Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 2.985 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2.18%. The net profit attributable to the parent company was 453 million yuan, down 32.18% year-on-year [2][6]. - In Q3 2025, the company achieved a revenue of 1.003 billion yuan, a year-on-year decrease of 11.44% and a quarter-on-quarter decrease of 3.31%. The net profit attributable to the parent company was 153 million yuan, down 36.38% year-on-year but up 117.37% quarter-on-quarter [2][6]. - The company’s oil production steadily increased, with Q3 2025 production reaching 234,300 tons, a quarter-on-quarter increase of 6.5% [12]. Summary by Sections Financial Performance - For Q3 2025, the company reported a net profit of 153 million yuan, with a quarter-on-quarter increase of 117.37% and a year-on-year decrease of 36.38%. The non-recurring net profit was 141 million yuan, with a quarter-on-quarter increase of 104.10% [2][6]. - The total revenue for the first three quarters of 2025 was 2.985 billion yuan, with a net profit of 453 million yuan, reflecting a significant decline compared to the previous year [2][6]. Production and Reserves - The company’s oil production from the Wensu project reached 164,900 tons in Q3 2025, a quarter-on-quarter increase of 5.6%. The production from the Jiange project was 69,400 tons, a year-on-year increase of 30.94% and a quarter-on-quarter increase of 8.6% [12]. - The company has rich oil and gas reserves, with significant geological reserves reported in various projects, including the Wensu oilfield and the Kazakhstan Jiange oilfield [12]. Future Outlook - The company is expected to see growth in net profit, with projections of 590 million yuan, 850 million yuan, and 1.04 billion yuan for the years 2025 to 2027, respectively, assuming an oil price of approximately 60 USD per barrel [12]. - The company maintains a strong position as the first private enterprise in China to own oil fields, indicating potential for future growth [12].