25Q2 利润同环比下滑，关注石化"反内卷" 2025 年 08 月 22 日 ➢ 事件：2025 年 8 月 21 日，公司发布 2025 年半年度报告。2025 年上半年， 公司实现营业收入 14090.5 亿元，同比下降 10.6%；实现归母净利润 214.8 亿 元，同比下降 39.8%；实现扣非归母净利润 212.2 亿元，同比下降 40.4%。 ➢ 25Q2 归母净利润同环比下滑，公司计划分红 49.7%，A/H 股息率为 1.5%/2.0%。25Q2，公司实现营业收入 6737.0 亿元，同比下降 14.3%、环比 下降 8.4%；实现归母净利润 82.2 亿元，同比下降 52.7%、环比下降 38.0%；实 现扣非归母净利润 79.9 亿元，同比下降 54.1%、环比下降 39.6%，利润下滑主 因原油和产品价格和价差下滑、库存减利。公司拟派发现金股利 0.088 元/股， 合计 106.7 亿元，分红率 49.7%，以 2025 年 8 月 21 日收盘价计算，A 股息率 为 1.5%，H 股股息率为 2.0%。 ➢ 勘探及开发：天然气价稳量增，原油价跌量稳。25H1，公司油气当量产量 26 ...

消息面上，中国石化发布中期业绩，按中国企业会计准则编制的财务数据和指标，集团今年上半年实现 营收1.41万亿元，同比下跌10.6%；归母净利润为214.83亿元，同比下跌39.8%。集团上半年主营业务收 入为13,804亿元，同比降低10.7%，主要归因于石油石化产品价格以及成品油等产品销量下降。 中石化(00386)午后跌近4%，截至发稿，跌3.34%，报4.34港元，成交额7.98亿港元。 瑞银发布研报称，中石化第二季度纯利82亿元人民币，同比下跌53%，环比下跌38%。该行预计中石化 第三季度的盈利将略为改善。期内油价较上季稳定，相信原油库存对盈利的负面影响较小。此外，由于 第三季是化学品的传统旺季，化学品业务的利润或会上升。长期而言，该行相信中国的反内卷措施，加 上海外产能退出，将推高炼油的基本面。另外，公司将其全年资本开支指引下调5%。 ...

Core Viewpoint - Sinopec's stock has declined nearly 4% following the release of its mid-year financial results, reflecting a significant drop in revenue and profit compared to the previous year [1] Financial Performance - Sinopec reported a revenue of 1.41 trillion yuan for the first half of the year, a year-on-year decrease of 10.6% [1] - The net profit attributable to shareholders was 21.483 billion yuan, down 39.8% year-on-year [1] - Main business revenue for the first half was 1.3804 trillion yuan, a decline of 10.7% year-on-year, primarily due to falling prices of oil and petrochemical products as well as decreased sales volumes [1] Quarterly Insights - UBS reported that Sinopec's net profit for the second quarter was 8.2 billion yuan, representing a year-on-year decline of 53% and a quarter-on-quarter decline of 38% [1] - The firm anticipates a slight improvement in Sinopec's profitability for the third quarter, citing stable oil prices compared to the previous quarter and minimal negative impact from crude oil inventory [1] - The third quarter is traditionally a peak season for chemical products, which may lead to increased profits in that segment [1] Long-term Outlook - UBS believes that China's anti-involution measures, combined with the exit of foreign production capacity, will enhance the fundamentals of refining in the long term [1] - Sinopec has lowered its full-year capital expenditure guidance by 5% [1]

8月21日，中国石油化工股份有限公司发布的2025年中期业绩报告显示，按照国际财务报告准则，公司上半年实现 营业收入1.4万亿元，公司股东应占利润237.5亿元。董事会决定按《公司章程》规定的中期分红比例上限派发现金 股利每股人民币0.088元（含税），按中国会计准则计算，分红比例达49.7%。 为维护公司价值及股东权益，公司董事会批准新一轮股份回购方案，回购股份将全部注销。此外，基于对股份公 司未来发展前景的信心和长期投资价值的认可，控股股东中国石化集团于2025年4月8日作为首家央企启动新一期 30亿元大额增持计划，今年上半年累计增持股份公司A股、H股约3.3亿股，投入资金近13亿元。 分业务板块来看，上半年，中国石化上游业务增储增产降本增效取得新进展，国内油气当量产量创历史同期新 高。公司加强高质量勘探和效益开发，在海域油气、四川盆地超深层页岩气等勘探取得重大突破，济阳、塔河、 准西等原油重点产能建设加快推进，积极推进海域、顺北二区、四川盆地须家河组等天然气重点产能建设，加强 天然气产供储销一体协同创效，全产业链盈利创历史同期最好水平。上半年，中国石化实现油气当量产量262.81 百万桶，同比增长2.0 ...

Core Viewpoint - China Petroleum & Chemical Corporation has obtained a patent for a method and system for continuous preparation of polypropylene, indicating its focus on innovation and technology in the petrochemical sector [1] Company Overview - China Petroleum & Chemical Corporation, established in 2000, is primarily engaged in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB [1] - The company has made investments in 263 enterprises and participated in 5,000 bidding projects, showcasing its extensive operational footprint [1] Intellectual Property - The company holds 5,000 patent records and 45 trademark records, reflecting its commitment to research and development [1] - The newly acquired patent, CN116410381B, was applied for on December 2021, highlighting the company's ongoing innovation efforts [1] Regulatory and Administrative Aspects - China Petroleum & Chemical Corporation possesses 40 administrative licenses, indicating its compliance with regulatory requirements in its operations [1]

Core Viewpoint - The discovery of 1650.25 billion cubic meters of shale gas reserves at the Hongxing Shale Gas Field in Hubei and Chongqing marks the establishment of China's first large-scale Permian shale gas field, which is significant for national energy security [1][7]. Group 1: Shale Gas Reserves - The Hongxing Shale Gas Field has confirmed reserves of 1650.25 billion cubic meters, indicating a major advancement in China's shale gas exploration [1]. - The Permian system, which dates back 299 to 252 million years ago, is recognized as an important reservoir for energy resources like shale gas [1]. Group 2: Exploration and Technology - The thickness of the effective shale gas layer in the Hongxing field is approximately 20 meters, which is below the typical 30 meters threshold, yet it has been deemed valuable due to its higher density [3]. - The project team has developed drilling and completion technologies suitable for thin-layer shale, increasing single well test production from 89,000 cubic meters per day to 323,500 cubic meters per day [5]. Group 3: Strategic Importance - The exploration and development of shale gas are crucial for improving China's energy structure, with China Petroleum & Chemical Corporation (Sinopec) having established multiple significant shale gas fields, including one with a trillion cubic meters and four others with billion cubic meters of reserves [7].

中国石油化工股份有限公司 S I N O P E C C O R P. Forward-looking Statement This presentation and the presentation materials distributed herein include forward-looking statements. All statements, other than statements of historical facts, that address activities, events or developments that Sinopec Corp. expects or anticipates will or may occur in the future (including but not limited to projections, targets, reserves and other estimates and business plans) are forward-looking statements. Sinopec Corp.'s actual results o ...

Market Overview - The Hang Seng Index (HSI) fell by 61 points or 0.2%, closing at 25,104 points, after opening 50 points higher and later dropping to a low of 25,000 points[1] - The Shanghai Composite Index rose by 4 points or 0.1%, closing at 3,771 points, with a total trading volume of 9,977 billion yuan[1] - The S&P 500 dropped by 25 points or 0.4%, closing at 6,370 points, marking its fifth consecutive day of decline[2] Monetary Policy and Economic Indicators - The Hong Kong Monetary Authority provided liquidity of 77 million HKD through the discount window[1] - The People's Bank of China conducted a 253 billion yuan reverse repurchase operation at a steady rate of 1.4%, resulting in a net injection of 124.3 billion yuan for the day[1] - The RMB/USD midpoint was adjusted up by 97 pips to 7.1287[1] Corporate Earnings Highlights - China Power (02380.HK) reported a revenue of 23.858 billion yuan, down 9.9% year-on-year, with a net profit of 2.587 billion yuan, a slight increase of 0.7%[2] - KANLONG (03759.HK) reported a revenue of 6.441 billion yuan, up 14.9% year-on-year, but a net profit decline of 37% to 701 million yuan due to previous year's investment gains[3] - Li Ning (02331.HK) reported a revenue of 14.817 billion yuan, up 3.3%, with a net profit decline of 11% to 1.737 billion yuan[3] - Bilibili (09626.HK) reported a net revenue of 7.338 billion yuan, up 19.8% year-on-year, and turned a profit of 219 million yuan compared to a loss of 609 million yuan in the previous year[4]

Company Announcements - Dameng Data's director and senior vice president is under investigation [1] - Tianxiaxiu plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - Ganneng Energy intends to transfer 65% equity of Ganneng Lingfeng [1] - China Petroleum & Chemical Corporation plans to repurchase shares worth 500 million to 1 billion [1] - Dongbei Group plans to repurchase shares worth 40 million to 80 million [1] Project Investments - Lanshi Heavy Industry plans to invest in the construction of supporting facilities for the Xinjiang Lanshi Industrial Park [1] - Chende International's Dener Xiangjiang Company plans to invest 15.38 million in an ecological power station project [1] - Lanshi Heavy Industry also plans to invest in enhancing nuclear power equipment production capacity in Qingdao [1] Performance Reports - Sany Heavy Industry reported a net profit of 5.216 billion, a year-on-year increase of 46% [2] - Huadian Electric reported a net profit of 1.683 billion, a year-on-year increase of 47.5% [2] - Gree Electric reported a net profit of 1.417 billion, a year-on-year increase of 15.65% [2] - StarNet Ruijie reported a net profit of 212 million, a year-on-year increase of 69.32% [2] Shareholding Changes - Yintai Holdings plans to increase its stake by 1% to 2% [2] - Boji Pharmaceutical's actual controller Wang Tingchun and his concerted party plan to reduce their holdings by no more than 3% [2] Strategic Partnerships - Gree Electric signed a strategic cooperation agreement with Weilan Lithium Core for the joint development of ultra-high energy density battery materials [2] - Zhenghe Industrial plans to raise no more than 818 million through a private placement for agricultural machinery component expansion projects [2]

Group 1 - The State Council approved the "Development Plan for Open Innovation of the Biopharmaceutical Industry Chain in the China (Jiangsu) Pilot Free Trade Zone," aiming to enhance the global competitiveness of the biopharmaceutical sector [2] - In July, the total electricity consumption in China reached 10,226 billion kWh, a year-on-year increase of 8.6%, with significant growth in the first industry at 20.2% [2] - The National Energy Administration reported that from January to July, total electricity consumption accumulated to 58,633 billion kWh, reflecting a year-on-year growth of 4.5% [2] Group 2 - The National Health Commission released guidelines to improve the ear and hearing health service system, emphasizing the establishment of a collaborative network among various healthcare institutions [3] - The pork market has seen a slight decline in prices due to increased supply, with the national average pig-to-grain price dropping below 6:1, entering a warning zone [3] - The National Development and Reform Commission plans to conduct central frozen pork reserve storage to stabilize the pork market [3] Group 3 - The State Administration of Foreign Exchange will pilot green foreign debt business in 16 provinces and cities, encouraging non-financial enterprises to use cross-border financing for green projects [4] - The U.S. and EU have reached an agreement on a trade framework covering various sectors, including agriculture, automotive, and digital trade [4] Group 4 - Kuaishou reported a total revenue of 35 billion yuan in Q2, with an adjusted net profit of 5.6 billion yuan [6] - Digital Vision achieved a net profit of 1.67 million yuan in the first half of the year, marking a year-on-year increase of 2,747.64% [6] - China Petroleum & Chemical Corporation (Sinopec) saw a 39.8% decline in net profit for the first half of the year and plans to distribute a semi-annual cash dividend of 0.088 yuan per share [6] Group 5 - The dairy industry is expected to experience strong profit elasticity due to the ongoing decline in raw milk prices and a potential recovery in beef and live cattle prices [7] - The gaming industry in China showed steady growth in July, driven by new and mature products, indicating a robust growth momentum [8]