Stock code: 002493 Stock abbreviation: Rongsheng Petrochemical Announcement No.: 2025-030
Rongsheng Petrochemical Co., Ltd.2025 First Quarterly ReportThe Company and all members of the Board of Directors warrant that the information
statements or material omissions.
Important notice:
1. The Board of Directors, the Board of Supervisors and the directors, supervisors and senior management warrant
that the quarterly report is true, accurate, and complete and has no false representations, misleading statements ormaterial omissions, and assume several and joint liabilities.
2. The person in charge of the Company, the person in charge of the accounting affairs and the person in charge of
the accounting firm (accounting officer), hereby make representations in respect of the truthfulness, accuracy andcompleteness of the financial statements in this quarterly report.
3. Whether the First Quarterly Report has been audited
□Yes ?No
I. Key Financial Data
(I) Key accounting data and financial indicatorsWhether the Company needs to retroactively adjust or restate prior years’ accounting data
□Yes ?No
Current reportingperiod
Same period lastyear
Increase/decrease in the currentreporting period over the sameperiod last year (%)Operating revenue (RMB)74,975,429,161.64 81,088,312,171.89 -7.54%Net profit attributable to owners of parentcompany (RMB)
588,401,349.75 552,356,783.62 6.53%Net profit attributable to owners of parentcompany net of non-recurring gain andloss (RMB)
618,349,603.39 474,627,417.74 30.28%
disclosed is true, accurate and complete, and has no false representations, misleading
Net cash flows from operating activities
7,977,336,348.96 4,129,270,983.86 93.19%
Basic earnings per share (RMB per share) 0.06 0.06Diluted earnings per share (RMB pershare)
0.06 0.06Weighted average return on net assets 1.33% 1.24% 0.09%
End of thereporting period
End of last year
Increase/decrease at the end of the
reporting period over the end of
last year (%)Total assets (RMB) 391,005,092,490.96 377,845,944,183.98 3.48%Total equity attributable to the parentcompany (RMB)
44,359,664,314.6943,859,172,287.65 1.14%
(II) Items and amounts of non-recurring gain and loss?Applicable □Not applicable
Unit: RMBItem
Amount in thecurrent reporting
period
NotesGovernment grants included in the current profits and losses (except those closelyrelated to the Company's normal business operations, which are in line withnational policies, enjoyed according to certain standards, and have a continuousimpact on the Company's profits and losses)
29,345,677.03Except for the effective hedging business related to the Company's normalbusiness, the gains and losses of the fair value changes arising from financialassets and financial liabilities held by non-financial enterprises and the gains andlosses arising from the disposal of financial assets and financial liabilities
-56,196,028.02Fund possession cost included in the current gains and losses charged to non-financial enterprises
87,877.35Other non-operating revenues and expenditures except for the aforementioneditems
-12,923,599.03Other gain/loss items falling within the definition of non-recurring gains or losses -2,627,101.15Less: Affected amount of income tax 14,103,703.22
Affected amount of minority shareholders' equity (after tax) -26,468,623.40Total -29,948,253.64 --
Other gain/loss items falling within the definition of non-recurring gains or losses
□Applicable ?Not applicable
The Company has no other gain/loss items falling within the definition of non-recurring gains or losses.Explanation of the circumstances in which the non-recurring gain and loss items listed in the ExplanatoryAnnouncement No. 1 on Information Disclosure of Companies Publicly Issuing Securities-Non-recurring Gains andLosses are defined as recurring gains and losses.
□Applicable ?Not applicable
The Company has no explanation of the circumstances in which the non-recurring gain and loss items listed in theExplanatory Announcement No. 1 on Information Disclosure of Companies Publicly Issuing Securities-Non-recurring Gains and Losses are defined as recurring gains and losses.
(III) Changes in key accounting data and financial indicators and reasons thereof?Applicable □Not applicableItems of theBalance Sheet
Balance at theend of thisreportingperiod (RMB
'0,000)
Balance atthe end ofthe reportingperiod in thepreviousyear (RMB'0,000)
Variations Reasons for changesReceivablesfinancing
35,762.96 10,322.57 246.45%
Mainly due to the increase in bank acceptance billsreceived for the Company's payment of goodsAdvances paid 341,232.67 135,451.97 151.92%
Mainly due to the increase in the Company'sprepayments for raw materialsDerivative financialliabilities
864.44 3,465.54 -75.06%
Mainly due to the floating position of the Company'spaper futures held at the end of the current periodContract liabilities 372,149.06 599,558.05 -37.93%
Mainly due to changes in advance payments of theCompanyTaxes and ratespayable
216,185.72 127,786.25 69.18%
Mainly due to the increase in consumption taxpayable at the end of this periodOther currentliabilities
46,648.44 74,235.19 37.16%
Mainly due to the corresponding tax impact from thedecrease in advance payments of the CompanyItems of the Income
Statement
From thebeginning ofthe year to the
end of the
reportingperiod (RMB
'0,000)
Same period
last year
(RMB'0,000)
Variations Reasons for changesGains on changes infair value (or less:
losses)
-10,991.67 2,525.85 -535.17%
Mainly due to fair value change of held-for-tradingfinancial liabilities of the CompanyOther income 82,268.99 35,242.18 133.44%
Mainly due to the benefit from the additional VATdeduction policy of the Company in this periodInvestment income 14,941.37 -2,990.56 599.62%
Mainly due to the discount expenses such as notesreceivable transferred to financing expensesaccording to the new guide of the CompanyCredit impairmentloss
904.31 -4,826.33 118.74%
Mainly due to the collection of accounts receivablefrom the beginning of the year, leading tocorresponding adjustments in bad debt provisionsAssets impairmentloss
-8,649.73 -98.17 -8711.04%
Mainly due to the inventories with provision forinventory write-downNon-operatingexpenditures
1,368.28 55.73 2355.14% Mainly due to the impact of donation expensesIncome tax expenses 11,392.67 17,146.18 33.56%
Mainly due to the recognition of deferred taxexpensesItems of the Cash
Flow Statement
From thebeginning ofthe year to the
end of the
reportingperiod (RMB
'0,000)
Same period
last year
(RMB'0,000)
Variations Reasons for changes
Net cash flows fromoperating activities
830,733.63 412,927.10 101.18%
Mainly due to the timely recovery of loans of theCompany
II. Shareholders’ Information
(I) Total number of shareholders of ordinary shares and shareholders of preferred shares with restored votingrights, and shareholdings of the top ten shareholders
Unit: shareTotal number of commonshareholders at the end of thereporting period
87,976
Total number of preferred shareholders with votingrights restored at the end of the reporting period (if any)
Shareholding of the Top 10 Shareholders (excluding shares lent out through refinancing)Name of shareholders
Nature ofshareholders
Shareholding
ratio (%)
Number ofshares held
Number ofshares held
withlimitedsalesconditions
Pledge, marking or
freezingSharestatus
NumberZhejiang Rongsheng HoldingGroup Co., Ltd.
Domestic non-state-ownedlegal person
53.16%
5,382,659,73
Notapplicable
Aramco Overseas Company B.V.
Overseas legalperson
10.00%
1,012,552,50
Notapplicable
Li Shuirong
Domesticnatural person
6.35% 643,275,000
482,456,25
Notapplicable
Hong Kong Securities ClearingCompany Limited
Overseas legalperson
1.82% 184,363,768 0
Notapplicable
Li Guoqing
Domesticnatural person
0.95% 96,525,000 72,393,750
Notapplicable
Xu Yuejuan
Domesticnatural person
0.95% 96,525,000 0
Notapplicable
Li Yongqing
Domesticnatural person
0.95% 96,525,000 72,393,750
Notapplicable
Horizon Asset - HuanengTrust · Jiayue No. 7 Single FundTrust - Horizon Asset Huixin No.43 Single Asset ManagementPlan
Other 0.54% 55,148,287 0
Notapplicable
Hua'neng Guicheng Trust Co.,Ltd. - Hua'neng Trust · RongyueWeicheng collective funds trustplan
Other 0.49% 50,078,500 0
Notapplicable
Industrial and Commercial Bankof China Limited – Huatai-PineBridge CSI 300 ExchangeTraded Open-End IndexSecurities Investment Fund
Other 0.49% 49,789,651 0
Notapplicable
Shareholding of top 10 shareholders not subject to sales restrictions (excluding shares lent through refinancing and
executive lock-in shares)Name of shareholders
Number of shares held withunlimited sales conditions
Class of sharesClass of shares Number
Zhejiang Rongsheng Holding Group Co., Ltd. 5,382,659,734
RMB ordinaryshares
5,382,659,734Aramco Overseas Company B.V. 1,012,552,501
RMB ordinaryshares
1,012,552,501Hong Kong Securities Clearing Company Limited 184,363,768
RMB ordinaryshares
184,363,768Li Shuirong 160,818,750
RMB ordinaryshares
160,818,750Xu Yuejuan 96,525,000
RMB ordinaryshares
96,525,000Horizon Asset - Huaneng Trust · Jiayue No. 7Single Fund Trust - Horizon Asset Huixin No. 43Single Asset Management Plan
55,148,287
RMB ordinaryshares
55,148,287Hua'neng Guicheng Trust Co., Ltd. - Hua'nengTrust · Rongyue Weicheng collective funds trustplan
50,078,500
RMB ordinaryshares
50,078,500Industrial and Commercial Bank of China Limited –Huatai-PineBridge CSI 300 Exchange TradedOpen-End Index Securities Investment Fund
49,789,651
RMB ordinaryshares
49,789,651Dai Deming 48,000,000
RMB ordinaryshares
48,000,000Ni Xincai 47,925,000
RMB ordinaryshares
47,925,000Explanation of the relationship or concerted actionamong the above shareholders
Among the top 10 shareholders, Zhejiang Rongsheng Holding Group Co.,Ltd. is the controlling shareholder of the Company, Li Yongqing and LiGuoqing are nephews of Li Shuirong, Chairman of the Board of Directorsof Zhejiang Rongsheng Holding Group Co., Ltd., Xu Yuejuan is sister-in-law of Li Shuirong, forming associated relationships. In addition to theabove associated relationships, the Company has no knowledge of whetherother shareholders are related to each other or act in concert.Securities margin trading business attended by top10 shareholders (if any)
Zhejiang Rongsheng Holding Group Co., Ltd. holds 5,342,659,734 sharesthrough an ordinary account and 40,000,000 shares through a creditaccount.Note: Among the top 10 shareholders, Rongsheng Petrochemical Co., Ltd. held 553,232,858 shares in its specialsecurities account for repurchase, accounting for 5.46% of the Company’s total share capital.The lending of shares by the shareholders holding more than 5% of shares, top ten shareholders and top tenshareholders of circulating shares not subject to selling restrictions in the refinancing business
□Applicable ?Not applicable
Change from the previous period due to lending/returning of shares from/to the top ten shareholders and top tenshareholders of circulating shares not subject to selling restrictions in the refinancing business
□Applicable ?Not applicable
(II) The total number of shareholders of preferred shares of the Company and the shareholdings of the top10 shareholders of preferred shares
□Applicable ?Not applicable
III. Other Important Matters
□Applicable ?Not applicable
IV. Quarterly Financial Statements
(I) Financial statements
1. Consolidated balance sheet
Prepared by: Rongsheng Petrochemical Co., Ltd.
March 31, 2025
Unit: RMBItems Ending balance Beginning balanceCurrent assets:
Cash and bank balances28,305,280,394.53 14,833,384,920.45Settlement fundsLoans to other banks
Held-for-trading financial assets
Derivative financial assets493,109,694.34 475,766,685.17Notes receivableAccounts receivable3,951,835,325.48 6,821,971,706.36Receivables financing357,629,583.87 103,225,654.46Advances paid3,412,326,688.21 1,354,519,708.48Premium receivablesReinsurance accounts receivables
Reinsurance reserves receivable
Other receivables 5,205,412,517.03 4,345,964,007.66Including: Interest receivablesDividends receivable
Financial assets under reverse repo
Inventories 42,035,267,231.34 44,566,934,616.59
including: data resourcesContract assets
Assets held for sale
Non-current assets due within one yearOther current assets4,916,061,348.10 5,801,152,355.65Total current assets88,676,922,782.90 78,302,919,654.82Non-current assets:
Loans and advances
Debt investmentsOther debt investments
Long-term receivables
Long-term equity investments9,528,105,961.15 9,516,636,321.17Other equity instrument investmentsOther non-current financial assets
Investment property10,056,267.10 10,124,128.60Fixed assets228,629,134,995.99 232,497,113,015.70Construction in progress 50,193,461,245.86 44,036,132,096.28Productive biological assets
Oil & gas assets
Right-of-use assets172,929,022.03 176,237,821.55Intangible assets 8,104,368,649.11 8,142,781,094.80
including: data resources
Development expenditures
including: data resources
GoodwillLong-term prepayments
Deferred tax assets1,270,818,260.88 1,237,176,277.28Other non-current assets4,419,295,305.94 3,926,823,773.78Total non-current assets 302,328,169,708.06 299,543,024,529.16Total assets391,005,092,490.96 377,845,944,183.98Current liabilities:
Short-term borrowings 48,319,214,551.65 44,090,969,803.23Central bank loansLoans from other banks
Held-for-trading financial liabilities1,443,458,239.45 1,269,256,561.53Derivative financial liabilities 8,644,380.00 34,655,378.23Notes payable 2,862,324,348.76 3,204,293,497.95Accounts payable64,731,634,776.69 59,032,829,819.11Advances received
Contract liabilities 3,721,490,598.55 5,995,580,462.05Financial liabilities under repo
Absorbing deposit and interbank depositDeposits for agency security transaction
Deposits for agency security underwriting
Employee benefits payable439,095,133.00 996,809,278.49Taxes and rates payable 2,161,857,162.59 1,277,862,468.64Other payables8,945,736,243.78 6,588,756,879.48Including: Interests payable
Dividends payable
Handling fees and commissions payableReinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one year44,690,175,516.74 38,322,495,216.94Other current liabilities 466,484,395.42 742,351,889.84Total current liabilities177,790,115,346.63 161,555,861,255.49Non-current liabilities:
Insurance policy reserves
Long-term borrowings 115,246,951,636.60 119,518,340,862.41Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 166,117,902.85 171,624,458.34Long-term payables
Long-term employee benefits payable
ProvisionsDeferred income 192,792,497.90 198,629,966.29Deferred tax liabilities1,646,386,901.05 1,577,357,341.78Other non-current liabilities
Total non-current liabilities 117,252,248,938.40 121,465,952,628.82Total liabilities 295,042,364,285.03 283,021,813,884.31Equity:
Share capital10,125,525,000.00 10,125,525,000.00Other equity instruments
Including: Preferred shares
Perpetual bondsCapital reserve10,820,015,319.70 10,819,566,635.04Less: treasury shares6,987,008,823.24 6,987,008,823.24Other comprehensive income192,521,131.63 280,892,216.98Special reserve 19,070,265.41 19,057,187.43Surplus reserve1,270,743,066.03 1,270,743,066.03General risk reserve
Undistributed profit28,918,798,355.16 28,330,397,005.41Total equity attributable to the parent company 44,359,664,314.69 43,859,172,287.65
Minority equity51,603,063,891.24 50,964,958,012.02Total equity95,962,728,205.93 94,824,130,299.67Total liabilities & equity391,005,092,490.96 377,845,944,183.98Legal representative: Li Shuirong Officer in charge of accounting: Wang Yafang Head of accounting firm: Zhang Shaoying
2. Consolidated income statement
Unit: RMBItems
Amount for the current
period
Amount for the previous
periodI. Total operating revenue 74,975,429,161.64 81,088,312,171.89
Including: operating revenue 74,975,429,161.64 81,088,312,171.89Interest income
Premiums earned
Revenue from handling fees and commissionsII. Total operating cost74,402,019,860.72 80,129,366,950.93Including: operating cost64,519,073,624.35 69,689,532,945.07Interest expenses
Handling fees and commissions
Surrender value
Net payment of insurance claims
Net provision of insurance policy reserve
Premium bonus expenditures
Reinsurance expenses
Taxes and surcharges6,465,002,839.83 7,108,078,282.93
Selling expenses37,784,384.91 37,189,397.04
Administrative expenses 199,661,800.06 206,168,697.22R&D expenses1,472,788,785.89 1,193,091,516.38Financial expenses1,707,708,425.68 1,895,306,112.29Including: interest expenses1,697,126,918.88 1,813,336,399.31Interest income 87,901,390.00 118,530,661.38Add: Other income822,689,910.27 352,421,758.54Investment income (or less: losses)149,413,730.60 -29,905,606.95Including: Investment income from associates andjoint ventures
98,408,198.41 68,496,162.46Gains from derecognition of financial assets atamortized cost
Gains on foreign exchange (or less: losses)
Gains on net exposure to hedging risk (or less: losses)Gains on changes in fair value (or less: losses)-109,916,661.41 25,258,522.19Credit impairment loss9,043,116.57 -48,263,256.65Assets impairment loss-86,497,294.03 -981,692.18Gains on asset disposal (or less: losses) 0.00 5,704,105.35III. Operating profit (or less: losses)1,358,142,102.92 1,263,179,051.26Add: Non-operating revenue759,220.16 7,569,246.13Less: Non-operating expenditures13,682,819.19 557,313.60IV. Profit before tax (or less: total loss) 1,345,218,503.89 1,270,190,983.79
Less: Income tax expenses113,926,687.27 171,461,784.77V. Net profit (or less: net loss)1,231,291,816.62 1,098,729,199.02(I) Categorized by the continuity of operations
1. Net profit from continuing operations (or less: net loss) 1,231,291,816.62 1,098,729,199.02
2. Net profit from discontinued operations (or less: net loss)
(II) Categorized by the portion of equity ownership
1. Net profit attributable to owners of parent company 588,401,349.75 552,356,783.62
2. Net profit attributable to non-controlling shareholders 642,890,466.87 546,372,415.40VI. Other comprehensive income after tax-93,912,489.85 16,749,448.69Items attributable to the owners of the parent company-88,371,085.35 19,630,356.85(I) Not to be reclassified subsequently to profit or loss -590,642.24
1. Remeasurements of the net defined benefit plan
3. Changes in fair value of other equity instrument
investments
4. Changes in fair value of own credit risk
5. Others -590,642.24(II) To be reclassified subsequently to profit or loss-88,371,085.35 20,220,999.09
1. Items under equity method that may be reclassified to
profit or loss
-85,835,764.45 12,582,979.88
2. Changes in fair value of other debt investments
3. Profit or loss from reclassification of financial assets into
other comprehensive income
4. Provision for credit impairment of other debt investments
5. Cash flow hedging reserve
6. Translation reserve
-2,535,320.90 7,638,019.21
7. Others
Items attributable to non-controlling shareholders -5,541,404.50 -2,880,908.16VII. Total comprehensive income1,137,379,326.77 1,115,478,647.71Items attributable to the owners of the parent company500,030,264.40 571,987,140.47Items attributable to non-controlling shareholders637,349,062.37 543,491,507.24VIII. Earnings per share (EPS)(I) Basic EPS (yuan per share)
0.06 0.06
(II) Diluted EPS (yuan per share)
0.06 0.06Legal representative: Li Shuirong Officer in charge of accounting: Wang Yafang Head of accounting firm: Zhang Shaoying
3. Consolidated cash flow statement
Unit: RMBItems
Current period
cumulative
Preceding period
comparativeI. Cash flows from operating activities:
Cash receipts from sale of goods or rendering of services84,657,306,364.47 88,428,593,585.76Net increase of client deposit and interbank deposit
Net increase of central bank loansNet increase of loans from other financial institutions
Cash receipts from original insurance contract premium
Net cash receipts from reinsurance
Net increase of policy-holder deposit and investmentCash receipts from interest, handling fees and commissions
Net increase of loans from others
Net increase of repurchase
Net cash receipts from agency security transactionReceipts of tax refund1,279,835,331.52 1,958,361,629.02Other cash receipts related to operating activities1,456,252,289.27 1,795,724,448.59Subtotal of cash inflows from operating activities87,393,393,985.26 92,182,679,663.37Cash payments for goods purchased and services received 69,267,409,395.37 79,836,272,551.22Net increase of loans and advances to clients
Net increase of central bank deposit and interbank deposit
Cash payments for insurance indemnities of original insurancecontracts
Net increase of loans to others
Cash payments for interest, handling fees and commissions
Cash payments for policy bonus
Cash paid to and on behalf of employees1,423,588,401.74 1,558,998,186.28
Cash payments for taxes and rates7,403,670,111.50 5,112,583,789.96
Other cash payments related to operating activities 1,321,389,727.69 1,545,554,152.05Subtotal of cash outflows from operating activities79,416,057,636.30 88,053,408,679.51Net cash flows from operating activities7,977,336,348.96 4,129,270,983.86II. Cash flows from investing activities:
Cash receipts from withdrawal of investments 895,723,709.01 761,449,460.70
Cash receipts from investment income5,000,000.00 0.00
Net cash receipts from the disposal of fixed assets, intangibleassets and other long-term assets
3,620,231.11 222,923,497.09
Net cash receipts from the disposal of subsidiaries & otherbusiness units
Other cash receipts related to investing activities32,258,640.12 26,899,512.55Subtotal of cash inflows from investing activities 936,602,580.24 1,011,272,470.34
Cash payments for the acquisition of fixed assets, intangibleassets and other long-term assets
8,674,201,384.78 9,942,349,586.69
Cash payments for investments 586,481,324.68 424,646,154.66
Net increase of pledged borrowings
Other cash payments related to investing activities 35,191,149.01 99,992,166.91Subtotal of cash outflows from investing activities 9,295,873,858.47 10,466,987,908.26Net cash flows from investing activities-8,359,271,278.23 -9,455,715,437.92III. Cash flows from financing activities:
Cash receipts from absorbing investmentsIncluding: Cash received by subsidiaries from non-controllingshareholders as investments
Cash receipts from borrowings 33,368,092,582.16 36,543,200,351.24
Other cash receipts related to financing activities9,494,564,451.60 9,448,341,833.32Subtotal of cash inflows from financing activities42,862,657,033.76 45,991,542,184.56
Cash payments for the repayment of borrowings 27,067,552,657.74 26,952,016,657.62
Cash payments for distribution of dividends or profits and forinterest expenses
1,873,280,050.02 1,969,038,091.06Including: Cash paid by subsidiaries to non-controllingshareholders as dividend or profit
Other cash payments related to financing activities169,977,244.70 2,717,787,689.43Subtotal of cash outflows from financing activities29,110,809,952.46 31,638,842,438.11Net cash flows from financing activities13,751,847,081.30 14,352,699,746.45IV. Effect of foreign exchange rate changes on cash and cashequivalents
-9,486,969.00 -95,200,192.77V. Net increase in cash and cash equivalents 13,360,425,183.03 8,931,055,099.62
Add: Opening balance of cash and cash equivalents12,943,832,335.45 11,486,855,097.51VI. Closing balance of cash and cash equivalents26,304,257,518.48 20,417,910,197.13(II) Financial statements related to adjustments to items at the beginning of the year of first-time implementation of new accounting standards from 2024 onwards
□Applicable ?Not applicable
(III) Audit report
Whether the First Quarterly Report has been audited
□Yes ?No
The First Quarterly Report of the Company has not been audited.
Board of Directors of Rongsheng Petrochemical Co., Ltd.
April 29, 2025