【石油化工】中国石油集团：全产业链协同优势显著，旗下上市公司有望充分受益——行业周报第431期（赵乃迪/蔡嘉豪/王礼沫）

Core Viewpoint - The article highlights the growth in asset scale and operational efficiency of China National Petroleum Corporation (CNPC), emphasizing its integrated business model across the oil and gas industry and its commitment to high-quality development amid a new global energy cycle [2]. Group 1: Financial Performance - In 2024, CNPC achieved total operating revenue of 3,136.2 billion yuan, a year-on-year decrease of 0.8%, while net profit attributable to shareholders reached 161.3 billion yuan, an increase of 7.0%. The total assets at year-end were 4,435.2 billion yuan, down 0.9%, and net assets were 2,696.2 billion yuan, up 3.3% [2]. Group 2: Business Operations - In the oil and gas and new energy sectors, CNPC significantly enhanced its "increased reserves and production" strategy, achieving domestic crude oil production of 106.15 million tons, a year-on-year increase of 0.3%, and domestic natural gas production of 158.6 billion cubic meters, up 3.8%. The overseas oil and gas equity production reached 107.08 million tons of oil equivalent, an increase of 2.5% [3]. - In refining and sales, CNPC optimized its chemical product structure and increased production of high-end products, with 25 out of 29 key technical and economic indicators in refining exceeding 2023 levels. The production of new material products surpassed 2 million tons, including major products like ABS, nitrile rubber, and lubricants [3]. - In the support and service sector, CNPC's oilfield technical services, oil and gas engineering construction, and equipment manufacturing provided strong support for its development [3]. Group 3: Corporate Reform and Strategy - CNPC is advancing its state-owned enterprise reform with a strategic path aimed at building a world-class enterprise. Since 2020, the company has accelerated reforms, enhancing its governance structure and operational efficiency through a division-based management system [4]. - The company has made significant progress in labor, personnel, and distribution system reforms, achieving important milestones in organizational restructuring, talent development, and human resource optimization [4]. - CNPC is also focusing on technological innovation and digital transformation, leading advancements in oil and gas exploration, refining, and new materials, as well as promoting green and low-carbon initiatives [4].