Investment Rating - The investment rating for the company is "Outperform the Market" [6][21][22] Core Views - In the first quarter of 2025, the company's net profit attributable to shareholders increased by 2.3% year-on-year, exceeding expectations, with total revenue of 753.11 billion yuan, a decrease of 7.3% year-on-year but an increase of 10.5% quarter-on-quarter [1][7] - The company achieved a significant increase in natural gas production and sales, which contributed to the profit growth despite a decline in crude oil prices [1][4] - The company is focusing on efficient exploration and development in the oil and gas sector while accelerating the development of its renewable energy business [2][10] Financial Performance Summary - The company reported a total revenue of 753.11 billion yuan in Q1 2025, with a net profit of 46.81 billion yuan, reflecting a year-on-year increase of 2.3% [1][7] - The oil and gas and renewable energy segments generated an operating profit of 46.09 billion yuan, up 7.0% year-on-year, with an equivalent oil production of 467.0 million barrels [2][10] - The refining and finished oil sales segments faced demand pressure, with operating profits of 4.55 billion yuan and 5.04 billion yuan, down 34.7% and 25.4% year-on-year, respectively [3][12] - The natural gas sales segment achieved an operating profit of 13.51 billion yuan, benefiting from increased sales volume and optimized procurement costs [4][17] Profit Forecast and Valuation - The company is expected to maintain its profit forecast, with net profits projected at 167.4 billion yuan, 170.9 billion yuan, and 173.9 billion yuan for 2025, 2026, and 2027, respectively [21][23] - The diluted EPS is forecasted to be 0.91 yuan, 0.93 yuan, and 0.95 yuan for the same years, with corresponding A-share PE ratios of 8.7, 8.5, and 8.4 [21][23]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][6]. Core Insights - The company achieved a net profit attributable to shareholders of 46.81 billion yuan in Q1 2025, representing a year-on-year increase of 2.3%, despite a 7.3% decline in operating revenue to 753.11 billion yuan [1]. - The oil and gas business contributed to a slight increase in operating profit, with total operating profit reaching 65.18 billion yuan, a year-on-year increase of 0.8% [1]. - The company is focusing on chemical transformation to enhance value-added products, with ethylene production remaining stable at 2.27 million tons [3]. Revenue and Profitability - In Q1 2025, the company reported an oil and gas equivalent production of 467 million barrels, a year-on-year increase of 0.7%, with crude oil production at 240 million barrels and natural gas production at 13,613 billion cubic feet [2]. - The average selling price of oil was $70.0 per barrel, down 7.2% year-on-year, while the average domestic natural gas selling price was $9.01 per thousand cubic feet, down 3.9% [2]. - The company’s refining and chemical sales experienced a decline in profitability due to weak demand in the refined oil market, with refining product gross margins decreasing [3]. Future Earnings Forecast - The company is projected to achieve net profits attributable to shareholders of 143.13 billion yuan, 154.33 billion yuan, and 164.36 billion yuan for the years 2025, 2026, and 2027, respectively [4][5]. - Earnings per share (EPS) are expected to be 0.78 yuan, 0.84 yuan, and 0.90 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 10, 9, and 9 times [4][5]. Shareholder Confidence - The controlling shareholder, China National Petroleum Corporation, plans to increase its stake in the company by investing between 2.8 billion yuan and 5.6 billion yuan over the next 12 months, reflecting confidence in the company's future performance [4].

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]

上 市 公 司 石油石化 2025 年 04 月 30 日 中国石油 (601857) ——业绩超预期，降本增效无惧油价扰动 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 7.94 | | 一年内最高/最低（元） | 10.75/7.33 | | 市净率 | 1.0 | | 股息率%（分红/股价） | 5.67 | | 流通 A 股市值（百万元） | 1,285,661 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: 2025 年 03 月 31 日 | | --- | | 每股净资产（元） 8.55 | | 资产负债率% 37.92 | | 总股本/流通 A 股（百万） 183,021/161,922 | | 流通 B 股/H 股（百万） -/21,099 | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02- ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,012,812 | 2,937,981 | 3,039,996 | 3,002,751 | 3,003,101 | | 同比（%） | (6.99) | (2.48) | 3.47 | (1.23) | 0.01 | | 归母净利润（百万元） | 161,414 | 164,676 | 166,843 | 172,062 | 178,656 | | 同比（%） | 8.52 | 2.02 | 1.32 | 3.13 | 3.83 | | EPS-最新摊薄（元/股） | 0.88 | 0.90 | 0.91 | 0.94 | 0.98 | | P/E（A） | 9.00 | 8.82 | 8.71 | 8.45 | 8.13 | | P/E（H） | 6.07 | 5.95 | 5.88 | 5.70 | 5.49 | [Table_Tag] [Table_Summary] 投 ...

证券代码 601857 证券简称 中国石油 公告编号 临 2025-012 中国石油天然气股份有限公司 第九届董事会第十二次会议决议公告 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）审议通过《关于选举公司独立董事的议案》； 张玉新先生具备独立董事候选人任职资格及相关经验（张玉新先生 的简历请见附件），董事会同意推荐张玉新先生为公司独立董事候选人。 议案表决情况：同意11票，反对0票，弃权0票。 本议案已经公司董事会提名委员会审议通过，并同意提交董事会审 议。本议案需提交股东会审议。 （二）审议通过《关于公司2025年第一季度报告的议案》； 1 议案表决情况：同意11票，反对0票，弃权0票。 一、董事会会议召开情况 中国石油天然气股份有限公司（以下简称公司）董事会于2025年4月 24日向公司全体董事发出会议通知，以书面方式召开第九届董事会第十 二次会议，并于2025年4月29日形成有效决议。本次会议符合《中华人民 共和国公司法》和《中国石油天然气股份有限公司章程》的规定，合法、 有效。 二、董事会会议审议情况 出席会 ...

Performance Summary - Industrial and Commercial Bank of China (01398.HK) reported Q1 revenue of 204.688 billion yuan, a decrease of 2.61% year-on-year, and a net profit of 84.156 billion yuan, down 3.99% [3] - China Construction Bank (00939.HK) had Q1 operating income of 185.99 billion yuan, down 4.76% year-on-year, with a net profit of 83.351 billion yuan, also down 3.99% [3] - Agricultural Bank of China (01288.HK) achieved Q1 revenue of 186.735 billion yuan, an increase of 0.32% year-on-year, and a net profit of 71.931 billion yuan, up 2.2% [3] - Bank of China (03988.HK) reported Q1 revenue of 164.911 billion yuan, an increase of 2.41% year-on-year, but a net profit of 58.644 billion yuan, down 2.22% [3] - Postal Savings Bank of China (01658.HK) had Q1 revenue of 89.406 billion yuan, a slight decrease of 0.1%, and a net profit of 25.246 billion yuan, down 2.62% [3] - China Merchants Bank (03968.HK) reported Q1 revenue of 83.731 billion yuan, down 3.11% year-on-year, with a net profit of 37.286 billion yuan, down 2.08% [3] - Bank of Communications (03328.HK) had Q1 net operating income of 66.44 billion yuan, down 1.13%, but a net profit of 25.372 billion yuan, up 1.54% [3] - HSBC Holdings (00005.HK) reported Q1 revenue of 17.649 billion USD, down 14.95%, and a post-tax profit of 7.57 billion USD, down 30.15% [3] - China People's Insurance Group (01339.HK) achieved Q1 revenue of 156.589 billion yuan, up 12.8%, and a net profit of 12.849 billion yuan, up 43.4% [3] - China Life Insurance (02628.HK) reported Q1 revenue of 110.177 billion yuan, down 8.9%, but a net profit of 28.802 billion yuan, up 39.5% [3] - New China Life Insurance (01336.HK) had Q1 revenue of 33.402 billion yuan, up 26.1%, and a net profit of 5.882 billion yuan, up 19% [3] - China National Petroleum Corporation (00857.HK) reported Q1 revenue of 753.108 billion yuan, down 7.3%, but a net profit of 46.809 billion yuan, up 2.3% [3] - CNOOC (00883.HK) had Q1 revenue of 106.854 billion yuan, down 4.1%, and a net profit of 36.563 billion yuan, down 7.9% [3] - Huadian International Power (01071.HK) reported Q1 revenue of 26.577 billion yuan, down 14.14%, but a net profit of 1.93 billion yuan, up 3.66% [3] - China International Marine Containers (01880.HK) had Q1 revenue of 16.746 billion yuan, down 10.96%, and a net profit of 1.938 billion yuan, down 15.98% [3] - Air China (00753.HK) reported Q1 revenue of 40.023 billion yuan, down 0.11%, with a net loss of 2.044 billion yuan, an increase of 22.07% [3] - CITIC Securities (06030.HK) achieved Q1 revenue of 17.761 billion yuan, up 29.13%, and a net profit of 6.545 billion yuan, up 32% [3] - China Galaxy Securities (06881.HK) reported Q1 revenue of approximately 7.558 billion yuan, up 4.77%, and a net profit of approximately 3.016 billion yuan, up 84.86% [3] - CITIC Construction Investment Securities (06066.HK) had Q1 operating income of 4.919 billion yuan, up 14.54%, and a net profit of 1.843 billion yuan, up 50.07% [3] - Huatai Securities (06886.HK) reported Q1 revenue of approximately 8.232 billion yuan, up 34.83%, and a net profit of approximately 3.642 billion yuan, up 58.97% [3] - China Railway Construction (01186.HK) had Q1 revenue of 256.762 billion yuan, down 6.61%, and a net profit of 5.151 billion yuan, down 14.51% [3] - China Energy Engineering (03996.HK) reported Q1 revenue of 100.371 billion yuan, up 3.05%, and a net profit of 1.612 billion yuan, up 8.83% [3] - Times Electric (03898.HK) achieved Q1 revenue of 4.537 billion yuan, up 14.81%, and a net profit of 631 million yuan, up 13.42% [3] - Midea Group (00300.HK) reported Q1 revenue of 127.839 billion yuan, up 20.49%, and a net profit of 12.422 billion yuan, up 38.02% [3] - WH Group (00288.HK) had Q1 revenue of 6.554 billion USD, up 6.0%, and a profit of 364 million USD, up 20.9% [3] - Suncity Group (00880.HK) reported Q1 total revenue of 7.48 billion HKD, up 8.1%, and a net profit of 31 million HKD, turning profitable [3] - COSCO Shipping Ports (01199.HK) had Q1 revenue of 3.82 billion USD, up 14.7%, and a net profit of 839 million USD, up 33.5% [3] - Flat Glass Group (06865.HK) reported Q1 revenue of 4.079 billion yuan, down 28.76%, and a net profit of 106 million yuan, down 86.03% [3] - Zoomlion Heavy Industry (01157.HK) achieved Q1 revenue of 12.117 billion yuan, up 2.92%, and a net profit of 1.41 billion yuan, up 53.98% [3] - Ganfeng Lithium (01772.HK) reported Q1 revenue of approximately 3.772 billion yuan, down 25.43%, with a net loss of approximately 356 million yuan, narrowing by 18.93% [3] - Qingdao Port (06198.HK) had Q1 revenue of 4.807 billion yuan, up 8.51%, and a net profit of 1.402 billion yuan, up 6.51% [3] - China Shipbuilding Defense (00317.HK) reported Q1 revenue of approximately 3.641 billion yuan, up 29.73%, and a net profit of approximately 184 million yuan, up about 11 times [3] - Baiyunshan Pharmaceutical (00874.HK) had Q1 revenue of 22.473 billion yuan, down 2.06%, and a net profit of 1.821 billion yuan, down 6.99% [3] Investment Activities - New China Life Insurance (01336.HK) plans to invest no more than 10 billion yuan to subscribe to a private fund [4] - China Life Insurance (02628.HK) intends to invest 2 billion yuan to establish a partnership [4] Contract Signing - China Metallurgical Group (01618.HK) reported a new contract signing amount of 230.66 billion yuan in Q1, a decrease of 27.2% year-on-year, with overseas contracts amounting to 12.04 billion yuan, down 35.7% [5] Energy Production - Xin Tian Green Energy (00956.HK) completed power generation of 4.5442 million MWh in Q1, an increase of 10.37% year-on-year [6] - China Power (02380.HK) reported total electricity sales of 30.7477 million MWh in the first three months, up 2.59% year-on-year, with March sales of 10.9617 million MWh, up 3.95% [6] - Qingdao Port (06198.HK) achieved a total cargo throughput of 177 million tons in the first three months, up 2.9% year-on-year [6] Licensing Agreement - Fuhong Hanlin (02696.HK) entered into a licensing agreement with Sandoz AG for the commercialization of HLX13 in specified regions [6] Privatization Offer - Dingsheng Creation (00113.HK) received a privatization offer at a premium of approximately 50.63%, with a maximum cash consideration of about 1.0986 billion HKD [7] Share Buybacks - AIA Group (01299.HK) repurchased shares for 342.6 million HKD, buying back 6.2592 million shares at prices between 54.25 and 55.35 HKD [8] - J&T Express-W (01519.HK) repurchased shares for 9.2485 million HKD, buying back 1.54 million shares at prices between 5.98 and 6.03 HKD [8]

Financial Performance - The company's operating revenue for the reporting period was RMB 753,108 million, a decrease of 7.3% compared to the same period last 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]. - Basic and diluted earnings per share were both RMB 0.26, an increase of 2.3% year-on-year[4]. - The company's total revenue for Q1 2025 was RMB 753.11 billion, down 7.3% from RMB 812.80 billion year-on-year, primarily due to reduced market demand and lower refined oil sales[10]. - Net profit attributable to shareholders for Q1 2025 was RMB 46.81 billion, an increase of 2.3% from RMB 45.77 billion in the same period last year, driven by increased domestic natural gas production and effective cost control[10]. - The total comprehensive income for Q1 2025 was RMB 53,164 million, compared to RMB 49,105 million in Q1 2024, representing an increase of 8.3%[30]. - The company reported a net profit of RMB 51,887 million for the three months ended March 31, 2025, slightly higher than RMB 51,368 million for the same period in 2024, showing a growth of about 1.0%[36]. 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 end of the previous year[4]. - The company's total liabilities rose to RMB 1,077,428 million as of March 31, 2025, compared to RMB 1,043,144 million at the end of 2024, an increase of 3.3%[24]. - The total equity attributable to shareholders of the parent company rose to RMB 1,564,643 million as of March 31, 2025, compared to RMB 1,515,371 million at the end of 2024, an increase of 3.2%[24]. - The company's total liabilities as of March 31, 2025, were RMB 421,516 million, an increase from RMB 405,811 million as of December 31, 2024, reflecting a growth of approximately 3.9%[35]. Production and Sales - The total oil and gas equivalent production in Q1 2025 was 467.0 million barrels, a 0.7% increase from 463.7 million barrels year-on-year, with domestic production rising by 1.2%[11]. - The company processed 337.3 million barrels of crude oil in Q1 2025, a decrease of 4.7% from 353.8 million barrels in Q1 2024[14]. - Total sales of gasoline, kerosene, and diesel in Q1 2025 were 36.78 million tons, down 6.3% from 39.26 million tons year-on-year[19]. - Natural gas sales increased by 3.7% to 86.44 billion cubic meters in Q1 2025, compared to 83.37 billion cubic meters in the same period last year[21]. - The total revenue from external sales for the oil and gas segment was RMB 36,289 million for the three months ended March 31, 2025, up from RMB 34,851 million in the same period of 2024, indicating a growth of approximately 4.1%[38]. Market Conditions - The average price of Brent crude oil was $75.73 per barrel, down 8.9% from $83.16 per barrel in the same period last year[9]. - The average price of West Texas Intermediate crude oil was $71.47 per barrel, down 7.2% from $77.01 per barrel year-on-year[9]. - The domestic GDP growth rate was 5.4% compared to the same period last year[9]. - The demand for domestic refined oil is weak, while the demand for natural gas remains stable[9]. Investments and Acquisitions - The company completed the acquisition of 100% equity in China Petroleum Group Electric Power Co., Ltd. in October 2024, which will be reflected in future financial statements[4]. - The company plans to continue optimizing its overseas oil and gas asset structure and enhance the development of renewable energy sources[11]. - The company incurred capital expenditures of RMB 57,518 million for the three months ended March 31, 2025, compared to RMB 53,463 million for the same period in 2024, representing an increase of approximately 7.7%[37]. Shareholder Information - The total number of ordinary shareholders is 529,008, with 5,171 being registered shareholders[8]. - China Petroleum Group holds 82.46% of the shares, amounting to 150,923,565,570 shares[8]. - The planned increase in shareholding by China Petroleum Group is between RMB 2.8 billion and RMB 5.6 billion within 12 months starting from April 8, 2025[8]. - The top ten shareholders include major state-owned entities and investment funds, with significant holdings in the company[8]. - The company has not yet implemented the planned share buyback as of the announcement date[8].

被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料(如奋)。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求: (一)((中华人民共和国公司法》关于董事任职资格的规定; (二) ((中华人民共和国公务员法》关于公务员兼任职务的 规定(如适用) ; (三)中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定; (四)中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退(离)休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定(如适用) ; 独立董事候选人声明与承诺 本人张玉新,己充分了解并同意由提名人中国石油天然气股 份有限公司董事会提名为中国石油天然气股份杳限公司第九届 董事会独立董事候选人。本人公开声明,本人具备独立董事任职 资格,保证不存在任何影响本人担任中国石油天然气股份苟限公 司独立董事独立性的关系,具体声明并承诺如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行 政法规、部门规章及其他规范性文件,具有5年以上法律、经济、 会计、财务、管理或者真他履行独立董事职责所必需的工 ...

独立董事提名人声明与承诺 (五)中共中央组织部《关于进一步规范党政领导干部在企 业兼职(任职)问题的意见》的相关规定(女口适用); 提名人中国石油天然气股份有限公司董事会,现提名张玉新 为中国石油天然气股份有限公司第九届董事会独立董事候选人, 并已充分了解被提名人职业、学历、职称、详细的工作经历、全 部兼职、有无重大失信等不良记录等情况。被提名人已同意出任 中国石油天然气股份有限公司第九届董事会独立董事候选人(参 见该独立董事候选人声明)。提名人认为,被提名人具备独立董 事任职资格,与中国石油天然气股份有限公司之间不存在任何影 响其独立性的关系,具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、 行政法规、规章及其他规范性文件,具有5年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料(如有)。 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求: (一)((中华人民共和国公司法》关于董事任职资格的规定; (二) ((中华人民共和国公务员法》关于公务员兼任职务的 规定(如适用); (四) ...