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State-owned Chinese oil major refining crude into fuels and petrochemicals, with a nationwide retail fuel-station network.
State-owned Chinese oil major refining crude into fuels and petrochemicals, with a nationwide retail fuel-station network.
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 Shanghai shares and the Hong Kong ones are the same company.
In one line: China's ExxonMobil, refining-heavy.
Moat: narrow (scale, distribution, regulatory licence). Largest refining capacity and fuel retail network in China; state-backed licences and pipelines.
Headquarters: Beijing, China · Founded: 2000 · Employees: 351,104
Size China Petroleum & Chemical (600028.SS) is a China Energy company (Oil Refining/Marketing) with a market value of $99.2B, the 20th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.80 on 6 Nov 2026.
Performance Over six months the shares gained 7.6%, against +6.5% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 8 in its peer set.
Growth Revenue fell 9.9% over the last twelve months (peer median +19.9%); the operating margin is 1.7% (peer median 11.2%).
Valuation It trades at 15.8× forward earnings against a peer median of 6.6× (2nd most expensive of 8).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +3 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 2.9 points below its cost of capital (5.0% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | CN¥2.55T | CN¥2.83T | CN¥2.97T | CN¥3.08T |
| Revenue growth | — | -10% | -5% | -4% | — |
| Gross profit | n/a | CN¥194B | CN¥219B | CN¥245B | CN¥251B |
| EBITDA | n/a | CN¥171B | CN¥181B | CN¥191B | CN¥200B |
| Net income | n/a | CN¥31.8B | CN¥50.3B | CN¥60.5B | CN¥67.1B |
| Free cash flow | n/a | CN¥42.1B | CN¥25.8B | CN¥9.80B | -CN¥35.4B |
| Capital expenditure | n/a | CN¥134B | CN¥139B | CN¥171B | CN¥173B |
| Total debt | CN¥592B | CN¥597B | CN¥523B | CN¥469B | CN¥367B |
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 |
|---|---|---|---|---|---|---|
| China Petroleum & Chemical 600028.SS | $99.2B | +8% | -10% | 2% | 15.8× | 9.0% |
| PetroChina 601857.SS | $336B | +4% | -3% | 9% | 12.1× | -5.1% |
| CNOOC 600938.SS | $141B | -22% | +7% | 46% | 9.0× | -21.8% |
| ExxonMobil XOM | $677B | +16% | +21% | 14% | 11.8× | -5.9% |
| Shell SHEL.L | $284B | +18% | +15% | 16% | 7.7× | -10.9% |
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 | 600028.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.8% | -12.7% | 3rd highest of 8 |
| 6-month return | +7.6% | +6.5% | 4th highest of 8 |
| Distance from 52-week high | -28.5% | -18.1% | lowest of 8 |
| Revenue growth (TTM) | -9.9% | +19.9% | lowest of 8 |
| Operating margin | 1.7% | 11.2% | 2nd lowest of 8 |
| Forward P/E | 15.8× | 6.6× | 2nd most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | 9.0% | -7.6% | 3rd most demanding of 8 |
| Growth delivered (Del g) | +6.3% | +13.9% | 2nd lowest of 8 |
| Hurdle (Req g minus delivered) | +2.8 pp | -27.0 pp | 2nd most demanding of 8 |
| ROIC minus cost of capital | -2.9 pp | +7.8 pp | 3rd lowest of 8 |
| EV / EBITDA | 7.0× | 5.5× | 2nd most expensive of 7 |
| Net debt / EBITDA | 2.2× | 0.8× | 2nd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Petroleum & Chemical 600028.SS | China | $99.2B | +8% | -10% | 2% | 15.8× | 9.0% | +6.3% |
| Sinopec 0386.HK | Hong Kong | $97.3B | +7% | +7% | 0% | 11.1× | 31.5% | +5.8% |
| Marathon Petroleum MPC | United States | $101B | +53% | +32% | 12% | 5.1× | -16.8% | +13.9% |
| 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% |
| 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% |