Multiple central state-owned enterprises—including China National Petroleum Corporation (CNPC), Sinopec Group, China Energy Engineering Corporation (CEEC), and Aviation Industry Corporation of China (AVIC)—have recently announced share buybacks and增持 plans in quick succession. What signals do these announcements send, and what impacts might they have?

On April 8, CNPC announced that, based on its confidence in the company’s future development prospects, it plans to increase its holdings of A- and H-shares of PetroChina Company Limited over the next 12 months. The planned增持 amount will be no less than RMB 2.8 billion (inclusive) and no more than RMB 5.6 billion (inclusive). Stock Code: 601857; Stock Name: PetroChina; Announcement No.: Lin 2025-010 PetroChina Company Limited Announcement Regarding the Share增持 Plan by the Controlling Shareholder Key Points: • The controlling shareholder of PetroChina Company Limited (hereinafter referred to as “the Company”), China National Petroleum Corporation (hereinafter referred to as “CNPC”), plans to增持 the Company’s A- and H-shares via the Shanghai Stock Exchange and the Hong Kong Exchanges and Clearing Limited within 12 months from the date of this announcement. The total增持 amount will be no less than RMB 2.8 billion (inclusive) and no more than RMB 5.6 billion (inclusive) (hereinafter referred to as “this增持 plan”). • This增持 plan faces risks of partial or full non-implementation due to changes in capital market conditions or other unforeseeable factors. On April 8, 2025, the Company received notification from CNPC stating that CNPC plans to增持 the Company’s A- and H-shares through itself and its wholly owned subsidiaries within 12 months from the date of this announcement. Details are as follows: I. Basic Information on the增持 Party The增持 party under this plan is CNPC—the Company’s controlling shareholder—and its wholly owned subsidiaries. As of the date of this announcement, CNPC directly holds 150,923,565,570 A-shares of the Company and, through its wholly owned subsidiary Fairy King Investments Ltd., holds 291,518,000 H-shares, totaling 151,215,083,570 shares—approximately 82.62% of the Company’s total issued share capital.

Investment Analysis Report on PetroChina: From Growing Vegetables to Running Restaurants

1.1 Industry Overview The China petroleum and natural gas industry—central to national energy security—holds a pivotal position and exhibits distinct 'three-high' characteristics: high capital barriers, high technological barriers, and high regulatory barriers. This industry is no ordinary 'vegetable market' open to all comers; it demands massive capital investment, advanced technological capabilities, and stringent qualification certifications. Current policy orientation can be summarized as 'stabilizing the present while planning for the long term': ensuring energy security while simultaneously advancing green transformation. In terms of market scale, although new energy sources are developing rapidly, oil will continue to play a critical role for the foreseeable future—much like how, despite the rise of electric vehicles, gas stations along expressways remain busy. In 2023 alone, CNPC and Sinopec together accounted for nearly 40% of the market, underscoring the industry’s high concentration. 1.2 Industry Trends The petroleum industry is now entering a 'midlife transition phase'—still in its prime but compelled to confront long-term sustainability. This former 'youth idol' is actively transforming into a 'seasoned performer.' Three key trends define this evolution: • Digitalization of traditional operations: High-tech applications—including intelligent extraction and digital management—are becoming the norm in oilfields. • Diversification of the energy mix: Shifting from oil-dominance toward balanced oil-and-gas development supplemented by new energy sources. • Upscaling of product portfolios: Moving beyond crude oil sales to high-value-added chemical and advanced materials. Over the next three years, the industry is expected to enter a low-growth phase, with annual growth projected between −1% and 2%. Like a heavy-duty truck slowly ascending a gentle slope, the sector may move at a modest pace—but it carries vital responsibilities for the national economy. 1.3 Porter’s Five Forces Analysis 1.4 Competitive Landscape Analysis The Chinese petroleum industry resembles a game among 'four major players': • CNPC: The 'landlord' with the richest resource base, holding most of China’s premium onshore oilfields. • Sinopec: The 'master chef' of refining—expert at transforming crude oil into diverse refined products. • CNOOC: The 'deep-sea specialist,' focusing exclusively on offshore oil and gas exploration and production. • ChemChina: A 'differentiated player' pursuing niche strategies. This structure sustains healthy competition while avoiding destructive price wars—benefiting overall industry health. II. Company Business Analysis 2.1 Company Profile PetroChina Company Limited was founded on November 5, 1999, headquartered in Beijing, and serves as the 'elder statesman' of China’s oil and gas sector. Its business spans the entire value chain—from exploration and production to refining and marketing—making it a true 'from oilfield to fuel tank' integrated operator. Its strategic positioning is clear: serve as the 'ballast stone' for stable energy supply while leading the charge in industry transformation. 2.2 Shareholder Structure PetroChina is a quintessential 'national team' enterprise, with its controlling shareholder CNPC holding over 80% of shares. In April 2025, the controlling shareholder announced an增持 plan of RMB 2.8–5.6 billion—an act equivalent to the major shareholder 'voting with its wallet,' signaling strong confidence. 2.3 Executive Team Senior management consists largely of seasoned 'petroleum veterans' with decades of hands-on experience across the oil and gas value chain—deeply familiar with operational nuances. However, SOE incentive mechanisms sometimes resemble 'dancing in chains'; striking the right balance between regulatory compliance and organizational vitality remains an enduring challenge. 2.4 Product Portfolio

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