Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported strong operational performance for the first three quarters of 2025, with significant increases in oil and gas production and revenue generation [1][2]. Group 1: Financial Performance - Oil and gas sales revenue reached 255.48 billion yuan, with a net profit attributable to shareholders of 101.97 billion yuan [1]. - The net production of oil and gas for the first three quarters was 578.3 million barrels of oil equivalent, representing a year-on-year increase of 6.7% [1]. - Domestic net production was 400.8 million barrels of oil equivalent, up 8.6% year-on-year, driven by contributions from projects like Deep Sea No. 1 Phase II and Bohai Zhong 19-2 [1]. - Overseas net production was 177.4 million barrels of oil equivalent, an increase of 2.6% year-on-year, primarily due to the Mero 3 project in Brazil [1]. - In the third quarter, net production reached 193.7 million barrels of oil equivalent, reflecting a year-on-year growth of 7.9% [1]. Group 2: Exploration and Development - In the first three quarters, the company made five new discoveries and successfully evaluated 22 oil and gas structures [1]. - The third quarter saw the successful evaluation of Kenli 10-6, which is expected to become a medium-sized oil field, and significant results from the integrated rolling reserve increase at Ling Shui 17-2 [1]. - The company launched 14 new projects in the first three quarters, including the development of the Kenli 10-2 oil field group (Phase I), Dongfang 29-1 gas field, Wenchang 19-1 oil field, and the Guyana Yellowtail project [1]. Group 3: Management Outlook - The President of CNOOC, Yan Hongtao, stated that the company is steadily advancing engineering construction and effectively controlling costs, aiming to meet annual production and operational targets in the fourth quarter [2].

Core Viewpoint - The three major oil companies in Hong Kong, namely China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC), have shown resilience in their stock performance despite broader market trends, with significant profit reports for the third quarter [1][2]. Group 1: Financial Performance - CNPC reported a net profit attributable to shareholders of 42.29 billion yuan, leading the profitability rankings among the three companies [2]. - The combined profit for the three companies in the third quarter reached 83.23 billion yuan, averaging a daily profit of 900.5 million yuan [2]. Group 2: Production and Sales Growth - With the onset of the heating season, natural gas production and sales for the three major oil companies have seen notable increases [1]. - CNOOC's natural gas production increased by 11.6% year-on-year in the first three quarters [2]. - Sinopec's natural gas production reached 31.1 billion cubic meters, reflecting a year-on-year growth of 4.9% [2]. - CNPC's marketable natural gas production grew by 4.6% year-on-year, with domestic production increasing by 5.2% [2].

港股频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 消息上，中国石油、中国石化、中国海油等相继公布了三季报，整体表现还是很稳健的。其中，中国石 油以422.9亿元归母净利润居盈利榜首。三家公司三季度合计盈利832.3亿元，相当于日赚9.05亿元。随 着采暖季到来，"三桶油"天然气产销量明显增长。前三季度，中国海油天然气产量同比增长11.6%；中 国石化天然气产量311亿立方米，同比增长4.9%；中国石油可销售天然气产量同比增长4.6%，其中国内 产量同比增长5.2%，保持较快增长势头。 | 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 00857 | 中国石油股份 | 8.120 1.88% | | 00386 | 中国石油化工股 | 4.130 0.24% | | 00883 | 中国海洋石油 | 20.060 0.20% | 10月31日，港股三桶油逆势上涨，其中，中国石油股份涨约2%，中国石油化工、中国海洋石油跟涨。 ...

港股三桶油逆势上涨，其中，中国石油股份涨约2%，中国石油化工、中国海洋石油跟涨。 消息上，中国石油、中国石化、中国海油等相继公布了三季报，整体表现还是很稳健的。其中，中国石 油以422.9亿元归母净利润居盈利榜首。三家公司三季度合计盈利832.3亿元，相当于日赚9.05亿元。 随着采暖季到来，"三桶油"天然气产销量明显增长。前三季度，中国海油天然气产量同比增长11.6%； 中国石化天然气产量311亿立方米，同比增长4.9%；中国石油可销售天然气产量同比增长4.6%，其中国 内产量同比增长5.2%，保持较快增长势头。(格隆汇) | 代码 | 名称 | | 最新价 涨跌幅 v | | --- | --- | --- | --- | | 00857 | 中国石油股份 | 8.120 | 1.88% | | 00386 | 中国石油化工股 | 4.130 | 0.24% | | 00883 | 甲国海洋石油 | 20.060 | 0.20% | ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.15%), COSCO Shipping Energy (70.14%), and GCL-Poly Energy (70.09%) [1][2] - The companies with the largest increase in holding amounts over the last five trading days are CNOOC (+2.183 billion), SMIC (+2.136 billion), and Tencent (+1.679 billion) [1][2] - The companies with the largest decrease in holding amounts over the last five trading days are Alibaba (-1.659 billion), Tracker Fund (-1.405 billion), and CSPC Pharmaceutical (-1.324 billion) [1][3] Hong Kong Stock Connect Holding Ratios - China Telecom (00728): 9.876 billion shares, 71.15% [2] - COSCO Shipping Energy (01138): 909 million shares, 70.14% [2] - GCL-Poly Energy (01330): 283 million shares, 70.09% [2] - Other notable companies include China Shenhua (67.76%) and Tianjin Capital Environmental Protection (66.42%) [2] Recent Increases in Holdings - CNOOC (00883): +2.183 billion, +10.9063 million shares [2] - SMIC (00981): +2.136 billion, +2.6983 million shares [2] - Tencent (00700): +1.679 billion, +257.85 thousand shares [2] - Other companies with significant increases include China Mobile (+1.498 billion) and Meituan (+1.186 billion) [2] Recent Decreases in Holdings - Alibaba (09988): -1.659 billion, -964.24 thousand shares [3] - Tracker Fund (02800): -1.405 billion, -5.3224 million shares [3] - CSPC Pharmaceutical (01093): -1.324 billion, -17.72074 million shares [3] - Other companies with notable decreases include Li Auto (-894 million) and BYD Company (-370 million) [3]

Industry News - The National Energy Administration is advancing the standardization of safety production in the electricity sector, emphasizing the need for companies to fulfill their safety responsibilities and improve management systems [2] - In September 2025, the National Energy Administration issued 229 million green certificates related to renewable energy projects, with 158 million being tradable, accounting for 68.86% of the total [2] - The 750 kV ultra-high voltage transmission ring network in Xinjiang has officially commenced operations, marking it as the largest of its kind in China [3] - A breakthrough in key equipment for deep-sea wind power has been achieved with the successful testing of a domestically developed high-capacity drag anchor, meeting international standards [3] - China has secured nearly 70% of global orders for green ships, with the delivery of two large LNG carriers showcasing advancements in domestic technology [3] - Shanghai has set the maximum regasification service price for imported LNG at 0.20 yuan per cubic meter, effective from November 1, 2025 [4] - In Shaanxi province, renewable energy installed capacity has surpassed thermal power for the first time, reaching 6,318 MW, which constitutes 50.3% of the total power capacity [4] - Henan province aims for 65% of coal mine capacity to be intelligent by 2027, with a focus on safety and efficiency improvements [4] Company News - China National Offshore Oil Corporation (CNOOC) reported a revenue of 312.5 billion yuan for the first three quarters of 2025, with a net profit of 101.97 billion yuan and a 6.7% year-on-year increase in oil and gas production [7] - A project by State Power Investment Corporation in Jilin has received the world's first certification for non-biological renewable fuel ammonia, highlighting advancements in sustainable energy [7]

Core Viewpoint - The "Big Three" oil companies in China, namely China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC), have demonstrated strong resilience and maintained high profit levels despite a decline in international oil prices during the first three quarters of 2025 [1][2]. Financial Performance - CNPC reported a net profit of 126.279 billion yuan for the first three quarters, while Sinopec achieved a net profit of 29.984 billion yuan, and CNOOC recorded a net profit of 101.971 billion yuan [1]. - The average Brent crude oil futures price was $69.91 per barrel, reflecting a year-on-year decrease of 14.6% [1]. Production and Growth - All three companies have focused on increasing reserves and production, with oil and gas equivalent production growing steadily: CNPC's production was 1,377.2 million barrels (up 2.6% year-on-year), Sinopec's was 394.48 million barrels (up 2.2%), and CNOOC's was 578.3 million barrels (up 6.7%) [2]. - Natural gas production saw significant growth, with CNOOC's output increasing by 11.6%, Sinopec's by 4.9%, and CNPC's by 4.6%, with domestic production rising by 5.2% [2]. Strategic Focus - CNOOC's management emphasized that natural gas is a key strategic focus, with production growth driven by major projects such as Deepwater No. 1 Phase II and Dongfang 13-2 [3]. - The company aims to maintain cost competitiveness and pursue high-quality development, ensuring sustainable long-term value for shareholders [1][3].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) is the largest offshore oil and gas producer in China and one of the largest independent oil and gas exploration and production groups globally, showcasing strong operational performance and financial metrics [1][2]. Group 1: Business Performance - In Q3 2025, CNOOC achieved a revenue of 312.5 billion yuan, ranking first in the industry, significantly higher than the industry average of 80.3 billion yuan and the median of 3.6 billion yuan [2]. - The main business composition includes oil and gas sales at 171.7 billion yuan (82.73%), trade at 31.1 billion yuan (14.96%), and other revenues at 4.8 billion yuan (2.31%) [2]. - The net profit for the same period was 102.1 billion yuan, also ranking first in the industry, with the industry average at 25.9 billion yuan and the median at 0.8 billion yuan [2]. Group 2: Financial Health - CNOOC's debt-to-asset ratio in Q3 2025 was 30.09%, lower than the previous year's 33.24% and below the industry average of 34.47%, indicating strong solvency [3]. - The gross profit margin for the period was 52.24%, slightly down from 54.45% year-on-year but still above the industry average of 45.74%, reflecting robust profitability [3]. Group 3: Management and Shareholder Structure - The chairman, Zhang Chuanjiang, has extensive experience in the energy sector and has been in his current role since June 2025 [4]. - The president, Yan Hongtao, saw a salary reduction from 1.43 million yuan in 2023 to 1.17 million yuan in 2024, a decrease of 260,000 yuan [4]. - As of September 30, 2025, the number of A-share shareholders decreased by 7.08% to 214,800, while the average number of circulating A-shares held per account increased by 7.62% to 13,900 [5]. Group 4: Operational Highlights - In the first half of 2025, CNOOC's oil and gas net production reached a historical high, with domestic production up by 7.6% and overseas production up by 2.8% [6]. - The company achieved a 12.0% increase in natural gas production and maintained a reserve replacement rate above 130% [6]. - The average cost per barrel of oil equivalent decreased to 26.94 USD, and the natural decline rate of offshore oil fields dropped to 9.5% [6].

Group 1: China National Offshore Oil Corporation (CNOOC) - CNOOC reported a net profit of 101.97 billion yuan for the first three quarters of 2025, a year-on-year decrease of 12.6% [1][2] - The company's operating income for the third quarter was 104.89 billion yuan, an increase of 5.7% year-on-year, while the net profit attributable to shareholders was 32.44 billion yuan, down 12.2% [1][2] - CNOOC's oil and gas net production reached 578.3 million barrels of oil equivalent in the first three quarters, a year-on-year increase of 6.7% [2] Group 2: BYD - BYD's net profit for the first three quarters of 2025 was 233.33 billion yuan, a decrease of 7.55% year-on-year [4][5] - The company's operating income for the third quarter was 1949.85 billion yuan, down 3.05% year-on-year, with a net profit of 78.23 billion yuan, a decline of 32.60% [4][5] Group 3: Industrial and Commercial Bank of China (ICBC) - ICBC reported a net profit of 269.91 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.33% [6][7] - The bank's operating income for the third quarter was 212.93 billion yuan, up 3.41% year-on-year, with a net profit of 101.80 billion yuan, an increase of 3.29% [6][7] Group 4: China Construction Bank (CCB) - CCB's net profit for the first three quarters of 2025 was 257.36 billion yuan, a year-on-year increase of 0.62% [9][10] - The bank's operating income for the third quarter was 179.43 billion yuan, down 1.98% year-on-year, while the net profit was 95.28 billion yuan, an increase of 4.19% [9][10] Group 5: Agricultural Bank of China (ABC) - ABC reported a net profit of 220.86 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.03% [14][15] - The bank's operating income for the third quarter was 1809.39 billion yuan, up 4.36% year-on-year, with a net profit of 813.49 billion yuan, an increase of 3.66% [14][15] Group 6: Ping An Insurance - Ping An Insurance's net profit for the first three quarters of 2025 was 147.79 billion yuan, a year-on-year increase of 41.01% [16][17] - The company's operating income for the third quarter was 353.27 billion yuan, down 11.48% year-on-year, with a net profit of 42.49 billion yuan, a decline of 55.98% [16][17] Group 7: Luxshare Precision - Luxshare Precision reported a net profit of 115.18 billion yuan for the first three quarters of 2025, a year-on-year increase of 26.92% [18][19] - The company's operating income for the third quarter was 964.11 billion yuan, up 31.03% year-on-year [18][19] Group 8: GF Securities - GF Securities achieved a net profit of 109.34 billion yuan for the first three quarters of 2025, a year-on-year increase of 61.64% [20][21] - The company's operating income for the third quarter was 107.66 billion yuan, up 51.82% year-on-year [20][21] Group 9: China Southern Airlines - China Southern Airlines reported a net profit of 18.70 billion yuan for the first three quarters of 2025, a year-on-year increase of 37.31% [22][23] - The company's operating income for the third quarter was 490.69 billion yuan, up 0.90% year-on-year, while the net profit was 36.76 billion yuan, down 11.31% [22][23] Group 10: China Galaxy Securities - China Galaxy Securities reported a net profit of 109.68 billion yuan for the first three quarters of 2025, a year-on-year increase of 57.51% [35][36] - The company's operating income for the third quarter was 90.04 billion yuan, up 55.94% year-on-year [35][36]

格隆汇10月30日丨中国海油(600938.SH)公布三季度报告，前三季营业收入3125.03亿元，同比下降 4.1%，归属于上市公司股东的净利润1019.71亿元，同比下降12.6%，归属于上市公司股东的扣除非经常 性损益的净利润1009.15亿元，同比下降12.9%。 ...