金融界2025年5月2日消息，国家知识产权局信息显示，中国石油天然气管道工程有限公司、中国石油天 然气集团有限公司、中国石油管道局工程有限公司申请一项名为"一种加氢站选址方法及系统"的专利， 公开号 CN119886590A ，申请日期为 2023 年 10 月。 专利摘要显示，本发明属于氢能源领域，具体涉及一种加氢站选址方法及系统，旨在解决现有加氢站选 址方法鲁棒性较差的问题。本发明包括：获取选址方案；构建加氢站选址评价模型；确定不同加氢站选 址方案的收益值；将加氢价格与周边柴油、汽油、电能等能源同热值比价进行方案验证，否则重新确定 新的选址方案。本发明有效提高了加氢站选址方法的鲁棒性。相对于传统基于加气站/加油站网络或者 在氢能源汽车经常出现区域附近进行选址的方法，本发明提供的加氢站选址方法专门针对实际氢气的需 求；并且在对比不同加氢站选址方案时，可兼顾加氢与加氢合建站、站外供氢与站内制氢以及不同加氢 量的差异，从而在加氢站选址中具有非常高的应用价值。 天眼查资料显示，中国石油天然气管道工程有限公司，成立于1995年，位于廊坊市，是一家以从事专业 技术服务业为主的企业。企业注册资本6000万人民币。通过天 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the upstream sector has shown significant growth, contributing to the stable performance of the oil and gas leader [3] - The company achieved a total revenue of 753.11 billion yuan in Q1 2025, a year-on-year decrease of 7.3% but a quarter-on-quarter increase of 10.47% [1][3] - The net profit attributable to shareholders was 46.81 billion yuan, reflecting a year-on-year growth of 2.3% and a quarter-on-quarter growth of 45.55% [1][3] Financial Performance Summary - In Q1 2025, the company reported an operating profit of 46.1 billion yuan from the oil and gas sector, a year-on-year increase of 30 billion yuan [3] - The average Brent oil price in Q1 2025 was $75 per barrel, down 8% year-on-year but up 1% quarter-on-quarter [3] - The company’s oil and gas equivalent production reached 467 million barrels, a year-on-year increase of 0.7% [3] Cost Management and Efficiency - The company effectively controlled costs, with unit oil and gas operating costs decreasing to $9.76 per barrel, down 6% from the previous year [3] - The renewable energy sector saw a significant increase, with wind and solar power generation rising by 94.6% year-on-year to 1.68 billion kWh in Q1 2025 [3] Refining and Chemical Sector - The refining sector faced short-term pressure, with crude processing volume in 2024 down 4.7% year-on-year [3] - The company is actively pursuing transformation and upgrading projects in the refining and chemical sectors, with chemical product output increasing by 0.5% year-on-year [3] Earnings Forecast and Investment Rating - The forecast for net profit attributable to shareholders for 2025-2027 is 171.74 billion, 175.75 billion, and 178.98 billion yuan, with corresponding EPS of 0.94, 0.96, and 0.98 yuan per share [5] - The report maintains a "Buy" rating based on the company's robust performance and long-term investment value [5]

Core Insights - The company reported a revenue of 753.11 billion yuan for Q1 2025, a year-on-year decrease of 7.3%, while net profit attributable to shareholders increased by 2.3% to 46.81 billion yuan [1] - The oil and gas business contributed to a slight increase in operating profit, which reached 65.18 billion yuan, up 0.8% year-on-year [1] Group 1: Oil and Gas Performance - The company achieved an oil and gas equivalent production of 46.7 million barrels, a year-on-year increase of 0.7%, with crude oil production at 24 million barrels, up 0.3% [2] - Natural gas production reached 13.613 billion cubic feet, a year-on-year increase of 1.2%, while the average selling price of natural gas decreased by 3.9% to 9.01 USD per thousand cubic feet [2] - The unit operating cost for oil and gas was 9.76 USD per barrel, down 6.0% year-on-year, indicating effective cost reduction [2] Group 2: Refining and Chemical Business - The company processed 33.7 million barrels of crude oil, a decrease of 4.7% year-on-year, with refined product output declining across gasoline, diesel, and kerosene [3] - The operating profit margin for refining and chemical business was 1.9%, down 0.7 percentage points year-on-year, reflecting reduced profitability [3] - The company is focusing on chemical transformation, with ethylene production remaining stable at 2.27 million tons, while synthetic resin and polymer production showed mixed results [3] Group 3: Shareholder Confidence - The controlling shareholder, China National Petroleum Corporation, plans to increase its stake in the company by investing between 2.8 billion and 5.6 billion yuan over the next 12 months, representing 0.2% to 0.4% of the company's total market value as of April 29, 2025 [4] Group 4: Investment Outlook - The company is positioned as a leading player in the domestic oil and gas sector, with rich upstream resources and a complete downstream supply chain [5] - Projected net profits for 2025 to 2027 are 143.13 billion, 154.33 billion, and 164.36 billion yuan, with corresponding EPS of 0.78, 0.84, and 0.90 yuan per share [5]

Group 1 - The core idea of the article emphasizes the integration of "Party Building + Amiba" model to enhance operational efficiency and marketing capabilities within the Beijing Sales First Branch of China Petroleum [1][2] - The West City team has implemented a special action plan that includes "three leaderships, two integrations, and one division," focusing on leadership in execution, supervision, and training among party members [2][3] - The team has established three task forces: marketing assault group, on-site assault group, and compliance supervision group, to enhance service quality and ensure compliance in operations [3] Group 2 - The West City team leverages a digital management platform and customer-centric strategies to drive sales, particularly during promotional activities like the "Spring Outing Season" [4] - The team has created specialized product displays and offers, such as fresh fruits and essential travel items, to meet customer needs during the spring travel season [4] - The party members and key employees actively participate in operational initiatives, fostering a strong team culture that emphasizes readiness and success in achieving business goals [4]

Financial Performance - The operating revenue for the reporting period was RMB 753,108 million, a decrease of 7.3% compared to the previous year[4]. - The net profit attributable to shareholders of the parent company was RMB 46,809 million, reflecting a 2.3% increase year-on-year[4]. - The net cash flow from operating activities increased by 25.3% to RMB 139,436 million compared to the previous year[4]. - The basic and diluted earnings per share were both RMB 0.26, up 2.3% from the previous year[4]. - The return on equity was 3.0%, a decrease of 0.1 percentage points compared to the previous year[4]. - Net profit for the three months ending March 31, 2025, was RMB 51,885 million, compared to RMB 51,366 million for the same period in 2024, representing a growth of 1.0%[35]. - Operating revenue decreased to RMB 753,108 million from RMB 812,801 million, a decline of approximately 7.3% year-over-year[35]. - The company reported a total comprehensive income of RMB 53,164 million for the first quarter of 2025, compared to RMB 49,105 million in the same quarter of 2024, an increase of approximately 8.3%[35]. - The company achieved an operating profit of RMB 5.043 billion from sales, down RMB 1.720 billion from RMB 6.763 billion year-on-year[22]. - The operating profit for the oil and gas and new energy segment was RMB 46,093 million, up from RMB 43,077 million in the same period of 2024, reflecting an increase of approximately 7.0%[46]. Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 2,841,230 million, representing a 3.2% increase from the previous year[4]. - The company's total liabilities increased to RMB 1,077,428 million from RMB 1,043,144 million, an increase of about 3.3%[29]. - The total equity attributable to shareholders rose to RMB 1,564,643 million from RMB 1,515,371 million, reflecting an increase of approximately 3.2%[29]. - As of March 31, 2025, total assets increased to RMB 2,841,484 million from RMB 2,753,007 million as of December 31, 2024, reflecting a growth of approximately 3.2%[27]. - The company's total equity increased to RMB 1,763,818 million as of March 31, 2025, compared to RMB 1,709,623 million at the end of 2024[43]. - The company's non-current assets totaled RMB 2,152,207 million as of March 31, 2025, slightly down from RMB 2,161,907 million at the end of 2024[43]. Production and Sales - The company reported a total oil and gas equivalent production of 467.0 million barrels, a 0.7% increase from 463.7 million barrels year-on-year[15]. - Domestic oil and gas equivalent production reached 418.1 million barrels, up 1.2% from 413.0 million barrels in the same period last year[15]. - The company’s wind and solar power generation increased by 94.6%, reaching 1.68 billion kWh compared to 860 million kWh in the previous year[15]. - The average realized price of crude oil was $70.00 per barrel, down 7.2% from $75.41 per barrel in the previous year[14]. - The average sales price of domestic natural gas was $9.01 per thousand cubic feet, down 3.9% from $9.38 per thousand cubic feet year-on-year[14]. - Total sales of gasoline, kerosene, and diesel amounted to 36,776 thousand tons, a decrease of 6.3% compared to 39,258 thousand tons in Q1 2024[23]. - The sales of natural gas increased to 864.42 billion cubic meters, up 3.7% from 833.69 billion cubic meters year-on-year[25]. Cash Flow and Investments - Cash flow from operating activities generated RMB 139,436 million, an increase of 25.3% from RMB 111,257 million in the prior year[38]. - Cash and cash equivalents increased significantly to RMB 291,567 million from RMB 216,246 million, a growth of about 34.8%[27]. - Investment activities resulted in a net cash outflow of RMB 43,547 million, an improvement from RMB 60,404 million in the previous year[38]. - Cash flow from financing activities showed a net outflow of RMB 8,504 million, significantly reduced from RMB 65,439 million in the same period last year[38]. - The cash received from dividends increased significantly to RMB 2,463 million, compared to RMB 241 million in the same period of 2024, representing a substantial increase of approximately 927.0%[45]. Strategic Developments - The company acquired 100% equity of China Petroleum Group Electric Power Co., Ltd. in 2024, which will be consolidated into the financial statements from October 29, 2024[4]. - The company plans to increase its A-shares and H-shares holdings by no less than RMB 2.8 billion and no more than RMB 5.6 billion within 12 months starting from April 8, 2025[11]. - The company plans to enhance its marketing strategies and expand its non-oil business to improve profitability[22]. - The company maintains a stable financial condition and continues to focus on green and low-carbon transformation[14].

● 本季度报告已经中国石化第九届董事会第六次会议审议通过。本公司全体董事出席董事会审议季度报 告。 ● 中国石化董事长马永生先生，副董事长、总裁赵东先生，财务总监兼会计机构负责人寿东华女士保证 本季度报告中财务信息的真实、准确、完整。 ● 本季度报告中的财务报表未经审计。 一、主要财务数据 （一）主要会计数据和财务指标 重要内容提示 ● 中国石油化工股份有限公司（"中国石化""公司"或"本公司"）董事会、监事会及董事、监事、高级管 理人员保证本季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个 别和连带的法律责任。 1.按中国企业会计准则编制的主要会计数据及财务指标 ■ 2.非经常性损益项目和金额 单位：人民币百万元 ■ 3.按国际财务报告会计准则编制的主要会计数据及财务指标 ■ （二）公司主要会计数据、财务指标（按中国企业会计准则）发生大幅度变动的情况 ■ 二、股东信息 截至报告期末股东总数及前十名股东持股情况 ■ 注1：中国石油化工集团有限公司（"中国石化集团公司"）通过境外全资附属公司盛骏国际投资有限公 司持有1,042,664,000股H股，占中国石化股本总额的0.86%， ...

Group 1 - The core viewpoint of the news is that China National Petroleum Corporation (CNPC) has applied for a patent related to a method for calculating the amount of carbon dioxide injected into shale oil wells, which aims to improve the efficiency and scientific basis for CO2 injection in shale oil development [1] Group 2 - The patent application was published under the number CN119884535A and was filed on October 2023 [1] - The invention falls within the field of shale oil development technology and provides a method, device, equipment, and storage medium for calculating the amount of CO2 injected into shale oil wells [1] - The method involves several steps, including obtaining initial data, calculating the length of CO2 absorption segments, determining the spatial volume of CO2 effects, and calculating the optimal CO2 injection amount for the well [1] Group 3 - CNPC was established in 1999 and is primarily engaged in gas production and supply, with a registered capital of 18,302,097,000 RMB [2] - The company has made investments in 1,281 enterprises and has participated in 508 bidding projects [2] - CNPC holds 5000 patent records and has 169 administrative licenses, indicating a strong presence in intellectual property and regulatory compliance [2]

Group 1 - The Jilin Petrochemical-Jilin Oilfield CO2 pipeline project has been launched, with a total length of approximately 400 kilometers, expected to sequester over 4 million tons of CO2 annually once completed [1][3] - This pipeline is the longest, largest diameter, and highest pressure CO2 pipeline in China, utilizing supercritical/dense phase transport technology, and will pass through four cities: Songyuan, Changchun, Siping, and Jilin [3] - The project incorporates advanced technologies such as centrifugal CO2 compressors and fiber-optic leak detection, filling gaps in domestic technology [3] Group 2 - The CO2 sequestered underground will also be used as a medium for oil extraction, improving efficiency by over 20% compared to traditional water-based methods, with an annual oil recovery of over 1 million tons [3] - The ultimate goal is to establish a closed-loop carbon cycle model of "capture-transport-utilization-sequestration" [3][4] - The project aims to create a main carbon network for carbon-emitting and utilizing enterprises in Jilin Province, significantly promoting the green and low-carbon transformation of local businesses [3][4] Group 3 - Carbon capture, utilization, and storage (CCUS) measures are crucial for achieving global carbon neutrality, and the CO2 pipeline is key to advancing the CCUS industry [4] - Jilin Oilfield has established China's first national-level demonstration project for the entire CCUS industry chain and process [4] - In 2024, Jilin Oilfield is expected to sequester 41,800 tons of CO2, accounting for 22% of the total CO2 sequestered by China National Petroleum Corporation [4]

Group 1 - The State Intellectual Property Office of China has published a patent application by China Petroleum & Chemical Corporation (Sinopec) for a method and device for controlling the feed rate of a heating furnace, aimed at preventing premature coking and insufficient heating in the furnace [1] - The patent application, titled "Storage Medium, Feed Rate Control Method, Device and Equipment for Heating Furnace," was filed on October 2023 and includes a three-dimensional thermodynamic model for optimizing feed rate parameters [1] - The invention is expected to enhance the control effectiveness of heating furnaces, which is crucial for operational efficiency in the petrochemical industry [1] Group 2 - China Petroleum & Chemical Corporation, established in 2000, is 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 made investments in 256 enterprises and participated in 5,000 bidding projects, holding 45 trademark registrations and 5,000 patent records [2] - Sinopec (Dalian) Petrochemical Research Institute, founded in 2022, focuses on research and experimental development, with a registered capital of approximately 338.46 million RMB and has participated in 695 bidding projects [2]

Dividend Distribution - The company plans to distribute a final dividend of RMB 0.25 per share, totaling approximately RMB 45.755 billion based on the total share capital of 183,020,977,818 shares as of December 31, 2024[12]. - The company emphasizes its commitment to shareholder returns through dividend distributions[12]. - Cash dividends for 2024 amounted to RMB 86.020 million, representing 52.2% of the net profit[118]. - The proposed final dividend is subject to approval at the 2024 annual general meeting of shareholders[120]. - The dividend for A-shares will be paid in RMB, while H-shares will be paid in HKD, with the applicable exchange rate based on the average midpoint rate published by the People's Bank of China one week prior to the dividend declaration[121]. - Individual shareholders holding A-shares for more than one year will be exempt from individual income tax on dividends, while those holding for one year or less will not have tax withheld[122]. - Qualified Foreign Institutional Investors (QFII) will have a 10% corporate income tax withheld on dividends received[123]. - Non-resident corporate shareholders will also have a 10% withholding tax on dividends distributed[124]. - H-share individual shareholders will have their income tax withheld at rates varying from 10% to 20% based on their residency status and applicable tax treaties[125]. - The company will determine the residency status of H-share individual shareholders based on the registered address as of June 24, 2025[126]. - The company will comply with tax regulations for dividends distributed to investors through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, applying a 20% withholding tax for mainland individual investors[127]. Financial Performance - The company reported significant cash flow and financial performance, although specific figures were not detailed in the provided content[12]. - The company's revenue for 2024 was CNY 2,937,981 million, a decrease of 2.5% compared to CNY 3,012,812 million in 2023[17]. - Operating profit for 2024 was CNY 233,954 million, slightly down from CNY 235,862 million in 2023[17]. - Net profit attributable to shareholders for 2024 was CNY 164,684 million, representing a 2.0% increase from CNY 161,416 million in 2023[19]. - The total assets at the end of 2024 were CNY 2,753,007 million, a slight decrease of 0.2% from CNY 2,759,237 million in 2023[19]. - The company's cash flow from operating activities for 2024 was CNY 406,532 million, down 11.0% from CNY 456,847 million in 2023[19]. - The basic earnings per share for 2024 was CNY 0.90, an increase of 2.0% from CNY 0.88 in 2023[19]. - The company reported a net asset return rate of 10.9% for 2024, slightly down from 11.1% in 2023[17]. - Capital expenditures for 2024 were CNY 275,849 million, compared to CNY 275,393 million in 2023[17]. - Non-recurring losses for 2024 totaled CNY 8,611 million, primarily due to asset disposal losses and other non-operating expenses[22]. Market Position and Operations - The company is one of the largest oil and gas producers and sellers in China, with a dominant position in the industry[13]. - The company operates under both Chinese and International Financial Reporting Standards, ensuring comprehensive financial transparency[11]. - The company is involved in various sectors including exploration, production, refining, and sales of oil and gas, as well as new energy initiatives[13]. - The company has a robust market presence, being one of the largest revenue-generating companies in China[13]. - The company is focused on future growth and expansion in both domestic and international markets[12]. - The company achieved operating revenue of RMB 2,937.981 billion, driven by increased oil and gas production and optimized product structure[49]. - The company processed 1,378.4 million barrels of crude oil in 2024, a decrease of 1.5% from 1,398.8 million barrels in the previous year[65]. - The total sales volume of gasoline, kerosene, and diesel was 15,900.0 thousand tons in 2024, down 4.1% from 16,579.8 thousand tons in 2023[69]. - The company’s market share for gasoline, kerosene, and diesel increased to 31.3% in 2024, up from 31.1% in 2023[70]. Shareholder Information - As of December 31, 2024, the total number of shareholders was 491,311, with 486,082 domestic A-share shareholders and 5,229 overseas H-share shareholders[30]. - By February 28, 2025, the total number of shareholders increased to 547,674, with 542,478 domestic A-share shareholders and 5,196 overseas H-share shareholders[31]. - The largest shareholder, China National Petroleum Corporation, holds 82.46% of the shares, totaling 150,923,565,570 shares, with no changes during the reporting period[33]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 11.43% of the shares, totaling 20,919,164,608 shares, with an increase of 11,598,632 shares during the reporting period[33]. - The company has no other shareholders holding 10% or more of the shares, apart from China National Petroleum Corporation[42]. - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of the State Council[43]. Governance and Compliance - The financial reports have been audited by KPMG Huazhen and KPMG, both issuing unqualified audit opinions[11]. - The company has a strong governance structure with a board of directors ensuring the accuracy and completeness of financial reports[11]. - The company has established a comprehensive internal governance structure to ensure good corporate governance and internal control mechanisms[196]. - The board has evaluated the internal control and risk management system, deeming it effective and sufficient for the fiscal year ending December 31, 2024[186]. - The company has established a risk management system to identify, analyze, evaluate, and respond to risks that may materially impact its strategy, operations, compliance, and financial condition[186]. - The independent non-executive directors have a maximum term of six years, ensuring a rotation of perspectives[199]. - The company has received independence confirmation letters from 5 independent non-executive directors, confirming their full independence in accordance with the Hong Kong Listing Rules[197]. - The board has established 5 specialized committees: Nomination Committee, Audit Committee, Investment and Development Committee, Remuneration and Assessment Committee, and Sustainability Committee to support decision-making[197]. - The company has mechanisms in place to ensure the board receives independent opinions, including the establishment of management measures for independent directors and regular communication with auditors[198]. Future Plans and Investments - The company aims to build a world-class comprehensive international energy company and is focusing on high-quality development and innovation strategies[42]. - For 2025, the company plans to produce 936.2 million barrels of crude oil and 5,341.0 billion cubic feet of marketable natural gas[50]. - The company aims to process 1,330.9 million barrels of crude oil in 2025 as part of its refining and chemical business strategy[51]. - The company plans to strengthen its market position by expanding its comprehensive energy service stations and improving its marketing strategies[51]. - The company plans to allocate RMB 210.00 billion for oil and gas and new energy in 2025, representing 80.09% of total projected capital expenditures[104]. - The company expects capital expenditure for the oil and gas and new energy segment to decrease to RMB 210.000 billion in 2025, continuing to focus on key domestic basins[106]. Related Party Transactions - The group continues to engage in several ongoing related party transactions with China National Petroleum Corporation, with transaction limits approved for the period from January 1, 2024, to December 31, 2026[154]. - A total agreement for mutual supply of products and services has been established with China National Petroleum Corporation, effective from January 1, 2024, for a duration of three years[155]. - The group will provide various products and services to China National Petroleum Corporation, including crude oil, natural gas, and financial services[156]. - China National Petroleum Corporation is expected to provide more products and services to the group than the group provides to them, including engineering and production services[157]. - The company has confirmed that all related transactions for 2024 have been conducted under normal business terms and are in the overall interest of shareholders[175][176]. Environmental and Renewable Energy Initiatives - The company's renewable energy segment saw a significant increase in wind and solar power generation, reaching 4.72 billion kWh, a 116.2% increase from 2.18 billion kWh in 2023[63]. - The Chinese government is promoting high-quality development in refined oil circulation, which is expected to enhance the group's sustainable growth and operational results[150]. - The government is also deepening the market-oriented reform of renewable energy grid prices, aiming for all renewable energy generation to enter the electricity market, which will benefit the group's ongoing business[151].