2022-10-28 16:00Financial Performance - Operating revenue for the nine months ended September 30, 2022, was RMB 2,453,322 million, representing a 22.6% increase from RMB 2,003,350 million in the same period of 2021[3] - Net profit attributable to shareholders of the parent company decreased by 5.6% to RMB 56,660 million compared to RMB 60,029 million in the previous year[3] - Basic earnings per share were RMB 0.468, down 5.6% from RMB 0.496 in the previous year[3] - For the first three quarters of 2022, the company's net profit attributable to shareholders was RMB 56.66 billion, a decrease of 5.6% year-on-year[14] - Total revenue for the third quarter of 2022 reached 841,196 million RMB, compared to 740,918 million RMB in the same period of 2021, representing an increase of approximately 13.5%[28] - Operating profit for the third quarter of 2022 was 14,576 million RMB, down from 30,280 million RMB in the third quarter of 2021, indicating a decline of about 51.8%[28] - The net profit for the period from July to September 2022 was RMB 13,121 million, compared to RMB 24,190 million in the same period last year, reflecting a decrease of approximately 45.4%[40] - The total comprehensive income for the first nine months of 2022 was RMB 14,749 million, down from RMB 27,545 million in the same period of 2021, indicating a decline of about 46.4%[40] Cash Flow and Liquidity - Net cash flow from operating activities dropped significantly by 49.3% to RMB 59,244 million from RMB 116,744 million in the same period last year[6] - The cash flow from operating activities for the first nine months of 2022 was RMB 59,244 million, significantly lower than RMB 116,744 million in the same period of 2021, a decrease of approximately 49.3%[44] - The company’s cash and cash equivalents decreased to 103,962 million RMB from 110,691 million RMB, a decline of about 6.6%[26] - The company reported a total cash and cash equivalents balance of RMB 126,598 million at the end of the reporting period, up from RMB 90,826 million at the end of the previous year, representing an increase of approximately 39.4%[32] - The company’s net cash flow from financing activities for the first nine months of 2022 was RMB 23,877 million, compared to a net outflow of RMB 13,229 million in the same period of 2021[44] Assets and Liabilities - Total assets increased to RMB 2,050,519 million, up 8.5% from RMB 1,889,255 million at the end of 2021[5] - The company’s receivables increased by 88.7% to RMB 65,796 million, attributed to rising prices of crude oil and refined products[7] - The company’s total liabilities increased significantly, with current liabilities rising by 142.8% to RMB 69,574 million due to increased long-term borrowings and bond payables[8] - Total liabilities increased to 674,830 million RMB as of September 30, 2022, compared to 621,470 million RMB at the end of 2021, marking an increase of approximately 8.6%[27] - Current liabilities totaled 480,009 million RMB, up from 412,890 million RMB at the end of 2021, representing an increase of about 16.3%[26] - The total equity attributable to shareholders of the parent company was 504,171 million RMB as of September 30, 2022, down from 526,314 million RMB at the end of 2021, a decrease of approximately 4.2%[27] Production and Sales - The company achieved an oil and gas equivalent production of 363.18 million barrels, representing a year-on-year increase of 2.3%[15] - The average realized price of crude oil was USD 94.24 per barrel, up 54.6% compared to the previous year[15] - The company processed 180 million tons of crude oil, a decrease of 5.6% year-on-year, while producing 103 million tons of refined oil[16] - The total sales volume of refined oil for the first three quarters was 151.60 million tons, down 9.0% from 166.59 million tons in the same period of 2021[18] - The exploration and development segment reported external sales of RMB 138,870 million, up 33.5% from RMB 104,139 million in the previous year[47] - The refining segment's external sales increased to RMB 148,241 million, a rise of 21.4% from RMB 122,238 million year-over-year[47] - The marketing and distribution segment achieved external sales of RMB 1,227,731 million, reflecting a growth of 25.6% compared to RMB 977,324 million in the same period last year[47] - The chemical segment's external sales rose to RMB 342,259 million, an increase of 11.6% from RMB 306,570 million in the prior year[47] Capital Expenditure and Investment - The company's capital expenditure for the first three quarters was RMB 104 billion, with RMB 51.6 billion allocated to exploration and development, and RMB 29.5 billion for the chemical sector[20] - The company reported capital expenditures of RMB 82,142 million for the first nine months of 2022, compared to RMB 78,185 million in the same period of 2021, showing an increase of approximately 5.0%[44] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability in the upcoming quarters[39] Research and Development - Research and development expenses for the first nine months of 2022 were 9,088 million RMB, compared to 8,311 million RMB in the same period of 2021, reflecting an increase of approximately 9.3%[28] - The company’s research and development expenses for the first nine months of 2022 were RMB 7,310 million, a decrease from RMB 7,599 million in the same period of 2021, indicating a reduction of about 3.8%[30] Market Strategy - The company plans to enhance exploration and development efforts, focusing on new oil and gas discoveries in various basins[14] - The company is actively expanding its low-sulfur marine fuel market and enhancing brand building in non-oil business sectors[17] - The company aims to optimize resource allocation dynamically and enhance operational efficiency in response to the recovering market demand in the third quarter[17]