Investment Rating - The report maintains a "Buy" rating for Sinopec Engineering (02386.HK) [4][3] Core Views - In 2025, the company achieved a revenue of 70.074 billion yuan, a year-on-year increase of 9.15%, while gross profit was 5.177 billion yuan, down 2.98%, and net profit attributable to shareholders was 1.798 billion yuan, down 27.09% [1][4] - The company experienced significant growth in engineering contracting and overseas revenue, with a robust order backlog [1] - The gross margin decreased to 7.39%, primarily due to the impact of certain construction projects, while the net profit margin fell to 2.58% [2] Financial Summary - Revenue by business segment in 2025: Design consulting and technology licensing (3.95 billion yuan, -5.1%), Engineering general contracting (46.21 billion yuan, +21.6%), Construction (24.58 billion yuan, -9.9%), Equipment manufacturing (0.73 billion yuan, -1.6%) [1] - Revenue by industry: Refining (11.94 billion yuan, +3.9%), Petrochemical (44.70 billion yuan, +11.0%), New coal chemical (4.41 billion yuan, +308.8%), Storage and transportation (9.03 billion yuan, -20.6%) [1] - Revenue by region: China (51.57 billion yuan, -3.5%), Overseas (18.50 billion yuan, +71.9%) [1] - Revenue from internal and external clients: Internal (25.20 billion yuan, +4.0%), External (44.87 billion yuan, +12.3%) [1] - New orders signed in 2025 amounted to 101.248 billion yuan, a year-on-year increase of 0.6%, with an uncompleted order backlog of 203.85 billion yuan, 2.9 times the revenue of 2025, up 18.1% year-on-year [1] Profitability and Cash Flow - The company's operating cash flow improved significantly, with a net cash flow of 8.186 billion yuan in 2025, a substantial recovery from a net outflow of 2.211 billion yuan in 2024 [2] - The company plans to distribute a final dividend of 0.104 yuan per share and an additional special dividend of 0.094 yuan per share, maintaining a total dividend of 0.358 yuan per share, with a payout ratio of 87.62%, up 24.12% year-on-year [2]

Investment Rating - The report maintains a "Neutral" rating for Sinopec Engineering (02386) and lowers the target price by 6.25%, from HKD 8 to HKD 7.5 [1] Core Insights - Sinopec Engineering aims to achieve new orders of RMB 90 billion by 2026, with domestic orders at RMB 55 billion and overseas orders at USD 5 billion. This aligns with the view that domestic chemical demand has peaked [1] - For the fiscal year 2025, the company secured new orders of RMB 101 billion, with a record backlog of RMB 204 billion, of which overseas projects contributed 52%. However, the backlog turnover time has extended to 2.7 years, compared to the average of 2 years from 2018 to 2024, indicating prolonged execution cycles for overseas projects and a slowdown in domestic investment [1] - The forecast for the company's net profit after tax for 2026-2027 has been reduced by 3-4% due to the aforementioned factors [1] - The fiscal year 2025 saw a significant year-on-year decline of 27% in net profit after tax, which was much lower than expected, primarily due to a sharp drop in profit margins within the construction industry. Although management indicated that some projects are nearing completion, there is uncertainty regarding the recovery of short-term profit margins [1] - The company's dividend remained flat year-on-year [1]

Investment Rating - The report maintains a "Buy" rating for Sinopec Engineering (2386.HK) [6] Core Insights - In 2025, Sinopec Engineering achieved a total revenue of 70.074 billion CNY, representing a year-on-year increase of 9.15%, while the net profit attributable to shareholders was 1.798 billion CNY, a decrease of 27.09% [1][2] - The decline in net profit is attributed to the underperformance of overseas subcontracting projects, particularly contracts signed in 2020-2021, which negatively impacted the overall gross margin and net profit [2] - The company has seen a steady increase in new contract signings, with domestic new contracts amounting to 63.2 billion CNY, a 2% increase year-on-year, while overseas new contracts totaled 38 billion CNY, a slight decline of 1.3% [3] Financial Performance Summary - Revenue and Profitability: - Revenue for 2025: 70.074 billion CNY, up 9.15% from 2024 - Net profit for 2025: 1.798 billion CNY, down 27.09% from 2024 - Gross margin for 2025: 7.4%, a decrease of 0.9 percentage points year-on-year [2][5] - Contracting Activity: - Domestic new contracts: 63.2 billion CNY, up 2% year-on-year - Overseas new contracts: 38 billion CNY, down 1.3% year-on-year - Internal contracts from Sinopec Group: 55% of new contracts, up 46% year-on-year [3] - Profit Forecast: - Expected net profit for 2026: 2.355 billion CNY (down 15%), for 2027: 2.566 billion CNY (down 12%), and for 2028: 2.831 billion CNY [4][5] Valuation Metrics - Earnings per Share (EPS) forecast: - 2026: 0.54 CNY - 2027: 0.58 CNY - 2028: 0.64 CNY [4][5] - Price-to-Earnings (P/E) ratio: - 2025: 13.3 - 2026: 10.2 - 2027: 9.3 - 2028: 8.5 [5][14]

Investment Rating - The investment rating for Sinopec Engineering (02386.HK) is "Buy" with a current price of HKD 6.23 and a target value of HKD 8.12 [6]. Core Views - The report highlights that the company maintains its special dividend and keeps the total dividend unchanged, reflecting confidence in its financial stability. The expected recovery in profit margins is anticipated as project execution progresses [6][10]. - The company reported a revenue of RMB 70.1 billion for 2025, a year-on-year increase of 9.2%, while the net profit attributable to shareholders decreased by 27.1% to RMB 1.798 billion due to declining gross margins and interest income [6][10]. - The report indicates that the decline in gross margin to 7.4% in 2025 was primarily due to underperformance in two Saudi projects, impacting the construction gross margin significantly [6][10]. Financial Forecast - Revenue projections for the upcoming years are as follows: - 2024: RMB 64.198 billion - 2025: RMB 70.074 billion - 2026: RMB 77.026 billion - 2027: RMB 84.014 billion - 2028: RMB 90.757 billion - The growth rates for these years are projected at 13.9%, 9.2%, 9.9%, 9.1%, and 8.0% respectively [2]. - The expected EBITDA figures are: - 2024: RMB 2.779 billion - 2025: RMB 2.361 billion - 2026: RMB 2.867 billion - 2027: RMB 3.293 billion - 2028: RMB 3.458 billion [2]. - The net profit attributable to shareholders is forecasted to recover to RMB 2.291 billion in 2026, RMB 2.539 billion in 2027, and RMB 2.821 billion in 2028, with growth rates of 27.5%, 10.8%, and 11.1% respectively [2][10]. Dividend Policy - The company declared a special dividend of RMB 0.094 per share, maintaining the total dividend at RMB 0.358 per share for 2025, resulting in a dividend payout ratio of 88% and a dividend yield of 6.2% as of March 16 [6][10].

（於中華人民共和國註冊成立的股份有限公司） (A joint stock limited liability company incorporated in the People's Republic of China) （股份代碼：02386） (Stock Code: 02386) 15 March 2026 Dear non-registered shareholder(s), Reminder letter regarding the Arrangement of Electronic Dissemination of Corporate Communications Pursuant to the amended Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemin ...

各位登記股東： 以電子方式發布公司通訊之安排的提示信函 根據自 2023 年 12 月 31 日起生效的擴大無紙化上市機制及以電子方式發布公司通訊規定下經修訂的《香港聯合交易所有 限公司證券上市規則》（「上市規則」）第 2.07A 條及日期為 2024 年 3 月 5 日有關「以電子方式發布公司通訊之安排」 之通知信函所述，中石化煉化工程（集團）股份有限公司（「本公司」）謹此提醒 閣下，本公司已採用以電子方式發布 公司通訊（「公司通訊」）之安排，公司通訊是指本公司發布或將要發布的任何文件，包括但不限於(a) 董事報告、年度 賬目以及審計報告副本以及（如適用）財務摘要報告； (b) 中期報告及其中期報告摘要（如適用）； (c) 會議通知； (d) 上 市文件； (e) 通函；及 (f) 委任表格。 請注意，所有未來公司通訊的英文版和中文版將在本公司網站 www.segroup.cn 和披露易網站 www.hkexnews.hk 上提供， 以代替印刷本。 除非收到 閣下明確書面指示要求本公司提供印刷本的公司通訊，否則本公司不再向 閣下寄發任何印 刷本公司通訊，或就發布該等公司通訊而寄發相關通知信函。 徵集電子聯絡 ...

EF001 免責聲明 + 獨立非執行董事 第 2 頁 共 2 頁 v 1.1.1 | 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的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 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的任何損失承擔任何責任。 | | | | 股票發行人現金股息公告 | | 發行人名稱 | 中石化煉化工程（集團）股份有限公司 | | 股份代號 | 02386 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 特别股息 | | 公告日期 | 2026年3月15日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 其他 | | 特别股息 | | | 股息性質 | 特別股息 | | 財政年末 | 不適用 | | 宣派股息的報告期末 | 不適用 | | 宣派股息 | 每 股 0.094 RMB | | 股東批准日期 | 有待公佈 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯 ...

EF001 免責聲明 | 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的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 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的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中石化煉化工程（集團）股份有限公司 | | 股份代號 | 02386 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度的末期股息 | | 公告日期 | 2026年3月15日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.104 RMB | | 股東批准日期 | 有待公佈 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯率 | 有待公佈 | | 除 ...

中石化煉化工程（集團）股份有限公司（簡稱「本公司」，與其附屬公司合稱「本集團」） 於2026年3月13日召開第五屆董事會（簡稱「董事會」）第十一次會議（簡稱「會議」）。 會議的召集和召開符合有關法律、法規和《中石化煉化工程（集團）股份有限公司章 程》（簡稱「《公司章程》」）的規定。 董事會謹此宣佈，經會議審議，以逐項表決方式通過下列議案： 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，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 中 石 化 煉 化 工 程（ 集 團 ）股 份 有 限 公 司 SINOPEC Engineering (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：2386） 第五屆董事會第十一次會議決議公告 財務總監、董事會秘書 中國，北京 1 一、 2025年董事會工作報告； 二、 2025年生產經營情況及2026年工作安排的報告； 三、 關於經審計的2025年度財務報告的議案； 四、 關於2025年度報告及業績公告的議案； 五、 ...

股票代码：����.HK 环境、社会及管治报告 中石化炼化工程（集团）股份有限公司 Sinopec Engineering (Group) Co.,Ltd. 地址：北京市西城区安德路甲67号 电话： 0086-10-56730525 网址： http://www.segroup.cn 中石化炼化工程（集团）股份有限公司 SINOPEC ENGINEERING（GROUP）CO.,LTD. 本报告采用环保纸印刷 关于本报告 本报告为中石化炼化工程（集团）股份有限公司（中文简称"本 公司"，英文简称"SEG"）自上市以来发布的第 13 份环境、 社会及管治（简称"ESG"）报告（简称"本报告"），主 要阐述本公司 2025 年度在经济、社会、环境方面的社会责 任实践及绩效。 （一）报告信息说明 时间范围：2025 年 1 月 1 日至 2025 年 12 月 31 日（简称"本 报告期"），部分内容适当追溯以往年份，或作适当前瞻性 陈述。 报告周期：本报告为关于 2025 年度的报告。 内容范畴：本报告涵盖本集团于报告期内的环境、社会及管 治的重要事项和表现。 信息来源：本公司文件、统计报告及所属公司履责情况汇总 ...