Zheng Quan Shi Bao·2025-08-21 23:47Core Viewpoint - Several listed companies, including Sinopec, have announced significant dividend distributions despite facing challenges in their financial performance due to external market conditions [1][3]. Financial Performance Summary - Sinopec reported a revenue of RMB 1.41 trillion for the first half of 2025, a decrease of 10.6% year-on-year [2]. - The net profit attributable to shareholders was RMB 21.48 billion, down 39.8% compared to the same period last year [2]. - The company's operating cash flow was robust, with a net cash flow from operating activities of RMB 61.02 billion, an increase of 44.4% year-on-year [2]. Production and Capital Expenditure - Sinopec's oil and gas equivalent production reached 262.81 million barrels, a year-on-year increase of 2.0% [2]. - The company processed 11.997 million tons of crude oil and produced 7.14 million tons of refined oil [2]. - Capital expenditure for the first half of 2025 was RMB 43.8 billion, with RMB 27.6 billion allocated to exploration and development [2][4]. Dividend Distribution - Sinopec plans to distribute a cash dividend of RMB 0.088 per share, totaling approximately RMB 10.67 billion, with a cash dividend payout ratio of 49.7% [3]. - Other companies, such as Dong'e Ejiao and Baichu Electronics, also announced their mid-term dividend plans, with significant payout ratios relative to their net profits [6][7]. Future Outlook - For the second half of 2025, Sinopec aims to focus on increasing reserves, production, and efficiency, with plans to produce 141 million barrels of crude oil and 7,145 billion cubic feet of natural gas [3]. - The company has adjusted its annual capital expenditure plan downwards by about 5% to optimize resource allocation [4]. Share Buyback Plan - Sinopec intends to use between RMB 5 billion and RMB 10 billion for a share buyback program, with a maximum repurchase price of RMB 8.72 per share [5].