China’s Sinopec Shanghai Petrochemical first half profit slides
China’s Sinopec Shanghai Petrochemical Co. swung to a net loss in the first half of 2025 as weaker demand hit sales of refining and chemical products, the company reported late Wednesday.
Sinopec reported a net loss of 462.1 MM yuan ($64.40 MM) for the period from January to June, according to the report. That compares with 27.9 MM yuan profit the prior year.
Net sales were 33.498 B yuan, down 10.66% year-on-year, with net sales of refining products and chemicals falling 16.14% and 3.21%, respectively.
The company said the market remains challenging, with strong supply and weak demand, rising penetration of new-energy vehicles squeezing fuel demand, and the chemical sector still at a cyclical low.
Weaker market demand drove a 6.72% decline in refining product sales volumes. With crude prices falling, weighted average selling prices across all segments also declined from a year earlier, the company said.
Refinery throughput was 6.33 MM tonnes (t) in the six-month period, down 4.93% year-on-year. Diesel production fell 13.56% and aviation fuel declined 8.62% year-on-year, while gasoline slightly rose 0.14%. Output of ethylene, a key building block for petrochemicals, rose 24.34% to 273,300 t in the first half.
Capital expenditure was 408 MM yuan in the first half of 2025, mainly allocated to construction work for the Shanghai Petrochemical cogeneration unit clean-efficiency upgrade.
($1 = 7.1757 Chinese yuan renminbi)
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