Xin Lang Cai Jing·2025-10-31 12:28Core Insights - The company reported a revenue of 21,693 billion, a year-on-year decrease of 3.9%, and a net profit of 1,263 billion, down 4.9% year-on-year for the first three quarters of 2025 [1] - In Q3 2025, the company achieved a revenue of 7,192 billion, an increase of 2.3% year-on-year and 3.2% quarter-on-quarter, with a net profit of 423 billion, down 3.9% year-on-year but up 13.7% quarter-on-quarter [1] - The overall gross margin for Q3 2025 reached 21.5%, an increase of 0.8 percentage points quarter-on-quarter, indicating improved profitability [1] Production and Pricing - The company's oil and gas production reached 137.7 million barrels of oil equivalent in the first three quarters, a year-on-year increase of 2.6%, with crude oil production at 71.4 million barrels, up 0.8% [2] - The average oil price for the first three quarters was 65.55 USD per barrel, a decrease of 14.7% year-on-year, while Q3 2025 saw an estimated oil price of approximately 64.2 USD per barrel, up 1.9 USD from the previous quarter [2] - The upstream segment reported an operating profit of 125.1 billion, down 13% year-on-year, but is expected to maintain a good performance due to cost reduction and efficiency improvements [2] Refining and Chemical Sector - The company processed 104.1 million barrels of crude oil in the first three quarters, a year-on-year increase of 0.4%, while the production of refined oil products was 89.59 million tons, down 0.4% [3] - The refining segment achieved an operating profit of 16.2 billion, up 6.3% year-on-year, with refining business profits increasing by 22.7% [3] - The chemical business, however, saw a significant decline in profits, down 48.9%, indicating challenges in that segment [3] Sales Performance - The total sales of refined oil products reached 120.876 million tons, a year-on-year increase of 0.8%, while domestic sales were 89.64 million tons, up 0.05% [4] - The sales segment reported an operating profit of 11.6 billion, down 9.9% year-on-year, reflecting pressure on refined oil sales [4] - Natural gas sales reached 2,185 billion cubic feet, up 4.2% year-on-year, with domestic sales at 1,709 billion cubic feet, up 4.9% [4] Future Outlook - The company maintains profit forecasts for 2025-2027 at 156.1 billion, 160.6 billion, and 166.9 billion, corresponding to PE ratios of 11X, 10X, and 10X, respectively, and maintains a "buy" rating [4]