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China's largest oil refiner and fuel retailer, also producing petrochemicals and some upstream oil and gas.
China's largest oil refiner and fuel retailer, also producing petrochemicals and some upstream oil and gas.
Earns by buying crude, mostly imported, refining it into fuels and chemicals and selling through its own stations and wholesale, so profit is the margin between crude cost and product prices. Retail fuel prices in China follow a government formula linked to crude. State-owned Sinopec Group controls it. These Hong Kong shares and the Shanghai ones are the same company.
In one line: China's Valero/Phillips 66, but state-owned and integrated.
Moat: narrow (scale, distribution, regulatory licence). Largest refining and retail fuel network in China, majority state-owned with domestic fuel-pricing controls.
Headquarters: Beijing, China · Founded: 2000 · Employees: 351,104
Size Sinopec (0386.HK) is a Hong Kong Energy company (Oil Refining/Marketing) with a market value of $97.3B, the 21st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$4.80 on 6 Nov 2026.
Performance Over six months the shares gained 6.5%, against +25.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 4th lowest of 9 in its peer set.
Growth Revenue grew 7.2% over the last twelve months (peer median +11.9%); the operating margin is 0.2% (peer median 10.4%).
Valuation It trades at 11.1× forward earnings against a peer median of 7.5× (3rd most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 31% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +26 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.2 points below its cost of capital (5.5% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$3.21T | HK$2.72T | HK$3.07T | HK$3.28T | HK$3.58T |
| Revenue growth | — | -11% | -6% | -9% | — |
| Gross profit | HK$400B | HK$82.5B | HK$149B | HK$180B | HK$200B |
| EBITDA | HK$155B | HK$123B | HK$195B | HK$212B | HK$232B |
| Net income | HK$46.4B | HK$35.2B | HK$53.1B | HK$64.4B | HK$77.8B |
| Free cash flow | HK$92.2B | HK$37.6B | HK$41.2B | HK$23.2B | -HK$30.5B |
| Capital expenditure | HK$150B | HK$145B | HK$151B | HK$189B | HK$201B |
| Total debt | HK$637B | HK$665B | HK$506B | HK$517B | HK$413B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Sinopec 0386.HK | $97.3B | +7% | +7% | 0% | 11.1× | 31.5% |
| Petrochina 0857.HK | $345B | 0% | +14% | 8% | 8.4× | -4.6% |
| Cnooc 0883.HK | $148B | -9% | +11% | 46% | 5.8× | n/a |
| Formosa Petrochemical Corporati 6505.TW | $24.7B | +58% | +2% | 10% | 10.4× | -7.7% |
| S-Oil 010950.KS | $9.00B | -21% | +19% | 10% | 3.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0386.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.7% | -12.9% | 2nd highest of 9 |
| 6-month return | +6.5% | +25.9% | 4th lowest of 9 |
| Distance from 52-week high | -13.1% | -22.6% | 2nd highest of 9 |
| Revenue growth (TTM) | +7.2% | +11.9% | 5th highest of 9 |
| Operating margin | 0.2% | 10.4% | lowest of 9 |
| Forward P/E | 11.1× | 7.5× | 3rd most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 31.5% | -7.7% | most demanding of 9 |
| Growth delivered (Del g) | +5.8% | +13.7% | lowest of 9 |
| Hurdle (Req g minus delivered) | +25.6 pp | -21.6 pp | most demanding of 9 |
| ROIC minus cost of capital | -5.2 pp | +9.6 pp | 2nd lowest of 9 |
| Net debt / EBITDA | 2.5× | 0.7× | most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sinopec 0386.HK | Hong Kong | $97.3B | +7% | +7% | 0% | 11.1× | 31.5% | +5.8% |
| Valero Energy VLO | United States | $96.6B | +44% | +25% | 12% | 5.6× | -16.1% | +13.6% |
| Phillips 66 PSX | United States | $95.8B | +44% | +29% | 10% | 6.6× | -11.3% | +15.7% |
| China Petroleum & Chemical 600028.SS | China | $99.2B | +8% | -10% | 2% | 15.8× | 9.0% | +6.3% |
| Marathon Petroleum MPC | United States | $101B | +53% | +32% | 12% | 5.1× | -16.8% | +13.9% |
| Eni ENI.MI | Italy | $82.2B | +6% | +4% | 9% | 8.4× | 0.8% | +13.3% |
| Reliance Industries RELIANCE.NS | India | $189B | -8% | +20% | 11% | 19.3× | 19.1% | +17.8% |
| ORLEN Spolka Akcyjna PKN.WA | Poland | $38.5B | -10% | +2% | 13% | 5.2× | -7.6% | +25.5% |
| Formosa Petrochemical Corporati 6505.TW | Taiwan | $24.7B | +58% | +2% | 10% | 10.4× | -7.7% | +8.6% |