25.63 billion yuan in first-half net profit beat last year by 19.3%, even after Sinopec booked 16 billion yuan of inventory and asset impairment charges tied to oil and fuel price volatility.
44.1% higher refining margins drove the surprise gain as the refiner widened crude sourcing beyond the Middle East, timed purchases more closely and shifted output toward more profitable products.
113.31 million metric tons of crude throughput was still 5.6% lower from a year earlier, reflecting weaker domestic fuel demand and supply disruption after the Strait of Hormuz remained largely closed since March.
381.5% growth in refining operating profit offset continued weakness in chemicals, where Sinopec still posted a loss of more than 200 million yuan despite narrowing losses by about 4 billion yuan.
113 million metric tons of crude processing is planned for July-December, roughly flat with the first half, suggesting Sinopec expects demand and supply conditions to remain tight.