Sinopec Shanghai Petrochemical Company (338) H2 2025 earnings summary

Executive summary

• Reported a net loss attributable to equity shareholders of RMB1,432.6 million under CAS and RMB1,612.3 million under IFRS for 2025, with no dividend proposed for the year.

• Operating income declined 13.3% year-over-year to RMB75.56 billion, mainly due to lower sales volumes and prices for petroleum and chemical products.

• Crude oil processed fell 5.5% year-over-year, and refined oil output dropped 9.3%, reflecting weak demand and industry overcapacity.

• The company advanced safety, environmental, and technological initiatives, including green transformation and digital upgrades.

Financial highlights

• Net loss attributable to equity shareholders: RMB1,432.6 million (CAS), RMB1,612.3 million (IFRS), compared to a profit of RMB316.5 million (CAS) and RMB311.0 million (IFRS) in 2024.

• Operating income: RMB75.56 billion, down 13.3% year-over-year.

• Net cash flow from operating activities: RMB1.99 billion, down 74.3% year-over-year.

• Basic loss per share: RMB(0.136) (CAS), RMB(0.153) (IFRS).

• Net assets attributable to equity shareholders: RMB23.13 billion, down 7.6% from prior year.

Outlook and guidance

• 2026 marks the start of the 15th Five-Year Plan, with a focus on transformation, upgrading, and green development.

• Plans to process 12 million tons of crude oil and produce 7.45 million tons of refined oil in 2026.

• Estimated capital expenditures for 2026 are approximately RMB6 billion, targeting technological upgrades and new material projects.