An announcement of 2022 third quarterly report of the Registrant;

Each made by the Registrant on October 28, 2022.


Document 1


Next Day Disclosure Return
(Equity issuer - changes in issued share capital and/or share buybacks)

Instrument:
Equity issuer
Status:
New Submission
Name of Issuer:
China Petroleum & Chemical Corporation
Date Submitted:
28 October 2022

Section I must be completed by a listed issuer where there has been a change in its issued share capital which is discloseable pursuant to rule 13.25A of the Main Board Rules (the "Main Board Listing Rules") / rule 17.27A of the GEM Rules (the "GEM Listing Rules") Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Exchange")

Section I
1. Type of shares
Ordinary shares
Class of shares
Class H
Listed on SEHK (Note 11)
Yes
Stock code (if listed)
00386
Description
Issues of shares
(Notes 6 and 7)
No. of shares
Issued shares as a % of existing number of issued shares before relevant share issue
(Notes 4, 6 and 7)
Issue price per share
(Notes 1 and 7)
Closing market price per share of the immediately preceding business day
(Note 5)
% discount(-)/ premium of issue price to market price
(Note 7)
Opening balance as at (Note 2) 27 October 2022
25,459,024,600
1).Repurchase of shares (or other securities) but not cancelled
Date of changes 28 October 2022
0
0 %
%
Closing balance as at (Note 8) 28 October 2022
25,459,024,600


Page 1 of 5


2. Type of shares
Ordinary shares
Class of shares
Class A
Listed on SEHK (Note 11)
No
Stock code (if listed)
Description
Listed on Shanghai Stock Exchange (stock code: 600028)
Issues of shares
(Notes 6 and 7)
No. of shares
Issued shares as a % of existing number of issued shares before relevant share issue
(Notes 4, 6 and 7)
Issue price per share
(Notes 1 and 7)
Closing market price per share of the immediately preceding business day
(Note 5)
% discount(-)/ premium of issue price to market price
(Note 7)
Opening balance as at (Note 2) 27 October 2022
95,557,771,046
1).Repurchase of shares (or other securities) but not cancelled
Date of changes 17 October 2022
9,600,000
0.01 %
%
2).Repurchase of shares (or other securities) but not cancelled
Date of changes 18 October 2022
16,000,000
0.01 %
%
3).Repurchase of shares (or other securities) but not cancelled
Date of changes 19 October 2022
17,000,000
0.01 %
%
4).Repurchase of shares (or other securities) but not cancelled
Date of changes 20 October 2022
14,999,971
0.01 %
%
5).Repurchase of shares (or other securities) but not cancelled
Date of changes 21 October 2022
7,400,001
0.01 %
%
6).Repurchase of shares (or other securities) but not cancelled
Date of changes 24 October 2022
11,600,000
0.01 %
%
7).Repurchase of shares (or other securities) but not cancelled
Date of changes 25 October 2022
6,500,000
0.01 %
%
8).Repurchase of shares (or other securities) but not cancelled
Date of changes 26 October 2022
6,500,000
0.01 %
%
9).Repurchase of shares (or other securities) but not cancelled
Date of changes 27 October 2022
3,500,000
0.003 %
%
10).Repurchase of shares (or other securities) but not cancelled
Date of changes 28 October 2022
9,500,000
0.01 %
%
Closing balance as at (Note 8) 28 October 2022
95,557,771,046

Remarks:
1. The Company commenced H share repurchase on 21 September 2022 and has repurchased and cancelled 54,414,000 H shares as of 14 October 2022.
2. The Company commenced A share repurchase on 21 September 2022 and has repurchased 117,400,085 A shares as of 14 October 2022.
3. Issued shares as a % of existing number of issued shares before relevant share issue is calculated with reference to the Company's total number of issued shares of 121,016,795,646 shares (comprising 25,459,024,600 H shares and 95,557,771,046 A shares).


Page 2 of 5


We hereby confirm to the best knowledge, information and belief that, in relation to each issue of securities as set out in Section I, it has been duly authorised by the board of directors of the listed issuer and, insofar as applicable:
(Note 9)
(i)
all money due to the listed issuer in respect of the issue of securities has been received by it;
(ii)
all pre-conditions for the listing imposed by the Main Board Listing Rules / GEM Listing Rules under "Qualifications of listing" have been fulfilled;
(iii)
all (if any) conditions contained in the formal letter granting listing of and permission to deal in the securities have been fulfilled;
(iv)
all the securities of each class are in all respects identical (Note 10);
(v)
all documents required by the Companies (Winding Up and Miscellaneous Provisions) Ordinance to be filed with the Registrar of Companies have been duly filed and that compliance has been made with other legal requirements;
(vi)
all the definitive documents of title have been delivered/are ready to be delivered/are being prepared and will be delivered in accordance with the terms of issue;
(vii)
completion has taken place of the purchase by the issuer of all property shown in the listing document to have purchased or agreed to be purchased by it and the purchase consideration for all such property has been duly satisfied; and
(viii)
the trust deed/deed poll relating to the debenture, loan stock, notes or bonds has been completed and executed, and particulars thereof, if so required by law, have been filed with the Registrar of Companies.

Notes to Section I:

1.
Where shares have been issued at more than one issue price per share, a weighted average issue price per share should be given.

2.
Please insert the closing balance date of the last Next Day Disclosure Return published pursuant to Main Board Rule 13.25A / GEM Rule 17.27A or Monthly Return pursuant to Main Board Rule 13.25B / GEM Rule 17.27B, whichever is the later.

3.
Please set out all changes in issued share capital requiring disclosure pursuant to Main Board Rule 13.25A / GEM Rule 17.27A together with the relevant dates of issue. Each category will need to be disclosed individually with sufficient information to enable the user to identify the relevant category in the listed issuer's Monthly Return. For example, multiple issues of shares as a result of multiple exercises of share options under the same share option scheme or of multiple conversions under the same convertible note must be aggregated and disclosed as one category. However, if the issues resulted from exercises of share options under 2 share option schemes or conversions of 2 convertible notes, these must be disclosed as 2 separate categories.

4.
The percentage change in the number of issued shares of listed issuer is to be calculated by reference to the listed issuer's total number of shares in issue (excluding for such purpose any shares repurchased or redeemed but not yet cancelled) as it was immediately before the earliest relevant event which has not been disclosed in a Monthly Return or Next Day Disclosure Return.

5.
Where trading in the shares of the listed issuer has been suspended, "closing market price per share of the immediately preceding business day" should be construed as "closing market price per share of the business day on which the shares were last traded".

6.
In the context of a repurchase of shares:

•
"issues of shares" should be construed as "repurchases of shares"; and


Page 3 of 5


•
"issued shares as a % of existing number of shares before relevant share issue" should be construed as "repurchased shares as a % of existing number of shares before relevant share repurchase".

7.
In the context of a redemption of shares:

•
"issues of shares" should be construed as "redemptions of shares";

•
"issued shares as a % of existing number of shares before relevant share issue" should be construed as "redeemed shares as a % of existing number of shares before relevant share redemption"; and

•
"issue price per share" should be construed as "redemption price per share".

8.
The closing balance date is the date of the last relevant event being disclosed.

9.
Items (i) to (viii) are suggested forms of confirmation which may be amended to meet individual cases.

10.
"Identical" means in this context:

•
the securities are of the same nominal value with the same amount called up or paid up;

•
they are entitled to dividend/interest at the same rate and for the same period, so that at the next ensuing distribution, the dividend/interest payable per unit will amount to exactly the same sum (gross and net); and

•
they carry the same rights as to unrestricted transfer, attendance and voting at meetings and rank pari passu in all other respects.

11.
SEHK refers to Stock Exchange of Hong Kong.


Page 4 of 5

Section II must also be completed by a listed issuer where it has made a repurchase of shares which is discloseable under Main Board Rule 10.06(4)(a) / GEM Rule 13.13(1).

The issuer has Purchase report or additional information for issuer whose primary listing is on the Exchange

Section II
1. Type of shares
Ordinary shares
Class of shares
Class A
Listed on SEHK (Note)
No
Stock code (if listed)
Description
Listed on Shanghai Stock Exchange (stock code: 600028)
A.Purchase report
Trading date
Number of securities purchased
Method of purchase
(Note)
Price per share or highest price paid $
Lowest price paid $
Total paid $
1).28 October 2022
9,500,000
On another stock exchange
Shanghai Stock Exchange
RMB
4.33
RMB
4.27
RMB
40,798,305
Total number of securities purchased
9,500,000
Total paid $
RMB
40,798,305
B.Additional information for issuer whose primary listing is on the Exchange
1).Number of such securities purchased on the Exchange in the year to date (since ordinary resolution)
(a)
2).% of number of shares in issue at time ordinary resolution passed acquired on the Exchange since date of resolution ( (a) x 100 )/ Number of shares in issue
%

We hereby confirm that the repurchases set out in A above which were made on the Exchange were made in accordance with the Main Board Listing Rules / GEM Listing Rules and that there have been no material changes to the particulars contained in the Explanatory Statement dated 31 March 2022 which has been filed with the Exchange. We also confirm that any purchases set out in A above which were made on another stock exchange were made in accordance with the domestic rules applying to purchases made on that other exchange.

Note to Section II: Please state whether on the Exchange, on another stock exchange (stating the name of the exchange), by private arrangement or by general offer.

Submitted by:
Huang Wensheng
(Name)
Title:
Vice President and Secretary to the Board of Directors
(Director, Secretary or other Duly Authorised Officer)



Page 5 of 5

Document 2

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)

Appointment of Senior Vice President

The board of directors (the "Board") of China Petroleum & Chemical Corporation (the "Company" or "Sinopec Corp.") hereby announces that Mr. Lv Lianggong has been appointed as Senior Vice President of Sinopec Corp. with a term commencing from the date of approval by the Board to the date when the term of the eighth session of the Board expires.

The biography details of Mr. Lv Lianggong are as follows:

Lv Lianggong, aged 56. Mr. Lv is a professor level senior engineer with a master's degree. In December 2001, he was appointed as Deputy Manager of Sinopec Jinan Company; in August 2008, he was appointed as Manager and Deputy Secretary of the CPC Committee of Sinopec Jinan Company; in December 2008, he was appointed as General Manager and Deputy Secretary of the CPC Committee of Sinopec Jinan Company; in December 2016, he was appointed as General Manager and Deputy Secretary of the CPC Committee of Anqing Petrochemical General Plant of China Petrochemical Corporation and General Manager of Sinopec Anqing Company; in July 2017, he was appointed to serve a temporary position as a member of the Standing Committee of the CPC Anqing Municipal Committee; in September 2018, he was appointed as the General Manager and Deputy Secretary of the CPC Committee of Sinopec Zhenhai Refining & Chemical Company; in December 2019, he was appointed as Representative and Secretary of the CPC Committee of Sinopec Zhenhai Refining & Chemical Company; in December 2020, he was appointed as Deputy Chief Economist, Director General of Organization Department of Leading Party Member Group of China Petrochemical Corporation and President of Human Resource Department of Sinopec Corp.; in June 2021, he was appointed as Deputy Chief Economist, Director General of Organization Department of Leading Party Member Group and Director General of the Office of the

Organizational Structure Establishment Committee of Leading Party Member Group of China Petrochemical Corporation and President of Human Resource Department of Sinopec Corp.; in May 2022, he was elected as Supervisor of Sinopec Corp.; in August 2022, he was appointed as a Member of the Leading Party Member Group and Deputy General Manager of China Petrochemical Corporation.

The Board would like to take this opportunity to welcome Mr. Lv Lianggong to serve as Senior Vice President of Sinopec Corp.

By order of the Board
China Petroleum & Chemical Corporation
Huang Wensheng
Vice President, Secretary to the Board

Beijing, PRC
28 October 2022

As of the date of this announcement, directors of the Company are: Ma Yongsheng*, Zhao Dong*, Yu Baocai#, Ling Yiqun#, Li Yonglin#, Liu Hongbin#, Cai Hongbin+, Ng, Kar Ling Johnny+, Shi Dan+ and Bi Mingjian+.

# Executive Director
* Non-executive Director
+ Independent Non-executive Director



Document 3

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 Third Quarterly Report for 2022

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
China Petroleum & Chemical Corporation
Huang Wensheng
Vice President, Secretary to the Board of Directors

Beijing, the PRC,
28 October 2022

As of the date of this announcement, directors of the Company are: Ma Yongsheng*, Zhao Dong*, Yu Baocai#, Ling Yiqun#, Li Yonglin#, Liu Hongbin#, Cai Hongbin+, Ng, Kar Ling Johnny+, Shi Dan+ and Bi Mingjian+.

#
Executive Director
*
Non-executive Director
+
Independent Non-executive Director



中国石油化工股份有限公司

China Petroleum & Chemical Corporation
The Third Quarterly Report for 2022

28 October 2022
Beijing China

Important notice
●
The Board of Directors, the Board of Supervisors 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 report and there are no false representations, misleading statements or material omissions and severally and jointly accept full responsibility.

●
The third quarterly report for 2022 was approved at the 13th meeting of the 8th Session of the Board of Directors of Sinopec Corp. All directors attended this meeting.

●
Mr. Ma Yongsheng, Chairman, Mr. Yu Baocai, 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.


2
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
Items
As of 30
September 2022
As of 31
December 2021
Change
(%)
Total assets
2,050,519
1,889,255
8.5
Total equity attributable to equity shareholders of the Company
781,273
775,102
0.8
RMB million
Nine-months period ended 30 September
Change
(%)
2022
2021
(adjusted)
2021
(before adjustment)
Operating income
2,453,322
2,001,691
2,003,350
22.6
Net profit attributable to equity shareholders of the Company
56,660
60,029
59,892
(5.6)
Net profit attributable to equity shareholders of the Company excluding extraordinary gains and losses
55,452
58,720
58,720
(5.6)
Net cash flow from operating activities
59,244
116,744
115,723
(49.3)
Basic earnings per share (RMB)
0.468
0.496
0.495
(5.6)
Diluted earnings per share (RMB)
0.468
0.496
0.495
(5.6)
Weighted average return on net assets (%)
7.28
7.89
7.92
(0.61)
percentage points
Note: The Company has completed the purchase of non-equity assets and liabilities of Sinopec Group Asset Management Co., Ltd. and Sinopec Beijing Yanshan Petrochemical Co., Ltd. on 1 December 2021. Sinopec Yizheng Chemical Fibre Company Limited, a subsidiary of Sinopec Corp., has completed the purchase of non-equity assets and liabilities of Sinopec Group Asset Management Co., Ltd. on 1 December 2021. The transactions described above have been accounted as business combination under common control, thus, the Company retroactively adjusted the relevant financial data.

1.1.2 Extraordinary items
RMB million
Extraordinary items
Three-months period ended 30 September 2022
(income) /expense
Nine-months period ended 30 September 2022
(income) /expense
Net gain on disposal of non-current assets
(114)
(249)
Donations
23
124
Government grants
(669)
(2,009)
Gains on holding and disposal of various investments
(69)
(194)
Other extraordinary (income) /expenses, net
(95)
193
Subtotal
(924)
(2,135)
Tax effect
198
673
Total
(726)
(1,462)
Attributable to:
Equity shareholders of the Company
(638)
(1,208)
Minority interests
(88)
(254)

3
1.1.3 Principal financial data and indicators prepared in accordance with International Financial Reporting Standards (IFRS)
RMB million
Items
As of 30
September 2022
As of 31
December 2021
Change
(%)
Total assets
2,050,519
1,889,255
8.5
Total equity attributable to shareholders of the Company
780,394
774,182
0.8
RMB million
Nine-months period ended 30 September
Change
(%)
2022
2021
(adjusted)
2021
(before adjustment)
Net cash from operating activities
59,244
116,744
115,723
(49.3)
Operating profit
75,886
85,025
84,806
(10.7)
Net profit attributable to shareholders of the Company
57,284
60,892
60,755
(5.9)
Basic earnings per share (RMB)
0.473
0.503
0.502
(5.9)
Diluted earnings per share (RMB)
0.473
0.503
0.502
(5.9)
Return on net assets (%)
7.34
7.88
7.91
(0.54)
percentage points
Note: The Company has completed the purchase of non-equity assets and liabilities of Sinopec Group Asset Management Co., Ltd. and Sinopec Beijing Yanshan Petrochemical Co., Ltd. on 1 December 2021. Sinopec Yizheng Chemical Fibre Company Limited, a subsidiary of Sinopec Corp., has completed the purchase of non-equity assets and liabilities of Sinopec Group Asset Management Co., Ltd. on 1 December 2021. The transactions described above have been accounted as business combination under common control, thus, the Company retroactively adjusted the relevant financial data.

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 2022
As of 31 December 2021
Increase/ (Decrease)
Main reasons for changes
Amount
Percentage
RMB
million
RMB
million
RMB
million
(%)
Financial assets held for trading
1,030
-
1,030
-
Impact of increase in structured deposits.
Derivative financial assets
43,768
18,371
25,397
138.2
Impact of changes in profit and loss of crude oil and other products hedging business.
Derivative financial liabilities
16,454
3,223
13,231
410.5
Accounts receivable
65,796
34,861
30,935
88.7
Increase in accounts receivable resulting from increased prices of crude oil and refined oil products.
Prepayments
12,162
9,267
2,895
31.2
Prepayment for goods increased year-on-year.
Employee benefits payable
26,665
14,048
12,617
89.8
Impact of increase in payable performance-based income.
Taxes payable
30,214
81,267
(51,053)
(62.8)
The impact of centralized payment for deferred taxes happened in the fourth quarter of last year.


4

Items of Consolidated Balance Sheet
As of 30 September 2022
As of 31 December 2021
Increase/ (Decrease)
Main reasons for changes
Amount
Percentage
RMB
million
RMB
million
RMB
million
(%)
Non-current liabilities due within one year
69,574
28,651
40,923
142.8
Increase in long-term loans and debentures payable due within one year.
Other current liabilities
103,849
31,762
72,087
227.0
Increase in low-interest debentures for supplementary of liquidity during the reporting period.
Treasury shares
375
-
375
-
Repurchased A shares and H shares in the reporting period.
Other comprehensive income
7,587
(690)
8,277
-
The impact on translation of foreign currency statements and changes in effective hedging business.
Specific reserve
3,588
2,664
924
34.7
The impact of changes in balance of safety fund reserve.

Items of Consolidated Income Statement
Nine-months period ended 30 September 2022
Nine-months period ended 30 September 2021
Increase/ (Decrease)
Main reasons for changes
Amount
Percentage
RMB
million
RMB
million
RMB
million
(%)
Other income
5,848
1,671
4,177
250.0
Increase in VAT refund on imported LNG.
Investment (loss) /income
(6,011)
9,520
(15,531)
-
Decrease in investment income of associates and joint ventures and the impact of profit and loss of derivative financial instruments.
Gains/ (loss) from changes in fair value
1,765
(1,112)
2,877
-
Impact of floating profit and loss of derivative financial instruments.
Impairment losses
(2,376)
(1,036)
(1,340)
129.3
Allowance for diminution in value of inventories increased.

Items of Consolidated Cash Flow Statement
Nine-months period ended 30 September 2022
Nine-months period ended 30 September 2021
Increase/(Decrease)
Main reasons for changes
Amount
Percentage
RMB
million
RMB
million
RMB
million
(%)
Net cash flow from operating activities
59,244
116,744
(57,500)
(49.3)
Increase in working capital occupation due to the higher prices of crude oil and refined oil product.
Refunds of taxes and levies
8,401
934
7,467
799.5
Increase in VAT refund on imported LNG.
Other cash received relating to operating activities
211,117
109,232
101,885
93.3
Increase in derivative financial instruments margins received.
Cash paid for goods and services
(2,180,888)
(1,650,303)
(530,585)
32.2
Increase in procurement cost of crude oil and other feedstocks.


5

Items of Consolidated Cash Flow Statement
Nine-months period ended 30 September 2022
Nine-months period ended 30 September 2021
Increase/(Decrease)
Main reasons for changes
Amount
Percentage
RMB
million
RMB
million
RMB
million
(%)
Other cash paid relating to operating activities
(247,067)
(122,068)
(124,999)
102.4
Increase in payment of derivative financial instruments margins.
Cash received from disposal of investment
517
6,614
(6,097)
(92.2)
Decrease in structured deposits received year on year.
Cash received from returns on investment
8,718
6,461
2,257
34.9
Increase in dividend received from associates and joint ventures.
Net cash received from disposal of fixed assets, intangible assets and other long-term assets
218
919
(701)
(76.3)
Decrease of gain on disposal of fixed assets.
Net cash received from disposal of subsidiaries and other business entities
1
4,764
(4,763)
(100.0)
Payment of pipeline transaction received in the same period of 2021 and no such item in reporting period.
Other cash received relating to investing activities
52,283
26,431
25,852
97.8
Increase in amount received of time deposits with maturities over three months.
Cash paid for acquisition of investments
(6,350)
(18,595)
12,245
(65.9)
Decrease in entrusted loan year on year.
Net cash paid for the acquisition of subsidiaries and other business entities
(7,641)
(1,114)
(6,527)
585.9
Cash paid for the prior year-end asset acquisition.
Other cash paid relating to investing activities
(23,172)
(36,949)
13,777
(37.3)
Decrease in time deposits with maturities over three months year on year.
Cash received from borrowings
432,081
298,393
133,688
44.8
Increase in loans.
Cash repayments of borrowings
(332,437)
(252,759)
(79,678)
31.5
Increase in matured debts year on year.
Cash paid for dividends, profits distribution or interest
(65,759)
(44,820)
(20,939)
46.7
The payment of dividends for the period increased year on year.

2. Shareholders information
Total number of shareholders and top ten shareholders at the end of the reporting period
Total number of shareholders at the end of the reporting period
Total number of shareholders was 479,394, including 473,819 holders of domestic A shares and 5,575 holders of overseas H shares.
Top ten shareholders


6

Name of shareholder
Total number of shares held
Percentage (%)
Number of shares subject to pledge or lock-ups
Nature of shareholder
China Petrochemical Corporation
82,709,227,393
68.31
0
State-owned share
HKSCC (Nominees) Limited
25,371,033,298
20.96
Unknown
H share
中国证券金融股份有限公司
2,325,374,407
1.92
0
A share
香港中央结算有限公司
1,203,674,433
0.99
0
A share
中国人寿保险股份有限公司－传统－普通保险产品－005L－CT001 沪
394,236,547
0.33
0
A share
中央汇金资产管理有限责任公司
315,223,600
0.26
0
A share
国信证券股份有限公司
235,021,324
0.19
0
A share
中国工商银行－上证 50 交易型开放式指数
124,680,276
0.10
0
A share
全国社保基金一一八组合
83,162,900
0.07
0
A share
招商银行股份有限公司－上证红利交易型开放式指数证券投资基金
77,458,009
0.06
0
A share
Note: Sinopec Century Bright Capital Investment Limited, overseas wholly-owned subsidiary of China Petrochemical Corporation, holds 767,916,000 H shares, accounting for 0.6343% 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.

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.

3. Review of operating results
In the first three quarters of 2022, the world economic growth slowed down. China effectively coordinated pandemic prevention and control with economic and social development and the overall economic operations recovered in an upward trend in the third quarter with the GDP growth of 3.9% year-on-year. The international crude oil prices rose sharply and fluctuated in the first half and dropped in the third quarter. The average spot price of Platts Brent was USD102.5 per barrel, up by 50.8% year-on-year. Domestic demand for natural gas kept stable. Based on the statistics of the Company, domestic demand for refined oil products shrank for the first half of the year and recovered with an increase of 1.5% year-on-year in the third quarter. The demand for major chemical products was weak due to the high crude oil price and the pandemic, with the ethylene equivalent consumption decreased by 1.0% year-on-year.

Confronted with severe and complex environment of production and operation, the Company gave full play to its integration advantages, actively responded to market changes, carried out in-depth optimization of the whole industrial chain, enhanced production and marketing coordination and achieved high-quality results. In accordance with CASs, net profit attributable to equity shareholders of the Company was RMB 56.660 billion, down by 5.6% year-on-year. In accordance with IFRS, net profit attributable to equity shareholders of the Company was RMB 57.284 billion, down by 5.9% year-on-year.

Exploration and Production: The Company seized the favourable opportunity of high oil prices,


7
intensified efforts in exploration and development, consolidated the foundation of resources, improved operational performance, and realised growth in production and profit. In terms of exploration, we strengthened risk exploration and trap pre-exploration in new regions and areas, and achieved a number of oil and gas discoveries, including breakthroughs in Shunbei oil and gas fields and Tarim Basin, shale oilfield in Bohai Bay basin and Subei basin, deep exploration of natural gas in Sichuan basin. In terms of development, we accelerated capacity building of major oilfields, such as Shunbei, Tahe and offshore blocks, strengthened efficiency adjustment and fine-tuned development of mature oil fields. We also actively promoted the capacity building of key natural gas blocks in Shunbei and Sichuan basin, and enhanced optimization and profitability improvement of the whole natural gas business chain. In the first three quarters of 2022, the Company's production of oil and gas reached 363.18 million barrels of oil equivalent, up by 2.3% year-on-year, with crude oil production reaching 210.82 million barrels, up by 1.0% year-on-year and natural gas production reaching 913.8 billion cubic feet, up by 4.1% year-on-year. The exploration and production segment realised earnings before interest and tax (EBIT) of RMB 46.245 billion in the first three quarters.

Exploration and Production
Unit
Nine-month period ended 30 September
Changes
2022
2021
(%)
Oil and gas production
million boe
363.18
355.01
2.3
Crude oil production
million barrels
210.82
208.65
1.0
China
million barrels
188.05
186.59
0.8
Overseas
million barrels
22.77
22.06
3.2
Natural gas production
billion cubic feet
913.81
877.85
4.1
Realised crude oil price
USD/barrel
94.24
60.94
54.6
Conversion: For domestic production of crude oil, 1 tonne = 7.10 barrels. For overseas production of crude oil, 1 tonne = 7.05 barrels. For production of natural gas, 1 cubic meter = 35.31 cubic feet.

Refining: The Company actively responded to challenges brought by high crude oil price and the pandemic, insisted on optimization and integration of production and marketing, leveraged the adaptability of facilities and maintained stable operation. We flexibly adjusted the utilization rate, product slate and export pace closely in line with market and reduced the inventory scale. We optimized the crude oil procurement and resources allocation to reduce procurement costs. We continuously promoted to increase the yield of chemical feedstock and refining specialities, accelerated construction of advanced capacity, promoted structural adjustment projects in an orderly manner and expedited the hydrogen supply projects. In the first three quarters of 2022, the Company processed 180 million tonnes crude oil, down by 5.6% year-on-year, yielding 103 million tonnes of refined oil products, among which diesel output increased by 4.7% year-on-year. The refining segment realised EBIT of RMB 20.645 billion in the first three quarters.

Refining
Unit
Nine-month period ended 30 September
Changes
2022
2021
(%)
Refinery throughput
million tonnes
180.07
190.73
(5.6)
Gasoline, diesel and kerosene production
million tonnes
103.07
108.60
(5.1)


8
Refining
Unit
Nine-month period ended 30 September
Changes
2022
2021
(%)
Gasoline
million tonnes
44.98
49.07
(8.3)
Diesel
million tonnes
44.92
42.92
4.7
Kerosene
million tonnes
13.17
16.60
(20.7)
Light chemical feedstock production
million tonnes
32.21
33.71
(4.4)
Light product yield
%
73.95
73.72
0.23 percentage points
Refining yield
%
95.11
94.71
0.40 percentage points
Note : Including 100% production of domestic joint ventures.

Marketing and Distribution: Facing the unfavourable situation of sporadic COVID-19 outbreaks in different regions, the Company strengthened the integration of production and marketing, scientifically adjusted business strategy and optimized the resources allocation. Especially, we seized the favorable opportunity of the gradual recovery of demand and continuous standardization of market orderliness in the third quarter and spared no effort to expand sales and increase profitability. We actively expanded low- sulphur bunker fuel market and further consolidated our market position. We expanded business scope, promoted branding building and improved the quality and profitability of non-fuel business. Efforts were made to accelerate sales network development, digitisation and transformation to an integrated energy service provider of petrol, gas, hydrogen, power and services. In the first three quarters, domestic sales volume of refined oil products was 121.99 million tonnes, among which the sales volume for the third quarter was 43.53 million tonnes, up by 16.4% quarter-on-quarter. The marketing and distribution segment realised EBIT of RMB 23.154 billion in the first three quarters.

Marketing and Distribution
Unit
Nine-month period ended 30 September
Changes
2022
2021
(%)
Total sales volume of refined oilproducts
million tonnes
151.60
166.59
(9.0)
Total domestic sales volume ofrefined oil products
million tonnes
121.99
127.88
(4.6)
Retail
million tonnes
79.09
83.70
(5.5)
Direct sales & Distribution
million tonnes
42.91
44.18
(2.9)
Annualised average throughputper station
tonnes/station
3,430
3,633
(5.6)
Note: The total sales volume of refined oil products includes the amount of refined oil marketing and trading sales volume.

Chemicals: Facing difficulty situation of high cost, high inventory and low margin in domestic chemical industrial chain, the Company closely responded to market change, dynamically optimized the structure of feedstocks and products, optimized utilization rate according to profitability, maintained high utilization rate in profitable facilities, increased the production of EVA and BR and increased production and profits in coal chemical business. We comprehensively promoted the construction of capacity in


9
Zhenhai, Tianjin Nangang, Hainan and Jiujiang. In the first three quarters, ethylene production reached 10 million tonnes, up by 2.6% year-on-year. We made full efforts to ensure sufficient supply to our strategic customers, actively increased export, and vigorously expanded high-end markets. In the first three quarters, the total sales volume of chemical products was 60.40 million tonnes, with a slight decrease year-on-year. Due to the sharp decline of gross margin of chemical products, the chemicals segment realised EBIT of RMB -1.061 billion in the first three quarters.

Chemicals
Unit
Nine-month period ended 30 September
Changes
2022
2021
(%)
Ethylene
thousand tonnes
10,002
9,752
2.6
Synthetic resin
thousand tonnes
13,790
14,002
(1.5)
Synthetic rubber
thousand tonnes
936
890
5.2
Monomers and polymers for synthetic fibre
thousand tonnes
6,705
6,819
(1.7)
Synthetic fibre
thousand tonnes
834
1,031
(19.1)
Note : Including 100% production of domestic joint ventures.

Capital expenditures:
Capital expenditures in the first three quarters was RMB 104.0 billion, of which RMB 51.6 billion was spent in E&P segment, mainly for the crude oil capacity building in Shunbei and Tahe, natural gas capacity building in Chuanxi and Dongsheng, and the construction of storage and transportation facilities such as the relocation of Dongying crude oil depot and Longkou LNG projects; RMB 13.6 billion was spent in refining segment, mainly for Anqing and Yangzi refining upgrading projects and phase two of Zhenhai refining and chemical projects; RMB 6.5 billion was spent in marketing and distribution segment, mainly for the upgrading of existing stations and construction of integrated energy stations covering gasoline, gas, hydrogen, power and service, as well as logistics facilities; RMB 29.5 billion was spent in chemicals segment, mainly for Hainan and Tianjin Nangang ethylene projects, Jiujiang aromatics project, Zhenhai refining and chemical project phase II and Yizheng PTA project; RMB 2.8 billion was spent in corporate and others, mainly for construction of science and technology research and IT projects.

4. Other significant events
The progress of share repurchase
On 18 May 2022, the Annual General Meeting for 2021, the First A Shareholders Class Meeting for 2022 and the First H Shareholders Class Meeting for 2022 of Sinopec Corp. considered and approved the Resolution to Grant to the Board a Mandate to Buy Back Domestic Shares and/or Overseas-listed Foreign Shares of Sinopec Corp., and authorized the Board (or the director authorised by the Board) to buy back A Shares or H Shares not exceeding 10% of the number of A Shares or H Shares of the Company in issue.
On 26 August 2022, the twelfth meeting of the eighth 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 announcements disclosed on the website of the Shanghai Stock Exchange on 29 August 2022 and 20 September 2022.
On 21 September 2022, the Company implemented the repurchase of A shares and H shares. As of


10
30 September 2022, the Company has repurchased 48 million A shares, accounting for 0.04% of the Company's total issued share capital on 30 September 2022, and the total amount paid was RMB 203,905,495.60 (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 2022; the Company has repurchased 54.414 million H Shares, accounting for approximately 0.04% of the Company's total issued share capital on 30 September 2022, and the total amount paid was HK$188,781,540.60 (exclusive of transaction fees).

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
Ma Yongsheng
Chairman
28 October 2022


11
5 Appendix
5.1 Quarterly financial statements prepared under China Accounting Standards for Business Enterprises (CASs)

Consolidated Balance Sheet
As at 30 September 2022
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items
At 30 September 2022
At 31 December 2021
Current assets:
Cash at bank and on hand
216,728
221,989
Financial assets held for trading
1,013
-
Derivative financial assets
43,768
18,371
Accounts receivable
65,796
34,861
Receivables financing
5,660
5,939
Prepayments
12,162
9,267
Other receivables
30,086
35,664
Inventories
282,719
207,433
Other current assets
19,463
24,500
Total current assets
677,395
558,024
Non-current assets:
Long-term equity investments
220,888
209,179
Other equity instrument investments
785
767
Fixed assets
602,977
598,932
Construction in progress
179,990
155,939
Right-of-use assets
180,769
184,974
Intangible assets
119,856
119,210
Goodwill
8,779
8,594
Long-term deferred expenses
10,934
10,007
Deferred tax assets
21,478
19,389
Other non-current assets
26,668
24,240
Total non-current assets
1,373,124
1,331,231
Total assets
2,050,519
1,889,255


12
Consolidated Balance Sheet (Continued)
Current liabilities:
Short-term loans
24,610
27,366
Derivative financial liabilities
16,454
3,223
Bills payable
10,096
11,721
Accounts payable
233,680
203,919
Contract liabilities
145,290
124,622
Employee benefits payable
26,665
14,048
Taxes payable
30,214
81,267
Other payables
124,461
114,701
Non-current liabilities due within one year
69,574
28,651
Other current liabilities
103,849
31,762
Total current liabilities
784,893
641,280
Non-current liabilities:
Long-term loans
81,873
49,341
Debentures payable
13,062
42,649
Lease liabilities
168,718
170,233
Provisions
46,475
43,525
Deferred tax liabilities
9,767
7,910
Other non-current liabilities
20,194
18,276
Total non-current liabilities
340,089
331,934
Total liabilities
1,124,982
973,214
Shareholders' equity:
Share capital
121,071
121,071
Capital reserve
118,118
120,188
Less: Treasury shares
375
-
Other comprehensive income
7,587
(690)
Specific reserve
3,588
2,664
Surplus reserves
213,224
213,224
Retained earnings
318,060
318,645
Total equity attributable to shareholders of the
Company
781,273
775,102
Minority interests
144,264
140,939
Total shareholders' equity
925,537
916,041
Total liabilities and shareholders' equity
2,050,519
1,889,255

Ma Yongsheng
Yu Baocai
Shou Donghua
Chairman
President
Chief Financial Officer
(Legal representative)


13
Balance Sheet
As at 30 September 2022
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items
At 30 September 2022
At 31 December 2021
Current assets:
Cash at bank and on hand
103,962
110,691
Financial assets held for trading
2
-
Derivative financial assets
15,368
4,503
Accounts receivable
28,510
21,146
Receivables financing
1,684
227
Prepayments
4,949
4,540
Other receivables
38,008
46,929
Inventories
82,074
63,661
Other current assets
18,573
23,408
Total current assets
293,130
275,105
Non-current assets:
Long-term equity investments
376,299
360,847
Other equity instrument investments
201
201
Fixed assets
278,302
284,622
Construction in progress
78,198
66,146
Right-of-use assets
92,595
105,712
Intangible assets
7,782
9,334
Long-term deferred expenses
2,891
2,875
Deferred tax assets
7,490
8,715
Other non-current assets
42,113
34,227
Total non-current assets
885,871
872,679
Total assets
1,179,001
1,147,784
Current liabilities:
Short-term loans
1,351
16,550
Derivative financial liabilities
12,269
1,121
Bills payable
1,440
6,058
Accounts payable
86,748
85,307
Contract liabilities
9,491
7,505
Employee benefits payable
17,143
8,398
Taxes payable
17,233
46,333
Other payables
218,198
211,179
Non-current liabilities due within one year
40,916
16,737
Other current liabilities
75,220
13,702
Total current liabilities
480,009
412,890


14
Balance Sheet (Continued)

Non-current liabilities:
Long-term loans
52,390
34,258
Debentures payable
9,536
31,522
Lease liabilities
92,452
104,426
Provisions
37,679
35,271
Other non-current liabilities
2,764
3,103
Total non-current liabilities
194,821
208,580
Total liabilities
674,830
621,470
Shareholders' equity:
Share capital
121,071
121,071
Capital reserve
66,469
67,897
Less: Treasury shares
375
-
Other comprehensive income
4,132
6,024
Specific reserve
1,997
1,658
Surplus reserves
213,224
213,224
Retained earnings
97,653
116,440
Total shareholders' equity
504,171
526,314
Total liabilities and shareholders' equity
1,179,001
1,147,784

Ma Yongsheng
Yu Baocai
Shou Donghua
Chairman
President
Chief Financial Officer
(Legal representative)


15
Consolidated Income Statement
For the nine-month period ended 30 September 2022
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items
The third quarter of 2022 (July- September)
The third quarter of 2021 (July- September)
Nine-month period ended 30 September 2022
Nine-month period ended 30 September 2021
I. Operating income
841,196
740,918
2,453,322
2,001,691
II. Total Operating costs
837,227
714,314
2,374,159
1,916,509
Including: Operating costs
735,800
603,238
2,066,625
1,601,524
Taxes and surcharges
65,817
65,952
200,226
186,852
Selling and distribution expenses
14,654
16,616
42,784
48,347
General and administrative expenses
13,439
20,038
39,622
56,208
Research and development expenses
2,778
2,951
9,088
8,311
Financial expenses
2,604
2,352
7,941
7,254
Including: Interest expenses
4,363
3,896
12,487
11,556
Interest income
1,581
1,458
4,593
4,121
Exploration expenses, including dry holes
2,135
3,167
7,873
8,013
Add: Other income
3,727
427
5,848
1,671
Investment income
4,296
4,630
(6,011)
9,520
Including: Income from investment in associates and joint ventures
3,950
5,903
11,277
17,036
Gains from changes in fair value
3,323
(1,228)
1,765
(1,112)
Credit impairment reversals/ (losses)
67
(195)
139
(140)
Impairment losses
(920)
(110)
(2,376)
(1,036)
Asset disposal gains
114
152
249
433
III. Operating profit
14,576
30,280
78,777
94,518
Add: Non-operating income
822
500
1,677
1,196
Less: Non-operating expenses
743
670
1,822
1,751
IV. Profit before taxation
14,655
30,110
78,632
93,963
Less: Income tax expense
1,261
5,979
15,722
21,031
V. Net profit
13,394
24,131
62,910
72,932
Including: net (loss) /profit of acquiree before business combination under common control
-
(62)
-
211
Classification by going concern:
(i) Continuous operating net profit
13,394
24,131
62,910
72,932
(ii) Termination of net profit
-
-
-
-


16

Consolidated Income Statement (Continued)
Classification by ownership:
(i) Equity shareholders of the Company
13,130
20,603
56,660
60,029
(ii) Minority interests
264
3,528
6,250
12,903
VI. Other comprehensive income
1,628
3,355
18,335
11,463
Items that may not be reclassified subsequently to profit or loss:
(2)
1
(19)
9
Changes in fair value of other equity instrument investments
(2)
1
(19)
9
Items that may be reclassified subsequently to profit or loss:
1,630
3,354
18,354
11,454
Other comprehensive income that can be converted into profit or loss under the equity method
(1,617)
87
1,780
208
Cost of hedging reserve
506
(20)
(338)
(60)
Cash flow hedges
(2,483)
3,066
7,775
11,706
Foreign currency translation differences
5,224
221
9,137
(400)
VII. Total comprehensive income
15,022
27,486
81,245
84,395
Equity shareholders of the Company
13,807
24,032
73,370
71,442
Minority interests
1,215
3,454
7,875
12,953
VIII. Earnings per share
(i) Basic earnings per share (RMB/Share)
0.108
0.170
0.468
0.496
(ii) Diluted earnings per share (RMB/Share)
0.108
0.170
0.468
0.496

Ma Yongsheng
Yu Baocai
Shou Donghua
Chairman
President
Chief Financial Officer
(Legal representative)


17
Income Statement
For the nine-month period ended 30 September 2022
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items
The third quarter of 2022 (July- September)
The third quarter of 2021 (July- September)
Nine-month period ended 30 September 2022
Nine-month period ended 30 September 2021
I. Operating income
329,242
265,651
979,672
734,773
Less: Operating costs
271,636
203,170
792,959
566,597
Taxes and surcharges
41,749
39,146
128,206
111,871
Selling and distribution expenses
383
884
1,598
2,750
General and administrative expenses
5,585
9,353
17,250
25,739
Research and development expenses
1,467
2,637
7,310
7,599
Financial expenses
2,731
2,845
7,726
8,227
Including: Interest expenses
3,466
2,228
10,259
6,421
Interest income
878
662
2,614
1,822
Exploration expenses, including dry holes
1,924
2,847
6,718
7,029
Add: Other income
3,209
201
4,654
944
Investment income
6,366
12,337
23,666
22,939
Including: Income from investment in associates and joint ventures
942
1,979
3,956
6,345
Gains from changes in fair value
(513)
(243)
(272)
(11)
Credit impairment reversals
3
6
2
8
Impairment losses
10
1
(726)
(752)
Asset disposal gains
3
9
124
6
II. Operating profit
12,845
17,080
45,353
28,095
Add: Non-operating income
492
(7)
673
196
Less: Non-operating expenses
358
289
1,029
808
III. Profit before taxation
12,979
16,784
44,997
27,483
Less: Income tax expense
2,093
1,381
6,608
4,194
IV. Net profit
10,886
15,403
38,389
23,289
(i) Continuous operating net profit
10,886
15,403
38,389
23,289
(ii) Termination of net profit
-
-
-
-


18
Income Statement (continued)
V. Other comprehensive income
(13)
4,444
4,743
10,398
Items that may not be reclassified subsequently to profit or loss:
-
-
(5)
-
Changes in fair value of other equity instrument investments
-
-
(5)
-
Items that may be reclassified subsequently to profit or loss:
(13)
4,444
4,748
10,398
Other comprehensive income that can be converted into profit or loss under the equity method
(14)
90
125
108
Cash flow hedges
1
4,354
4,623
10,290
VI. Total comprehensive income
10,873
19,847
43,132
33,687

Ma Yongsheng
Yu Baocai
Shou Donghua
Chairman
President
Chief Financial Officer
(Legal representative)


19
Consolidated Cash Flow Statement
For the nine-month period ended 30 September 2022
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items
Nine-month period ended 30 September 2022
Nine-month period ended 30 September 2021
I. Cash flows from operating activities:
Cash received from sale of goods and rendering of services
2,627,885
2,112,459
Refund of taxes and levies
8,401
934
Other cash received relating to operating activities
211,117
109,232
Sub-total of cash inflows
2,847,403
2,222,625
Cash paid for goods and services
(2,180,888)
(1,650,303)
Cash paid to and for employees
(61,586)
(57,226)
Payments of taxes and levies
(298,618)
(276,284)
Other cash paid relating to operating activities
(247,067)
(122,068)
Sub-total of cash outflows
(2,788,159)
(2,105,881)
Net cash flow from operating activities
59,244
116,744
II. Cash flows from investing activities:
Cash received from disposal of investments
517
6,614
Cash received from returns on investments
8,718
6,461
Net cash received from disposal of fixed assets, intangible assets and other long-term assets
218
919
Net cash received from disposal of subsidiaries and other business entities
1
4,764
Other cash received relating to investing activities
52,283
26,431
Sub-total of cash inflows
61,737
45,189
Cash paid for acquisition of fixed assets, intangible assets and other long-term assets
(94,485)
(88,602)
Cash paid for acquisition of investments
(6,350)
(18,595)
Cash paid for acquisition of subsidiaries and other business units
(7,641)
(1,114)
Other cash paid relating to investing activities
(23,172)
(36,949)
Sub-total of cash outflows
(131,648)
(145,260)
Net cash flow from investing activities
(69,911)
(100,071)
III. Cash flows from financing activities:
Cash received from capital contributions
1,935
604
Including: Cash received from minority shareholders' capital contributions to subsidiaries
1,935
604


20

Consolidated Cash Flow Statement (Continued)
Cash received from borrowings
432,081
298,393
Other cash received relating to financing activities
1,347
115
Sub-total of cash inflows
435,363
299,112
Cash repayments of borrowings
(332,437)
(252,759)
Cash paid for dividends, profits distribution or interest
(65,759)
(44,820)
Including: Subsidiaries' cash payments for distribution of dividends or profits to minority shareholders
(4,360)
(5,741)
Other cash paid relating to financing activities
(13,290)
(14,762)
Sub-total of cash outflows
(411,486)
(312,341)
Net cash flow from financing activities
23,877
(13,229)
IV. Effects of changes in foreign exchange rate
4,798
(177)
V. Net increase in cash and cash equivalents
18,008
3,267
Add: Initial balance of cash and cash equivalents
108,590
87,559
VI. Ending balance of cash and cash equivalents
126,598
90,826

Ma Yongsheng
Yu Baocai
Shou Donghua
Chairman
President
Chief Financial Officer
(Legal representative)


21
Cash Flow Statement
For the nine-month period ended 30 September 2022
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items
Nine-month period ended 30 September
2022
Nine-month period ended 30 September
2021
I. Cash flows from operating activities:
Cash received from sale of goods and rendering of services
1,100,876
805,374
Refund of taxes and levies
5,731
602
Other cash received relating to operating activities
13,893
8,306
Sub-total of cash inflows
1,120,500
814,282
Cash paid for goods and services
(837,202)
(582,164)
Cash paid to and for employees
(31,695)
(29,678)
Payments of taxes and levies
(175,552)
(154,927)
Other cash paid relating to operating activities
(53,355)
(14,208)
Sub-total of cash outflows
(1,097,804)
(780,977)
Net cash flow from operating activities
22,696
33,305
II. Cash flows from investing activities:
Cash received from disposal of investments
5,038
16,642
Cash received from returns on investments
23,123
17,791
Net cash received from disposal of fixed assets, intangible assets and other long-term assets
45
56
Other cash received relating to investing activities
146,656
93,230
Sub-total of cash inflows
174,862
127,719
Cash paid for acquisition of fixed assets, intangible assets and other long-term assets
(42,868)
(38,050)
Cash paid for acquisition of investments
(20,452)
(37,610)
Cash paid for acquisition of subsidiaries and other business units
(4,221)
(964)
Other cash paid relating to investing activities
(136,949)
(93,843)
Sub-total of cash outflows
(204,490)
(170,467)
Net cash flow from investing activities
(29,628)
(42,748)
III. Cash flows from financing activities:
Cash received from borrowings
187,385
151,145
Other cash received relating to financing activities
294,614
220,822
Sub-total of cash inflows
481,999
371,967
Cash repayments of borrowings
(121,305)
(121,860)
Cash paid for dividends or interest
(63,082)
(41,086)
Other cash paid relating to financing activities
(288,135)
(206,415)
Sub-total of cash outflows
(472,522)
(369,361)
Net cash flow from financing activities
9,477
2,606


22
Cash Flow Statement (Continued)
IV. Effects of changes in foreign exchange rate
(8)
-
V. Net increase/ (decrease) in cash and cash equivalents
2,537
(6,837)
Add:Initial balance of cash and cash equivalents
34,575
28,081
VI. Ending balance of cash and cash equivalents
37,112
21,244

Ma Yongsheng
Yu Baocai
Shou Donghua
Chairman
President
Chief Financial Officer
(Legal representative)


23
Segment Reporting
For the nine-month period ended 30 September 2022
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items
Nine-month period ended 30 September
2022
Nine-month period ended 30 September
2021
Income from principal operations
Exploration and production
External sales
138,870
104,139
Inter-segment sales
92,164
61,683
Subtotal
231,034
165,822
Refining
External sales
148,241
122,238
Inter-segment sales
1,028,879
862,823
Subtotal
1,177,120
985,061
Marketing and distribution
External sales
1,227,731
977,324
Inter-segment sales
9,886
4,745
Subtotal
1,237,617
982,069
Chemicals
External sales
342,259
306,570
Inter-segment sales
60,194
48,973
Subtotal
402,453
355,543
Corporate and others
External sales
550,609
446,160
Inter-segment sales
775,647
527,164
Subtotal
1,326,256
973,324
Elimination of inter-segment sales
(1,966,770)
(1,505,388)
Consolidated income from principal operations
2,407,710
1,956,431
Income from other operations
Exploration and production
4,465
5,011
Refining
2,874
3,723
Marketing and distribution
28,952
27,216
Chemicals
7,496
7,754
Corporate and others
1,825
1,556
Consolidated income from other operations
45,612
45,260
Consolidated operating income
2,453,322
2,001,691


24
Segment Reporting (Continued)
Operating profit
By segment
Exploration and production
39,165
7,673
Refining
20,023
53,310
Marketing and distribution
21,759
22,416
Chemicals
(4,502)
15,087
Corporate and others
15,632
4,609
Elimination
(7,210)
(11,835)
Total segment operating profit
84,867
91,260
Investment income
Exploration and production
2,848
2,698
Refining
(74)
785
Marketing and distribution
494
1,626
Chemicals
2,986
7,500
Corporate and others
(12,265)
(3,089)
Total segment investment (loss) /income
(6,011)
9,520
Financial expenses
(7,941)
(7,254)
Gains/ (losses) from changes in fair value
1,765
(1,112)
Asset disposal gains
249
433
Other income
5,848
1,671
Operating profit
78,777
94,518
Add: Non-operating income
1,677
1,196
Less: Non-operating expenses
1,822
1,751
Profit before taxation
78,632
93,963


25
5.2 Quarterly financial statements prepared under International Financial Reporting Standards (IFRS)

Consolidated Income Statement
For the nine-month period ended 30 September 2022
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 2022
Nine-month period ended 30 September 2021
Revenue
Revenue from primary business
825,474
724,908
2,407,710
1,956,431
Other operating revenues
15,722
16,010
45,612
45,260
Subtotal
841,196
740,918
2,453,322
2,001,691
Operating expenses
Purchased crude oil, products and operating supplies and expenses
(700,430)
(576,176)
(1,962,613)
(1,521,731)
Selling, general and administrative expenses
(13,965)
(13,383)
(40,762)
(39,193)
Depreciation, depletion and amortisation
(27,911)
(28,282)
(81,549)
(82,748)
Exploration expenses, including dry holes
(2,135)
(3,167)
(7,873)
(8,013)
Personnel expenses
(25,264)
(24,937)
(74,487)
(70,132)
Taxes other than income tax
(65,817)
(65,952)
(200,226)
(186,852)
Impairment reversals/ (losses) on trade and other receivables
67
(195)
139
(140)
Other operating income/ (expense), net
7,221
(2,287)
(10,065)
(7,857)
Total operating expenses
(828,234)
(714,379)
(2,377,436)
(1,916,666)
Operating profit
12,962
26,539
75,886
85,025
Finance costs
Interest expense
(4,363)
(3,896)
(12,487)
(11,556)
Interest income
1,581
1,458
4,593
4,121
Foreign currency exchange gains/ (losses), net
178
86
(47)
181
Net finance costs
(2,604)
(2,352)
(7,941)
(7,254)
Investment income
74
79
200
193
Share of profits less losses from associates and joint ventures
3,950
5,903
11,277
17,036
Profit before taxation
14,382
30,169
79,422
95,000
Income tax expense
(1,261)
(5,979)
(15,722)
(21,031)
Profit for the period
13,121
24,190
63,700
73,969
Attributable to:
Owners of the Company
12,833
20,665
57,284
60,892
Non-controlling interests
288
3,525
6,416
13,077
Profit for the period
13,121
24,190
63,700
73,969
Earnings per share:
Basic earnings per share (RMB)
0.106
0.171
0.473
0.503
Diluted earnings per share (RMB)
0.106
0.171
0.473
0.503


26
Consolidated Statement of Comprehensive Income
For the nine-month period ended 30 September 2022
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
2022
Nine-month period ended 30 September
2021
Profit for the period
13,121
24,190
63,700
73,969
Other comprehensive income:
1,628
3,355
18,335
11,463
Items that may not be reclassified subsequently to profit or loss:
Equity investments at fair value through other comprehensive income
(2)
1
(19)
9
Items that may be reclassified subsequently to profit or loss:
Share of other comprehensive income of associates and joint ventures
(1,617)
87
1,780
208
Cash flow hedges
(2,483)
3,066
7,775
11,706
Cost of hedging reserve
506
(20)
(338)
(60)
Foreign currency translation differences
5,224
221
9,137
(400)
Total comprehensive income for the period
14,749
27,545
82,035
85,432
Attributable to:
Shareholders of the Company
13,510
24,091
73,994
72,302
Non-controlling interests
1,239
3,454
8,041
13,130


27
Consolidated Balance Sheet
For the nine-month period ended 30 September 2022
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items
At 30 September
2022
At 31 December
2021
Non-current assets:
Property, plant and equipment, net
602,881
598,925
Construction in progress
179,990
155,939
Right-of-use assets
266,013
268,408
Goodwill
8,779
8,594
Interest in associates
160,240
148,729
Interest in joint ventures
60,648
60,450
Financial assets at fair value through other comprehensive income
785
767
Deferred tax assets
21,478
19,389
Long-term prepayments and other non-current assets
72,310
70,030
Total non-current assets
1,373,124
1,331,231
Current assets:
Cash and cash equivalents
126,598
108,590
Time deposits with financial institutions
90,130
113,399
Financial assets at fair value through profit and loss
1,013
-
Derivatives financial assets
43,768
18,371
Trade accounts receivable and bills receivable
65,796
34,861
Financial assets at fair value through other comprehensive income
5,660
5,939
Inventories
282,719
207,433
Prepaid expenses and other current assets
61,711
69,431
Total current assets
677,395
558,024
Current liabilities:
Short-term debts
128,556
35,252
Loans from Sinopec Group Company and fellow subsidiaries
6,454
2,873
Lease liabilities
16,678
15,173
Derivatives financial liabilities
16,454
3,223
Trade accounts payable and bills payable
243,776
215,640
Contract liabilities
145,290
124,622
Other payables
225,242
239,688
Income tax payable
2,443
4,809
Total current liabilities
784,893
641,280


28
Consolidated Balance Sheet (Continued)
Net current liabilities
107,498
83,256
Total assets less current liabilities
1,265,626
1,247,975
Non-current liabilities:
Long-term debts
79,789
78,300
Loans from Sinopec Group Company and fellow subsidiaries
15,146
13,690
Lease liabilities
168,718
170,233
Deferred tax liabilities
9,767
7,910
Provisions
46,475
43,525
Other non-current liabilities
21,117
19,243
Total non-current liabilities
341,012
332,901
Total net assets
924,614
915,074
Equity:
Share capital
121,071
121,071
Reserves
659,323
653,111
Total equity attributable to shareholders of the Company
780,394
774,182
Non-controlling interests
144,220
140,892
Total equity
924,614
915,074


29
Consolidated Cash Flow Statement
For the nine-month period ended 30 September 2022
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items
Nine-month period ended 30 September
2022
Nine-month period ended 30 September
2021
Net cash generated from operating activities(a)
59,244
116,744
Investing activities
Capital expenditure
(82,142)
(78,185)
Exploratory wells expenditure
(12,343)
(10,417)
Purchase of investments
(5,341)
(10,363)
Payment for financial assets at fair value through profit or loss
(1,009)
(8,232)
Proceeds from settlement of financial assets at fair value through profit or loss
6
4,739
Payment for acquisition of subsidiary, net of cash acquired
(7,641)
(1,114)
Proceeds from disposal of investments
512
6,639
Proceeds from disposal of property, plant, equipment and other non- current assets
218
919
Increase in time deposits with maturities over three months
(22,071)
(32,711)
Decrease in time deposits with maturities over three months
47,491
22,698
Interest received
3,489
2,407
Investment and dividend income received
8,718
6,461
Proceeds from/ (payments of) other investing activities
202
(2,912)
Net cash used in investing activities
(69,911)
(100,071)
Financing activities
Proceeds from bank and other loans
432,081
298,393
Repayments of bank and other loans
(332,437)
(252,759)
Contributions to subsidiaries from non-controlling interests
1,935
604
Dividends paid by the Company
(56,903)
(35,111)
Distributions by subsidiaries to non-controlling interests
(4,360)
(5,741)
Interest paid
(4,496)
(3,968)
Payments made to acquire non-controlling interests
-
(1,410)
Repayments of lease liabilities
(10,877)
(12,778)
Proceeds from other financing activities
1,347
115
Repayments of other financing activities
(2,413)
(574)
Net cash generated from/ (used in) financing activities
23,877
(13,229)
Net increase in cash and cash equivalents
13,210
3,444
Cash and cash equivalents at 1 January
108,590
87,559
Effect of foreign currency exchange rate changes
4,798
(177)
Cash and cash equivalents at 30 September
126,598
90,826


30
Note to consolidated statement of Cash Flows
For the nine-month period ended 30 September 2022
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
(a) Reconciliation of profit before taxation to net cash generated from operating activities
Items
Nine-month period ended 30 September 2022
Nine-month period ended 30 September 2021
Operating activities
Profit before taxation
79,422
95,000
Adjustments for:
Depreciation, depletion and amortisation
81,549
82,748
Dry hole costs written off
5,556
5,427
Share of profits less losses from associates and joint ventures
(11,277)
(17,036)
Investment income
(200)
(193)
Interest income
(4,593)
(4,121)
Interest expense
12,487
11,556
(Gain) /loss on foreign currency exchange rate changes and derivative financial instruments
(451)
1,203
Loss on disposal of property, plant, equipment and other non-current assets, net
205
125
Impairment losses on assets
2,376
1,036
Impairment (reversals) /losses on trade and other receivables
(139)
140
Operating profit before change of operating capital
164,935
175,885
Accounts receivable and other current assets
(26,933)
(62,740)
Inventories
(77,664)
(46,565)
Accounts payable and other current liabilities
13,041
70,880
Subtotal
73,379
137,460
Income tax paid
(14,135)
(20,716)
Net cash generated from operating activities
59,244
116,744


31
Segment Reporting
For the nine-month period ended 30 September 2022
Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items
Nine-month period ended 30 September 2022
Nine-month period ended 30 September 2021
Revenue from primary business
Exploration and production
External sales
138,870
104,139
Inter-segment sales
92,164
61,683
Subtotal
231,034
165,822
Refining
External sales
148,241
122,238
Inter-segment sales
1,028,879
862,823
Subtotal
1,177,120
985,061
Marketing and distribution
External sales
1,227,731
977,324
Inter-segment sales
9,886
4,745
Subtotal
1,237,617
982,069
Chemicals
External sales
342,259
306,570
Inter-segment sales
60,194
48,973
Subtotal
402,453
355,543
Corporate and others
External sales
550,609
446,160
Inter-segment sales
775,647
527,164
Subtotal
1,326,256
973,324
Elimination of inter-segment sales
(1,966,770)
(1,505,388)
Revenue from primary business
2,407,710
1,956,431
Other operating revenues
Exploration and production
4,465
5,011
Refining
2,874
3,723
Marketing and distribution
28,952
27,216
Chemicals
7,496
7,754
Corporate and others
1,825
1,556
Other operating revenues
45,612
45,260
Revenue
2,453,322
2,001,691

32
Segment Reporting (Continued)
Result
Operating profit/ (loss)
By segment
Exploration and production
43,591
8,708
Refining
20,849
53,567
Marketing and distribution
21,120
21,628
Chemicals
(4,037)
15,757
Corporate and others
1,573
(2,800)
Elimination
(7,210)
(11,835)
Total segment operating profit
75,886
85,025
Share of profits/ (losses) from associates and joint ventures
Exploration and production
2,654
2,134
Refining
(245)
728
Marketing and distribution
1,994
2,678
Chemicals
3,131
7,556
Corporate and others
3,743
3,940
Aggregate share of profits from associates and joint ventures
11,277
17,036
Investment income
Exploration and production
-
62
Refining
41
(1)
Marketing and distribution
40
10
Chemicals
(155)
(56)
Corporate and others
274
178
Aggregate investment income
200
193
Net finance costs
(7,941)
(7,254)
Profit before taxation
79,422
95,000


33
5.3 Differences between consolidated financial statements prepared in accordance with the accounting policies complying with the accounting policies complying with CASs and IFRS (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. 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, 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, payments are expensed as incurred, or capitalised as fixed assets and depreciated according to applicable depreciation methods.
Effects of major differences between the net profit under CASs and the profit for the period under IFRS are analysed as follows:

Prepared by: China Petroleum & Chemical Corporation
Units: million Currency: RMB Type: unaudited
Items
Nine-month period ended 30 September 2022
Nine-month period ended 30 September 2021
Net profit under CASs
62,910
72,932
Adjustments:
Government grants(i)
44
37
Safety production fund(ii)
1,088
1,000
Other
(342)
-
Profit for the period under IFRS
63,700
73,969


34
Effects of major differences between the shareholders' equity under CASs and the total equity under IFRS are analysed as follows:

Units: million Currency: RMB Type: unaudited
Items
As of 30 September 2022
As of 31 December 2021
Shareholders' equity under CASs
925,537
916,041
Adjustments:
Government grants(i)
(923)
(967)
Total equity under IFRS
924,614
915,074




35

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China Petroleum & Chemical Corporation published this content on 01 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2022 12:39:02 UTC.