Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company has shown resilience in profits despite a decline in revenue, driven by strong performance in natural gas sales and refining business [2][3]. - The company is a leading player in the domestic oil and gas sector, with abundant upstream resources and a complete downstream industrial chain [6]. Financial Performance Summary - For the first half of 2025, the company reported total revenue of 14,501.0 billion yuan, a year-on-year decrease of 6.7%. The net profit attributable to shareholders was 839.9 billion yuan, down 5.4% year-on-year [1]. - In Q2 2025, the company achieved revenue of 6,969.9 billion yuan, a 6.1% year-on-year decline, while net profit was 371.9 billion yuan, down 13.6% year-on-year [2]. - The company’s oil and gas equivalent production reached 924 million barrels in the first half of 2025, an increase of 2.0% year-on-year, with natural gas production rising by 3.8% [3]. Business Segment Performance - The refining and natural gas sales segments showed significant profit growth, with operating profits of 51.1 billion yuan and 51.2 billion yuan respectively in Q2 2025, reflecting increases of 44.7% and 14.0% year-on-year [2]. - The demand for refined oil products has shown marginal improvement, with a notable increase in kerosene demand [4]. - The chemical segment has been optimizing its product structure, with a 4.9% increase in chemical product volume in the first half of 2025 [5]. Dividend Policy - The company plans to distribute a cash dividend of 0.22 yuan per share, totaling 402.7 billion yuan, resulting in a dividend payout ratio of 47.8% [5]. Earnings Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 1,513.86 billion yuan, 1,544.60 billion yuan, and 1,620.84 billion yuan respectively, with corresponding EPS of 0.83, 0.84, and 0.89 yuan per share [6][7].

Core Viewpoint - The successful commissioning of the 400,000 tons/year high-density polyethylene (HDPE) unit at Jilin Petrochemical's ethylene plant marks a significant advancement in the company's transformation and upgrade project, addressing the domestic demand gap for high-end polyethylene products [1] Group 1: Project Details - The HDPE unit has achieved a successful first run, producing polyethylene pellets and is expected to fill the demand gap for PE100+ pipe materials and other high-end polyolefin products [1] - On July 21, the 1,000,000 tons/year catalytic gasoline hydrogenation unit also successfully commenced operations, becoming the first of four units in the ethylene plant's upgrade project to be put into production [1] - The HDPE unit utilizes advanced low-pressure slurry technology from Germany's LyondellBasell, capable of producing 29 high-performance grades for injection molding, blow molding, and piping applications [1] Group 2: Technological and Economic Aspects - The catalytic gasoline hydrogenation unit is a core supporting facility of the Jilin Petrochemical upgrade project, employing technology from Sinopec Engineering Incorporation (SEI), known for its advanced, mature, safe, and reliable processes with low material and energy consumption [1] - The Jilin Petrochemical refining and chemical transformation project is the first large-scale petrochemical project approved by the state since the 14th Five-Year Plan and represents the largest single industrial investment in Jilin Province, with a total investment of 33.9 billion yuan [1] - This project aims to transition Jilin Petrochemical from a "fuel-type" to a "chemical products and organic materials-type" company [1]

Investment Rating - The report maintains an "Increase" rating for the oil and petrochemical industry [5] Core Viewpoints - International oil prices have shown a downward trend recently, with Brent crude settling at approximately $63.90 per barrel, down about 1.30% week-on-week, and down approximately 15.80% since the beginning of the year [19][21] - The North American active rig count has decreased week-on-week, with a notable year-on-year decline of 37 rigs, indicating a potential future increase in global drilling platform activity [31] - The refining sector shows promising recovery potential, with significant increases in price differentials for various products, suggesting improved profitability for refining companies [35] Market Performance - The CITIC oil and petrochemical sector rose approximately 0.37% during the week of May 26 to May 30, outperforming the Shanghai Composite Index by about 0.39 percentage points [16] - Key stocks that led the gains include Hengtong Co., Hongtian Co., and Compton, while stocks like Guangju Energy and Dongfang Shenghong saw declines [17][18] Investment Recommendations - The report identifies four main investment themes: 1. Focus on major energy state-owned enterprises like China National Petroleum and China National Offshore Oil Corporation, which are pushing for oil and gas exploration and green transformation [53] 2. Increased global upstream capital expenditure benefiting oil service companies such as CNOOC Services and Offshore Engineering [53] 3. Accelerated development of coal chemical projects and natural gas resources in Xinjiang, with a focus on companies like Baofeng Energy and New Natural Gas [53] 4. Refining companies planning new capacities and accelerating new material projects, recommending companies like Satellite Chemical and Hengli Petrochemical [53]

2025年（第六届）石油化工设备智慧运 主题:构建新型数智化运维能力,创新推动设备智 规模800+ 6月18- 演讲、参展、参会精品做主动 2025年(第九届)国际烯烃及聚炉 主题:加大科技驱动转型力度,高端聚 2025年5月21-23日 中 主办单位 中国化工学会 学法书的学技术协会 承办单位 宁波工程学院 支持单位 中国石油天然气集 中国海洋石油信团 全国语学信息技术（十九十十年） 过去一年，面对能源转型、市场低迷等挑战，中国石油炼化企业锚定"率先建成世界一流"目标，加快转型升级步伐，聚力改革创新攻坚，炼化业务经营业绩 指标逆势中保持稳健，出色完成全年目标任务，高质量发展根基进一步夯实。 驾驭复杂局面，提升运营质量。中国石油稳妥应对市场变化，在成品油需求下滑的情况下，全年原油加工量保持2亿吨以上的相对高位，汽柴油收率同比降 低2.44个百分点，乙烯、PX产量分别同比增长8.1%和31.4%，炼油特色产品、航煤产量同比增长6.6%和19.2%，新材料连续三年保持高速增长、迈上200万吨 新台阶，"减油增化""减油增特"成效初显，抗冲击、抗风险能力不断精进。 统筹项目运作，抢抓发展先机。中国石油加快推进炼化大 ...

在国际油价连续两年下降的背景下，中国石油经营业绩保持增长。2024年公司主要生产经营指标， 税前利润、净利润、净资产收益率、资本回报率再创历史新高，高质量发展迈上新的台阶。 转自：证券日报网 本报记者 向炎涛 3月31日，中国石油天然气股份有限公司（以下简称"中国石油"）召开2024年度业绩说明会。2024 年，按照国际财务报告会计准则，中国石油实现营业收入2.9万亿元；归属于母公司股东净利润1646.8亿 元，同比增长2.0%。 当前，中国石油正加速炼化转型升级，深入实施减油增化、减油增特，不断提升高附加值产品产 量，积极向"炼化生精材"产业链中高端转型。2024年，公司化工新材料产量204.5万吨，同比增长 49.3%；炼化新材料业务实现经营利润213.9亿元。 中国石油副总裁李汝新对《证券日报》记者表示，下一步，公司将在炼化业务转型升级过程中进一 步发挥产业一体化优势。中国石油业务涵盖油气勘探开发、炼化生产销售、高端材料生产等全产业链环 节，按照发展规划，公司在科技创新方面布局了相关课题、研究院和产业转化平台。随着战略举措逐步 落地，叠加绿色化、智能化的支撑，未来公司的炼化业务会更加稳健发展，从而为回报 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with current prices at 8.08 CNY and 6.16 HKD respectively [1]. Core Insights - The company achieved a record high net profit attributable to shareholders of 164.7 billion CNY in 2024, reflecting a year-on-year increase of 2.02% [5][6]. - The report highlights the company's integrated industry chain as a key factor in withstanding oil price fluctuations, with a free cash flow of 104.35 billion CNY for three consecutive years exceeding 100 billion CNY [6][17]. - The company’s total revenue for 2024 was 2,938 billion CNY, a decrease of 2.48% year-on-year, while the fourth quarter revenue was 681.7 billion CNY, down 6.70% year-on-year [5][6]. Summary by Sections Financial Performance - In 2024, the average Brent crude oil price was 79.86 USD/barrel, down 2.8% year-on-year, while the fourth quarter average was 74.01 USD/barrel, down 10.7% year-on-year [6]. - The company’s upstream business benefited from ongoing "increased reserves and production" initiatives, achieving an operating profit of 159.7 billion CNY, up 7.4% year-on-year [7][8]. - The natural gas sales business saw a significant profit increase of 25.5% year-on-year, reaching 54 billion CNY [10]. Segment Analysis - The refining and chemical segment reported an operating profit of 21.4 billion CNY, down 42.1% year-on-year, primarily due to narrowing margins on refined products [11]. - The company processed 1,378.4 million barrels of crude oil in 2024, a decrease of 1.5% year-on-year, while chemical product sales volume increased by 13.6% [12][13]. Shareholder Returns - The board proposed a final dividend of 0.25 CNY per share, with an annual dividend of 0.47 CNY per share, resulting in a payout ratio of 52.2% [14]. - The total dividend amount is approximately 86.02 billion CNY, with dividend yields of 5.8% for A-shares and 8.2% for H-shares based on the stock price as of March 28 [14]. Long-term Outlook - The report projects net profits for 2025-2027 to be 173 billion CNY, 178.4 billion CNY, and 182.9 billion CNY respectively, with a continued focus on the potential of the "increased reserves and production" strategy and long-term growth in the natural gas sector [17][18].