Earnings release
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility 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 Third Quarterly Report for 2025 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). By order of the board of directors China Petroleum & Chemical Corporation Huang Wensheng Vice President, Secretary of the Board Beijing, China 29 October 2025 As at the date of this announcement, the directors of the Company are: Hou Qijun *, Zhao Dong #, Zhong Ren *, Li Yonglin #, Lv Lianggong #, Niu Shuanwen #, Wan Tao #, Cai Yong *, Xu Lin +, Zhang Liying +, Liu Tsz Bun Bennett + and Zhang Xiliang +. # Executive director * Non-executive director + Independent non-executive director
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中中国国石石油油化化工工股股份份有有限限公公司司 China Petroleum & Chemical Corporation The Third Quarterly Report for 2025 29 October 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 contained in this quarterly report and there are no false representations, misleading statements or material omissions and severally and jointly accept full responsibility. The third quarterly report for 2025 was approved at the 9th meeting of the 9th Session of the Board of Directors of Sinopec Corp. All directors attended this meeting and considered this third quarterly report. Mr. Hou Qijun, Chairman of the Board , Mr. Zhao Dong, Vice Chairman of the Board and President, Ms. Shou Donghua, Chief Financial Officer and Head of the Corporate Accounting 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 Nine-month period ended 30 September 2025 Nine-month period ended 30 September 2024 Changes over the same period of the preceding year (%) Net cash flow generated from operating activities 114,782 101,541 13.0 As of 30 September 2025 As of 31 December 2024 Changes from the end of last year (%) Total assets 2,181,557 2,084,771 4.6 Total equity attributable to shareholders of the Company 830,967 819,922 1.3 RMB million Three-month period ended 30 September Changes over the same period of the preceding year (%) Nine-month period ended 30 September Changes over the same period of the preceding year (%) 2025 2024 2025 2024 Operating income 704,389 790,410 (10.9) 2,113,441 2,366,541 (10.7) Profit before taxation 12,277 12,210 0.5 41,044 63,078 (34.9) Net profit attributable to shareholders of the Company 8,501 8,544 (0.5) 29,984 44,247 (32.2) Net profit attributable to shareholders of the Company excluding extraordinary gains and losses 9,337 8,385 11.4 30,552 43,967 (30.5) Basic earnings per share (RMB) 0.070 0.070 - 0.247 0.366 (32.5) Diluted earnings per share (RMB) 0.070 0.070 - 0.247 0.366 (32.5) Weighted average return on net assets (%) 1.03 1.04 (0.01) percentage points 3.63 5.45 (1.82) percentage points
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- 4 - 1.1.2 Extraordinary items RMB million Extraordinary items Three-months period ended 30 September 2025 (July to September) Nine-months period ended 30 September 2025 (Income)/Expense (Income)/Expense Net gain on disposal of non-current assets (174) (731) Donations 87 129 Government grants (115) (568) Losses on holding and disposal of various investments 845 774 Other extraordinary expenses, net 248 578 Subtotal 891 182 Tax effect (82) 174 Total 809 356 Attributable to: Shareholders of the Company 836 568 Minority interests (27) (212) 1.1.3 Principal financial data and indicators prepared in accordance with IFRS Accounting Standards RMB million Three-month period ended 30 September Changes over the same period of the preceding year (%) Nine-month period ended 30 September Changes over the same period of the preceding year (%) 2025 2024 2025 2024 Revenue 704,389 790,410 (10.9) 2,113,441 2,366,541 (10.7) Operating profit 13,268 12,570 5.6 46,691 63,591 (26.6) Profit attributable to shareholders of the Company 8,313 8,031 3.5 32,065 45,110 (28.9) Basic earnings per share (RMB) 0.069 0.066 4.5 0.264 0.373 (29.2) Diluted earnings per share (RMB) 0.069 0.066 4.5 0.264 0.373 (29.2) Return on capital employed (%) 1.07 1.04 0.03 percentage points 3.84 5.33 (1.49) percentage points
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- 5 - RMB million Nine-month period ended 30 September 2025 Nine-month period ended 30 September 2024 Changes over the same period of the preceding year (%) Net cash generated from operating activities 114,782 101,541 13.0 As of 30 September 2025 As of 31 December 2024 Changes from the end of last year (%) Total assets 2,179,425 2,081,440 4.7 Total equity attributable to shareholders of the Company 828,085 815,815 1.5 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 30 September 2025 As of 31 December 2024 Increase/(Decrease) Main reasons for changes Amount Percentage RMB million RMB million RMB million (%) Accounts receivable 67,369 44,333 23,036 52.0 Increase in the operating volume of the overseas trade. Receivables financing 17,652 2,613 15,039 575.5 Increase in bill-settled transactions. Bills payable 62,787 47,740 15,047 31.5 Prepayments 9,670 6,429 3,241 50.4 Increase in prepayments of crude oil and engineering equipment procurement, etc. Other equity instrument investments 8,114 416 7,698 1,850.5 Strategic investment in the equity of Contemporary Amperex Technology Co., Limited (CATL). Employee benefits payable 25,091 14,167 10,924 77.1 Impact of changes in performance-based salary payable. Non-current liabilities due within one year 106,242 64,602 41,640 64.5 Certain long-term loans being reclassified to non-current liabilities due within one year. Other current liabilities 40,294 21,567 18,727 86.8 Issuance of super short-term debentures for financing during the period. Debentures payable 52,573 25,562 27,011 105.7 Impact of debentures such as medium-term notes and sci-tech innovation bonds for financing during the period. Derivative financial assets 1,757 2,554 (797) (31.2) Impact of changes in fair value of hedging business. Other comprehensive income 7,370 (987) 8,357 — Impact of changes in fair value of CATL equity and foreign currency translation differences. Specific reserve 3,406 2,549 857 33.6 Increase in provision for safety
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- 6 - Items of Consolidated Balance Sheet As of 30 September 2025 As of 31 December 2024 Increase/(Decrease) Main reasons for changes Amount Percentage RMB million RMB million RMB million (%) production fund during the period. Items of Consolidated Income Statement Nine-month period ended 30 September 2025 Nine-month period ended 30 September 2024 Increase/(Decrease) Main reasons for changes Amount Percentage RMB million RMB million RMB million (%) Net profit attributable to shareholders of the Company 29,984 44,247 (14,263) (32.2) Due to the inventory loss resulting from the decreased prices of crude oil and refined oil products, a decline in domestic sales volumes of gasoline and diesel, and a fall in gross margin of products such as jet fuel and aromatics. Exploration expenses, including dry holes 8,409 6,375 2,034 31.9 Impact of intensified efforts in shale oil and ultra-deep stratum oil and gas exploration. Investment income 7,342 11,141 (3,799) (34.1) Impact of decrease in profits of chemical joint ventures, etc. Gains/(Losses) from changes in fair value 2,024 (772) 2,796 — Impact of increase in floating profit in hedging business during the period. Credit impairment reversals/(losses) 138 (31) 169 — Increase in reversal of provision for bad debts on accounts receivable during the period. Items of Consolidated Income Statement Three-month period ended 30 September 2025 Three-month period ended 30 September 2024 Increase/(Decrease) Main reasons for changes Amount Percentage RMB million RMB million RMB million (%) Exploration expenses, including dry holes 2,763 1,833 930 50.7 Impact of intensified efforts in shale oil and ultra-deep stratum oil and gas exploration. Other income 1,651 2,984 (1,333) (44.7) Decrease in V AT refunds on imported LNG during the period year-on-year due to declining LNG price. Investment (loss)/income (375) 3,576 (3,951) — Impact of decrease in profits of chemical joint ventures, etc.
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- 7 - Items of Consolidated Income Statement Three-month period ended 30 September 2025 Three-month period ended 30 September 2024 Increase/(Decrease) Main reasons for changes Amount Percentage RMB million RMB million RMB million (%) Gains from changes in fair value 239 503 (264) (52.5) Impact of changes in profit and loss of hedging business. Impairment reversals/(losses) 72 (509) 581 — Increase in provision for impairment losses of crude oil inventories due to the declining crude oil prices in the same period of last year, which did not happen this year. Asset disposal gains 174 444 (270) (60.8) Decrease in the disposal income of service station assets year-on-year during the period. Non-operating income 349 217 132 60.8 Impact of increase in the disposal income of certain scrapped equipment. Items of Consolidated Cash Flow Statement Nine-month period ended 30 September 2025 Nine-month period ended 30 September 2024 Increase/(Decrease) Main reasons for changes Amount Percentage RMB million RMB million RMB million (%) Cash received from disposal of investments 82 296 (214) (72.3) Decrease in cash received from disposal of investments in associates and joint ventures. Net cash received from disposal of fixed assets, intangible assets and other long-term assets 803 1,603 (800) (49.9) Cash received from disposal of Hunan Petrochemical assets in the first three quarters of last year, which did not happen during this period. Cash paid for acquisition of investments (6,606) (3,433) (3,173) 92.4 Impact of strategic investment in the equity of CATL during the period. Cash received from capital contributions 1,125 15,137 (14,012) (92.6) Cash received from the issuance of shares to the target subscriber in the first three quarters of last year, which did not happen during this period. Cash received from borrowings 337,141 519,031 (181,890) (35.0) Decrease in new borrowings during the period. Other cash received relating 47 1,296 (1,249) (96.4) Carrying out the finance leasing business in the first
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- 8 - Items of Consolidated Cash Flow Statement Nine-month period ended 30 September 2025 Nine-month period ended 30 September 2024 Increase/(Decrease) Main reasons for changes Amount Percentage RMB million RMB million RMB million (%) to financing activities three quarters of last year, which did not happen during this period. Cash repayments of borrowings (282,018) (475,667) 193,649 (40.7) Decrease in repayments of matured borrowings during this period. Items of Consolidated Cash Flow Statement Three-month period ended 30 September 2025 Three-month period ended 30 September 2024 Increase/(Decrease) Main reasons for changes Amount Percentage RMB million RMB million RMB million (%) Refund of taxes and levies 1,139 2,741 (1,602) (58.4) Decrease in V AT refunds on imported LNG during the period year-on-year due to decreased LNG price. Cash received from disposal of investments 42 256 (214) (83.6) Decrease in cash received from disposal of investments in associates and joint ventures. Cash paid for acquisition of investments (329) (485) 156 (32.2) Decrease in acquisition of investments. Other cash paid relating to investing activities (22,072) (13,084) (8,988) 68.7 Increase in time deposits with maturities over three months. Cash received from capital contributions 291 2,254 (1,963) (87.1) Decrease in received capital injection of projects from minority shareholders year- on-year. Cash received from borrowings 82,203 187,711 (105,508) (56.2) Decrease in new borrowings during the period. Cash repayments of borrowings (74,736) (183,522) 108,786 (59.3) Decrease in repayments of matured borrowings during the period. Cash paid for dividends, profits distribution or interest (15,742) (46,608) 30,866 (66.2) Impact of time difference in dividend distribution.
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- 9 - 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 459,733, including 454,592 holders of domestic A shares and 5,141 holders of overseas H shares. The shareholdings of top ten shareholders (excluding shares lent through refinancing)1 Name of shareholder Nature of shareholder Total number of shares held Percentage (%) Number of restricted shares held Shares subject to pledges, marked or freezing Status Amount China Petrochemical Corporation State-owned share 83,107,621,111 68.58 2,390,438,247 None - HKSCC Nominees Limited2 H share 23,810,563,924 19.65 - 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 501,056,472 0.41 - 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 320,564,145 0.26 - None - 中央汇金资产管理有限责 任公司 A share 315,223,600 0.26 - None - 国丰兴华（北京）私募基金 管理有限公司－国丰兴华 鸿鹄志远三期私募证券投 资基金 1 号 A share 304,958,594 0.25 - 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 278,536,721 0.23 - 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 248,599,535 0.21 - None - Note 1: Compared to the end of the preceding period, 国丰兴华（北京）私募基金管理有限公司－国丰兴 华鸿鹄志远三期私募证券投资基金1号 became one of top ten shareholders, while 国信证券股份 有限公司 withdrew from top ten shareholders. Note 2: Sinopec Century Bright Capital Investment Limited , an overseas wholly- owned subsidiary of China Petrochemical Corporation, held 1,379,764,000 H shares, accounting for 1.14% 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.
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- 10 - The shareholdings of top ten shareholders with non-restricted shares (excluding shares lent through refinancing) Name of shareholder Number of non-restricted shares held Class and number of shares Class Amount China Petrochemical Corporation 80,717,182,864 RMB ordinary share 80,717,182,864 HKSCC Nominees Limited 23,810,563,924 Overseas listed foreign share 23,810,563,924 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 501,056,472 RMB ordinary share 501,056,472 中国人寿保险股份有限公 司－传统－普通保险产品 －005L－CT001 沪 320,564,145 RMB ordinary share 320,564,145 中央汇金资产管理有限责 任公司 315,223,600 RMB ordinary share 315,223,600 国丰兴华 （北京） 私募基金 管理有限公司－国丰兴华 鸿鹄志远三期私募证券投 资基金 1 号 304,958,594 RMB ordinary share 304,958,594 中国工商银行－上证 50 交 易型开放式指数证券投资 基金 278,536,721 RMB ordinary share 278,536,721 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 248,599,535 RMB ordinary share 248,599,535 Statement on related parties or parties acting in concert among the above-mentioned shareholders: Sinopec Corp. is not aware of any connected relationship or acting in concert among or between the above- mentioned shareholders. 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. 3. Review of operating results In the first three quarters of 2025, China’s economy made steady improvement, with GDP increasing by 5.2% year on year. International crude oil prices fluctuated with a downward trend in the first three quarters, while the average spot price of Platts Brent was USD70.9 per barrel, down by 14.4% year on year. According to the Company’s statistics, domestic consumption of natural gas increased by 2.0% year on year. Mainly affected by alternative energy, domestic consumption of refined oil products declined by 4.0% year on year. The domestic demand for major chemical products maintained growth, with ethylene equivalent consumption up by 8.1% year on year.
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- 11 - The Company comprehensively coordinated the integration of production and operation, promoted the optimization in regional operations, deepened tapping potentials for improving efficiency, and ensured overall stable production and operations. In accordance with CASs, net profit attributable to shareholders of the Company in the first three quarters was RMB29.984 billion, down by 32.2% year -on-year, among which RMB 8.501 billion in the third quarter, down by 0.5 % year -on-year. In accordance with IFRS Accounting Standards, profit attributable to shareholders of the Company in the first three quarters was RMB32.065 billion, down by 28.9% year -on-year, among which RMB 8.313 billion in the third quarter, up by 3.5% year-on-year. Exploration and Production: The Company adhered to high-quality exploration and profit-oriented development, and achieved progress in increasing reserves and boosting production. In exploration, major breakthroughs were made in offshore oil and gas, ultra- deep shale gas in the Sichuan Basin and shale oil in southern Sichuan. In development, we accelerated key production capacity construction in Jiyang, Tahe and West Junggar, strengthened the construction of the Shengli Jiyang Shale Oil National Demonstration Zone, and advanced key projects in offshore fields, the Shunbei Area II, and the Xujiahe reservoir in the Sichuan Basin. We also strengthened the integration of production, supply, storage and sales of natural gas, and further improved the profitability of natural gas industrial chain. In the first three quarters of the year, oil and gas production of the Company reached 394.48 million barrels, up by 2.2% year on year, among which domestic crude oil totalled 191.27 million barrels and natural gas amounted to 1,099.31 billion cubic feet, up by 4.9%. The exploration and production segment realised EBIT of RMB38.085 billion in the first three quarters. Exploration and Production Unit Nine-month period ended 30 September Changes 2025 2024 (%) Oil and gas production million boe 394.48 386.06 2.2 Crude oil production million barrels 211.17 211.29 (0.1) China million barrels 191.27 190.42 0.4 Overseas million barrels 19.90 20.87 (4.6) Natural gas production billion cubic feet 1,099.31 1,048.14 4.9 Realised crude oil price USD/barrel 66.38 76.56 (13.3) Realised self-produced natural gas price USD/thousand cubic feet 7.14 7.48 (4.5) 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: Facing severe challenges brought by fluctuation with a downward trend of international oil prices and declining demand of gasoline and diesel, the Company insisted on integrated production and marketing operations, comprehensively optimized utilization rates, and increased profitable processing volumes. By leveraging global resources allocation advantages, we optimized procu rement pace and inventory management to reduce crude oil costs. We flexibly adjusted product mix and refined oil products yields and in creased jet fuel production. We promoted low -cost “refined oil products to chemical feedstocks” and high -value “refined oil products to refining specialties” strategy, and boosted output of marketable products like high-end carbon materials and lubricating grease. In the first three quarters of the year, the Company processed 186.41 million tonnes of crude oil, produced 111.08 million tonnes of refined
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- 12 - oil products. The Company also produced 33.34 million tonnes of light chemical feedstock, up by 10.0% year on year. The refining segment realised EBIT of RMB7.000 billion in the first three quarters. Refining Unit Nine-month period ended 30 September Changes 2025 2024 (%) Refinery throughput million tonnes 186.41 190.69 (2.2) Gasoline, diesel and kerosene production million tonnes 111.08 116.60 (4.7) Gasoline million tonnes 47.19 49.21 (4.1) Diesel million tonnes 38.21 43.29 (11.7) Kerosene million tonnes 25.67 24.10 6.5 Light chemical feedstock production million tonnes 33.34 30.32 10.0 Note: Including 100% production of domestic joint ventures. Marketing and Distribution: Facing fierce market competition, the Company fully leveraged its integrated advantages and network strength to actively transform into a comprehensive energy service provider of petrol, gas, hydrogen, power and service. We vigorously expanded the market, with the proportion of high- grade gasoline rising continuously. We accelerated the development of gas refueling and EV charging and battery swapping networks, with significant year-on-year growth in automotive LNG operating volume and charging volume. We also promoted the use of hydrogen in the market, and steadily advanced the development of hydrogen-based traffic. The Easy Joy service ecosystem was further enriched to enhance the operating quality of non- fuel business. In the first three quarters of the year, total sales volume of refined oil product s reached 171.40 million tonnes, of which domestic sales accounting for 133.08 million tonnes. The marketing and distribution segment realised EBIT of RMB12.784 billion in the first three quarters. Marketing and Distribution Unit Nine-month period ended 30 September Changes 2025 2024 (%) Total sales volume of refined oil products million tonnes 171.40 181.67 (5.7) Total domestic sales volume of refined oil products million tonnes 133.08 138.06 (3.6) Retail million tonnes 82.67 85.85 (3.7) Direct sales and Distribution million tonnes 50.41 52.21 (3.4) Note: The total sales volume of refined oil products includes the amount of refined oil marketing and trading sales volume. Chemicals: Facing the continued release of new domestic production capacities and weak chemical margins, the Company vigorously reduced costs and expenses and increased utilization rate with marginal profits. We continued to promote the lightening and diversification of feedstocks, optimized unit operations, and adjusted product mix. Efforts were increased in developing new and high value -added products. In the first three quarters of the year, ethylene production reached 11.588 million tonnes, and the total operating volume of chemical products reached 63.68 million tonnes with all products sold. The chemical segment realised losses before interest and tax of RMB8.223 billion in the first three quarters.
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- 13 - Chemicals Unit Nine-month period ended 30 September Changes 2025 2024 (%) Ethylene production thousand tonnes 11,588 10,041 15.4 Synthetic resin production thousand tonnes 16,710 14,952 11.8 Synthetic fibre monomer and polymer production thousand tonnes 8,488 7,377 15.1 Synthetic fibre production thousand tonnes 915 934 (2.0) Synthetic rubber production thousand tonnes 1,191 1,038 14.7 Note: Including 100% production of domestic joint ventures. Capital expenditures: In the first three quarters of 2025, total capital expenditure was RMB71.6 billion. Capital expenditure for the exploration and production segment was RMB41.6 billion, mainly for crude oil and natural gas capacity building in Jiyang, Tahe and western Sichu an, and the construction of oil and gas storage and transportation facilities. Capital expenditure for the refining segment was RMB10.6 billion, mainly for the Guangzhou Petrochemical revamping and Maoming Refining upgrading projects, etc. Capital expenditure for the marketing and distribution segment was RMB5.5 billion, mainly for the development of the petrol, gas, hydrogen, power and service integrated energy network, non-fuel business and other projects. Capital expenditure for the chemical segment was RMB12.9 billion, mainly for ethylene project in Maoming and the aromatics project in Jiujiang, etc. Capital expenditure for corporate and others was RMB1.0 billion, mainly for R&D and digitalization projects, etc. 4. Other significant events 4.1 Progress of share repurchase during the reporting period On 21 August 2025, the 8th meeting of the 9th Session of the Board considered and approved the Plan on Repurchasing the Company's Shares by Centralized Bidding Transactions. For details, please refer to the Company's announcement disclosed on the website of the Shanghai Stock Exchange on 22 August 2025. As of 30 September 2025, the Company has repurchased 32,163,200 A shares in aggregation, and the total amount paid was RMB 179,369,015.67 (exclusive of transaction fees). For details, please refer to the Progress Announcement on the Repurchase of A Shares by Centralized Bidding Transactions disclosed by the Company on the website of the Shanghai Stock Exchange on 10 October 2025. The Company has repurchased 96,970,000 H shares in aggregation, the total amount paid was HK$417,325,292.40 (exclusive of transaction fees), and 67,624,000 repurchased H shares were cancelled by the Company on 4 September 2025. For details, please refer to the Next Day Disclosure Return disclosed by the Company. 4.2 Progress of share increase in the Company by China Petrochemical Corporation Due to confidence in Sinopec Corp.’s long -term development, 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. According to notice from China Petrochemical Corporation, as of 30 September 2025, China Petrochemical Corporation and its wholly-owned subsidiary had increased their shareholdings by 382,662,015 shares of the Company.
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- 14 - This quarterly results announcement 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 Hou Qijun Chairman 29 October, 2025
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- 15 - 5 Appendix 5.1 Quarterly financial statements prepared under China Accounting Standards for Business Enterprises (CASs) Consolidated Balance Sheet As at 30 September 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items At 30 September 2025 At 31 December 2024 Current assets: Cash at bank and on hand 177,025 146,799 Financial assets held for trading 3 4 Derivative financial assets 1,757 2,554 Accounts receivable 67,369 44,333 Receivables financing 17,652 2,613 Prepayments 9,670 6,429 Other receivables 35,684 32,123 Inventories 239,188 256,595 Other current assets 35,245 33,065 Total current assets 583,593 524,515 Non-current assets: Long-term equity investments 251,740 246,819 Other equity instrument investments 8,114 416 Fixed assets 747,258 717,105 Construction in progress 186,336 208,747 Right-of-use assets 166,876 164,342 Intangible assets 142,817 137,983 Goodwill 6,479 6,493 Long-term deferred expenses 11,910 12,131 Deferred tax assets 20,323 18,777 Other non-current assets 56,111 47,443 Total non-current assets 1,597,964 1,560,256 Total assets 2,181,557 2,084,771
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- 16 - Consolidated Balance Sheet (Continued) Current liabilities: Short-term loans 52,834 48,231 Derivative financial liabilities 3,145 3,412 Bills payable 62,787 47,740 Accounts payable 191,500 208,857 Contract liabilities 134,385 127,697 Employee benefits payable 25,091 14,167 Taxes payable 37,689 38,497 Other payables 85,317 98,467 Non-current liabilities due within one year 106,242 64,602 Other current liabilities 40,294 21,567 Total current liabilities 739,284 673,237 Non-current liabilities: Long-term loans 167,261 184,934 Debentures payable 52,573 25,562 Lease liabilities 159,707 154,904 Provisions 51,066 49,668 Deferred tax liabilities 6,658 7,324 Other non-current liabilities 16,647 12,849 Total non-current liabilities 453,912 435,241 Total liabilities 1,193,196 1,108,478 Shareholders’ equity: Share capital 121,178 121,282 Capital reserve 125,251 125,368 Less: Treasury shares 289 1 Other comprehensive income 7,370 (987) Specific reserve 3,406 2,549 Surplus reserves 227,663 227,663 Retained earnings 346,388 344,048 Total equity attributable to shareholders of the Company 830,967 819,922 Minority interests 157,394 156,371 Total shareholders’ equity 988,361 976,293 Total liabilities and shareholders’ equity 2,181,557 2,084,771 Hou Qijun Zhao Dong Shou Donghua Chairman President Chief Financial Officer (Legal representative)
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- 17 - Balance Sheet As at 30 September 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items At 30 September 2025 At 31 December 2024 Current assets: Cash at bank and on hand 56,716 30,024 Financial assets held for trading 3 4 Derivative financial assets 237 72 Accounts receivable 18,237 22,239 Receivables financing 14,654 1,074 Prepayments 3,070 2,423 Other receivables 67,185 49,654 Inventories 52,281 67,751 Other current assets 22,877 40,075 Total current assets 235,260 213,316 Non-current assets: Long-term equity investments 448,800 440,565 Other equity instrument investments 16 15 Fixed assets 305,544 310,814 Construction in progress 83,661 85,166 Right-of-use assets 85,935 77,896 Intangible assets 8,467 8,265 Long-term deferred expenses 3,906 4,259 Deferred tax assets 5,341 5,601 Other non-current assets 69,705 54,867 Total non-current assets 1,011,375 987,448 Total assets 1,246,635 1,200,764 Current liabilities: Short-term loans 31,340 38,966 Derivative financial liabilities 234 148 Bills payable 7,856 5,081 Accounts payable 53,587 72,883 Contract liabilities 7,846 9,832 Employee benefits payable 14,149 8,152 Taxes payable 18,516 19,161 Other payables 244,341 236,548 Non-current liabilities due within one year 73,795 32,710 Other current liabilities 21,802 964 Total current liabilities 473,466 424,445
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- 18 - Balance Sheet (Continued) Non-current liabilities: Long-term loans 70,485 104,050 Debentures payable 48,969 21,989 Lease liabilities 88,863 80,887 Provisions 42,484 41,102 Other non-current liabilities 1,679 1,660 Total non-current liabilities 252,480 249,688 Total liabilities 725,946 674,133 Shareholders’ equity: Share capital 121,178 121,282 Capital reserve 68,856 69,181 Less: Treasury shares 289 1 Other comprehensive income 143 365 Specific reserve 2,083 1,624 Surplus reserves 227,663 227,663 Retained earnings 101,055 106,517 Total shareholders’ equity 520,689 526,631 Total liabilities and shareholders’ equity 1,246,635 1,200,764 Hou Qijun Zhao Dong Shou Donghua Chairman President Chief Financial Officer (Legal representative)
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- 19 - Consolidated Income Statement For the nine-month period ended 30 September 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items The third quarter of 2025 (July- September) The third quarter of 2024 (July- September) Nine- month period ended 30 September 2025 Nine- month period ended 30 September 2024 I. Operating income 704,389 790,410 2,113,441 2,366,541 II. Total Operating costs 693,582 784,651 2,084,736 2,317,625 Including: Operating costs 589,332 679,360 1,782,085 2,006,934 Taxes and surcharges 65,604 67,627 188,955 200,239 Selling and distribution expenses 15,300 15,541 43,635 45,205 General and administrative expenses 13,957 13,340 40,414 39,644 Research and development expenses 3,802 4,242 9,988 10,245 Financial expenses 2,824 2,708 11,250 8,983 Including: Interest expenses 4,796 4,762 14,533 14,416 Interest income 1,475 1,524 4,282 4,776 Exploration expenses, including dry holes 2,763 1,833 8,409 6,375 Add: Other income 1,651 2,984 4,939 6,489 Investment (loss)/income (375) 3,576 7,342 11,141 Including: Income from investment in associates and joint ventures 2,443 2,266 7,289 8,998 Gains/(losses) from changes in fair value 239 503 2,024 (772) Credit impairment (losses)/reversals - (54) 138 (31) Impairment reversals/(losses) 72 (509) (2,217) (2,198) Asset disposal gains 174 444 731 663 III. Operating profit 12,568 12,703 41,662 64,208 Add: Non-operating income 349 217 1,071 877 Less: Non-operating expenses 640 710 1,689 2,007 IV . Profit before taxation 12,277 12,210 41,044 63,078 Less: Income tax expense 1,804 2,349 7,011 12,280 V . Net profit 10,473 9,861 34,033 50,798 Classification by continuity of operations: (i) Net profit from continuing operations 10,473 9,861 34,033 50,798 (ii) Net profit from discontinued operations - - - -
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- 20 - Consolidated Income Statement (Continued) Classification by ownership: (i) Equity shareholders of the Company 8,501 8,544 29,984 44,247 (ii) Minority interests 1,972 1,317 4,049 6,551 VI. Other comprehensive income (net of tax) 10,032 (569) 13,142 10 (1) Other comprehensive income (net of tax) attributable to shareholders of the Company 9,123 (433) 11,078 (283) Items that will not be reclassified subsequently to profit or loss: Changes in fair value of other equity instrument investments 2,299 - 2,907 1 Items that may be reclassified subsequently to profit or loss: Other comprehensive income that can be reclassified to profit or loss under the equity method 4,421 (935) 7,626 78 Cash flow hedges 3,136 2,231 1,951 820 Foreign currency translation differences (733) (1,729) (1,406) (1,182) (2) Other comprehensive income (net of tax) attributable to non-controlling interests 909 (136) 2,064 293 VII. Total comprehensive income 20,505 9,292 47,175 50,808 Equity shareholders of the Company 17,624 8,111 41,062 43,964 Minority interests 2,881 1,181 6,113 6,844 VIII. Earnings per share (i) Basic earnings per share (RMB/Share) 0.070 0.070 0.247 0.366 (ii) Diluted earnings per share (RMB/Share) 0.070 0.070 0.247 0.366 Hou Qijun Zhao Dong Shou Donghua Chairman President Chief Financial Officer (Legal representative)
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- 21 - Income Statement For the nine-month period ended 30 September 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items The third quarter of 2025 (July- September) The third quarter of 2024 (July- September) Nine-month period ended 30 September 2025 Nine-month period ended 30 September 2024 I. Operating income 228,446 258,640 688,013 804,948 Less: Operating costs 183,191 209,512 547,374 646,497 Taxes and surcharges 33,423 35,926 97,440 110,448 Selling and distribution expenses 332 349 1,008 1,095 General and administrative expenses 5,187 5,350 15,208 15,166 Research and development expenses 3,387 3,854 8,977 9,281 Financial expenses 2,909 3,343 9,496 9,345 Including: Interest expenses 3,672 3,738 11,353 10,780 Interest income 772 471 1,866 1,514 Exploration expenses, including dry holes 2,470 1,702 7,143 5,680 Add: Other income 1,369 2,380 3,826 5,000 Investment income 6,671 6,590 19,034 18,518 Including: Income from investment in associates and joint ventures 790 905 1,939 3,336 (Losses)/gains from changes in fair value (53) (176) 25 (110) Credit impairment (losses)/reversals (2) (3) (2) 25 Impairment reversals/(losses) 79 3 (1,191) (1,422) Asset disposal gains 38 87 135 86 II. Operating profit 5,649 7,485 23,194 29,533 Add: Non-operating income 56 107 222 252 Less: Non-operating expenses 296 359 864 1,165 III. Profit before taxation 5,409 7,233 22,552 28,620 Less: Income tax expense (274) 49 367 2,097 IV . Net profit 5,683 7,184 22,185 26,523 (i) Net profit from continuing operations 5,683 7,184 22,185 26,523 (ii) Net profit from discontinued operations - - - -
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- 22 - Income Statement (Continued) V. Other comprehensive income (net of tax) (98) (970) (198) (77) Items that may not be reclassified subsequently to profit or loss: Changes in fair value of other equity instrument investments - - 1 - 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 (76) 96 (284) 87 Cash flow hedges (22) (1,066) 85 (164) VI. Total comprehensive income 5,585 6,214 21,987 26,446 Hou Qijun Zhao Dong Shou Donghua Chairman President Chief Financial Officer (Legal representative)
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- 23 - Consolidated Cash Flow Statement For the nine-month period ended 30 September 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items Nine-month period ended 30 September 2025 Nine-month period ended 30 September 2024 I. Cash flows from operating activities: Cash received from sale of goods and rendering of services 2,440,099 2,642,331 Refund of taxes and levies 6,906 6,140 Other cash received relating to operating activities 86,570 93,060 Sub-total of cash inflows 2,533,575 2,741,531 Cash paid for goods and services (1,989,679) (2,177,569) Cash paid to and for employees (66,823) (66,187) Payments of taxes and levies (239,581) (250,229) Other cash paid relating to operating activities (122,710) (146,005) Sub-total of cash outflows (2,418,793) (2,639,990) Net cash flow from operating activities 114,782 101,541 II. Cash flows from investing activities: Cash received from disposal of investments 82 296 Cash received from returns on investments 7,085 8,967 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 803 1,603 Net cash received from disposal of subsidiaries and other business units 30 - Other cash received relating to investing activities 57,930 58,984 Sub-total of cash inflows 65,930 69,850 Cash paid for acquisition of fixed assets, intangible assets and other long-term assets (88,200) (87,856) Cash paid for acquisition of investments (6,606) (3,433) Other cash paid relating to investing activities (66,195) (78,362) Sub-total of cash outflows (161,001) (169,651) Net cash flow used in investing activities (95,071) (99,801) III. Cash flows from financing activities: Cash received from capital contributions 1,125 15,137
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- 24 - Consolidated Cash Flow Statement (Continued) Including: Cash received from minority shareholders’ capital contributions to subsidiaries 1,125 3,142 Cash received from borrowings 337,141 519,031 Other cash received relating to financing activities 47 1,296 Sub-total of cash inflows 338,313 535,464 Cash repayments of borrowings (282,018) (475,667) Cash paid for dividends, profits distribution or interest (38,921) (51,397) Including: Subsidiaries’ cash payments for distribution of dividends or profits to minority shareholders (3,693) (1,489) Other cash paid relating to financing activities (14,344) (16,021) Sub-total of cash outflows (335,283) (543,085) Net cash flow from/(used in) financing activities 3,030 (7,621) IV . Effects of changes in foreign exchange rate 105 (329) V . Net increase/(decrease) in cash and cash equivalents 22,846 (6,210) Add: Initial balance of cash and cash equivalents 91,295 121,759 VI. Ending balance of cash and cash equivalents 114,141 115,549 Hou Qijun Zhao Dong Shou Donghua Chairman President Chief Financial Officer (Legal representative)
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- 25 - Cash Flow Statement For the nine-month period ended 30 September 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items Nine-month period ended 30 September 2025 Nine-month period ended 30 September 2024 I. Cash flows from operating activities: Cash received from sale of goods and rendering of services 758,198 893,916 Refund of taxes and levies 3,481 4,578 Other cash received relating to operating activities 47,345 45,754 Sub-total of cash inflows 809,024 944,248 Cash paid for goods and services (532,029) (659,087) Cash paid to and for employees (31,176) (31,043) Payments of taxes and levies (116,166) (130,462) Other cash paid relating to operating activities (90,244) (83,871) Sub-total of cash outflows (769,615) (904,463) Net cash flow from operating activities 39,409 39,785 II. Cash flows from investing activities: Cash received from disposal of investments 22,411 19,774 Cash received from returns on investments 13,961 12,134 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 240 236 Other cash received relating to investing activities 2,235 8,673 Sub-total of cash inflows 38,847 40,817 Cash paid for acquisition of fixed assets, intangible assets and other long-term assets (43,943) (39,080) Cash paid for acquisition of investments (19,153) (22,955) Cash paid for acquisition of subsidiaries and other business units - (300) Other cash paid relating to investing activities (25,163) (37,222) Sub-total of cash outflows (88,259) (99,557) Net cash flow used in investing activities (49,412) (58,740) III. Cash flows from financing activities: Cash received from capital contributions - 11,995 Cash received from borrowings 112,329 119,768 Other cash received relating to financing activities 211,079 214,082 Sub-total of cash inflows 323,408 345,845 Cash repayments of borrowings (64,917) (95,568) Cash paid for dividends or interest (33,188) (47,824) Other cash paid relating to financing activities (200,347) (194,469)
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- 26 - Cash Flow Statement (Continued) Sub-total of cash outflows (298,452) (337,861) Net cash flow from financing activities 24,956 7,984 IV . Effects of changes in foreign exchange rate (9) (7) V . Net increase/(decrease) in cash and cash equivalents 14,944 (10,978) Add: Initial balance of cash and cash equivalents 27,520 64,471 VI. Ending balance of cash and cash equivalents 42,464 53,493 Hou Qijun Zhao Dong Shou Donghua Chairman President Chief Financial Officer (Legal representative)
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- 27 - Segment Reporting For the nine-month period ended 30 September 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items Nine-month period ended 30 September 2025 Nine-month period ended 30 September 2024 Income from principal operations Exploration and production External sales 118,524 131,801 Inter–segment sales 94,473 88,721 Subtotal 212,997 220,522 Refining External sales 121,537 121,134 Inter–segment sales 882,247 1,002,567 Subtotal 1,003,784 1,123,701 Marketing and distribution External sales 1,102,073 1,276,295 Inter–segment sales 5,348 5,898 Subtotal 1,107,421 1,282,193 Chemicals External sales 297,289 311,742 Inter–segment sales 61,304 73,773 Subtotal 358,593 385,515 Corporate and others External sales 432,559 480,381 Inter–segment sales 551,914 666,349 Subtotal 984,473 1,146,730 Elimination of inter–segment sales (1,595,286) (1,837,308) Consolidated income from principal operations 2,071,982 2,321,353
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- 28 - Segment Reporting (Continued) Income from other operations Exploration and production 2,191 2,860 Refining 2,329 2,695 Marketing and distribution 29,960 30,282 Chemicals 5,081 7,201 Corporate and others 1,898 2,150 Consolidated income from other operations 41,459 45,188 Consolidated operating income 2,113,441 2,366,541 Operating profit By segment Exploration and production 31,987 38,134 Refining 6,081 5,695 Marketing and distribution 9,781 16,648 Chemicals (7,429) (5,575) Corporate and others (2,314) 828 Elimination (230) (60) Total segment operating profit 37,876 55,670 Investment income Exploration and production 2,785 2,604 Refining (119) (430) Marketing and distribution 2,146 3,006 Chemicals (2,310) 259 Corporate and others 4,840 5,702 Total segment investment income 7,342 11,141 Financial expenses (11,250) (8,983) Gains/(losses) from changes in fair value 2,024 (772) Asset disposal gains 731 663 Other income 4,939 6,489 Operating profit 41,662 64,208 Add: Non-operating income 1,071 877 Less: Non-operating expenses 1,689 2,007 Profit before taxation 41,044 63,078
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- 29 - 5.2 Quarterly financial statements prepared under IFRS Accounting Standards Consolidated Income Statement For the nine-month period ended 30 September 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items Current Amount (July- September) Amount of the previous period (July- September) Nine-month period ended 30 September 2025 Nine-month period ended 30 September 2024 Revenue Revenue from primary business 691,595 775,433 2,071,982 2,321,353 Other operating revenues 12,794 14,977 41,459 45,188 Subtotal 704,389 790,410 2,113,441 2,366,541 Operating expenses Purchased crude oil, products and operating supplies and expenses (549,694) (643,252) (1,668,134) (1,897,465) Selling, general and administrative expenses (13,771) (15,298) (39,640) (41,784) Depreciation, depletion and amortisation (31,743) (30,242) (92,898) (89,660) Exploration expenses, including dry holes (2,763) (1,833) (8,409) (6,375) Personnel expenses (27,268) (24,051) (76,710) (74,341) Taxes other than income tax (65,604) (67,627) (188,955) (200,239) Impairment (losses)/reversals on trade and other receivables - (54) 138 (31) Other operating (expense)/income, net (278) 4,517 7,858 6,945 Total operating expenses (691,121) (777,840) (2,066,750) (2,302,950) Operating profit 13,268 12,570 46,691 63,591 Finance costs Interest expense (4,796) (4,762) (14,533) (14,416) Interest income 1,475 1,524 4,282 4,776 Foreign currency exchange gains/(losses), net 497 530 (999) 657 Net finance costs (2,824) (2,708) (11,250) (8,983) Investment (loss)/income (826) 243 (751) 521 Share of profits less losses from associates and joint ventures 2,443 1,598 8,488 8,896 Profit before taxation 12,061 11,703 43,178 64,025 Income tax expense (1,804) (2,349) (7,011) (12,280) Profit for the period 10,257 9,354 36,167 51,745 Attributable to：： Owners of the Company 8,313 8,031 32,065 45,110 Non-controlling interests 1,944 1,323 4,102 6,635 Profit for the period 10,257 9,354 36,167 51,745
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- 30 - Consolidated Income Statement (Continued) Earnings per share：： Basic earnings per share (RMB/Share) 0.069 0.066 0.264 0.373 Diluted earnings per share (RMB/Share) 0.069 0.066 0.264 0.373
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- 31 - Consolidated Statement of Comprehensive Income For the nine-month period ended 30 September 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items Current Amount (July- September) Amount of the previous period (July- September) Nine-month period ended 30 September 2025 Nine-month period ended 30 September 2024 Profit for the period 10,257 9,354 36,167 51,745 Other comprehensive income: Other comprehensive income (net of tax) attributable to shareholders of the Company 9,123 (433) 11,078 (283) Items that may not be reclassified subsequently to profit or loss: Equity investments at fair value through other comprehensive income 2,299 - 2,907 1 Items that may be reclassified subsequently to profit or loss: Share of other comprehensive income of associates and joint ventures 4,421 (935) 7,626 78 Cash flow hedges 3,136 2,231 1,951 820 Foreign currency translation differences (733) (1,729) (1,406) (1,182) Other comprehensive income (net of tax) attributable to non-controlling interests 909 (136) 2,064 293 Total other comprehensive income net of tax 10,032 (569) 13,142 10 Total comprehensive income for the period 20,289 8,785 49,309 51,755 Attributable to: Shareholders of the Company 17,436 7,598 43,143 44,827 Non-controlling interests 2,853 1,187 6,166 6,928
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- 32 - Consolidated Balance Sheet For the nine-month period ended 30 September 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items At 30 September 2025 At 31 December 2024 Non-current assets：： Property, plant and equipment, net 747,036 717,083 Construction in progress 186,336 208,747 Right-of-use assets 264,090 255,816 Goodwill 6,479 6,493 Interest in associates 172,182 166,786 Interest in joint ventures 77,426 76,702 Financial assets at fair value through other comprehensive income 8,114 416 Deferred tax assets 20,323 18,777 Long-term prepayments and other non-current assets 113,846 106,105 Total non-current assets 1,595,832 1,556,925 Current assets: Cash and cash equivalents 114,141 91,295 Time deposits with financial institutions 61,671 54,285 Financial assets at fair value through profit and loss 3 4 Derivatives financial assets 1,757 2,554 Trade accounts receivable and bills receivable 67,369 44,333 Financial assets at fair value through other comprehensive income 17,652 2,613 Inventories 239,188 256,595 Prepaid expenses and other current assets 81,812 72,836 Total current assets 583,593 524,515
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- 33 - Consolidated Balance Sheet (Continued) Current liabilities：： Short-term debts 148,082 87,780 Loans from Sinopec Group Company and fellow subsidiaries 9,511 4,684 Lease liabilities 20,629 17,831 Derivatives financial liabilities 3,145 3,412 Trade accounts payable and bills payable 254,287 256,597 Contract liabilities 134,385 127,697 Other payables 167,274 173,530 Income tax payable 1,971 1,706 Total current liabilities 739,284 673,237 Net current liabilities 155,691 148,722 Total assets less current liabilities 1,440,141 1,408,203 Non-current liabilities：： Long-term debts 199,977 187,202 Loans from Sinopec Group Company and fellow subsidiaries 19,857 23,294 Lease liabilities 159,707 154,904 Deferred tax liabilities 6,658 7,324 Provisions 51,066 49,668 Other non-current liabilities 17,432 13,664 Total non-current liabilities 454,697 436,056 Total net assets 985,444 972,147 Equity：： Share capital 121,178 121,282 Reserves 706,907 694,533 Total equity attributable to shareholders of the Company 828,085 815,815 Non-controlling interests 157,359 156,332 Total equity 985,444 972,147
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- 34 - Consolidated Cash Flow Statement For the nine-month period ended 30 September 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items Nine-month period ended 30 September 2025 Nine-month period ended 30 September 2024 Net cash generated from operating activities (a) 114,782 101,541 Investing activities Capital expenditure (76,760) (75,374) Exploratory wells expenditure (11,440) (12,482) Purchase of investments (6,606) (3,433) Proceeds from disposal of investments 112 296 Proceeds from disposal of property, plant, equipment and other non-current assets 803 1,603 Increase in time deposits with maturities over three months (65,411) (78,066) Decrease in time deposits with maturities over three months 53,680 56,960 Interest received 4,282 3,947 Investment and dividend income received 7,085 8,967 Payments of other investing activities (816) (2,219) Net cash used in investing activities (95,071) (99,801) Financing activities Proceeds from bank and other loans 337,141 519,031 Repayments of bank and other loans (282,018) (475,667) Issue of new shares - 11,995 Contributions to subsidiaries from non-controlling interests 1,125 3,142 Dividends paid by the Company (27,644) (42,113) Distributions by subsidiaries to non-controlling interests (3,693) (1,489) Interest paid (7,584) (7,795) Repayments of lease liabilities (12,771) (13,410) Proceeds from other financing activities 47 1,296 Repayments of other financing activities (1,573) (2,611) Net cash generated from/(used in) financing activities 3,030 (7,621) Net increase/(decrease) in cash and cash equivalents 22,741 (5,881) Cash and cash equivalents at the beginning of the period 91,295 121,759 The impact of exchange rate movements 105 (329) Cash and cash equivalents at the end of the period 114,141 115,549
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- 35 - Note to consolidated statement of Cash Flows For the nine-month period ended 30 September 2025 Prepared by: China Petroleum & Chemical Corporation (a) Reconciliation of profit before taxation to net cash generated from operating activities Units: million Currency: RMB Type: unaudited Items Nine-month period ended 30 September 2025 Nine-month period ended 30 September 2024 Operating activities Profit before taxation 43,178 64,025 Adjustments for: Depreciation, depletion and amortisation 92,898 89,660 Dry hole costs written off 6,875 4,059 Share of profits less losses from associates and joint ventures (8,488) (8,896) Investment loss/(income) 751 (521) Interest income (4,282) (4,776) Interest expense 14,533 14,416 (Gains)/losses on foreign currency exchange rate changes and derivative financial instruments (1,067) 77 Gains on disposal of property, plant, equipment and other non-current assets, net (335) (360) Impairment losses on assets 2,217 2,198 Impairment (reversals)/losses on trade and other receivables (138) 31 Operating profit before change of operating capital 146,142 159,913 Accounts receivable and other current assets (44,730) (37,424) Inventories 15,195 (18,564) Accounts payable and other current liabilities 9,319 9,811 Subtotal 125,926 113,736 Income tax paid (11,144) (12,195) Net cash generated from operating activities 114,782 101,541
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- 36 - Segment Reporting For the nine-month period ended 30 September 2025 Prepared by: China Petroleum & Chemical Corporation Units: million Currency: RMB Type: unaudited Items Nine-month period ended 30 September 2025 Nine-month period ended 30 September 2024 Revenue from primary business Exploration and production External sales 118,524 131,801 Inter-segment sales 94,473 88,721 Subtotal 212,997 220,522 Refining External sales 121,537 121,134 Inter-segment sales 882,247 1,002,567 Subtotal 1,003,784 1,123,701 Marketing and distribution External sales 1,102,073 1,276,295 Inter-segment sales 5,348 5,898 Subtotal 1,107,421 1,282,193 Chemicals External sales 297,289 311,742 Inter-segment sales 61,304 73,773 Subtotal 358,593 385,515 Corporate and others External sales 432,559 480,381 Inter-segment sales 551,914 666,349 Subtotal 984,473 1,146,730 Elimination of inter-segment sales (1,595,286) (1,837,308) Revenue from primary business 2,071,982 2,321,353 Other operating revenues Exploration and production 2,191 2,860 Refining 2,329 2,695 Marketing and distribution 29,960 30,282 Chemicals 5,081 7,201 Corporate and others 1,898 2,150 Other operating revenues 41,459 45,188 Revenue 2,113,441 2,366,541
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- 37 - Segment Reporting (Continued) Result Operating profit/(loss) By segment Exploration and production 35,462 42,695 Refining 7,187 6,586 Marketing and distribution 10,681 17,237 Chemicals (7,082) (4,896) Corporate and others 673 2,029 Elimination (230) (60) Total segment operating profit 46,691 63,591 Share of profits/(losses) from associates and joint ventures Exploration and production 2,623 2,514 Refining (206) (455) Marketing and distribution 2,070 2,617 Chemicals 107 262 Corporate and others 3,894 3,958 Aggregate share of profits from associates and joint ventures 8,488 8,896 Investment income Exploration and production - - Refining 19 25 Marketing and distribution 33 12 Chemicals (1,248) (153) Corporate and others 445 637 Aggregate investment income (751) 521 Net finance costs (11,250) (8,983) Profit before taxation 43,178 64,025
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- 38 - 5.3 Differences between consolidated financial statements prepared in accordance with the accounting policies complying 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 presented 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) Capitalization adjustment of exchange gains and losses of special borrowings According to the Accounting Standards for Business Enterprises of China, the exchange difference between the principal and interest of special foreign currency borrowings shall be capitalized and included in the cost of assets eligible for capitalization. According to the IFRS Accounting Standards, except that the exchange differences arising from foreign currency borrowings adjusted as interest expenses can be capitalized, others are included in the current profits and losses.
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- 39 - 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 Nine-month period ended 30 September 2025 Nine-month period ended 30 September 2024 Net profit under CASs 34,033 50,798 Adjustments: Government grants (i) 30 30 Safety production fund (ii) 907 1,020 Other (2) (1) Capitalisation of exchange difference of specific loans (iii) 1,199 (102) Profit for the period under IFRS Accounting Standards 36,167 51,745 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 30 September 2025 As of 31 December 2024 Shareholders’ equity under CASs 988,361 976,293 Adjustments: Government grants (i) (785) (815) Capitalisation of exchange difference of specific loans (iii) (2,132) (3,331) Total equity under IFRS Accounting Standards 985,444 972,147