China Petroleum & Chemical (386) Q4 2025 earnings summary

Executive summary

• Revenue declined 9.5% year-over-year to RMB2,783.6 billion, with net profit attributable to shareholders down 33.6% to RMB32.5 billion, mainly due to lower crude oil prices and weak chemical margins.

• Operating profit fell 31.2% year-over-year to RMB48.6 billion, with all major segments impacted by market headwinds.

• Maintained strong operating cash flow (RMB162.5 billion, up 8.8% year-over-year) and stable financial position.

• Proposed total annual cash dividend of RMB0.2 per share, with an 81% payout ratio including share repurchases.

Financial highlights

• Revenue: RMB2,783.6 billion, down 9.5% year-over-year.

• Net profit attributable to shareholders: RMB32.5 billion, down 33.6% year-over-year.

• Operating profit: RMB48.6 billion, down 31.2% year-over-year.

• Basic EPS: RMB0.268, down from RMB0.404 in 2024.

• Net cash from operating activities: RMB162.5 billion, up 8.8% year-over-year.

• Total assets: RMB2,153.5 billion, up RMB72.0 billion from 2024.

• Liability-to-asset ratio: 54.08%, up 0.91 percentage points.

Outlook and guidance

• 2026 focus: high-quality development, safety, energy security, profitability, and digital innovation.

• Plans to process 250 million tonnes of crude oil, produce 148 million tonnes of refined oil products, and 15.8 million tonnes of ethylene.

• Capex guidance for 2026: RMB131.6–148.6 billion, with E&P at RMB72.3 billion, refining at RMB17.3 billion, chemicals at RMB28.2 billion.

• Domestic demand for natural gas and chemicals expected to grow, while refined oil demand remains under pressure from alternative energy.