of shareholder Number of non-restricted shares held (share) Class and number of shares Class Amount (share)
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7 China Petrochemical Corporation 80,671,620,849 RMB ordinary share 80,671,620,849 HKSCC Nominees Limited 23,914,248,606 Overseas listed foreign share 23,914,248,606 中国证券金融股份有限公司 2,325,374,407 RMB ordinary share 2,325,374,407 中国石油天然气集团有限公司 2,165,749,530 RMB ordinary share 2,165,749,530 香港中央结算有限公司 935,783,479 RMB ordinary share 935,783,479 中国人寿保险股份有限公司－传统 －普通保险产品－005L－CT001 沪 440,377,137 RMB ordinary share 440,377,137 中央汇金资产管理有限责任公司 315,223,600 RMB ordinary share 315,223,600 中国工商银行－上证 50 交易型开放 式指数证券投资基金 266,955,553 RMB ordinary share 266,955,553 中国工商银行股份有限公司－华泰 柏瑞沪深 300 交易型开放式指数证券 投资基金 238,600,697 RMB ordinary share 238,600,697 国信证券股份有限公司 236,234,058 RMB ordinary share 236,234,058 Shareholders holding more than 5% of the shares, top ten shareholders and top ten shareholders with non-restricted shares have not participated in lending of shares through refinancing. Statement on the connected relationship or acting in concert among the aforementioned shareholders: Sinopec Corp. is not aware of any connected relationship or acting in concert among or between the above-mentioned shareholders. The change of top ten shareholders Name of shareholder Entry/exit during the reporting period Number of unreturned shares lent through refinancing at the end of the reporting period Shareholdings in ordinary account and credit account and number of unreturned shares lent through refinancing at the end of the reporting period Amount (share) Percentage (%) Amount (share) Percentage (%) 国信证券股份有限公司 Entry - - 236,234,058 0.19 国新投资有限公司 Exit Not applicable Note: Shareholdings of 国新投资有限公司 in its ordinary account and credit account were not included in the list of the Company’s top 200 shareholders at the end of the reporting period. 3. Review of operating results In the first quarter of 2025, China’s economy continued to recover and improve , registering a GDP growth of 5.4 % year-on-year. Based on the Company’s statistics, domestic demand for natural gas increased by 0.8% year-on-year, demand for refined oil products decreased by 4.0% year -on-year,
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8 and domestic demand for chemical products maintained growth , with domestic consumption of ethylene equivalent up by 3.1% year-on-year, while chemical margin stayed at low level. In the first quarter, international crude oil prices fluctuated in a wide range and the spot price of Platts Brent averaged USD75.7 per barrel, down by 9.0% year-on-year. Facing the tough external environment, the Company intensified the optimisation in integration and regional operations, expanded the market and sales close to market demand, strengthened cost and expense control, and maintained steady production and operation. In accordance with CASs, net profit attributable to equity shareholders of the Company was RMB 13.264 billion in the first quarter of 2025. In accordance with IFRS Accoun ting Standards, net profit attributable to shareholders of the Company was RMB13.975 billion in the first quarter of 2025. Exploration and Production: The Company spared no effort to expand exploration & development licenses and increase reserves, strengthened high-quality exploration and profitable development, and achieved good results . Significant breakthroughs were made in the exploration of such regions as Beibu Gulf Basin, Tarim Basin, and Sichuan Basin. We accelerated the construction of key crude oil production capacities such as Shengli Offshore, West Jungar, and Tahe, promoted the construction of the Shengli Jiyang Shale Oil National Demonstration Zone with high quality, and actively pushed forward the building of key na tural gas production capacities such as Shunbei Area II and marine facies gas in West Sichuan. Meanwhile, we further optimised the synergy of integrated gas business system covering production, supply, storage and sales. In the first quarter, the Company’s production of oil and gas was 130.97 million barrels of oil equivalent, up by 1.7 % year on year, among which natural gas production reached 368.43 billion cubic feet, up by 5.1% year on year. The exploration and production segment realised earnings before interest and tax (EBIT) of RMB13.631 billion. Summary of Operations for the Exploration and Production Segment Unit Three-month period ended 31 March Changes 2025 2024 (%) Oil and gas production million boe 130.97 128.78 1.7 Crude oil production million barrels 69.53 70.36 (1.2) China million barrels 62.81 63.11 (0.5) Overseas million barrels 6.72 7.25 (7.3) Natural gas production billion cubic feet 368.43 350.46 5.1 Realised crude oil price USD/barrel 71.50 75.43 (5.2) Realised self-produced natural gas price RMB/cubic meter 1.91 1.98 (3.5) Note: For domestic production of crude oil, 1 tonne is about 7.1 barrels. For overseas production of crude oil, 1 tonne is about 7.25 barrels. For production of natural gas, 1 cubic meter = 35.31 cubic feet. Refining: The Company adhered to synergy and optimisation of production and marketing, promoted high-efficiency operation of the industrial chain and utilisation of advantageous capacity. We adhered to the strategy of low-cost “refined oil products to chemical feedstocks” and high-value “refined oil
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9 products to refining specialties” , continued to optimise the utilisation rate and product slate by increasing the production of chemical feedstock and jet fuel, reducing the diesel-to-gasoline ratio, and promoting the development of high-end carbon materials and refining specialties. In the first quarter, the Company processed 6 2.13 million tonnes of crude oil and produced 37.19 million tonnes of refined oil products. The Company also produced 11.33 million tonnes of light chemical feedstock, up by 11.3% year on year. The refining segment realised EBIT of RMB2.393 billion. Summary of Operations for the Refining Segment Unit Three-month period ended 31 March Changes (%) 2025 2024 Refinery throughput million tonnes 62.13 63.30 (1.8) Gasoline, diesel and kerosene production million tonnes 37.19 38.83 (4.2) Gasoline million tonnes 16.18 16.22 (0.2) Diesel million tonnes 12.70 14.75 (13.9) Kerosene million tonnes 8.31 7.86 5.7 Light chemical feedstock production million tonnes 11.33 10.18 11.3 Note: Including 100% production of domestic joint ventures. Marketing and Distribution: The Company fully leveraged on its integration and network advantages, strengthened the market research and the synergy of production and sales, and actively engaged in customer marketing and consolidated market share of refined oil products. We stepped up effort in gas refueling and EV battery charging and swapping businesses , with significant year-on- year increase in scale of battery charging and swapping and gas sales. The retail volume of automotive LNG reached 2.05 billion cubic meters, up by 116% year on year. We extend ed the value chain of electric power business, steadily promoted the development of hydrogen-based traffic, improved non- fuel business operation al quality, and continue d to build an integrated energy service provider of petrol, gas, hydrogen, power and service. In the first quarter, total sales volume of refined oil products was 55.59 million tonnes. The marketing and distribution segment realised EBIT of RMB4.867 billion. Summary of Operations for the Marketing and Distribution Segment Unit Three-month period ended 31 March Changes (%) 2025 2024 Total sales volume of refined oil products million tonnes 55.59 59.81 (7.1) Total domestic sales volume of refined oil products million tonnes 43.17 45.58 (5.3) Retail million tonnes 27.43 29.31 (6.4) Direct sales & Distribution million tonnes 15.73 16.27 (3.3) Note: The total sales volume of refined oil products includes the amount of trading volume.
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10 Chemicals: Facing tough environment of the continuously added domestic chemicals capacity and low chemical margin, the Company closely followed the market demand, spared no effort to optimise operation, slash costs and expenses, and expanded the market. The Company optimised the structure of feedstock, facilities and products mix with a focus on profitability, boosted the utilisation rate, and increased the production of profitable products. We closely integrated production, marketing, research and application, and intensified the development of new products and high value-added products. In the first quarter, the ethylene production was 3.861 million tonnes, up by 17.7% year on year, and the total chemicals sales volume was 19. 97 million tonnes, up by 2.4% year on year . The chemicals segment realised EBIT of RMB-1.321 billion. Summary of Operations for the Chemicals Segment Unit Three-month period ended 31 March Changes (%) 2025 2024 Ethylene thousand tonnes 3,861 3,279 17.7 Synthetic resin thousand tonnes 5,679 4,837 17.4 Synthetic rubber thousand tonnes 411 342 20.2 Monomers and polymers for synthetic fiber thousand tonnes 2,596 2,044 27.0 Synthetic fiber thousand tonnes 293 306 (4.2) Note: Including 100% production of domestic joint ventures. Capital Expenditure: In the first quarter, the total capital expenditure was RMB18.248 billion. The capital expenditure of the E&P segment was RMB 12.595 billion, mainly for the crude oil and gas production capacity building in Jiyang, Tahe, Fuling and Dingshan, as well as the construction of oil and gas storage and transportation facilities. The capital expenditure of the refining segment was RMB2.066 billion, mainly for Maoming Refining Transition and Upgrading, Zhenhai Refining and Chemical Expansion, and Guangzhou Petrochemical Technological Upgrading and other projects. The capital expenditure of the marketing and distribution segment was RMB0.906 billion, mainly for the development of the integrated energy station network, the renovation of the existing marketing network, and non-fuel business, etc. The capital expenditure of the chemical segment was RMB2.563 billion, mainly for the construction of the ethylene units in Maoming, Zhenhai, Qilu and Luoyang and aromatics unit in Jiujiang etc. The capital expenditure of corporate and others was RMB0.118 billion, mainly for R&D and digitalization projects, etc. 4. Other significant events 4.1 Progress of share repurchase during the reporting period On 28 June 2024, the Annual General Meeting of Sinopec Corp. considered and approved the Resolution to Grant to the Board a Mandate to Repurchase Domestic Shares and/or Overseas- listed Foreign Shares of Sinopec Corp. In September 2024, the Company commenced a new round of the repurchase of A shares and H shares. As of 31 December 2024, Sinopec Corp. had repurchased and cancelle d 130,146,195 A shares, and had repurchased 288,260,000 H shares, among which 288,122,000 H shares had been cancelled.
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11 The Company continued to implement share repurchase programme as planned. During the reporting period, the Company has repurchased 36,180,000 H shares. 4.2 Progress of share increase in the Company by China Petrochemical Corporation Due to confidence in Sinopec Corp. ’s development prospects, the controlling shareholder of the Company, China Petrochemical Corporation planned to increase its shareholdings of A shares and H shares of the Company by itself and its wholly-owned subsidiary within 12 months since 8 April 2025 (the “Shareholding Increase Plan”). According to notice from China Petrochemical Corporation, as of 25 April 2025, China Petrochemical Corporation and its wholly -owned subsidiary had increased their shareholdings by 24,727,400 shares of the Company. Chin a Petrochemical Corporation will continue to increase its shareholdings in the Company if appropriate in accordance with the Shareholding Increase Plan. This report is published in both Chinese and English languages. In the event of any inconsistency between the two versions, the Chinese version shall prevail. By Order of the Board Ma Yongsheng Chairman 28 April 2025
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12 5 Appendix 5.1 Quarterly financial statements prepared under China Accounting Standards for Business Enterprises (CASs) Consolidated Balance Sheet As at 31 March 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items At 31 March 2025 At 31 December 2024 Current assets: Cash at bank and on hand 160,582 146,799 Financial assets held for trading 4 4 Derivative financial assets 3,327 2,554 Accounts receivable 61,213 44,333 Receivables financing 9,869 2,613 Prepayments 8,973 6,429 Other receivables 33,452 32,123 Inventories 247,847 256,595 Other current assets 31,090 33,065 Total current assets 556,357 524,515 Non-current assets: Long-term equity investments 252,881 246,819 Other equity instrument investments 416 416 Fixed assets 708,220 717,105 Construction in progress 206,676 208,747 Right-of-use assets 173,205 164,342 Intangible assets 136,858 137,983 Goodwill 6,490 6,493 Long-term deferred expenses 11,419 12,131 Deferred tax assets 18,608 18,777 Other non-current assets 51,919 47,443 Total non-current assets 1,566,692 1,560,256 Total assets 2,123,049 2,084,771
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13 Consolidated Balance Sheet (Continued) Current liabilities: Short-term loans 40,476 48,231 Derivative financial liabilities 3,396 3,412 Bills payable 47,364 47,740 Accounts payable 193,575 208,857 Contract liabilities 124,923 127,697 Employee benefits payable 17,516 14,167 Taxes payable 35,331 38,497 Other payables 86,308 98,467 Non-current liabilities due within one year 85,297 64,602 Other current liabilities 19,279 21,567 Total current liabilities 653,465 673,237 Non-current liabilities: Long-term loans 190,570 184,934 Debentures payable 52,579 25,562 Lease liabilities 163,807 154,904 Provisions 50,020 49,668 Deferred tax liabilities 7,286 7,324 Other non-current liabilities 14,829 12,849 Total non-current liabilities 479,091 435,241 Total liabilities 1,132,556 1,108,478 Shareholders’ equity: Share capital 121,282 121,282 Capital reserve 125,455 125,368 Minus: treasury shares 138 1 Other comprehensive income (7) (987) Specific reserve 3,250 2,549 Surplus reserves 227,663 227,663 Retained earnings 357,310 344,048 Total equity attributable to shareholders of the Company 834,815 819,922 Minority interests 155,678 156,371 Total shareholders’ equity 990,493 976,293 Total liabilities and shareholders’ equity 2,123,049 2,084,771 Ma Yongsheng Zhao Dong Shou Donghua Chairman President Chief Financial Officer (Legal representative)
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14 Balance Sheet As at 31 March 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items At 31 March 2025 At 31 December 2024 Current assets： Cash at bank and on hand 50,829 30,024 Financial assets held for trading 4 4 Derivative financial assets 232 72 Accounts receivable 18,667 22,239 Receivables financing 5,994 1,074 Prepayments 2,354 2,423 Other receivables 58,847 49,654 Inventories 59,213 67,751 Other current assets 38,658 40,075 Total current assets 234,798 213,316 Non-current assets： Long-term equity investments 447,039 440,565 Other equity instrument investments 15 15 Fixed assets 301,694 310,814 Construction in progress 82,550 85,166 Right-of-use assets 88,674 77,896 Intangible assets 7,964 8,265 Long-term deferred expenses 3,933 4,259 Deferred tax assets 5,575 5,601 Other non-current assets 60,292 54,867 Total non-current assets 997,736 987,448 Total assets 1,232,534 1,200,764 Current liabilities： Short-term loans 29,865 38,966 Derivative financial liabilities 198 148 Bills payable 4,927 5,081 Accounts payable 65,408 72,883 Contract liabilities 5,844 9,832 Employee benefits payable 10,628 8,152 Taxes payable 17,004 19,161 Other payables 225,599 236,548 Non-current liabilities due within one year 54,988 32,710 Other current liabilities 482 964 Total current liabilities 414,943 424,445
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15 Balance Sheet (Continued) Non-current liabilities： Long-term loans 105,880 104,050 Debentures payable 48,973 21,989 Lease liabilities 90,523 80,887 Provisions 41,531 41,102 Other non-current liabilities 1,646 1,660 Total non-current liabilities 288,553 249,688 Total liabilities 703,496 674,133 Shareholders’ equity： Share capital 121,282 121,282 Capital reserve 69,197 69,181 Minus: treasury shares 138 1 Other comprehensive income 295 365 Specific reserve 1,983 1,624 Surplus reserves 227,663 227,663 Retained earnings 108,756 106,517 Total shareholders’ equity 529,038 526,631 Total liabilities and shareholders’ equity 1,232,534 1,200,764 Ma Yongsheng Zhao Dong Shou Donghua Chairman President Chief Financial Officer (Legal representative)
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16 Consolidated Income Statement For the three-month period ended 31 March 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items Three-month period ended 31 March 2025 Three-month period ended 31 March 2024 I. Total operating income 735,356 789,967 II. Total operating costs 722,449 765,196 Including: Operating costs 620,192 663,278 Taxes and surcharges 65,366 65,869 Selling and distribution expenses 14,053 14,166 General and administrative expenses 13,070 13,719 Research and development expenses 2,737 2,948 Financial expenses 4,579 2,704 Including: Interest expenses 4,795 4,660 Interest income 1,332 1,629 Exploration expenses, including dry holes 2,452 2,512 Add: Other income 1,432 1,878 Investment income 1,647 5,472 Including: Income from investment in associates and joint ventures 2,684 2,991 Gains/(losses) from changes in fair value 2,463 (4,897) Credit impairment reversals/(losses) 102 (40) Impairment (losses)/reversals (210) 42 Asset disposal gains 202 99 III. Operating profit 18,543 27,325 Add: Non-operating income 205 281 Less: Non-operating expenses 496 525 IV . Profit before taxation 18,252 27,081 Less: Income tax expense 3,746 5,721 V . Net profit 14,506 21,360 Classification by going concern: (i) Continuous operating net profit 14,506 21,360 (ii) Termination of net profit - - Classification by ownership: (i) Equity shareholders of the Company 13,264 18,316 (ii) Minority interests 1,242 3,044
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17 Consolidated Income Statement (Continued) VI. Total other comprehensive income 1,021 (808) Other comprehensive income (net of tax) attributable to shareholders of the Company: 1,084 (860) Items that may be reclassified subsequently to profit or loss: Other comprehensive income that can be converted into profit or loss under the equity method 1,873 (297) Cash flow hedges (551) (681) Foreign currency translation differences (238) 118 Other comprehensive income (net of tax) attributable to non-controlling interests: (63) 52 VII. Total comprehensive income 15,527 20,552 Equity shareholders of the Company 14,349 17,456 Minority interests 1,178 3,096 VIII. Earnings per share: (i) Basic earnings per share (RMB/Share) 0.109 0.153 (ii) Diluted earnings per share (RMB/Share) 0.109 0.153 Ma Yongsheng Zhao Dong Shou Donghua Chairman President Chief Financial Officer (Legal representative)
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18 Income Statement For the three-month period ended 31 March 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items Three-month period ended 31 March 2025 Three-month period ended 31 March 2024 I. Operating income 243,129 275,924 Less: Operating costs 195,559 222,962 Taxes and surcharges 33,476 36,969 Selling and distribution expenses 322 391 General and administrative expenses 5,146 5,041 Research and development costs 2,599 2,736 Financial expenses 3,292 3,034 Including: Interest expenses 3,791 3,353 Interest income 502 323 Exploration expenses, including dry holes 2,096 2,168 Add: Other income 1,140 1,517 Investment income 1,115 1,611 Including: Income from investment in associates and joint ventures 910 1,176 Gains from changes in fair value 18 27 Credit impairment losses (6) (6) Asset disposal gains 20 6 II. Operating profit 2,926 5,778 Add: Non-operating income 65 63 Less: Non-operating expenses 294 283 III. Profit before taxation 2,697 5,558 Less: Income tax expense 453 971 I V. Net profit 2,244 4,587 (i) Continuous operating net profit 2,244 4,587 (ii) Termination of net profit - - V . Total other comprehensive income 23 585 Items that may be reclassified subsequently to profit or loss Other comprehensive income that can be converted into profit or loss under the equity method (139) 45 Cash flow hedges reserve 162 540 VI. Total comprehensive income 2,267 5,172 Ma Yongsheng Zhao Dong Shou Donghua Chairman President Chief Financial Officer (Legal representative)
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19 Consolidated Cash Flow Statement For the three-month period ended 31 March 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items Three-month period ended 31 March 2025 Three-month period ended 31 March 2024 I. Cash flows generated from/( used in ) operating activities: Cash received from sale of goods and rendering of services 793,203 836,253 Refund of taxes and levies 1,164 2,503 Other cash received relating to operating activities 24,942 29,942 Sub-total of cash inflows 819,309 868,698 Cash paid for goods and services (656,886) (719,724) Cash paid to and for employees (22,647) (22,363) Payments of taxes and levies (90,092) (81,945) Other cash paid relating to operating activities (41,546) (58,421) Sub-total of cash outflows (811,171) (882,453) Net cash flow generated from/ (used in) operating activities 8,138 (13,755) II. Cash flows used in investing activities: Cash received from disposal of investments 36 15 Cash received from returns on investments 304 921 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 210 621 Other cash received relating to investing activities 17,493 19,681 Sub-total of cash inflows 18,043 21,238 Cash paid for acquisition of fixed assets, intangible assets and other long-term assets (27,665) (31,749) Cash paid for acquisition of investments (2,053) (91) Other cash paid relating to investing activities (20,771) (32,480) Sub-total of cash outflows (50,489) (64,320) Net cash flow used in investing activities (32,446) (43,082)
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20 Consolidated Cash Flow Statement (Continued) III. Cash flows from financing activities: Cash received from capital contributions 482 12,358 Including: Cash received from minority shareholders’ capital contributions to subsidiaries 482 363 Cash received from borrowings 152,893 183,538 Other cash received relating to financing activities 13 799 Sub-total of cash inflows 153,388 196,695 Cash repayments of borrowings (108,710) (144,509) Cash paid for dividends, profits distribution or interest (3,990) (2,237) Including: Subsidiaries’ cash payments for distribution of dividends or profits to minority shareholders (2,268) (402) Other cash paid relating to financing activities (4,567) (4,018) Sub-total of cash outflows (117,267) (150,764) Net cash flows from financing activities 36,121 45,931 IV . Effects of changes in foreign exchange rate 233 111 V . Net increase /(decrease) in cash and cash equivalents 12,046 (10,795) Add: Cash and cash equivalents at the beginning of the period 91,295 121,759 VI. Cash and cash equivalents at the end of the period 103,341 110,964 Ma Yongsheng Zhao Dong Shou Donghua Chairman President Chief Financial Officer (Legal representative)
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21 Cash Flow Statement For the three-month period ended 31 March 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Curren cy: RMB Type: unaudited Items Three-month period ended 31 March 2025 Three-month period ended 31 March 2024 I. Cash flows from operating activities: Cash received from sale of goods and rendering of services 264,795 295,544 Refund of taxes and levies 1,059 1,115 Other cash received relating to operating activities 14,876 11,305 Sub-total of cash inflows 280,730 307,964 Cash paid for goods and services (189,019) (220,151) Cash paid to and for employees (10,476) (10,415) Payments of taxes and levies (41,666) (42,205) Other cash paid relating to operating activities (29,383) (20,472) Sub-total of cash outflows (270,544) (293,243) Net cash flow received from operating activities 10,186 14,721 II. Cash flows used in investing activities: Cash received from disposal of investments 1,443 3,170 Cash received from returns on investments 399 578 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 96 151 Other cash received relating to investing activities 305 30 Sub-total of cash inflows 2,243 3,929 Cash paid for acquisition of fixed assets, intangible assets and other long-term assets (14,107) (12,077) Cash paid for acquisition of investments (4,085) (1,771) Other cash paid relating to investing activities (16,847) (55,119) Sub-total of cash outflows (35,039) (68,967) Net cash flow used in investing activities (32,796) (65,038) III. Cash flows from financing activities: Absorb cash received from investments - 11,995 Cash received from borrowings 52,513 70,119 Other cash received relating to financing activities 78,445 52,412 Sub-total of cash inflows 130,958 134,526 Cash repayments of borrowings (12,133) (41,975) Cash paid for dividends or interest (1,804) (1,847) Other cash paid relating to financing activities (78,177) (54,954) Sub-total of cash outflows (92,114) (98,776) Net cash flow from financing activities 38,844 35,750 IV . Effects of changes in foreign exchange rate (2) (3) IV . Net increase in cash and cash equivalents 16,232 (14,570)
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22 Cash Flow Statement (Continued) Add：Cash and cash equivalents at the beginning of the period 27,520 64,471 V . Cash and cash equivalents at the end of the period 43,752 49,901 Ma Yongsheng Zhao Dong Shou Donghua Chairman President Chief Financial Officer (Legal representative)
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23 Segment Reporting For the three-month period ended 31 March 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items Three-month period ended 31 March 2025 Three-month period ended 31 March 2024 Income from principal operations Exploration and production External sales 46,041 52,182 Inter–segment sales 29,853 27,630 Subtotal 75,894 79,812 Refining External sales 44,602 41,422 Inter–segment sales 309,854 332,790 Subtotal 354,456 374,212 Marketing and distribution External sales 372,249 408,420 Inter–segment sales 2,131 1,735 Subtotal 374,380 410,155 Chemicals External sales 101,094 98,333 Inter–segment sales 22,957 24,655 Subtotal 124,051 122,988 Corporate and others External sales 155,846 173,299 Inter–segment sales 184,475 226,744 Subtotal 340,321 400,043 Elimination of inter–segment sales (549,270) (613,554) Consolidated income from principal operations 719,832 773,656 Income from other operations Exploration and production 544 803 Refining 798 863 Marketing and distribution 11,772 11,545 Chemicals 1,752 2,372 Corporate and others 658 728 Consolidated income from other operations 15,524 16,311 Consolidated operating income 735,356 789,967
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24 Segment Reporting (Continued) Operating profit/(loss) By segment Exploration and production 11,726 12,706 Refining 1,982 6,412 Marketing and distribution 3,968 7,947 Chemicals (1,358) (1,828) Corporate and others 740 4,060 Elimination 320 (1,820) Total segment operating profit 17,378 27,477 Investment income Exploration and production 706 800 Refining (39) (87) Marketing and distribution 653 966 Chemicals (149) 157 Corporate and others 476 3,636 Total segment investment income 1,647 5,472 Financial expenses (4,579) (2,704) Gains/(losses) from changes in fair value 2,463 (4,897) Asset disposal gains 202 99 Other income 1,432 1,878 Operating profit 18,543 27,325 Add: Non-operating income 205 281 Less: Non-operating expenses 496 525 Profit before taxation 18,252 27,081
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25 5.2 Quarterly financial statements prepared under IFRS Accounting Standards Consolidated Income Statement For the three-month period ended 31 March 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items Three-month period ended 31 March 2025 Three-month period ended 31 March 2024 Revenue Revenue from primary business 719,832 773,656 Other operating revenues 15,524 16,311 Subtotal 735,356 789,967 Operating expenses Purchased crude oil, products and operating supplies and expenses (581,879) (625,917) Selling, general and administrative expenses (12,722) (13,270) Depreciation, depletion and amortisation (30,219) (29,212) Exploration expenses, including dry holes (2,452) (2,512) Personnel expenses (24,668) (25,051) Taxes other than income tax (65,366) (65,869) Impairment reversals/(losses) on trade and other receivables 102 (40) Other operating income/(expenses), net 2,743 (776) Total operating expenses (714,461) (762,647) Operating profit 20,895 27,320 Finance costs Interest expense (4,795) (4,660) Interest income 1,332 1,629 Foreign currency exchange (losses)/gains, net (1,116) 327 Net finance costs (4,579) (2,704) Investment income 41 143 Share of profits less losses from associates and joint ventures 2,684 2,798 Profit before taxation 19,041 27,557 Income tax expense (3,746) (5,721) Profit for the period 15,295 21,836 Attributable to： Shareholders of the Company 13,975 18,721 Non-controlling interests 1,320 3,115 Profit for the period 15,295 21,836 Earnings per share Basic earnings per share (RMB/Share) 0.115 0.156 Diluted earnings per share (RMB/Share) 0.115 0.156
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26 Consolidated Statement of Comprehensive Income For the three-month period ended 31 March 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items Three-month period ended 31 March 2025 Three-month period ended 31 March 2024 Profit for the period 15,295 21,836 Total other comprehensive income: 1,021 (808) Other comprehensive income (net of tax) attributable to shareholders of the Company: 1,084 (860) Items that may be reclassified subsequently to profit or loss: Share of other comprehensive income of associates and joint ventures 1,873 (297) Cash flow hedges (551) (681) Foreign currency translation differences (238) 118 Other comprehensive income (net of tax) attributable to non-controlling interests: (63) 52 Total comprehensive income 16,316 21,028 Attributable to: Shareholders of the Company 15,060 17,861 Non–controlling interests 1,256 3,167
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27 Consolidated Statement of Financial Position For the three-month period ended 31 March 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items At 31 March 2025 At 31 December 2024 Non-current assets： Property, plant and equipment, net 708,116 717,083 Construction in progress 206,676 208,747 Right-of-use assets 264,265 255,816 Goodwill 6,490 6,493 Interest in associates 171,620 166,786 Interest in joint ventures 77,930 76,702 Financial assets at fair value through other comprehensive income 416 416 Deferred tax assets 18,608 18,777 Long-term prepayments and other non-current assets 109,240 106,105 Total non-current assets 1,563,361 1,556,925 Current assets: Cash and cash equivalents 103,341 91,295 Time deposits with financial institutions 56,081 54,285 Financial assets at fair value through profit or loss 4 4 Derivatives financial assets 3,327 2,554 Trade accounts receivable 61,213 44,333 Financial assets at fair value through other comprehensive income 9,869 2,613 Inventories 247,847 256,595 Prepaid expenses and other current assets 74,675 72,836 Total current assets 556,357 524,515 Current liabilities： Short-term debts 97,918 87,780 Loans from Sinopec Group Company and fellow subsidiaries 6,222 4,684 Lease liabilities 19,481 17,831 Derivative financial liabilities 3,396 3,412 Trade accounts payable and bills payable 240,939 256,597 Contract liabilities 124,923 127,697 Other payables 158,823 173,530 Income tax payable 1,763 1,706 Total current liabilities 653,465 673,237
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28 Consolidated Statement of Financial Position (Continued) Net current liabilities 97,108 148,722 Total assets less current liabilities 1,466,253 1,408,203 Non-current liabilities： Long-term debts 217,847 187,202 Loans from Sinopec Group Company and fellow subsidiaries 25,302 23,294 Lease liabilities 163,807 154,904 Deferred tax liabilities 7,286 7,324 Provisions 50,020 49,668 Other long-term liabilities 15,631 13,664 Total non-current liabilities 479,893 436,056 Total net assets 986,360 972,147 Equity： Share capital 121,282 121,282 Reserves 709,437 694,533 Total equity attributable to shareholders of the Company 830,719 815,815 Non-controlling interests 155,641 156,332 Total equity 986,360 972,147
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29 Consolidated Statement of Cash Flows For the three-month period ended 31 March 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items Three-month period ended 31 March 2025 Three-month period ended 31 March 2024 Net cash generated from/(used in) operating activities(a) 8,138 (13,755) Investing activities Capital expenditure (24,232) (28,456) Exploratory wells expenditure (3,433) (3,293) Purchase of investments (2,053) (91) Proceeds from disposal of investments 36 15 Proceeds from disposal of property, plant, equipment and other non-current assets 210 621 Increase in time deposits with maturities over three months (20,081) (30,431) Decrease in time deposits with maturities over three months 16,758 17,452 Interest received 872 1,030 Investment and dividend income received 304 921 Payments of other investing activities (827) (850) Net cash used in investing activities (32,446) (43,082) Financing activities Proceeds from bank and other loans 152,893 183,538 Repayments of bank and other loans (108,710) (144,509) Proceeds from the issuance of shares - 11,995 Contributions to subsidiaries from non-controlling interests 482 363 Distributions by subsidiaries to non-controlling interests (2,268) (402) Interest paid (1,722) (1,835) Repayments of lease liabilities (3,148) (3,712) Proceeds from other financing activities 13 799 Repayments of other financing activities (1,419) (306) Net cash generated from financing activities 36,121 45,931 Net increase/(decrease) in cash and cash equivalents 11,813 (10,906) Cash and cash equivalents at the beginning of the period 91,295 121,759 Effect of foreign currency exchange rate changes 233 111 Cash and cash equivalents at the end of the period 103,341 110,964
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30 Note to Consolidated Statement of Cash Flows For the three-month period ended 31 March 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited (a) Reconciliation from profit before taxation to net cash used in operating activities Items Three-month period ended 31 March 2025 Three-month period ended 31 March 2024 Operating activities Profit before taxation 19,041 27,557 Adjustments for: Depreciation, depletion and amortisation 30,219 29,212 Dry hole costs written off 1,613 1,483 Share of profits from associates and joint ventures (2,684) (2,798) Investment income (41) (143) Interest income (1,332) (1,629) Interest expense 4,795 4,660 (Gain)/ Loss on foreign currency exchange rate changes and derivative financial instruments (1,352) 4,576 Gain on disposal of property, plant, equipment and other assets, net (120) (29) Impairment losses/(reversals) on assets 210 (42) Impairment (reversals)/losses on trade and other receivables (102) 40 Operating profit before change of operating capital 50,247 62,887 Accounts receivable and other current assets (28,071) (52,760) Inventories 8,533 (23,735) Accounts payable and other current liabilities (18,266) 3,450 Subtotal 12,443 (10,158) Income tax paid (4,305) (3,597) Net cash generated from/(used in) operating activities 8,138 (13,755)
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31 Segment Reporting For the three-month period ended 31 March 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items Three-month period ended 31 March 2025 Three-month period ended 31 March 2024 Revenue Exploration and production External sales 46,041 52,182 Inter-segment sales 29,853 27,630 Subtotal 75,894 79,812 Refining External sales 44,602 41,422 Inter-segment sales 309,854 332,790 Subtotal 354,456 374,212 Marketing and distribution External sales 372,249 408,420 Inter-segment sales 2,131 1,735 Subtotal 374,380 410,155 Chemicals External sales 101,094 98,333 Inter-segment sales 22,957 24,655 Subtotal 124,051 122,988 Corporate and others External sales 155,846 173,299 Inter-segment sales 184,475 226,744 Subtotal 340,321 400,043 Elimination of inter-segment sales (549,270) (613,554) Revenue from primary business 719,832 773,656 Other operating revenues Exploration and production 544 803 Refining 798 863 Marketing and distribution 11,772 11,545 Chemicals 1,752 2,372 Corporate and others 658 728 Other operating revenues 15,524 16,311 Revenue 735,356 789,967
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32 Segment Reporting (Continued) Result Operating profit/(loss) By segment Exploration and production 12,910 14,007 Refining 2,438 6,974 Marketing and distribution 4,209 8,000 Chemicals (1,169) (1,564) Corporate and others 2,187 1,723 Elimination 320 (1,820) Total segment operating profit 20,895 27,320 Share of profits/(losses ) from associates and joint ventures Exploration and production 721 816 Refining (51) (94) Marketing and distribution 651 664 Chemicals (17) 38 Corporate and others 1,380 1,374 Aggregate share of profits from associates and joint ventures 2,684 2,798 Investment income Exploration and production - - Refining 6 7 Marketing and distribution 7 14 Chemicals (135) (83) Corporate and others 163 205 Aggregate investment income 41 143 Net finance costs (4,579) (2,704) Profit before taxation 19,041 27,557
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33 5.3 Differences between consolidated financial statements prepared in accordance with the accounting policies complying with CASs and IFRS Accounting Standards (Unaudited) Other than the differences in the classifications of certain financial statements captions and the accounting for the items described below, there are no material differences between the Group’s consolidated financial statements prepared in accordance with the accounting policies complying with CASs and IFRS Accounting Standards. The reconciliation prese nted below is included as supplemental information, is not required as part of the basic financial statements and does not include differences related to classification, presentation or disclosures. Such information has not been subject to independent audit or review. The major differences are: (i) Government grants Under CASs, grants from the government are credited to capital reserve if required by relevant governmental regulations. Under IFRS Accounting Standards, government grants relating to the purchase of fixed assets are recognised as deferred income and are transferred to the income statement over the useful life of these assets. (ii) Safety production fund Under CASs, safety production fund should be recognised in profit or loss with a corresponding increase in reserve according to PRC regulations. Such reserve is reduced for expenses incurred for safety production purposes or, when safety production related fixed assets are purchased, is reduced by the purchased cost with a corresponding increase in the accumulated depreciation. Such fixed assets are not depreciated thereafter. Under IFRS Accounting Standards, payments are expensed as incurred, or capitalised as fixed assets and depreciated according to applicable depreciation methods. (iii) Capitalisation of exchange difference of specific loans Under CASs, exchange difference arising on translation of specific loans and related interest denominated in a foreign currency should be capitalised as part of the cost of qualifying assets. Under IFRS Accounting Standards, such exchange difference is recognised in income statement unless the exchange difference represents an adjustment to interest.
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34 Effects of major differences between the net profit under CASs and the profit for the period under IFRS Accounting Standards are analysed as follows: Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items Three-month period ended 31 March 2025 Three-month period ended 31 March 2024 Net profit under CASs 14,506 21,360 Adjustments: Government grants(i) 13 9 Safety production fund(ii) 778 660 Capitalisation of exchange difference of specific loans(iii) - (193) Others (2) - Profit for the period under IFRS Accounting Standards 15,295 21,836 Effects of major differences between the shareholders’ equity under CASs and the total equity under IFRS Accounting Standards are analysed as follows: Units: million Currency: RMB Type: unaudited Items As of 31 March 2025 As of 31 December 2024 Shareholders’ equity under CASs 990,493 976,293 Adjustments: Government grants(i) (802) (815) Capitalisation of exchange difference of specific loans(iii) (3,331) (3,331) Total equity under IFRS Accounting Standards 986,360 972,147