China Petroleum & Chemical adjusts capital, governance, and working capital

China Petroleum & Chemical Corp. announced revisions to its Articles of Association, including the abolition of its supervisory board, with duties transferred to the Audit Committee. The company will also add employee representative directors. These changes, approved on October 29, 2025, will be subject to shareholder approval.

Concurrently, the company will reduce its registered capital from 121,281,555,698 yuan to 121,177,613,698 yuan, reflecting the cancellation of 103,942,000 repurchased H shares.

The board of directors also approved using up to 6 billion yuan of raised funds for temporary replenishment of working capital for a period not exceeding 12 months. This decision, also made on October 29, 2025, aims to optimize capital utilization and reduce operating costs. The company's third-quarter report for 2025 shows a net profit attributable to shareholders of 8,501 million yuan, a slight decrease of 0.5% compared to the previous year, with total assets at 2,181,557 million yuan.