PETROCHINA(HK:00857) Zhi Tong Cai Jing·2025-11-04 03:04Core Viewpoint - China National Petroleum Corporation (CNPC) reported a mixed financial performance for Q3 2025, with a slight increase in revenue but a decrease in net profit, leading to a stock price increase of over 3% [1] Financial Performance - For the three months ending September 30, CNPC achieved operating revenue of 719.16 billion yuan, a year-on-year increase of 2.3% [1] - The net profit attributable to shareholders was 42.29 billion yuan, a decrease of 3.9% year-on-year [1] - Basic earnings per share (EPS) for the quarter stood at 0.23 yuan [1] - For the nine months ending September 30, CNPC's operating revenue was 2,169.26 billion yuan, a decrease of 3.9% year-on-year [1] - The net profit attributable to shareholders for this period was 126.29 billion yuan, down 4.9% year-on-year [1] - Basic EPS for the nine months was 0.69 yuan [1] Market Analysis - Goldman Sachs noted that CNPC's Q3 EBITDA and net profit fell by 5% and 4% year-on-year, respectively, but showed resilience compared to a 13% decline in Brent crude oil prices during the same period [1] - The EBITDA for the quarter exceeded Goldman Sachs' expectations by 3%, likely driven by strong performance in upstream and natural gas sales [1] - Capital expenditure for the first three quarters reached 65% of Goldman Sachs' full-year forecast, slightly above the historical average of 61% [1] - Cash flow for the same period was 125% of Goldman Sachs' full-year expectation, compared to a historical average of 108% [1] Dividend Outlook - According to Credit Lyonnais, CNPC's dividend outlook and stability are considered the best among its peers, positioning CNPC as the preferred choice among the "Big Three" oil companies [1]