中国石化2025年度财务公司关联交易专项核查报告深度解读

广发证券发布关于中国石油化工股份有限公司（中国石化，600028.SH）2025年度涉及财务公司关联交易的专项核查意见，为投资者提供详尽的财务交易透明度和风险管理信息。

一、报告核心要点

• 中国石化与关联财务公司签署《金融服务协议》：协议涵盖2025年1月1日至2027年12月31日期间的存款、贷款、票据、信用证、委托贷款、保函及结算等金融服务，确保交易合规、价格透明。
• 股东大会通过相关议案：2024年10月23日临时股东会表决通过了《金融服务协议》相关议案，履行了必要的董事会及股东会审议程序。
• 涉及两家关联金融机构：
• 中石化财务有限责任公司（国内，注册资本180亿元，受中国石化集团控股51%，公司持股49%）
• 盛骏国际投资有限公司（香港，注册资本16.33亿美元，中国石化集团全资子公司，具备放债人牌照及跨境资金结算中心资质）

二、2025年度主要交易明细（附详细数据）

1. 存款业务

• 中国石化与中石化财务公司、盛骏公司的每日最高存款限额合计不超过900亿元。
• 2025年初、年末及年度存款流动数据：

关联方	2025年初余额(百万元)	定期存款存入金额(百万元)	定期存款取出金额(百万元)	活期存款净变动金额(百万元)	2025年末余额(百万元)
中石化财务公司	7,722	17,738	17,352	(1,134)	6,974
盛骏公司	58,711	658,064	649,050	(128)	67,597

2. 贷款业务

• 中石化财务公司贷款额度：53,776百万元，2025年初余额25,309百万元，年度贷款发生额21,310百万元，还款16,330百万元，年末余额30,289百万元。
• 盛骏公司贷款额度：104,863百万元，2025年初余额2,669百万元，年度贷款发生额215,534百万元，还款216,455百万元，年末余额1,748百万元。

3. 授信业务和其他金融业务

• 中石化财务公司开具承兑汇票期末余额17,364百万元，全年新开票据39,456百万元；票据贴现年度发生额8,735百万元。

三、协议和风险控制执行情况

• 所有金融业务均在董事会、股东会批准的交易额度内执行，未出现超限情况。
• 公司制定并严格执行《中国石化关于与关联财务公司开展金融业务的风险处置预案》，包含风险处置机构及职责、风险报告与披露、风险处置程序、后续事项处理等。
• 2025年度未发生任何风险事件，每半年出具风险持续评估报告，保障资金安全。

四、会计师专项核查与保荐人意见

• 毕马威华振会计师事务所对全部交易金额和公司财务报表进行核查，未发现重大不一致。
• 广发证券确认相关金融协议条款完备，协议执行正常，信息披露真实、准确、完整，未发现任何可能导致重大风险的情形。

五、对投资者和股东的重要提示

• 资金安全及风险管理良好： 2025年公司与关联财务公司金融交易未出现超限或风险事件，资金流动性、合规性和信息披露均受控，未发现重大风险隐患，对公司基本面稳健有正面意义。
• 大额金融交易透明： 存贷及授信业务规模大、量化明确，有助于投资者判断公司资金运作能力。
• 是否存在价格敏感信息： 本次核查说明公司内控有效、关联交易透明度高，若未来出现风险事件或额度调整，可能对股价产生冲击。当前未见明显异常或潜在风险，属中性信息。

六、结论

本次专项核查结果反映中国石化2025年度与关联财务公司的存款、贷款等金融业务合规透明，风险管控到位，短期内不具有直接影响公司股价的负面信息，体现公司良好的资金管理能力和内控水平。投资者可持续关注后续相关公告，留意未来风险处置或额度变化等事项。

免责声明：本新闻稿仅供投资者参考，不构成任何投资建议。投资决策需结合自身情况及专业意见。公司信息如有变更，请以中国石化及相关监管机构最新公告为准。

English Version

In-depth Review: Sinopec’s 2025 Related Party Financial Transactions Special Audit Report

GF Securities has released its special verification opinion regarding China Petroleum & Chemical Corporation (Sinopec, 600028.SH) and its related party financial transactions for 2025, providing investors with comprehensive transparency and risk management information on the company’s financial operations.

Key Points of the Report

• Sinopec Signed Financial Services Agreements with Related Finance Companies: The agreement covers the period from January 1, 2025, to December 31, 2027, including deposits, loans, bills, letters of credit, entrusted loans, guarantees, and settlement services, ensuring compliance and transparent pricing.
• Shareholder Approval: On October 23, 2024, the first extraordinary shareholders meeting approved the related agenda for the Financial Services Agreement, fulfilling all required board and shareholder procedures.
• Involved Two Key Financial Affiliates:
  • Sinopec Finance Co., Ltd. (domestic, registered capital RMB 18 billion, controlled 51% by Sinopec Group, 49% by the company)
  • Shengjun International Investment Co., Ltd. (Hong Kong, registered capital USD 1.633 billion, wholly owned by Sinopec Group, licensed as a money lender and cross-border settlement center)

2025 Main Transaction Details (with Data)

1. Deposit Business

• Daily maximum deposit limit with the two finance companies is RMB 90 billion in total.
• 2025 opening, closing, and annual deposit flow:

Affiliate	2025 Start Balance (million RMB)	Term Deposit In (million RMB)	Term Deposit Out (million RMB)	Current Deposit Net Change (million RMB)	2025 End Balance (million RMB)
Sinopec Finance	7,722	17,738	17,352	(1,134)	6,974
Shengjun International	58,711	658,064	649,050	(128)	67,597

2. Loan Business

• Sinopec Finance loan quota: RMB 53.8 billion, start balance RMB 25.3 billion, annual new loans RMB 21.3 billion, repayments RMB 16.3 billion, end balance RMB 30.3 billion.
• Shengjun International loan quota: RMB 104.9 billion, start balance RMB 2.7 billion, annual new loans RMB 215.5 billion, repayments RMB 216.5 billion, end balance RMB 1.7 billion.

3. Credit and Other Financial Businesses

• Sinopec Finance acceptance bills year-end balance RMB 17.4 billion, new bills RMB 39.5 billion; bill discounting occurred RMB 8.7 billion.

Agreement Execution and Risk Control

• All financial operations were conducted within the limits approved by the board and shareholders, with no breaches reported.
• Sinopec has established and rigorously implemented a risk contingency plan specific for financial transactions with related parties, covering risk handling institutions, reporting, procedures, and post-event processing.
• No risk incident occurred in 2025; risk assessment reports are issued every six months to ensure fund safety.

Auditor and Sponsor Opinions

• KPMG Huazhen performed a special audit, finding no material discrepancies between reported transaction amounts and audited financial statements.
• GF Securities confirmed the agreements are comprehensive, executed normally, and disclosures are true, accurate, and complete, with no major risk detected.

Important Notes for Investors and Shareholders

• Solid Fund Safety and Risk Management: No risk events or limit breaches in 2025, liquidity and compliance are well controlled, which is positive for Sinopec’s fundamentals.
• High Transaction Transparency: The large and clearly quantified deposit, loan, and credit transactions enable investors to assess the company’s capital management capacity.
• Price-Sensitive Information: This audit shows effective internal controls and high transparency in related transactions. Any future risk event or change in limits could be price sensitive. Currently, no abnormal or latent risk is detected, so the information is neutral.

Conclusion

This special audit confirms Sinopec’s 2025 related party financial transactions are compliant, transparent, and well risk-managed, with no negative short-term impact on the share price. It demonstrates the company’s robust capital management and internal controls. Investors should monitor future disclosures for any changes in risk or transaction limits.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please make investment decisions based on your own situation and professional counsel. For the latest company information, refer to official announcements from Sinopec and regulatory authorities.

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