2025中期：营收利润集体下降

Mid -2025: Collective decline in revenue and profit

受国际油价震荡波动影响，“三桶油”上半年营收及净利润均出现不同程度下滑。

Affected by the volatility of international oil prices, the revenue and net profit of the "three barrels of oil" in the first half of the year declined to varying degrees.

近日，“三桶油”相继披露2025年上半年报。

Recently, the "three barrels of oil" have been disclosed in the first half of 2025 annual report.

具体来看，中国石油实现营收1.45万亿元，同比下降6.68%;归母净利润839.93亿元，同比下降5.4%，是2021年以来首次出现营收与净利润“双降”。中国石化实现营收1.41万亿元，同比下降10.6%;归母净利润214.83亿元，同比下降39.8%，自2021年以来跌幅最大。中国海油实现营收2076.08亿元，同比下降8%;归母净利润695.33亿元，同比下降13%。

Specifically, PetroChina achieved a revenue of 1.45 trillion yuan, a year-on-year decrease of 6.68%; The net profit attributable to the parent company was 83.993 billion yuan, a year-on-year decrease of 5.4%, marking the first time since 2021 that there has been a "double decline" in revenue and net profit. Sinopec achieved a revenue of 1.41 trillion yuan, a year-on-year decrease of 10.6%; The net profit attributable to the parent company was 21.483 billion yuan, a year-on-year decrease of 39.8%, and the largest decline since 2021. CNOOC achieved a revenue of 207.608 billion yuan, a year-on-year decrease of 8%; The net profit attributable to the parent company was 69.533 billion yuan, a year-on-year decrease of 13%.

“三桶油”业绩集体承压，主要源于国际油价下跌与国内化工板块的持续疲软。

The collective pressure on the performance of "three barrels of oil" is mainly due to the decline in international oil prices and the continued weakness of the domestic chemical industry sector.

上游：稳产量成关键支撑

Upstream: Stable production becomes key support

国际油价下跌，拖累了“三桶油”业绩。今年上半年，布伦特原油现货平均价格为71.87美元/桶，同比下跌14.5%。

The decline in international oil prices has dragged down the performance of "three barrels of oil". In the first half of this year, the average spot price of Brent crude oil was $71.87 per barrel, a year-on-year decrease of 14.5%.

“在国际油价走低背景下，中国石油虽然出现五年来营收和净利润首次双降，但作为核心驱动力的上游勘探开发产量仍稳步提升。”厦门大学能源研究院中国能源经济研究中心主任林柏强表示。半年报披露，中国石油国内原油产量3.952亿桶，同比增长0.6%;天然气产量26026亿立方英尺，同比增长4.7%;油气当量产量达9.24亿桶，同比增长2%，天然气产量和油气当量产量均创历史同期新高。

Against the backdrop of low international oil prices, although China Petroleum has experienced its first double decline in revenue and net profit in five years, the upstream exploration and development production, which is the core driving force, has steadily increased, "said Lin Baiqiang, director of the China Energy Economy Research Center at Xiamen University Energy Research Institute. According to the semi annual report, China National Petroleum Corporation's domestic crude oil production was 395.2 million barrels, a year-on-year increase of 0.6%; Natural gas production reached 2602.6 billion cubic feet, a year-on-year increase of 4.7%; The equivalent production of oil and gas reached 924 million barrels, a year-on-year increase of 2%. Both natural gas production and oil and gas equivalent production reached historic highs for the same period.

这背后，是中国石油对高效勘探工作的大力推进，在重点盆地和区带取得多项重要突破，同时加快吉木萨尔、古龙页岩油示范区和鄂东大宁—吉县煤岩气示范项目建设，通过技术创新提高采收率，实现效益开发良性循环。

Behind this is China Petroleum's strong promotion of efficient exploration work, which has achieved multiple important breakthroughs in key basins and zones. At the same time, it has accelerated the construction of shale oil demonstration areas such as Jimsar and Gulong, as well as coal and rock gas demonstration projects in Daning Jixian, eastern Hubei. Through technological innovation, it has improved recovery rates and achieved a virtuous cycle of beneficial development.

中国海油方面，上半年以695.33亿元净利润、同比下降13%的业绩居于“三桶油”中间档。中国海油凭借26.94美元的成本线，保持满负荷生产，通过“以量补价”实现利润逆势增长。天然气价格上涨1.4%，其产量增加了11%，在整个油气产量占比提升到23%。

In terms of CNOOC, it ranked in the middle of the "three barrel oil" category with a net profit of 69.533 billion yuan and a year-on-year decrease of 13% in the first half of the year. China National Offshore Oil Corporation (CNOOC) maintained full capacity production with a cost line of $26.94 and achieved profit growth against the trend through the strategy of "supplementing prices with quantity". The price of natural gas increased by 1.4%, and its production increased by 11%, accounting for 23% of the total oil and gas production.

油气勘探成果依旧显著。半年报披露，中国海油获得5个新发现，成功评价18个含油气构造。中国海油还积极拓展海外勘探版图，在圭亚那深水立体勘探持续增储;首次签署哈萨克斯坦勘探新区块石油合同。“上半年，中国海油平稳高效推进油气开发生产，有效应对市场波动，为冲刺全年目标奠定坚实基础。”公司董事长张传江表示。

The results of oil and gas exploration are still significant. According to the semi annual report, CNOOC has made 5 new discoveries and successfully evaluated 18 oil and gas bearing structures. China National Offshore Oil Corporation (CNOOC) is actively expanding its overseas exploration territory and continuously increasing its reserves through deep-water three-dimensional exploration in Guyana; Signed the first oil exploration contract for a new block in Kazakhstan. In the first half of the year, CNOOC steadily and efficiently promoted oil and gas development and production, effectively responded to market fluctuations, and laid a solid foundation for achieving the annual target, "said Zhang Chuanjiang, Chairman of the company..

记者注意到，中国石化上游业务同样保持增势，上半年实现油气当量产量262.81百万桶，同比增长2%，其中境内原油产量126.73百万桶，天然气产量7362.8亿立方英尺，同比增长5.1%。在增储增产降本增效的导向下，中国石化在海域油气、四川盆地超深层页岩气等取得重大突破;济阳、塔河、准西等原油重点产能建设加速推进;海域、顺北二区、四川盆地须家河组等天然气重点产能建设同步发力。此外，在成品油销售业务充分发挥网络优势，上半年成品油总经销量1.12亿吨;车用LNG经营量和充电量同比大幅增长，LNG零售市场占有率国内第一。

The reporter noticed that Sinopec's upstream business also maintained growth momentum, achieving an oil and gas equivalent production of 262.81 million barrels in the first half of the year, a year-on-year increase of 2%. Among them, domestic crude oil production was 126.73 million barrels, and natural gas production was 736.28 billion cubic feet, a year-on-year increase of 5.1%. Under the guidance of increasing storage, increasing production, reducing costs, and increasing efficiency, Sinopec has made significant breakthroughs in offshore oil and gas, ultra deep shale gas in the Sichuan Basin, and other areas; The construction of key crude oil production capacity in Jiyang, Tahe, and Zhunxi is accelerating; The construction of key natural gas production capacity in the sea area, Shunbei Second District, Sichuan Basin Xujiahe Formation, and other areas is being carried out simultaneously. In addition, the network advantage was fully utilized in the sales of refined oil products, with a total sales volume of 112 million tons in the first half of the year; The operating volume and charging volume of LNG for vehicles have significantly increased year-on-year, and the LNG retail market share ranks first in China.

化工板块：“内卷”下的分化与挑战

Chemical industry sector: differentiation and challenges under the "involution"

与上游业务的稳健表现形成鲜明对比的是，国内化工板块的景气度持续疲软。

In sharp contrast to the steady performance of upstream business, the prosperity of the domestic chemical sector continues to be weak.

这一态势背后，在于化工行业“内卷式”竞争导致化工产品价格持续承压，最终传导至企业利润端。据中国石油和化学工业联合会披露的数据显示，上半年国内石化行业(含化工领域)呈现营业收入、利润总额、进出口总额同步下降的“三降”态势，盈利端的压力可见一斑。

Behind this trend is the continuous pressure on chemical product prices caused by the "internal competition" in the chemical industry, which ultimately spreads to the profit side of enterprises. According to data disclosed by the China Petroleum and Chemical Industry Federation, the domestic petrochemical industry (including the chemical industry) showed a "three decline" trend in the first half of the year, with a synchronous decrease in operating revenue, total profit, and total import and export volume, indicating the pressure on the profit side.

面对行业困境，不同企业应对市场挑战的策略与实际成效已逐渐出现分化。

Faced with industry challenges, the strategies and actual results of different enterprises in responding to market challenges have gradually diverged.

中国石油凭借成本控制能力，展现出较强的抗压性。尽管炼化毛利收窄，但中国石油炼油业务仍实现经营利润96.64亿元，同比下降8%。化工产品商品量达1997.1万吨，同比增长4.9%，其中新材料产量166.5万吨，同比增长54.9%，连续三年保持50%以上高速增长。炼化新材料业务贡献了110.6亿元经营利润，有力抵御了行业“内卷”。林柏强认为，在化工业务普遍低迷的环境下，中国石油的新材料业务表现十分突出。

China Petroleum has demonstrated strong resilience through its cost control capabilities. Despite the narrowing of refining gross profit, China Petroleum's refining business still achieved an operating profit of 9.664 billion yuan, a year-on-year decrease of 8%. The commodity volume of chemical products reached 19.971 million tons, a year-on-year increase of 4.9%. Among them, the output of new materials was 1.665 million tons, a year-on-year increase of 54.9%, maintaining a high-speed growth of over 50% for three consecutive years. The refining and new materials business contributed 11.06 billion yuan in operating profit, effectively resisting industry competition. Lin Baiqiang believes that in an environment where the chemical industry is generally sluggish, China Petroleum's new materials business has performed exceptionally well.

中国石化在化工板块遭遇较大压力。上半年，中国石化净利润跌幅达39.8%;其中，化工板块对外销售收入1965亿元，同比下降3.7%，经营亏损却扩大至42亿元，同比增亏11亿元。值得注意的是，六大类化工产品中仅合成橡胶平均价格微涨0.1%，其他基础有机化工品下降14.6%、合纤单体及聚合物下降11.2%、合成纤维下降6.9%、化肥下降3.7%、合成树脂下降2.4%。

Sinopec is facing significant pressure in the chemical industry sector. In the first half of the year, Sinopec's net profit fell by 39.8%; Among them, the external sales revenue of the chemical sector was 196.5 billion yuan, a year-on-year decrease of 3.7%, but the operating loss expanded to 4.2 billion yuan, an increase of 1.1 billion yuan compared to the same period last year. It is worth noting that among the six major categories of chemical products, only the average price of synthetic rubber increased slightly by 0.1%, while other basic organic chemicals decreased by 14.6%, synthetic fiber monomers and polymers decreased by 11.2%, synthetic fibers decreased by 6.9%, fertilizers decreased by 3.7%, and synthetic resins decreased by 2.4%.

“中国石化化工产品结构中，高附加值产品占比偏低，导致其难以抵御价格波动的冲击。”中国石油大学(北京)经济管理学院能源经济与金融研究所长郭海涛表示。

In the structure of Sinopec's chemical products, the proportion of high value-added products is relatively low, making it difficult for them to withstand the impact of price fluctuations, "said Guo Haitao, Director of Energy Economics and Finance at the School of Economics and Management, China University of Petroleum (Beijing).

新能源：打开增长空间

New energy: opening up growth space

在传统油气业务利润承压的背景下，新能源业务成为开拓新增长曲线的重要方向。

Against the backdrop of traditional oil and gas business profit pressures, new energy business has become an important direction for exploring new growth curves.

中国石油在新能源业务上进展尤为迅速，新能源业务实现经营利润856.9亿元。半年报显示，其加快推进塔里木上库光伏、青海格尔木风电、吉林昂格风电等重点项目建设，风光发电量同比增长70.0%;全产业链协同推进CCUS业务，注入二氧化碳130.5万吨。“当前石油企业布局新能源已成为共性选择，但多数企业新能源业务仍处于培育阶段，尚未盈利。中国石油之所以能在该领域实现盈利，原因在于出色的成本管控叠加业务协同优势。”郭海涛表示。

China Petroleum has made particularly rapid progress in its new energy business, achieving an operating profit of 85.69 billion yuan. The semi annual report shows that it has accelerated the construction of key projects such as Tarim Shangku Photovoltaic, Qinghai Golmud Wind Power, and Jilin Ange Wind Power, with a year-on-year increase of 70.0% in wind and solar power generation; Collaborative promotion of CCUS business across the entire industry chain, injecting 1.305 million tons of carbon dioxide. The current layout of new energy has become a common choice for oil companies, but most of their new energy businesses are still in the cultivation stage and have not yet made profits. The reason why China Petroleum can achieve profitability in this field is due to excellent cost control combined with business synergy advantages, "said Guo Haitao.

中国石化新能源业务也取得阶段性进展，海水制氢工厂化试验装置完成性能与稳定性测试;境外首座加氢站投营。董事长侯启军明确表示，将进一步壮大新能源产业。

Sinopec's new energy business has also made phased progress, with the completion of performance and stability testing for the seawater hydrogen production factory test device; The first hydrogen refueling station overseas has been put into operation. Chairman Hou Qijun clearly stated that he will further strengthen the new energy industry.

中国海油新能源方面，坚持油气与新能源融合发展。半年报显示，中国海油绿电发电量超9亿千瓦时，“海油观澜号”为文昌油田群稳定供应绿电;海上首个CCUS项目在恩平15-1平台投用，开创“以碳驱油、以油固碳”海洋能源循环利用新模式。

CNOOC New Energy, adhere to the integration of oil and gas and new energy development. According to the semi-annual report, CNOOC's green power generation capacity exceeds 0.9 billion kilowatt-hours, and the "CNOOC Guanlan" provides a stable supply of green power for Wenchang Oilfield Group. The first CCUS project at sea was put into operation on Enping 15-1 platform, creating a new mode of marine energy recycling of "driving oil with carbon and sequestration with oil.

在上半年“稳中有进”业绩基石之上，“三桶油”下半年发展路径愈发引人关注。纵观全局，下半年勘探开发或将坚持“增储上产”战略。在转型节奏上，中国石油选择“稳健转型”，维持原有资本支出计划，将八成资本支出投向油气和新能源分部。

Building on the foundation of "steady progress" in the first half of the year, the development path of "Three Barrels of Oil" in the second half of the year is increasingly attracting attention. Looking at the overall situation, exploration and development in the second half of the year may adhere to the strategy of "increasing reserves and production". In terms of transformation pace, PetroChina has chosen a "steady transformation" and maintained its original capital expenditure plan, allocating 80% of its capital expenditure to the oil and gas and new energy divisions.

中国石化则表示，将超前布局未来产业，加快推动多能互补、融合发展，形成油、气、新能源“三足鼎立”之势。

Sinopec, on the other hand, stated that it will advance the layout of future industries, accelerate the complementary and integrated development of multiple energy sources, and form a "three legged" trend of oil, gas, and new energy.

中国海油则更强调“有效益的转型”，公司总裁阎洪涛表示：“初期的新能源发展重点是和传统油气业务相融合，在油气生产中用绿色能源替代油气发电。”

China National Offshore Oil Corporation (CNOOC) emphasizes more on "effective transformation." Yan Hongtao, the company's president, said, "The initial focus of new energy development is to integrate with traditional oil and gas businesses and replace oil and gas power generation with green energy in oil and gas production

“当前，我国石油行业正处于‘需求端成品油替代加速、供给侧化工改革深化、碳市场约束收紧’关键阶段，行业‘达峰’信号日益明显。”郭海涛认为，“对‘三桶油’而言，下半年核心考验不仅是如何应对油价波动、稳住传统业务利润，更在于能否加快新能源布局、优化产品结构，这既是抵御短期压力的关键，又是决定长期竞争力的核心。”

At present, China's petroleum industry is in a critical stage of accelerating the substitution of refined oil products on the demand side, deepening supply side chemical reform, and tightening carbon market constraints, and the industry's' peak 'signal is becoming increasingly evident. ”Guo Haitao believes that "for the 'three barrels of oil', the core test in the second half of the year is not only how to deal with oil price fluctuations and stabilize traditional business profits, but also whether to accelerate the layout of new energy and optimize product structure. This is not only the key to resisting short-term pressure, but also the core to determining long-term competitiveness

责任编辑：周志霞

Responsible Editor: Zhou Zhixia