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SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED

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EQS-News: Shanghai Petrochemical Announces 2020 -2-

03/24/2021 | 09:17pm EDT
Jinlian Petrochemical Storage and Transportation Co., Ltd., and participation in Pinghu China Aviation Oil Port Co., 
Ltd. to meet the current operation and future development needs of the Company's storage and transportation system. The 
Group further worked to advance the integration of production, marketing, research and application of new products. No. 
92 China VIB grade automotive gasoline was successfully blended and produced for the first time, with a cumulative 
sales volume of 44,600 tons. The Group also completed a synthetic resin import substitution project. Success was seen 
in developing large-diameter, low-melting and pressure-bearing pipe products, with an accumulated sales volume of 
3108.6 tons. The export business of chemical products seen good expansion. The new high-endurance polyester engineering 
plastic and its application won the CIFF New Material Award at the International Industry Fair. Furthermore, the Group 
also steadily promoted the eight projects that included different areas such as intelligent factory construction and 
promotion, the upgrade of real-time database to the acceptance benchmark. Projects such as smart warehousing, 
contractor and direct operation management platform were also went online. 
 
Business plans in 2021 
 
In 2021, the Group will continue to adhere to the market-oriented, efficiency-centred strategy, and to consolidate the 
foundation of environmental protection, continue to optimize production and operation, improve corporate governance 
efficiency with a focus on building talent teams, to achieve high-quality development of the Company and strive to 
create better economic benefits. In 2021, the Company is looking to process a total of 14.20 million tons of crude oil 
and produce a total of 8.69 million tons of refined oil, 0.75 million tons of ethylene, 0.49 million tons of 
paraxylene, 0.42 million tons of polyethylene, 0.43 million tons of polypropylene, 0.30 million tons of purified 
terephthalic acid, 0.25 million tons of ethylene glycol, 0.03 million tons of polyester fiber and 0.10 million tons of 
acrylic fiber. 
 
Wu Haijun, Chairman of Sinopec Shanghai, said: "The key components of the Group's development strategy are as follows: 
to take into account both low cost and differentiation, and to focus on both scale and refinement. The Company foscuses 
on value and market orientation, creativity, talents as the backbone of the Company, the emphasis of environment and 
low carbon emissions and integrated development, to realize low cost and large scale of the upstream, and high 
value-added and refinement of the downstream. The Company will give full play to its advantages of wide product chain, 
diversified products and close monitoring of the market to enhance competitiveness. 
 
In accordance with the "3060" national carbon emission requirement, the Company's ultimate goal is to ensure "zero 
carbon emissions" and guarantee coordination of carbon reduction and transformation and development. The Company 
promoted the construction of large ton carbon fibre, hundred-ton high performance carbon fibre pilot plant project, 3rd 
circuit 220 kV power supply line project. We will speed up the construction of hydrogen energy demonstration projects 
and launch the thermoplastic elastomer project. The Company shall emphasis on tackling key core technologies such as 
carbon fiber, and increase investment in research and development, and improve the collaborative innovation mechanism. 
The Company shall also explore opportunities in differentiated high value-added products, and strive to build a new 
material industry cluster with the carbon fiber industry as the core and utilize polyester, polyolefin, elastomer, C5 
downstream fine chemical new materials as the keys to seek breakthroughs and developments. The Company also vigorously 
promote the construction of a data governance system and the application of advanced control and optimization 
technologies, and deepen the application of intelligent security, with promoting the construction of an integrated 
platform for intelligent marketing, and accelerate the advancement of digital transformation." 
 
 
 
 
 The End 
 
About Sinopec Shanghai Petrochemical Company Limited 
 
Sinopec Shanghai Petrochemical Company Limited is one of the major comprehensive petrochemical enterprises integrated 
refinery and petrochemical capacity in the People's Republic of China. It is also one of the major domestic producers 
of ethylene. Ethylene is one of the most important intermediate petrochemical products used in the production of 
synthetic fibres, resins and plastics. Located at Jinshanwei in the southwest of Shanghai, the Company is a highly 
integrated petrochemical enterprise which processes crude oil into a broad range of petroleum products, intermediate 
petrochemical products, resins and plastics, and synthetic fibres. The Company sells most of its products within the 
PRC market and derives most of its revenues from customers in Eastern China, one of the fastest growing regions in the 
PRC. Relying on the competitive advantage of its high degree of integration, the Company is optimizing its product mix, 
improving the quality and variety of its existing products, upgrading technology and increasing the capacity of its key 
upstream plants. In 1993, the Company became the first company incorporated under the laws of the PRC to make a global 
equity offering, and its shares were listed on the Shanghai Stock Exchange, the Hong Kong Stock Exchange and the New 
York Stock Exchange. Since the listing of its shares, the Company has strived to continuously improve and enhance its 
operation and management efficiency with an aim to build itself into a "leading domestically, first-class globally" 
energy and chemical and new material enterprise. 
 
 
 
 
Investor and Media Enquiries: 
 
PRChina Limited 
Alice Yip / Jack Liu 
Tel: (852) 2522 1368 / (852) 6852 8423 
Email: ayip@prchina.com.hk / zliu@prchina.com.hk 
Sinopec Shanghai Petrochemical Company Limited 
2020 Annual Results 
(Prepared under International Financial Reporting Standards) 
 
Consolidated Income Statement 
                                                         For the year ended 31 December 
                                                     2020               2019 
                                                     RMB'000            RMB'000 
 
                                                     74,623,575         100,269,667 
Revenue 
Taxes and surcharges                                 (13,062,710)       (12,213,927) 
Net sales                                            61,560,865         88,055,740 
Cost of sales                                        (61,901,114)       (86,467,995) 
 
                                                     (340,249)          1,587,745 
Gross (loss)/profit 
 
Selling and administrative expenses                  (486,323)          (549,885) 
Net impairment losses on financial assets            120,916            59 
Other operating income                               148,676            150,714 
Other operating expenses                             (24,686)           (21,925) 
Other gains - net                                    115,430            153,864 
 
                                                     (466,236)          1,320,572 
Operating (loss)/profit 
 
Finance income                                       431,228            416,747 
Finance expenses                                     (98,954)           (53,784) 
 
                                                     332,274            362,963 
Finance income - net 
 
Share of net profit of associates and joint ventures 
                                                     724,740            972,593 
  accounted for using the equity method 
 
                                                     590,778            2,656,128 
Profit before income tax 
 
Income tax benefit/(expense)                         65,620             (428,963) 
 
Profit for the year                                  656,398            2,227,165 
 
Profit attributable to: 
  ?           Owners of the Company                  645,072            2,215,728 
  ?           Non-controlling interests              11,326             11,437 
                                                     656,398            2,227,165 
Earnings per share attributable to owners of 
  the Company for the year (expressed in 
  RMB per share) 
    Basic earnings per share                         RMB 0.060          RMB 0.205 
    Diluted earnings per share                       RMB 0.060          RMB 0.205 

25/03/2021 Dissemination of a Marketing Press Release, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com

(END) Dow Jones Newswires

March 24, 2021 22:16 ET (02:16 GMT)

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SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED -2.94% 1.65 End-of-day quote.0.00%
WTI -0.22% 72.135 Delayed Quote.48.80%
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Financials
Sales 2021 89 042 M 13 736 M 13 736 M
Net income 2021 3 494 M 539 M 539 M
Net cash 2021 4 284 M 661 M 661 M
P/E ratio 2021 5,98x
Yield 2021 8,52%
Capitalization 34 873 M 4 483 M 5 380 M
EV / Sales 2021 0,34x
EV / Sales 2022 0,29x
Nbr of Employees 8 466
Free-Float 46,3%
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Number of Analysts 9
Last Close Price 1,65 CNY
Average target price 2,00 CNY
Spread / Average Target 21,5%
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Managers and Directors
Ze Min Guan General Manager & Director
Guan Zemin President
Jun Du CFO, Executive Director & Deputy General Manager
Hai Jun Wu Chairman
Yan Hui Ma Chairman-Supervisory Board