证券代码：603619 股票简称：中曼石油 公告编号：2025-010 中曼石油天然气集团股份有限公司 第四届董事会第七次会议决议公告 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 中曼石油天然气集团股份有限公司（以下简称"公司"）第四届董事会第七次 会议的通知于 2025 年 3 月 30 日以电子邮件方式发出，会议于 2025 年 4 月 1 日 在上海市浦东新区江山路 3998 号公司会议室以现场和通讯相结合的方式召开。 本次会议应参加并表决的董事 8 名，实际参加会议并表决的董事 8 名，会议 由董事长李春第先生主持，部分监事、高管列席了会议。会议的通知、召开符合 《公司法》等有关法律、法规和《公司章程》的规定，会议决议有效。 中曼石油天然气集团股份有限公司董事会 附件 简 历 李艳秋，女，1979 年出生，中国国籍，本科学历。曾担任济南中曼天然气 有限公司销售经理、北京中原昆仑国际贸易有限公司销售经理、中曼石油装备集 团有限公司总经理助理、投资总监。现任中曼石油天然气集团股份有限公司副董 事 ...

Core Viewpoint - The innovative skin treatment product "Fumeida" developed by Zhejiang Funuo Pharmaceutical Co., Ltd. faces trademark challenges from ExxonMobil, which may hinder its market launch despite receiving approval from the National Medical Products Administration of China [2][4]. Group 1: Product and Approval - "Fumeida" (Fluocinolone Hydroquinone Tretinoin Cream) is a new generation topical treatment for melasma and is the first domestic product that meets international gold standards with a three-component formula [2]. - The product has been in development for over ten years and has recently received approval for market launch [2]. Group 2: Trademark Dispute - ExxonMobil has applied to the Chinese National Intellectual Property Administration to declare the "Fumeida" trademark invalid, claiming it is similar to their "Mobil" trademark, alleging potential consumer deception [2][4]. - Funuo Pharmaceutical registered the "Fumeida" trademark in 2019 and has used it for multiple products, achieving positive social feedback [4]. Group 3: Legal and Industry Implications - The legal representative from Funuo Pharmaceutical argues that the two trademarks differ significantly in terms of text composition, pronunciation, meaning, and overall appearance [6]. - ExxonMobil's strategy of full-category trademark protection allows them to assert rights across different industries, which can lead to disputes with smaller companies like Funuo Pharmaceutical, often resulting in high legal costs and strategic adjustments for the latter [6]. - Funuo Pharmaceutical emphasizes the importance of understanding the differences in trademark characteristics across industries and calls for respect for Chinese language conventions in trademark protection [6][7].

Investment Rating - The investment rating for the company is "Outperform the Market" [2]. Core Insights - The company achieved an operating revenue of 2,937.98 billion yuan in 2024, a year-on-year decrease of 2.48%, while the net profit attributable to shareholders was 164.68 billion yuan, a year-on-year increase of 2.02% [7][8]. - The report highlights that the fourth quarter saw a decline in oil prices, which negatively impacted profitability, particularly in the oil and gas and new energy sectors [7][10]. - The report projects net profits for 2025-2027 to be 160.9 billion, 162.7 billion, and 165.3 billion yuan respectively, with a reasonable valuation range of 11.32 to 13.07 yuan per share based on a price-to-book ratio of 1.3-1.5 times [7][23]. Summary by Sections Financial Performance - In 2024, the company reported a net profit of 164.68 billion yuan, with a fourth-quarter net profit of 32.16 billion yuan, reflecting an 8.05% year-on-year increase but a 26.77% quarter-on-quarter decrease [8][10]. - The company’s total assets reached 2,753.01 billion yuan, with a debt-to-asset ratio of 37.9% [26]. Business Segment Analysis - **Oil and Gas and New Energy Business**: The EBIT for this segment was affected by falling oil prices, with quarterly EBIT figures of 12.89, 15.22, 16.80, and 4.09 USD per barrel [11][13]. - **Refining and Chemical Business**: This segment saw improved profitability due to expanded price differentials, with EBIT figures of 3.19, 2.24, 0.67, and 2.46 USD per barrel [15]. - **Natural Gas Sales**: The EBIT for this segment increased in the fourth quarter to 0.76 yuan per cubic meter, attributed to effective cost control and rising domestic gas prices during the heating season [19][20]. Future Outlook - The company expects stable growth in net profits over the next few years, with a projected EPS of 0.88 yuan for 2025 [6][7]. - The report maintains a positive outlook on the company's ability to navigate market fluctuations and achieve profitability [7][23].

21世纪经济报道记者 林典驰 香港报道 3月31日，中国石油（601857.SH）业绩会在香港召开。 会上，中国石油财务总监、董事会秘书王华在回应媒体提问时表示，董事长还有董事会始终高度重视市 值管理工作，市值管理最重要的是不断提升公司的发展质量。近年来随着公司发展质量提升，股价已经 连续4年上涨，H股的股息收益率这几年都是高于8%，应该说各方投资者都获得了比较好的回报。 公司设置了一系列考核指标，将市值的相关指标纳入了对股份公司管理层的合同，"这个指标体系是很 完善的，既包括定量的指标，也包括定性的指标，激励管理层和员工努力提升公司市值。" 全年油价或在70美元~75美元/桶 去年，国际原油市场供需总体宽松，国际原油价格先涨后跌，全年平均油价较上年同期小幅下跌，国际 市场天然气价格进一步回落；国内成品油市场竞争加剧，天然气市场消费量保持快速增长。 多重因素叠加，2024年，中国石油还是保持了稳健的经营业绩，全年实现营收2.94万亿元，同比降约 2.5%。 尽管存在油价不利因素影响，去年中国石油还是实现归母净利润1646.8亿元，同比增长2%，再创历史 新高。 会上，中国石油管理层回应了对国际油价的判断、公司 ...

3月31日，中国石油（601857.SH）在香港召开2024年业绩发布会。公司高管介绍，在油价震荡下行、成品油需求下降、化工业务仍处于景气周期低谷的形 势下，中国石油业绩连续第三年创历史新高。 数据显示，2024年，中国石油实现营业收入2.94万亿元，实现归母净利润1646.8亿元，同比增长2%。 中国石油董事长戴厚良在会上表示，公司"以工作的确定性来应对市场环境的不确定性"，2024年公司的主要生产经营指标，税前利润、净利润、净资产收益 率、资本回报率再创历史新高，高质量发展迈上了新的台阶。 油价逆势下再创业绩新高 国际原油价格已连续两年走低。2024年，地缘政治冲突不断，经济增速放缓、新能源替代加速致使市场需求偏弱，国际油价进一步小幅回落。这一年，中国 石油原油平均实现价格为74.70美元/桶，同比下降2.5%，与国际油价降幅基本一致。 在美国贸易政策变化的影响下，2025年国际油价是否仍会遭遇挑战？ 中国石油曾在年报中表示，预计今年国际油气市场供需保持宽松，国际原油价格中枢预计下移。业绩会上，戴厚良对此做了进一步分析。他表示，油气价格 主要取决于供求关系，目前来看，这一供求关系总体平衡，根据多家机构预测 ...

2024 年公司资本支出2758 亿元，2025 年计划支出2622 亿元。2024 年经营现金流净额高达4065 亿，扣 除资本开支粗算自由现金流1307 亿。 盈利预测与投资评级：原盈利预测25/26 年归母净利润1793/1901 亿，现由于成品油需求低迷，调整为 2025-2026 年归母净利润为1698/1749 亿，新增2027 年归母净利润预测为1800 亿，A 股对应PE 8.7/8.5/8.2 倍，H 股对应PE 5.5/5.4/5.2 倍。A 股对应25 年分红收益率5.7%，H 股对应25 年分红收益率 9.0%。维持"买入"评级。 风险提示：经济衰退带来的油价下行风险；项目投产不及预期的风险；天然气终端销售价格下跌的风 险。 2024 年归母净利润1611 亿，再创佳绩 2024 年原油加工量1.87 亿吨，同比-1.5%，成品油产量同比-2.3%，其中汽柴煤油产量分别同 比-3.4%/-6.8%/+19.2%。2024 年炼油单位利润同比下滑50%，为1.8 美金/桶加工量，主要是2024 年国内 成品油需求低迷；化工单位炼油利润略有小幅提升，约0.3 美金/桶加工量，主要是公司加大 ...

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].

昨天，发生了哪些财经大事？ 李嘉诚 旗下长和突然公告 3月31日早上，李嘉诚旗下长和在港交所公告称，董事会知悉最近与可能分拆本公司全球电讯资 产及业务有关的若干媒体报道。 本集团不时接获建议并探索及评估可供考虑之机会，藉以提升股东的长远价值，包括与本公司全 球电讯业务之资产及运营相关的可能交易（包括分拆上市）。 于本公告日期，董事会未有就本公司全球电讯业务有关的任何交易作出决定。 本公司股东及潜在投资者谨请注意，目前并不确定是否将会进行任何交易。 三桶油合计日赚近10亿 3月30日晚间，中国石油（601857.SH，股价8.08元，市值14788.1亿元）披露2024年年报，按照 国际财务报告会计准则，报告期内公司实现营业收入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%，再创历史新高。截至报告期末，中国石油自由现金流1043.5亿元，连续三 年超过1000亿元。 在业绩创下新高的同时，中国石油的股东回报也达到新高。为积极回报股东，中国石油董事会建 议派发2024年末期股息每股0.25元，期末总派息额约457.55亿元。全年股息每股0.47元，派息率 52.2%，总派息额约860.2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights that the company has achieved a net profit growth of 11.4% year-on-year in 2024, driven by an increase in oil and gas production and sales [6]. - The company anticipates stable growth in net production and plans to maintain capital expenditures between 125 billion to 135 billion yuan [6]. - The report projects a reasonable value range for the company's stock between 30.89 and 32.52 yuan based on a price-to-book ratio of 1.9 to 2.0 for 2025 [6]. Financial Performance Summary - In 2024, the company reported operating revenue of 420.51 billion yuan, a year-on-year increase of 0.9% [6]. - The net profit attributable to the parent company for 2024 was 137.94 billion yuan, reflecting an 11.4% increase compared to the previous year [6]. - The company’s capital expenditure for 2024 was 123.36 billion yuan, up 2.1% year-on-year, primarily focused on oil and gas exploration and development [6]. - The average realized price for crude oil in 2024 was 76.75 USD per barrel, a decrease of 1.6% year-on-year, while the realized price for natural gas was 7.72 USD per thousand cubic feet, down 3.3% [6]. Production and Sales Summary - The company achieved an oil and gas production of 727 million barrels of oil equivalent in 2024, representing a year-on-year increase of 7.2% [6]. - Oil and gas sales reached 712 million barrels of oil equivalent, marking a 9.0% increase year-on-year [6]. - Natural gas production was 760.3 billion cubic feet, up 7.8% year-on-year, while liquid petroleum production was 563 million barrels, an increase of 9.4% [6]. Future Projections - The company aims for a net production target of 760 to 780 million barrels of oil equivalent in 2025, with expectations for continued growth in subsequent years [6]. - The projected net profit for 2025 is 115.05 billion yuan, with further declines expected in 2026 and 2027 [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 全年派息860.2亿元 在油价小幅下跌的背景下，中国石油（601857）在2024年实现了连续第三年经营业绩创历史新高。 与此同时，中国石油末期和全年每股股息也创下历史同期最好水平，公司全年总派息额约860.2亿元。 业绩再创新高 3月30日晚间，中国石油披露2024年年报，按照国际财务报告会计准则，报告期内公司实现营业收入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%，再创历史新高。截至报告期末，中国石油自由现金流1043.5亿元，连续三年超过1000亿元。 中国石油的业绩再创新高，是在国际原油市场供需总体宽松的环境下实现的。 2024年，国际原油价格先涨后跌，全年平均油价较上年同期小幅下跌，国际市场天然气价格进一步回落；国内成品油市场竞争加剧，天然气市场消费量保 持快速增长。中国石油当年原油平均实现价格74.70美元/桶，比上年同期的76.60美元/桶下降2.5%。 对于这份业绩表现，中国石油总结称，公司通过提升石油天然气产销量、优化炼油化工产品结构、细化市场营销策略、坚持低成本发展战略举措、不断增 强产业链韧性，实现业绩增长。 ...