2020-10-29 16:00Financial Performance - Net profit attributable to shareholders for Q3 2020 was RMB 40,050 million, an increase of 353.6% year-over-year[4]. - Operating revenue for Q3 2020 was RMB 497,125 million, down 19.6% from RMB 618,143 million in Q3 2019[4]. - Basic earnings per share for Q3 2020 were RMB 0.219, up 353.6% from RMB 0.048 in Q3 2019[4]. - The net profit for the first nine months of 2020 was RMB 206.78 billion according to international financial reporting standards[8]. - The company achieved operating revenue of RMB 1,426.17 billion and a net profit attributable to shareholders of RMB 10.067 billion for the first three quarters[11]. - In Q3, the net profit attributable to shareholders was RMB 40.05 billion, a significant increase of RMB 53.80 billion compared to the previous quarter[11]. - Operating profit for the exploration and production segment in the first three quarters of 2020 was RMB 20.00 billion, a decrease of 74.0% compared to RMB 76.935 billion in the same period last year[12]. - The company reported a significant increase in investment income, reaching RMB 44,643 million compared to RMB 1,890 million in Q3 2019[28]. - Net profit for Q3 2020 reached RMB 44,002 million, significantly up from RMB 14,402 million in the same period last year, representing a growth of 205.5%[28]. - The total comprehensive income for Q3 2020 was RMB 37,291 million, compared to RMB 19,536 million in the same period last year, an increase of 90.5%[28]. Asset and Liability Management - Total assets as of September 30, 2020, were RMB 2,566,644 million, a decrease of 6.1% compared to the previous year[4]. - Total liabilities as of September 30, 2020, amounted to RMB 1,205,667 million, a decrease from RMB 1,288,612 million as of December 31, 2019[25]. - The company's total assets decreased to RMB 2,566,916 million from RMB 2,733,190 million in the previous year, indicating a reduction in overall asset value[24]. - The company’s long-term equity investments increased significantly to RMB 251,116 million from RMB 102,165 million in the previous year, indicating a strategic focus on long-term investments[24]. - The company's total liabilities decreased to RMB 523,686 million from RMB 627,186 million at the end of 2019, reflecting a reduction of 16.6%[36]. Cash Flow and Investment - The net cash flow from operating activities for the first nine months of 2020 was RMB 163,303 million, a decrease of 31.8% compared to the same period last year[4]. - The company reported a net cash flow from investing activities of RMB (177,446) million, compared to RMB (207,391) million in the previous year, indicating a 14.4% improvement[32]. - The company’s cash and cash equivalents decreased to RMB 106,311 million from RMB 110,665 million year-over-year[24]. - Cash and cash equivalents decreased by RMB 10,886 million during the nine months ended September 30, 2020, compared to an increase of RMB 25,615 million in the same period of 2019[40]. - The company incurred capital expenditures of RMB (160,816) million for the nine months ended September 30, 2020, compared to RMB (174,364) million in the same period of 2019, showing a decrease of about 7.7%[40]. Production and Sales - The company produced 701.2 million barrels of crude oil in the first three quarters, an increase of 2.7% year-on-year, and 3,079.8 billion cubic feet of marketable natural gas, up 6.5% year-on-year[11]. - The refining and chemical segment processed 877.3 million barrels of crude oil, a decrease of 3.2% year-on-year, with total production of gasoline, diesel, and kerosene at 8,019.2 thousand tons, down 7.4%[12]. - The sales segment reported a total sales volume of gasoline, kerosene, and diesel at 12,064.5 thousand tons, a decline of 13.0% year-on-year, leading to an operating loss of RMB 4.936 billion[13]. - The company’s total sales of gasoline, kerosene, and diesel in the domestic market decreased by 12.9% to 7,783.7 thousand tons[15]. - The company’s total external operating revenue from the sales segment was RMB 1,130,016 million, down from RMB 1,507,446 million in the same period of 2019, representing a decline of about 25.0%[41]. Strategic Initiatives - The company emphasized strategic focus on high-quality development, digital transformation, and green low-carbon development amidst challenging economic conditions[10]. - The company successfully completed the restructuring of pipeline assets and continued to modernize its governance system[10]. - The company completed a significant transaction involving the sale of major oil and gas pipeline assets to the National Pipeline Group for a total asset value of RMB 354.075 billion, with a net asset book value of RMB 201.428 billion[21]. - The transaction resulted in a pre-tax gain of RMB 458.20 billion and a post-tax net gain of RMB 320.00 billion, with the final transaction price subject to audit results[22].