Sinopec Corp.(SH:600028) 第一财经·2025-08-21 14:47Core Viewpoint - The significant decline in international crude oil prices and the drop in downstream petrochemical product prices have adversely affected Sinopec's performance in the first half of the year, leading to a decrease in both revenue and net profit [3][4]. Financial Performance - Sinopec reported a 10.6% year-on-year decline in revenue to 1.41 trillion yuan, with net profit falling by 39.8% to 21.483 billion yuan [3]. - The average price of Brent crude oil decreased by 14.7% year-on-year to $71.7 per barrel [3]. - Domestic refined oil demand fell by 3.6%, with gasoline and diesel consumption down by 4.6% and 4.3%, respectively [3]. Business Segment Analysis - The main business revenue from oil and petrochemical products decreased by 11% to 1.38 trillion yuan, with half of the top ten exported petrochemical products experiencing a decline in sales volume [3]. - Revenue from oil product sales accounted for nearly 60% of total revenue, amounting to 807.9 billion yuan, a 12% decrease [4]. - Sales revenue from gasoline, diesel, and kerosene dropped by 13.1% to 669 billion yuan, representing over 80% of the company's oil product sales [4]. Market Trends - The peak demand for refined oil in China has significant implications for industry chain enterprises, with gasoline demand reaching its peak in 2023 and expected to decline rapidly after 2030 [4]. - Overall oil product demand is projected to peak by 2028 [4]. Strategic Adjustments - Sinopec has decided to reduce its annual capital expenditure plan by approximately 5% due to resource and market considerations [4]. - The capital expenditure plan for marketing and distribution will focus on developing a comprehensive energy station network and upgrading existing sales networks [4]. Growth in Alternative Energy - Despite a 5.8% decline in total refined oil sales volume, the sales volume of vehicle LNG and charging services saw significant growth, with LNG retail market share leading domestically [6]. - Sales of liquefied LNG products reached 1.934 million tons, a 61.8% increase year-on-year, with an average selling price rising by 1.7% to 3,811 yuan per ton [6]. Strategic Investments - In May, Sinopec became a cornerstone investor in CATL, planning to build at least 500 battery swap stations this year [6]. - The investment in CATL led to a 1,064% year-on-year increase in other equity investment amounts, reaching 4.843 billion yuan [6].