China Petroleum & Chemical Corp Class A

600028: XSHG (CHN)
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Sinopec Earnings: Weak Downstream Performance in Line With Guidance; H-Shares Undervalued

Sinopec’s first-half net profit declined by 36% year on year, driven by lower energy prices and weak downstream performance. Notably, the operating loss in the chemicals segment widened to CNY 4.2 billion from CNY 3.2 billion a year ago due to intense competition.

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