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0857.HK, 601857.SH · A-shares · Hong Kong

0857.HK / 601857.SH PetroChina: integrated oil & gas, dividend resilience

PetroChina FY2025 revenue ¥2.8645T (−2.5%), parent NI ¥157.318B (−4.5%); OCF ¥412.5B, FCF ¥120.2B. 2026Q1 revenue ¥736.4B (−2.2%), parent NI ¥48.3B (+1.9%). A-share ~¥10.92 / mkt ~¥2.00T; TTM PE ~12.6x, yield ~4.3%. See CNOOC, Sinopec, Shenhua.

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Latest print snapshot

2026Q1 revenue
CNY 736.4B
2026Q1 parent NI
CNY 48.3B
FY2025 parent NI
CNY 157.3B
A-share (~22 Jul)
CNY 10.92
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

PetroChina (0857.HK / 601857.SH) is China’s largest integrated oil & gas company: upstream and gas marketing drive profit, refining/marketing drive scale. IFRS FY2025: revenue ¥2.8645T (−2.5%), parent NI ¥157.318B (−4.5%), OCF ¥412.510B (+1.5%), FCF ¥120.189B (+15.2%); realized crude $64.11/bbl (−14.2%), unit lifting cost ~$12.04/boe. 2026Q1: revenue ¥736.383B (−2.2%), parent NI ¥48.333B (+1.9%), production 470.2 mmboe (+0.7%). As of ~2026-07-22, A-share ~¥10.92 (mkt cap ~¥2.00T on full share count), H-share ~HK$9.6; A-share TTM PE ~12.6x, div yield ~4.3%. As of this pack (2026-08-18), H1 2026 is not yet out (market window ~late August).

Read-through: lower oil prices cut sales and upstream EBIT, but gas marketing/refining offsets + low leverage + dividends keep earnings historically high. The market prices an oil-price midpoint and payout continuity, not a growth multiple. See CNOOC, Sinopec, Shenhua.

Business

Model: E&P → refining/chemicals → products marketing → natural-gas sales. Profit is mostly resource rent and gas spread; scale is refining and trading.

Flagships:

  1. Oil, gas & new energy — FY2025 operating profit ¥136.065B (~60% of group OP); volume × oil price.
  2. Natural-gas sales — OP ¥60.802B (+12.6%); domestic volume and import cost are the swing.
  3. Refining/chemicals/new materials + marketing — refining/chem OP ¥24.247B (+13.4%), marketing ¥17.547B (+6.4%); diesel demand pressured by EVs; jet/chem/new materials and “oil-gas-H2-power-nonfuel” are offsets.

Competitiveness (≥2 testable): (1) domestic production and retail/pipeline reach (FY2025 1,841.9 mmboe; products share ~32.4%); (2) lifting cost ~$12/boe and low gearing (11.2%), so FCF stays >¥100B and payout ≥50% even in a down-price year.

Strategy (12–24m): 2026 plan 1,853.4 mmboe and crude throughput 1,377.1 mmbbl; “less fuel, more chemicals/specialties”; wind/solar and CCUS; integrated energy stations. Near-term earnings still oil price and gas spread; new energy is still small (FY2025 wind+solar 7.93 TWh).

Strategy

Strategy
Pillar / phaseDetail
0–12m：产量与油价KPI：油气当量 vs 1,853.4 mmboe · 实现油价 · 操作成本 ~12 美元/桶
气销与炼油对冲KPI：气销经营利润 · 炼油单位毛利 · 化工是否走阔
转型与股东回报KPI：风光发电量 · 中期/末期股息 · 派息比例 ≥50%？
As of 2026-09-25

Entity / boundary: listco is PetroChina Company Limited (A+H); parent is CNPC — do not conflate. No liquidation/resume events in 24m; same-control combinations (Daqing power acquisition; storage-company consolidation) restate comparatives—use latest filings for series.

Value chain

Integrated up/mid/downstream. Upstream: oil-price rent. Midstream: crack/processing spread. Downstream: retail and seasonal gas spreads.

Direction Counterparties Power / dependence
Upstream Mineral rights / oilfield services / pipeline gas & LNG Resource-host and import prices; HSE
Downstream Retail/wholesale fuels, city gas, industry & gas power, traders Domestic demand, EV vs diesel, winter peak

Customers

Customers
CustomerConcentration/roleNote
成品油零售/批发分散；国内份额约 32.4%汽煤柴；EV 压柴油
天然气（城燃/工业/气电）中等分散2025 国内销售 2,475 亿方
原油/化工/贸易分散 + 贸易波动海外业务约占营收 33.9%
前五大客户合计约 9%年报披露、未具名
As of 2026-09-25

Concentration: top-five customers ~9% of sales (disclosed, unnamed). Mix is domestic-led; overseas (incl. trading) ~33.9% of revenue.

Supply risks (≥2): (1) oil price / OPEC+ / geopolitics; (2) import pipeline gas & LNG cost and winter supply — echoed in Risks.

Corporate events

Material items over ~24–36m:

Corporate events

Corporate events
DatePhaseEventMeaning
2025-09人事黄永章辞任总裁；任立新接任央企内部轮岗，主席未变
2026-03财报/分红2025：营收 −2.5%、归母 −4.5%；末期股息 0.25 元油价下行、FCF 与派息仍高
2026-04财报2026Q1：营收 −2.2%、归母 +1.9%气销/炼油对冲上游
2024–2025并表同一控制合并（电能/储气库）追溯比较期读财务序列用最新口径
As of 2026-09-25

Valuation

Use A-share CNY (full share count × A price). H-shares (0857.HK) usually trade at a discount with a higher yield. ~2026-07-22 A ¥10.92, mkt ~¥2.00T; TTM PE ~12.6x, PB ~1.27x, trailing yield ~4.3% (FY2025 DPS ¥0.47 = interim 0.22 + final 0.25). The market is pricing integrated cash flow and payout at a mid/high oil midpoint, with a discount for oil/refining drawdowns.

Valuation snapshot

Valuation snapshot
MetricValueNote
市值（A 价×总股本，约）约 2.00 万亿人民币A 股约 10.92 元（约 2026-07-22）；H 约 9.6 港元
TTM P/E（A 股示意）约 12.6xFY2025 EPS 0.86 元；H 股 TTM PE 更低（约 9–10x）
P/B（A 股示意）约 1.23–1.27x2025 末归母权益 1.586 万亿
盈利收益率约 8%1 / TTM PE
股息率（A 股）约 4.3%2025 DPS 0.47 元（中期 0.22+末期 0.25）；H 股收益率通常更高
分红比例约 54.7%政策底 30%；近三年约 50–55%
As of 2026-09-25

~3y PE / PB / dividend yield / trailing 12m return (illustrative A-share):

Valuation & returns · ~3y

Interactive chart available in the reader.

Illustrative A-share market reads (TTM PE/PB; trailing div yield; trailing 12m price return approx.). Not advice; use a market terminal. · As of 2026-09-25

Share price · ~3y

Interactive chart available in the reader.

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

Financial trend (~24 months)

Eight-quarter revenue follows oil price and volumes. Q1 often rebounds QoQ (heating/Spring Festival); Q4 net margin is seasonally weaker. Gross margin is complete only at annual frequency (FY2025 main-business GM ~13.6%); the chart uses parent net margin (quarterly).

Revenue · last 8 quarters

Interactive chart available in the reader.

Company filings (CAS quarterly revenue, CNY); same-control restatements—use latest print. YoY/QoQ computed. H1 2026 not yet disclosed. · As of 2026-09-25

Parent net margin · last 8 quarters

Interactive chart available in the reader.

Parent NI / revenue (quarterly). Gross margin complete only annually (FY2025 main-business GM ~13.6%). QoQ/YoY are net-margin ppt changes. · As of 2026-09-25

Financial health

Verdict: solid-to-strong — thick OCF/FCF, very low net debt; oil-price beta remains. Auditor: KPMG Huazhen / KPMG, unqualified.

Financial health

Financial health
ItemValueNote
财务健康总评稳健偏强厚 OCF/FCF、净负债很低；油价 beta 仍在
经营现金流（2025）4,125.10 亿+1.5%；覆盖 CapEx 2,690.89 亿
自由现金流（2025）1,201.89 亿+15.2%；连续千亿以上
有息债 vs 现金（2025 末）债 2,275.63 亿 / 现金 2,061.62 亿净负债 214.01 亿（上年 643.78 亿）
流动性流动比 1.10；速动 0.83资本负债率 11.2%（上年 12.2%）
ROE / 资产负债率ROE 约 9.9%；资产负债率 36.4%IFRS；CAS 加权 ROE 约 10.1%
审计 / 持续经营无保留意见毕马威华振 / 毕马威；无持续经营强调事项
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

Operations

FY2025: volume up, price down. Crude 948.0 mmbbl (+0.7%), marketable gas 5,363.2 bcf (+4.5%); gasoline/kerosene/diesel sales 160.81 mt (+1.1%); gas sales 314.713 bcm (+7.0%). Refining OP ¥21.704B (+19.1%) offset upstream; chemicals ¥2.543B (−19.4%). 2026Q1: upstream OP fell; gas marketing ¥18.867B (+39.7%) and refining/chem ¥8.283B lifted group profit, parent NI turned positive YoY.

FY2025 segment operating profit

FY2025 segment operating profit
SegmentOP / YoYWatchpoint
油气和新能源1,360.65 亿 / −14.8%实现油价 64.11 美元/桶；操作成本 12.04 美元/桶
天然气销售608.02 亿 / +12.6%2026Q1 经营利润 188.67 亿（+39.7%）
炼油化工和新材料242.47 亿 / +13.4%炼油 217.04 亿；化工 25.43 亿
销售175.47 亿 / +6.4%国内成品油份额约 32.4%
As of 2026-09-25

Competition

Peers: CNOOC (low-cost upstream), Sinopec (refining-led), China Shenhua (energy high-dividend analog).

Strengths: integrated profit pools (gas + refining hedge oil); production and retail scale; low leverage and payout discipline.
Weaknesses: all-in barrel cost and volume growth usually trail CNOOC; refining/marketing exposed to fuel-demand mix; overseas projects and import gas add geopolitics vs domestic coal-power.

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 comparison

Peer comparison
CompanyPositionMargin / costStrengthWeakness
中国石油 0857 / 601857 (self)一体化油气龙头主营毛利率约 13.6%；操作成本 ~$12/桶气销+炼油对冲；低杠杆高分红产量增速与全成本通常不及海油
中国海油 0883 / 600938海上上游桶油主要成本约 $27.9（全口径）低成本产量增长缺炼化/零售对冲；油价 beta 更纯
中国石化 600028 / 0386炼化一体炼化利润波动大下游网络与化工规模2025 归母回撤更深；上游储量弱于中石油
中国神华 601088 / 1088能源高股息对照煤电运一体分红与现金流防御非油气；煤价与转型压力
As of 2026-09-25

Management

Chair Dai Houliang (also CNPC chair); President Ren Lixin (replaced Huang Yongzhang in Sep 2025); CFO Wang Hua. Stable SOE rotation; continuity is production guidance and dividend policy more than personality.

Key management (24m)

Key management (24m)
RoleNameSince24m change
董事长戴厚良 (Dai Houliang)2023-06期间无重大披露变动（兼集团董事长）
总裁任立新 (Ren Lixin)2025-09接替黄永章（2025-09 辞任）
财务总监 / 董秘王华 (Wang Hua)在任（年报）公开披露未见重大更替
As of 2026-09-25

Outlook

Near term: H1 2026 print (oil price, gas spread, refining unit margin) and interim DPS. Medium term: 2026 production/throughput delivery, import-gas cost, whether new-energy kWh moves from high growth/low base into profit. Demand: crude vs global stocks/OPEC+; domestic gas still growing; diesel split by EVs/LNG trucks.

Scenarios

Scenario Conditions Implication
Bull Oil recovers; gas spread widens; payout holds/rises Earnings and dividend up
Base Oil range-bound; gas/refining offset upstream Integrated high-dividend hold
Bear Deep oil drop + sticky import-gas cost; products demand worse than feared Earnings and multiple compress

Risks

Risks

Risks
RiskSeverityMitigation
国际油价与实现价格下跌高上游仍是利润主力
进口气成本刚性 / 保供中高气销利润对采购成本敏感
成品油需求结构变化中EV/LNG 重卡分流柴油
安全环保与海外作业中HSE 与资源国政策
特别收益金 / 能源转型政策中油价上行时税费弹性
As of 2026-09-25
Risk Level
Oil price / realized crude High
Import-gas cost / winter supply Med-high
Products demand mix (EV/substitution) Medium
HSE and overseas operations Medium
Policy / special oil levy / energy transition Medium

Tracking

  1. Next interim: revenue/parent NI, realized crude, gas-marketing OP
  2. Production vs 2026 plan 1,853.4 mmboe; lifting cost near ~$12/boe
  3. Refining unit margin and chemicals
  4. Interim DPS and full-year payout (floor 30%; last 3y ~50–55%)
  5. Net debt, OCF, wind/solar output

Confirm: oil does not collapse, gas/refining hedge works, payout holds. Falsify: deep oil drop with hedge failure, or a material payout cut.

References

  1. PetroChina 2025 Annual Report — https://www.petrochina.com.cn/petrochina/rdxx/202603/77efc25cfdc14bad83525f05cf092454/files/40b5ebc3882d441397f5203d64652a51.pdf
  2. PetroChina 2026 Q1 report — https://www.petrochina.com.cn/petrochina/rdxx/202604/47aa45c6dead441ea8014bf8f9e5dde1/files/1c4bd94b4b474d6e84308190776b06c2.pdf
  3. FY2025 results announcement (HKEX) — https://www.hkexnews.hk/listedco/listconews/sehk/2026/0423/2026042301798_c.pdf
  4. PetroChina IR / press (FY2025, 2026Q1) — https://www.petrochina.com.cn/ptr/
  5. CNINFO (601857) — https://www.cninfo.com.cn/new/disclosure/stock?stockCode=601857&orgId=gssh0601857
  6. See CNOOC · Sinopec · Shenhua

Not investment advice. Figures follow latest IFRS/CAS filings; valuation/return series are illustrative market reads. Dual-listed A/H; amounts in CNY unless noted.

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

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