CNPC Capital Co Ltd

CNPC Capital released its 2026 interim report. The company's total operating revenue was 15.054 billion yuan, and net profit attributable to the parent company was 3.361 billion yuan, an increase of 763 million yuan compared with the same period last year, up 29.35% year on year. Net cash flow from operating activities was negative 8.727 billion yuan, an increase of 27.712 billion yuan compared with the same period last year. The company's asset-liability ratio was 83.04%, and gross margin was 38.98%, up 16.54 percentage points from the same period last year, achieving growth for two consecutive years. Diluted earnings per share were 0.27 yuan, up 28.57% year on year. The number of shareholders was 201,100, and the top ten shareholders held 83.27% of total share capital.

CNPC Capital, a wholly owned subsidiary of China Petroleum Capital, plans to acquire a 100 percent stake in Yingda Futures for 1.129 billion yuan. The transfer registration procedures were completed on June 15, 2026. This acquisition is part of a broader arrangement, under which the controlling shareholder China National Petroleum Corporation simultaneously transferred 379 million A-shares of CNPC Capital to State Grid Yingda Group through a state-owned share transfer. Yingda Futures was previously the futures platform under State Grid. In the first quarter of 2025, it reported operating revenue of 19.22 million yuan and a net loss of 10.43 million yuan. For the full year 2024, operating revenue was 101 million yuan and net profit was 1.23 million yuan. Analysts note that through this acquisition, CNPC will gain a compliant internal hedging channel, enabling closed-loop management of price risks for crude oil and natural gas, thereby reducing costs and improving efficiency. The futures industry is currently undergoing supply-side structural reform. Recent consolidation cases include CICC Wealth Futures absorbing and merging CICC Futures, and Shenwan Futures absorbing and merging Hongyuan Futures. The pace of industry consolidation has clearly accelerated.