股票代码：600028 股票简称：中国石化 公告编号：2025-29 中国石油化工股份有限公司 2025 年半年度业绩提示性公告 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： 按中国企业会计准则，预计公司 2025 年上半年实现归属于母公司股东的 净利润为人民币 201 亿元至人民币 216 亿元，与上年同期相比，将下降 39.5%至 43.7%。 按中国企业会计准则，预计公司 2025 年上半年实现归属于母公司股东的 扣除非经常性损益后的净利润为人民币 200 亿元至人民币 215 亿元，与上年同期 相比，将下降 39.6%至 43.8%。 一、本期业绩预告情况 （一） 业绩预告期间 1 性损益后的净利润为人民币 200 亿元至人民币 215 亿元，与上年同期相比，将下 降 39.6%至 43.8%。 （三） 本次预计的业绩未经审计。 二、上年同期业绩情况 （一）归属于母公司股东的净利润：人民币 357.03 亿元。 （二）归属于母公司股东的扣除非经常性损益后的净利润：人民币 355.82 亿元。 （三）基 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之 任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （證券代號：00386） 2025年半年度業績提示性公告 重要內容提示： 一、本期業績預告情況 （一）業績預告期間 （二）歸屬於母公司股東的扣除非經常性損益後的淨利潤：人民币 355.82 億元。 1 按中國企業會計準則，預計公司 2025 年上半年實現歸屬於母公司股東的淨利 潤為人民幣 201 億元至人民幣 216 億元，與上年同期相比，將下降 39.5%至 43.7%。 按中國企業會計準則，預計公司 2025 年上半年實現歸屬於母公司股東的扣除 非經常性損益後的淨利潤為人民幣 200 億元至人民幣 215 億元，與上年同期相 比，將下降 39.6%至 43.8%。 （三）基本每股收益：人民幣 0.296 元。 （四）扣除非經常性損益後的基本每股收益：人民幣 0.295 元。 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）業績預告情況 ...

Core Viewpoint - Bank of America maintains a "Buy" rating for China Petroleum & Chemical Corporation (Sinopec) due to its attractive valuation and expected dividend yield for the year [1] Group 1: Financial Performance - Sinopec's operating data for the first half of the year fell short of expectations, with exploration and production (E&P) business meeting forecasts, achieving a 2% year-on-year increase in oil and gas output, reaching 50% of the annual target [1] - Domestic crude oil production saw a slight year-on-year increase of 0.2%, which is below the industry average of 1.3%, potentially dragging down net after-tax profit (NAPT) [1] - Refining business experienced a significant decline in processing volume by 5.3%, while the industry average saw a growth of 1.6%, primarily due to weak core refining margins (GRM), sluggish demand, and capacity maintenance [1] - Sales volume decreased by 3.4% year-on-year, outperforming the industry average decline of 5.8%, and the company managed to capture market share from peers [1] - In the chemical sector, ethylene production increased by 16.4% year-on-year, surpassing the industry average growth of 10.9% [1] Group 2: Market Outlook - The company maintains a neutral outlook on the crude oil market, predicting an oil price of $64 per barrel for the second half of the year [1] - Recent anti-involution policies have limited support for the oil and gas sector [1] - Due to the second quarter's operational performance being below expectations, the company is unlikely to meet its annual refining and sales targets [1] - The National Development and Reform Commission (NDRC) recently announced new policies to strengthen energy conservation and carbon emission approval regulations, which may benefit Sinopec in the long term as the company has already invested in major new chemical production capacities outlined in the plan, although short-term impacts are expected to be limited [1]

Market Performance - The Hang Seng Index closed at 25,176, down 1.36% for the day and up 25.51% year-to-date [1] - The Hang Seng Tech Index fell 2.72% to 5,490, with a year-to-date increase of 22.89% [1] - The Dow Jones Index decreased by 0.38% to 44,461, with a year-to-date rise of 4.51% [1] - The S&P 500 Index closed at 6,362, down 0.12% for the day and up 8.18% year-to-date [1] Currency and Commodity Overview - The Renminbi Index stood at 95.710, down 0.22% over the past month and down 5.14% over six months [2] - Brent crude oil price increased by 8.15% over the past month to $72.210 per barrel, but decreased by 1.00% over six months [2] - Gold prices rose by 0.88% over the past month to $3,332.69 per ounce, with a significant increase of 19.24% over six months [2] Company-Specific Developments - JD.com announced a voluntary public acquisition offer for CECONOMY AG at €4.60 per share, with full support from CECONOMY's supervisory and management boards [13] - Adidas reported a 58% year-on-year increase in operating profit for Q2, reaching €546 million, surpassing market expectations [15] - Guotai Junan International successfully issued the first public digital native bond by a Chinese brokerage, with a size of up to $300 million [16] Economic Indicators - Eurozone GDP grew by 0.1% quarter-on-quarter in Q2, exceeding expectations, with an annual growth of 1.4% [17] - The U.S. GDP for Q2 showed an annualized growth of 3%, rebounding from a contraction in Q1 and surpassing the expected 2.4% [18]

Industry Overview - The automotive antifreeze industry in China is experiencing steady growth, with a market size projected to reach 12.4 billion yuan in 2024, representing a year-on-year increase of 7.54% [1][11] - The rising number of vehicles is driving demand for automotive maintenance products, including antifreeze, which is essential for vehicle upkeep [1][11] - The cooling systems of electric vehicles differ from traditional fuel vehicles, necessitating higher performance and more environmentally friendly antifreeze products, prompting companies to increase R&D investments [1][11] Industry Chain - The upstream of the antifreeze industry includes raw materials and production equipment, with ethylene glycol being the most commonly used antifreeze component, accounting for 30%-60% of antifreeze costs [4][6] - The midstream involves the production and manufacturing of antifreeze, while the downstream application primarily serves the automotive industry [4] Market Dynamics - In the first half of 2025, China's automotive production reached 15.62 million units, a year-on-year increase of 12.45%, and sales reached 15.65 million units, up 11.43%, directly boosting antifreeze demand [7] - The domestic antifreeze industry is gradually achieving import substitution through technological upgrades and capacity expansion, with imports of antifreeze decreasing by 45.58% year-on-year in early 2025 [9] Key Companies - China Petroleum & Chemical Corporation (Sinopec) leads the high-end market with its OAT antifreeze products, which are priced 30%-50% higher than traditional products [13] - China National Petroleum Corporation (CNPC) follows closely, reducing production costs through vertical integration of ethylene glycol [13] - Jiangsu Longpan Technology Co., Ltd. is a leading private company in the antifreeze sector, focusing on high-performance products and expanding its market presence [16] Industry Trends - The industry is moving towards more environmentally friendly antifreeze solutions, with a focus on reducing harmful components and developing biodegradable products [18] - High-performance antifreeze is becoming a priority, especially for electric vehicles, which require specialized cooling solutions [19][20] - The integration of smart monitoring systems for real-time tracking of coolant status is emerging as a significant trend, enhancing maintenance efficiency [21]

Group 1 - The core viewpoint of the articles highlights that Sinopec's stock closed at 6.01 yuan, with a PE ratio of 16.10 times, and a total market capitalization of 728.68 billion yuan [1] - Sinopec ranks 11th in the oil industry based on PE ratio, with the industry average at 13.24 times and the median at 31.00 times [1] - As of the first quarter of 2025, 77 institutions hold shares in Sinopec, with a total holding of 16.77 million shares valued at 946 million yuan [1] Group 2 - Sinopec's main business includes oil and gas exploration, development, production, and refining, as well as chemical manufacturing and marketing [1] - The latest financial results for the first quarter of 2025 show revenue of 735.36 billion yuan, a year-on-year decrease of 6.91%, and a net profit of 13.26 billion yuan, down 27.60% year-on-year, with a gross profit margin of 15.66% [1] - The PE ratio of Sinopec is compared to other companies in the industry, with the average PE at 13.24 times and the median at 31.00 times, indicating a competitive position within the sector [2]

Market Overview - The Shanghai Composite Index rose by 0.17% on July 30, with 14 out of the 28 sectors experiencing gains, led by the steel and oil & petrochemical industries, which increased by 2.05% and 1.84% respectively [1] - The banking sector saw the largest net inflow of funds, totaling 1.136 billion yuan, while the media sector followed with a net inflow of 1.029 billion yuan and a daily increase of 0.99% [1] Sector Performance - The oil & petrochemical sector experienced a rise of 1.84%, with a total net inflow of 35.4751 million yuan. Out of 47 stocks in this sector, 29 rose, including one that hit the daily limit, while 14 declined [2] - The leading stock in terms of net inflow within the oil & petrochemical sector was China National Offshore Oil Corporation (CNOOC), which saw an inflow of 102.41 million yuan. Other notable stocks included Tongyuan Petroleum and Qianeng Huanxin, with inflows of 85.1104 million yuan and 66.1585 million yuan respectively [2] Fund Flow Analysis - A total of 24 sectors experienced net outflows, with the computer sector leading with a net outflow of 10.472 billion yuan, followed by the electronics sector with an outflow of 8.271 billion yuan [1] - In the oil & petrochemical sector, 10 stocks experienced net outflows exceeding 10 million yuan, with Guanghui Energy, Haiyou Development, and Tongkun Co. leading the outflows at 77.6510 million yuan, 39.1823 million yuan, and 31.4302 million yuan respectively [2][3]

Group 1 - The 2025 Fortune Global 500 list includes 130 Chinese companies, with 120 from mainland China, 4 from Hong Kong, and 6 from Taiwan [1][2] - The total revenue of Chinese companies on the list is approximately $10.7 trillion, with State Grid Corporation of China leading at $548.4 billion [1][3] - There are 25 new entrants or returning companies on the list, with 5 from China, including Shandong Gold, Wistron, New China Life, China General Technology Group, and Country Garden [1][2] Group 2 - Beijing, Shanghai, and Shenzhen are the top three cities with the most Fortune Global 500 companies, with Beijing having 46 companies [2][3] - The highest-ranked company in Shenzhen is Ping An Insurance, with a revenue of $158.6 billion, while Alibaba from Hangzhou ranks 63rd with $138.1 billion [2][3] - Most of the listed companies in China are state-owned, with 40 out of 46 companies in Beijing being central or provincial state-owned enterprises [2][3] Group 3 - The total revenue of the Fortune Global 500 companies is about $41.7 trillion, a 1.8% increase from the previous year, while total profits are approximately $2.98 trillion, a 0.4% increase [7] - The average profit for mainland China and Hong Kong companies improved from $3.9 billion to $4.2 billion, reflecting a 7.4% year-on-year growth [7][6]

一个国家能进这个大名单的企业越多，就说明这个国家经济实力越强。五百强名单也被叫做 "国家经济的晴雨表"。 当初世界五百强第一次公开名单时，我国只有 3 家企业入围。美国和日本呢，分别有 151 家和 149 家。现在我国入围的企业数量，有没有变化呢？ 世界五百强的评定标准其实很简单。基本只要是合法合规的企业都能申请，最终排名只看营业收入。不看体量，不看行业，不看年限。当然，企业规模和 体量通常对收入有直接影响。但这个让很多企业和人 "仰望" 的评判标准，最早并不是公开的评定项目。 最早的五百强名单，是美国《财富》杂志 1955 年做的。当时是为了衡量美国企业收入增长、产业结构等发展平衡指标。估计连《财富》杂志出版人都没 想到，这五百家企业名单公布后，很快成了美国各行各业关注的目标。从 1957 年开始，美国各大公司都争着要进这个名单。这个意外结果让杂志社发现 了新商机，1976 年开始，《财富》杂志又加了美国之外的五百强企业排名。 不过日本入围企业虽多，资产总量和美国企业比还有很大差距。让人唏嘘的是，首次五百强里，我国只有中国银行、中粮集团、中国石化三家企业入围。 从名字能看出，这些都是国字头国企。 经过几十 ...

Core Insights - The 2025 Fortune Global 500 list reveals a total revenue of approximately $41.7 trillion, marking a year-on-year growth of about 1.8%, which exceeds one-third of the global GDP [2] - The threshold for inclusion in the list increased from $32.1 billion to $32.2 billion, with total net profits rising by approximately 0.4% to around $2.98 trillion [2] - Walmart retains the top position for the twelfth consecutive year, followed by Amazon and State Grid Corporation of China [2][3] Company Rankings - Walmart leads with revenues of $680.985 billion and profits of $19.436 billion [3] - Amazon follows with revenues of $637.959 billion and profits of $59.248 billion [3] - State Grid Corporation of China ranks third with revenues of $548.414 billion and profits of $10.045 billion [3] - Saudi Aramco and China National Petroleum Corporation occupy the fourth and fifth positions, respectively [3] Chinese Companies Performance - A total of 130 Chinese companies made the list, with 124 from mainland China and Hong Kong, and 6 from Taiwan [2] - Huawei returns to the top 100, ranking 83rd with revenues of $119.8128 billion, an increase of 20 positions from the previous year [5] - Pinduoduo shows significant growth, rising 176 positions to rank 266th, while Meituan and JD.com also improved their rankings [4][5] High-Tech Sector Insights - The high-tech sector is represented by 34 companies on the list, with average revenues of $96.7 billion and average profits of $18.1 billion, reflecting year-on-year increases of 9.6% and 24%, respectively [8] - Nvidia leads in profit margin with over 55%, ranking 66th overall with revenues exceeding $130 billion, a growth of approximately 114% [8][9] - The most profitable companies include Saudi Aramco, Alphabet, and Apple, with Chinese Industrial and Commercial Bank being the only Chinese company in the top ten for profits [7][9] New and Returning Companies - There are 25 new or returning companies on the list, including five from China, with Shandong Gold Group making its debut [6]