Credit Brief — China Petroleum & Chemical Corporation (中国石化)
600028.SH · Shanghai Main Board · Data window: 2022–2025 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Cash and bank balances | — | — | 146,799.0 | 152,318.0 |
| Trading financial assets | 2.0 | 3.0 | 4.0 | 0.0 |
| Accounts receivable | 34,861.0 | — | 44,333.0 | 51,172.0 |
| Other receivables | — | — | 32,123.0 | 38,011.0 |
| Inventories | 207,433.0 | — | 256,595.0 | 230,811.0 |
| Long-term equity investments | — | — | 246,819.0 | 252,114.0 |
| Fixed assets | 212.0 | 5,363.0 | 717,105.0 | 770,264.0 |
| Construction in progress | 155,939.0 | — | 208,747.0 | 195,196.0 |
| Intangible assets | — | — | 137,983.0 | 148,260.0 |
| Total assets | 2,481.0 | 1,281,255.0 | 2,084,771.0 | 2,155,617.0 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Short-term borrowings | 21,313.0 | 59,815.0 | 48,231.0 | 29,455.0 |
| Notes payable | 10,782.0 | 29,122.0 | 47,740.0 | 66,457.0 |
| Accounts payable | — | — | 208,857.0 | 197,002.0 |
| Contract liabilities | 124,622.0 | — | 127,697.0 | 126,395.0 |
| Other payables | 239,688.0 | — | 98,467.0 | 99,619.0 |
| Current portion of non-current liabilities | 0.0 | 0.0 | 64,602.0 | 110,557.0 |
| Long-term borrowings | 94,964.0 | 179,347.0 | 184,934.0 | 182,968.0 |
| Bonds payable | 12,997.0 | 8,513.0 | 25,562.0 | 52,296.0 |
| Total liabilities | — | — | 1,108,478.0 | 1,165,845.0 |
Equity
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Paid-in capital | 121,071.0 | 1.0 | 121,282.0 | 120,926.0 |
| Capital reserve | — | — | 125,368.0 | 124,818.0 |
| Retained earnings | — | — | 344,048.0 | 344,555.0 |
| Equity attributable to owners of the parent | — | — | 819,922.0 | 830,324.0 |
| Minority interests | 0.0 | 0.0 | 156,371.0 | 159,448.0 |
| Total equity | — | — | 976,293.0 | 989,772.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue | 3,318,168.0 | 3,212,215.0 | 3,074,562.0 | 2,783,583.0 |
| Cost of sales | 2,819,363.0 | 2,709,656.0 | 2,598,935.0 | 2,341,383.0 |
| Selling expenses | 58,567.0 | 61,164.0 | 61,422.0 | 59,347.0 |
| Administrative expenses | 57,208.0 | 59,664.0 | 58,021.0 | 55,434.0 |
| Finance costs | 9,974.0 | 9,922.0 | 11,174.0 | 14,654.0 |
| Investment income | 14,462.0 | 5,811.0 | 15,889.0 | 10,671.0 |
| Operating profit | 96,414.0 | 86,744.0 | 72,257.0 | 40,470.0 |
| Profit before tax | 94,515.0 | 86,116.0 | 70,513.0 | 43,184.0 |
| Net profit | 76,614.0 | 70,046.0 | 57,547.0 | 35,250.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current ratio | — | 4.64x | 0.78x | 0.75x |
| Quick ratio | — | — | 0.40x | 0.42x |
| Debt-to-asset ratio | — | — | 53.2% | 54.1% |
| Total debt / EBITDA | 1.16x | 2.37x | 2.21x | 3.03x |
| EBITDA interest coverage | 6.64x | 5.79x | 7.86x | 6.43x |
| Gross margin | 15.0% | 15.6% | 15.5% | 15.9% |
| Net margin | 2.3% | 2.2% | 1.9% | 1.3% |
| Return on equity (ROE) | — | — | 5.9% | 3.6% |
| Revenue growth | — | -3.2% | -4.3% | -9.5% |
| Net profit growth | — | -8.6% | -17.8% | -38.7% |
| Receivable days | 4 | — | 5 | 7 |
| Cash received / revenue | 107.0% | 111.4% | 114.0% | 119.3% |
| Operating CF / net profit | 1.52x | 2.31x | 63.24x | 97.67x |
| Free cash flow | 116,269.0 | 161,475.0 | 3,639,081.0 | 3,442,709.0 |
Mechanical risk flags
- ⚠ Current ratio: 0.75 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.42 (level: high, reference threshold: <0.5)
- ⚠ Debt-to-asset ratio: 0.54 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 112,641.0 vs 667,385.0 CNY mn (deviation 83.12%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 554,744.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 717,105.0 vs 1,864.0 CNY mn (deviation 99.74%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 715,241.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 673,237.0 vs 148,722.0 CNY mn (deviation 77.91%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 524,515.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 121,282.0 vs 2,023.0 CNY mn (deviation 98.33%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 119,259.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 3,639,081.0 vs 149,360.0 CNY mn (deviation 95.9%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 3,489,721.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
7 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 现金及现金等价物净增加额 vs 货币资金变动; 现金及现金等价物净增加额 vs 货币资金变动; 现金及现金等价物净增加额 vs 货币资金变动; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 152,318.0 | 2025年年度报告.pdf | 95 | 货币资金 | 152318.0 (百万元) |
| Total assets | 2025 | 2,155,617.0 | 2025年年度报告.pdf | 95 | 资产总计 | 2155617.0 (百万元) |
| Accounts receivable | 2025 | 51,172.0 | 2025年年度报告.pdf | 95 | 应收账款 | 51172.0 (百万元) |
| Fixed assets | 2025 | 770,264.0 | 2025年年度报告.pdf | 95 | 固定资产 | 770264.0 (百万元) |
| Short-term borrowings | 2025 | 29,455.0 | 2025年年度报告.pdf | 96 | 短期借款 | 29455.0 (百万元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.