Core Viewpoint - In the first half of 2025, the company experienced a significant decline in revenue and net profit due to weak supply and demand dynamics, alongside inventory losses from falling oil prices [1][2]. Financial Performance - The company reported a total revenue of 1,409.05 billion yuan, a year-on-year decrease of 10.60% [1] - The net profit attributable to shareholders was 21.48 billion yuan, down 39.83% year-on-year [1] - The basic earnings per share (EPS) was 0.18 yuan, reflecting a 40.2% decline compared to the previous year [1] - In Q2 2025, revenue was 673.70 billion yuan, down 14.31% year-on-year and 8.39% quarter-on-quarter [1] - The net profit for Q2 was 8.22 billion yuan, a year-on-year decrease of 52.73% and a quarter-on-quarter decrease of 38.04% [1] Segment Performance - The exploration and development segment generated 23.6 billion yuan, down 55% year-on-year; refining segment earned 3.5 billion yuan, down 36%; marketing segment earned 8 billion yuan, down 67%; and the chemical segment reported a loss of 4.2 billion yuan, down 11% [2] - In Q2, the exploration and development segment earned 11.9 billion yuan, while the refining and chemical segments saw a quarter-on-quarter decline [2] Production and Cost Management - The company achieved a record high oil and gas equivalent production of 262.81 million barrels, a 2.0% increase year-on-year [3] - The cash operating cost for oil and gas was 718.0 yuan per ton, a reduction of 4.7% year-on-year [3] Refining and Chemical Sector - The refining sector faced weak oil product demand, processing 120 million tons of crude oil, a 7.6% decrease year-on-year, while producing 71.4 million tons of refined oil [4] - The chemical sector saw improvements in production and sales, with ethylene production increasing by 16.4% to 7.56 million tons and synthetic resin production rising by 12.8% to 11.04 million tons [4] Industry Outlook - The company is positioned to benefit from the current competitive landscape as domestic refining capacity approaches regulatory limits, with a focus on eliminating inefficient production [5] - The long-term investment value of the company is viewed positively, with projected net profits for 2025-2027 at 46.17 billion, 47.86 billion, and 51.73 billion yuan respectively [5]

证券研究报告 公司研究 [Tabl 点评报告 e_ReportType] [Table_StockAndRank] 中国石化(600028.SH) | | | 上次评级 买入 [Table_A 刘红光uthor 石化行业联席首席分析师 ] 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [炼化板块 Table_Title带来] 拖累，公司业绩静待修复 [Table_ReportDate] 2025 年 8 月 22 日 [Table_S 事件： ummary] 2025 年 8 月 21 日晚，中国石化发布 2025 年半年度报告。2025 年 上半年公司实现营业收入 14090.52 亿元，同比下降 10.60%；实现归母净 利润 214.83 亿元，同比下降 39.83%；实 ...

8月21日，中国石油化工股份有限公司发布的2025年中期业绩报告显示，按照国际财务报告准则，公司上半年实现 营业收入1.4万亿元，公司股东应占利润237.5亿元。董事会决定按《公司章程》规定的中期分红比例上限派发现金 股利每股人民币0.088元（含税），按中国会计准则计算，分红比例达49.7%。 为维护公司价值及股东权益，公司董事会批准新一轮股份回购方案，回购股份将全部注销。此外，基于对股份公 司未来发展前景的信心和长期投资价值的认可，控股股东中国石化集团于2025年4月8日作为首家央企启动新一期 30亿元大额增持计划，今年上半年累计增持股份公司A股、H股约3.3亿股，投入资金近13亿元。 分业务板块来看，上半年，中国石化上游业务增储增产降本增效取得新进展，国内油气当量产量创历史同期新 高。公司加强高质量勘探和效益开发，在海域油气、四川盆地超深层页岩气等勘探取得重大突破，济阳、塔河、 准西等原油重点产能建设加快推进，积极推进海域、顺北二区、四川盆地须家河组等天然气重点产能建设，加强 天然气产供储销一体协同创效，全产业链盈利创历史同期最好水平。上半年，中国石化实现油气当量产量262.81 百万桶，同比增长2.0 ...

展望2025年下半年，公司将聚焦增储增产增效，全力推进高质量勘探和效益开发。下半年计划生产原油 141百万桶，生产天然气7145亿立方英尺，生产乙烯785万吨；下半年计划加工原油1.30亿吨，境内成品 油经销量8980万吨。 在资本支出方面，综合考虑资源、市场、项目实施进展，公司对年度资本支出计划进行优化调整，决定 下调全年资本支出计划5%左右。下半年，勘探及开发板块资本支出主要用于济阳、塔河等原油产能建 设，川西等天然气产能建设以及油气储运设施建设；炼油板块资本支出主要用于广州石化技术改造、茂 名炼油转型升级等项目建设；营销及分销板块资本支出主要用于综合加能站网络发展、现有终端销售网 络改造、非油业务等项目；化工板块资本支出主要用于茂名、河南乙烯及九江 芳烃等项目建设；总部 及其他资本支出主要用于科技研发、数智化等项目建设。 又有多家上市公司大手笔分红。 中国石化（600028）8月21日晚间发布2025年上半年业绩报告。报告期内，公司上半年实现营业收入 1.41万亿元，同比下降10.6%；归属于母公司股东净利润214.83亿元，同比下降39.8%。 | 项目 | 截至6月30日止6个月期间 | | 本报告 ...

中国石化（600028）8月21日晚间发布2025年半年度报告，公司同时披露回购方案和分红计划。 据半年报，中国石化今年上半年营业收入1.41万亿元，同比下降10.6%。净利润214.83亿元，同比下降 39.8%。基本每股收益0.177元。 对此，中国石化方面表示，今年上半年，受国际原油价格大幅下跌、化工市场毛利低迷等因素影响，公 司上半年效益同比出现较大幅度下降，但经营活动现金流充裕，财务状况稳健。 从各业务板块来看，中国石化上半年实现油气当量产量262.81百万桶，同比增长2.0%，其中境内原油产 量126.73百万桶， 天然气产量7362.8亿立方英尺，同比增长5.1%。 炼油板块，中国石化披露，上半年，面对国际油价震荡下行和汽柴油需求下降带来的挑战，公司坚持产 销一体运行，统筹优化装置负荷，做大有效益的加工量。上半年加工原油11997万吨，生产成品油7140 万吨，生产化工轻油2206万吨，同比增长11.5%。 化工板块，公司加大新产品、高附加值产品开发力度。上半年乙烯产量756.3万吨。公司加强精细化营 销和产品定制化服务，积极开拓境内外市场，上半年化工产品经营总量4008万吨，实现全产全销。 上 ...

今夜，又有多家上市公司大手笔分红。 中国石化（600028）8月21日晚间发布2025年上半年业绩报告。报告期内，公司上半年实现营业收入 1.41万亿元，同比下降10.6%；归属于母公司股东净利润214.83亿元，同比下降39.8%。 | | 截至6月30日止6个月期间 | | 本报告期比上年 | | --- | --- | --- | --- | | 项目 | 2025年 | 2024年 | 同期增减 (%) | | | 人民币自力元 | 人民币自力元 | | | 营业收入 | 1.409.052 | 1,576,131 | (10.6) | | 利润息额 | 28.767 | 50.868 | (43.4) | | 归属于母公司股东净利润 | 21.483 | 35.703 | (39.8) | | 归属于母公司股东的扣除非经常 性损益后的净利润 | 21,215 | 35.582 | (40.4) | | 经营活动产生的现金流量净额 | 61.016 | 42,269 | 44.4 | | | 于2025年6月30日 | 于2024年12月31日 | 本报告期比上年 | | | 人民币自力元 | 人民币 ...

中国石化发布2025年中期业绩报告。按照国际财务报告准则，公司上半年实现营业收入1.4万亿元，公 司股东应占利润237.5亿元，经营活动现金流充裕，财务状况稳健。董事会决定派发本次中期股息每股 0.088元，现金派息率为49.7%。同时，董事会批准新一轮股份回购方案，维护公司价值。报告期内，中 国石化充分发挥一体化优势，深化挖潜降本，生产经营总体保持平稳，改革、管理、创新、发展等各方 面工作取得新成效。上半年实现油气当量产量262.81百万桶，同比增长2.0%，其中境内原油产量126.73 百万桶，天然气产量7362.8亿立方英尺，同比增长5.1%。加工原油1.2亿吨，生产成品油7140万吨，生 产化工轻油2206万吨，同比增长11.5%。乙烯产量756.3万吨，化工产品经营总量4008万吨，实现全产全 销。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) reported a solid performance in the first half of 2025, showcasing strong revenue and profit figures while maintaining a robust financial position [1] Financial Performance - The company achieved a revenue of 1.4 trillion yuan in the first half of the year [1] - Shareholder profit amounted to 23.75 billion yuan, indicating a healthy profit margin [1] - Operating cash flow remained abundant, reflecting a stable financial condition [1] Dividend and Share Buyback - The board of directors declared an interim dividend of 0.088 yuan per share, with a cash dividend payout ratio of 49.7% [1] - A new round of share buyback was approved to enhance company value [1] Production and Operational Highlights - The total oil and gas equivalent production reached 262.81 million barrels, marking a year-on-year increase of 2.0% [1] - Domestic crude oil production was 126.73 million barrels, while natural gas production was 736.28 billion cubic feet, up by 5.1% year-on-year [1] - The company processed 120 million tons of crude oil, producing 71.4 million tons of refined oil and 22.06 million tons of chemical light oil, which is an 11.5% increase [1] - Ethylene production stood at 7.563 million tons, with total chemical product sales reaching 40.08 million tons, achieving full production and sales [1]

Core Viewpoint - The company anticipates a significant decline in net profit for the first half of 2025, with projections indicating a decrease of 39.5% to 43.7% year-on-year, primarily due to falling oil prices and low refining margins [4][5]. Group 1: Performance Overview - In Q2 2025, the company expects a net profit of 68-83 billion yuan, reflecting a year-on-year decline of 52.1% to 60.7% and a quarter-on-quarter decrease of 37.2% to 48.5% [4][5]. - The average Brent crude oil price in Q2 2025 is projected to be 66.71 USD per barrel, down 21.5% year-on-year and 11.0% quarter-on-quarter, impacting overall profitability [5]. Group 2: Business Analysis - The company has strengthened its upstream operations, achieving a 2.0% increase in oil and gas equivalent production in H1 2025, with domestic crude oil production at 126.73 million barrels (up 0.2% year-on-year) and natural gas production at 20.9 billion cubic meters (up 5.1% year-on-year) [6]. - In refining, the company processed 111.97 million tons of crude oil in H1 2025, a decrease of 5.3% year-on-year, with gasoline and diesel production also declining [6][7]. - The company is focusing on optimizing its product structure and increasing the production of high-value products, with ethylene production rising by 16.4% year-on-year to 7.56 million tons [6][7]. Group 3: Strategic Initiatives - The company plans to enhance its operational efficiency and pursue a transformation in its traditional industries during the 14th Five-Year Plan period, with a capital expenditure plan of 76.7 billion yuan for upstream operations in 2025 [8]. - The company aims to transition towards high-value, differentiated products in the refining sector and is accelerating its transformation into a comprehensive energy service provider [8]. - The company is also focusing on expanding its chemical and new materials production capacity, with plans for large-scale ethylene projects to improve profitability in the refining sector [8].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Sinopec, with current prices at 6.01 CNY and 4.60 HKD respectively [1]. Core Views - The company is expected to face performance pressure in Q2 2025 due to a significant decline in oil prices and low refining margins, with a projected net profit drop of 39.5%-43.7% year-on-year [4][5]. - Despite short-term challenges, the report is optimistic about the company's long-term competitiveness driven by transformation and upgrades in its operations [8][9]. Summary by Sections Performance Outlook - For H1 2025, Sinopec anticipates a net profit of 201-216 billion CNY, with Q2 alone expected to yield 68-83 billion CNY, reflecting a year-on-year decline of 52.1%-60.7% [4][10]. Business Analysis - The company is enhancing its upstream operations with a 2.0% increase in oil and gas equivalent production, while domestic crude oil production remains stable at 126.73 million barrels [6]. - In refining, Sinopec is focusing on optimizing its industrial chain, with a 5.3% decrease in crude oil processing to 111.97 million tons and a notable drop in diesel production by 17.2% [6][7]. Strategic Initiatives - Sinopec is committed to deepening reforms and driving industrial transformation, with a capital expenditure plan of 767 billion CNY for upstream activities in 2025 [8]. - The company aims to enhance its integrated energy services, expanding its charging and hydrogen refueling stations to 10,285 and 142 respectively by the end of 2024 [9]. Financial Projections - The report revises the profit forecasts for 2025-2027, projecting net profits of 453 billion CNY (down 15.4%), 555 billion CNY (down 3.1%), and 662 billion CNY (down 7.6%) respectively, with corresponding EPS of 0.37, 0.46, and 0.55 CNY [10][11].