Xin Lang Cai Jing·2025-10-30 16:01Core 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].