2026-03-23 00:00Financial Performance - In 2025, the total revenue was RMB 2,783,583 million, a decrease of 9.5% compared to RMB 3,074,562 million in 2024[6] - The net profit attributable to shareholders of the parent company for 2025 was RMB 31,809 million, down 36.8% from RMB 50,313 million in 2024[6] - The operating profit for 2025 was RMB 40,470 million, reflecting a decline of 44.0% from RMB 72,257 million in 2024[6] - The basic earnings per share for 2025 were RMB 0.262, down 36.9% from RMB 0.415 in 2024[7] - The company reported a net loss from non-recurring items of RMB 2,709 million for 2025, compared to a loss of RMB 3,036 million in 2024[8] - The company reported a net profit of RMB 35.81 billion for 2025, a decline of 36.3% compared to the previous year[60] - The company's profit before tax for 2025 was RMB 43.7 billion, down 36.7% compared to the previous year[69] - Profit attributable to non-controlling interests was RMB 3.3 billion in 2025, reflecting a decline of 53.9% year-on-year[71] - Profit attributable to shareholders was RMB 32.5 billion, down 33.6% from the previous year[72] Revenue Breakdown - The main business revenue for 2025 was RMB 272.65 billion, down 9.6% year-on-year, primarily due to declines in oil and petrochemical product prices and sales volumes[61] - The exploration and development segment reported operating income of RMB 28.6 billion, a decrease of 3.8% year-on-year, with crude oil sales volume increasing by 0.5% to 34.68 million tons[78] - The refining segment's operating income was RMB 132.85 billion, down 10.3% year-on-year, with gasoline sales revenue decreasing by 10.0% to RMB 47.44 billion[80] - The marketing and distribution segment's operating income was RMB 150.53 billion, a decrease of 12.2% year-on-year[76] - The chemical segment reported operating income of RMB 46.41 billion, down 11.4% year-on-year, with operating losses of RMB 1.46 billion[76] Assets and Liabilities - The total assets as of December 31, 2025, amounted to RMB 2,155,617 million, an increase of 3.4% from RMB 2,084,771 million in 2024[6] - The total liabilities increased by 5.2% to RMB 1,165,845 million in 2025 from RMB 1,108,478 million in 2024[6] - Non-current liabilities rose to RMB 468,056 million, an increase of 7.3% from RMB 436,056 million in 2024[18] - The company's total liabilities increased by RMB 57.3 billion to RMB 1,166.6 billion as of December 31, 2025[97] - Non-current liabilities increased to RMB 467.3 billion, up RMB 32.1 billion, mainly due to the issuance of medium-term notes and low-cost bond financing[113] Cash Flow - The cash flow from operating activities for 2025 was RMB 162,496 million, an increase of 8.8% compared to RMB 149,360 million in 2024[6] - Operating cash inflow for 2025 was RMB 162.5 billion, an increase of RMB 13.1 billion year-on-year, attributed to improved management and reduced working capital[100] - Investment cash outflow for 2025 was RMB 146.5 billion, a decrease of RMB 14.8 billion year-on-year, due to reduced capital expenditures[100] Capital Expenditure - The total capital expenditure for 2025 was RMB 147.2 billion, with RMB 70.9 billion allocated to exploration and development[50] - The company plans capital expenditures of RMB 131.6 to 148.6 billion for 2026, with RMB 72.3 billion allocated for exploration and development projects[57] Production and Operations - The company achieved a historical high in oil and gas production equivalent, with significant progress in exploration and development, focusing on high-quality exploration and effective development[35] - The total oil and gas production reached 525.28 million barrels of oil equivalent in 2023, representing a year-on-year increase of 1.9%[36] - Domestic crude oil production was 255.75 million barrels, with a year-on-year growth of 0.7%[37] - Natural gas production amounted to 1,456.63 billion cubic feet, reflecting a 4.0% increase compared to the previous year[37] - The company processed 250 million tons of crude oil in 2025, with a production of 44.22 million tons of chemical light oil, marking an 8.4% year-on-year increase[40] Market Trends - In 2025, the average Brent crude oil price was $69.1 per barrel, a decrease of 14.5% year-on-year[32] - Domestic natural gas consumption increased by 2.9% year-on-year, indicating sustained demand in the market[32] - The domestic refined oil market saw a decline in demand, with total consumption down by 4.1%, including a 4.5% decrease in gasoline and a 5.6% decrease in diesel[33] - The domestic chemical market maintained growth, with ethylene equivalent consumption rising by 8.5% year-on-year[34] Strategic Initiatives - The company aims to enhance its marketing capabilities and expand its natural gas sales network, focusing on providing comprehensive solutions[25] - The company aims to accelerate the development of new energy and materials, including wind power, photovoltaics, and hydrogen energy[25] - The company is committed to environmental, social, and governance (ESG) initiatives, including carbon peak actions and green enterprise plans[116] - The company is actively engaging in initiatives to improve its sustainability practices and reduce carbon emissions in line with global trends[173] Governance and Leadership - The board of directors of Sinopec consists of 13 members, including 4 executive directors and 9 non-executive directors, with independent non-executive directors making up approximately 38% of the board[129] - Sinopec's board has implemented a diversity policy, achieving a female director representation of about 8%, with a target of at least one female director[130] - The company emphasizes a culture of open discussion and thorough deliberation on significant decisions during board meetings[141] - The company has established a whistleblower mechanism for reporting concerns related to accounting and internal controls[157] Employee and Workforce - As of December 31, 2025, the company has a total of 351,104 employees and 351,623 retirees[16] - The employee distribution by business sector is as follows: Exploration and Production 31.1%, Refining 15.6%, Chemicals 17.0%, Marketing and Distribution 32.9%, Research 2.1%, and Others 1.3%[191] - The educational background of employees shows that 10.5% hold a Master's degree or higher, 31.6% have a Bachelor's degree, and 23.8% have an Associate degree[195]