2019-10-30 16:00Financial Performance - Net profit attributable to shareholders decreased by 58.4% to RMB 8,830 million for the third quarter, and decreased by 23.4% to RMB 37,253 million for the nine months ended September 30[4] - Basic earnings per share decreased by 58.4% to RMB 0.048 for the third quarter and decreased by 23.4% to RMB 0.204 for the nine months[4] - Operating revenue for the third quarter was RMB 618,143 million, a 1.8% increase year-on-year, and RMB 1,814,402 million for the nine months, up 5.1%[4] - Operating profit for Q3 2019 was RMB 23,287 million, significantly lower than RMB 50,781 million in the same period last year, a decrease of approximately 54.5%[32] - The company's total profit for the three months ended September 30, 2019, was RMB (970) million, compared to RMB 23,143 million in the same period of 2018, indicating a significant loss[34] - The operating profit for the nine months ended September 30, 2019, was RMB 32,868 million, down from RMB 79,309 million in the same period of 2018, a decrease of approximately 58.6%[35] - The company reported a total comprehensive income of RMB 61,678 million for the nine months ended September 30, 2019, compared to RMB 68,490 million in the same period of 2018, a decline of about 10%[33] Assets and Liabilities - Total assets increased by 10.7% to RMB 2,700,922 million compared to the end of the previous year[4] - The company’s equity attributable to shareholders increased by 0.9% to RMB 1,225,255 million compared to the end of the previous year[4] - The total assets as of September 30, 2019, amounted to RMB 2,701,213 million, an increase from RMB 2,441,169 million as of December 31, 2018, representing a growth of approximately 10.7%[26] - Total liabilities increased to RMB 797,255 million as of September 30, 2019, up from RMB 661,949 million at the end of 2018, marking a rise of approximately 20.4%[30] - The total liabilities increased from RMB 1,408,891 million in Q3 2018 to RMB 1,432,617 million in Q3 2019[40] Cash Flow - Cash flow from operating activities for the nine months was RMB 239,396 million, down 7.6% from the previous year[4] - The company reported a net cash inflow from operating activities of RMB 1,191,409 million for the nine months ended September 30, 2019, compared to RMB 1,185,615 million in the same period of 2018[37] - The total cash outflow from investing activities was RMB 149,776 million, compared to RMB 138,414 million in the previous year[37] - The company’s financing activities generated a cash inflow of RMB 288,587 million, significantly higher than RMB 145,782 million in the same period of 2018[37] Production and Operations - The company produced 682.7 million barrels of crude oil, a year-on-year increase of 2.9%[11] - The production of marketable natural gas reached 2,892.8 billion cubic feet, up 8.7% year-on-year[11] - The total oil and gas equivalent production was 1,165.0 million barrels, an increase of 5.2% year-on-year[11] - The refining and chemical segment processed 905.9 million barrels of crude oil, a year-on-year increase of 4.3%[11] - The company produced 86.583 million tons of gasoline, diesel, and kerosene, an increase of 6.2% year-on-year[11] Market and Strategic Focus - The company plans to continue focusing on operational efficiency and cost control in response to the challenging market environment[6] - The company plans to further control losses from imported gas and optimize its gas source structure to enhance profitability in the future[12] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and drive future growth[44] Research and Development - The company’s R&D expenses for Q3 2019 were RMB 2,854 million, slightly lower than RMB 2,947 million in Q3 2018[32] - The company's research and development expenses for the nine months ended September 30, 2019, were RMB 10,541 million, an increase from RMB 9,031 million in the same period of 2018, representing a growth of about 16.7%[33]