2025.08.28 本文字数：1701，阅读时长大约3分钟 作者 |第一财经 郭霁莹 上半年国际油价震荡下行态势波及了国内石油公司利润。 国内成品油达峰现状正给产业链企业带来较大影响。伍德麦肯兹亚太聚酯总监罗靖表示，交通领域作为 能源转型核心战场，中国市场汽油需求已于2023年触及峰值，2030年后下行速度将明显加快；整体油品 需求预计在2028年达峰。 面对新能源对传统能源上下游市场的挤压，"三桶油"均表态要加紧非油业务布局。中国石油称将统筹布 局新能源、新材料等新兴产业，公司上半年风光发电量同比大增七成达36.9亿千瓦，新材料产量166.5万 吨，同比增超五成。中国海油则立志扩大绿电使用规模，上半年共消纳绿电超5亿千瓦时；同时开创"以 碳驱油、以油固碳"的海洋能源循环利用新模式，中国海上首个CCUS项目上半年在恩平15-1平台投用。 石油业务是"三桶油"最主要收入来源。正因如此，三家公司均在年报中着重提及国际油价震荡下跌对公 司业绩的影响。今年上半年，全球石油市场供需宽松，布伦特（Brent）原油现货均价同比跌幅在15% 左右。 因此，中国石油上半年原油平均售价66.21美元/桶，同比下滑14.5%；中 ...

Core Viewpoint - The decline in international oil prices in the first half of the year has negatively impacted the profits of domestic oil companies, with "three major oil companies" reporting significant decreases in net profits and revenues compared to the previous year [1][2]. Financial Performance - China National Petroleum Corporation (CNPC) reported a net profit of 84.01 billion yuan, down 5.4% year-on-year - China Petroleum & Chemical Corporation (Sinopec) reported a net profit of 21.48 billion yuan, down 39.8% year-on-year - China National Offshore Oil Corporation (CNOOC) reported a net profit of 69.53 billion yuan, down 13% year-on-year - The total decline in net profits for the three companies amounted to 29.05 billion yuan, equivalent to a daily loss of nearly 160 million yuan [1][2]. Revenue Trends - The operating revenues of the three companies also experienced declines ranging from 5% to 11% - CNPC faced a rare situation of both revenue and net profit decline for the first time in five years [1][2]. Oil Price Impact - The average selling price of crude oil for CNPC was $66.21 per barrel, down 14.5% year-on-year - CNOOC's average selling price was $69.15 per barrel, down 13.9% year-on-year - The oil and gas segment revenue for CNPC decreased by 6.3% to 422.67 billion yuan, while CNOOC's oil and gas sales revenue fell by 7.2% to 171.75 billion yuan [2]. Natural Gas Performance - CNPC's natural gas sales revenue increased by over 16% to 27.75 billion yuan, driven by a 5% rise in average selling price and a nearly 3% increase in sales volume - CNOOC's natural gas average selling price rose by 1.4% to $7.9 per thousand cubic feet, with sales volume increasing by 13.5% to 489.2 billion cubic feet [2]. Downstream Business Impact - Both CNPC and Sinopec reported significant impacts on their downstream oil products and refining businesses due to declining prices and sales volumes - CNPC's chemical business operating profit fell by 55.5% to 1.392 billion yuan, while Sinopec's chemical division reported an expanded loss of 4.224 billion yuan, up 33.5% year-on-year [3]. Market Trends and Future Outlook - The domestic gasoline demand has peaked in 2023, with expectations of a significant decline post-2030 - The overall oil product demand is projected to peak by 2028, prompting the three major oil companies to accelerate their non-oil business strategies [4]. Strategic Initiatives - CNPC plans to expand into new energy and materials sectors, reporting a 70% increase in wind and solar power generation - CNOOC aims to enhance green electricity usage and has initiated a carbon capture and utilization project - Sinopec is focusing on developing a hydrogen and electric vehicle network, having invested in battery manufacturer CATL to build at least 500 battery swap stations [4].

Core Viewpoint - The "Big Three" oil companies in China are accelerating their non-oil business expansion in response to declining profits from their core oil operations due to falling international oil prices [2][5]. Financial Performance - In the first half of the year, the "Big Three" reported a total net profit decline of 290.5 billion yuan, equivalent to a daily loss of nearly 1.6 billion yuan, with individual profits of China National Petroleum Corporation (CNPC) at 840.1 billion yuan, Sinopec at 214.8 billion yuan, and CNOOC at 695.3 billion yuan, reflecting year-on-year decreases of 5.4%, 39.8%, and 13% respectively [2][3]. - Revenue for the "Big Three" also fell between 5% to 11%, with CNPC experiencing a rare dual decline in both revenue and net profit for the first time in five years [2][3]. Oil Price Impact - The average crude oil price for CNPC was $66.21 per barrel, down 14.5% year-on-year, while CNOOC's average price was $69.15 per barrel, down 13.9% [3]. - CNPC's oil and gas segment revenue decreased by 6.3% to 422.67 billion yuan, accounting for 30% of total revenue, while CNOOC's oil and gas sales revenue fell by 7.2% to 171.75 billion yuan, making up 83% of total revenue [3]. Natural Gas Performance - Both CNPC and CNOOC saw growth in natural gas sales, with CNPC's average sales price increasing over 5% to 2,334 yuan per ton and sales volume rising nearly 3% to 1.515 million tons [3]. - CNOOC's natural gas average price rose 1.4% to $7.9 per thousand cubic feet, with sales volume increasing 13.5% to 4.892 trillion cubic feet, leading to a 16% increase in natural gas revenue to 27.75 billion yuan [3]. Downstream Business Challenges - The downstream oil product sales and refining businesses of CNPC and Sinopec were significantly impacted by falling prices and sales volumes of oil and petrochemical products [4]. - CNPC's chemical business profit dropped 55.5% to 1.392 billion yuan, while Sinopec's chemical division reported a loss that widened by 33.5% to 422.4 million yuan [4]. Strategic Shift to Non-Oil Business - The "Big Three" are focusing on non-oil business development due to the peak oil demand in the transportation sector and the anticipated decline in overall oil demand by 2028 [5]. - CNPC plans to expand into new energy and materials, reporting a 70% increase in wind and solar power generation to 3.69 billion kilowatt-hours, and a 50% increase in new materials production to 1.665 million tons [5]. - CNOOC aims to increase green electricity usage and has initiated a carbon capture and utilization project [5][6].

Core Insights - The establishment of the Dongying City Oil and Gas Production Big Data Analysis Key Laboratory marks significant progress in the field of new technology research for oil and gas production by the Shengli Oilfield Digital Management Service Center [1][2] - The laboratory aims to drive innovation through data and empower production, focusing on the entire process management of oil and gas production to support high-quality development [1] Group 1 - The laboratory has completed hardware configuration, team formation, and institutional construction, receiving recognition from experts during the on-site evaluation organized by the Dongying Science and Technology Bureau [1] - Future plans include leveraging the oilfield data lake, high-performance computing resources, and the "Sheng Xiaoli" model to participate in national major special project research [1][2] - The laboratory will establish a tripartite linkage mechanism for project application and establishment among the national level, Sinopec, and Shengli Oilfield to promote the autonomy of core technologies [1] Group 2 - The laboratory will optimize production processes using IoT and AI technologies, aiming for cost reduction, efficiency improvement, and safety control [2] - It will create a new technology research and incubation system for oil and gas production big data, covering the entire lifecycle of data collection, storage, analysis, and application [2] - The laboratory plans to provide customized solutions for the frontline of oilfields through the integration of production, education, research, and application, supporting the intelligent development of the oil and gas exploration and development industry [2]

Group 1: Financial Performance - In the first half of the year, China National Offshore Oil Corporation (CNOOC) reported a revenue of 207.6 billion yuan and a net profit attributable to shareholders of 69.5 billion yuan [1] - The average price of Brent crude oil was $71.7 per barrel, a decrease of 14.7% year-on-year, leading to a slight decline in profits for the "Big Three" oil companies [1] - The combined daily profit of the "Big Three" oil companies was approximately 970 million yuan in the first half of the year [1] Group 2: Production and Growth - CNOOC's net production reached 385 million barrels of oil equivalent, an increase of 6.1% year-on-year, with both domestic and international production exceeding historical levels [1] - China National Petroleum Corporation (CNPC) achieved a production of 924 million barrels of oil equivalent, a 2.0% increase year-on-year, with natural gas production hitting a historical high [1] - China Petroleum & Chemical Corporation (Sinopec) reported an oil and gas equivalent production of 263 million barrels, also a 2.0% increase year-on-year, with domestic production reaching a historical high [1] Group 3: New Energy Initiatives - CNPC's wind and solar power generation reached 3.69 billion kWh, a 70.0% increase from the previous year, and the company is actively pursuing carbon capture, utilization, and storage (CCUS) projects [2] - Sinopec is expanding its hydrogen energy and electric vehicle charging networks, aiming to transform into a comprehensive energy service provider [2] - CNOOC is integrating oil and gas production with new energy initiatives, including the launch of its first offshore CCUS project, promoting a new model of marine energy recycling [3]

Core Insights - The financial results of China's three major oil companies, namely China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC), have been disclosed, showing a total net profit of 174.99 billion yuan for the first half of the year, equivalent to approximately 9.6 million yuan per day [2] Financial Performance - CNPC reported a net profit of 84.01 billion yuan, Sinopec reported 21.48 billion yuan, and CNOOC reported 69.5 billion yuan, contributing to the total net profit [2] - The net profits of these companies have decreased by 5% to 40% compared to the same period last year, resulting in a total profit reduction of 29.05 billion yuan, which translates to a daily loss of about 1.6 million yuan [2]

Group 1 - The core viewpoint of the article highlights the financial performance of China's three major oil companies, known as "Three Barrels of Oil," which reported a total net profit of 174.9 billion yuan for the first half of the year, equivalent to a daily profit of 960 million yuan [2] - China National Petroleum Corporation (CNPC) achieved a net profit of 84.01 billion yuan, while China Petroleum & Chemical Corporation (Sinopec) reported 21.48 billion yuan, and China National Offshore Oil Corporation (CNOOC) earned 69.5 billion yuan [2] - The overall profit of these companies decreased by 290.5 billion yuan compared to the same period last year, reflecting a decline in net profits ranging from 5% to 40% due to falling international oil prices [2]

Group 1 - China Petroleum & Chemical Corporation (Sinopec) signed a contract with ACWA Power for the design and engineering of the green hydrogen/ammonia project in Yanbu, Saudi Arabia, which will be the largest integrated green hydrogen/ammonia production facility globally [1] - The project will utilize wind and solar power to produce green ammonia, featuring 4.5 GW of electrolysis capacity and approximately 8,000 tons per day of synthetic ammonia production, with commercial operations expected to start in 2030 [1] - The facility is projected to produce 400,000 tons of green hydrogen and 2.8 million tons of green ammonia annually [1] Group 2 - Sinopec is actively promoting the high-quality development of the hydrogen energy industry chain, leading the establishment of a central enterprise green hydrogen production, storage, and transportation innovation consortium [2] - The company has built 11 hydrogen fuel cell supply centers and 144 hydrogen refueling stations, creating hydrogen corridors across several major highways in China [2] - Sinopec has invested in 13 enterprises across various segments of the hydrogen energy industry, including hydrogen production technology and hydrogen refueling station construction [2]

Market Overview - The refining and trading sector experienced a decline of 1.66% on August 27, with Baoli International leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable stock performances included: - Kangzhidun (603798) rose by 5.87% to close at 15.88 [1] - Baoli International (300135) fell by 6.78% to close at 4.26 [2] - China Petroleum (601857) decreased by 1.60% to close at 8.63 [1] - Shanghai Petrochemical (600688) dropped by 2.03% to close at 2.89 [1] Trading Volume and Capital Flow - The refining and trading sector saw a net outflow of 828 million yuan from institutional investors, while retail investors contributed a net inflow of 455 million yuan [2] - The trading volume for Kangzhidun was 401,600 hands, with a transaction amount of 6.57 million yuan [1] Individual Stock Capital Flow - Kangzhidun had a net inflow of 31.92 million yuan from institutional investors, while it faced a net outflow of 21.38 million yuan from speculative funds [3] - Baoli International experienced a significant net outflow of 31.1 million yuan from institutional investors [2]

Core Insights - Clarivate Plc has signed agreements with China Petrochemical Corporation (Sinopec Group) to provide academic research and intellectual property solutions, enhancing Sinopec's research and development capabilities [1][2] - The partnership aims to support Sinopec's vision of advancing low-carbon energy technologies and environmentally friendly materials through improved innovation processes [2][5] Company Collaboration - Clarivate will supply Sinopec Group with the Web of Science platform, which includes a comprehensive citation index and various data insights, facilitating access to a wide range of academic content [3][5] - Beijing incoPat Technology Co., Ltd. will contribute global patent data through the incoPat database, which contains over 200 million records from 172 countries and organizations [4][5] Strategic Goals - The collaboration is positioned as a significant step in driving innovation within Sinopec Group, aligning with its goal to become a world-leading energy and chemical company [5] - The partnership builds on a history of collaboration, with Sinopec already utilizing other Clarivate solutions such as InCites Benchmarking & Analytics and Derwent Innovation [5]