Ge Long Hui·2025-11-13 04:53Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, but managed to achieve some operational improvements in oil and gas production, refining, and natural gas sales despite challenging market conditions [1][2][3] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 21,692.56 billion yuan, a year-on-year decrease of 3.9% [1] - The net profit attributable to shareholders was 1,262.94 billion yuan, down 4.9% year-on-year [1] - In Q3 2025, revenue was 7,191.57 billion yuan, showing a year-on-year growth of 2.3%, while net profit was 422.87 billion yuan, a decline of 3.9% year-on-year [1] Group 2: Oil and Gas Operations - The company reported a slight increase in oil and gas equivalent production, reaching 1,377.2 million barrels, up 2.6% year-on-year [1] - Domestic oil and gas equivalent production was 1,234.3 million barrels, a 3.2% increase, while overseas production decreased by 2.0% to 142.8 million barrels [1] - The unit operating cost for oil and gas was 10.79 USD/barrel, down 6.1% year-on-year, despite a 14.3% decline in Brent crude average price to 70.93 USD/barrel [1] Group 3: Refining and Chemical Business - The company processed 1,040.6 million barrels of crude oil, a 0.4% increase year-on-year, and produced 668.8 million tons of ethylene, up 5.2% [2] - The refining and chemical segment achieved an operating profit of 162.40 billion yuan, a year-on-year increase of 6.28%, with refining business profit rising by 22.68% to 144.53 billion yuan [2] - Chemical business profit decreased by 48.93% to 17.87 billion yuan due to falling prices of most chemical products [2] Group 4: Natural Gas Sales - The company sold 2,185.41 billion cubic meters of natural gas, a year-on-year increase of 4.2% [2] - The natural gas sales business achieved an operating profit of 312.79 billion yuan, up 23.79% year-on-year, attributed to increased sales volume and effective cost control [2] Group 5: Shareholder Returns - The company maintained a stable cash dividend policy, with a mid-2025 dividend of 0.22 yuan per share, totaling approximately 402.65 billion yuan [3] - A share buyback plan was announced, with the controlling shareholder intending to purchase between 28 billion yuan and 56 billion yuan of A and H shares over the next 12 months, reflecting confidence in the company [3] - Expected EPS for 2025-2027 are 0.87 yuan, 0.91 yuan, and 0.92 yuan, with corresponding PE ratios of 11.36X, 10.83X, and 10.72X based on the closing price on November 10, 2025 [3]