Shang Hai Zheng Quan Bao·2025-04-29 08:14Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) reported a net profit of RMB 132.64 billion for Q1 2025, reflecting the company's efforts to optimize operations amid challenging market conditions, including a 4% decline in refined oil demand and a 9% drop in Brent crude oil prices year-on-year [5][6]. Financial Data - The company’s Q1 2025 net profit attributable to shareholders was RMB 132.64 billion according to Chinese accounting standards, and RMB 139.75 billion according to international financial reporting standards [5]. - The total capital expenditure for Q1 2025 was RMB 182.48 billion, with significant investments in exploration and development, refining, marketing, and chemical sectors [10]. Shareholder Information - As of the end of the reporting period, Sinopec Group held 1,042,664,000 H-shares, representing 0.86% of the total share capital [2]. Operational Performance - In Q1 2025, the company achieved an oil and gas equivalent production of 130.97 million barrels, a 1.7% increase year-on-year, with natural gas production rising by 5.1% [6]. - The refining segment processed 62.13 million tons of crude oil, producing 37.19 million tons of refined oil, and the chemical segment produced 3.86 million tons of ethylene, a 17.7% increase year-on-year [7][9]. Marketing and Distribution - The total sales volume of refined oil reached 55.59 million tons, with significant growth in vehicle LNG retail volume, which increased by 116% year-on-year [8]. Other Significant Matters - Sinopec initiated a share buyback program, having repurchased and canceled 130,146,195 A-shares and 288,260,000 H-shares by the end of 2024 [10][11]. - The company’s controlling shareholder, Sinopec Group, has begun a plan to increase its stake in Sinopec, having acquired 24,727,400 shares as of April 25, 2025 [11].