2026-03-29 10:04Financial Performance - Total revenue for 2025 was RMB 2,864,469 million, a decrease of 2.5% compared to RMB 2,937,981 million in 2024[7] - Net profit attributable to shareholders for 2025 was RMB 157,318 million, down 4.5% from RMB 164,684 million in 2024[7] - Basic earnings per share for 2025 were RMB 0.86, a decrease of 4.5% compared to RMB 0.90 in 2024[7] - The company’s operating profit for 2025 was RMB 234,579 million, a decrease of 8.1% from RMB 255,286 million in 2024[8] - The company's net profit for 2025 was RMB 172.02 billion, a decrease of 6.4% from RMB 183.76 billion in 2024[55] - Consolidated revenue for 2025 was RMB 2,864,469 million, a decrease of 2.5% from RMB 2,937,981 million in 2024[121] - Net profit for 2025 was RMB 172,005 million, down 6.1% from RMB 183,747 million in 2024[121] - Operating profit for 2025 was RMB 234,579 million, a decline of 8.1% from RMB 255,286 million in 2024[121] Assets and Liabilities - Total assets at the end of 2025 were RMB 2,827,777 million, an increase of 2.7% from RMB 2,752,751 million at the end of 2024[7] - Total liabilities decreased by 1.4% to RMB 1,028.45 billion as of December 31, 2025, from RMB 1,043.13 billion at the end of 2024[63] - Total assets as of December 31, 2025, amounted to RMB 2,828,017 million, an increase from RMB 2,753,007 million in 2024, showing a growth of about 2.7%[119] - The total liabilities decreased slightly to RMB 1,028,469 million in 2025 from RMB 1,043,144 million in 2024, a reduction of approximately 1.4%[120] Cash Flow and Expenditures - Operating cash flow for 2025 was RMB 412,510 million, an increase of 1.5% from RMB 406,532 million in 2024[7] - Free cash flow reached RMB 120.189 billion, an increase of 15.2% year-on-year, remaining above RMB 100 billion[27] - Capital expenditures for 2025 amounted to RMB 269.09 billion, a decrease of 2.5% from RMB 275.85 billion in the previous year[71] - The net cash flow from operating activities for 2025 was RMB 412.51 billion, a 1.5% increase from RMB 406.53 billion in 2024[65] Shareholder Information - The company proposed a final dividend of RMB 0.25 per share, totaling approximately RMB 45.755 billion based on the total share capital of 183,020,977,818 shares[6] - The number of shareholders as of December 31, 2025, was 418,009, with 413,052 being domestic A-share shareholders[9] - The company will implement a differentiated personal income tax policy for individual shareholders holding A shares, with a tax rate of 20% for holdings of less than 1 month, 10% for holdings between 1 month and 1 year, and no tax for holdings over 1 year[93] Production and Sales - Domestic crude oil production reached 780.3 million barrels, a 0.4% increase from 777.0 million barrels in the previous year[31] - The company’s total oil and gas equivalent production was 1,647.2 million barrels, up 2.7% from 1,603.2 million barrels year-on-year[32] - The company’s total natural gas production was 2,619 billion cubic meters, a year-on-year increase of 6.2%[30] - The sales volume of gasoline, kerosene, and diesel was 16,081.1 million tons in 2025, an increase of 1.1% from 15,900.0 million tons in 2024[46] - The company sold 3,147.13 billion cubic meters of natural gas in 2025, marking a 7.0% increase from 2,942.25 billion cubic meters in 2024[48] Market and Competitive Position - The company’s market share for gasoline, kerosene, and diesel increased to 32.4% in 2025, up 1.1 percentage points from 31.3% in 2024[46] - The company expanded its non-oil business, with the number of convenience stores increasing to 19,814, a 0.6% rise from 19,700 in the previous year[50] Financial Ratios and Health - The debt-to-asset ratio improved to 36.37% by the end of 2025, down from 37.89% at the end of 2024[24] - The EBITDA to total debt ratio was 2.12 in 2025, compared to 2.08 in 2024, indicating stable financial health[24] - The debt-to-equity ratio as of December 31, 2025, was 11.2%, down from 12.2% at the end of 2024[69] Research and Development - The company incurred research and development expenses of RMB 23,552 million in 2025, slightly up from RMB 23,014 million in 2024, indicating an increase of about 2.3%[111] Taxation and Compliance - The company has a favorable tax rate of 15% applicable until 2030 for operations in the western region of China, compared to the standard rate of 25%[109] - The audit and risk management committee confirmed the consistency of the reported figures with the audited financial statements for the year ended December 31, 2025[127] - The company adhered to all provisions of the Corporate Governance Code during the reporting period[124]