SINOPEC KANTONS (00934) announced that on February 12, 2026, its wholly-owned subsidiary, Jingmao Kantons, entered into an exclusive operations agreement with Caofeidian Port Group. Under the agreement, Caofeidian Shihua will exclusively provide crude oil terminal operation services to Jingmao Kantons or its designated customers.

Although the shareholding structure of Caofeidian Shihua remains unchanged, with Jingmao Kantons and Caofeidian Port Group holding 90% and 10% respectively, the company has become an indirect non-wholly owned subsidiary of SINOPEC KANTONS following the execution of the exclusive operations agreement and a reassessment of their relationship under applicable accounting standards. Consequently, Caofeidian Shihua's financial results will be consolidated into the group's financial statements.

Despite no change in equity ownership, the exclusive operations agreement enables SINOPEC KANTONS to strengthen operational coordination and management of Caofeidian Shihua's crude oil terminal business. Specifically, the agreement grants the company greater influence over customer resource management, crude oil unloading coordination, and operational scheduling, which is expected to enhance overall operational efficiency, improve cost control, and optimize terminal resource utilization.

The board believes these arrangements will support the long-term, stable, and efficient operation of Caofeidian Shihua, aligning with the overall interests of the company and its shareholders.