股票代码：600028 股票简称：中国石化 公告编号：2025-37 2025年8月22日，公司通过集中竞价交易方式本轮首次回购A股股份数量为 17,200,000股，已回购股份占公司总股本的比例为0.014%，购买的最高价为5.86 元/股、最低价为5.77元/股，已支付的总金额为人民币99,806,035.67元（不含交易 费用）。 上述回购进展符合法律法规的规定及公司披露的回购股份方案。本公司将按 照相关规定及回购股份方案，根据市场情况在回购期限内实施股份回购，并依据 相关法律法规和规范性文件的要求及时履行信息披露义务。敬请广大投资者注意 投资风险。 中国石油化工股份有限公司 关于以集中竞价交易方式本轮首次回购A股股份的公告 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。 为维护公司价值及股东权益，2025年8月21日，中国石油化工股份有限公司 （简称"公司"或"本公司"）第九届董事会第八次会议审议通过了《关于以集 中竞价交易方式回购公司股份的方案》，具体内容详见公司于2025年8月22日在上 海证券交易所网站披露的相关 ...

中国石化公告，2025年 8月 22日，公司通过集中竞价交易方式本轮首次回购 A 股股份数量为 1720万 股，已回购股份占公司总股本的比例为 0.014% ，购买的最高价为 5.86元 / 股、最低价为 5.77元 / 股， 已支付的总金额为人民币 9980.6万元（不含交易费用）。 ...

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) reported a decline in revenue and net profit for the first half of 2025, primarily due to falling international oil prices and decreased domestic demand for gasoline and diesel [1][4]. Financial Performance - For the first half of 2025, Sinopec achieved revenue of 1.41 trillion RMB, a decrease of 10.6% compared to 2024 [2]. - The total profit for the period was 28.77 billion RMB, down 43.4% year-on-year [2]. - Net profit attributable to shareholders was 21.48 billion RMB, reflecting a 39.8% decline [2]. - The net profit after excluding non-recurring items was 21.22 billion RMB, a decrease of 40.4% [2]. - Operating income was 334.23 billion RMB, down 34.5% year-on-year [1]. Cash Flow and Assets - The net cash flow from operating activities increased by 44.4% to 61.02 billion RMB [2]. - As of June 30, 2025, total assets reached 2.14 trillion RMB, a 2.9% increase from the end of 2024 [2]. - Shareholders' equity attributable to the parent company was 827.45 billion RMB, up 0.9% [2]. Future Outlook - Sinopec anticipates continued growth in domestic natural gas and chemical product demand in the second half of 2025, despite the impact of alternative energy on refined oil demand [4]. - The company expects greater uncertainty in international oil prices due to geopolitical factors and global supply-demand dynamics [4]. - Sinopec plans to focus on operational efficiency, technological innovation, transformation, and management reform to promote high-quality development [4]. Capital Expenditure and Shareholder Returns - Sinopec has adjusted its annual capital expenditure plan downwards by approximately 5% [4]. - The company announced a mid-year cash dividend of 0.088 RMB per share, totaling 10.67 billion RMB (including tax) [4]. - A new share repurchase plan has been approved, with all repurchased shares to be canceled [4]. Strategic Initiatives - Sinopec's chairman emphasized the importance of embracing energy revolution and industrial transformation while focusing on innovation, value creation, and market expansion [5].

Group 1 - The core viewpoint of the report is that China Petroleum & Chemical Corporation (Sinopec) is rated as a "buy" due to several positive factors impacting its performance [2] Group 2 - The company's performance in the first half of the year was under pressure due to reduced inventory profits and weak supply-demand dynamics [2] - Continuous progress in upstream reserve and production increases has led to record high oil and gas equivalent production for the same period [2] - The refining segment is actively reducing costs, and the sales of chemical products are showing continuous improvement [2] - The arrival of a stock competition era is expected to benefit leading petrochemical companies in the long term [2]

8月22日，石油行业下跌0.61%，今日主力资金流出4.76亿元，成分股2只上涨，13只下跌。 来源：金融界 主力资金净流出居前的分别为中国石油（9839.38万元）、中国石化（8283.13万元）、洲际油气 （7755.59万元）、东华能源（6841.93万元）、中国海油（6289.53万元）。 序号代码名称最新价涨跌幅主力净流入主力净占比1600506统一股份22.371.271940.18万元7.15%2603798 康普顿13.731.251310.06万元7.97%3000554泰山石油7.13-0.56785.35万元4.48%4000698沈阳化工4.27- 0.47286.35万元3.94%5000059华锦股份5.41-0.37-78.25万元-0.59%6002778中晟高科18.880.0-325.64万 元-5.15%7600777*ST新潮4.25-0.47-363.51万元-3.93%8300839博汇股份15.02-2.34-372.82万 元-2.3%9000637茂化实华4.3-2.05-435.27万元-6.61%10000159国际实业6.00.0-455.67万元-3. ...

Investment Rating - The investment rating for Sinopec (600028.SH) is "Buy" [1] Core Views - The report indicates that Sinopec's performance in the first half of 2025 was under pressure due to weak supply and demand in the refining sector, with a significant decline in revenue and net profit compared to the previous year [1][4] - The report highlights that the company achieved a historical high in oil and gas equivalent production, despite a slight decrease in crude oil output [4][5] - The long-term investment value of Sinopec is viewed positively, given its position as a leading player in the petrochemical industry amid a competitive landscape [5][7] Financial Performance Summary - In the first half of 2025, Sinopec reported total revenue of CNY 1,409.05 billion, a year-on-year decrease of 10.60%, and a net profit attributable to shareholders of CNY 21.48 billion, down 39.83% [1] - The second quarter of 2025 saw revenue of CNY 673.70 billion, a year-on-year decline of 14.31%, and a net profit of CNY 8.22 billion, down 52.73% [2] - The average Brent oil price in the first half of 2025 was USD 71 per barrel, a decrease of 15% year-on-year, impacting the company's inventory and overall performance [4] Segment Performance Summary - The exploration and development segment achieved operating income of CNY 23.6 billion, while refining, marketing, and chemical segments reported operating incomes of CNY 3.5 billion, CNY 8 billion, and a loss of CNY 4.2 billion, respectively [4] - The company processed 120 million tons of crude oil in the first half of 2025, producing 71.4 million tons of refined oil, a decrease of 7.6% year-on-year [4] - The chemical segment showed improvement with ethylene production increasing by 16.4% year-on-year to 7.56 million tons [4] Future Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is CNY 46.17 billion, CNY 47.86 billion, and CNY 51.73 billion, respectively, with corresponding EPS of CNY 0.38, CNY 0.39, and CNY 0.43 [7] - The report anticipates a net profit growth rate of -8.2% for 2025, followed by a recovery with growth rates of 3.7% and 8.1% in 2026 and 2027 [7]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [8] Core Views - The company's performance in the first half of 2025 is significantly pressured by multiple factors, including a decline in oil prices, leading to a revenue drop of 10.6% year-on-year to 1,409.05 billion, and a net profit decrease of 39.8% to 21.48 billion [1] - The upstream segment's earnings are notably impacted by falling oil prices, with crude oil production down 0.3% year-on-year and an average price of $67 per barrel, a 12.9% decrease [2] - The downstream business faces short-term challenges due to reduced inventory profits from declining oil prices, with refining margins remaining stable at 315 yuan per ton, but segment earnings down 50.4% year-on-year [3] - The marketing segment is experiencing a significant decline in sales volume, with gasoline, diesel, and kerosene down 4.9%, 6.8%, and 8.4% respectively, leading to a revenue drop of 45.7% [4] - The company plans to reduce capital expenditures by approximately 5%, which is expected to benefit long-term profitability and cash flow [5] Financial Summary - The company's projected net profit for 2025 has been adjusted to 43.5 billion, down from previous estimates due to oil price pressures, with a price-to-earnings ratio forecasted at 16 [6][8] - The company’s revenue is expected to decline by 9% in 2025, with a gradual recovery projected in subsequent years [6] - The dividend yield for A shares is estimated at 4.3% for 2025, while H shares are projected at 6.2% [5]

Investment Rating - The report maintains a "Recommended" rating for Sinopec (600028.SH) [4][6]. Core Views - The report highlights a decline in profits for Q2 2025, with a focus on the petrochemical industry's "anti-involution" trend, which is expected to improve profitability in refining and chemical sectors [4]. - The company plans to distribute a cash dividend of 0.088 CNY per share, resulting in a total dividend payout of 10.67 billion CNY, with a dividend rate of 49.7% [4]. Financial Performance Summary Revenue and Profit - In H1 2025, Sinopec achieved operating revenue of 1,409.05 billion CNY, a year-on-year decrease of 10.6%. The net profit attributable to shareholders was 21.48 billion CNY, down 39.8% year-on-year [1]. - For Q2 2025, the company reported operating revenue of 673.7 billion CNY, a year-on-year decline of 14.3% and a quarter-on-quarter decline of 8.4%. The net profit for Q2 was 8.22 billion CNY, down 52.7% year-on-year and 38.0% quarter-on-quarter [1]. Exploration and Development - In H1 2025, the company’s oil and gas equivalent production was 26,281 million barrels, a year-on-year increase of 2.0%. The crude oil production was 14,004 million barrels, a slight decrease of 0.3% year-on-year, while natural gas production increased by 5.1% [2]. Refining - The production of gasoline and diesel decreased due to weak demand, with gasoline and diesel output down 4.8% and 17.2% respectively. However, the production of chemical light oil increased by 11.5% [3]. Marketing and Distribution - Total sales of refined oil products decreased by 5.8% year-on-year, while sales of vehicle LNG increased significantly by 53.2% [3]. Chemical Sector - The chemical segment faced increased operating losses due to concentrated capacity release and declining profitability of aromatics products. The total operating profit for this segment was -4.52 billion CNY in H1 2025 [4]. Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be 40.29 billion CNY, 44.29 billion CNY, and 49.15 billion CNY respectively, with corresponding EPS of 0.33 CNY, 0.37 CNY, and 0.41 CNY [4][5].

Group 1 - The core viewpoint of the articles highlights a significant trend of generous mid-year cash dividends being distributed by various A-share companies, reflecting their commitment to shareholder returns and robust financial performance [1][4]. Group 2 - Dong-E E-Jiao stands out with a remarkable dividend payout ratio of 99.94%, proposing a cash dividend of 12.69 yuan per 10 shares, totaling approximately 817 million yuan [2]. - In the first half of 2025, Dong-E E-Jiao reported a revenue of 3.051 billion yuan, marking an 11.02% year-on-year increase, and a net profit of 818 million yuan, up 10.74% year-on-year [2]. Group 3 - Sinopec, a key player in the energy sector, announced a cash dividend of 0.088 yuan per share, amounting to a total of 10.67 billion yuan for the first half of 2025 [4]. - Other companies, including Baichu Electronics, Sanming Medical, and Yangnong Chemical, also declared mid-year dividends, with amounts ranging from 2.40 yuan to 6.66 yuan per 10 shares, reflecting a commitment to shareholder value [4].

Core Viewpoint - Sinopec's stock has declined nearly 4% following the release of its mid-year financial results, reflecting a significant drop in revenue and profit compared to the previous year [1] Financial Performance - Sinopec reported a revenue of 1.41 trillion yuan for the first half of the year, a year-on-year decrease of 10.6% [1] - The net profit attributable to shareholders was 21.483 billion yuan, down 39.8% year-on-year [1] - Main business revenue for the first half was 1.3804 trillion yuan, a decline of 10.7% year-on-year, primarily due to falling prices of oil and petrochemical products as well as decreased sales volumes [1] Quarterly Insights - UBS reported that Sinopec's net profit for the second quarter was 8.2 billion yuan, representing a year-on-year decline of 53% and a quarter-on-quarter decline of 38% [1] - The firm anticipates a slight improvement in Sinopec's profitability for the third quarter, citing stable oil prices compared to the previous quarter and minimal negative impact from crude oil inventory [1] - The third quarter is traditionally a peak season for chemical products, which may lead to increased profits in that segment [1] Long-term Outlook - UBS believes that China's anti-involution measures, combined with the exit of foreign production capacity, will enhance the fundamentals of refining in the long term [1] - Sinopec has lowered its full-year capital expenditure guidance by 5% [1]