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、煤炭 及其他燃料加工业为主的企业。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256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39个。 金融界2025年5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;中国石化上海石油 化工股份有限公司申请一项名为"一种双环戊二烯单环氧化物制备和分离方法"的专利，公开号 CN119874639A，申请日期为2023年10月。 中国石化上海石油化工股份有限公司，成立于1993年，位于上海市，是一家以从事石油、煤炭及其他燃 料加工业为主的企业。企业注册资本1079928.55万人民币。通过天眼查大数据分析，中国石化上海石油 化工股份有限公司共对外投资了21家企业，参与招投标项目5000次，财产线索方面有商标信息51条，专 利信息1272条，此外企业还拥有行政许可12765个。 专利摘要显示，本发明提供一种制备双环戊二烯单环氧化物的方法，以双环戊二烯为 ...

Investment Rating - The investment rating for Sinopec (600028.SH) is "Buy" and is maintained [8]. Core Views - Sinopec reported a total operating revenue of 735.36 billion yuan for Q1 2025, a year-on-year decrease of 6.91%. The total profit reached 18.25 billion yuan, down 32.6% year-on-year, and the net profit attributable to shareholders was 13.26 billion yuan, a decrease of 27.58% year-on-year. The company is focusing on upstream resource enhancement and cost reduction while maintaining shareholder returns with a cash dividend rate of 69% for 2024 [2][6]. Summary by Sections Financial Performance - In Q1 2025, Sinopec achieved total operating revenue of 735.36 billion yuan, a decrease of 6.91% year-on-year. The total profit was 18.25 billion yuan, down 32.6% year-on-year, and the net profit attributable to shareholders was 13.26 billion yuan, a decrease of 27.58% year-on-year [2][6]. Upstream Operations - The company made progress in increasing reserves and production, with an oil and gas equivalent output of 130.97 million barrels in Q1 2025, a year-on-year increase of 1.7%. Natural gas production was 3,684.3 billion cubic feet, up 5.1% year-on-year. Despite a 9.0% drop in international oil prices, Sinopec's oil and gas prices fell by 5.2% and 3.5%, respectively [11]. Refining and Chemical Business - In Q1 2025, Sinopec processed 6.2 million tons of crude oil, a decrease of 1.8% year-on-year. The refining segment's profit before tax was 2.39 billion yuan, down 65.25% year-on-year. The chemical segment faced challenges due to low margins but increased production of profitable products, resulting in a loss of 1.32 billion yuan, a reduction in losses by 288 million yuan year-on-year [11]. Sales and Marketing - The refined oil sales division leveraged its integrated advantages to maintain market share, achieving total sales of 55.59 million tons in Q1 2025. The profit before tax for the marketing and distribution segment was 4.87 billion yuan, down 43.92% year-on-year [11]. Shareholder Returns - For 2024, Sinopec proposed a final cash dividend of 0.14 yuan per share, with a total cash dividend of 0.286 yuan per share, resulting in a dividend payout ratio of 69%. The company plans to implement a three-year shareholder return plan and continue share buybacks [11]. Earnings Forecast - The expected EPS for Sinopec for 2025, 2026, and 2027 are 0.46 yuan, 0.48 yuan, and 0.49 yuan, respectively. The corresponding PE ratios are projected to be 12.23X, 11.76X, and 11.38X [11].

截至4月29日，"三桶油"（中国石化、中国石油、中国海油）已相继披露2025年一季度经营业绩。财报 显示，三家企业实现净利润合计约966.34亿元，但营收均出现不同程度的下滑。 其中，按中国企业会计准则，2025年一季度，中国石油实现营收7531.08亿元，同比下滑7.3%，净利润 468.07亿元，同比增长2.3%。 相比之下，中国石化、中国海油的营收和净利润水平双双下滑。财报显示，2025年一季度，中国海油实 现营收1068.54亿元，同比下滑4.1%；净利润365.63亿元，同比下滑7.9%。中国石化则实现营收7353.56 亿元，同比下滑6.9%；净利润132.64亿元，同比下滑27.6%。 尽管营收下滑，但"三桶油"在2025年一季度的油气当量产量均实现了同比增长。其中，中国石油实现油 气当量产量4.67亿桶，同比增长0.7%；国内油气当量产量4.18亿桶，同比增长1.2%。中国石化实现油气 当量产量130.97百万桶，同比增长1.7%，其中，天然气产量3684.3亿立方英尺，同比增长5.1%。中国海 油实现净产量188.8百万桶油当量，同比增长4.8%。其中，中国净产量130.8百万桶油当量，同比 ...

Group 1 - China Petroleum & Chemical Corporation (Sinopec) has applied for a patent titled "SPS File, Element Attribute Generation Method and Device," with publication number CN119882052A, filed on October 2023 [1] - The patent provides a method for generating SPS files and element attributes based on the characteristics of the target observation system, allowing for the construction of SPS files without considering the actual layout of the observation system [1] - The method involves generating a unit template based on the target observation system's parameters, creating rolling parameters, and determining relationships between non-continuous arrangement pieces to generate the SPS file [1] Group 2 - China Petroleum & Chemical Corporation was established in 2000, located in Beijing, primarily engaged in the petroleum, coal, and other fuel processing industries, with a registered capital of approximately 12.17 billion RMB [2] - The company has invested in 256 enterprises, participated in 5,000 bidding projects, holds 45 trademark records, and has 5,000 patent records [2] - Sinopec Petroleum Exploration Technology Research Institute, established in 2022 in Nanjing, focuses on extraction and auxiliary activities, with a registered capital of approximately 133.61 million RMB [2] - The research institute has invested in 1 enterprise, participated in 178 bidding projects, holds 478 patent records, and has 13 administrative licenses [2]

股票代码：600028 股票简称：中国石化 公告编号：2025-20 中国石油化工股份有限公司（简称"本公司"或"中国石化"）董事会于 2025 年 4 月 30 日收到喻宝才先生的辞职报告，喻宝才先生为中国石化执行董事、高 级副总裁，原定任期至 2027 年 6 月，现因年龄原因辞去中国石化执行董事、高 级副总裁职务。喻宝才先生辞职后将不在中国石化及其子公司任职，亦不存在未 履行完毕的公开承诺。 喻宝才先生的辞职不会导致本公司董事会成员低于法定人数，喻宝才先生将 按照本公司相关管理制度做好交接工作。喻宝才先生确认其与中国石化董事会无 不同意见，亦无任何有关其辞任须提请中国石化股东注意的事宜。 中国石油化工股份有限公司 关于董事离任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 黄文生 2025 年 4 月 30 日 喻宝才先生在任职期间勤勉尽责，本公司董事会对他的辛勤工作及做出的贡 献表示衷心感谢！ 特此公告。 承董事会命 副总裁、董事会秘书 ...

Investment Rating - The report maintains a "Recommended" rating for Sinopec (600028.SH) [6] Core Views - The exploration and development segment showed a slight increase in production, but overall profits declined due to lower prices and costs [1][2] - The refining business faced significant profit declines due to weak diesel demand and reduced refining margins [2] - The marketing and distribution segment experienced a drop in refined oil sales, although vehicle LNG sales saw substantial growth [2] - The chemical segment demonstrated effective cost reduction strategies, leading to a reduction in losses [3] - Shareholder confidence is highlighted by the recent share buyback plan initiated by the controlling shareholder [3] Summary by Sections Exploration and Development - In Q1 2025, Sinopec achieved an oil and gas equivalent production of 130.97 million barrels, a year-on-year increase of 1.7% - Crude oil production was 69.53 million barrels, down 1.2% year-on-year, while natural gas production rose by 5.1% to 3,684 billion cubic feet - The average realized price for crude oil was $71.5 per barrel, down 5.2% year-on-year, and for natural gas, it was $7.6 per thousand cubic feet, down 3.5% - Cash operating costs for oil and gas were $14.4 per barrel equivalent, a decrease of 5.3% year-on-year, resulting in an EBIT of 13.63 billion yuan, down 8% year-on-year [1] Refining - The refining segment produced 16.18 million tons of gasoline, 12.70 million tons of diesel, and 8.31 million tons of kerosene, with diesel production down 13.9% year-on-year - The refining margin was $6.2 per barrel, a decline of 13.3% year-on-year, leading to an EBIT of 2.39 billion yuan, down 65.3% year-on-year [2] Marketing and Distribution - Total refined oil sales were 55.59 million tons, a decrease of 7.1% year-on-year, with domestic and international sales down 5.3% and 12.7% respectively - Vehicle LNG retail sales reached 2.05 billion cubic meters, a significant increase of 116% year-on-year - The cash cost per ton of oil sold was 186.2 yuan, a slight increase of 2.6% year-on-year, resulting in an EBIT of 4.87 billion yuan, down 43.9% year-on-year [2] Chemical - The chemical segment's total operating volume was 19.97 million tons, up 2.4% year-on-year, with ethylene, synthetic resin, and fiber monomer and polymer production increasing by 17.7%, 17.4%, and 27.0% respectively - The unit cost for chemicals was 1,193 yuan per ton, down 12.9% year-on-year, leading to an EBIT loss of 1.32 billion yuan, a reduction in losses compared to previous periods [3] Shareholder Confidence - On April 8, 2025, the controlling shareholder announced plans to increase its stake in Sinopec A-shares and H-shares within 12 months, with 24.73 million shares already acquired by April 25, 2025, reflecting confidence in the company's future [3] Financial Forecast - Expected net profits for 2025, 2026, and 2027 are projected at 46.38 billion yuan, 50.08 billion yuan, and 52.39 billion yuan respectively, with corresponding EPS of 0.38 yuan, 0.41 yuan, and 0.43 yuan per share [4][5]

Investment Rating - The investment rating for Sinopec (600028.SH) is "Buy" [1][4] Core Views - The report indicates that short-term profitability remains under pressure, with the refining segment awaiting recovery [3] - The first quarter of 2025 saw a year-on-year decline in revenue and net profit, but a significant quarter-on-quarter improvement [1][3] - The company is focusing on high-quality exploration and development, with steady increases in oil and gas equivalent production [3] - The refining segment is enhancing cost reduction and efficiency, with a notable increase in chemical plant load [3][4] Financial Performance Summary - For Q1 2025, Sinopec reported revenue of CNY 735.36 billion, a year-on-year decrease of 6.91% but a quarter-on-quarter increase of 3.86% [1] - The net profit attributable to shareholders was CNY 13.26 billion, down 27.58% year-on-year but up 118.66% quarter-on-quarter [1] - The company achieved an oil and gas equivalent production of 130.97 million barrels, a year-on-year increase of 1.7% [3] - The average Brent oil price in Q1 2025 was USD 75 per barrel, down 8% year-on-year but up 1% quarter-on-quarter [3] Segment Performance Summary - Exploration and production segment generated CNY 11.7 billion in operating income, down 10% year-on-year but up 8% quarter-on-quarter [3] - The refining segment reported an operating income of CNY 2 billion, down 44% year-on-year but up 14% quarter-on-quarter [3] - The marketing segment achieved CNY 4 billion in operating income, down 40% year-on-year but up 29% quarter-on-quarter [3] - The chemical segment incurred an operating loss of CNY 1.4 billion, but showed a significant reduction in losses quarter-on-quarter [3] Profit Forecast - The forecasted net profit attributable to shareholders for 2025-2027 is CNY 51.99 billion, CNY 53.86 billion, and CNY 57.01 billion respectively, with growth rates of 3.3%, 3.6%, and 5.9% [4] - The expected EPS for the same period is CNY 0.43, CNY 0.44, and CNY 0.47, corresponding to P/E ratios of 13.13, 12.68, and 11.98 [4]

Investment Rating - The investment rating for Sinopec (600028) is maintained as "Buy" with a target price indicating a potential return of over 20% within the next six months [6][16]. Core Views - The report indicates that Sinopec's Q1 2025 performance slightly exceeded expectations, with revenue reaching 735.4 billion yuan, a year-on-year decrease of 6.91%, and a net profit attributable to shareholders of 13.3 billion yuan, down 27.58% year-on-year [1]. - The decline in oil and gas prices has significantly pressured the sector's profits, with oil equivalent production at 131 million barrels, a year-on-year increase of 1.7%, while crude oil production decreased by 0.8% [2]. - Concerns over peak demand for refined oil have led to continued pressure on refining profits, with refining throughput at 6.2 million tons, down 1.8% year-on-year, and total refined oil sales at 5.6 million tons, down 7.1% year-on-year [3]. Financial Performance and Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is set at 55.5 billion, 56.2 billion, and 61.7 billion yuan respectively, with corresponding P/E ratios of 12, 12, and 11 times [4]. - The expected dividend yield for A shares in 2025 is projected at 5.6%, while H shares are expected to yield 9.0% [4]. - Financial data shows a projected revenue of 3,136.05 million yuan for 2025, with a growth rate of 2.00% [5]. Market Position and Valuation - Sinopec's current market capitalization is approximately 555.2 billion yuan, with a circulating market value of about 541.5 billion yuan [6]. - The company's price-to-earnings ratio is forecasted to be 12.47 for 2025, with a price-to-book ratio of 0.80 [5][11].

Investment Rating - The report maintains a "Buy" rating for both A and H shares of Sinopec [1] Core Views - The company's Q1 2025 performance shows significant improvement on a quarter-on-quarter basis, with a reduction in losses in the chemical segment year-on-year [7] - The upstream segment's profit has narrowed, while the downstream refining sector has not yet recovered, but the chemical segment has shown a reduction in losses [7] - The company emphasizes shareholder returns, with a projected dividend yield of 5.8% for A shares and 7.2% for H shares after tax [7] - The report forecasts net profits for 2025-2027 to be 546 billion, 603 billion, and 655 billion RMB respectively, indicating a positive outlook for the company's profitability [7] Financial Performance Summary - For Q1 2025, the company achieved total revenue of 735.4 billion RMB, a year-on-year decrease of 7% but a quarter-on-quarter increase of 4% [7] - The net profit attributable to shareholders for Q1 2025 was 13.3 billion RMB, down 28% year-on-year but up 119% quarter-on-quarter [7] - The report projects total revenue for 2023 to be 3,212.2 billion RMB, with a year-on-year decline of 3.19% [1] - The estimated earnings per share (EPS) for 2025 is 0.45 RMB, with a price-to-earnings (P/E) ratio of 12.68 for A shares [1]

Investment Rating - The report maintains an "Overweight" rating for the company [9][10]. Core Views - The company's Q1 revenue was 735.4 billion RMB, showing a decrease of 7% quarter-on-quarter but an increase of 4% year-on-year. The net profit attributable to shareholders was 13.3 billion RMB, which was above expectations due to reduced losses in the chemical segment and better-than-expected performance in non-oil marketing [1]. - The report highlights that traditional business profitability is under pressure, while non-oil business shows promising growth [1]. - The refining segment's profitability is under pressure due to high crude oil inventory, leading to a significant decline in refining margins [3]. - The marketing segment's profit declined due to weak domestic demand for refined oil products, although non-oil business profits increased [4]. - The chemical segment has reduced losses and is expected to benefit from a market recovery [5]. Summary by Sections Financial Performance - Q1 revenue was 735.4 billion RMB, with a quarter-on-quarter decrease of 7% and a year-on-year increase of 4%. The net profit attributable to shareholders was 13.3 billion RMB, with a significant year-on-year increase of 119% [1]. - Q1 crude oil production was 69.5 million barrels, down 1.2% year-on-year, while natural gas production increased by 5.1% to 368.4 billion cubic feet [2]. - The refining segment processed 62.1 million tons of crude oil, down 1.8% year-on-year, with refining margins narrowing to 6.2 USD per barrel, a decrease of 13.9% [3]. Segment Analysis - The marketing segment saw total domestic refined oil sales of 43.2 million tons, down 5.3% year-on-year, with retail sales declining by 6.4% [4]. - The chemical segment produced 386, 568, and 260 million tons of ethylene, synthetic resin, and synthetic fiber respectively, with year-on-year increases of 18%, 17%, and 27% [5]. Profitability Forecast - The report forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 53.9 billion, 58.8 billion, and 61.6 billion RMB respectively, with EPS projected at 0.44, 0.48, and 0.51 RMB [6]. - The target prices are set at 6.82 RMB and 4.73 HKD for A and H shares respectively, based on a PE ratio of 15.5 and 10.0 for 2025 [6].