China Petroleum & Chemical Corporation (“Sinopec”), China’s leading energy and chemical company, was named the number one brand in China’s energy and chemical industry in terms of brand value at China Brand Day 2020, held on May 10.
In the valuation of Chinese brands released as part of the day’s activities, Sinopec’s brand value reached RMB 299.1 billion, an increase of RMB 17.3 billion year-on-year, making it the top brand in China’s energy and chemical industry and the second most valuable brand in the country.
The value of Sinopec’s sub-brands has also surged. Easy Joy’s brand value reached RMB 16.1 billion, up by RMB 4.6 billion, while Great Wall Lubricant’s brand value reached RMB 7.7 billion, up by RMB 600 million. Meanwhile, Epec.com is now valued at RMB 9.8 billion and Sinopec “Donghai” Asphalt at RMB 1.2 billion.
Under the guidance of the State Administration for Market Regulation, China Brand Day is jointly organized by the China Council for the Promotion of International Trade, China Council for Brand Development, China Appraisal Society, and other organizations dedicated to propelling China’s transformation from manufacturing-led to innovation-driven, from unparalleled speed to unsurpassed quality, and from product fabrication to brand creation. The seventh China Brand Day, this year saw 830 brands apply for consideration, after which they were subject to a rigorous set of criteria. In the end, the brand value of 564 brands were announced on China Brand Day, totaling RMB 7.3563 trillion in value.
For the last 37 years, Sinopec has been committed to forging cleaner energy and chemical products through respondible, practical action. Now, it is focused on developing its brand and defining its contribution to society. In March of this year, Sinopec issued its “Guiding Opinions on Strengthening the Construction of the Sinopec Brand”, which clarified, for the first time, its brand concept of focusing on the sustainable development of the energy and chemical industry through innovation and responsibility, to create better lives and become a world-leading, best-in-class brand.
To enhance employee brand awareness and further build up its brand, Sinopec also joined hands with the China Association for Quality to launch the “Brand Excellence and Effectiveness: 10 Outstanding Brand Marketing Cases” initiative to encourage communication and sharing between the company’s different sub-brands and divisions, in the aim of cultivating a robust and dynamic company culture.
With its brand valuation as recognition of its achievements, Sinopec will continue to enhance its brand and focus on creating positive impact in society.