Core Insights - Sinopec Engineering (02386) reported a revenue of 31.559 billion RMB for the first half of 2025, representing a year-on-year increase of 10.1% [1] - Gross profit reached 2.599 billion RMB, up 3.6% year-on-year, while net profit attributable to shareholders was 1.384 billion RMB, reflecting a 4.8% increase [1] - The company proposed an interim dividend of 0.16 RMB per share [1] Revenue Drivers - The increase in revenue was primarily driven by large projects such as Huajin, Mango Ethylene, Jihua's transformation and upgrading, and Saudi Riyas entering peak construction or settlement phases [1] Technological Advancements - The company continued to promote technological innovation, signing new contracts for technology development, licensing, and transformation amounting to 720 million RMB, indicating a sustained improvement in research and development capabilities [1] - The leading technological advantages contributed to steady growth in front-end and EPC business revenues, with an improving revenue structure enhancing profitability amid intense market competition [1] Contractual Performance - The total value of new contracts signed during the reporting period was 71.158 billion RMB, marking a year-on-year increase of 42.1% [1] - As of the end of the reporting period, the company's backlog of uncompleted contracts stood at 212.276 billion RMB, a 22.9% increase compared to December 31, 2024, covering approximately 3.3 times the total revenue of 64.198 billion RMB for the entire year of 2024 [1]

Core Insights - Sinopec Engineering's revenue for the first half of 2025 reached 31.559 billion RMB, representing a year-on-year increase of 10.1% [1] - Gross profit amounted to 2.599 billion RMB, up 3.6% year-on-year, while net profit attributable to shareholders was 1.384 billion RMB, reflecting a 4.8% increase [1] - The company proposed an interim dividend of 0.16 RMB per share [1] Revenue Drivers - The revenue growth was primarily driven by large projects such as Huajin, Mango Ethylene, Jihua's transformation and upgrading, and Saudi Riyas entering peak construction or settlement phases [1] Technological Innovation - The company continued to advance technological innovation, signing new contracts for technology development, licensing, and transformation amounting to 720 million RMB, indicating a sustained improvement in research and development capabilities [1] - The leading technological advantages contributed to steady growth in front-end and EPC business revenues, with an ongoing improvement in revenue structure enhancing profitability amid intense market competition [1] Contractual Performance - The total value of new contracts signed during the reporting period was 71.158 billion RMB, marking a year-on-year increase of 42.1% [1] - As of the end of the reporting period, the company's uncompleted contract value stood at 212.276 billion RMB, a 22.9% increase compared to December 31, 2024, covering approximately 3.3 times the total revenue of 64.198 billion RMB for the entire year of 2024 [1]

格隆汇8月1日丨中石化炼化工程(02386.HK)宣布，公司全资子公司中石化广州工程有限公司(以下简 称"广州工程")与西班牙Técnicas Reunidas公司(以下简称"TR公司")，于近日就位于沙特延布的大型绿氢 项目(以下简称「该项目」)与沙特国际电力和水务公司(以下简称"ACWAPower公司")签订了一份可转换 前端工程设计合同(以下简称「该合同」)。根据该合同，广州工程将与TR公司组成联合体(以下简称"联 合体")，共同就该项目建设提供前端工程设计服务，预计执行周期为10个月。 该合同执行完毕後，联合体将提交一份该项目的EPC工程总承包投标方案，用以执行该项目的EPC总承 包服务。该项目的EPC工程总承包合同预计将达到数十亿美元。 ACWA Power公司总部位于沙特阿拉伯利雅得，是全球领先的电力及海水淡化开发、投资和运营公司， 也是绿色氢能的先行者和能源转型的领导者。该项目地点位于沙特阿拉伯延布工业区。该项目利用风光 发电制备绿氢绿氨，包括产出约40万吨╱年绿氢的4.2GW的电解水制氢设施、8000吨╱天的合成氨设 施、海水淡化厂、专用码头等公用工程及辅助生产设施。作为全球拟建最大规模的绿氢 ...

Core Viewpoint - The article highlights the significant contributions of Ma Ming in driving digital transformation and innovation in the petrochemical industry through technology and collaborative design practices [1][5]. Group 1: Digital Innovation and Standards - Ma Ming has led the development of the first domestic forward digital delivery project and created the Engineering Data Handover System (EDHS), expanding the delivery data attributes from 9,000 to 35,000 items [4]. - The "Petrochemical Engineering Digital Delivery Execution Guidelines," which Ma Ming helped compile, has been approved as a national standard, effective from March 1, 2019, aimed at standardizing digital delivery in petrochemical construction [4]. - The digital operation platform (EDRS) developed under Ma Ming's leadership was successfully applied in Hunan Petrochemical, marking a precedent for self-developed operation systems in engineering enterprises [4]. Group 2: Collaborative Design and Efficiency - Ma Ming proposed the concept of integrated design as a key support for digital transformation, emphasizing the need for multi-disciplinary collaboration to ensure data consistency [3]. - He successfully developed the Design Integration System (DIS) after seven years of research, standardizing over 1,000 professional design documents and significantly enhancing cross-disciplinary collaboration efficiency [3]. - The electronic signature automation process and online review system developed by Ma Ming have notably improved design work efficiency [3]. Group 3: Career and Recognition - Over his 37-year career, Ma Ming has transitioned from a software engineer to a leader in digital factory construction, consistently promoting the digital and intelligent development of the petrochemical industry [5]. - He has received numerous accolades, including the title of Zhejiang Province's Top 100 Enterprise Science and Technology Workers and recognition as an advanced individual in information work at Sinopec [1].

Core Viewpoint - The report maintains the profit forecast for Sinopec Engineering (02386) for 2025-26, with the current stock price trading at 8x/7x P/E for those years, attributing recent stock price pullbacks to international oil price fluctuations [1] Group 1: Company Performance - In Q1 2025, the company signed new contracts worth 44.37 billion yuan, a year-on-year increase of 31.4%, with a backlog of 201.19 billion yuan, up 16.5% quarter-on-quarter [2] - The company aims for total new orders of 100 billion yuan in 2025, maintaining the same level as 2024, with 63 billion yuan from domestic and 5 billion USD from international markets [3] Group 2: Market Opportunities - The company has secured significant new contracts, including a 11.63 billion yuan project for the Maoming Petrochemical refinery upgrade and a 2.06 billion USD project in Algeria [2] - The company’s overseas revenue share increased from 10% to 17% in FY24, with a target of over 40% for new orders in FY25, indicating a strategic focus on emerging market opportunities [4] Group 3: Financial Health - The company has over 20 billion yuan in cash on hand, with FY24 financial income reaching 1.2 billion yuan, a nearly 10% year-on-year increase, driven by foreign exchange gains [5] - The company’s capital expenditure for 2025 is planned at 164.3 billion yuan, with 67.2 billion yuan allocated to the refining sector, supporting order and workload growth [3]