Sou Hu Cai Jing·2025-09-02 04:44Core Viewpoint - The company has experienced fluctuations in revenue and net profit over recent years, with significant changes in asset and liability structures as of the first half of 2025. Financial Performance - In 2023, the company's revenue was approximately 32,391.67 million, with a net profit of 12,812.13 million [11]. - The revenue growth rate for 2023 was -6.74%, while the net profit growth rate was -23.16% compared to the previous year [11][14]. - The average return on equity for the first half of 2025 was 5.51%, a decrease of 0.51 percentage points from the same period last year [22]. Revenue Composition - In the first half of 2025, the revenue composition included 6,695 million from oil and gas and new energy, 2,928.53 million from natural gas sales, and 9,228.98 million from refining and chemicals [15]. - For 2024, the revenue composition was projected to be 15,486.2 million from oil and gas and new energy, 5,571.07 million from natural gas sales, and 34,422 million from refining and chemicals [17]. Asset Changes - As of the first half of 2025, fixed assets decreased by 3.34%, while cash and cash equivalents increased by 31.61% [26]. - Accounts receivable increased by 67.18%, while inventory decreased by 7.49% [26]. Liability Changes - Accounts payable increased by 12.89%, while long-term borrowings decreased by 6.29% [29]. - The company's current ratio was 1.04, and the quick ratio was 0.81 as of the first half of 2025 [32]. Debt Ratios - The company's debt-to-asset ratio was reported at 40.73% in 2025, which is lower than the industry average and median [30].