From January 26th to 27th, Sinopec Group 2026 Work Conference was held in Beijing to review the achievements of 2025 and the 14th Five-Year Plan period, as well as outline the development vision, objectives, and tasks for the 15th Five-Year Plan period and deploy the key tasks for 2026. Mr. Hou Qijun, Chairman of Sinopec Group, delivered a keynote speech, emphasizing that a new journey of reinventing for the future should be started in all all-round way, and high-quality development should be unswervingly prompted to a new level, the 15th Five-Year Plan should be ensured to start well, and the construction of a world-leading modern energy and chemical company should be accelerated, so as to contribute more to the construction of Chinese path to modernization. Mr. Zhao Dong, President of Sinopec, made a production and operation report.

The conference reviewed the works of 2025 and the 14th Five-Year Plan period. In 2025, Sinopec made new progress and achievements in various aspects of its work, and its oil and gas security capabilities have been further improved. The company accumulated momentum for transformation and upgrading, driving structural adjustments toward new strengths. Breakthroughs have been achieved in terms of reforms and innovations, continuously unleashing developmental vitality and momentum. Business management was consistently strengthened, with greater effectiveness in balancing development and security.

Over the past five years, the company achieved remarkable progress in high-quality development, taken solid steps in industrial restructuring, made significant breakthroughs in key core technologies, and steadily improved the modern enterprise system with Chinese characteristics.

The conference clarified the company's overarching development strategy, objectives, and tasks of the company during the 15th Five-Year Plan period. It pointed out that accelerating transformation and upgrading, vigorously improving quality and efficiency, strengthening innovation leadership, and comprehensively deepening reforms are urgently needed. We should fully embark on a new journey of reinventing for the future and create renewed brilliance in revitalizing the petrochemical industry. The aim is to better serve high-quality economic and social development, contribute to ensuring and improving people's livelihoods, bravely shoulder social responsibilities, and make greater contributions to the Chinese path to modernization.

As stated in Mr.Hou Qijun’s keynote speech, reinventing for the future is a strategic decision made in response to new circumstances and tasks. Its fundamental target is to advance high-quality development, drive improvements in quality, efficiency, and upgrade through innovation and entrepreneurship, accelerate the process of becoming a world-class enterprise, and achieve a higher level of development of Sinopec. The fundamental path is to promote transformation and upgrading, transform traditional industries, consolidate the "first growth curve," strengthen emerging industries, develop the "second growth curve," and ensure industrial and momentum continuity to achieve greater breakthroughs in substantial qualitative improvement. The fundamental driver lies in comprehensive reform and innovation, vigorously emancipating the mind and shifting perspectives, systematically restructuring the company's business development, organizational systems, operational models, investment frameworks, and growth drivers to advance transformations in quality, efficiency, and momentum. The fundamental requirement is to recognize, adapt to, and drive change while working diligently, pragmatically, and swiftly, relying closely on cadres and employees, fostering a strong atmosphere of entrepreneurship and innovation in an all-round way, inspiring all staff to embrace transformation and strive for excellence, and seizing every moment to open up new horizons for the company’s development.

Advancing high-quality development through reinventing for the future is the overarching theme and central task of the company during the 15th Five-Year Plan period. During this period, Sinopec should revolve around building a world-leading modern energy and chemical company, with transformation, upgrading, quality improvement, and efficiency enhancement as the main focus, and the cultivation of new quality productive forces as the priority.

Sinopec will vigorously implement six major strategies: innovation-driven development, transformation and upgrading, resource security, market expansion, cost-driven, and open cooperation. The aim is to establish a new industrial framework characterized by "one foundation, two pillars, three chains, and four new growth drivers"—where energy resources form the foundation, refining and chemical sectors serve as the two wings, three major sales chains of refined oil, natural gas, and chemical products act as the driving force, and new energy, new materials, new business models, and new sectors emerge as new growth engines. Additionally, the company will build a scientific, standardized, and efficient modern enterprise governance system to continuously strengthen core functions and enhance core competitiveness. Through these efforts, significant progress in advancing high-quality development through reinventing for the future is expected by 2030, to lead the industry in high-quality development by 2035.

The general requirements in 2026 are as follows: anchor the vision and goal of building a world-leading modern energy and chemical company, closely focus on advancing high-quality development through reinventing for the future as the overarching theme and central task, stimulate the team's innovate and carry on entrepreneurship, vigorously implement the six major strategies, coordinate and advance all aspects of work, and emphasize winning six critical campaigns of safety and environmental protection, energy security, marketing, quality and efficiency improvement, integration and innovation of science and technology and reform. This will ensure a strong start to the 15th Five-Year Plan period.

As Mr. Zhao Dong stated in the production and operation report, 2026 marks the inaugural year of the 15th Five-Year Plan period and the starting year for the company to fully embark on a new journey of reinventing for the future efforts must closely center on advancing high-quality development through reinventing for the future as the overarching theme and core task, striving to achieve annual targets with high quality in a proactive manner and aiming for stronger operational performance. The focus will be on energy security and to wholeheartedly consolidate the "one foundation"; on transforming the industrial chain and enhancing integrated efficiency to fully strengthen the "two pillars"; on winning the critical marketing campaign to wholeheartedly optimize the "three chains"; on cultivating new growth drivers and expanding emerging markets to vigorously develop the "four new growth drivers"; on stimulating internal momentum and unleashing vitality to resolutely tackle challenges; and on winning the critical campaign for safety and environmental protection to firmly safeguard the bottom line.