Xin Lang Cai Jing·2025-11-03 08:32Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, but showed resilience in its performance despite low oil prices [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 312.5 billion yuan, a year-on-year decrease of 4.1%, and a net profit attributable to shareholders of 101.97 billion yuan, down 12.6% year-on-year [1]. - For Q3 2025, the company recorded operating revenue of 104.89 billion yuan, an increase of 5.7% year-on-year and 4.1% quarter-on-quarter, while the net profit attributable to shareholders was 32.44 billion yuan, a decrease of 12.2% year-on-year and 1.6% quarter-on-quarter [1]. Group 2: Oil Price Impact - The average settlement price of Brent crude oil futures for the first three quarters of 2025 was $69.91 per barrel, a year-on-year decline of 14.6%. In Q3 2025, the average price was $68.17 per barrel, down 13.4% year-on-year but up 2.18% quarter-on-quarter [2]. - The company’s realized price for oil liquids in the first three quarters of 2025 was $68.29 per barrel, a decrease of 13.6% year-on-year, indicating that the decline in oil prices has impacted the company's performance [2]. Group 3: Production Growth - The company has been actively increasing oil and gas reserves and production, with total production in Q3 2025 reaching 194 million barrels of oil equivalent, a year-on-year increase of 7.85%. Crude oil production was 149 million barrels, up 7.12% year-on-year, and natural gas production was 261.3 billion cubic feet, an increase of 10.96% year-on-year [3]. - Capital expenditure for Q3 2025 was 28.43 billion yuan, a decrease of 11.7% year-on-year, reflecting a reduction in the workload of ongoing projects while still maintaining a high level to support business operations [3]. Group 4: New Projects and Future Outlook - The company has accelerated the development of key capacity construction projects, with several new projects successfully coming online, including the Kenli 10-2 oilfield group and the Dongfang 1-1 gas field in July 2025, the Guyana Yellowtail project in August, and the Wenchang 16-2 oilfield in September [4]. - The ongoing progress of other new projects is expected to sustain high growth rates in oil and gas production, indicating strong growth potential for the company [4]. Group 5: Profit Forecast - The company is expected to maintain strong profit certainty with oil prices stabilizing at mid-to-high levels, projecting net profits attributable to shareholders of 132.3 billion yuan, 136 billion yuan, and 140.1 billion yuan for 2025-2027, with corresponding EPS of 2.78 yuan, 2.86 yuan, and 2.95 yuan, and PE ratios of 9.7X, 9.4X, and 9.2X [5].