近日，中国石化发布2025年半年度业绩提示性公告，按中国企业会计准则，公司预计半年度的归母净利 润为201亿元—216亿元，与上年同期约357亿元相比，将减少逾百亿，同比降幅40%左右。 目前，中国石油和中国海油尚未预告2025年上半年的经营业绩。从2025年一季度的经营业绩看，上半 年，中国石化的归母净利润预计在"三桶油"中垫底。 中国石化解释称，国际原油价格大幅下跌、石油石化市场竞争激烈、化工市场毛利低迷等因素，对公司 经营业绩产生了影响。 8月1日，或受中国石化业绩预告影响，二级市场上，中国石化A股大跌5.32%，中国石油也下跌了 4.06%。 中国石化的市值也在"三桶油"中垫底。截至8月1日收盘，中国石化市值约6900亿元，中国石油、中国海 油A股市值分别为1.56万亿元、1.23万亿元。 长江商报消息 ●长江商报记者 沈右荣 "三桶油"之一的中国石化（600028.SH）率先剧透2025年上半年的经营业绩。 根据中国石化发布的半年度业绩提示性公告，经财务部门初步测算，按照中国企业会计准则，2025年上 半年，公司预计实现归母净利润为201亿元—216亿元，与上年同期的357.03亿元相比，将减少15 ...

Group 1 - The State Intellectual Property Office of China has granted a patent for a "diffuser for upstream reactors and upstream reactors" to China Petroleum & Chemical Corporation, Sinopec Engineering Group Co., Ltd., and Sinopec Guangzhou Engineering Co., Ltd. The patent authorization announcement number is CN117264656B, with an application date of November 2023 [1][2][3] - China Petroleum & Chemical Corporation, established in 2000, is primarily engaged in oil and gas extraction, with a registered capital of 12,173,968.9893 thousand RMB. The company has invested in 263 enterprises and participated in 5,000 bidding projects, holding 45 trademark records and 5,000 patent records, along with 40 administrative licenses [1] - Sinopec Engineering Group Co., Ltd., founded in 2007, focuses on water management, with a registered capital of 441,854.35 thousand RMB. The company has invested in 12 enterprises, participated in 63 bidding projects, and holds 5,000 patent records, along with 4 administrative licenses [1] - Sinopec Guangzhou Engineering Co., Ltd., established in 1998, specializes in professional technical services, with a registered capital of 30,000 thousand RMB. The company has invested in 2 enterprises, participated in 4,206 bidding projects, and holds 4 trademark records and 864 patent records, along with 21 administrative licenses [2]

金融界2025年8月1日消息，国家知识产权局信息显示，中国石油化工股份有限公司;中石化（大连）石 油化工研究院有限公司取得一项名为"一种硫化型加氢裂化催化剂的制备方法"的专利，授权公告号 CN116943712B，申请日期为2022年04月。 来源：金融界 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了263家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可40个。 中石化（大连）石油化工研究院有限公司，成立于2022年，位于大连市，是一家以从事研究和试验发展 为主的企业。企业注册资本338459.08万人民币。通过天眼查大数据分析，中石化（大连）石油化工研 究院有限公司共对外投资了1家企业，参与招投标项目1172次，专利信息4658条，此外企业还拥有行政 许可58个。 ...

2025 年 8 月 3 日 行业研究 四大石化央企召开年中工作会议，政治局会议再度强调"反内卷" ——石油化工行业周报第 414 期（20250728—20250803） 要点 四大石化央企召开年中工作会议，强调深化改革、科技创新与能源安全。本 周中国石油、中国石化、中国海油、中国中化集团分别召开 2025 年中工作会 议，中国石油要求深化体制改革和科技创新，结合发展新质生产力的需要，持 续推进公司治理体系和治理能力现代化。中国石化强调推动产业转型升级和科 技创新融合，加快管理体系变革。中国海油坚持降本增效、科技创新，加快培 育海洋能源新质生产力，纵深推进国企改革深化提升行动。在国企改革深化的 背景下，"三桶油"有望推进体制机制改革和管理创新，不断清除制约高质量 发展、新质生产力培育的体制机制障碍，有望不断向高端产业链延伸，同时突 破各项"卡脖子"技术，引领我国石化产业高质量发展。同时，"三桶油"持 续深化数智赋能和数智化转型，有望推进数智赋能创新，驱动主业与数智产业 协同发展。此外，"三桶油"强调能源安全保障，有望增强能源高效供给能力， 深化油气业务结构优化和质量效益提升。 政治局会议强调治理无序竞争与产 ...

Investment Rating - Industry rating: Outperform the market (maintained rating) [2] Core Insights - The marginal improvement in Sinopec's ROE shows positive signals from three main aspects: policy dividends reversing the "involution" in the chemical industry, the acceleration of refined oil consumption tax reform, and the alleviation of adverse factors such as high oil prices [8][15][21]. Summary by Sections 1. Sinopec's ROE Marginal Improvement - Sinopec's ROE is currently at a historically low level, with an average oil price of $80 per barrel in 2024, while the ROE level is only 6.2%. This is attributed to significant capacity growth in the domestic petrochemical sector over the past decade, leading to overcapacity and low profitability [8][9]. 2. Policy Dividends - The frequent introduction of "anti-involution" policies aims to improve the structure and supply of the petrochemical industry, eliminating backward production capacity and enhancing the competitive landscape [15][16]. 3. Reform of Refined Oil Consumption Tax - The reform of the refined oil consumption tax is expected to accelerate, with the government aiming to stimulate domestic demand and optimize the tax system. The consumption tax on refined oil is projected to be around 520 billion, making it the second-largest tax category [21][22][25]. 4. Alleviation of Adverse Factors - The supply of crude oil is expected to remain loose, with Brent oil prices fluctuating around $60-$80 per barrel, which is considered a comfortable range for Sinopec's performance [15][37]. 5. Historical Impact of Local Refineries - Local refineries have historically pressured Sinopec's market share and profit margins due to their lower prices and tax evasion practices. However, recent reforms are expected to reduce the market presence of these local refineries [26][30]. 6. Performance Elasticity under Different Oil Prices - The performance of Sinopec is expected to improve significantly when Brent oil prices are in the $60-$80 range, with the best performance projected at $70 per barrel, estimating a net profit of 465 billion and 621 billion for 2025 and 2026 respectively [40][42].

Group 1 - China Petroleum & Chemical Corporation (Sinopec) and Sinopec Yizheng Chemical Fiber Company have applied for a patent titled "Co-polyester, Polyester Fiber Products and Their Preparation Methods and Applications" [1] - The patent application was published under CN120399209A with an application date of January 2024, focusing on the field of polymer chemistry [1] - The co-polyester described in the patent contains structural units A and B, with unit A being present in a greater quantity than unit B, and exhibits good flexibility, smoothness, and flame retardancy [1] Group 2 - China Petroleum & Chemical Corporation was established in 2000, located in Beijing, primarily engaged in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB [1] - The company has invested in 263 enterprises, participated in 5000 bidding projects, and holds 5000 patent records along with 45 trademark records [1] - Sinopec Yizheng Chemical Fiber Company, founded in 2014 and based in Yangzhou, focuses on chemical fiber manufacturing with a registered capital of 400 million RMB [2] - This company has invested in 7 enterprises, participated in 5000 bidding projects, and holds 383 patent records along with 93 trademark records [2]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) is transforming its traditional gas stations into multifunctional service stations, addressing the pain points of car owners by providing integrated energy and automotive services [1][3]. Group 1: Service Ecosystem Development - Sinopec held the "Easy Car Maintenance Service Ecosystem" launch event in Hangzhou, showcasing its 100th Easy Car Maintenance standard service store in Zhejiang [1]. - The new service station integrates fuel, charging, automotive services, and convenience store functions, offering a one-stop solution for energy supply, cleaning, shopping, and maintenance [1][3]. Group 2: Market Potential and Challenges - The automotive aftermarket in China is vast, covering high-frequency needs such as car washing, maintenance, and repairs, but faces issues like price transparency and inconsistent quality [3]. - Sinopec aims to leverage its network of over 2,000 energy supply stations and has established 865 automatic car wash points and 100 comprehensive automotive service points across the province [3]. Group 3: Strategic Partnerships and Innovations - Sinopec has partnered with leading automotive service platforms to create a comprehensive car service ecosystem, integrating 1,000 self-operated stores and 2,000 cooperative stores [3]. - The company is collaborating with nine banks and insurance institutions to explore innovative models such as "insurance + service" and "finance + car ecosystem" [3]. Group 4: Digital Transformation and Consumer Experience - Sinopec is utilizing a digital platform to bridge online and offline services, providing a model for "standard construction, digital empowerment, and ecological collaboration" in the automotive service industry [5]. - The launch of the "Easy Car Maintenance Zhejiang" mini-program allows users to book maintenance and cleaning services at various service points, enhancing the car maintenance experience [5].

中国石油化工股份有限公司的主营业务为石油及天然气和化工业务。石油及天然气业务包括勘探、开发 及生产原油及天然气；管输原油、天然气；将原油提炼为石油制成品；以及营销原油、天然气和成品 油。化工业务包括制造及营销广泛的工业用化工产品。是中国大型油气生产商；炼油能力排名中国第一 位；在中国拥有完善的成品油销售网络，是中国最大的成品油供应商；乙烯生产能力排名中国第一位， 构建了比较完善的化工产品营销网络。 最新一期业绩显示，2025年一季报，公司实现营业收入7353.56亿元，同比-6.91%；净利润132.64亿元， 同比-27.60%，销售毛利率15.66%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)5中国石化15.2413.710.836898.85亿行业平均 12.7711.481.201822.90亿行业中值30.5334.601.6461.42亿1中国海油9.158.941.5712329.27亿2中国石油 9.409.461.0015575.09亿3广汇能源12.1711.701.25346.45亿4*ST新潮13.5813.431.19273.38亿6洲际油气 22.8920.341.1 ...

Group 1 - The State Intellectual Property Office of China has granted a patent to China Petroleum & Chemical Corporation (Sinopec) and Sinopec (Dalian) Petroleum and Chemical Research Institute for a method, system, equipment, and storage medium for measuring rust on tank tops, with the patent announcement number CN115619703B and application date of July 2021 [1] - China Petroleum & Chemical Corporation, established in 2000 and located in Beijing, primarily engages in oil and gas extraction, with a registered capital of 12,173,968.9893 thousand RMB [1] - The company has invested in 263 enterprises, participated in 5,000 bidding projects, holds 45 trademark registrations, and possesses 5,000 patent records, along with 40 administrative licenses [1] Group 2 - Sinopec (Dalian) Petroleum and Chemical Research Institute, founded in 2022 and based in Dalian, focuses on research and experimental development, with a registered capital of 338,459.08 thousand RMB [1] - The institute has invested in 1 enterprise, participated in 1,173 bidding projects, holds 4,658 patent records, and has 58 administrative licenses [1]

中石化（大连）石油化工研究院有限公司，成立于2022年，位于大连市，是一家以从事研究和试验发展 为主的企业。企业注册资本338459.08万人民币。通过天眼查大数据分析，中石化（大连）石油化工研 究院有限公司共对外投资了1家企业，参与招投标项目1173次，专利信息4658条，此外企业还拥有行政 许可58个。 来源：金融界 金融界2025年8月2日消息，国家知识产权局信息显示，中国石油化工股份有限公司;中石化（大连）石 油化工研究院有限公司取得一项名为"一种焦化和加氢裂化组合生产化工原料的加工方法"的专利，授权 公告号CN118440740B，申请日期为2023年02月。 天眼查资料显示，中国石油化工股份有限公司，成立于2000年，位于北京市，是一家以从事石油和天然 气开采业为主的企业。企业注册资本12173968.9893万人民币。通过天眼查大数据分析，中国石油化工 股份有限公司共对外投资了263家企业，参与招投标项目5000次，财产线索方面有商标信息45条，专利 信息5000条，此外企业还拥有行政许可40个。 ...