Zheng Quan Shi Bao Wang·2025-12-24 05:59Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) is enhancing the market value of its listed companies through a series of initiatives, including a recent investor communication event and a special action plan for market value enhancement [1][6]. Group 1: Market Value Increase - During the "14th Five-Year Plan" period, the total market value of Sinopec's listed companies increased by 220 billion yuan [2]. - The steady rise in market value is attributed to the company's robust profitability, optimized shareholder return mechanisms, and proactive market value management measures [2]. - Sinopec's core listed platform, Sinopec Limited, has a clear return policy that instills confidence in the market, with a planned annual cash dividend ratio of no less than 65% of the net profit attributable to shareholders from 2024 to 2026 [2]. Group 2: Dividend Policies - The high dividend culture is reflected across other listed platforms, with Sinopec Engineering maintaining a dividend payout ratio of 65% for four consecutive years and Shanghai Petrochemical planning a dividend ratio of 66.67% for 2024 [3]. - Sichuan Meifeng plans to implement a "annual + interim" dividend strategy starting in 2024, with a commitment to a cash dividend ratio of no less than 60% of the net profit attributable to shareholders [3]. - The stable and predictable dividend policies are supported by strong operational performance, with Sinopec Oilfield Services reporting a 71 million yuan increase in new contract value year-on-year [3]. Group 3: Transformation and Upgrading Plans - Sinopec is focusing on becoming the leading hydrogen energy company and is committed to technological breakthroughs and deep industry transformations [4]. - Sinopec Machinery aims to maintain its leading position in oil and gas equipment while also developing hydrogen energy equipment [4]. - Shanghai Petrochemical is initiating comprehensive technical upgrades and focusing on innovative business areas such as elastomers and carbon fiber [4]. Group 4: Mergers and Acquisitions - Mergers and acquisitions are seen as key strategies for resource integration, with Sinopec Oilfield Services planning to issue corporate bonds by 2026 to strengthen its technology chain [5]. - Sinopec Guande is actively seeking quality storage asset acquisition opportunities to consolidate its market position [5]. Group 5: Special Action Plan for Market Value Enhancement - Sinopec has launched a special action plan aimed at enhancing investment value and increasing shareholder returns [6]. - The plan includes improving governance efficiency, enhancing the return system, and optimizing capital layout to release the value of various segments [6]. - The initiative involves nine listed companies under Sinopec, focusing on long-term management mechanisms and capital operations [6].