2025-10-30 12:35Financial Performance - Total revenue for Q3 2025 was RMB 104,895 million, an increase of 5.7% compared to the same period last year[5]. - Net profit attributable to shareholders for Q3 2025 was RMB 32,438 million, a decrease of 12.2% year-on-year[5]. - The company achieved oil and gas sales revenue of approximately RMB 255.48 billion, a decline of 5.9% year-on-year, primarily due to falling oil prices[18]. - The net profit attributable to shareholders of the parent company was RMB 101.97 billion, a decrease of 12.6% year-on-year[18]. - Operating revenue for the first three quarters of 2025 was CNY 328,544 million, a decrease from CNY 352,091 million in the same period of 2024, representing a decline of approximately 6.7%[29]. - Net profit for the first three quarters of 2025 was CNY 102,061 million, down from CNY 116,684 million in 2024, reflecting a decrease of about 12.6%[28]. - The company's operating profit for the current period was CNY 139,415 million, compared to CNY 154,399 million in the previous year, indicating a decline of approximately 9.7%[28]. - Total comprehensive income for the first three quarters of 2025 was CNY 98,367 million, down from CNY 113,634 million in 2024, reflecting a decline of about 13.4%[28]. - The company reported a basic and diluted earnings per share of CNY 2.14, down from CNY 2.45 in the previous year, indicating a decrease of approximately 12.7%[28]. Production and Sales - Oil and gas sales revenue for Q3 2025 was RMB 83,737 million, down 3.0% from RMB 86,320 million in Q3 2024[11]. - In the first three quarters of 2025, the company's net oil and gas production reached 578.3 million barrels of oil equivalent, an increase of 6.7% year-on-year, with natural gas production rising by 11.6%[17]. - In Q3 2025, total oil equivalent production reached 134.4 million barrels, a significant increase from 121.5 million barrels in Q3 2024, representing an increase of approximately 10.4%[20]. - For the first three quarters of 2025, total oil equivalent production was 400.8 million barrels, compared to 369.2 million barrels in the same period of 2024, marking a growth of about 8.6%[21]. Capital Expenditures and Investments - Capital expenditures for Q3 2025 totaled RMB 28,434 million, a decrease of 11.7% compared to RMB 32,213 million in Q3 2024[11]. - Capital expenditures for the company were approximately RMB 86 billion, a decrease of 9.8% year-on-year, mainly due to reduced workload on ongoing projects[19]. - Investment activities resulted in a net cash outflow of CNY 101,375 million, compared to a net outflow of CNY 118,317 million in the same period last year, showing an improvement of about 14.3%[30]. Assets and Liabilities - Total assets as of the end of the reporting period were RMB 1,126,474 million, an increase of 6.6% from RMB 1,056,281 million at the end of the previous year[6]. - Total liabilities as of September 30, 2025, were CNY 338,906 million, up from CNY 306,845 million at the end of 2024, reflecting an increase of approximately 10.5%[23]. - The company reported a total equity of CNY 787,568 million as of September 30, 2025, compared to CNY 749,436 million at the end of 2024, indicating an increase of about 5.1%[23]. - The company's cash and cash equivalents stood at CNY 242,029 million as of September 30, 2025, compared to CNY 154,196 million at the end of 2024, showing a substantial increase of about 57%[22]. Pricing and Costs - Average realized price for crude oil in Q3 2025 was USD 66.62 per barrel, down 12.8% from USD 76.41 per barrel in Q3 2024[11]. - Average realized price for natural gas in Q3 2025 was USD 7.80 per thousand cubic feet, an increase of 0.6% compared to USD 7.75 in Q3 2024[11]. - The average realized oil price for the company was $68.29 per barrel, a decrease of 13.6% year-on-year, while the average realized gas price was $7.86 per thousand cubic feet, an increase of 1.0%[18]. - The company's main oil cost per barrel was $27.35, a decrease of 2.8% year-on-year, indicating effective cost control[18]. - The Brent crude oil futures average price was $69.91 per barrel, down 14.6% year-on-year, reflecting a volatile international oil price environment[17]. Research and Development - Research and development expenses amounted to CNY 1,112 million, slightly down from CNY 1,222 million in the previous year, showing a decrease of about 9.0%[28]. - New product and technology developments are underway, aimed at enhancing operational efficiency and reducing costs in the upcoming quarters[20]. Operational Efficiency - The company maintained a resilient profitability despite the challenges in the global economic landscape[17]. - Cash flow from operating activities generated a net amount of CNY 171,749 million, compared to CNY 182,768 million in the same period last year, a decrease of approximately 6.0%[29]. - The company experienced a foreign exchange loss of CNY 256 million during the period, compared to a loss of CNY 370 million in the previous year, indicating a reduction in losses[30].