证券代码：601857 证券简称：中国石油 公告编号：临 2026-007 中国石油天然气股份有限公司 持续性关联交易公告 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。 重要内容提示: 1 本公告中，除文义另有所指外，以下词语有以下含义： 房产租赁合同 指 本公司与中国石油集团于2017年8月24日所订立 的房产租赁合同，合同自2018年1月1日起生效， 有效期20年 年度股东会 指 将于2026年6月9日上午9时在中国北京市朝阳区 北四环中路8号北京北辰五洲皇冠国际酒店举行 的本公司2025年年度股东会 更新2027年至2029年与中国石油集团之持续性关联交易 更新2027年至2029年与中油财务公司之持续性关联交易 本公司与中国石油集团及中油财务公司之持续性关联交易尚需提交 本公司2025年年度股东会审议 本公司与关联方发生的持续性关联交易均遵循了公平、公正、公开 的定价原则，不会对本公司未来的财务状况、经营成果产生不利影 响，不会对关联方形成依赖，也不会影响本公司的独立性。本公告 是依据上交所上市规则第六章第三节及香港 ...

环境、社会和治理报告摘要 证券代码：601857 证券简称：中国石油 中国石油天然气股份有限公司 2025年度环境、社会和治理报告摘要 1 / 7 环境、社会和治理报告摘要 第一节 重要提示 1、本摘要来自于环境、社会和治理报告全文，为全面了解本公司环境、社会和公司 治理议题的相关影响、风险和机遇，以及公司可持续发展战略等相关事项，投资者应 当到 www.sse.com.cn 网站仔细阅读环境、社会和治理报告全文。 第二节 报告基本情况 1、基本信息 | 股票代码 | 601857 | | --- | --- | | 公司简称 | 中国石油 | | 公司名称 | 中国石油天然气股份有限公司 | | 报告范围 | 报告数据涵盖公司和下属全资及控股子公司，与公司年度 | | | 财务报告合并报表范围保持一致。 | | 时间范围 | 报告期间与公司年度财务报告保持一致，时间跨度为 | | | 2025 年 1 月 1 日至 2025 年 12 月 31 日 | | | 报告编制主要依据上海证券交易所《上海证券交易所上市 | | | 公司自律监管指引第 14 号——可持续发展报告（试行）》 | | | 《上海证券交易 ...

证券代码：601857 证券简称：中国石油 公告编号：临 2026-003 中国石油天然气股份有限公司 第九届董事会第十七次会议决议公告 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。 一、董事会会议召开情况 出席会议的董事讨论了以下议案，并形成如下决议： （一）审议通过《关于公司2025年度董事会报告的议案》； 议案表决情况：同意13票，反对0票，弃权0票。 本议案需提交股东会审议。 （二）审议通过《关于公司2025年度总裁工作报告的议案》； 1 议案表决情况：同意13票，反对0票，弃权0票。 中国石油天然气股份有限公司（以下简称公司）董事会于2026年3月 13日向公司全体董事和高级管理人员发出第九届董事会第十七次会议通 知，会议于2026年3月27日在北京以现场会议及视频方式召开。应到会董 事13人，实际到会10人。董事周心怀先生、谢军先生和张道伟先生因其 他公务未能出席会议，已分别书面委托董事任立新先生、周松先生和宋 大勇先生代为出席并行使表决权。会议由董事长戴厚良先生主持。部分 高级管理人员列席了会议。本次会议符合《 ...

重要内容提示： 证券代码：601857 证券简称：中国石油 公告编号：临 2026-004 中国石油天然气股份有限公司 2025 年末期 A 股利润分配方案的公告 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。 每股分配比例：2025 年末期 A 股每股派发现金红利人民币 0.25 元（含税）。 本次利润分配以 2026 年 6 月 25 日（以下简称股权登记日）登 记的总股本为基数。 如股权登记日前中国石油天然气股份有限公司（以下简称公司） 总股本发生变动的，公司拟维持每股分配比例不变，相应调整分配总 额，并将另行公告具体调整情况。 公司不会触及《上海证券交易所股票上市规则》（以下简称《股 票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实施其他风 险警示的情形。 一、利润分配方案内容 1 （一）利润分配方案的具体内容 经毕马威华振会计师事务所（特殊普通合伙）审计，按照中国企业 会计准则，截至2025年12月31日，公司母公司报表中期末未分配利润为 人民币8,438.80亿元。经公司第九届董事会第十七次会议决议， ...

Financial Performance - The company's operating revenue for 2025 is projected to be RMB 2,864,469 million, a decrease of 2.5% compared to RMB 2,937,981 million in 2024[13]. - The net profit attributable to shareholders for 2025 is expected to be RMB 157,302 million, down 4.5% from RMB 164,676 million in 2024[13]. - The total assets at the end of 2025 are estimated to be RMB 2,828,017 million, reflecting a 2.7% increase from RMB 2,753,007 million at the end of 2024[13]. - The company's cash flow from operating activities for 2025 is projected to be RMB 412,510 million, showing a slight increase of 1.5% from RMB 406,532 million in 2024[13]. - The basic and diluted earnings per share for 2025 are expected to be RMB 0.86, a decrease of 4.5% from RMB 0.90 in 2024[13]. - The weighted average return on equity for 2025 is projected to be 10.1%, down from 11.1% in 2024[13]. - The company reported a total capital expenditure of RMB 269,089 million for 2025, slightly lower than RMB 275,849 million in 2024[13]. - The total equity attributable to shareholders is expected to reach RMB 1,586,061 million by the end of 2025, an increase of 4.7% from RMB 1,515,371 million at the end of 2024[13]. - The company experienced a net loss from non-recurring items amounting to RMB 4,369 million in 2025[17]. - The company achieved operating revenue of RMB 286.45 billion and a net profit attributable to shareholders of RMB 157.32 billion, maintaining a historically high level[41]. - In 2025, the company achieved operating revenue of RMB 286.45 billion, a decrease of 2.5% compared to RMB 293.80 billion in the previous year[68]. - The net profit attributable to shareholders was RMB 157.32 billion, down 4.5% from RMB 164.68 billion year-on-year[73]. Dividend Policy - The company plans to distribute a cash dividend of RMB 0.25 per share, totaling approximately RMB 45.755 billion based on a total share capital of 183,020,977,818 shares as of December 31, 2025[5]. - The company has a commitment to shareholder returns, as evidenced by the proposed dividend distribution[5]. - Cash dividends for 2025 are set at RMB 86.020 billion, representing 54.7% of the net profit for the year[106]. - The dividend distribution policy stipulates a minimum payout ratio of 30% of the net profit attributable to shareholders of the parent company, provided that net profit and retained earnings are positive[107]. - The final dividend for H shares will be distributed to shareholders registered by June 25, 2026, with payment expected around July 31, 2026[108]. - For A share holders, dividends will be paid in RMB, while H share dividends will be paid in HKD, with applicable exchange rates based on the average midpoint rate published by the People's Bank of China[109]. - Individual A share holders holding shares for over one year will be exempt from personal income tax on dividends, while those holding for one year or less will be subject to a 20% tax[110]. - The company will withhold a 10% corporate income tax on dividends paid to qualified foreign institutional investors (QFII)[112]. - The company will adhere to tax regulations for H share holders, with a 10% withholding tax for non-resident corporate shareholders[113]. - The company will not be liable for any disputes arising from the determination of shareholder identity for tax purposes[116]. - The company will follow tax policies for mainland investors receiving dividends from H shares, applying a 20% withholding tax[117]. Corporate Governance - The company emphasizes the importance of accurate and complete financial reporting, ensuring no significant omissions or misleading statements exist[4]. - The company’s board of directors has confirmed the authenticity and completeness of the annual report, with all members present at the board meeting except for three who were represented by proxies[4]. - The company has established a comprehensive internal control system to enhance risk management capabilities and ensure accurate financial reporting[171]. - The internal control system was evaluated by the board and deemed effective and sufficient as of December 31, 2025[172]. - The board of directors has emphasized the importance of corporate culture aligned with the company's mission and strategy[168]. - The company has maintained a clear separation from its controlling shareholder, ensuring independent business operations[178]. - The company has actively promoted a culture of integrity and compliance, with established guidelines for employee conduct[170]. - Independent directors have actively participated in meetings and provided objective opinions to protect shareholder interests[173]. - The company has mechanisms in place to ensure the board receives independent opinions, including the provision of special reports to independent non-executive directors[187]. - The company’s board meetings are conducted in accordance with the company's articles of association and relevant regulations, ensuring good corporate governance[186]. Shareholder Structure - The largest shareholder, China National Petroleum Corporation, holds 82.19% of the total shares, amounting to 150,418,754,093 shares, with a decrease of 504,811,477 shares during the reporting period[26]. - Hong Kong Central Clearing (Agent) Co., Ltd. holds 11.44% of the shares, totaling 20,939,506,190 shares, with an increase of 20,341,582 shares[26]. - The company has no other shareholders holding 10% or more of the shares, aside from China National Petroleum Corporation[35]. - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of the State Council[36]. - The total number of shares held by the top ten shareholders is significant, with the first two shareholders alone accounting for over 93% of the total shares[29]. - The shareholding structure remains stable, with no changes in the controlling shareholder or actual controller during the reporting period[34]. Operational Strategy - The company aims to become a world-class comprehensive energy and chemical company by 2025, focusing on high-quality development and implementing strategies for innovation, resource optimization, and green low-carbon initiatives[35]. - The company is committed to enhancing production efficiency and risk management as part of its operational strategy[35]. - The company plans to enhance its marketing strategies for refined oil products, focusing on differentiated marketing for gasoline, diesel, and kerosene[46]. - The company plans to continue optimizing its resource structure and expand its market presence, particularly in high-end markets in the eastern and southern regions[66]. - The company has committed to promoting green and low-carbon transformation, focusing on the development of new energy and new materials[43]. Environmental and Social Responsibility - The group emphasizes sustainable development and has integrated environmental protection into its strategic planning, aiming to become a global benchmark for sustainable development in the industry[165]. - The group has achieved significant results in green mining construction and has established a comprehensive environmental risk prevention system, with no major environmental pollution incidents reported during the year[166]. - The group has implemented a clean production strategy, leading to a continuous decrease in total pollutant emissions and ensuring compliance with environmental standards[166]. - The company has been committed to social responsibility, focusing on poverty alleviation and community health initiatives[167]. Related Party Transactions - The company has entered into agreements to acquire 100% equity of three gas storage companies for a total transaction price of RMB 400.16 billion, with the transactions expected to complete in January 2026[132]. - The company has disclosed related party transactions in accordance with the Shanghai Stock Exchange and Hong Kong Stock Exchange regulations, ensuring compliance with disclosure requirements[137]. - The company will provide financial services, including entrusted loans and guarantees, to related parties, with pricing based on market rates and regulatory guidelines[144]. - The company has established joint ventures to acquire gas storage assets, indicating a strategic move towards expanding its operational capacity in the energy sector[138]. - The company has committed to ongoing related party transactions with China National Petroleum Corporation, which include the provision of various engineering and production services[141]. Audit and Compliance - The financial reports for 2025 have been audited by KPMG Huazhen and KPMG, both providing unqualified opinions on the financial statements prepared under Chinese and international accounting standards[4]. - The company has retained KPMG as its auditor for the 2025 fiscal year, with audit fees totaling RMB 0.41 billion[127]. - The auditors confirmed that all related transactions were approved by the board and conducted in accordance with the group's pricing policy[160]. Future Projections - In 2026, the company plans to produce 941.3 million barrels of crude oil and 5,470.5 billion cubic feet of marketable natural gas, with a total oil and gas equivalent of 1,853.4 million barrels[44]. - The company aims to optimize resource allocation and enhance production efficiency, targeting an oil processing volume of 1,377.1 million barrels in 2026[45]. - The company plans to increase capital expenditure in the natural gas sales segment to RMB 6.000 billion in 2026, indicating a focus on expanding infrastructure[93].

中国石油天然气股份有限公司 2025 年度非经营性资金占用及 其他关联资金往来情况的专项报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 关于中国石油天然气股份有限公司 2025 年度非经营性资金占用及其他关联资金往来情况的专项报告 毕马威华振专字第 2601488 号 中国石油天然气股份有限公司董事会： 我们接受委托，按照中国注册会计师审计准则审计了中国石油天然气股份有限公司 （以下简称"中国石油"）2025 年度的财务报表，包括 2025 年 12 月 31 日的合并及公司 资 ...

Core Viewpoint - The article discusses the increase in the profit remittance ratio of central state-owned enterprises (SOEs) in China, aimed at improving public welfare and addressing fiscal imbalances, with the latest ratio being publicly disclosed for the first time [3][5]. Summary by Sections Profit Remittance Ratio - The profit remittance ratio for central wholly-owned enterprises (non-financial) has been significantly adjusted, with the remittance expected to reach 375.077 billion yuan in 2025, representing a year-on-year increase of approximately 78.5% [3][5]. - The remittance ratio is categorized into four types: 1. Tobacco and resource-based enterprises (oil, electricity, telecommunications, coal) at 35% [4]. 2. General competitive enterprises (non-ferrous and ferrous metallurgy, transportation, electronics, trade, construction) at 30% [4]. 3. Military enterprises and certain state-owned groups at 20% [4]. 4. Policy-based enterprises are exempt from remittance [5]. Historical Context and Changes - Since 2008, China has implemented a state-owned capital operation budget, with the latest adjustments reflecting a shift from five tiers of profit remittance to four, with increased rates across categories [5][6]. - The first category now includes not only tobacco but also major resource enterprises, indicating a substantial increase in the remittance from these sectors [6]. Fiscal Impact - The increase in profit remittance has led to a significant rise in fiscal contributions from related enterprises, with tobacco profits around 99.7 billion yuan (up 73%), oil and petrochemical profits at 91.9 billion yuan (up 81%), and telecommunications profits at 37.8 billion yuan (up 78%) for 2025 [7]. - The government aims to enhance the remittance ratio to address fiscal challenges, with a focus on sustainable social security and strategic investments [8]. Budget Projections - The central state-owned capital operating budget for 2026 is projected at approximately 371.6 billion yuan, a decrease of 4.8% from the previous year, with profit income expected to decline by 6.1% [8][9]. - The budget for capital operating expenditures is set at around 147.6 billion yuan, reflecting a growth of 13.8%, prioritizing national development strategies [9].

Group 1 - The central enterprise reform ETF Huaxia (512950) opened at a decline of 0.20%, priced at 1.500 yuan [1][2] - Major stocks in the ETF include Hikvision, which fell by 0.16%, China Merchants Bank down by 0.28%, and SMIC down by 0.44%. Conversely, Guodian NARI rose by 0.62% [1] - The ETF's performance benchmark is the CSI Central Enterprise Structural Adjustment Index return, managed by Huaxia Fund Management Co., Ltd. The fund manager is Rong Ying [2] Group 2 - Since its establishment on October 19, 2018, the ETF has achieved a return of 54.84%, while the return over the past month has been -4.37% [2] - A MACD golden cross signal has formed, indicating potential upward momentum for certain stocks [3]

Group 1 - The central enterprise ETF Yinhua (159959) opened with a slight increase of 0.06%, priced at 1.620 yuan [1][2] - Major holdings in the ETF include Hikvision, which fell by 0.16%, China Merchants Bank down by 0.28%, and SMIC down by 0.44%. Conversely, Guodian NARI rose by 0.62% [1][2] - The ETF's performance benchmark is the CSI Central Enterprise Structural Adjustment Index return, managed by Yinhua Fund Management Co., Ltd. The fund manager is Zhou Dapeng [1][2] Group 2 - Since its establishment on October 22, 2018, the ETF has achieved a return of 61.96%, while its return over the past month has been -4.32% [1][2]

Group 1 - The oil and gas extraction sector is expected to see Brent crude oil prices range between $80 and $150 per barrel in 2026, driven by geopolitical tensions and supply constraints, particularly due to the blockage of the Strait of Hormuz, which limits nearly 20 million barrels per day of oil and product exports [3][9][22] - Global GDP growth is projected at approximately 3.3% in 2026, with a demand increase for oil, although at a slower pace, leading to an estimated daily supply-demand gap of about 7.4 million barrels under stable demand conditions [3][9][63] - The geopolitical situation has significantly impacted oil supply, with the IEA releasing 400 million barrels from strategic reserves to mitigate the supply shortfall, although this is not expected to fully compensate for the losses [34][63] Group 2 - The refining sector is facing increased cost pressures due to supply chain disruptions, leading to a reduction in operational capacity for many refineries, particularly smaller ones, while larger domestic refineries may benefit from stable or diversified procurement channels [4][29] - The domestic refining capacity is nearing its limit, with a cap of 1 billion tons, which is expected to support a recovery in the sector's profitability as global energy disruptions accelerate the exit of less competitive overseas capacities [4][29] Group 3 - The polyester industry is anticipated to experience a slowdown in capital expenditure growth, with a focus on achieving balance under high oil prices in 2026, as major capital projects conclude and downstream demand stabilizes [5][62] - The production capacity for polyester bottle chips is nearing its peak, with limited new capacity expected in 2026, while the overall industry is expected to benefit from collaborative production cuts among leading companies [5][62] Group 4 - Investment recommendations highlight that companies in the oil sector, such as China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and others, are expected to benefit significantly from high oil prices [6] - The report suggests that downstream polyester companies, particularly those producing high-quality polyester filament and bottle-grade materials, are also positioned for potential growth as supply-demand dynamics tighten [6]