Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 1,450.1 billion yuan, down 6.7% year-on-year, and a net profit of 83.993 billion yuan, down 5.4% year-on-year [6] - The company aims to reduce costs and increase efficiency to withstand cyclical fluctuations in the oil market [6] - Future oil prices are expected to stabilize in the range of $60 to $70 per barrel, with an anticipated increase in oil and gas production contributing to improved performance in the upstream segment [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 2,969.2 billion yuan, with a year-on-year growth rate of 1.1% [5] - Net profit forecast for 2025 is 156.142 billion yuan, reflecting a decrease of 5.2% year-on-year [5] - Earnings per share for 2025 is projected at 0.85 yuan [5] - The company plans to distribute a cash dividend of 0.22 yuan per share, totaling 402.65 billion yuan, with a payout ratio of 47.94% [6] Operational Highlights - The company achieved an oil and gas production of 924 million barrels of oil equivalent in the first half of 2025, up 2% year-on-year [6] - The average oil price in the first half of 2025 was $66.21 per barrel, down 14.5% year-on-year [6] - The refining segment's operating profit decreased by 18.9% year-on-year, with a total of 111 billion yuan [6] - Natural gas sales increased by 2.9% year-on-year, with a total of 1,515 billion cubic feet sold [6]

受中央组织部领导委托，中央组织部有关干部局负责同志宣布了党中央关于中国石油天然气集团有限公司总经理任职的决定：周心怀同志任中国石 油天然气集团有限公司董事、总经理、党组副书记，免去其中国海洋石油集团有限公司董事、总经理、党组副书记职务。相关职务任免，按有关法 律和章程的规定办理。 中国石油天然气集团有限公司2025年8月29日召开领导班子（扩大）会议。 ...

2025年8月29日，中国石油天然气集团有限公司召开领导班子（扩大）会议。受中央组织部领导委托， 中央组织部有关干部局负责同志宣布了党中央关于中国石油天然气集团有限公司总经理任职的决定：周 心怀同志任中国石油天然气集团有限公司董事、总经理、党组副书记，免去其中国海洋石油集团有限公 司董事、总经理、党组副书记职务。相关职务任免，按有关法律和章程的规定办理。 ...

中国石油天然气股份有限公司计划发行3年期美元债券为2026年到期票据再融资。 ...

星展发布研报称，中国石油股份(00857)2025年第二季业绩略超预期，净利润同比下降13%至370亿元人 民币，主要受油价下跌约20%影响。该行认为，油价似乎稳定在每桶65-70美元区间，市场关注下游供 应过剩可能缓解。星展指，中石油中期股息每股0.22元人民币，好过预期;预期全年股息为0.44元人民 币，股息率达6.5%。维持对该股"买入"评级，目标价由7.3港元上调至8港元，因估值模型已更新至2026 财年，且下游业务估值略为调升。 ...

智通财经APP获悉，星展发布研报称，中国石油股份(00857)2025年第二季业绩略超预期，净利润同比下 降13%至370亿元人民币，主要受油价下跌约20%影响。该行认为，油价似乎稳定在每桶65-70美元区 间，市场关注下游供应过剩可能缓解。星展指，中石油中期股息每股0.22元人民币，好过预期;预期全 年股息为0.44元人民币，股息率达6.5%。维持对该股"买入"评级，目标价由7.3港元上调至8港元，因估 值模型已更新至2026财年，且下游业务估值略为调升。 ...

开学季来临，为全力保障校园燃气安全，营造安全舒适的教学学习环境，8月27日，中国石油天然气销 售山东公司所属兰陵中石油昆仑众德燃气公司开展开学季燃气安全专项检查，对临沂市理工学校、东苑 高级中学等五所学校展开全方位、无死角安全大检查，为新学期的校园生活筑牢安全屏障。 转自：大众报业·齐鲁壹点 校园燃气安全至关重要。下一步，兰陵公司将以此次开学季燃气安全大检查活动为抓手，持续推进校园 燃气安全专项检查，以高水平燃气服务全面筑牢校园燃气安全防线，为莘莘学子和老师们创造更加安 全、舒适、高效的学习环境。（苏飞） 兰陵公司提前谋划、周密部署、扎实推进，从严从实把好校园燃气"安全关"，为开学季保驾护航。安检 人员对校园及周边的燃气管线、阀门井、调压设备等进行细致检查，重点对校园内用气环境、燃气具使 用情况、燃气管道使用情况及管件连接口连接情况等进行了专业严谨的检查。对于检查中发现的问题立 即督促学校落实整改，并安排专人全程跟踪整改进度，形成问题闭环；同时，安检人员与学校负责人、 相关工作人员现场对接，普及安全用气常识，讲解燃气使用注意事项及紧急情况的正确应对措施，全面 强化了校园安全用气意识。 ...

8月27日，"三桶油"半年报全部出炉，整体业绩同步下滑引发业界热议。财报显示，中国石油、中国石化、中国海油上半年分别实现归母净利润840.1亿 元、214.8亿元、695.3亿元，同比下跌5.4%、39.8%、13%，三家总利润与去年同期相比减少了290.5亿元，相当于每天少赚约1.6亿元。其中，中国石油近 五年来首次出现营收、净利润双下滑的罕见局面。 国际原油价格震荡下行，"三桶油"外销油品量价齐跌 财报显示，2025年上半年，中国石油实现营收14500.99亿元，同比下降6.7%;归属于母公司股东的净利润839.93亿元，同比下降5.4%;归属于母公司股东的 扣除非经常性损益的净利润841.16亿元，同比下降8.4%。同期，中国石化上半年的营业收入为14090.52亿元，同比下降10.6%;归母净利润达为214.83亿 元，同比降低39.8%;基本每股收益为0.177元/股，同比下降40.2%。此外，中国海油上半年营业收入实现2076.08亿元，同比下降8%;归属于母公司股东的净 利润为695.33亿元，同比下降13%。 | | | | | 单位:人民币自万元 | | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][24]. Core Views - The company's performance in the first half of 2025 showed a year-on-year decline in net profit by 5.4%, with revenue reaching 1.45 trillion yuan, down 6.7% year-on-year, primarily due to falling crude oil and refined oil prices [10][24]. - The company is focusing on stable growth in oil and gas production, with a notable increase in natural gas sales volume and price, alongside accelerated development in the renewable energy sector [2][4]. - The company plans to acquire three gas storage companies to enhance its natural gas supply chain and optimize asset integration, which is expected to contribute to high-quality development [4][20]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a net profit of 839.9 billion yuan, a decrease of 5.4% year-on-year, with a second-quarter net profit of 371.9 billion yuan, down 13.6% year-on-year [10][24]. - The oil and gas segment generated an operating profit of 856.9 billion yuan, down 6.8% year-on-year, with an equivalent oil production of 923.6 million barrels, an increase of 2.0% year-on-year [2][12]. Oil and Gas Production - The company reported a stable growth in crude oil production, reaching 476.4 million barrels, up 0.3% year-on-year, while the average crude oil price was 66.2 USD/barrel, down 14.5% year-on-year [2][12]. - Natural gas sales volume increased to 1197.7 billion cubic meters, up 4.2% year-on-year, with an average price of 2.334 yuan/cubic meter, up 5.2% year-on-year [4][20]. Refining and Sales - The refining and refined oil sales segments faced pressure, with operating profits of 96.6 billion yuan and 75.6 billion yuan, down 8.0% and 25.2% year-on-year, respectively [3][17]. - The company processed 694.3 million barrels of crude oil, a slight increase of 0.1% year-on-year, while refined oil production was 59.57 million tons, down 0.9% year-on-year [3][17]. New Materials and Renewable Energy - The company is increasing its focus on new materials, with production rising by 54.9% year-on-year to 166.5 million tons, while the renewable energy segment saw a significant increase in wind and solar power generation by 70.0% year-on-year [3][12]. Dividend and Future Outlook - The company plans to maintain a mid-year dividend of 0.22 yuan per share, totaling 402.6 billion yuan, consistent with historical levels [4][24]. - Future profit forecasts estimate net profits of 1674 billion yuan, 1709 billion yuan, and 1740 billion yuan for 2025, 2026, and 2027, respectively, with diluted EPS projected at 0.91, 0.93, and 0.95 yuan [24][26].

公司报告 | 半年报点评 中国石油（601857） 证券研究报告 天然气量价齐升，抵抗油价波动 上半年资本开支 642 亿（同比-147 亿），下降主要来自油气和新能源板块。 盈利预测与投资评级：原预测 2025-2027 年归母净利润为 1662/1692/1741 亿，2025 年考虑油价下行，下调至 1509 亿，26/27 年维持 1692/1741 亿， A 股对应 PE 10.5/9.3/9.1 倍，H 股对应 PE 7.5/6.7/6.5 倍。按照去年 52% 分红比例，对应 A 股分红收益率 5%，H 股分红收益率 7%，维持"买入" 评级。 2025Q2 归母净利润 372 亿 中国石油上半年归母净利润 840 亿，Q2 归母净利润 372 亿，上半年分红 0.22 元/股。 上游业绩波动显著好于油价波动 勘探开发板块，上半年国内原油产量同比+0.6%，天然气产量+4.7%。原油 实现价格 66.2 美元/桶，同比-11.2 美元/桶。经营利润 857 亿，同比-62 亿 （同比-6.8%）。业绩波动显著好于油价同比变化原因可能包括量增、原油 操作成本和从价税下降。 面临成品油达峰问题，炼油 ...