中国基金报·2025-10-30 15:38Core Viewpoint - The "Big Three" oil companies in China reported a slight decline in net profits for the third quarter due to falling international oil prices, with China National Petroleum Corporation (CNPC) leading in profits [2][6]. Group 1: China National Petroleum Corporation (CNPC) - For the first three quarters of 2025, CNPC achieved operating revenue of 21,692.56 billion RMB, a decrease of 3.9% year-on-year, and a net profit of 1,262.94 billion RMB, down 4.9% [4]. - In Q3 2025, CNPC's operating revenue was 7,191.57 billion RMB, up 2.3% year-on-year, while net profit was 422.87 billion RMB, down 3.9% year-on-year but up 13.7% quarter-on-quarter, indicating a clear improvement in operations [4][6]. - CNPC's traditional oil business showed stability, with crude oil production of 714 million barrels, a year-on-year increase of 0.8%, and natural gas production of 3.98 trillion cubic feet, up 4.6% [7]. - The renewable energy sector saw significant growth, with cumulative power generation from wind and solar projects reaching 5.79 billion kWh, a 72.2% increase [7]. - The company maintained cost control, with unit operating costs for oil and gas at 10.79 USD/barrel, down 6.1% year-on-year [7]. Group 2: China National Offshore Oil Corporation (CNOOC) - CNOOC reported operating revenue of 3,125.03 billion RMB for the first three quarters, a decrease of 4.15%, and a net profit of 1,019.71 billion RMB, down 12.59% [10]. - In Q3 2025, CNOOC's operating revenue was 1,048.95 billion RMB, up 5.68% year-on-year, while net profit was 324.38 billion RMB, down 12.16% [10]. - The average selling price of oil for CNOOC fell by 13.6% to 68.92 USD/barrel, impacting oil and gas sales revenue, which decreased by 5.9% to 2,554.8 billion RMB [10]. - CNOOC's net oil and gas production increased by 6.7% year-on-year, supported by contributions from new projects [10][11]. Group 3: China Petroleum & Chemical Corporation (Sinopec) - Sinopec reported operating revenue of 7,044 billion RMB for Q3 2025, down 10.9%, and a net profit of 85.01 billion RMB, down 0.5% [13]. - For the first three quarters, Sinopec's operating revenue was 21,134.41 billion RMB, a decrease of 10.7%, and net profit was 299.84 billion RMB, down 32.2% [13]. - The chemical segment faced significant losses, with an EBIT loss of 8.223 billion RMB, primarily due to low product prices from increased domestic chemical capacity [16]. - Despite challenges, the exploration and development segment remained a bright spot, generating 38.085 billion RMB in EBIT [16].