China Petroleum & Chemical (386) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 declined by 10.7% year-over-year, with EBIT and net profit attributable to shareholders down significantly; net profit was RMB 29.98 billion (CASS), down 32.2% year-over-year.

• EPS for the period was RMB 0.247, a decrease of 32.5% year-over-year.

• Operating income and profit before taxation both declined compared to the same period last year.

Financial highlights

• Total assets increased to RMB 2,181,560 million as of September 30, 2025, up from year-end 2024.

• Cash and cash equivalents rose 20.8% to RMB 175,812 million as of September 30, 2025.

• Net cash generated from operating activities increased by 13.0% year-over-year to RMB 114,782 million.

• Net cash from financing activities turned positive at RMB 3,030 million, compared to a net outflow last year.

• Basic and diluted EPS for nine months: RMB 0.247, down 32.5% year-over-year.

Outlook and guidance

• China's GDP grew by 5.2% year-over-year in the first three quarters of 2025, supporting steady domestic demand for petrochemical products.

• International oil prices trended downward, with Brent spot prices averaging 14.4% lower year-over-year.

• Domestic refined oil consumption declined 4.0% year-over-year, while natural gas consumption rose 2.0%.

• Demand for major chemical products increased, with ethylene equivalent consumption up 8.1%.