股票代码：600028 股票简称：中国石化 公告编号：2025-20 中国石油化工股份有限公司（简称"本公司"或"中国石化"）董事会于 2025 年 4 月 30 日收到喻宝才先生的辞职报告，喻宝才先生为中国石化执行董事、高 级副总裁，原定任期至 2027 年 6 月，现因年龄原因辞去中国石化执行董事、高 级副总裁职务。喻宝才先生辞职后将不在中国石化及其子公司任职，亦不存在未 履行完毕的公开承诺。 喻宝才先生的辞职不会导致本公司董事会成员低于法定人数，喻宝才先生将 按照本公司相关管理制度做好交接工作。喻宝才先生确认其与中国石化董事会无 不同意见，亦无任何有关其辞任须提请中国石化股东注意的事宜。 中国石油化工股份有限公司 关于董事离任的公告 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。 黄文生 2025 年 4 月 30 日 喻宝才先生在任职期间勤勉尽责，本公司董事会对他的辛勤工作及做出的贡 献表示衷心感谢！ 特此公告。 承董事会命 副总裁、董事会秘书 ...

Investment Rating - The report maintains a "Recommended" rating for Sinopec (600028.SH) [6] Core Views - The exploration and development segment showed a slight increase in production, but overall profits declined due to lower prices and costs [1][2] - The refining business faced significant profit declines due to weak diesel demand and reduced refining margins [2] - The marketing and distribution segment experienced a drop in refined oil sales, although vehicle LNG sales saw substantial growth [2] - The chemical segment demonstrated effective cost reduction strategies, leading to a reduction in losses [3] - Shareholder confidence is highlighted by the recent share buyback plan initiated by the controlling shareholder [3] Summary by Sections Exploration and Development - In Q1 2025, Sinopec achieved an oil and gas equivalent production of 130.97 million barrels, a year-on-year increase of 1.7% - Crude oil production was 69.53 million barrels, down 1.2% year-on-year, while natural gas production rose by 5.1% to 3,684 billion cubic feet - The average realized price for crude oil was $71.5 per barrel, down 5.2% year-on-year, and for natural gas, it was $7.6 per thousand cubic feet, down 3.5% - Cash operating costs for oil and gas were $14.4 per barrel equivalent, a decrease of 5.3% year-on-year, resulting in an EBIT of 13.63 billion yuan, down 8% year-on-year [1] Refining - The refining segment produced 16.18 million tons of gasoline, 12.70 million tons of diesel, and 8.31 million tons of kerosene, with diesel production down 13.9% year-on-year - The refining margin was $6.2 per barrel, a decline of 13.3% year-on-year, leading to an EBIT of 2.39 billion yuan, down 65.3% year-on-year [2] Marketing and Distribution - Total refined oil sales were 55.59 million tons, a decrease of 7.1% year-on-year, with domestic and international sales down 5.3% and 12.7% respectively - Vehicle LNG retail sales reached 2.05 billion cubic meters, a significant increase of 116% year-on-year - The cash cost per ton of oil sold was 186.2 yuan, a slight increase of 2.6% year-on-year, resulting in an EBIT of 4.87 billion yuan, down 43.9% year-on-year [2] Chemical - The chemical segment's total operating volume was 19.97 million tons, up 2.4% year-on-year, with ethylene, synthetic resin, and fiber monomer and polymer production increasing by 17.7%, 17.4%, and 27.0% respectively - The unit cost for chemicals was 1,193 yuan per ton, down 12.9% year-on-year, leading to an EBIT loss of 1.32 billion yuan, a reduction in losses compared to previous periods [3] Shareholder Confidence - On April 8, 2025, the controlling shareholder announced plans to increase its stake in Sinopec A-shares and H-shares within 12 months, with 24.73 million shares already acquired by April 25, 2025, reflecting confidence in the company's future [3] Financial Forecast - Expected net profits for 2025, 2026, and 2027 are projected at 46.38 billion yuan, 50.08 billion yuan, and 52.39 billion yuan respectively, with corresponding EPS of 0.38 yuan, 0.41 yuan, and 0.43 yuan per share [4][5]

Investment Rating - The investment rating for Sinopec (600028.SH) is "Buy" [1][4] Core Views - The report indicates that short-term profitability remains under pressure, with the refining segment awaiting recovery [3] - The first quarter of 2025 saw a year-on-year decline in revenue and net profit, but a significant quarter-on-quarter improvement [1][3] - The company is focusing on high-quality exploration and development, with steady increases in oil and gas equivalent production [3] - The refining segment is enhancing cost reduction and efficiency, with a notable increase in chemical plant load [3][4] Financial Performance Summary - For Q1 2025, Sinopec reported revenue of CNY 735.36 billion, a year-on-year decrease of 6.91% but a quarter-on-quarter increase of 3.86% [1] - The net profit attributable to shareholders was CNY 13.26 billion, down 27.58% year-on-year but up 118.66% quarter-on-quarter [1] - The company achieved an oil and gas equivalent production of 130.97 million barrels, a year-on-year increase of 1.7% [3] - The average Brent oil price in Q1 2025 was USD 75 per barrel, down 8% year-on-year but up 1% quarter-on-quarter [3] Segment Performance Summary - Exploration and production segment generated CNY 11.7 billion in operating income, down 10% year-on-year but up 8% quarter-on-quarter [3] - The refining segment reported an operating income of CNY 2 billion, down 44% year-on-year but up 14% quarter-on-quarter [3] - The marketing segment achieved CNY 4 billion in operating income, down 40% year-on-year but up 29% quarter-on-quarter [3] - The chemical segment incurred an operating loss of CNY 1.4 billion, but showed a significant reduction in losses quarter-on-quarter [3] Profit Forecast - The forecasted net profit attributable to shareholders for 2025-2027 is CNY 51.99 billion, CNY 53.86 billion, and CNY 57.01 billion respectively, with growth rates of 3.3%, 3.6%, and 5.9% [4] - The expected EPS for the same period is CNY 0.43, CNY 0.44, and CNY 0.47, corresponding to P/E ratios of 13.13, 12.68, and 11.98 [4]

Investment Rating - The investment rating for Sinopec (600028) is maintained as "Buy" with a target price indicating a potential return of over 20% within the next six months [6][16]. Core Views - The report indicates that Sinopec's Q1 2025 performance slightly exceeded expectations, with revenue reaching 735.4 billion yuan, a year-on-year decrease of 6.91%, and a net profit attributable to shareholders of 13.3 billion yuan, down 27.58% year-on-year [1]. - The decline in oil and gas prices has significantly pressured the sector's profits, with oil equivalent production at 131 million barrels, a year-on-year increase of 1.7%, while crude oil production decreased by 0.8% [2]. - Concerns over peak demand for refined oil have led to continued pressure on refining profits, with refining throughput at 6.2 million tons, down 1.8% year-on-year, and total refined oil sales at 5.6 million tons, down 7.1% year-on-year [3]. Financial Performance and Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is set at 55.5 billion, 56.2 billion, and 61.7 billion yuan respectively, with corresponding P/E ratios of 12, 12, and 11 times [4]. - The expected dividend yield for A shares in 2025 is projected at 5.6%, while H shares are expected to yield 9.0% [4]. - Financial data shows a projected revenue of 3,136.05 million yuan for 2025, with a growth rate of 2.00% [5]. Market Position and Valuation - Sinopec's current market capitalization is approximately 555.2 billion yuan, with a circulating market value of about 541.5 billion yuan [6]. - The company's price-to-earnings ratio is forecasted to be 12.47 for 2025, with a price-to-book ratio of 0.80 [5][11].

Investment Rating - The report maintains a "Buy" rating for both A and H shares of Sinopec [1] Core Views - The company's Q1 2025 performance shows significant improvement on a quarter-on-quarter basis, with a reduction in losses in the chemical segment year-on-year [7] - The upstream segment's profit has narrowed, while the downstream refining sector has not yet recovered, but the chemical segment has shown a reduction in losses [7] - The company emphasizes shareholder returns, with a projected dividend yield of 5.8% for A shares and 7.2% for H shares after tax [7] - The report forecasts net profits for 2025-2027 to be 546 billion, 603 billion, and 655 billion RMB respectively, indicating a positive outlook for the company's profitability [7] Financial Performance Summary - For Q1 2025, the company achieved total revenue of 735.4 billion RMB, a year-on-year decrease of 7% but a quarter-on-quarter increase of 4% [7] - The net profit attributable to shareholders for Q1 2025 was 13.3 billion RMB, down 28% year-on-year but up 119% quarter-on-quarter [7] - The report projects total revenue for 2023 to be 3,212.2 billion RMB, with a year-on-year decline of 3.19% [1] - The estimated earnings per share (EPS) for 2025 is 0.45 RMB, with a price-to-earnings (P/E) ratio of 12.68 for A shares [1]

Investment Rating - The report maintains an "Overweight" rating for the company [9][10]. Core Views - The company's Q1 revenue was 735.4 billion RMB, showing a decrease of 7% quarter-on-quarter but an increase of 4% year-on-year. The net profit attributable to shareholders was 13.3 billion RMB, which was above expectations due to reduced losses in the chemical segment and better-than-expected performance in non-oil marketing [1]. - The report highlights that traditional business profitability is under pressure, while non-oil business shows promising growth [1]. - The refining segment's profitability is under pressure due to high crude oil inventory, leading to a significant decline in refining margins [3]. - The marketing segment's profit declined due to weak domestic demand for refined oil products, although non-oil business profits increased [4]. - The chemical segment has reduced losses and is expected to benefit from a market recovery [5]. Summary by Sections Financial Performance - Q1 revenue was 735.4 billion RMB, with a quarter-on-quarter decrease of 7% and a year-on-year increase of 4%. The net profit attributable to shareholders was 13.3 billion RMB, with a significant year-on-year increase of 119% [1]. - Q1 crude oil production was 69.5 million barrels, down 1.2% year-on-year, while natural gas production increased by 5.1% to 368.4 billion cubic feet [2]. - The refining segment processed 62.1 million tons of crude oil, down 1.8% year-on-year, with refining margins narrowing to 6.2 USD per barrel, a decrease of 13.9% [3]. Segment Analysis - The marketing segment saw total domestic refined oil sales of 43.2 million tons, down 5.3% year-on-year, with retail sales declining by 6.4% [4]. - The chemical segment produced 386, 568, and 260 million tons of ethylene, synthetic resin, and synthetic fiber respectively, with year-on-year increases of 18%, 17%, and 27% [5]. Profitability Forecast - The report forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 53.9 billion, 58.8 billion, and 61.6 billion RMB respectively, with EPS projected at 0.44, 0.48, and 0.51 RMB [6]. - The target prices are set at 6.82 RMB and 4.73 HKD for A and H shares respectively, based on a PE ratio of 15.5 and 10.0 for 2025 [6].

Investment Rating - The investment rating for the company is "Buy" [9][10] Core Views - The company's Q1 revenue was 735.4 billion RMB, showing a decrease of 7% quarter-on-quarter but an increase of 4% year-on-year. The net profit attributable to shareholders was 13.3 billion RMB, which is a decrease of 28% quarter-on-quarter but an increase of 119% year-on-year [1] - The report highlights that the traditional business faces profit pressure, while non-oil business shows promising performance. The chemical sector has reduced losses, and the marketing segment's non-oil business has exceeded expectations [1][4][5] - The report maintains a positive outlook for the company's profitability recovery in the refining industry post-2025, supported by its integrated advantages and transformation into new materials [6] Summary by Sections Financial Performance - Q1 oil production was 69.5 million barrels, down 1.2% year-on-year, with an average oil price of 71.5 USD/barrel, down 5.2%. Natural gas production increased by 5.1% to 368.4 billion cubic feet [2] - The refining segment's Q1 operating profit dropped significantly by 44.3 billion RMB to 19.8 billion RMB due to high oil inventory costs, with refining margins narrowing to 6.2 USD/barrel, down 13.9% year-on-year [3] - The marketing segment's total domestic refined oil sales decreased by 5.3% year-on-year, leading to a profit drop of 39.8 billion RMB to 39.7 billion RMB [4] Chemical Sector - The chemical segment's production of ethylene, synthetic resin, and fiber monomers increased by 18%, 17%, and 27% year-on-year, respectively. The segment's losses were reduced by 4.7 billion RMB year-on-year [5] Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 at 53.9 billion RMB, 58.8 billion RMB, and 61.6 billion RMB, respectively, with EPS projected at 0.44, 0.48, and 0.51 RMB [6] - The target prices are set at 6.82 RMB for A-shares and 4.73 HKD for H-shares, reflecting a valuation of 15.5x PE for 2025 [6]

董事會欣然宣佈，於2025年4月28日，本公司、福建煉化及AAS簽署了《合資協議》。根據《合 資協議》，本公司及本公司附屬公司福建煉化將與AAS（獨立第三方）共同出資成立合資公 司。合資公司註册資本為人民幣28,800,906,667元，本公司及福建煉化將分別以現金方式出資人 民幣7,200,226,667元及人民幣14,400,453,334元，佔合資公司註册資本的25%及50%；AAS將以現 金方式出資人民幣7,200,226,667元，佔合資公司註册資本的25%。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不會因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 董事會欣然宣佈，於2025年4月28日，本公司、福建煉化及AAS簽署了《合資協議》。根據《合資 協議》，本公司及本公司附屬公司福建煉化將與AAS（獨立第三方）共同出資成立合資公司。合資 公司註册資本為人民幣28,800,906,667元，本公司及福建煉化將分別以現金方式出資人民幣 7,200,226,667元及人民幣14,400,453 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何 損失承擔任何責任 於本公告日，中國石化集團公司為本公司之控股股東，構成本公司之關連人士。由於 本次增資的若干適用百分比率超逾0.1%但低於5%，因此，本次增資須遵守《上市規 則》第14A章的申報及公告的規定，惟豁免遵守獨立股東批准的規定。 一、概述 董事會欣然宣佈於2025年4月28日，本公司、中國石化集團公司與資本公司簽訂《增 資協議》。據此，本公司及中國石化集團公司將對資本公司增資合計人民幣19.9億元， 其中，本公司以現金增資人民幣9.751億元，中國石化集團公司以現金增資人民幣 10.149億元。資本公司的註冊資本將由人民幣100億元增加至人民幣119.9億元。本次 增資完成後，本公司及中國石化集團公司擁有资本公司的股份權益維持不變，仍為 49%及51%。 （證券代號：00386） 二、《增資協議》之主要條款 訂約方 1 本次增資 關連交易 向資本公司增資 董事會欣然宣佈於2025年4月28日，本公司、中國石化集團公 ...

Core Viewpoint - The expansion of the scrapping subsidy for old operating trucks to include natural gas vehicles is expected to accelerate the replacement of gas heavy trucks, benefiting China Petroleum & Chemical Corporation (Sinopec) [1][3]. Financial Performance - In Q1, Sinopec reported a revenue decline of 6.9% year-on-year to 735.36 billion yuan, with a net profit attributable to shareholders down 27.6% to 13.26 billion yuan [1]. - The decline in performance is attributed to falling international oil prices, which led to an asset impairment loss of 210 million yuan due to inventory devaluation [1]. - Investment income dropped by 69.9% year-on-year to 1.65 billion yuan, with a loss of 3.83 billion yuan, impacted by fluctuations in hedging business and decreased performance of joint ventures [1]. Market Dynamics - Domestic refined oil demand fell by 4% year-on-year in Q1, while chemical product demand grew but remained at low margins [2]. - The average selling price of crude oil decreased by 5.2% to 71.5 USD per barrel, and the price of self-produced natural gas fell by 3.5% to 1.91 yuan per cubic meter [2]. - Crude oil processing volume decreased by 1.8% to 62.13 million tons, with diesel production dropping significantly by 13.9% to 12.7 million tons [2]. Business Segment Performance - The exploration and development, refining, and marketing and distribution segments saw EBIT declines of 8%, 65%, and 44% respectively, with profits of 13.63 billion yuan, 2.39 billion yuan, and 4.87 billion yuan [2]. - The chemical segment, while still in loss, narrowed its loss by 288 million yuan to -1.61 billion yuan [2]. - Sinopec's marketing and distribution segment experienced significant growth in its gas station business, with retail sales of liquefied natural gas (LNG) increasing by 116% to 2.05 billion cubic meters [2]. Industry Trends - The market for natural gas heavy trucks is rapidly developing, with sales increasing by 4% year-on-year to 47,000 units in Q1 [3]. - The proportion of natural gas heavy trucks in total heavy truck sales is projected to rise from 8% in 2022 to 28% in 2024, driven by environmental and economic considerations [4].