According to the BOC Securities Research Report, profits in various sectors of CNPC increased year-on-year, and operating performance reached a record high during the same period. The first half of the year achieved net profit of 103,936 billion yuan, an increase of 22.0% over the previous year; net profit after deducting non-return to mother was 105.533 billion yuan, an increase of 23.7% over the previous year. The oil and gas production structure has been optimized to fully benefit from rising oil prices. In the first half of 2026, the situation in the Middle East contributed to a sharp rise in international oil prices. The average price of Brent crude oil rose 23.7% to 87.60 US dollars/barrel compared to the same period in 2025. Benefiting from factors such as rising oil prices, the company's oil and gas and new energy division achieved revenue of 440.02 billion yuan in the first half of the year, an increase of 3.5% over the previous year, and operating profit of 10.448 billion yuan, a sharp increase of 15.3% over the previous year. The refining and chemical business is transforming into a new direction, and the production of new materials is growing rapidly. The sales sector increased profits and vigorously developed charging, switching and LNG filling businesses. The company's capital expenditure remains high and values shareholder returns. The profitability of the company's oil and gas assets has increased, the strategic value of energy central enterprises has been highlighted, shareholder returns continue to be stable, and the “buy” rating has been maintained.

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