In 2024, the Company deepened the implementation of an innovation-driven development strategy, strengthened its role as a primary player in technological innovation, made breakthroughs in key core technologies, reformed scientific and technological systems and mechanisms, and fostered deeper integration of innovation and industrial chains. These efforts elevated the capabilities of scientific innovation, ushering in a new phase of progress.

Integration into National Innovation Framework.  We were selected to lead the establishment of the National Key Laboratory on earth science and co-build the Huairou National Laboratory Xinjiang Base and the National Innovation Center for Oil and Gas Geophysical Exploration Technology, established the Sinopec Basic Research Joint Fund with the National Natural Science Foundation of China, and undertook tasks to develop original technology hubs and innovation consortia in critical fields.

Cultivation of Tech-Driven Enterprises.  Three subsidiaries, Beijing Research Institute of Chemical Industry (BRICI), Sinopec Catalyst Company, and Continental Shelf Company were rated as benchmark of "Sci-Tech Reform Enterprises" by SASAC, among which BRICI ranked first, while Sinopec Matrix Company was recognized as an "excellent enterprise". Sinopec Catalyst Company and Continental Shelf Company were listed in the 8th National Manufacturing Single Champion Enterprises by the Ministry of Industry and Information Technology.

Improving Innovation Support Mechanisms.  We implemented mid-to long-term incentives, including project dividends, co-investments, and excess profit sharing. Two technologies were included in SASAC's pilot reform for sci-tech achievement ownership incentives. Three innovations were selected for the Central SOEs' Sci-Tech Innovation Achievements Handbook, two projects for the First Batch of Central SOEs' Technology Application Expansion Projects, and five technologies for the Fourth List of First-of-its-Kind Major Energy Equipment. The Company was named "2023 Outstanding Sci-Tech Innovation Enterprise" by SASAC.