Ge Long Hui A P P·2025-08-28 06:36Core Insights - China Petroleum reported a net profit attributable to shareholders of 84 billion yuan for the first half of the year, a year-on-year decrease of 5.4% [1] - In Q2, the net profit attributable to shareholders was 37.2 billion yuan, reflecting a year-on-year decline of 13.6% and a quarter-on-quarter decline of 20.6% [1] - The decline in net profit for the first half of the year was less than the drop in oil prices, indicating the company's resilience [1] Financial Performance - The company achieved an operating cash flow of 227.1 billion yuan in the first half of the year, representing a year-on-year increase of 4.0% [1] - Despite the rapid decline in oil prices since Q2, the company's integrated advantages across the entire industry chain are expected to mitigate the impact of oil price fluctuations [1] Future Outlook - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 166.1 billion yuan, 171.2 billion yuan, and 175.7 billion yuan for the years 2025 to 2027, respectively [1] - Corresponding earnings per share (EPS) are projected to be 0.91 yuan, 0.94 yuan, and 0.96 yuan per share for the same years [1] - The company is optimistic about its potential for "increasing reserves and production" and the long-term growth of its natural gas business, suggesting that its performance may withstand oil price cycles for sustained growth [1] - The company maintains a "buy" rating for its A+H shares [1]