Core Viewpoint - China National Petroleum Corporation (CNPC) reported a decline in both revenue and net profit for the first half of 2025, marking the first such occurrence in five years, attributed mainly to falling oil prices and changes in product sales volumes [1][2][4]. Financial Performance - CNPC's revenue for the first half of 2025 was 1.450 trillion yuan, a year-on-year decrease of 6.7% [2][3]. - The net profit attributable to shareholders was 840.1 billion yuan, down 5.4% compared to the previous year [2][3]. - Basic earnings per share were 0.46 yuan, reflecting a 5.4% decline [2][3]. - The net cash flow from operating activities increased by 4.0% to 227.1 billion yuan [2][3]. Market Conditions - The global oil market experienced a surplus, leading to a decline in international crude oil prices, with Brent crude averaging $71.87 per barrel, down 14.5% year-on-year [4]. - The average selling price of crude oil decreased by 14.5% to $66.21 per barrel [4][5]. - Sales volumes for half of CNPC's major products, including polypropylene, gasoline, and diesel, saw a year-on-year decline [3][4]. Segment Performance - The oil and gas segment reported revenue of 422.67 billion yuan, down 6.3% due to lower crude oil prices [4][5]. - The refining and chemical segment's revenue was 554.17 billion yuan, a decrease of 12.8% primarily due to falling prices of refined and chemical products [6]. Shareholder Returns - The board of directors declared an interim dividend of 0.22 yuan per share, totaling 40.26 billion yuan, maintaining a historically high level for the same period [1][7]. Strategic Initiatives - CNPC is expanding its natural gas business, with plans to establish joint ventures for gas storage facilities, investing approximately 400 billion yuan to enhance its natural gas supply chain [9][10]. - The company sold 1514.95 billion cubic meters of natural gas in the first half of 2025, a 2.9% increase year-on-year [10].

李强主持国务院第十五次专题学习要求扎实推动服务贸易高质量发展积极培育外贸发展新动能 "人工智能+"行动"路线图"来了国务院印发《关于深入实施"人工智能+"行动的意见》 加快实施6大重点行动 国内ETF总规模首次突破5万亿元再上新台阶百亿ETF首次超过100只 8月26日，国务院以"加快服务贸易创新发展，积极培育外贸发展新动能"为主题，进行第十五次专题学习。国务院总理李强强调，要主动扩大优质服务进 口，以高水平开放促进我国服务业高质量发展。要推动服务贸易制度型开放，加强与国际高标准经贸规则对接，进一步压减跨境服务贸易负面清单，有序放 宽服务领域市场准入。要努力为服务进口营造良好环境，便利专业化人才跨境往来，优化跨境资金管理，促进数据跨境有序流动。加快建设全国统一大市 场，规范服务领域许可、资质和技术标准，破除各类隐性壁垒。要以服务进口带动本土服务业发展，支持我国服务业企业在市场竞争中提升自身能力。（新 华社） 国务院印发《关于深入实施"人工智能+"行动的意见》。《意见》提出加快实施6大重点行动。一是"人工智能+"科学技术，加速科学发现进程，驱动技术研 发模式创新和效能提升，创新哲学社会科学研究方法。二是"人工智 ...

Core Viewpoint - China National Petroleum Corporation (CNPC) plans to acquire three gas storage facilities for a total consideration of 40.016 billion yuan, which is expected to enhance the stability and high-quality development of its natural gas supply chain [1][4]. Financial Performance - In the first half of 2025, CNPC reported a net profit attributable to shareholders of 84.007 billion yuan, a decrease of 5.4% compared to 88.806 billion yuan in the same period last year [2]. - The company's total revenue for the same period was 1,450.099 billion yuan, down 6.7% year-on-year [2]. - The oil and gas and new energy segment generated revenue of 422.667 billion yuan, a decline of 6.3%, primarily due to falling crude oil prices and increased production [2]. - The average realized crude oil price was 66.21 USD per barrel, down 14.5% from 77.45 USD per barrel in the previous year [2]. - The refining and chemical segment's revenue decreased by 12.8% to 554.170 billion yuan, with operating profit dropping significantly [2]. Natural Gas Sales - In the first half of 2025, CNPC's natural gas sales reached 151.495 billion cubic meters, an increase of 2.9% from 147.217 billion cubic meters in the same period last year [5]. - Domestic natural gas sales were 119.767 billion cubic meters, up 4.2% from 114.937 billion cubic meters year-on-year [5]. - The natural gas sales segment reported revenue of 310.943 billion yuan, a growth of 4.3% compared to 298.079 billion yuan in the previous year, driven by increased domestic sales [5].

Core Viewpoint - China National Petroleum Corporation (CNPC) reported a revenue of 1.45 trillion yuan for the first half of the year, a decrease of 6.7% year-on-year, with a net profit of 84.007 billion yuan, down 5.4% year-on-year. The company declared an interim dividend of 0.22 yuan per share, totaling 40.26 billion yuan, maintaining a historically high level [1]. Group 1: Financial Performance - CNPC's oil and gas equivalent production reached 924 million barrels, an increase of 2.0% year-on-year, with crude oil production at 476 million barrels, up 0.3% [2]. - The company achieved a sales volume of 2.68 trillion cubic feet of marketable natural gas, a year-on-year increase of 3.8%, marking a historical high for the same period [2]. - The operating profit from oil and gas and new energy businesses was 85.69 billion yuan [2]. Group 2: Operational Highlights - CNPC implemented efficient exploration strategies, focusing on key basins and areas, leading to significant breakthroughs and discoveries [1]. - The company optimized capacity construction and improved recovery rates through various measures, accelerating the development of key projects [1]. - The company processed 690 million barrels of crude oil and produced 59.57 million tons of refined oil, with chemical product sales volume increasing by 4.9% year-on-year [2]. Group 3: Business Development - The company is advancing its new energy business, with a 70.0% year-on-year increase in wind and solar power generation [2]. - CNPC's refining and chemical business is undergoing structural adjustments, with significant progress in high-end polyethylene projects and other initiatives [2]. - The natural gas sales business saw a volume increase of 2.9% year-on-year, with domestic sales reaching 119.77 billion cubic meters, up 4.2% year-on-year, achieving a historical high [3].

Group 1 - The meeting of the Supervisory Board of China National Petroleum Corporation was held on August 25, 2025, with 4 out of 6 supervisors present, and the meeting was conducted legally and effectively [1][2] - The Supervisory Board approved the 2025 interim financial report with unanimous support, indicating strong agreement among the supervisors [1][2] - The Supervisory Board also approved the 2025 interim profit distribution plan, again with unanimous support, reflecting confidence in the company's financial performance [1][2] Group 2 - The Supervisory Board reviewed and approved the 2025 semi-annual report and its summary, confirming that the preparation and review processes complied with legal and regulatory requirements [2] - The content of the 2025 semi-annual report and summary was deemed to accurately reflect the company's operational and financial status without any false statements or omissions [2]

Core Viewpoint - China National Petroleum Corporation (CNPC) plans to establish a joint venture company and acquire 100% equity of three gas storage companies to optimize its asset and business integration, promoting the stable operation and high-quality development of the natural gas industry chain [1][2][16]. Summary by Sections 1. Overview of the Transaction - CNPC's subsidiary, Taihu Investment, intends to establish three joint venture companies to acquire 100% equity of Xinjiang Oilfield Gas Storage Company, Xiangguansi Gas Storage Company, and Liaohe Oilfield Gas Storage Company, with respective investments of CNY 99.95 billion, CNY 170.66 billion, and CNY 129.55 billion [2][16]. 2. Transaction Approval - The transaction was approved unanimously by the board of directors, with no dissenting votes, and does not require shareholder approval as it does not constitute a major asset restructuring [2][3]. 3. Basic Information of Related Parties - Xinjiang Oil Management Bureau, Sichuan Oil Management Bureau, and Liaohe Oil Exploration Bureau are the related parties involved in the transaction, all being wholly-owned subsidiaries of CNPC [3][4][5]. 4. Financial Data of Target Companies - Financial data for the target companies as of December 31, 2024, includes: - Xinjiang Oilfield Gas Storage Company: Total assets of CNY 1,313.17 million, net profit of CNY 76.17 million [7]. - Xiangguansi Gas Storage Company: Total assets of CNY 796.42 million, net profit of CNY 44.04 million [9]. - Liaohe Oilfield Gas Storage Company: Total assets of CNY 1,442.18 million, net profit of CNY 65.59 million [12]. 5. Pricing and Valuation - The total valuation for the three gas storage companies is CNY 400.16 billion, based on independent third-party assessments [12][13]. 6. Purpose and Impact of the Transaction - The acquisition aims to enhance gas storage capacity, facilitating the natural gas sales and production balance, thereby maximizing the overall efficiency of the natural gas industry chain [16]. - Post-transaction, the three gas storage companies will be included in CNPC's consolidated financial statements, positively impacting the company's financial status and operational results [16].

证券代码 601857 证券简称 中国石油 公告编号 临 2025-020 中国石油天然气股份有限公司 第九届董事会第十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中国石油天然气股份有限公司（以下简称公司）董事会于2025年8月 会议通知，会议于2025年8月26日在北京以现场及视频连线方式召开。应 出席会议董事11人，实际出席会议董事9人。董事任立新先生和谢军先生 因其他公务安排未能出席会议，分别书面委托董事黄永章先生和张道伟 先生代为出席并表决。会议由董事长戴厚良先生主持。部分监事和高级 管理人员列席了会议。本次会议符合《中华人民共和国公司法》和《中 国石油天然气股份有限公司章程》的规定，合法、有效。 二、董事会会议审议情况 公司董事审议了以下议案，并形成如下决议： （一）审议通过《关于公司2025年中期财务报告的议案》 （二）审议通过《关于公司2025年中期利润分配方案的议案》 议案表决情况：同意11票，反对0票，弃权0票。 本议案已经公司审计委员会审议通过，并同意提交董事会 ...

Core Viewpoint - China National Petroleum Corporation (CNPC) reported a decline in revenue and net profit for the first half of the year, but maintained a high dividend payout while achieving operational improvements and growth in oil and gas production [1][3]. Financial Performance - CNPC's revenue for the first half of the year was 1.45 trillion yuan, a decrease of 6.7% year-on-year [1]. - The net profit attributable to shareholders was approximately 84 billion yuan, down 5.4% year-on-year [1]. - The company declared an interim dividend of 0.22 yuan per share, totaling 40.265 billion yuan [1]. Operational Highlights - CNPC's oil and gas equivalent production reached 924 million barrels, an increase of 2.0% year-on-year [3]. - Crude oil production was 476 million barrels, up 0.3% year-on-year, while marketable natural gas production was 2.68 trillion cubic feet, increasing by 3.8% [3]. - The company achieved historical highs in natural gas and oil equivalent production [3]. Strategic Initiatives - CNPC focused on efficient exploration and development, optimizing capacity deployment, and enhancing recovery rates [3]. - The company expanded its overseas oil and gas business and improved asset structure and project management to enhance investment returns [3]. - Significant progress was made in renewable energy projects, with wind and solar power generation increasing by 70.0% year-on-year [3]. Refining and Chemical Business - CNPC continued to adjust and upgrade its refining structure, achieving historical highs in ethylene production and chemical product sales [4]. - The company processed 690 million barrels of crude oil and produced 59.57 million tons of refined products [4]. - The new materials segment saw a production increase of 54.9%, maintaining over 50% growth for three consecutive years [4]. Natural Gas Sales - Natural gas sales reached 151.5 billion cubic meters, a 2.9% increase year-on-year, with domestic sales hitting 119.77 billion cubic meters, up 4.2% [4]. - The market share for natural gas sales increased by 2.1 percentage points [4]. Future Outlook - CNPC plans to closely monitor market changes and drive high-quality development across all business segments in the second half of the year [5].

Core Viewpoint - China Petroleum (601857) reported a decline in both revenue and net profit for the first half of 2025, primarily due to falling crude oil and refined oil prices, as well as changes in oil and gas product sales [1] Financial Performance - The company achieved an operating revenue of 1,450.99 billion yuan, a year-on-year decrease of 6.7% [1] - The net profit attributable to shareholders was 84.007 billion yuan, down 5.4% compared to the previous year [1] - Basic earnings per share were reported at 0.46 yuan [1] Dividend Announcement - The board of directors decided to distribute an interim dividend of 0.22 yuan per share based on the total share capital of 1,830.21 billion shares as of June 30, 2025 [1]

Core Insights - China National Petroleum Corporation (CNPC) reported a decline in both revenue and net profit for the first half of the year, marking the first such occurrence in five years [1] Financial Performance - The company's revenue decreased by 6.7% year-on-year to 1.45 trillion yuan [1] - Net profit attributable to shareholders fell by 5.4% year-on-year to 84.01 billion yuan [1] Sales and Pricing Trends - Half of the eight major products sold externally experienced a decline in sales volume [1] - Average selling prices for six major products also dropped, with significant declines in kerosene, crude oil, diesel, and gasoline [1] - Crude oil and diesel average selling prices fell by 12.3% and 9.4% respectively, reaching 3,690 yuan/ton and 6,213 yuan/ton [1] Market Conditions - The global oil market is characterized by a loose supply-demand balance, leading to a decrease in international crude oil prices [1] - The average Brent crude oil spot price fell by 14.5% year-on-year to $71.87 per barrel, while WTI spot price decreased by 14.4% to $67.6 per barrel [1] - Domestic consumption of gasoline and diesel continues to be suppressed due to increased competition from alternative energy sources [1] - Prices of major chemical products have also declined due to the drop in international oil prices, resulting in low production profits [1]