国泰海通｜石化：石化行业2025年三季报总结

Core Viewpoint - The petrochemical industry listed companies are categorized into four sub-sectors: oil and gas resources, oil service equipment, petrochemicals, and downstream materials. In Q3 2025, the average price of Brent crude oil was $68.17 per barrel, showing a year-on-year decline. The performance of each sub-sector is as follows: (1) upstream oil and gas resources saw a decline in profitability year-on-year but maintained a certain level of profit; (2) the oil service equipment sector achieved positive year-on-year net profit growth; (3) the petrochemical sector overall saw an increase in profitability year-on-year; (4) in the downstream materials sector, products like photovoltaic film, carbon fiber, synthetic biology, biodegradable plastics, and inkjet materials experienced significant year-on-year profit improvements [1]. Oil and Gas Resources - In Q3 2025, the upstream oil and gas extraction sector achieved a net profit attributable to shareholders of 85.341 billion yuan, a year-on-year decrease of 7% but a quarter-on-quarter increase of 6%. The three major oil companies increased cost reduction and efficiency efforts, achieving a net profit of 83.225 billion yuan, down 6.9% year-on-year but up 6.2% quarter-on-quarter [1]. Oil Service Equipment - The oil service equipment sector saw steady profit growth, with a total net profit attributable to shareholders of 3.598 billion yuan in Q3 2025, representing a year-on-year increase of 12% but a quarter-on-quarter decrease of 14%. The petrochemical sector continued to grow, with a total net profit of 7.233 billion yuan, a year-on-year increase of 299.67% and a quarter-on-quarter increase of 12% [2]. Petrochemical Sector - The petrochemical sector's overall profitability continued to grow, with a total net profit of 7.233 billion yuan in Q3 2025, reflecting a year-on-year increase of 299.67% and a quarter-on-quarter increase of 12%. The private refining sector saw profit growth, achieving a net profit of 2.615 billion yuan, up 23.28% quarter-on-quarter. However, the light refining sector experienced a profit decline, with a net profit of 0.851 billion yuan, down 29.46% quarter-on-quarter. The coal chemical sector also saw a slight profit decrease, with a net profit of 4.037 billion yuan, down 2.55% quarter-on-quarter [2]. Downstream Materials - In Q3 2025, the downstream materials sector achieved a total net profit of 0.555 billion yuan, a year-on-year increase of 73.27% and a quarter-on-quarter increase of 47.30%. Specific products such as photovoltaic film, polyester bottle sheets, electrolytes, carbon fiber, and polyester films saw significant quarter-on-quarter profit growth of 68.11%, 38.75%, 37.17%, 3.30%, and 50.51%, respectively. Conversely, synthetic biology, biodegradable plastics, and inkjet materials experienced quarter-on-quarter profit declines of 17.31%, 36.78%, and 22.47%, respectively [3].