Xin Lang Cai Jing·2025-11-06 08:31Core Viewpoint - The company reported a decline in total revenue and net profit for the first three quarters of 2025, but showed signs of recovery in the third quarter with year-on-year revenue growth and improved profitability metrics [1][2]. Financial Performance - Total revenue for the first three quarters was 2,169.256 billion yuan, a year-on-year decrease of 3.92% - Net profit attributable to shareholders was 126.279 billion yuan, down 4.90% year-on-year - In Q3, revenue reached 719.157 billion yuan, up 2.34% year-on-year and 3.18% quarter-on-quarter; net profit was 42.286 billion yuan, down 3.86% year-on-year but up 13.71% quarter-on-quarter [1][2]. Segment Performance - Oil and gas production increased steadily, with equivalent production reaching 1,377.2 million barrels, a 2.6% year-on-year increase; crude oil production rose by 0.8% and marketable natural gas production increased by 4.6% [3]. - The refining business achieved an operating profit of 14.453 billion yuan, a year-on-year increase of 22.68%, while the chemical business saw a profit of 1.787 billion yuan, down significantly [4]. - Natural gas sales reached 218.541 billion cubic meters, a 4.2% increase year-on-year, with sales revenue of 447.338 billion yuan, up 5.3% [5]. Cost Management - The company improved cost control, with unit operating costs for oil and gas dropping to 10.79 USD per barrel from 11.49 USD per barrel, a decrease of 6.1% year-on-year [3]. - The gross profit margin for the first three quarters was 21.09%, down 0.47 percentage points year-on-year, while the weighted average return on equity was 8.1%, a decrease of 0.8 percentage points [2]. Future Outlook - The company is expected to achieve net profits of 166.051 billion yuan, 169.482 billion yuan, and 172.705 billion yuan for 2025-2027, corresponding to price-earnings ratios of 10.5, 10.3, and 10.1 times, respectively [6]. - The company maintains a positive outlook on its competitive advantages across the entire industry chain, particularly in oil and gas production and refining [6].