2026-03-30 09:30Financial Performance and Capital Management - Revenue reached RMB 2,864,469 million in 2025, representing a 2.5% year-on-year decrease[15] - Net profit attributable to owners of the company was RMB 157,318 million, a decline of 4.5% compared to 2024[15] - The debt-to-asset ratio improved by 1.5 percentage points to 36.4% as of 31 Dec 2025[17] - Net cash flow from operating activities remained robust at RMB 412.51 billion, while free cash flow reached RMB 120.19 billion[18] - The company declared a total annual dividend payment of RMB 86.02 billion, with a payout ratio of 54.7%[34] Operational Highlights and Strategic Investment - Total oil and gas equivalent output increased by 2.5% to 1,841.9 million barrels of oil equivalent (Mm boe) in 2025[45] - Capital expenditure (Capex) for 2025 totaled RMB 269.09 billion, with 76.22% allocated to the oil, gas, and new energies business[20] - R&D expenditure grew by 8.8% year-on-year to RMB 27.25 billion, supporting technological breakthroughs in ultra-deep exploration[62] Green Transition and ESG - Environmental protection investment increased by 15.38% to RMB 3.45 billion, with total methane emissions decreasing by 10.14%[61] - The company achieved 17.25 million KW in accumulative installed capacity for wind and solar power[58]