Core Viewpoint - China National Petroleum Corporation (CNPC) reported a strong performance in the first half of 2025, with significant revenue and profit figures despite a decline in international oil prices [1][2]. Financial Performance - CNPC achieved a revenue of 1.5 trillion yuan and a net profit of 84.01 billion yuan in the first half of 2025 [1]. - The company plans to distribute a cash dividend of 0.22 yuan per share, totaling 40.265 billion yuan, with 35.623 billion yuan allocated for A-shares [1]. Market Conditions - The average Brent crude oil price was $71.87 per barrel, down 14.5% year-on-year [1]. - CNPC's oil and gas equivalent production showed steady growth, and sales of refined oil, natural gas, and chemical products increased [1]. Strategic Initiatives - CNPC is accelerating the transformation and upgrading of traditional industries while fostering emerging sectors to create a "second growth curve" and planning for future industries to establish a "third growth curve" [1]. - The company is enhancing its renewable energy business, with a 70% increase in wind and solar power generation [2]. Operational Highlights - CNPC processed 690 million barrels of crude oil and produced 59.572 million tons of refined oil in the first half of 2025 [2]. - Chemical product sales reached 19.971 million tons, a 4.9% increase, while new material production surged by 54.9% [2]. - Non-oil business segments, including LNG and charging services, saw significant growth, with LNG sales up 58.9% and charging volumes up 213% [2]. Investment Activities - CNPC's subsidiary plans to establish three joint ventures with a total investment of 40.016 billion yuan to acquire 100% equity in three gas storage companies [3].