BOCI released a research report stating that SINOPEC CORP (00386, 600028.SH) reported a 15% quarter-on-quarter decline in Q3 net profit to RMB 8.3 billion, falling 26% below the bank's expectations, primarily due to weaker-than-expected refining and marketing segment profits. The bank forecasts a 22% sequential drop in Q4 earnings, as lower expected oil prices may negatively impact profits in exploration & production, refining, and even marketing operations. It also lowered its 2025–2027 earnings forecasts by 12%–14%. BOCI reiterated a "Hold" rating, reducing the H-share target price from HK$4.78 to HK$4.21 and the A-share target price from RMB 6.46 to RMB 5.54.