第一财经·2025-08-26 15:28Core Viewpoint - China Petroleum reported a decline in both revenue and net profit for the first half of the year, primarily due to falling oil prices and changes in oil and gas product sales [3][4]. Financial Performance - The company's revenue decreased by 6.7% year-on-year to 1.45 trillion yuan, while net profit fell by 5.4% to 84.01 billion yuan [3][4]. - This marks the first instance of simultaneous revenue and profit decline since mid-2020 [4]. - The average selling prices of key products such as crude oil and diesel dropped significantly, with crude oil prices down 12.3% to 3,690 yuan/ton and diesel down 9.4% to 6,213 yuan/ton [4]. Industry Context - The petrochemical industry as a whole experienced a decline in revenue, profit, and import-export totals for the first half of the year, marking the third occurrence of simultaneous declines since 2020 and 2023 [5]. - The petrochemical sector's revenue fell by 2.6% to 7.77 trillion yuan, with total profit down 10.3% to 381.03 billion yuan [5]. Segment Performance - Among the four business segments, only the natural gas sales segment saw an increase in operating profit, which rose by 10.8% to 18.63 billion yuan [5]. - The other three segments—oil and gas, refining and chemicals, and sales—saw declines in operating profit of 6.8%, 18.9%, and 25.2%, respectively [5]. Future Outlook - China Petroleum anticipates continued downward pressure on international oil prices and ongoing competition from alternative energy sources in the domestic refined oil market [6]. - The company plans to focus on transforming traditional industries and expanding into new energy and materials sectors, with significant growth in wind and solar power generation, new materials production, and LNG refueling [6].