Zhi Tong Cai Jing·2025-10-31 07:25Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a net profit of 32.4 billion RMB for Q3, reflecting a year-on-year decline of 12% and a quarter-on-quarter decrease of 2%, which still exceeded the expectations of the brokerage by 6% due to higher-than-expected trading profits [1] Financial Performance - Q3 net profit: 32.4 billion RMB, down 12% year-on-year and down 2% quarter-on-quarter [1] - Profit decline attributed to slight quarterly production decrease and rising unit costs [1] Future Outlook - Expected Q4 profit to decline by 21% quarter-on-quarter due to anticipated oil price drop and increased costs [1] - 2025 profit forecast raised by 1% [1] Investment Rating - Brokerage maintains a "Buy" rating and raises the target price for H-shares from 24.87 HKD to 25.06 HKD [1]