Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) reported a decline in revenue and net profit for the first three quarters of 2025, primarily due to falling oil and gas prices [1] Financial Performance - Total revenue for the first three quarters was 2.1 trillion yuan, a year-on-year decrease of 10.7% [1] - Net profit attributable to shareholders was 29.98 billion yuan, down 32.2% year-on-year [1] - Operating cash flow net amount was 114.78 billion yuan, an increase of 13% year-on-year [1] - In Q3 alone, revenue was 704.39 billion yuan, a decline of 10.9% year-on-year, while net profit was 8.5 billion yuan, down 0.5% [1] Business Segment Performance - The chemical segment was the only loss-making sector, with an EBITDA loss of 8.22 billion yuan [2] - In exploration and development, oil and gas equivalent production reached 394.48 million barrels, a 2.2% increase year-on-year, with a profit of 38.08 billion yuan [2] - The refining segment processed 186 million tons of crude oil, producing 11 million tons of refined oil, with an EBITDA of 7 billion yuan [2] Capital Expenditure - Total capital expenditure for the first three quarters was 71.6 billion yuan, focused on capacity building and technological upgrades [3] - Capital expenditure in exploration and development was 41.6 billion yuan, while refining accounted for 10.6 billion yuan [3] - The marketing and distribution segment had a capital expenditure of 5.5 billion yuan, and the chemical segment accounted for 12.9 billion yuan [3]

记者｜郭霁莹 编辑｜瑜见 截至10月30日晚间，中国石化（600028.SH）、中国石油（601857.SH）、中国海油（600938.SH）三季 报出齐。国际油价下行趋势下，"三桶油"第三季度净利润同比均小幅回落，中国石油以422.9亿元归母 净利润居盈利榜首。三家公司第三季度合计盈利832.3亿元，相当于日赚9.05亿元。 ...

Core Viewpoint - The third-quarter financial results of China's three major oil companies, Sinopec, PetroChina, and CNOOC, show a slight decline in net profits due to the downward trend in international oil prices, with PetroChina leading in profitability. Group 1: Financial Performance - As of October 30, the third-quarter reports for Sinopec (600028.SH), PetroChina (601857.SH), and CNOOC (600938.SH) have been released, indicating a slight year-on-year decline in net profits for all three companies [1] - PetroChina reported a net profit of 42.29 billion yuan, making it the most profitable among the three [1] - The combined net profit for the three companies in the third quarter reached 83.23 billion yuan, averaging a daily profit of 905 million yuan [1]

Core Insights - The three major oil companies in China, Sinopec, PetroChina, and CNOOC, reported their third-quarter earnings, showing a slight decline in net profits year-on-year due to the downward trend in international oil prices [1] Group 1: Company Performance - Sinopec, PetroChina, and CNOOC collectively earned a net profit of 83.23 billion yuan in the third quarter, which translates to an average daily profit of 900.5 million yuan [1] - PetroChina led the profitability rankings with a net profit of 42.29 billion yuan [1]

Core Points - China Petroleum & Chemical Corporation (Sinopec) anticipates a 4.4% increase in natural gas supply for the upcoming winter heating season compared to the previous season, aiming to ensure warmth for the public [2] - The company is implementing key projects to increase reserves and production, focusing on capacity construction in regions such as Ebei, Dingshan, and Hongxing, and has completed maintenance of production facilities before the heating season [2] - Sinopec is actively establishing a "resource pool" for winter supply, ensuring full compliance with long-term import contracts and optimizing LNG procurement and logistics to enhance resource unloading efficiency [2] - The company has increased gas injection efforts in 14 gas storage facilities, with the North China region's oil field storage capacity reaching 940 million cubic meters, surpassing last year's levels [2] - A three-tier supply guarantee mechanism will be initiated, with daily scheduling, weekly tracking, and monthly summaries to respond to changing circumstances and ensure smooth gas supply during peak demand [3]

Core Insights - The establishment of the Central Enterprise Strategic Emerging Industry Development Special Fund (referred to as "Central Enterprise Emerging Fund") aims to enhance investment in strategic emerging industries, with a total fundraising of 51 billion yuan [3][4] - The fund has a total duration of 15 years, including a 5-year investment period and an 8-year management exit period, with a possible 2-year extension [3][4] - The fund's primary investment focus includes artificial intelligence, high-end equipment, quantum technology, and future industries such as future energy, future information, and future manufacturing [3] Fund Structure and Contributions - The fund has 15 contributors, with China Reform Holdings Corporation Limited (China Reform) being the largest shareholder, contributing 15 billion yuan and holding a 29.4% stake [3] - Other contributors include state-owned enterprises such as China Mobile (6 billion yuan), Sinopec (5 billion yuan), and China National Offshore Oil Corporation (3 billion yuan), among others [3] - The total scale of various central enterprise venture capital funds established this year is approaching 100 billion yuan, focusing on technology attributes and emerging fields [4] Policy and Investment Strategy - The fund is part of a broader initiative to support the development of strategic emerging industries as mandated by the central government [4] - The investment strategy emphasizes early-stage, small-scale, long-term investments in hard technology, creating a new model of integration between industry and finance [4][6] - Recent policy measures aim to address concerns regarding state-owned capital's risk tolerance and investment willingness, establishing a lifecycle assessment mechanism for venture capital funds [7][8] Market Impact and Collaboration - State-owned capital is expected to stimulate market-oriented funds' investment enthusiasm, particularly in larger financing projects where state capital can lead the investment [8] - Central enterprises possess rich application scenarios for collaboration, as evidenced by recent procurement orders in the robotics sector [8]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) reported a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in the current market environment [1][2]. Financial Performance - For the first three quarters of 2025, Sinopec's operating revenue was 2,113,441 million RMB, a year-on-year decrease of 10.7% [1]. - The net profit attributable to shareholders was 29,984 million RMB, down 32.2% year-on-year [1]. - Basic earnings per share were 0.247 RMB, reflecting a decrease of 32.5% compared to the previous year [1]. - Operating cash flow for the period was 114,782 million RMB, showing a year-on-year increase of 13.0% [1]. - Under international financial reporting standards, the revenue was the same at 2,113,441 million RMB, with a net profit of 32,065 million RMB, down 28.9% year-on-year [1]. Investment Activities - As of September 30, 2025, Sinopec's investments in other equity instruments amounted to 8,114 million RMB, a significant increase of 1,850.5% from 416 million RMB at the end of 2024, primarily due to strategic investment in CATL [2]. - Cash paid for investments in the first three quarters of 2025 was -6,606 million RMB, a decrease of 3,173 million RMB year-on-year, reflecting a 92.4% reduction, also influenced by the strategic investment [2]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 459,733, with 454,592 from domestic A-shares and 5,141 from overseas H-shares [2]. - The largest shareholder, China Petroleum & Chemical Corporation Group, held 68.58% of the shares, while Hong Kong Central Clearing (Nominee) Limited held 19.65% [2].

FF305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks andlor on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation Date Submitted: 30 October 2025 Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is disoloseable pursuant to rule 13.25A of the Rules Gov .isting of Securities on The Stock Exchange of Hon ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國石油化工股份有限公司 呈交日期： 2025年10月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00386 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事 ...

Investment Rating - The report maintains a "Recommended" rating for Sinopec (600028.SH) [6] Core Views - The refining performance has improved, with a more than 10% increase in non-net profit for Q3 2025 compared to the previous quarter. However, the overall revenue and net profit for the first three quarters of 2025 have decreased year-on-year by 10.7% and 32.2%, respectively [1] - The oil and gas exploration and development segment saw a year-on-year decline in profits due to falling oil and gas prices, despite a slight increase in production [2] - The refining segment experienced a significant profit improvement due to increased aviation fuel production and strategic adjustments in product structure [3] - The marketing and distribution segment faced a decline in refined oil sales, but profits remained relatively stable [4] - The chemical segment reported increased operating losses due to low margins and continued release of new domestic capacities [4] - The report suggests that the "de-involution" trend in the petrochemical industry may enhance profitability in refining and chemical operations, with expected net profits for 2025-2027 being 38.006 billion, 41.397 billion, and 46.040 billion yuan, respectively [4][5] Summary by Sections Financial Performance - For Q3 2025, Sinopec reported a revenue of 704.39 billion yuan, a year-on-year decrease of 10.9% but a quarter-on-quarter increase of 4.6%. The net profit was 8.5 billion yuan, down 0.5% year-on-year but up 3.4% quarter-on-quarter [1] - The non-net profit for Q3 2025 was 9.34 billion yuan, showing a year-on-year increase of 11.4% and a quarter-on-quarter increase of 16.8% [1] Exploration and Development - In Q3 2025, the oil and gas equivalent production was 131.67 million barrels, a year-on-year increase of 2.5% but a slight decrease of 0.1% from the previous quarter. Brent crude oil prices averaged $68.19 per barrel, down 13.5% year-on-year [2] Refining - The production of aviation fuel increased significantly, contributing to a substantial profit turnaround in the refining segment, which reported an EBIT of 3.72 billion yuan, a year-on-year improvement [3] Marketing and Distribution - Total refined oil sales in Q3 2025 were 59.26 million tons, down 5.4% year-on-year but up 4.8% quarter-on-quarter. The segment achieved an EBIT of 3.42 billion yuan, showing a slight year-on-year increase [4] Chemical - The chemical segment's total operating volume was 23.6 million tons, with a year-on-year increase of 6.7%. However, it reported an operating loss of 4.13 billion yuan due to low margins [4] Investment Forecast - The report forecasts a decline in revenue for 2025, with expected figures of 2,480.83 billion yuan, and a net profit of 38.006 billion yuan, with EPS projected at 0.31 yuan per share [5][10]