Ge Long Hui·2025-11-08 04:50Core Viewpoint - The company reported a decline in total revenue and net profit for the first three quarters of 2025, but showed resilience with a quarter-on-quarter growth in Q3, driven by stable oil and gas production and accelerated development in the renewable energy sector [1] Financial Performance - Total revenue for the first three quarters of 2025 was 21,692.56 billion yuan, a decrease of 3.92% year-on-year - Net profit attributable to shareholders was 1,262.79 billion yuan, down 4.90% year-on-year - Q3 revenue reached 7,191.57 billion yuan, an increase of 2.34% year-on-year and 3.18% quarter-on-quarter - Q3 net profit was 422.86 billion yuan, a decrease of 3.86% year-on-year but an increase of 13.71% quarter-on-quarter [1] Oil and Gas Production - The company achieved an oil and gas equivalent production of 1,377.2 million barrels in the first three quarters of 2025, a year-on-year increase of 2.6% - Crude oil production increased by 0.8% year-on-year, while marketable natural gas production rose by 4.6% - Unit operating costs for oil and gas decreased to 10.79 USD/barrel, down 6.1% from 11.49 USD/barrel in the previous year [2] Renewable Energy Growth - The renewable energy segment saw significant growth, with wind and solar power generation increasing by 72.2% - The company is strategically developing various renewable energy sources, including geothermal and hydrogen energy, to enhance production capabilities [2] Refining and Chemical Transformation - The refining business generated an operating profit of 14.453 billion yuan, up 22.68% year-on-year - The chemical business reported an operating profit of 1.787 billion yuan, a decrease of 17.12 billion yuan year-on-year - The company processed 1,040.6 million barrels of crude oil, a 0.4% increase, and chemical product output grew by 3.3% to 29.59 million tons [3] Natural Gas Sales Performance - Natural gas sales reached 218.541 billion cubic meters, a year-on-year increase of 4.2% - Domestic natural gas sales were 170.892 billion cubic meters, up 4.9% - The natural gas sales segment achieved revenue of 447.338 billion yuan, a 5.3% increase, with operating profit rising by 23.79% to 31.279 billion yuan [4] Valuation Outlook - Projected net profit attributable to shareholders for 2025-2027 is 1660.51 billion yuan, 1694.82 billion yuan, and 1727.05 billion yuan, respectively - Corresponding price-to-earnings ratios are estimated at 10.5x, 10.3x, and 10.1x, reflecting the company's competitive advantage across its entire industry chain [4]