From January 16th to 17th, Sinopec 2025 Work Conference was held in Beijing. Mr. Ma Yongsheng, Chairman of the Board of Directors of SINOPEC Group, made a keynote speech, and Mr. Zhao Dong, Group President of SINOPEC, made a production and operation report.
The conference reviewed the progress made in 2024 and the company's development since the implementation of the 14th Five-Year Plan Period (2021-2025). In 2024, Sinopec has significantly strengthened its foundation for high-quality development, enhanced its momentum towards this goal, and solidified the guarantees necessary for achieving it. Throughout the 14th Five-Year Plan period, Sinopec has remained committed to high-quality development as its primary objective, actively promoting progress and striving to enhance the nation’s strategic capabilities in scientific and technological advancement. Moreover, the company has dedicated itself to building a modernized state-owned enterprise while fulfilling its social responsibilities, thereby ushering in a new chapter of growth and achievement.
As stated by Chairman MA in his keynote speech, in the face of significant changes and evolution, we must develop a sensible and strategic plan for future growth. It is essential to harness our collective wisdom to create a forward-looking, scientific, and strategic approach for the 15th Five-Year Plan Period (2026-2030), steadfastly committing to the path of high-quality development. This pathway is fundamentally one of new industrialization, characterized by advanced, intelligent, and green growth. It emphasizes an industrial growth pattern built on "One Foundation of Energy Resources, Two Wings of Clean Fuels and Advanced Chemicals and Three Growth Poles of New Energy," while cultivating new high-quality productive forces.
Reform and innovation must serve as our driving forces, underpinned by a high standard of safety, to strengthen and expand what we term “the first growth curve” . We must also focus on developing “the second growth curve” to enhance our core functions and competitiveness, with the ultimate goal of establishing ourselves as a world-class energy and chemical company, committed to sustainable long-term success.
By consolidating our fundamental strengths, we can enhance certainty while creating new avenues to foster growth. Our strategy should involve entering international markets to uncover new opportunities and advancing integration efforts to unlock economic growth potential.
The year 2025 marks the final year of the 14th Five-Year Plan Period, making it crucial for us to execute our tasks flawlessly throughout this period. We must adhere to the overarching principle of pursuing progress while ensuring stability, fully and accurately implementing the new development concept. Our focus will encompass enhancing efficiency, advancing industrial transformation, fostering scientific and technological innovation, driving reform and management improvements, and strengthening risk prevention measures.
It is imperative to promote high-quality development across all dimensions, step up to become a world-class company, and achieve the objectives and tasks outlined in the 14th Five-Year Plan Period. By doing so, we will also lay a solid foundation for a successful start to the 15th Five-Year Plan Period.
In 2025, we should prioritize the following initiatives:
First, we must enhance quality, reduce costs, and increase efficiency to continue our critical efforts in production and operations. Second, we should strengthen and expand our industrial chain to speed up the growth and development of new quality productive forces. Third, we need to foster a strong connection among innovation, industry, capital investment and talent to boost our capability in science and technology. Fourth, we must deepen comprehensive reforms aimed at enhancing our core competitiveness. Finally, we should prevent and control systemic risks as our top priority, comprehensively reinforcing the foundation for high-quality development. This will enable us to step up the establishment of a world-class company operating under the rule of law, ensuring both stability and prosperity.
As pointed out by President ZHAO in his report, we need to focus on overall coordination, collaboration, and optimizing regional integration while conducting performance assessment based on results. Our goal is to expand the market and achieve high operational efficiency. We must also accelerate our transformation efforts to establish a modern industrial system. Additionally, we should leverage the power of reform and innovation to energize our development at deeper levels. It’s crucial to maintain a strong commitment to the fundamentals that will support high-quality growth. By deepening integration and complementary support across businesses, we can boost enthusiasm, unify our efforts, and work together to achieve our annual goals and objectives.