SPTJF 0001193125-23-265103 6-K Filing: Oct 27, 2023

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2023

Commission File Number: 1-12158

Sinopec Shanghai Petrochemical Company Limited

(Translation of registrant’s name into English)

No. 48Jinyi Road, Jinshan District, Shanghai, 200540

The People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

EXHIBITS

Exhibit <br>Number
99.1		2023 Third Quarterly Report
99.2		Major Operating Data of the 2023 First Three Quarters

Disclaimer—Forward-Looking Statements

We may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, expectations, developments and business strategies. Words such as “believe”, “anticipate”, “expect”, “intend”, “seek”, “will”, “plan”, “could”, “may”, “endeavor”, “target”, “forecast” and “project” and similar expressions are intended to identify such forward-looking statements but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections, and other forward-looking statements will not be achieved. If one or more of these risks materialize, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors and others are discussed more fully under the section titled “Item 3. Key Information—C. Risk Factors” in our most recent annual report on Form 20-F filed on April 26, 2023, and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED
Date: October 27, 2023	By:	/s/ Wan Tao
	Name:	Wan Tao
	Title:	Chairman of the Board of Directors

EX-99.1

Exhibit 99.1

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make norepresentation 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.

LOGO

Sinopec Shanghai Petrochemical Company Limited

中國石化上海石油化工股份有限公司

(A joint stock limited company incorporated in the People’s Republic of China)

(Stock Code:00338)

2023THIRD QUARTERLY REPORT

This announcement is published simultaneously in Shanghai and Hong Kong. This announcement is published pursuant to the Rules Governing Listing of Stocks on Shanghai Stock Exchange in the People’s Republic of China. This announcement is published pursuant to the disclosure obligations under Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

1.	IMPORTANT MESSAGE
1.1	The Board of Directors (the “Board”) and the Supervisory Committee of Sinopec Shanghai Petrochemical<br>Company Limited (the “Company”, together with its subsidiaries, the “Group”) as well as its directors, supervisors and senior management warrant the truthfulness, accuracy and completeness of the information contained in the 2023<br>third quarterly report, and warrant that there are no false representations or misleading statements contained in or material omissions from this report and severally and jointly accept responsibility pursuant to such information.<br>
---	---
1.2	Mr. Wan Tao, Chairman of the Company, Mr. Du Jun, executive director, deputy president and CFO,<br>overseeing the accounting operations, and Ms. Fu Hejuan, person in charge of Accounting Department (Accounting Chief) and Deputy Director of Finance Department warrant the truthfulness, accuracy and completeness of the financial information<br>contained in this third quarterly report.
---	---
1.3	The financial report of the Company’s 2023 third quarterly report was prepared under the China Accounting<br>Standards for Business Enterprises and was unaudited.
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2.	MAJOR ACCOUNTING DATA
2.1	Major Financial Report Items and Financial Indicators
---	---

Unit: RMB’000

	The			The corresponding period of<br>the previous year						Increase/<br><br><br>decrease during<br> <br>theReporting<br> <br>Period as<br><br><br>compared<br> <br>to the<br><br><br>corresponding<br> <br>period ofthe<br> <br>previous year<br><br><br>(%)	From the<br>beginning<br>of the year<br>to the end<br>of the<br>Reporting<br>Period			The corresponding period of<br>the previous year						Increase/<br><br><br>decrease during<br> <br>thebeginning<br> <br>of the year<br><br><br>to the end of<br> <br>theReporting<br> <br>Period as<br><br><br>compared<br> <br>to the<br><br><br>corresponding<br> <br>period ofthe<br> <br>previous year<br><br><br>(%)
Item	ReportingPeriod			Beforeadjustment			Afteradjustment			After<br><br><br>adjustment				Before<br>adjustment			After<br>adjustment			After<br><br><br>adjustment
Revenue	****	24,922,150	****	****	11,878,206	****	****	11,878,206	****	109.81%	****	69,859,201	****	****	57,778,561	****	****	57,778,561	****	20.91%
Net profit attributable to equity shareholders of the Company	****	268,831	****	****	-1,566,776	****	****	-1,565,926	****	Not Applicable	****	-719,446	****	****	-2,002,785	****	****	-2,001,968	****	Not Applicable
Net profit attributable to equity shareholders of the Company excluding non-recurring items	****	285,337	****	****	-1,529,123	****	****	-1,528,273	****	Not Applicable	****	-686,813	****	****	-1,931,667	****	****	-1,930,850	****	Not Applicable
Net cash flows generated from operating activities	****	-661,434	****	****	1,670,792	****	****	1,670,792	****	-139.59%	****	-888,316	****	****	-4,734,330	****	****	-4,734,330	****	Not Applicable
Basic earnings per share (RMB/share)	****	0.025	****	****	-0.145	****	****	-0.145	****	Not Applicable	****	-0.067	****	****	-0.185	****	****	-0.185	****	Not Applicable
Diluted earnings per share (RMB/share)	****	0.025	****	****	-0.145	****	****	-0.145	****	Not Applicable	****	-0.067	****	****	-0.185	****	****	-0.185	****	Not Applicable
Return on net assets (weighted average) (%)	****	1.058	****	****	-5.472	****	****	–5.469	****	Increased by 6.527 percentage points	****	–2.778	****	****	–6.920	****	****	–6.917	****	Increased by 4.139 percentage points

	As at the<br><br><br>end of the		As at the end of<br>the previous year				Increase/<br>decrease at<br>the end of<br>the Reporting<br>Period as<br>compared to<br>the end ofthe<br>previous year<br>(%)
	Reporting<br>Period		Before<br>adjustment		After<br>adjustment		Afteradjustment
Total assets		39,320,227		41,242,740		41,242,782		-4.66	%
Total equity attributable to equity shareholders of the Company		25,552,914		26,243,705		26,243,746		-2.63	%

Note: The Reporting Period thereafter means three months from July to September in 2023.

Reasons for retroactive adjustment or restatement

Since 1 January 2023, the Group has implemented the requirement of the “Accounting of deferred income tax related to assets and liabilities arising from an individual transaction not applicable to initial recognition exemption” under the “Interpretation of Accounting Standards for Business Enterprises No. 16” promulgated by the Ministry of Finance.

According to the provisions of Interpretation No. 16, if the individual transaction of the Group is not a business combination, or its occurrence does not affect the accounting profit nor taxable income (or deductible loss), and the initially recognized assets and liabilities result in equal taxable temporary difference and deductible temporary difference, the provisions of “Accounting Standards for Business Enterprises No. 18-Income Tax” on the exemption from the initial recognition of deferred income tax liabilities and deferred income tax assets are not applicable. According to the “Accounting Standards for Business Enterprises No. 18-Income Tax” and other relevant regulations, as for the taxable temporary difference and deductible temporary difference arising from the initial recognition of assets and liabilities, the Group recognizes the corresponding deferred income tax liabilities and deferred income tax assets respectively when the transaction occurs.

The above regulations have come into effect on 1 January 2023. The Group has made retrospective adjustments to the individual transactions that occurred between 1 January 2022 and the date of initial implementation to which the regulations apply. For the lease liabilities and right-of-use assets recognized on 1 January 2022 due to the individual transactions subject to the regulations resulting in taxable temporary difference and deductible temporary difference, the Group adjusted the cumulative impact amount to the opening retained earnings and other related financial statement items of the earliest period presented in the financial statements in accordance with the regulations and the “Accounting Standards for Business Enterprises No. 18-Income Tax”.

2.2	Excluded Non-recurring Items and Amount

Unit: RMB’000

Item			Note
Earnings or losses on disposal of non-current<br>assets	2,654	-6,222	—
Government grants recognized in current profits and losses, except for those closely related to<br>the regular operating of the Company in compliance with national policies and regulations, and continuously satisfying quotas or quantities according to certain standards	3,596	15,995	—
Other non-operating income and expenses other than those<br>mentioned above	-18,324	-28,218	—

Item			Note
Other earnings or losses meeting the definition of<br>non-recurring earnings or losses	-7,710	-19,672	Amount in the Reporting Period: -6,549 for dismissal<br>welfare and -1,161 for discount loss of receivables;<br> <br><br><br><br>Amount from the beginning of the year to the end of the Reporting Period:<br>-16,514 for dismissal welfare and -3,158 for discount loss of receivables
Less: Tax effect for the items above	3,203	5,562	—
Effect on non-controlling interests (after tax)	75	-78	—
Total	-16,506	-32,633	—

Explanations on defining the non-recurring earnings or losses items set out in the “Explanatory Announcement No. 1 on Information Disclosure by Companies Offering Securities to the Public – Non-Recurring Earnings or Losses” as recurring earnings or losses items

☐ Applicable ✓ Not Applicable

2.3	Description and Reasons of Substantial Changes in Major Financial Report Items and Financial Indicators

✓ Applicable ☐ Not Applicable

Item		Major reason
Operating Profit_during the Reporting Period	109.81%	During the Reporting Period, crude oil processing volume increased compared with the<br>corresponding period last year, and sales of synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products rose compared with the corresponding period last year.
Net profit attributable to<br>equity shareholders of the Company_during the Reporting Period	Not<br>Applicable	During the<br>Reporting Period, production and sales of petrochemical products increased, unit costs decreased year-on-year and gross profit increased<br>year-on-year, resulting in higher operating results for the Reporting Period.
Net profit attributable to<br>equity shareholders of the Company excluding nonrecurring items_during the Reporting Period	Not<br>Applicable
Basic earnings per share<br>(RMB/share)_ during the Reporting Period	Not<br>Applicable
Diluted earnings per share<br>(RMB/share)_ during the Reporting Period	Not<br>Applicable
Net cash flows generated from<br>operating activities_during the Reporting Period	-139.59%	During the Reporting<br>Period, the cash paid for purchasing goods and receiving services increased compared with the corresponding period last year.

Item		Major reason
Net profit attributable to equity shareholders of the Company_ from the beginning of the year to<br>the end of the Reporting Period	Not<br>Applicable	From the beginning of the year to the end of the Reporting Period, the production and<br>sales of petrochemical products increased, and the price of the main products declined less than that of crude oil, resulting in a year-on-year increase in the operating results from the beginning of the year<br>to the end of the Reporting Period.
Net profit attributable to<br>equity shareholders of the Company excluding nonrecurring items_from the beginning of the year to the end of the Reporting Period	Not<br>Applicable
Basic earnings per share<br>(RMB/share)_ from the beginning of the year to the end of the Reporting Period	Not<br>Applicable
Diluted earnings per share<br>(RMB/share)_ from the beginning of the year to the end of the Reporting Period	Not<br>Applicable
Net cash flows generated from<br>operating activities_ from the beginning of the year to the end of the Reporting Period	Not<br>Applicable	From the beginning of the<br>year to the end of the Reporting Period, the cash received from selling goods and providing services increased compared with the corresponding period last year.

3.	SHAREHOLDERS’ INFORMATION
3.1	Total Number of Shareholders and the Number of Preferred Shareholders with Voting Rights Restored andShareholdings of the Top Ten Shareholders
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Unit: Share

Number of shareholders as at the end of the Reporting Period		92,649		Total number of preferred shareholders with voting rights restored as at the end of the Reporting Period (if any)		0
Shareholdings of the top tenshareholders
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Name of shareholder		Type of<br><br><br>shareholder		Number of shares<br>held			Percentage<br>of total<br>shareholding<br>(%)			Number of shares<br>with selling<br>restrictions			Number of shares pledged,marked or frozen
													Situation of<br>the shares			Number
China Petroleum & Chemical Corporation		State-owned legal person			5,459,455,000			50.55	%		0			None			0
HKSCC (Nominees) Limited		Overseas legal person			3,451,266,030			31.96	%		0			Unknown			—
HKSCC Limited		Overseas legal person			102,580,022			0.95	%		0			None			0
Wang Lei		Domestic natural person			46,120,300			0.43	%		0			None			0
Southern Fund– Agricultural Bank of China – Southern CSI Financial Asset Management<br>Plan		Others			39,031,700			0.36	%		0			None			0
GF Fund – Agricultural Bank of China – GF CSI Financial Asset Management Plan		Others			38,039,800			0.35	%		0			None			0
Yinhua Fund– Agricultural Bank of China – Yinhua CSI Financial Asset Management<br>Plan		Others			37,251,516			0.34	%		0			None			0
Dacheng Fund – Agricultural Bank of China – Dacheng CSI Financial Asset Management<br>Plan		Others			37,028,669			0.34	%		0			None			0
Bosera Fund – Agricultural Bank of China – Bosera CSI Financial Asset Management<br>Plan		Others			28,377,600			0.26	%		0			None			0
Harvest Fund – Agricultural Bank of China – Harvest CSI Financial Asset Management<br>Plan		Others			25,583,100			0.24	%		0			None			0

Shareholdings of the top ten shareholderswith unrestricted shares
Name of shareholder	Number of<br>unrestricted<br>tradable shares		Type and quantity of shares
			Type of shares	Quantity
China Petroleum & Chemical Corporation		5,459,455,000	RMB common stocks		5,459,455,000
HKSCC (Nominees) Limited		3,451,266,030	Overseas listed foreign shares		3,451,266,030
HKSCC Limited		102,580,022	RMB common stocks		102,580,022
Wang Lei		46,120,300	RMB common stocks		46,120,300
Southern Fund– Agricultural Bank of China – Southern CSI Financial Asset Management<br>Plan		39,031,700	RMB common stocks		39,031,700
GF Fund – Agricultural Bank of China – GF CSI Financial Asset Management Plan		38,039,800	RMB common stocks		38,039,800
Yinhua Fund– Agricultural Bank of China – Yinhua CSI Financial Asset Management<br>Plan		37,251,516	RMB common stocks		37,251,516
Dacheng Fund – Agricultural Bank of China – Dacheng CSI Financial Asset Management<br>Plan		37,028,669	RMB common stocks		37,028,669
Bosera Fund – Agricultural Bank of China – Bosera CSI Financial Asset Management<br>Plan		28,377,600	RMB common stocks		28,377,600
Harvest Fund – Agricultural Bank of China – Harvest CSI Financial Asset Management<br>Plan		25,583,100	RMB common stocks		25,583,100

Explanation of the connected relationship or acting in concert relationship of the above<br>shareholders		Among the above-mentioned shareholders, China Petroleum & Chemical Corporation, a<br>state-owned legal person, does not have any connected relationship with the other shareholders, and does not constitute an act-in-concert party under the Administration<br>Measures on Acquisition of Listed Companies. Among the above-mentioned shareholders, HKSCC (Nominees) Limited is a nominee and HKSCC Limited is the nominal holder of the Company’s Shanghai-Hong Kong Stock Connect. Apart from the above, the<br>Company is not aware of any other connected relationships among the other shareholders, or whether any other shareholder constitutes an act-in-concert party under the Administrative Measures on Acquisition of<br>Listed Companies.
Explanation of the top ten shareholders and the top ten shareholders with unrestricted shares<br>engaging in margin financing and securities lending as well as margin and securities refinancing business (if any)		Not Applicable
4.	OTHER REMINDERS
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Other important information about the operation of the Company during the Reporting Period that investors should be reminded of

☐ Applicable ✓ Not Applicable

5.	QUARTERLY FINANCIAL REPORT
5.1	Type of Audit Opinions
---	---

☐ Applicable ✓ Not Applicable

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5.2	The financial report

CONSOLIDATED BALANCE SHEETS

30 September 2023

Prepared by: Sinopec Shanghai Petrochemical Company Limited

Unit: RMB’000 Audit type: unaudited

Items	As at<br><br><br>30 September<br><br><br>2023
Current assets:
Cash at bank and on hand	****	6,442,930	****	3,998,332
Derivative financial assets	****	21,283	****	—
Account receivable	****	2,326,544	****	2,512,362
Receivables under financing	****	562,443	****	582,354
Prepayments	****	82,352	****	67,008
Other receivables	****	196,462	****	190,579
Inventories	****	5,776,933	****	7,294,060
Other current assets	****	210,887	****	1,121,187
Total current assets	****	15,619,834	****	15,765,882
Non-current assets:
Long-term equity investments	****	3,301,381	****	3,594,393
Other equity instrument investment	****	5,000	****	5,000
Other non-current financial assets	****	26,500	****	—
Investment properties	****	324,848	****	336,863
Fixed assets	****	14,280,256	****	12,195,527
Construction in progress	****	946,784	****	3,748,461
Right-of-use<br>assets	****	11,716	****	16,085
Intangible assets	****	357,664	****	372,640
Long-term prepaid expenses	****	602,708	****	776,480
Deferred tax assets	****	1,084,624	****	991,892
Other non-current assets	****	2,758,912	****	3,439,559
Total non-current assets	****	23,700,393	****	25,476,900
Total assets	****	39,320,227	****	41,242,782

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Items		As at<br><br><br>30 September<br><br><br>2023
Current liabilities:
Short-term borrowings		****	5,045,000	****	1,550,000
Derivative financial liabilities		****	12,585	****	—
Notes payable		****	615,672	****	40,951
Accounts payable		****	3,497,722	****	9,144,554
Contract liabilities		****	795,811	****	383,246
Employee benefits payable		****	838,395	****	317,891
Taxes payable		****	958,448	****	889,856
Other payables		****	911,127	****	1,618,352
Non-current liabilities due within one year		****	709,858	****	8,738
Other current liabilities		****	88,848	****	44,750
Total current liabilities		****	13,473,466	****	13,998,338
Non-current liabilities:
Long-term borrowing		****	—	****	700,000
Lease liabilities		****	4,758	****	7,513
Deferred revenue		****	127,700	****	134,608
Deferred tax liabilities		****	30,922	****	30,898
Total non-current liabilities		****	163,380	****	873,019
Total liabilities		****	13,636,846	****	14,871,357
Owners’ equity (or shareholders’ equity):
Paid-in capital (or share capital)		****	10,799,286	****	10,823,814
Capital surplus		****	609,166	****	610,327
Less: Treasury stock		****	—	****	25,689
Other comprehensive income		****	5,697	****	(806	)
Specific reserve		****	262,529	****	240,418
Surplus reserve		****	6,672,634	****	6,672,634
Undistributed profits		****	7,203,602	****	7,923,048
Total equity attributable to owners (or shareholders) of the Company		****	25,552,914	****	26,243,746
Non-controlling interests		****	130,467	****	127,679
Total owners’ equity (or shareholders’ equity)		****	25,683,381	****	26,371,425
Total liabilities and owners’ equity (or shareholders’ equity)		****	39,320,227	****	41,242,782
Person in charge	Person in charge	Person in charge of
---	---	---
of the Company:	of accounting:	accounting department:
Wan Tao	Du Jun	Fu Hejuan

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CONSOLIDATED INCOME STATEMENTS

January to September 2023

Prepared by: Sinopec Shanghai Petrochemical Company Limited

Unit: RMB’000 Audit type: unaudited

Items	First three<br><br><br>quarters of<br><br><br>2023 (January<br><br><br>to September)
1. Total revenue	****	69,859,201	****	57,778,561
Including: Revenue	****	69,859,201	****	57,778,561
2. Total operating cost	****	70,630,335	****	60,185,533
Including: Cost of sales	****	58,956,016	****	51,267,019
Taxes and surcharges	****	9,629,262	****	6,972,764
Selling and distribution expenses	****	227,362	****	211,241
General and administrative expenses	****	1,399,633	****	1,586,069
R&D expenses	****	112,338	****	82,916
Financial expenses	****	-178,659	****	-374,135
Add: Other income	****	7,782	****	12,471
Investment income (“-” to indicate loss)	****	-204,058	****	-185,032
Profit arising from changes in fair value (“-” to indicate loss)	****	—	****	1,819
Credit impairment losses (“-” to indicate loss)	****	551	****	-4,893
Asset impairment losses (“-” to indicate loss)	****	-289,092	****	-262,962
Gains on disposal of assets (“-” to indicate loss)	****	434	****	-1,062
3. Operating profit (“-” to indicate loss)	****	-771,134	****	-2,406,972
Add: Non-operating<br>income	****	29,865	****	15,135
Less: Non-operating<br>expenses	****	56,526	****	63,399
4. Total profit (“-” to indicate loss)	****	-797,795	****	-2,455,236
Less: Income tax expenses	****	-81,137	****	-457,773
5. Net Profit (“-” to indicate loss)	****	-716,658	****	-1,997,463
(1) Classification by business continuity
1. Profit from continuing operations (“-” to indicate loss)	****	-716,658	****	-1,997,463
(2) Classification by ownership
1. Attributable to equity shareholders of the Company (“-” to indicate<br>loss)	****	-719,446	****	-2,001,968
2. Non-controlling interests (“-” to<br>indicate loss)	****	2,788	****	4,505

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Items		First three<br><br><br>quarters of<br><br><br>2023 (January<br><br><br>to September)
6. Other comprehensive income, net of tax		****	42,610	****	220,443
(1) Other comprehensive income, net of tax attributable to owners of the<br>Company		****	42,610	****	220,443
1. Items that may not be reclassified to profit or loss using the equity method		****	—	****	—
2. Items that may be reclassified to profit or loss using the equity method		****	42,610	****	220,443
(1) Items that may be reclassified to profit or loss using the equity<br>method		****	-21	****	-22,558
(2) Cash flow hedging reserves		****	42,631	****	243,001
(2) Other comprehensive income, net of tax attributable to non-controlling interests		****	—	****	—
7. Total comprehensive income		****	-674,048	****	-1,777,020
(1) Attributable to owners of the Company		****	-676,836	****	-1,781,525
(2) Attributable to non-controlling<br>interests		****	2,788	****	4,505
8. Earnings per share:
(1) Basic earnings per share (RMB/share)		****	-0.067	****	-0.185
(2) Diluted earnings per share (RMB/share)		****	-0.067	****	-0.185
Person in charge	Person in charge	Person in charge of
---	---	---
of the Company:	of accounting:	accounting department:
Wan Tao	Du Jun	Fu Hejuan

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CONSOLIDATED CASH FLOW STATEMENTS

January to September 2023

Prepared by: Sinopec Shanghai Petrochemical Company Limited

Unit: RMB’000 Audit type: unaudited

Items	First three<br><br><br>quarters of<br><br><br>2023 (January<br> <br>toSeptember)	First three<br><br><br>quarters of<br> <br>2022 (January<br><br><br>to September)
1. Cash flows from operating activities:
Cash received from sales of goods or rendering of services	77,343,192	62,557,584
Tax refund received	538,646	1,183,540
Cash received relating to other operating activities	209,563	180,928
Sub-total of cash inflows	78,091,401	63,922,052
Cash paid for goods and services	66,807,104	55,594,090
Cash paid to and on behalf of employees	2,243,315	2,267,514
Payments of taxes and surcharges	9,510,014	10,385,945
Cash paid relating to other operating activities	419,284	408,833
Sub-total of cash outflows	78,979,717	68,656,382
Net cash flows generated from operating activities	-888,316	-4,734,330
2. Cash flows from investing activities:
Cash received from investment recovery	50,000	150,000
Cash received from returns on investments	92,091	671,805
Net cash received from disposal of fixed assets, intangible assets and other long-term<br>assets	83,575	10,401
Cash received relating to other investing activities	3,197,709	8,957,483
Sub-total of cash inflows	3,423,375	9,789,689
Cash paid to acquire fixed assets, intangible assets and other long-term assets	1,042,457	1,899,984
Cash paid for investment	26,500	1,000,000
Net cash received from subsidiaries and other business units	—	296,672
Cash paid to other related investment activities	—	2,802,657
Sub-total of cash outflows	1,068,957	5,999,313
Net cash flows generated from investment activities	2,354,418	3,790,376

15 -

Items		First threequarters of<br><br><br>2023 (January<br><br><br>to September)	First three<br><br><br>quarters of<br><br><br>2022 (January<br><br><br>to September)
3. Cash flows from financing activities:
Cash received from borrowings		24,045,000	16,485,000
Cash received from short-term bonds		—	5,000,000
Sub-total of cash inflows		24,045,000	21,485,000
Cash repayments of borrowings		20,550,000	15,984,800
Cash repayments of short-term bonds		—	3,000,000
Cash paid for distribution of dividends or profits and interest expenses		103,417	1,182,055
Cash and interest repaid for lease liabilities		10,913	9,629
Sub-total of cash outflows		20,664,330	20,176,484
Net cash flows generated from financing activities		3,380,670	1,308,516
4. Effect of foreign exchange rate changes on cash and cash equivalents		6,159	18,115
5. Net increase in cash and cash equivalents		4,852,931	382,677
Add: Cash and cash equivalents at beginning of the reporting period		889,413	5,112,010
6. Cash and cash equivalents at end of the reporting period		5,742,344	5,494,687
Person in charge	Person in charge	Person in charge of
---	---	---
of the Company:	of accounting:	accounting department:
Wan Tao	Du Jun	Fu Hejuan

Adjustments to financial report at the beginning of the year relating to the initial adoption of the newaccounting standards or interpretation of standards since 2023

✓ Applicable ☐ Not Applicable

16 -

Explanation of reasons for adjustments on the financial statements at the beginning of the year

In 2023, the Group has implemented the relevant requirements and guidelines of the Accounting Standards for Business Enterprises promulgated by the Ministry of Finance in recent years:

Requirement of the “Accounting of deferred income tax related to assets and liabilities arising from an individual transaction not applicable to initial recognition exemption” in Interpretation No.16.

(a)	Requirement of the accounting of deferred income tax related to assets and liabilities arising from anindividual transaction not applicable to initial recognition exemption

17 -

(b)	Impacts of the change on the comparative financial report

The impacts of the above change in the accounting policy on net loss for the nine months ended 30 September 2022 and owners’ equity at the beginning and the end of 2022 are summarized as follows:

Unit: RMB’000

Items
Net loss and shareholders’ equity before adjustment	1,998,274	26,371,386	30,395,431
Deferred income tax relating to assets and liabilities arising from an individual transaction does<br>not apply to the impact of initial recognition exemptions	-811	39	-67
Adjusted net loss and equity	1,997,463	26,371,425	30,395,364

18 -

The effects on the consolidated balance sheets as at 31 December 2022 are analysed as follows:

CONSOLIDATED BALANCE SHEETS

Unit: RMB’000

Items
Non-current assets:
Deferred tax assets	991,850	991,892	42
Total non-current assets	25,476,858	25,476,900	42
Total assets	41,242,740	41,242,782	42
Non-current liabilities:
Deferred tax liabilities	30,895	30,898	3
Total non-current liabilities	873,016	873,019	3
Total liabilities	14,871,354	14,871,357	3
Owners’ equity (or shareholders’ equity):
Surplus reserve	6,672,639	6,672,634	-5
Undistributed profits	7,923,002	7,923,048	46
Total equity attributable to owners (or shareholders) of the Company	26,243,705	26,243,746	41
Non-controlling interests	127,681	127,679	-2
Total owners’ equity (or shareholders’ equity)	26,371,386	26,371,425	39
Total liabilities and owners’ equity (or shareholders’ equity)	41,242,740	41,242,782	42

The effects on the consolidated income statements for the nine months ended 30 September 2022 are analysed as follows:

19 -

CONSOLIDATED INCOME STATEMENTS

Unit: RMB’000

Items
Less: Income tax expenses		-456,962	-457,773	-811
V. Net Profit (“-” to indicate loss)		-1,998,274	-1,997,463	811
(1) Classification by business continuity
1. Net profit from continuing operations		-1,998,274	-1,997,463	811
(2) Classification by ownership
1. Attributable to equity shareholders of the Company (“-” to<br>indicate loss)		-2,002,785	-2,001,968	817
2. Non-controlling interests<br>(“-” to indicate loss)		4,511	4,505	-6
VII. Total comprehensive income		-1,777,831	-1,777,020	811
Attributable to equity owners of the Company		-1,782,342	-1,781,525	817
Attributable to non-controlling interests		4,511	4,505	-6
VIII. Earnings per share
(1) Basic earnings per share (RMB)		-0.185	-0.185	—
(2) Diluted earnings per share (RMB)		-0.185	-0.185	—
	By Order of the Board
---	---
	Sinopec Shanghai Petrochemical Company Limited<br><br><br>Liu Gang
	Joint Company Secretary
Shanghai, the PRC, 25 October 2023

20 -

As at the date of this announcement, the executive directors of the Company are Wan Tao, Guan Zemin, DuJun and Huang Xiangyu; the non-executive directors of the Company are Xie Zhenglin and Qin Zhaohui; and the independent non-executive directors of the Company are TangSong, Chen Haifeng, Yang Jun, Zhou Ying and Huang Jiangdong.

21 -

EX-99.2

Exhibit 99.2

LOGO

Sinopec Shanghai Petrochemical Company Limited

中國石化上海石油化工股份有限公司

(A joint stock limited company incorporated in the People’s Republic of China)

(Stock Code: 00338)

Major Operating Data of the 2023 First Three Quarters

According to Rule 15 of the Guidelines of the Shanghai Stock Exchange for Self-regulatory Guidelines for Listed Companies No.3 - Industry Information Disclosure No.13 - Chemical Industry, Sinopec Shanghai Petrochemical Company Limited (the “Company”, together with its subsidiaries, the “Group”) hereby announces the major operating data for the nine months ended 30 September 2023 as follows:

I.	MAJOR OPERATING DATA OF THE 2023 FIRST THREE QUARTERS
Product		Production volume<br>(10,000 tons)			Sales volume<br>(10,000 tons)			Sales revenue<br>(RMB1,000)
---	---	---	---	---	---	---	---	---	---	---
Petroleum products										****
Diesel			269.34			266.83			17,571,907
Gasoline			249.23			248.20			20,974,641
Jet Fuel ^note^^1^			136.35			97.84			5,585,019
Intermediate petrochemicals										****
PX ^note^^2^			53.26			53.39			3,974,152
Benzene ^note^^1^			28.26			25.24			1,586,065
Ethylene Glycol ^note^^2^			7.19			6.05			219,671
Ethylene Oxide			11.97			11.47			639,636
Ethylene ^note^^2^			53.35			0			0
Resins and plastics										****
PE			41.72			38.48			2,929,715
PP			33.79			31.85			2,329,711
Polyester chips ^note^^1^ ^note^ ^2^			3.77			3.81			224,093
Synthetic fibres										****
Acrylics			1.62			1.78			253,894

Note 1: Sales volume excludes materials processed on a sub-contract basis.

Note 2: Part of the difference between the production volume and sales volume is for internal use.

The above data for sales volume and sales revenue does not include the data for the Group’s trading of petrochemical products.

II.	CHANGE IN PRICES OF MAJOR PRODUCTS AND RAW MATERIALS IN THE 2023 FIRST THREE QUARTERS

Unit: RMB/ton

Product		The average price in<br>the 2023 first three<br>quarters		The average price in<br>the 2022 first three<br>quarters		Year-on-year<br>change			Quarter-on-quarterchange*
Diesel			6,585		7,219		-8.77	%		9.26	%
Gasoline			8,451		8,954		-5.63	%		8.36	%
Jet Fuel			5,708		6,336		-9.91	%		12.62	%
Ethylene			—		—		—			—
PX			7,443		7,594		-1.98	%		6.39	%
Benzene			6,283		7,212		-12.88	%		6.55	%
Ethylene Glycol			3,634		4,463		-18.58	%		-1.16	%
Ethylene Oxide			5,578		6,692		-16.64	%		-8.09	%
PE			7,613		9,109		-16.42	%		4.35	%
PP			7,315		8,293		-11.79	%		4.44	%
Polyester chips			5,882		6,646		-11.49	%		—
Acrylics			14,294		16,271		-12.15	%		-8.24	%
Raw material		The average<br>processing cost in<br>the 2023 first three<br>quarters		The average<br>processing cost in<br>the 2022 first three<br>quarters		Year-on-year change			Quarter-on-quarter<br>change*
Crude oil			4,235		4,617		-8.26	%		1.97	%
*	the number in the 2023 third quarter compared with that in the 2023 second quarter<br>
---	---

III.	MISCELLANEOUS

The above-mentioned operating data was calculated based on the internal statistics of the Company and is intended to provide an overview of the production and operation of the Company to the investors on a timely basis. The operating data is unaudited and does not make any express or implied forecasts or guarantees in respect of the Company’s future operating conditions. Investors are advised to exercise caution when using such information.

	By Order of the Board
	Sinopec Shanghai Petrochemical Company Limited
	Liu Gang
	Joint Company Secretary

Shanghai, the PRC, 25 October 2023

As at the date of this announcement, the executive directors of the Company are Wan Tao, Guan Zemin, Du Jun and Huang Xiangyu; the non-executive directors of the Company are Xie Zhenglin and Qin Zhaohui; and the independent non-executive directors of the Company are Tang Song, Chen Haifeng, Yang Jun, ZhouYing and Huang Jiangdong.

SPTJF 6-K