从反映盈利质量的指标来看，中油工程的盈利能力有所下降，净利率由2024年上半年的1.63%下滑至1.31%，毛利率从8.86%下滑至8.01%，净资产收益率同 比下降0.24个百分点至1.76%。 8月22日，中油工程发布2025年中报，中油工程是石油石化行业中的代表性企业，其主营业务包含以油气田地面工程服务、储运工程服务、炼化工程服务、 环境工程服务、项目管理服务为核心的石油工程设计、施工及总承包等相关工程建设业务。截至8月21日，中油工程股价报收于3.59元，总市值达到200.44亿 元。 在2025年上半年，中油工程的经营业绩呈现营收增长但净利润下滑的分化态势，实现营业收入362.87亿元，同比增长12.18%，但归母净利润4.70亿元，同比 下滑10.87%。 在经营稳健性方面，中油工程面临资金周转压力，存货周转天数为79.46天，较上年同期下降14.56%，表明存货管理效率有所提升。经营活动产生的现金流 净额为-15.33亿元，虽然亏损幅度较2024年同期的-70.52亿元大幅收窄，但仍为负值，显示出公司在现金流管理方面仍需改善。此外，2025年上半年的资产 负债率为77.26%，同比增长1.45个 ...

持续推进科技创新 报告期内，公司充分发挥项目集成创新和工程转化优势，持续加大科技创新开放合作。与中国科学院相 关院所和清华大学、北京化工大学等高校组织了系列有针对性的技术交流，在羰基合成、绿色化工、节 能降碳、碳捕获和封存（CCUS）等多个创新领域展开深度合作；与Nexant、SABIC、TR等公司探索技 术开发与合作，推动公司技术走向海外市场。 公司已开展多项人工智能课题研究，包括在设计领域，尝试构建知识图谱赋能设计效率提升，探索由传 统设计向生成式设计转变；在建设领域，尝试人工智能对全生命周期工程建设方案优化，压缩方案迭代 周期，优化施工调度安排，提升整体建设效率。组织包括乙烯装置、HAZOP工艺安全等13项关键领域 的智能化设计专项课题研究，并在设计智能审查、智能工艺安全分析、结构智能化设计等多个场景形成 专业模型。报告期内，公司在全厂流程优化、智能图纸审查、三维模型智能校审、智能管道设计等方向 已取得阶段性成绩。 中石化炼化工程（02386.HK）日前在香港举行2025年上半年业绩发布会：公司实现收入315.59亿元（人 民币，下同），同比增长10.1%；实现净利润13.88亿元，同比增长4.8%。报 ...

消息面上，中石化炼化工程发布2025年半年度业绩，收入315.59亿元(人民币，下同)，同比增加10.1%； 毛利25.99亿元，同比增加3.6%；股东应占溢利13.84亿元，同比增加4.8%；基本每股盈利0.32元；拟派 发中期股息每股0.16元。公告称，收入增加主要是华锦、芒果乙烯、吉化转型升级、沙特Riyas等大型 项目进入建设或结算高峰期。 此外，报告期内，集团新签订合同量为711.58亿元，同比增长42.1%。于本报告期末，集团的未完成合 同量为2,122.76亿元，较2024年12月31日增长22.9%，相较2024年全年收入641.98亿元实现覆盖约3.3 倍。 中石化炼化工程(02386)涨超6%，截至发稿，涨5.99%，报6.55港元，成交额3233.9万港元。 ...

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]

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]