半年盘点｜国际原油价跌致"三桶油"上半年减利超290亿元，跌幅不一为什么 作者：郭霁莹 上半年国际油价震荡下行态势波及了国内石油公司利润。 随着8月27日晚间中国海油(600938.SH)披露半年报，"三桶油"上半年业绩已披露完毕。中国石油 (601857.SH)、中国石化(600028.SH)、中国海油分别实现归母净利润840.1亿元、214.8亿元、695.3亿 元，同比下跌5.4%、39.8%、13%，总共共比去年同期减少了290.5亿元，相当于每天少赚近1.6亿元。 上半年，国内化工品新增产能持续释放，大部分产品价格下降，化工业务毛利空间收窄，中国石油、中 国石化相关收益均出现下滑。中国石油上半年化工业务实现经营利润13.92亿元，同比下滑55.5%；中国 石化化工事业部经营收益亏损额进一步扩大了33.5%至42.24亿元。 同期，"三桶油"营业收入亦都出现5%-11%不等的跌幅，其中，中国石油更是出现近五年来营收、净利 润双下滑的罕见情况。 石油业务是"三桶油"最主要收入来源。正因如此，三家公司均在年报中着重提及国际油价震荡下跌对公 司业绩的影响。今年上半年，全球石油市场供需宽松，布伦特(Brent ...

2025.08.28 本文字数：1701，阅读时长大约3分钟 作者 |第一财经 郭霁莹 上半年国际油价震荡下行态势波及了国内石油公司利润。 国内成品油达峰现状正给产业链企业带来较大影响。伍德麦肯兹亚太聚酯总监罗靖表示，交通领域作为 能源转型核心战场，中国市场汽油需求已于2023年触及峰值，2030年后下行速度将明显加快；整体油品 需求预计在2028年达峰。 面对新能源对传统能源上下游市场的挤压，"三桶油"均表态要加紧非油业务布局。中国石油称将统筹布 局新能源、新材料等新兴产业，公司上半年风光发电量同比大增七成达36.9亿千瓦，新材料产量166.5万 吨，同比增超五成。中国海油则立志扩大绿电使用规模，上半年共消纳绿电超5亿千瓦时；同时开创"以 碳驱油、以油固碳"的海洋能源循环利用新模式，中国海上首个CCUS项目上半年在恩平15-1平台投用。 石油业务是"三桶油"最主要收入来源。正因如此，三家公司均在年报中着重提及国际油价震荡下跌对公 司业绩的影响。今年上半年，全球石油市场供需宽松，布伦特（Brent）原油现货均价同比跌幅在15% 左右。 因此，中国石油上半年原油平均售价66.21美元/桶，同比下滑14.5%；中 ...

Core Viewpoint - The "Big Three" oil companies in China are accelerating their non-oil business expansion in response to declining profits from their core oil operations due to falling international oil prices [2][5]. Financial Performance - In the first half of the year, the "Big Three" reported a total net profit decline of 290.5 billion yuan, equivalent to a daily loss of nearly 1.6 billion yuan, with individual profits of China National Petroleum Corporation (CNPC) at 840.1 billion yuan, Sinopec at 214.8 billion yuan, and CNOOC at 695.3 billion yuan, reflecting year-on-year decreases of 5.4%, 39.8%, and 13% respectively [2][3]. - Revenue for the "Big Three" also fell between 5% to 11%, with CNPC experiencing a rare dual decline in both revenue and net profit for the first time in five years [2][3]. Oil Price Impact - The average crude oil price for CNPC was $66.21 per barrel, down 14.5% year-on-year, while CNOOC's average price was $69.15 per barrel, down 13.9% [3]. - CNPC's oil and gas segment revenue decreased by 6.3% to 422.67 billion yuan, accounting for 30% of total revenue, while CNOOC's oil and gas sales revenue fell by 7.2% to 171.75 billion yuan, making up 83% of total revenue [3]. Natural Gas Performance - Both CNPC and CNOOC saw growth in natural gas sales, with CNPC's average sales price increasing over 5% to 2,334 yuan per ton and sales volume rising nearly 3% to 1.515 million tons [3]. - CNOOC's natural gas average price rose 1.4% to $7.9 per thousand cubic feet, with sales volume increasing 13.5% to 4.892 trillion cubic feet, leading to a 16% increase in natural gas revenue to 27.75 billion yuan [3]. Downstream Business Challenges - The downstream oil product sales and refining businesses of CNPC and Sinopec were significantly impacted by falling prices and sales volumes of oil and petrochemical products [4]. - CNPC's chemical business profit dropped 55.5% to 1.392 billion yuan, while Sinopec's chemical division reported a loss that widened by 33.5% to 422.4 million yuan [4]. Strategic Shift to Non-Oil Business - The "Big Three" are focusing on non-oil business development due to the peak oil demand in the transportation sector and the anticipated decline in overall oil demand by 2028 [5]. - CNPC plans to expand into new energy and materials, reporting a 70% increase in wind and solar power generation to 3.69 billion kilowatt-hours, and a 50% increase in new materials production to 1.665 million tons [5]. - CNOOC aims to increase green electricity usage and has initiated a carbon capture and utilization project [5][6].

Core Insights - The company has achieved significant growth in non-oil business, with a non-oil gross profit completion rate of 113% in July, ranking first in the province [1][2] Group 1: Service Upgrade and Store Sales Improvement - The company focuses on enhancing service capabilities and improving store sales, implementing a marketing strategy based on "four key sales activities" [1] - A themed marketing campaign in July ranked among the top in the province, with over 70% employee participation in related competitions, leading to numerous awards [1] - The company has expanded its automotive after-market services by opening 7 new convenience car maintenance stores in July, introducing various services and products that received positive feedback from customers and employees [1] Group 2: Direct Sales and Market Expansion - The company is leveraging its oil product customer base to enhance non-oil business growth, establishing a long-term mechanism for oil-to-non-oil conversion [2] - A policy offering the best discounts for full product line consumption was introduced for key diesel customers, which helps in developing large-scale customer relationships [2] Group 3: Online Ecosystem and Digital Empowerment - The company has strengthened its online business strategy by creating a digital marketing matrix that includes group buying, home delivery, and live streaming [2] - In July, the company released 14 short videos on platforms like WeChat and Douyin, achieving over 3.45 million views and 400,000 shares for one video, setting a new record for engagement [2]

Core Viewpoint - The opening of the first fully self-operated Dicos restaurant by China Petroleum in Hunan marks a significant step in the company's non-oil business expansion, aiming to create a new "gas station + dining" model to enhance consumer engagement and diversify revenue streams [1][3][5] Group 1: Business Expansion - The Dicos restaurant at the Guqu Road gas station is the first fully self-operated outlet by China Petroleum and the fifth restaurant overall [3] - Prior to this, the company had opened four KFC restaurants at service areas, indicating a strategic focus on diversifying non-oil revenue sources [3] Group 2: Consumer Engagement - The restaurant's opening attracted over 300 visitors on its first day, with families participating in fun activities, showcasing the appeal of the new dining option [3][5] - Local residents expressed excitement about the convenience of having dining options alongside fuel services, enhancing the overall consumer experience [3] Group 3: Strategic Goals - China Petroleum aims to enrich gas station offerings through cross-industry integration, enhancing customer loyalty and satisfaction [5] - The company is exploring further innovations in its non-oil business model, including the introduction of convenience stores and automotive services, to create a more efficient and high-quality lifestyle experience for consumers [5]