Investor Research

600028.SH, 0386.HK · A-shares · Hong Kong

600028.SH / 0386.HK Sinopec: integrated refining + dividend resilience

Sinopec 2025 revenue ¥2.784T (−9.5%), parent NI ¥31.809B (−36.8%); OCF ¥162.5B (+8.8%). FY DPS ¥0.20; payout incl. buybacks ~81%. Refining EBIT improved; chemicals still loss-making; marketing hit by EV penetration. 2026Q1 revenue ¥706.7B (−3.9%), NI ¥17.0B (+28%). A-share ~¥5.10 / mkt ~¥617B (≈2026-08-07). See CNOOC, Shenhua.

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KPIs

A-share (approx)
CNY 5.1
Market cap (approx)
CNY 616.7B
2025 revenue
CNY 2783.6B
2025 parent NI
CNY 31.8B
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Sinopec (600028.SH / 0386.HK) is China’s core integrated refining and fuel-marketing franchise. 2025 revenue ¥2.784T (−9.5%), parent NI ¥31.809B (−36.8%); OCF ¥162.5B (+8.8%). FY DPS ¥0.20; payout incl. buybacks ~81%. 2026Q1 revenue ¥706.7B (−3.9%), NI ¥17.0B (+28%).

China’s largest integrated refining/marketing platform. 2025 NI fell on softer oil and chemical overcapacity, but OCF and payout remain resilient. Thesis is dividend/buybacks + refining optimization—not upstream oil beta (see CNOOC). Watch chemical turnaround and EV substitution of fuels.

Business

Model: E&P → refining → chemicals → marketing. Returns via cracks/volumes plus high payout/buybacks.

Flagships: Fuels/refining network; gas/upstream volumes; chemicals (current drag).

Edge: Scale + retail network + SOE funding. Strategy: efficiency, product mix, new-energy adjacency, disciplined capex.

Value chain

Mid/downstream integrator with some upstream. Risks: crude costs/cracks; chemical overcapacity. Upstream beta: CNOOC.

Valuation

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)
MetricValueNote
TTM PEN/A未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PBN/A待最新净资产与市值核验
股息率N/A待分红公告 / IR
现价语境约 5.1600028.SH · 以包内 kpi_snapshot 时点为准
As of 2026-09-25

Valuation & returns · ~3y

Interactive chart available in the reader.

PE/PB/yield/return points are null until a named market source is wired; no linear fill. · As of 2026-09-25

~3y valuation & returns (illustrative; §A.6):

Valuation & returns · ~3y

Interactive chart available in the reader.

PE/PB/yield/return points are null until a named market source is wired; no linear fill. · As of 2026-09-25

~¥5.10 / ~¥617B (≈2026-08-07). Prefer dividend/FCF yield over growth PE.

Share price · ~3y

Interactive chart available in the reader.

Quarterly close reconstruction (illustrative, split-adjusted approx.) · As of 2026-09-25

Financial trend (~24m)

Revenue · last 8Q

Interactive chart available in the reader.

Company filings; some historical quarters synthesized from public data · As of 2026-09-25

Gross margin · last 8Q

Interactive chart available in the reader.

Company disclosures; some quarters synthesized · As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Reconstructed from public filings (illustrative; attributable NI) · As of 2026-09-25

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)
ItemValueNote
财务健康总评见最新披露以 OCF 与负债率为准
经营现金流见中报 / 季报与净利润匹配度
资产负债率见最新资产负债表有息负债 vs 现金
流动性见流动比率货币资金与短债
审计意见无保留（常规预期）半年报未经审计
As of 2026-09-25

Operations

Revenue / segment mix

Revenue / segment mix
SegmentScale/mixNote
勘探及开发收入 ~¥2860B；经营收益 ~¥455B气量增长对冲油价；收益 −19%
炼油收入 ~¥1.33T；经营收益 ~¥94.5B结构优化，收益 +41%
营销及分销收入 ~¥1.51T；经营收益 ~¥99.7B新能源渗透 + 库存减利，收益 −47%
化工收入 ~¥4641B；经营亏损 ~¥146B产能过剩，毛利收窄
As of 2026-09-25

Competition

Market share trend · last 8Q

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer map

Peer map
CompanyRoleMarginStrengthWeakness
中国石化炼化+营销一体化GM ~16%规模/渠道/分红化工亏损 / 成品油替代
中国海油上游低成本高上游利润率桶油成本 / 产量油价β更高
中国神华煤电一体化高股息高分红确定性煤价周期
民营炼化（恒力/荣盛等）炼化产能扩张方波动大新装置效率债务与价差风险
As of 2026-09-25

See also China Shenhua for high-dividend energy.

Management

Management (24m)

Management (24m)
RoleNameSince24m change
董事长侯启军2025+近 24 个月董事长更替（集团/股份治理调整）
总裁万涛公开披露在任经营层延续
财务负责人以最新年报披露为准—未见公开重大 CFO 动荡表述
As of 2026-09-25

Chair Hou Qijun; President Wan Tao. Stability: steady/transitioning within SOE norms.

Outlook

Track Brent/cracks, chemical spreads, fuel demand vs EV, payout/buybacks, new-energy adjacency.

Scenarios

Scenario Trigger Implication
Bull Oil up + chemicals improve NI/dividend up
Base Choppy oil; high payout Dividend sleeve
Bear Oil down + lasting chem losses NI and payout risk

Risks

References

  1. Sinopec 2025 results summary — http://file.finance.sina.com.cn/211.154.219.97:9494/MRGG/CNSESH_STOCK/2026/2026-3/2026-03-23/12009908.PDF
  2. SSE/CNINFO filings — https://static.cninfo.com.cn/finalpage/2026-03-23/1225024106.PDF
  3. IR: http://www.sinopec.com/listco/
  4. On-site: CNOOC · Shenhua · coal chemical

Not investment advice.

Tracking

Check next earnings for:

  1. Next-quarter revenue & margin vs guide
  2. OCF vs CapEx / payout
  3. Competitive share shifts
  4. Valuation vs historical mid-cycle
  5. Key policy / supply-chain variables

Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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