Revenue Falls 8.3 Percent Shanghai Petrochemical Reports 89 Million Yuan Loss in Q1

On April 23, Shanghai Petrochemical (600688) released its financial results for the first quarter of 2025, showing a revenue of 19.52 billion yuan, a drop of 8.3% year-over-year. The company reported a net loss of 89.84 million yuan, a staggering 206.9% decline compared to the same period last year. Net loss excluding non-recurring items also widened to 85.21 million yuan, down 186.9% year-on-year.

By the end of the first quarter, the company’s total assets stood at 41.244 billion yuan, shrinking 1.3% from the end of 2024. Net assets attributable to shareholders dipped 0.5% to 24.925 billion yuan.

Shanghai Petrochemical, primarily engaged in oil refining, chemical feedstock production, and product development and sales, faced weakened demand during the period, leading to pressure on sales volumes and a hit to overall performance.

Despite the headwinds, there was a bright spot: operating cash flow improved significantly, reaching 1.79 billion yuan in net inflows. The company continues to respond by enhancing product value, tightening cost structures, and exploring new markets to better position itself for a future rebound.