【中石化炼化工程（2386.HK）】海外分包施工项目拖累业绩，新签合同额稳步提升——2025年报点评（赵乃迪/蔡嘉豪/王礼沫）

Core Viewpoint - The company reported a total operating revenue of 70.074 billion yuan in 2025, reflecting a year-on-year increase of 9.15%, while the net profit attributable to shareholders decreased by 27.09% to 1.798 billion yuan [4]. Group 1: Revenue and Profit Performance - In 2025, the company achieved steady revenue growth, with total operating revenue reaching 70.074 billion yuan, up 9.15% year-on-year [4]. - The net profit attributable to shareholders was 1.798 billion yuan, down 27.09% compared to the previous year [4]. - The gross profit margin was 7.4%, a decrease of 0.9 percentage points year-on-year [5]. Group 2: Contract Performance - The company signed new domestic contracts worth 63.2 billion yuan in 2025, representing a 2% year-on-year increase, while new overseas contracts totaled 38 billion yuan, down 1.3% year-on-year [6]. - The proportion of new contracts from Sinopec Group and its affiliates increased to 55%, with a total of 55.4 billion yuan in new contracts, up 46% year-on-year [6]. - External market contracts decreased by 27% year-on-year, totaling 45.8 billion yuan [6]. Group 3: Market Opportunities - The domestic market is experiencing new opportunities due to the rapid construction of large refining bases and the continuous extension of the petrochemical downstream industry chain [7]. - In the overseas market, capital expenditure in the Middle East has exceeded 100 billion dollars, with annual increases in refining capacity [7]. - The company is expected to benefit from the "Belt and Road" initiative and strengthen market development, leading to potential high growth in business [7].