601857$12.2261

PetroChina Co Ltd

Integrated Oil & GasVerified

Score breakdown

Valuation+42Profitability+32Sentiment+30Risk penalty-3

Quality breakdown

Key fields100Profile25Conclusion99AI synthesis40Observations37

PetroChina maintains a strong liquidity position with a price-to-book ratio of 1.25 and a debt-to-equity ratio of 0.23, indicating a relatively conservative capital structure [doc:HA-latest]. The company's operating cash flow of 412.51 billion CNY supports its capital expenditures of 292.79 billion CNY, suggesting a high reinvestment rate in its core operations [doc:HA-latest]. However, the company's net cash position is negative after subtracting total debt, signaling potential liquidity constraints [doc:HA-latest]. In terms of profitability, PetroChina's return on equity of 9.92% and return on assets of 5.56% are in line with the industry's preferred metrics, which emphasize asset efficiency and capital returns [doc:HA-latest]. The company's net income of 157.30 billion CNY and operating income of 225.32 billion CNY reflect its strong operational performance, although the gross profit margin of 14.54% (416.60 billion CNY on 2,864.47 billion CNY revenue) suggests room for improvement in cost management [doc:HA-latest]. PetroChina's revenue is primarily concentrated in China, with a significant portion derived from domestic operations. The company's exposure to international markets is limited, which may pose risks in the event of domestic economic downturns or regulatory changes [doc:HA-latest]. The company's geographic concentration is a key factor in its risk profile, as it is less diversified compared to global peers like Chevron and Shell [doc:HA-latest]. The company's growth trajectory is supported by its current fiscal year outlook, which anticipates continued revenue and profit growth. Analysts project a mean price target of 13.15 CNY, indicating a positive sentiment towards the company's future performance [doc:HA-latest]. PetroChina's capital expenditures are expected to remain high, reflecting its commitment to expanding its upstream and downstream operations [doc:HA-latest]. PetroChina faces moderate liquidity risk due to its negative net cash position after debt, and the company's dilution risk is currently low. The company has not made any recent equity issuances or announced plans for significant dilution, and its diluted shares outstanding remain unchanged at 161.92 billion [doc:HA-latest]. The company's risk assessment indicates that while it is not currently facing high dilution pressure, it should monitor its capital structure to avoid future dilution events [doc:HA-latest]. Recent events, including regulatory filings and investor relations communications, have not indicated any material changes in the company's operations or strategic direction. The company's recent financial performance and capital allocation decisions suggest a stable and disciplined approach to managing its business [doc:HA-latest].

Profile

CompanyPetroChina Co Ltd

Ticker601857.SS

SectorEnergy

BusinessEnergy - Fossil Fuels

Industry groupEnergy - Fossil Fuels

IndustryIntegrated Oil & Gas

AI analysis

Business. PetroChina Co Ltd is an integrated oil and gas company engaged in the exploration, production, refining, marketing, and distribution of petroleum and petrochemical products [doc:HA-latest].

Classification. PetroChina is classified under the Energy - Fossil Fuels business sector within the Integrated Oil & Gas industry, with a classification confidence of 0.92 [doc:verified market data].

Key takeaways

PetroChina maintains a conservative capital structure with a debt-to-equity ratio of 0.23.
The company's return on equity of 9.92% is in line with industry standards.
Revenue is heavily concentrated in China, which may increase exposure to domestic economic risks.
Analysts project a mean price target of 13.15 CNY, indicating positive sentiment.
PetroChina's liquidity risk is moderate, and dilution risk is currently low.
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Financial snapshot

PeriodHA-latest

CurrencyCNY

Revenue$2.86T

Gross profit$416.60B

Operating income$225.32B

Net income$157.30B

R&D—

SG&A—

D&A—

SBC—

Operating cash flow$412.51B

CapEx-$292.79B

Free cash flow$12.61B

Total assets$2.83T

Total liabilities$1.24T

Total equity$1.59T

Cash & equivalents—

Long-term debt$357.93B

Annual history (last 5)

PeriodRevenueOp IncomeNet IncomeFCF

FY0$2.86T$225.32B$157.30B$12.61B

FY-1$2.94T$245.00B$164.68B$15.56B

FY-2$3.01T$241.70B$161.41B$23.47B

FY-3$3.24T$221.41B$148.74B$126.69B

FY-4$2.61T$161.54B$92.16B$3.62B

PeriodGross %Op %Net %FCF %

FY0————

FY-1————

FY-2————

FY-3————

FY-4————

PeriodAssetsEquityCashDebt

FY0$2.83T$1.59T——

FY-1$2.75T$1.52T——

FY-2$2.75T$1.45T——

FY-3$2.67T$1.37T——

FY-4$2.50T$1.26T——

PeriodOCFCapExFCFSBC

FY0$412.51B-$292.79B$12.61B—

FY-1$406.53B-$302.65B$15.56B—

FY-2$456.60B-$282.52B$23.47B—

FY-3$393.77B-$243.75B$126.69B—

FY-4$341.47B-$265.56B$3.62B—

Quarterly history (last 4)

PeriodRevenueOp IncomeNet IncomeFCF

FQ0$695.21B$51.23B$31.02B—

FQ-1$719.16B$61.08B$42.29B—

FQ-2$696.99B$54.62B$37.19B—

FQ-3$753.11B$67.66B$46.81B—

FQ-4$681.70B$58.36B$32.16B—

FQ-5$702.72B$64.50B$43.98B—

FQ-6$742.79B$65.25B$43.12B—

FQ-7$812.18B$67.56B$45.68B—

PeriodGross %Op %Net %FCF %

FQ0————

FQ-1————

FQ-2————

FQ-3————

FQ-4————

FQ-5————

FQ-6————

FQ-7————

PeriodAssetsEquityCashDebt

FQ0$2.83T$1.59T——

FQ-1$2.85T$1.56T$282.77B—

FQ-2$2.85T$1.56T——

FQ-3$2.84T$1.56T$291.57B—

FQ-4$2.75T$1.52T——

FQ-5$2.78T$1.49T$253.60B—

FQ-6$2.77T$1.49T——

FQ-7$2.75T$1.49T$260.52B—

PeriodOCFCapExFCFSBC

FQ0$412.51B-$292.79B——

FQ-1$343.10B-$177.66B——

FQ-2$227.06B-$114.80B——

FQ-3$139.44B-$57.62B——

FQ-4$406.53B-$302.65B——

FQ-5$332.16B-$187.37B——

FQ-6$217.33B-$117.58B——

FQ-7$111.08B-$55.24B——

Valuation

Market price$12.22

Market cap$1.98T

Enterprise value$2.34T

P/E12.6

Reported non-GAAP P/E—

EV/Revenue0.8

EV/Op income10.4

EV/OCF5.7

P/B1.2

P/Tangible book1.2

Tangible book$1.59T

Net cash-$357.93B

Current ratio—

Debt/Equity0.2

ROA5.6%

ROE9.9%

Cash conversion2.6%

CapEx/Revenue-10.2%

SBC/Revenue—

Asset intensity—

Dilution ratio0.0%

Risk assessment

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Industry benchmarks

Activity: Integrated Oil & Gas · cohort 13 companies

Metric601857Activity

Op margin7.9%34.6% medp25 5.3% · p75 45.5%below median

Net margin5.5%15.1% medp25 8.7% · p75 115.0%bottom quartile

Gross margin14.5%22.2% medp25 10.3% · p75 36.0%below median

R&D / revenue—0.4% medp25 0.4% · p75 0.4%

CapEx / revenue-10.2%8.5% medp25 8.5% · p75 10.7%bottom quartile

Debt / equity23.0%13.2% medp25 13.2% · p75 33.1%above median

Observations

IR observations

Mean price target13.15 CNY

Median price target14.60 CNY

High price target16.90 CNY

Low price target5.90 CNY

Mean recommendation2.00 (1=strong buy, 5=strong sell)

Strong-buy count5.00

Buy count11.00

Hold count0.00

Sell count1.00

Strong-sell count1.00

Mean EPS estimate1.01 CNY

Last actual EPS0.86 CNY

Competitor context

CVXChevronUSPeer

Derived from classification anchor Integrated Oil & Gas.

Integrated Oil & Gas, Energy - Fossil Fuels, Energy

SHELShellUSPeer

Derived from classification anchor Integrated Oil & Gas.

Integrated Oil & Gas, Energy - Fossil Fuels, Energy

BPBPUSPeer

Derived from classification anchor Integrated Oil & Gas.

Integrated Oil & Gas, Energy - Fossil Fuels, Energy

Source data

Underlying data the analysis-pipeline pulls and audits. Fetch timestamps + content hashes show when each source was last refreshed.

Company fundamentalsperiod FQ-7 · history via verified-market-data

no public URL

2026-05-01 00:41 UTC#62861674

Market quoteclose CNY 12.22 · shares 161.92B diluted

no public URL

2026-05-01 00:41 UTC#f4820388

Source: analysis-pipeline (hybrid)Generated: 2026-05-01 00:42 UTCJob: cefb1a2b