Sinopec Corp.(00386)2025-04-28 11:37Financial Performance - For the first quarter of 2025, the company's operating revenue was RMB 735,356 million, a decrease of 6.9% compared to RMB 789,967 million in the same period of 2024[10]. - The net profit attributable to shareholders of the parent company was RMB 13,264 million, down 27.6% from RMB 18,316 million year-on-year[10]. - The basic earnings per share for the period was RMB 0.109, representing a decline of 28.8% from RMB 0.153 in the previous year[10]. - The company’s operating profit was RMB 20,895 million, reflecting a 23.5% decrease from RMB 27,320 million in the same quarter of 2024[13]. - The net profit attributable to shareholders based on international financial reporting standards was RMB 13,975 million, down 25.4% from RMB 18,721 million year-on-year[13]. - The company reported a total comprehensive income of RMB 2,267 million for Q1 2025, compared to RMB 5,172 million in Q1 2024[48]. - The net profit for Q1 2025 was 14,506 million RMB, down 32.3% from 21,360 million RMB in Q1 2024[45]. - The total operating revenue for Q1 2025 was RMB 735,356 million, a decrease of 6.9% compared to 789,967 million RMB in Q1 2024[58]. - The main business income for Q1 2025 was RMB 719,832 million, down from RMB 773,656 million in the same period last year, representing a decline of 6.9%[58]. - The operating profit for Q1 2025 was RMB 20,895 million, compared to RMB 27,320 million in Q1 2024, reflecting a decrease of 23.5%[58]. - The net profit attributable to shareholders for Q1 2025 was RMB 13,975 million, down 25.4% from RMB 18,721 million in Q1 2024[58]. - The earnings per share for Q1 2025 was RMB 0.115, a decrease from RMB 0.156 in Q1 2024[58]. Assets and Liabilities - The total assets as of March 31, 2025, were RMB 2,123,049 million, an increase of 1.8% from RMB 2,084,771 million at the end of 2024[10]. - The company’s total liabilities increased significantly, with bonds payable rising by 105.7% to RMB 52,579 million due to the issuance of long-term bonds for financing[14]. - Total liabilities increased to 1,132,556 million RMB as of March 31, 2025, compared to 1,108,478 million RMB at the end of 2024, reflecting a growth of 2.2%[40]. - The company's total assets reached 2,123,049 million RMB, an increase of 1.9% from 2,084,771 million RMB[40]. - The total equity attributable to shareholders increased to 834,815 million RMB, up from 819,922 million RMB, marking a growth of 1.1%[40]. - The company's net assets reached RMB 986,360 million, up from RMB 972,147 million, marking an increase of about 1.5%[62]. - The company's long-term debt increased to RMB 217,847 million from RMB 187,202 million, reflecting an increase of approximately 16.4%[62]. Cash Flow and Investments - The net cash flow from operating activities was RMB 8,138 million, a significant improvement from a cash outflow of RMB 13,755 million in the same period last year[10]. - Cash received from tax refunds was RMB 1.164 billion, a decrease of 53.5% compared to RMB 2.503 billion in the previous period[15]. - Cash paid for investments increased by RMB 1.962 billion, reflecting higher capital injections into joint ventures[15]. - The net cash generated from operating activities for the first quarter of 2025 was RMB 8,138 million, a significant improvement compared to a cash outflow of RMB 13,755 million in the same period of 2024[63]. - Investment activities resulted in a net cash outflow of RMB 32,446 million in Q1 2025, compared to RMB 43,082 million in Q1 2024[50]. - Financing activities generated a net cash inflow of RMB 36,121 million in Q1 2025, down from RMB 45,931 million in Q1 2024[51]. - Capital expenditures for Q1 totaled RMB 18.248 billion, with RMB 12.595 billion allocated to exploration and development[33]. - Capital expenditures for the first quarter of 2025 were RMB 24,232 million, a decrease from RMB 28,456 million in the same period of 2024, reflecting a reduction of approximately 14.0%[63]. Production and Sales - Oil and gas equivalent production reached 130.97 million barrels, representing a year-on-year increase of 1.7%, with natural gas production at 3,684.3 billion cubic feet, up 5.1% year-on-year[22]. - The total sales in the exploration and development segment for Q1 2025 was RMB 75,894 million, down 4.8% from RMB 79,812 million in Q1 2024[55]. - The refining segment reported a total sales of RMB 354,456 million in Q1 2025, a decrease of 5.3% from RMB 374,212 million in Q1 2024[55]. - The marketing and distribution segment's sales for Q1 2025 were RMB 374,380 million, down 8.7% from RMB 410,155 million in Q1 2024[55]. - The chemical segment reported a total sales of RMB 124,051 million, slightly up from RMB 122,988 million in Q1 2024, indicating a growth of 0.9%[55]. - The company reported a 4.0% decline in refined oil demand, while chemical product demand continued to grow with a 3.1% increase in ethylene equivalent consumption[21]. - The average price of Brent crude oil was USD 75.7 per barrel, a decrease of 9.0% year-on-year[21]. - The average realized price for crude oil was USD 71.50 per barrel, down 5.2% year-on-year[23]. - Total refined oil sales volume was 55.59 million tons, down 7.1% year-on-year, with retail volume at 27.43 million tons, a decrease of 6.4%[29]. - Ethylene production increased by 17.7% year-on-year to 3.861 million tons, while the chemical segment reported a loss of RMB 1.321 billion[30][31]. Financial Expenses and Income - Financial expenses increased by RMB 1.875 billion, a rise of 69.3%, primarily due to increased foreign currency loan exchange losses[15]. - Investment income decreased by RMB 3.825 billion, down 69.9%, affected by changes in hedging business profits and declines in some joint ventures[15]. - The fair value changes resulted in a gain of RMB 2.463 billion, a significant increase compared to a loss of RMB 4.897 billion in the previous period[15]. - The company incurred financial expenses of RMB 4,579 million in Q1 2025, compared to RMB 2,704 million in Q1 2024, marking an increase of 69.5%[56]. - The company reported a total of RMB 2,684 million in share of profits from associates and joint ventures, a decrease from RMB 2,798 million year-over-year[66]. Future Plans and Strategies - The company plans to enhance its integrated energy services, focusing on LNG and hydrogen energy development[28]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[45]. - The company aims to improve operational efficiency and reduce costs in response to declining revenues[49]. - The company plans to focus on market expansion and new technology development in the upcoming quarters[49].