中国石化2025年三季报点评:Q3归母净利润环比小幅改善,静待炼化景气修复

光大证券
Oct 30, 2025

一、公司业绩表现中国石化 (600028。SH/0386。HK)发布2025年三季报,前三季度实现营业总收入21134亿元,同比减少10.7%,归母净利润为300亿元,同比下降32.2%。第三季度单季营业收入7044亿元,环比增长4.6%,归母净利润85亿元,环比小幅改善3.4%。油价回升叠加炼油盈利修复是推动Q3业绩环比改善的主要因素。二、分业务解读1.上游业务:受国际油价下跌影响,前三季度上游...

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