In the first half of the year, China National Petroleum Corporation, Sinopec, and China National Offshore Oil Corporation all attained record-high production of oil and gas equivalent. Nonetheless, their revenue and net profit experienced a year-on-year decline, with a combined drop exceeding 29 billion yuan, amounting to a daily reduction of approximately 160 million yuan in profits. According to Professor Sun Chuanwang from the China Center for Energy Economics Research at Xiamen University's School of Economics, this phenomenon of "increasing production without increasing profits" is primarily attributed to factors including the decline in international crude oil prices, reduced downstream refined oil sales, and low gross margins in the chemical market. Amidst the impact of the burgeoning new energy market, these three major oil companies have collectively opted to intensify their efforts in transformation, striving to break through into the new energy sector.