Sinopec Corp.(600028)2025-03-23 08:05Financial Performance - Total revenue for 2024 was RMB 3,074,562 million, a decrease of 4.3% compared to RMB 3,212,215 million in 2023[7] - Net profit attributable to shareholders for 2024 was RMB 50,313 million, down 16.8% from RMB 60,463 million in 2023[7] - Operating profit for 2024 was RMB 72,257 million, reflecting a decline of 16.7% from RMB 86,744 million in 2023[7] - The company reported a net cash flow from operating activities of RMB 149,360 million, a decrease of 7.5% compared to RMB 161,475 million in 2023[7] - Basic earnings per share for 2024 were RMB 0.415, down 17.8% from RMB 0.505 in 2023[8] - The company experienced a net loss from non-recurring items of RMB 3,036 million in 2024, compared to a loss of RMB 993 million in 2023[10] - The net profit attributable to shareholders was RMB 48.94 billion, down 16.0% from RMB 58.31 billion in the previous year[16] - Operating revenue decreased by 4.3% to RMB 3,074.56 billion, with notable declines in the refining and marketing segments[112] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 2,084,771 million, an increase of 2.9% from RMB 2,026,674 million in 2023[7] - Total liabilities increased by 3.8% to RMB 1,108,478 million in 2024 from RMB 1,068,019 million in 2023[7] - The company's debt-to-asset ratio stood at 53.3%, indicating a stable financial condition[20] - Non-current liabilities increased to RMB 436.06 billion, up 3.0% from RMB 421.81 billion in 2023[18] - The company's total liabilities increased by RMB 40.4 billion to RMB 1.109 trillion, with current liabilities rising by RMB 26.2 billion[95] Dividends and Shareholder Returns - The company proposed a final cash dividend of RMB 0.14 per share, in addition to an interim dividend of RMB 0.146 per share, totaling RMB 0.286 per share for 2024[3] - The company plans to distribute a final cash dividend of RMB 0.14 per share, resulting in a total annual dividend payout ratio of 75%[20] - Sinopec announced a cash dividend plan for 2024 and a three-year shareholder return plan (2024-2026), maintaining a high cash dividend ratio[113] Production and Consumption - In 2024, the company's oil and gas equivalent production reached 515.35 million barrels, a year-on-year increase of 2.2%, with domestic crude oil production at 254.00 million barrels, up 0.9%[34] - Domestic natural gas consumption reached 426.1 billion cubic meters in 2024, reflecting a year-on-year growth of 8.0%[30] - The domestic refined oil consumption in 2024 was 404 million tons, showing a slight decline of 1.9% year-on-year, with gasoline down 1.2% and diesel down 5.4%[31] - The total sales volume of refined oil reached 239 million tons in 2024[42] - Gasoline production increased by 2.6% to 64.15 million tons in 2024, while diesel production decreased by 10.3% to 57.91 million tons[41] Capital Expenditures and Investments - The company’s capital expenditure plan for 2025 is set at 164.3 billion yuan, focusing on high-quality exploration and development, refining business transformation, and green projects[26] - Capital expenditures for 2024 totaled RMB 175 billion, with RMB 82.3 billion allocated to exploration and development[50] - Cash outflow from investment activities increased by RMB 5.4 billion to RMB 161.24 billion, mainly due to increased investments in joint ventures[98] Research and Development - Research and development expenses amounted to RMB 23.6 billion, with RMB 15.2 billion in expenses and RMB 8.4 billion in investments[102] - The company applied for 9,666 patents in 2024, receiving 5,550 patent grants[48] Environmental and Social Governance (ESG) - The company is committed to enhancing ESG integration into its development strategy and implementing the second phase of its green enterprise initiative[26] - Sinopec emphasizes the importance of environmental, social, and governance (ESG) initiatives, actively engaging in ecological protection and rural revitalization[113] - Environmental expenditures reached RMB 18.4 billion, reflecting the company's commitment to pollution control[102] Corporate Governance - Sinopec has maintained compliance with the Corporate Governance Code and has received an A-level rating for information disclosure from the Shanghai Stock Exchange[113] - The company has established a performance evaluation and incentive mechanism for senior management, ensuring transparency and fairness[122] - The board of directors of Sinopec has implemented a diversity policy, achieving a female board member representation of 8%[129] Leadership and Management - The company has seen a consistent leadership structure with experienced professionals in key positions since 2018[178] - The total annual remuneration for 22 directors, supervisors, and senior management personnel at Sinopec was RMB 14.2333 million[190] - The independent directors have no reported shareholdings in the company as of December 31, 2023, indicating a potential focus on governance rather than personal investment[172] Market Position and Strategy - The company has made significant progress in new product development and market expansion, particularly in the LNG market, where it leads in domestic market share[22] - The company aims to strengthen its integrated advantages and improve cost control to enhance operational efficiency and market competitiveness[25] - The company plans to deepen the integration of artificial intelligence with the petrochemical industry to drive technological transformation and optimization[24]