EX-99.2

Exhibit 99.2

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

(Stock Code: 00338)

2022 First 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 and 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 Company Limited (the “Company” or “SPC”) as well as its directors, supervisors and senior management warrant the truthfulness, accuracy and completeness of the information contained in the 2022 first quarterly report for the three months ended 31 March 2022 (the “Reporting Period”), 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.

1.2

Mr. Wu Haijun, person in charge and Chairman of the Company, Mr. Du Jun, person in charge of accounting affairs and overseeing the accounting operations, and Ms. Yang Yating, person in charge of Accounting Department (Accounting Chief) and Director of Finance Department hereby warrant the truthfulness, accuracy and completeness of the financial report contained in this first quarterly report.

1.3	The financial report of the Company’s 2022 first quarterly report was prepared under the China Accounting Standards for Business Enterprises and was unaudited.

2. Basic Information

2.1 Major Accounting Data

Unit: RMB’000


	From the beginning of the year to the end of the Reporting Period (January to March 2022)	Increase/decrease as compared to the corresponding period of the previous year (%)
Revenue	26,006,070		27.61	%
Net profit attributable to equity shareholders of the Company	213,510		-81.81	%
Net profit attributable to equity shareholders of the Company excluding non-recurring items	241,668		-79.14	%
Net cash flow generated from operating activities	-1,785,568		N/A
Basic earnings per share (RMB/share)	0.020		-81.48	%
Diluted earnings per share (RMB/share)	0.020		-81.48	%
Return on net assets (weighted average) (%)	0.700		Decreased by 3.24 percentage points


	As at the end of the Reporting Period		As at the end of the previous year		Increase/decrease at the end of the Reporting Period as compared to the end of the previous year (%)
Total assets		53,737,111		47,038,622		14.24	%
Total equity attributable to equity shareholders of the Company		30,702,812		30,260,172		1.46	%

Excluded non-recurring items and amount:

Unit: RMB’000


Item	Amount for the Reporting Period		Note
Gains or losses on disposal of non-current assets		4,287	—
Government grants recognized through profit and loss except for government grants under the State’s unified standards on quota and amount entitlements and closely related to corporate business		5,328	—
Other non-operating income and expenses other than those mentioned above		-6,695	—
Other profit and loss items that meet the definition of non-recurring items		-38,473	Dismissal benefits -4,655; Loss on disposal of derivative financial instruments -17,163; Discount loss of receivables -863; Loss from changes in fair value of derivative financial assets and liabilities -17,101; Entrusted loan income 1,309
Less: Tax effect for the items above		-7,485	—
Effect on non-controlling interests (after tax)		90	—
Total		-28,158	—

2.2

Total Number of Shareholders as at the End of the Reporting Period, Top Ten Shareholders and Shareholdings of the Top Ten Shareholders of Shares in Circulation (or Unrestricted Shares)

Unit: Share


Number of shareholders as at the end of the Reporting Period				106,105		Total number of preferred shareholders with voting rights restored as at the end of the Reporting Period (if any)						0


Shareholdings of the top ten shareholders
Name of shareholder (in full)	Type of shareholder	Number of shares held at the end of the Reporting Period		Percentage of total shareholding (%)		Number of shares with selling restrictions		Number of shares pledged or frozen
Name of shareholder (in full)	Type of shareholder	Number of shares held at the end of the Reporting Period		Percentage of total shareholding (%)		Number of shares with selling restrictions		Situation of the shares		Number
China Petroleum & Chemical Corporation	State-owned legal person		5,459,455,000		50.44		0		None		0
HKSCC (Nominees) Limited	Overseas legal person		3,453,835,030		31.91		0		Unknown		0
HKSCC Limited	Overseas legal person		82,672,847		0.76		0		None		0
Wang Lei	Domestic natural person		61,120,300		0.56		0		None		0
GF Fund – Agricultural Bank of China – GF CSI Financial Asset Management Plan	Others		45,222,300		0.42		0		None		0
Dacheng Fund – Agricultural Bank of China – Dacheng CSI Financial Asset Management Plan	Others		43,531,469		0.40		0		None		0
Bosera Fund – Agricultural Bank of China – Bosera CSI Financial Asset Management Plan	Others		43,083,700		0.40		0		None		0
E Fund Fund– Agricultural Bank of China – E Fund CSI Financial Asset Management Plan	Others		43,083,700		0.40		0		None		0
China EU Fund– Agricultural Bank of China – China EU CSI Financial Asset Management Plan	Others		43,083,700		0.40		0		None		0
Yinhua Fund– Agricultural Bank of China – Yinhua CSI Financial Asset Management Plan	Others		43,083,700		0.40		0		None		0
Southern Fund– Agricultural Bank of China – Southern CSI Financial Asset Management Plan	Others		43,083,700		0.40		0		None		0
ICBC Credit Suisse Fund– Agricultural Bank of China – ICBC Credit Suisse CSI Financial Asset Management Plan	Others		43,083,700		0.40		0		None		0


Shareholdings of the Top Ten Shareholders with Unlimited Conditions of Sale
Name of shareholder	Number of Liquidity Shares Holding Unlimited Conditions of Sale	Type and quantity of shares
Name of shareholder		Type	Quantity
China Petroleum & Chemical Corporation	5,459,455,000	RMB common stocks	5,459,455,000
HKSCC (Nominees) Limited	3,453,835,030	Overseas listed foreign share	3,453,835,030
HKSCC Limited	82,672,847	RMB common stocks	82,672,847
Wang Lei	61,120,300	RMB common stocks	61,120,300
GF Fund – Agricultural Bank of China – GF CSI Financial Asset Management Plan	45,222,300	RMB common stocks	45,222,300
Dacheng Fund – Agricultural Bank of China – Dacheng CSI Financial Asset Management Plan	43,531,469	RMB common stocks	43,531,469
Bosera Fund – Agricultural Bank of China – Bosera CSI Financial Asset Management Plan	43,083,700	RMB common stocks	43,083,700
E Fund Fund – Agricultural Bank of China – E Fund CSI Financial Asset Management Plan	43,083,700	RMB common stocks	43,083,700
China EU Fund – Agricultural Bank of China – China EU CSI Financial Asset Management Plan	43,083,700	RMB common stocks	43,083,700
Yinhua Fund – Agricultural Bank of China – Yinhua CSI Financial Asset Management Plan	43,083,700	RMB common stocks	43,083,700
Southern Fund – Agricultural Bank of China – Southern CSI Financial Asset Management Plan	43,083,700	RMB common stocks	43,083,700
ICBC Credit Suisse Fund – Agricultural Bank of China – ICBC Credit Suisse CSI Financial Asset Management Plan	43,083,700	RMB common stocks	43,083,700
Explanation of the connected relationship or acting in concert relationship of the above shareholders	Among the above-mentioned shareholders, China Petroleum & Chemical Corporation, a 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 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 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 Listed Companies.

3. Major Events

3.1

Description of Substantial Changes in Major Financial Report Items and Financial Indicators of the Company

Unit: RMB’000


Item	Change (%)			Major reason for change
Net profit attributable to ordinary equity shareholders of the Company		-81.81	%	During the Reporting Period, the operating performance of the Company decreased year-on-year, which was mainly due to the sharp increase in crude oil prices and thus the increase in product costs.
Net profit attributable to ordinary equity shareholders of the Company excluding non-recurring items		-79.14	%	During the Reporting Period, the operating performance of the Company decreased year-on-year, which was mainly due to the sharp increase in crude oil prices and thus the increase in product costs.
Net cash inflow generated from operating activities		453.61	%	During the Reporting Period, the operating performance decreased, resulting in the increase of net cash outflow from operating activities.
Basic earnings per share (RMB/share)		-81.48	%	During the Reporting Period, the operating performance of the Company decreased year-on-year, which was mainly due to the sharp increase in crude oil prices and thus the increase in product costs.
Diluted earnings per share (RMB/share)		-81.48	%	During the Reporting Period, the operating performance of the Company decreased year-on-year, which was mainly due to the sharp increase in crude oil prices and thus the increase in product costs.

4. Appendix

4.1

CONSOLIDATED BALANCE SHEETS

AS AT 31 MARCH 2022

Unit: RMB’000


Items	As at the end of the Reporting Period (unaudited)		As at the beginning of the year (audited)
Current assets
Cash at bank and on hand		11,389,515		12,498,617
Trading financial assets		1,000,200		—
Derivative financial assets		452,488		81,405
Account receivable		1,978,371		1,169,405
Receivables under financing		1,047,205		1,072,690
Prepayments		40,716		60,577
Other receivables		175,156		108,728
Inventories		9,479,927		5,923,525
Other current assets		191,875		17,329
Total current assets		25,755,453		20,932,276
Non-current assets
Long-term equity investments		3,706,224		4,188,888
Other equity instrument investment		5,000		5,000
Investment properties		348,356		352,188
Fixed assets		11,109,024		11,328,065
Construction in progress		3,373,301		3,293,177
Right-of-use assets		22,170		4,879
Intangible assets		387,616		392,608
Long-term prepaid expenses		706,808		775,963
Deferred tax assets		88,644		184,143
Other non-current assets		8,234,515		5,581,435
Total non-current assets		27,981,658		26,106,346
Total assets		53,737,111		47,038,622

CONSOLIDATED BALANCE SHEETS (CONTINUED)

AS AT 31 MARCH 2022

Unit: RMB’000


Items	As at the end of the Reporting Period (unaudited)		As at the beginning of the year (audited)
Current liabilities
Short-term borrowings		3,040,000		1,540,000
Derivative financial liabilities		108,089		23,804
Notes payable		205,805		830,006
Accounts payable		9,347,916		5,888,879
Contract liabilities		497,702		430,882
Employee benefits payable		546,956		260,096
Taxes payable		2,426,702		4,070,663
Other payables		1,077,493		1,287,064
Non-current liabilities due within one year		29,067		23,029
Other current liabilities		4,761,431		1,441,320
Total current liabilities		22,041,161		15,795,743
Non-current liabilities
Long-term loan		700,000		700,000
Lease liabilities		13,926		1,384
Deferred revenue		110,220		112,720
Deferred tax liabilities		32,393		33,344
Total non-current liabilities		856,539		847,448
Total liabilities		22,897,700		16,643,191
Owners’ equity (or shareholders’ equity)
Paid-in capital (or share capital)		10,823,814		10,823,814
Capital surplus		610,327		610,327
Other comprehensive income		265,221		59,425
Specific reserve		239,846		216,512
Surplus reserve		6,672,639		6,672,639
Undistributed profits		12,090,965		11,877,455
Total equity attributable to owners of the parent company (or shareholders’ equity)		30,702,812		30,260,172
Non-controlling interests		136,599		135,259
Total Owners’ equity (or shareholders’ equity)		30,839,411		30,395,431
Total liabilities and owners’ equity (or shareholders’ equity)		53,737,111		47,038,622

4.2

CONSOLIDATED INCOME STATEMENTS

FOR THE THREE MONTHS ENDED 31 MARCH 2022 (Unaudited)

Unit: RMB’000


	Three months ended 31 March
Items	2022		2021
Total revenue		26,006,070		20,379,079
Including: Revenue		26,006,070		20,379,079
Total operating cost		25,599,241		19,157,566
Including: Cost of sales		21,332,112		15,084,801
Taxes and surcharges		3,699,011		3,201,462
Selling and distribution expenses		92,808		107,763
General and administrative expenses		610,339		864,769
R&D expenses		11,867		12,236
Financial expenses (“-” to indicate income)		-146,896		-113,465
Add: Other income		2,828		5,884
Investment income (“-” to indicate loss)		-2,666		254,544
Profit arising from changes in fair value (“-” for loss)		-17,101		22,501
Credit impairment losses (“-” for loss)		-15		—
Asset impairment losses (“-” for loss)		-76,919		—
Gains on disposal of assets (“-” for loss)		-1,063		4
Operating profit (“-” to indicate loss)		311,893		1,504,446
Add: Non-operating income		8,268		3,188
Less: Non-operating expenses		7,113		6,682
Total profit (“-” to indicate loss)		313,048		1,500,952
Less: Income tax expenses		98,198		325,678

CONSOLIDATED INCOME STATEMENTS (CONTINUED)

FOR THE THREE MONTHS ENDED 31 MARCH 2022 (Unaudited)

Unit: RMB’000


	Three months ended 31 March
Items	2022		2021
Net Profit (“-” to indicate loss)		214,850		1,175,274
(1) Classification by business continuity
1. Profit from continuing operations (“-” to indicate loss)		214,850		1,175,274
(2) Classification by ownership
1. Attributable to equity shareholders of the Company (“-” to indicate loss)		213,510		1,173,484
2. Non-controlling interests (“-” to indicate loss)		1,340		1,790
Other comprehensive income, net of tax		205,796		1,812
(1) Other comprehensive income, net of tax attributable to shareholders of the Company		205,796		1,812
Items that may be reclassified to profit or loss		205,796		1,812
(a) Items that may be reclassified to profit or loss using the equity method		-22,278		1,812
(b) Cash flow hedging reserves		228,074		—
Total comprehensive income		420,646		1,177,086
(1) Attributable to equity shareholders of the Company		419,306		1,175,296
(2) Non-controlling interests		1,340		1,790
Earnings per share
(1) Basic earnings per share (RMB)		0.020		0.108
(2) Diluted earnings per share (RMB)		0.020		0.108

4.3

CONSOLIDATED CASH FLOW STATEMENTS

FOR THE THREE MONTHS ENDED 31 MARCH 2022 (Unaudited)

Unit: RMB’000


	Three months ended 31 March
Items	2022		2021
1. Cash flows used in operating activities
Cash received from sales of goods or rendering of services		27,392,826		20,424,095
Tax refund received		22,555		—
Cash received relating to other operating activities		52,527		51,435
Sub-total of cash inflows		27,467,908		20,475,530
Cash paid for goods and services		22,833,131		16,549,348
Cash paid to and on behalf of employees		666,825		633,689
Payments of taxes and surcharges		5,589,134		3,491,795
Cash paid relating to other operating activities		164,386		123,230
Sub-total of cash outflows		29,253,476		20,798,062
Net cash flows generated operating activities		-1,785,568		-322,532
2. Cash flows generated from investing activities
Cash received from returns on investments		550,375		—
Net cash received from disposal of fixed assets, intangible assets and other long-term assets		3,343		—
Cash received relating to other investing activities		1,071,891		2,100,402
Sub-total of cash inflows		1,625,609		2,100,402
Cash paid to acquire fixed assets, intangible assets and other long-term assets		566,512		534,444
Cash paid for investments		1,283,500		3,700,000
Cash paid to other related investment activities		2,600,000		200,000
Sub-total of cash outflows		4,450,012		4,434,444
Net cash flows generated from operating activities		-2,824,403		-2,334,042

CONSOLIDATED CASH FLOW STATEMENTS (CONTINUED)

FOR THE THREE MONTHS ENDED 31 MARCH 2022 (Unaudited)

Unit: RMB’000


	Three months ended 31 March
Items	2022		2021
3. Cash flows generated from financing activities
Cash received from borrowings		3,455,000		890,000
Cash received from obtaining short-term bonds		2,999,975		—
Sub-total of cash inflows		6,454,975		890,000
Cash repayments of borrowings		1,955,200		3,880,000
Cash paid for distribution of dividends or profits and interest expenses		11,946		34,860
Cash paid for other fund-raising activities		2,660		—
Sub-total of cash outflows		1,969,806		3,914,860
Net cash flows generated from financing activities		4,485,169		-3,024,860
4. Effect of foreign exchange rate changes on cash and cash equivalents		168		6,602
5. Net increase in cash and cash equivalents		-124,634		-5,674,832
Add: Cash and cash equivalents at beginning of the Reporting Period		5,112,010		6,916,408
6. Cash and cash equivalents at end of the Reporting Period		4,987,376		1,241,576

By Order of the Board

Sinopec Shanghai Petrochemical Company Limited

Liu Gang

Joint Company Secretary

Shanghai, the PRC, 27 April 2022

As at the date of this announcement, the executive directors of the Company are Wu Haijun, Guan Zemin, Du Jun and Huang Xiangyu; the non-executive directors of the Company are Xie Zhenglin and Peng Kun; and the independent non-executive directors of the Company are Li Yuanqin, Tang Song, Chen Haifeng, Yang Jun and Gao Song.