Financial report
I. Auditor’sReport
ToallshareholdersofHengliPetrochemicalCo.,Ltd.:
I.Opinion
WehaveauditedthefinancialstatementsofHengliPetrochemicalCo.,Ltd.(hereinafter"theCompany"),whichcomprisetheconsolidatedandcompanybalancesheetsasat31December2022,andtheconsolidatedandcompanyincomestatements,consolidatedandcompanycashflowstatementsandconsolidatedandcompanystatementsofchangesinequityfortheyearthenended,andnotestothefinancialstatements.
Inouropinion,theaccompanyingfinancialstatementspresentfairly,inallmaterialrespects,theconsolidatedandcompanyfinancialpositionsasat31December2022,andtheirfinancial
performanceandtheircashflowsfortheyearthenendedinaccordancewiththerequirementsofAccountingStandardsforBusinessEnterprises.
II.BasisforOpinion
WeconductedourauditinaccordancewithChinaStandardsonAuditing.Our
responsibilitiesunderthosestandardsarefurtherdescribedintheAuditor'sResponsibilities
fortheAuditoftheFinancialStatementssectionofourreport.Weareindependentofthe
CompanyandhavefulfilledourotherethicalresponsibilitiesinaccordancewiththeChina
CodeofEthicsforCertifiedPublicAccountants.Webelievethattheauditevidencewehave
obtainedissufficientandappropriatetoprovideabasisforouropinion.
III.KeyAuditMatter
Keyauditmatteristhematterthat,inourprofessionaljudgment,wasofmostsignificanceinourauditofthefinancialstatementsfortheyearended31December2022.Thismatterwas
addressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingour
opinionthereon,andwedonotprovideaseparateopiniononthismatter.
(I) Revenuerecognition
Keyauditmatter Addressedinthecontextofouraudit
Revenuerecognition
Asmentionedinnotetothefinancial Intheauditofthefinancialstatementsforthe
statementsoftheCompany,theoperating year,wehaveimplementedthefollowing
revenuefortheperiodwasRMB222.32billion. proceduresforthematterofrevenue
Theprimaryrevenuesourcesandrecognition recognition: 1.Evaluateandtestthedesign
criteriaareshowninnotetothefinancial andoperationeffectivenessofkeyinternal
statementsoftheCompany.Sincerevenueis controlsrelatedtorevenuerecognitionofthe oneofthekeyperformanceindicatorsofthe Company;2.Understandthevarioustypesof
Company,thereisaninherentriskthat incomeoftheCompanyandtheirrecognition
managementwillmanipulaterevenue conditions,andevaluatewhethertheincome
recognitioninordertoachievespecificgoals recognitionpolicymeetstherequirementsof
orexpectations.Therefore,werecognize theaccountingstandards;3.Combinedwith
revenuerecognitionasakeyauditmatter. thecomparisonofgrossprofitmarginsof
companiesinthesameindustry,ananalysis
procedureisperformedontheCompany's
revenue,costsandgrossprofitmarginsto
analyzetherationalityofthegrossprofit
marginchangetrend;4.Selectsampleand
inspecttheCompany'svarioustypesof
incomerelatedcontracts,invoices,income
confirmationdocumentsandother
documentstotesttheauthenticityofincome;
5.Performasampletestontherevenue
recognizedaroundthebalancesheetdateto
assesswhetherthesalesrevenueis
recognizedintheappropriateaccounting
period;6.Carryoutconfirmationprocedure
ontheincomeamountoftheCompany's
majorcustomersandthebalancesof
receivable.
Provisionfordeclineinvalueofinventories
Asmentionedinnotetothefinancial Intheauditofthefinancialstatementsforthe
statementsoftheCompany,theinventories year,wehaveimplementedthefollowing
balanceasofbalancesheetdateisRMB proceduresforthematterofProvisionfor
40.96billionandthebalanceofprovisionfor declineinvalueofinventories: 1.Evaluateand
declineinvalueofinventoriesisRMB3.13 testthedesignandoperationeffectivenessof
billion,withthecarryingamountofinventories keyinternalcontrolsrelatedtoprovisionforofRMB37.84billion.Thecarryingamountof declineinvalueofinventoriesoftheCompany;
inventoriesisamaterialamount.The 2.Checkwhetherthecalculationand
Company'sinventoriesaremainlycrudeoil accountingtreatmentofprovisionfordecline
andrefining-relatedproducts,whichare invalueofinventoriesiscorrect,whether
greatlyaffectedbythemacroeconomicand provisionorwrite-offfortheyearisconsistentcrudeoilmarketpricefluctuations.Whether withtherelevantamountofprofitandloss
theprovisionfordeclineinvalueofinventories account;3.Evaluatetheestimationsu
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