Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 中國石油天然氣股份有限公司 PETROCHINA COMPANY LIMITED (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (Hong Kong Stock Exchange Stock Code: 857; Shanghai Stock Exchange Stock Code: 601857) ANNOUNCEMENT THIRD QUARTERLY REPORT OF 2025 Important Notice • The board of directors, the supervisory committee and the directors, supervisors and senior management of PetroChina Company Limited (the “Company”) warrant the truthfulness, accuracy and completeness of the information contained in this quarterly report and that there are no misrepresentation or misleading statements contained in or material omissions from this quarterly report and jointly and severally accept full responsibility thereof. • This quarterly report has been approved at the 15th meeting of the 9th session of the board of directors of the Company. All directors of the Company have attended this board meeting. • Mr. Dai Houliang, chairman of the Company, Mr.Ren Lixin, director and president of the Company, and Mr. Wang Hua, chief financial officer of the Company, warrant the truthfulness, accuracy and completeness of the financial information set out in this quarterly report. • The financial statements of the Company and its subsidiaries (the “Group”) have been prepared in accordance with China Accounting Standards (“CAS”) and IFRS Accounting Standards, respectively. The financial statements set out in this quarterly report are unaudited.
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2 1. Key Financial Data 1.1 Key Financial Data and Financial Indicators Prepared under IFRS Accounting Standards Unit: RMB Million For the three months (July – September) ended September 30 For the nine months (January – September) ended September 30 Items 2025 2024 (after retrospective adjustment)(a) 2024 (before retrospective adjustment) Changes over the same period of the preceding year (%) 2025 2024 (after retrospective adjustment)(a) 2024 (before retrospective adjustment) Changes over the same period of the preceding year (%) Revenue 719,157 702,721 702,410 2.3 2,169,256 2,257,694 2,256,279 (3.9) Profit for the period attributable to owners of the Company 42,287 43,982 43,911 (3.9) 126,294 132,788 132,522 (4.9) Return on net assets (%) 2.7 2.9 2.9 (0.2) percentage point 8.1 8.9 8.9 (0.8) percentage point Basic earnings per share (RMB Yuan) 0.23 0.24 0.24 (3.9) 0.69 0.73 0.72 (4.9) Diluted earnings per share (RMB Yuan) 0.23 0.24 0.24 (3.9) 0.69 0.73 0.72 (4.9) Items From the beginning of the year to the end of the reporting period From the beginning of the preceding year to the end of the reporting period of the preceding year (after retrospective adjustment)(a) From the beginning of the preceding year to the end of the reporting period of the preceding year (before retrospective adjustment) Changes over the same period of the preceding year (%) Net cash flows from operating activities 343,100 332,159 338,928 3.3 Items As of the end of the reporting period As of the end of the preceding year Changes from the end of the preceding year to the end of the reporting period (%) Total assets 2,849,723 2,752,751 3.5 Total equity attributable to owners of the Company 1,558,252 1,515,132 2.8 (a) In 2024, Daqing Oilfield Company Limited, a wholly -owned subsidiary of the Company, acquired 100% interest in China Petroleum Electric Energy Co., Ltd. (“CNPC Electric Energy”) from Daqing Petroleum Administration Bureau Co., Ltd. The financial statements of CNPC Electric Energy have been consolidated into the financial statement s of the Group since October 29, 2024. The Group has made retrospective adjustments in relation to relevant financial data of the comparative periods when preparing consolidated financial statements according to the accounting treatment requirement for business combinations involving entities under common control. Relevant financial data of the comparative periods in the following parts of this announcement refers to the data after retrospective adjustments.
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3 1.2 Key Financial Data and Financial Indicators Prepared under CAS 1.2.1 Key Financial Data and Financial Indicators Unit: RMB Million For the three months (July – September) ended September 30 For the nine months (January – September) ended September 30 Items 2025 2024 (after retrospective adjustment)(a) 2024 (before retrospective adjustment) Changes over the same period of the preceding year (%) 2025 2024(after retrospective adjustment)(a) 2024 (before retrospective adjustment) Changes over the same period of the preceding year (%) Operating income 719,157 702,721 702,410 2.3 2,169,256 2,257,694 2,256,279 (3.9) Net profit attributable to shareholders of the Company 42,286 43,982 43,911 (3.9) 126,279 132,784 132,518 (4.9) Net profit after deducting non-recurring profit/loss items attributable to shareholders of the Company 42,758 43,704 43,634 (2.2) 126,874 135,492 135,224 (6.4) Weighted average return on net assets (%) 2.7 2.9 2.9 (0.2) percentage point 8.1 8.9 8.9 (0.8) percentage point Basic earnings per share (RMB Yuan) 0.23 0.24 0.24 (3.9) 0.69 0.73 0.72 (4.9) Diluted earnings per share (RMB Yuan) 0.23 0.24 0.24 (3.9) 0.69 0.73 0.72 (4.9) Items From the beginning of the year to the end of the reporting period From the beginning of the preceding year to the end of the reporting period of the preceding year (after retrospective adjustment) (a) From the beginning of the preceding year to the end of the reporting period of the preceding year (before retrospective adjustment) Changes over the same period of the preceding year (%) Net cash flows from operating activities 343,100 332,159 338,928 3.3 Items As of the end of the reporting period As of the end of the preceding year Changes from the end of the preceding year to the end of the reporting period (%) Total assets 2,849,964 2,753,007 3.5 Equity attributable to owners of the Company 1,558,477 1,515,371 2.8 (a) In 2024, Daqing Oilfield Company Limited, a wholly -owned subsidiary of the Company, acquired 100% interest in CNPC Electric Energy from Daqing Petroleum Administration Bureau Co., Ltd. The financial statements of CNPC Electric Energy have been consolidated into the financial statements of the Group since October 29, 2024. The Group has made retrospective adjustments in relation to re levant financial data of the comparative periods when preparing consolidated financial statements according to the accounting treatment requirement for business combinations involving entities under common control. Relevant financial data of the comparative periods in the following parts of this announcement refers to the data after retrospective adjustments.
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4 1.2.2 Non-recurring Profit/Loss Items and Amounts Unit: RMB Million Items Profit/loss for the three months (July – September) ended September 30 Profit/loss for the nine months (January – September) ended September 30 (Losses) / gains on disposal of non-current assets (103) 624 Government grants recognized in the current period 291 1,064 Gains arising from financial assets and financial liabilities not relating to the ordinary course of activities 258 12 Other non-operating income and expenses (1,116) (2,666) Other items of profit or loss conforming to the definition of non-recurring profit/loss items 151 344 Sub-total (519) (622) Tax impact of non-recurring profit/loss items 88 102 Impact of non-controlling interests (41) (75) Total (472) (595) 1.2.3 Changes in Key Financial Data and Financial Indicators and the Reasons thereof Not applicable. 1.3 Differences between CAS and IFRS Accounting Standards The consolidated net profit for the nine months ended September 30, 2025 under IFRS Accounting Standards and CAS were RMB140,129 million and RMB140,114 million, respectively, with a difference of RMB15 million. The consolidated shareholders’ equity as of September 30, 2025 under IFRS Accounting Standards and CAS were RMB1,755,985 million and RMB1,756,210 million, respectively, with a difference of RMB225 million. These differences under the different accounting standard were primarily due to the revaluation for assets other than fixed assets and oil and gas properties in 1999. During the restructuring of the Company in 1999, a valuation was carried out for assets and liabilities injected by China National Petroleum Corporation (its Chinese name was changed from 中國石油天然氣集團公司 to 中國石油天然氣集團有限公司 on December 19, 2017, abbreviated as “CNPC” before and after the change of name). The valuation results on assets other than fixed assets and oil and gas properties were not recognized in the financial statements prepared under IFRS Accounting Standards.
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5 2. Information on Shareholders 2.1 Total Number of Shareholders Holding Ordinary Shares and Shareholdings of the Top Ten Shareholders Total number of shareholders holding ordinary shares as of the end of the reporting period 503,862 shareholders including 498,807 holders of A shares and 5,055 registered holders of H shares. Shareholdings of the top ten shareholders Name of shareholders Nature of shareholders Percentage of Shareholdings (%) Number of shares held Number of shares with selling restrictions Shares pledged, marked or subject to lock-ups Condition of shares Number of shares CNPC State-owned legal person 82.46 150,923,565,570(a) 0 - 0 HKSCC Nominees Limited(b) Overseas legal person 11.43 20,920,083,221(c) 0 - 0 China Petrochemical Corporation State-owned legal person 1.00 1,830,210,000 0 - 0 China Securities Finance Corporation Limited State-owned legal person 0.56 1,020,165,128 0 - 0 Hong Kong Securities Clearing Company Limited(d) Overseas legal person 0.28 520,756,173 0 - 0 Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd.－Guofeng Xinghua Honghu Zhiyuan Private Securities Investment Fund II Others 0.12 217,213,578 0 - 0 ICBC – SSE 50 Exchange Traded Open-ended Securities Investment Fund State-owned legal person 0.12 216,470,397 0 - 0 Guoxin Hongsheng Investment (Beijing) Co., Ltd. State-owned legal person 0.11 208,479,321 0 - 0 Central Huijin Asset Management Ltd. State-owned legal person 0.11 201,695,000 0 - 0 Industrial and Commercial Bank of China Limited – Huatai- Pinebridge CSI 300 Exchange Traded Open- ended Index Securities Investment Fund Others 0.11 192,858,921 0 - 0 Shareholdings of the top ten shareholders of shares without selling restrictions Name of shareholders Number of shares held Type of shares CNPC 150,923,565,570(a) A shares HKSCC Nominees Limited(b) 20,920,083,221(c) H shares China Petrochemical Corporation 1,830,210,000 A shares China Securities Finance Corporation Limited 1,020,165,128 A shares Hong Kong Securities Clearing Company Limited(d) 520,756,173 A shares Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd.－ Guofeng Xinghua Honghu Zhiyuan Private Securities Investment Fund II 217,213,578 A shares ICBC – SSE 50 Exchange Traded Open-ended Securities Investment Fund 216,470,397 A shares Guoxin Hongsheng Investment (Beijing) Co., Ltd. 208,479,321 A shares
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6 Central Huijin Asset Management Ltd. 201,695,000 A shares Industrial and Commercial Bank of China Limited – Huatai- Pinebridge CSI 300 Exchange Traded Open-ended Index Securities Investment Fund 192,858,921 A shares Statement on the connection or activities acting in concert among the above-mentioned shareholders: Except for HKSCC Nominees Limited and Hong Kong Securities Clearing Company Limited that are wholly -owned subsidiaries of Hong Kong Exchanges and Clearing Limited, the Company is not aware of any other connection among or between the top ten shareholders or that they are persons acting in concert as provided for in the “Measures for the Administration o f Acquisitions by Listed Companies”. Description on participation of margin financing and securities lending and refinancing businesses by the top ten shareholders and the top ten shareholders of shares without selling restrictions: During the Reporting Period, the top ten shareholders and the top ten shareholders of shares without selling restrictions did not participate in margin financing and securities lending business and refinancing business. (a) Such figure excludes the H shares indirectly held by CNPC through Fairy King Investments Ltd., an overseas wholly- owned subsidiary of CNPC. (b) HKSCC Nominees Limited is a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited and acts as the nominee on behalf of other corporate or individual shareholders to hold the H shares of the Company. (c) 291,518,000 H shares were indirectly held by CNPC through Fairy King Investments Ltd., an overseas wholly-owned subsidiary of CNPC, representing 0.16% of the total share capital of the Company. These shares were held in the name of HKSCC Nominees Limited. (d) Hong Kong Securities Clearing Company Limit ed is a wholly -owned subsidiary of Hong Kong Exchanges and Clearing Limited and acts as the nominee on behalf of investors of The Stock Exchange of Hong Kong Limited to hold the A shares of the Company listed on Shanghai Stock Exchange. 2.2 Changes in the top ten shareholders and the top ten shareholders of shares without selling restrictions from the previous period due to the shares lent/returned under refinancing business Not applicable. 2.3 Number of Shareholders Holding Preferred Shares and Shareholdings of Top Ten Shareholders Holding Preferred Shares of the Company Not applicable. 3. Business Review In the first three quarters of 2025, amid the impact of trade uncertainties, the growth of the world economy slowed down. China’s economy continu ed to demonstrate steady progress, with the gross domestic product (“GDP”) increasing by 5.2% as compared with that in the same period of last year. The international crude oil market remained generally loose in terms of supply and demand, and international oil prices trended downward. The average spot price of North Sea Brent crude oil was US$70.93 per barrel, representing a decrease of 14.3% as compared with US$82.79 per barrel for the same period of last year. The average spot price of U.S. West Texas Intermediate crude oil was US$66.73 per barrel, representing a decrease of 14.1% as compared with US$77.71 per barrel for the same period of last year. The demand in the domestic refined oil products market declined, while the growth rate of domestic natural gas consumption slowed down. The Group proactively responded to domestic and international macroeconomic conditions and changes in the energy and chemical markets, promptly adjusted and optimized its production and operation strategies, and continued to strengthen oil and gas exploration and development as well as efforts to increase reserves and production. The Group advanced the transformation and upgrading of refining and chemical operations, actively carried out refined marketing strategies, and strategically deployed new energy businesses such as wind power, solar power, geothermal energy, and hydrogen energy. The Group steadily promoted safety and environmental protection, quality and profitability enhancement, and reform and innovation. The Group ’s production and operations remained stable , and delivered business
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7 performance that exceeded expectations. In the first three quarters of 2025, the average realized price for crude oil of the Group was US$65.55 per barrel, representing a decrease of 14.7% as compared with US$76.88 per barrel for the same period of last year. The average selling price of domestic natural gas was US$8.81 per t housand cubic feet, representing a decrease of 1.0% as compared with US$8.90 per thousand cubic feet for the same period of last year. According to the IFRS Accounting Standards, in the first three quarters of 2025, the Group realized a revenue of RMB2,169.256 billion. The profit attributable to owners of the Company amounted to RMB126.294 billion, representing a decrease of 4.9% as compared with RMB132.788 billion for the same period of last year; the profit for the period attributable to owners of the Company for the third quarter was RMB42.287 billion, representing a quarter-on-quarter increase of 13.7%. The Group maintained a healthy and sound financial position. In respect of the oil, gas and new energy business, the Group adhered to high-efficient exploration and profitable development, further intensified domestic exploration and development efforts, continuously optimized the structure and asset layout of overseas operations, and actively promoted reserve additions and production growth. The Group rig orously strengthened cost control in oil and gas production, developed new productive forces based on local conditions, and maintained rapid growth momentum in the new energy business. In the first three quarters of 2025, the Group’s crude oil output amounted to 714.3 million barrels, representing an increase of 0.8% as compared with 708.3 million barrels for the same period of last year, among which, domestic crude oil output was 591.3 million barrels, representing an increase of 1.0% as compared with 585.4 million barrels for the same period of last year, while overseas crude oil output was 123.0 million barrels, showing a slight increase as compared with 122.9 million barrels for the same period of last year. The Group’s marketable natural gas output amounted to 3,977.2 billion cubic feet, representing an increase of 4.6% as compared with 3,803.8 billion cubic feet for the same period of last year, among which, domestic marketable natural gas output was 3,858.2 billion cubic feet, represe nting an increase of 5.2% as compared with 3,666.9 billion cubic feet for the same period of last year, maintaining a relatively fast growth rate, while overseas marketable natural gas output was 119.0 billion cubic feet, representing a decrease as compared with 136.9 billion cubic feet for the same period of last year, mainly due to natural decline in production from certain overseas projects. The Group’s total oil and natural gas equivalent output amounted to 1,377.2 million barrels, representing an increase of 2.6% as compared with 1,342.3 million barrels for the same period of last year, among which, domestic oil and natural gas equivalent output was 1,234.3 million barrels, representing an increase of 3.2% as compared with 1,196.5 million barrels for the same period of last year, while overseas oil and natural gas equivalent output was 142.8 million barrels, representing a decrease of 2.0% as compared with 145.8 million barrels for the same period of last year. The Group continued to strengthen cost and expense control. In the first three quarters of 2025, the unit lifting cost for oil and gas was US $10.79 per barrel, representing a decrease of 6.1% as compared with US$11.49 per barrel for the same period of last year. In the first three quarters of 2025, the oil, gas and new energy segment realized a revenue of RMB622.390 billion and a profit from operations of RMB125.103 billion. Key Figures for the Oil, Gas and New Energy Segment Operating Figures Unit For the nine months ended September 30, Changes (%) 2025 2024 Crude oil output Million barrels 714.3 708.3 0.8 of which: Domestic Million barrels 591.3 585.4 1.0 Overseas Million barrels 123.0 122.9 0.08 Marketable natural gas output Billion cubic feet 3,977.2 3,803.8 4.6 of which: Domestic Billion cubic feet 3,858.2 3,666.9 5.2
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8 Operating Figures Unit For the nine months ended September 30, Changes (%) 2025 2024 Overseas Billion cubic feet 119.0 136.9 (13.1) Oil and natural gas equivalent output Million barrels 1,377.2 1,342.3 2.6 of which: Domestic Million barrels 1,234.3 1,196.5 3.2 Overseas Million barrels 142.8 145.8 (2.0) Energy output from wind and photovoltaic power plants 100 million kilowatts 57.9 33.6 72.2 Note: Figures have been converted at the rate of 1 ton of crude oil = 7.389 barrels and 1 cubic meter of natural gas = 35.315 cubic feet. In respect of the refining, chemicals and new materials business, the Group persistently remained market-oriented and focused on high-end, green, and intelligent development. It continuously optimized facility operations and product structures, steadily promoted transformation and upgrading, and gradually advanced toward the mid-to-high end of the refining and chemical value chain. The core ethylene unit of Jilin Petrochemical Company’s refining and chemical transformation and upgrading project was successfully commissioned in its first startup, while transformation and upgrading projects of Guangxi Petrochemical Company and Blue Ocean New Material Company were proceeded in an orderly manner. In the first three quarters of 2025, the Group processed a total of 1,040.6 million barrels of crude oil, representing an increase of 0.4% as compared with 1,036.2 million barrels for the same period of last year. The output of chemical products amounted to 29.590 million tons, representing an increase of 3.3% as compared with 28.643 million tons for the same period of last year, among which, the output of synthetic fiber raw materials and polymers, and synthetic rubber increased by 14.0% and 10.1%, respectively ; the output of new materials increased by 59.4%. In the first three quarters of 2025, the refining, chemicals and new materials business realized a revenue of RMB826.056 billion, and realized a profit from operations of RMB16.240 billion, representing an increase of RMB0.960 billion as compared with RMB15.28 0 billion for the same period of last year, among which, the profit from operations in the refining business amounted to RMB14.453 billion, representing an increase of RMB2.672 billion as compared with RMB11.781 billion for the same period of last year; and t he profit from operations in the chemicals business amounted to RMB1.787 billion.
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9 Key Figures for the Refining, Chemicals and New Materials Segment Operating Figures Unit For the nine months ended September 30, Changes (%) 2025 2024 Processed crude oil Million barrels 1,040.6 1,036.2 0.4 Gasoline, kerosene and diesel output ‘000 tons 89,590 89,909 (0.4) of which: Gasoline ‘000 tons 34,708 36,439 (4.8) Kerosene ‘000 tons 14,819 13,534 9.5 Diesel ‘000 tons 40,063 39,936 0.3 Output of key chemical products Ethylene ‘000 tons 6,688 6,356 5.2 Synthetic resin ‘000 tons 10,271 9,850 4.3 Synthetic fiber raw materials and polymers ‘000 tons 987 866 14.0 Synthetic rubber ‘000 tons 804 730 10.1 Urea ‘000 tons 1,834 2,218 (17.3) Note: Figures have been converted at the rate of 1 ton of crude oil = 7.389 barrels. In respect of the marketing business, the Group overcame the impact of declining demand in the refined oil products market, and adhered to the principles of securing sales volume, market share, and profitability. It adopted differentiated and refined marke ting strategies tailored to specific products and markets, actively expanded sales and reduced inventories, and ensured smooth operations and maximized profitability across the crude oil industry chain. The Group vigorously developed non-oil businesses and vehicle LNG refueling services, striving to cultivate new profit growth drivers. It continuously enhanced international trade operation capabilities and promoted cost reduction and profitability improvement across the industry chain. In the first three qu arters of 2025, the Group sold 120.876 million tons of gasoline, kerosene, and diesel, representing an increase of 0.8% as compared with 119.886 million tons for the same period of last year, among which, 89.640 million tons of gasoline, kerosene, and diesel were sold domestically, showing a steady increase as compared with 89.596 million tons for the same period of last year. In the first three quarters of 2025, the marketing business realized a revenue of RMB1,773.944 billion and a profit from operations of RMB11.626 billion. Key Figures for the Marketing Segment Operating Figures Unit For the nine months ended September 30, Changes (%) 2025 2024 Total sales volume of gasoline, kerosene and diesel ‘000 tons 120,876 119,886 0.8 of which: Gasoline ‘000 tons 47,857 49,138 (2.6) Kerosene ‘000 tons 18,225 16,099 13.2 Diesel ‘000 tons 54,794 54,649 0.3 Domestic sales volume of gasoline, kerosene and diesel ‘000 tons 89,640 89,596 0.05 of which: Gasoline ‘000 tons 36,782 37,963 (3.1) Kerosene ‘000 tons 8,495 8,424 0.8 Diesel ‘000 tons 44,363 43,209 2.7
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10 Number of gas stations and convenience stores Unit As of September 30, 2025 As of December 31, 2024 Changes (%) Number of gas stations Unit 22,453 22,441 0.1 of which: Self-operated gas stations Unit 20,253 20,429 (0.9) Number of convenience stores Unit 19,895 19,700 1.0 In respect of the natural gas sales business, the Group coordinated domestic and international resources, including long-term contracts and spot purchases, continuously optimized the structure of its resource pool, and strived to control overall procurement costs . The Group intensified marketing efforts, and increased the share of sales in high -end and high -profitable markets. The Group actively utilized online sales mechanisms to improve sales profitability and vigorously developed direct sales customers and end -user sales market. In the first three quarters of 2025, the Group sold 218.541 billion cubic meters of natural gas, representing an increase of 4.2% as compared with 209.820 billion cubic meters for the same period of last year, among which, 170.892 billion cubic meters of natural gas were sold domestically, representing an increase of 4.9% from 162.964 billion cubic meters for the same period of last year. In the first three quarters of 2025, the natural gas sales segment realized a revenue of RMB447.338 billion, representing an increase of 5.3% as compared with RMB424.855 billion for the same period of last year, and a profit from operations of RMB31.279 billion, representing an increase of RMB6.011 billion as compared with RMB25.268 billion for the same period of last year. 4. Other Matters Not applicable.
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11 5. Quarterly Financial Statements 5.1 Quarterly financial statements prepared in accordance with CAS 1．Consolidated Balance Sheet ASSETS September 30, 2025 December 31, 2024 RMB million RMB million Current assets Cash at bank and on hand 282,770 216,246 Financial assets held for trading 6,721 2,816 Derivative financial instruments 9,099 9,020 Accounts receivable 103,128 71,610 Receivables financing 8,984 8,868 Advances to suppliers 20,769 14,192 Other receivables 40,180 34,387 Inventories 165,149 168,338 Other current assets 64,619 65,367 Total current assets 701,419 590,844 Non-current assets Investments in other equity instruments 693 707 Long-term equity investments 303,028 290,077 Fixed assets 484,216 480,407 Oil and gas properties 822,891 875,436 Construction in progress 212,798 214,967 Right-of-use assets 127,698 120,865 Intangible assets 91,462 92,790 Goodwill 7,372 7,436 Long-term prepaid expenses 14,149 14,018 Deferred tax assets 30,740 26,765 Other non-current assets 53,498 38,695 Total non-current assets 2,148,545 2,162,163 TOTAL ASSETS 2,849,964 2,753,007 Chairman Director and President Chief Financial Officer Dai Houliang Ren Lixin Wang Hua
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12 1．Consolidated Balance Sheet (Continued) LIABILITIES AND SHAREHOLDERS’ EQUITY September 30, 2025 December 31, 2024 RMB million RMB million Current liabilities Short-term borrowings 43,926 45,955 Financial liabilities held for trading 1,017 3,808 Derivative financial instruments 6,439 7,051 Notes payable 14,062 14,895 Accounts payable 241,549 272,785 Contract liabilities 88,746 80,266 Employee compensation payable 18,871 8,095 Taxes payable 55,816 60,245 Other payables 82,392 24,198 Current portion of non-current liabilities 35,719 101,757 Other current liabilities 22,585 18,262 Total current liabilities 611,122 637,317 Non-current liabilities Long-term borrowings 147,153 74,072 Debentures payable 15,000 24,000 Lease liabilities 117,451 109,968 Provisions 164,990 162,019 Deferred tax liabilities 26,244 25,688 Other non-current liabilities 11,794 10,080 Total non-current liabilities 482,632 405,827 Total liabilities 1,093,754 1,043,144 Shareholders’ equity Share capital 183,021 183,021 Capital surplus 121,380 121,812 Special reserve 10,477 6,747 Other comprehensive income (31,168) (30,748) Surplus reserves 252,305 252,305 Undistributed profits 1,022,462 982,234 Equity attributable to shareholders of the Company 1,558,477 1,515,371 Non-controlling interests 197,733 194,492 Total shareholders’ equity 1,756,210 1,709,863 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 2,849,964 2,753,007 Chairman Director and President Chief Financial Officer Dai Houliang Ren Lixin Wang Hua
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13 2．Company Balance Sheet ASSETS September 30, 2025 December 31, 2024 RMB million RMB million Current assets Cash at bank and on hand 107,498 25,199 Derivative financial instruments 135 15 Accounts receivable 12,221 7,219 Receivables financing 8,765 7,556 Advances to suppliers 11,477 8,734 Other receivables 9,499 8,454 Inventories 103,529 97,297 Other current assets 40,337 47,551 Total current assets 293,461 202,025 Non-current assets Investments in other equity instruments 152 181 Long-term equity investments 570,874 541,146 Fixed assets 256,886 262,146 Oil and gas properties 636,528 669,677 Construction in progress 140,020 129,145 Right-of-use assets 60,479 49,817 Intangible assets 63,651 66,006 Goodwill 77 77 Long-term prepaid expenses 7,925 8,607 Deferred tax assets 6,656 5,045 Other non-current assets 63,896 65,944 Total non-current assets 1,807,144 1,797,791 TOTAL ASSETS 2,100,605 1,999,816 Chairman Director and President Chief Financial Officer Dai Houliang Ren Lixin Wang Hua
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14 2．Company Balance Sheet (Continued) LIABILITIES AND SHAREHOLDERS’ EQUITY September 30, 2025 December 31, 2024 RMB million RMB million Current liabilities Short-term borrowings 55,262 49,315 Derivative financial instruments 50 - Notes payable 14,051 13,785 Accounts payable 82,383 99,068 Contract liabilities 72,266 59,194 Employee compensation payable 15,437 5,884 Taxes payable 30,345 34,857 Other payables 180,063 133,888 Current portion of non-current liabilities 17,119 18,458 Other current liabilities 14,451 8,501 Total current liabilities 481,427 422,950 Non-current liabilities Long-term borrowings 45,037 33,641 Debentures payable 15,000 23,300 Lease liabilities 48,953 38,622 Provisions 124,007 122,300 Other non-current liabilities 6,380 5,116 Total non-current liabilities 239,377 222,979 Total liabilities 720,804 645,929 Shareholders’ equity Share capital 183,021 183,021 Capital surplus 121,953 122,368 Special reserve 6,338 3,648 Other comprehensive income 1,257 1,347 Surplus reserves 241,213 241,213 Undistributed profits 826,019 802,290 Total shareholders’ equity 1,379,801 1,353,887 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 2,100,605 1,999,816 Chairman Director and President Chief Financial Officer Dai Houliang Ren Lixin Wang Hua
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15 3-1．Consolidated Income Statement Items Three months ended September 30 2025 2024Note RMB million RMB million Operating income 719,157 702,721 Less: Cost of sales (564,596) (541,413) Taxes and surcharges (60,380) (66,634) Selling expenses (15,464) (16,375) General and administrative expenses (16,875) (17,916) Research and development expenses (4,476) (4,230) Finance expenses (2,601) (3,710) Including: Interest expenses 4,461 4,886 Interest income 2,471 1,976 Add: Other income 3,994 6,087 Investment income 4,858 2,351 Including: Income from investment in associates and joint ventures 4,333 4,184 (Losses) / gains from changes in fair value (2,559) 3,343 Credit impairment reversal / (losses) 52 (11) Asset impairment losses (120) 193 Gains on asset disposal 85 91 Operating profit 61,075 64,497 Add: Non-operating income 733 848 Less: Non-operating expenses (1,729) (1,471) Profit before income tax 60,079 63,874 Less: Income tax expenses (13,631) (15,164) Net profit 46,448 48,710 Classified by continuity of operations: Net profit from continuous operation 46,448 48,710 Net profit from discontinued operation - - Classified by ownership: Shareholders of the Company 42,286 43,982 Non-controlling interests 4,162 4,728 Earnings per share Basic earnings per share (RMB Yuan) 0.23 0.24 Diluted earnings per share (RMB Yuan) 0.23 0.24 Other comprehensive income, net of tax (1,533) (5,645) Other comprehensive income (net of tax) attributable to shareholders of the Company (235) (4,354) (1) Items that will not be reclassified to profit or loss Changes in fair value of investments in other equity instruments 13 16 (2) Items that may be reclassified to profit or loss Other comprehensive income recognized under equity method (747) (72) Cash flow hedges 1,005 (3,149) Currency translation differences (506) (1,149) Other comprehensive income (net of tax) attributable to non-controlling interests (1,298) (1,291) Total comprehensive income 44,915 43,065 Attributable to: Shareholders of the Company 42,051 39,628 Non-controlling interests 2,864 3,437 Note：The comparative amounts in the financial statements are presented as if CNPC Electric Energy had been consolidated from the beginning of the earliest reporting period presented. Chairman Director and President Chief Financial Officer Dai Houliang Ren Lixin Wang Hua
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16 3-2．Consolidated Income Statement Items Nine months ended September 30 2025 2024Note RMB million RMB million Operating income 2,169,256 2,257,694 Less: Cost of sales (1,711,740) (1,770,261) Taxes and surcharges (185,821) (201,128) Selling expenses (44,157) (46,390) General and administrative expenses (49,149) (47,819) Research and development expenses (14,375) (13,887) Finance expenses (8,929) (10,503) Including: Interest expenses 13,757 15,641 Interest income 6,177 6,404 Add: Other income 12,409 13,982 Investment income 12,732 3,490 Including: Income from investment in associates and joint ventures 14,009 14,476 Gains from changes in fair value 2,523 11,977 Credit impairment reversal / (losses) 153 (180) Asset impairment losses (630) (23) Gains on asset disposal 1,077 354 Operating profit 183,349 197,306 Add: Non-operating income 2,292 1,567 Less: Non-operating expenses (4,478) (5,590) Profit before income tax 181,163 193,283 Less: Income tax expenses (41,049) (44,768) Net profit 140,114 148,515 Classified by continuity of operations: Net profit from continuous operation 140,114 148,515 Net profit from discontinued operation - - Classified by ownership: Shareholders of the Company 126,279 132,784 Non-controlling interests 13,835 15,731 Earnings per share Basic earnings per share (RMB Yuan) 0.69 0.73 Diluted earnings per share (RMB Yuan) 0.69 0.73 Other comprehensive income, net of tax (1,880) (11,184) Other comprehensive income (net of tax) attributable to shareholders of the Company (405) (9,568) (1) Items that will not be reclassified to profit or loss Changes in fair value of investments in other equity instruments (5) (53) (2) Items that may be reclassified to profit or loss Other comprehensive income recognized under equity method (1,091) (9) Cash flow hedges 72 (7,754) Currency translation differences 619 (1,752) Other comprehensive income (net of tax) attributable to non-controlling interests (1,475) (1,616) Total comprehensive income 138,234 137,331 Attributable to: Shareholders of the Company 125,874 123,216 Non-controlling interests 12,360 14,115 Note：The comparative amounts in the financial statements are presented as if CNPC Electric Energy had been consolidated from the beginning of the earliest reporting period presented. Chairman Director and President Chief Financial Officer Dai Houliang Ren Lixin Wang Hua
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17 4-1．Income Statement Items Three months ended September 30 2025 2024 RMB million RMB million Operating income 417,361 441,894 Less: Cost of sales (314,146) (337,416) Taxes and surcharges (43,755) (48,199) Selling expenses (10,673) (10,817) General and administrative expenses (9,205) (11,338) Research and development expenses (3,204) (2,447) Finance expenses (2,197) (2,629) Including: Interest expenses 2,565 3,587 Interest income 527 1,290 Add: Other income 3,871 5,826 Investment income 7,184 6,245 Including: Income from investment in associates and joint ventures 3,292 2,993 (Losses) / gains from changes in fair value (194) 145 Credit impairment reversal / (losses) 49 (5) Asset impairment losses (106) (4) Gains on asset disposal 23 84 Operating profit 45,008 41,339 Add: Non-operating income 357 706 Less: Non-operating expenses (1,840) (1,229) Profit before income tax 43,525 40,816 Less: Income tax expenses (7,256) (6,540) Net profit 36,269 34,276 Classified by continuity of operations: Net profit from continuous operation 36,269 34,276 Net profit from discontinued operation - - Earnings per share Basic earnings per share (RMB Yuan) 0.20 0.19 Diluted earnings per share (RMB Yuan) 0.20 0.19 Other comprehensive income, net of tax (86) (49) Other comprehensive income (net of tax) attributable to shareholders of the Company (86) (49) (1) Items that will not be reclassified to profit or loss Changes in fair value of investments in other equity instruments 22 19 (2) Items that may be reclassified to profit or loss Other comprehensive income recognized under equity method (60) (80) Cash flow hedges (48) 12 Total comprehensive income 36,183 34,227 Chairman Director and President Chief Financial Officer Dai Houliang Ren Lixin Wang Hua
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18 4-2．Income Statement Items Nine months ended September 30 2025 2024 RMB million RMB million Operating income 1,288,840 1,361,891 Less: Cost of sales (982,855) (1,051,120) Taxes and surcharges (135,132) (144,074) Selling expenses (30,458) (30,590) General and administrative expenses (28,653) (29,123) Research and development expenses (11,650) (10,679) Finance expenses (6,606) (7,606) Including: Interest expenses 7,823 9,406 Interest income 1,656 2,378 Add: Other income 11,943 13,360 Investment income 24,988 31,704 Including: Income from investment in associates and joint ventures 10,235 10,276 Gains from changes in fair value 111 155 Credit impairment reversal / (losses) 60 (84) Asset impairment losses (121) (22) Gains on asset disposal 746 319 Operating profit 131,213 134,131 Add: Non-operating income 1,523 1,323 Less: Non-operating expenses (4,986) (5,040) Profit before income tax 127,750 130,414 Less: Income tax expenses (18,012) (16,615) Net profit 109,738 113,799 Classified by continuity of operations: Net profit from continuous operation 109,738 113,799 Net profit from discontinued operation - - Earnings per share Basic earnings per share (RMB Yuan) 0.60 0.62 Diluted earnings per share (RMB Yuan) 0.60 0.62 Other comprehensive income, net of tax (94) (22) Other comprehensive income (net of tax) attributable to shareholders of the Company (94) (22) (1) Items that will not be reclassified to profit or loss Changes in fair value of investments in other equity instruments 6 1 (2) Items that may be reclassified to profit or loss Other comprehensive income recognized under equity method (98) 31 Cash flow hedges (2) (54) Total comprehensive income 109,644 113,777 Chairman Director and President Chief Financial Officer Dai Houliang Ren Lixin Wang Hua
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19 5．Consolidated Cash Flow Statement Items Nine months ended September 30 2025 2024Note RMB million RMB million Cash flows from operating activities Cash received from sales of goods and rendering of services 2,308,835 2,386,175 Cash received relating to other operating activities 71,757 48,848 Sub-total of cash inflows 2,380,592 2,435,023 Cash paid for goods and services (1,560,205) (1,591,390) Cash paid to and on behalf of employees (118,055) (114,364) Payments of various taxes (266,473) (307,296) Cash paid relating to other operating activities (92,759) (89,814) Sub-total of cash outflows (2,037,492) (2,102,864) Net cash flows from operating activities 343,100 332,159 Cash flows from investing activities Cash received from disposal of investments 54,680 34,520 Cash received from returns on investments 18,955 16,999 Net cash received from disposal of fixed assets, oil and gas properties, intangible assets and other long-term assets 1,536 567 Net cash received from disposal of subsidiaries and other business units 47 753 Sub-total of cash inflows 75,218 52,839 Cash paid to acquire fixed assets, oil and gas properties, intangible assets and other long-term assets (177,658) (187,374) Cash paid to acquire investments (84,142) (62,513) Net cash paid for the acquisition of subsidiaries and other business units (17) (124) Sub-total of cash outflows (261,817) (250,011) Net cash flows used for investing activities (186,599) (197,172) Cash flows from financing activities Cash received from capital contributions 498 229 Including: Cash received from non-controlling interests’ capital contributions to subsidiaries 498 229 Cash received from borrowings 477,372 460,689 Sub-total of cash inflows 477,870 460,918 Cash repayments of borrowings (479,636) (529,763) Cash payments for interest expenses and distribution of dividends or profits (100,027) (101,107) Including: Subsidiaries’ cash payments for distribution of dividends or profits to non-controlling interests (7,433) (9,621) Cash payments relating to other financing activities (8,718) (7,667) Sub-total of cash outflows (588,381) (638,537) Net cash flows used for financing activities (110,511) (177,619) Effect of foreign exchange rate changes on cash and cash equivalents 1,718 (951) Net increase/(decrease) in cash and cash equivalents 47,708 (43,583) Add: Cash and cash equivalents at the beginning of the period 172,477 249,001 Cash and cash equivalents at the end of the period 220,185 205,418 Note：The comparative amounts in the financial statements are presented as if CNPC Electric Energy had been consolidated from the beginning of the earliest reporting period presented. Chairman Director and President Chief Financial Officer Dai Houliang Ren Lixin Wang Hua
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20 6．Company Cash Flow Statement Items Nine months ended September 30 2025 2024 RMB million RMB million Cash flows from operating activities Cash received from sales of goods and rendering of services 1,397,326 1,460,208 Cash received relating to other operating activities 14,599 101,786 Sub-total of cash inflows 1,411,925 1,561,994 Cash paid for goods and services (864,443) (938,389) Cash paid to and on behalf of employees (83,217) (81,092) Payments of various taxes (186,040) (210,626) Cash paid relating to other operating activities (36,551) (19,449) Sub-total of cash outflows (1,170,251) (1,249,556) Net cash flows from operating activities 241,674 312,438 Cash flows from investing activities Cash received from disposal of investments 3,796 12,209 Cash received from returns on investments 26,423 45,129 Net cash received from disposal of fixed assets, oil and gas properties, intangible assets and other long-term assets 573 332 Net cash received from disposal of subsidiaries and other business units 542 - Sub-total of cash inflows 31,334 57,670 Cash paid to acquire fixed assets, oil and gas properties, intangible assets and other long-term assets (82,709) (124,861) Cash paid to acquire investments (22,377) (62,552) Sub-total of cash outflows (105,086) (187,413) Net cash flows used for investing activities (73,752) (129,743) Cash flows from financing activities Cash received from borrowings 82,606 69,930 Sub-total of cash inflows 82,606 69,930 Cash repayments of borrowings (75,696) (130,966) Cash payments for interest expenses and distribution of dividends or profits (89,203) (83,253) Cash payments relating to other financing activities (6,270) (4,785) Sub-total of cash outflows (171,169) (219,004) Net cash flows used for financing activities (88,563) (149,074) Net increase in cash and cash equivalents 79,359 33,621 Add: Cash and cash equivalents at the beginning of the period 25,139 60,652 Cash and cash equivalents at the end of the period 104,498 94,273 Chairman Director and President Chief Financial Officer Dai Houliang Ren Lixin Wang Hua
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21 5.2 Quarterly financial statements prepared in accordance with IFRS Accounting Standards 1-1．Consolidated Statement of Comprehensive Income Three months ended September 30 2025 2024Note RMB million RMB million REVENUE 719,157 702,721 OPERATING EXPENSES Purchases, services and other (482,834) (458,173) Employee compensation costs (44,644) (45,048) Exploration expenses, including exploratory dry holes (3,535) (2,590) Depreciation, depletion and amortization (56,752) (57,861) Selling, general and administrative expenses (13,740) (16,191) Taxes other than income taxes (60,637) (66,914) Other income, net 1,005 7,101 TOTAL OPERATING EXPENSES (661,137) (639,676) PROFIT FROM OPERATIONS 58,020 63,045 FINANCE COSTS Exchange gain 2,283 3,411 Exchange loss (2,566) (3,855) Interest income 2,471 1,976 Interest expense (4,461) (4,886) TOTAL NET FINANCE COSTS (2,273) (3,354) SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES 4,333 4,184 PROFIT BEFORE INCOME TAX EXPENSE 60,080 63,875 INCOME TAX EXPENSE (13,631) (15,165) PROFIT FOR THE PERIOD 46,449 48,710 OTHER COMPREHENSIVE INCOME (1) Items that will not be reclassified to profit or loss Fair value changes in equity investment measured at fair value through other comprehensive income 15 48 Currency translation differences (1,300) (1323) (2) Items that are or may be reclassified subsequently to profit or loss Currency translation differences (506) (1149) Cash flow hedges 1,005 (3149) Share of the other comprehensive income of associates and joint ventures accounted for using the equity method (747) (72) OTHER COMPREHENSIVE INCOME, NET OF TAX (1,533) (5645) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 44,916 43,065 PROFIT FOR THE PERIOD ATTRIBUTABLE TO: Owners of the Company 42,287 43,982 Non-controlling interests 4,162 4,728 46,449 48,710 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO: Owners of the Company 42,052 39,628 Non-controlling interests 2,864 3,437 44,916 43,065 BASIC AND DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY (RMB YUAN) 0.23 0.24 Note：The comparative amounts in the financial statements are presented as if CNPC Electric Energy had been consolidated from the beginning of the earliest reporting period presented.
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22 1-2．Consolidated Statement of Comprehensive Income Nine months ended September 30 2025 2024Note RMB million RMB million REVENUE 2,169,256 2,257,694 OPERATING EXPENSES Purchases, services and other (1,465,438) (1,522,546) Employee compensation costs (127,226) (127,745) Exploration expenses, including exploratory dry holes (9,551) (10,532) Depreciation, depletion and amortization (178,100) (174,563) Selling, general and administrative expenses (39,735) (43,397) Taxes other than income taxes (186,465) (201,764) Other income, net 12,312 11,097 TOTAL OPERATING EXPENSES (1,994,203) (2,069,450) PROFIT FROM OPERATIONS 175,053 188,244 FINANCE COSTS Exchange gain 7,278 8,387 Exchange loss (7,582) (8,584) Interest income 6,177 6,404 Interest expense (13,757) (15,641) TOTAL NET FINANCE COSTS (7,884) (9,434) SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES 14,009 14,476 PROFIT BEFORE INCOME TAX EXPENSE 181,178 193,286 INCOME TAX EXPENSE (41,049) (44,767) PROFIT FOR THE PERIOD 140,129 148,519 OTHER COMPREHENSIVE INCOME (1) Items that will not be reclassified to profit or loss Fair value changes in equity investment measured at fair value through other comprehensive income 8 (87) Currency translation differences (1,488) (1,582) (2) Items that are or may be reclassified subsequently to profit or loss Currency translation differences 619 (1,752) Cash flow hedges 72 (7,754) Share of the other comprehensive income of associates and joint ventures accounted for using the equity method (1,091) (9) OTHER COMPREHENSIVE INCOME, NET OF TAX (1,880) (11,184) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 138,249 137,335 PROFIT FOR THE PERIOD ATTRIBUTABLE TO: Owners of the Company 126,294 132,788 Non-controlling interests 13,835 15,731 140,129 148,519 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO: Owners of the Company 125,889 123,220 Non-controlling interests 12,360 14,115 138,249 137,335 BASIC AND DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY (RMB YUAN) 0.69 0.73 Note：The comparative amounts in the financial statements are presented as if CNPC Electric Energy had been consolidated from the beginning of the earliest reporting period presented.
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23 2．Consolidated Statement of Financial Position September 30, 2025 December 31, 2024 RMB million RMB million NON-CURRENT ASSETS Property, plant and equipment 1,519,905 1,570,810 Investments in associates and joint ventures 302,905 289,970 Equity investments measured at fair value through other comprehensive income 693 700 Right-of-use assets 217,563 192,014 Intangible and other non-current assets 73,645 76,690 Deferred tax assets 30,740 26,765 Time deposits with maturities over one year 2,853 4,958 TOTAL NON-CURRENT ASSETS 2,148,304 2,161,907 CURRENT ASSETS Inventories 165,149 168,338 Accounts receivable 103,128 71,610 Derivative financial instruments 9,099 9,020 Prepayments and other current assets 125,882 114,290 Financial assets measured at fair value through other comprehensive income 8,984 8,868 Financial assets measured at fair value through profit or loss 6,721 2,816 Time deposits with maturities over three months but within one year 62,271 43,425 Cash and cash equivalents 220,185 172,477 TOTAL CURRENT ASSETS 701,419 590,844 CURRENT LIABILITIES Accounts payable and accrued liabilities 379,794 338,513 Contract liabilities 88,746 80,266 Income taxes payable 11,315 6,845 Other taxes payable 44,501 53,400 Short-term borrowings 70,317 138,783 Derivative financial instruments 6,439 7,051 Lease liabilities 8,993 8,651 Financial liabilities measured at fair value through profit or loss 1,017 3,808 TOTAL CURRENT LIABILITIES 611,122 637,317 NET CURRENT ASSETS/(LIABILITIES) 90,297 (46,473) TOTAL ASSETS LESS CURRENT LIABILITIES 2,238,601 2,115,434 EQUITY EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY: Share capital 183,021 183,021 Retained earnings 1,027,522 987,271 Reserves 347,709 344,840 TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY 1,558,252 1,515,132 NON-CONTROLLING INTERESTS 197,733 194,491 TOTAL EQUITY 1,755,985 1,709,623 NON-CURRENT LIABILITIES Long-term borrowings 162,153 98,072 Asset retirement obligations 164,990 162,019 Lease liabilities 117,451 109,968 Deferred tax liabilities 26,228 25,672 Other long-term obligations 11,794 10,080 TOTAL NON-CURRENT LIABILITIES 482,616 405,811 TOTAL EQUITY AND NON-CURRENT LIABILITIES 2,238,601 2,115,434
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24 3．Consolidated Statement of Cash Flows Nine months ended September 30 2025 2024 Note RMB million RMB million CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period 140,129 148,519 Adjustments for: Income tax expense 41,049 44,767 Depreciation, depletion and amortization 178,100 174,563 Capitalized exploratory costs charged to expense 3,057 4,338 Safety fund reserve 4,101 3,071 Share of profit of associates and joint ventures (14,009) (14,476) (Reversal) / accrual of provision for impairment of receivables, net (153) 180 Write down of inventories, net 600 199 Impairment of other non-current assets 5 (178) (Gain) / loss on disposal and scrap of property, plant and equipment (227) 353 Gain on disposal and scrap of other non-current assets (673) (166) Gain on disposal of subsidiaries (48) (761) Gain from changes in fair value (2,523) (11,977) Dividend income (44) (26) Interest income (6,177) (6,404) Interest expense 13,757 15,641 Changes in working capital: Accounts receivable, prepayments and other current assets (41,734) (78,982) Inventories 2,589 7,812 Accounts payable and accrued liabilities 54,735 93,229 Contract liabilities 8,480 577 CASH FLOWS GENERATED FROM OPERATIONS 381,014 380,279 Income taxes paid (37,914) (48,120) NET CASH FLOWS FROM OPERATING ACTIVITIES 343,100 332,159 Note：The comparative amounts in the financial statements are presented as if CNPC Electric Energy had been consolidated from the beginning of the earliest reporting period presented.
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25 3．Consolidated Statement of Cash Flows (Continued) Nine months ended September 30 2025 2024Note RMB million RMB million CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (177,230) (180,173) Acquisition of investments in associates and joint ventures (10,249) (5,364) Acquisition of intangible assets and other non-current assets (427) (412) Acquisition of subsidiaries (17) (124) Acquisition of financial assets measured at fair value through profit or loss (5,579) (81) Proceeds from disposal of property, plant and equipment 1,496 252 Proceeds from disposal of other non-current assets 3,146 319 Proceeds from disposal of investments and investments in associates 47 753 Proceeds from disposal of financial assets measured at fair value through profit or loss - 1 Interest received 5,833 6,401 Dividends received 13,122 10,598 Increase in time deposits with maturities over three months (16,741) (29,342) NET CASH FLOWS USED FOR INVESTING ACTIVITIES (186,599) (197,172) CASH FLOWS FROM FINANCING ACTIVITIES Repayments of short-term borrowings (476,374) (493,417) Repayments of long-term borrowings (3,262) (36,346) Repayments of lease liabilities (8,718) (7,667) Interest paid (10,907) (13,798) Dividends paid to non-controlling interests (7,433) (9,621) Dividends paid to owners of the Company (81,687) (77,688) Increase in short-term borrowings 450,505 391,361 Increase in long-term borrowings 26,867 69,328 Cash contribution from non-controlling interests 498 229 NET CASH FLOWS USED FOR FINANCING ACTIVITIES (110,511) (177,619) TRANSLATION OF FOREIGN CURRENCY 1,718 (951) Net increase/(decrease) in cash and cash equivalents 47,708 (43,583) Cash and cash equivalents at the beginning of the period 172,477 249,001 Cash and cash equivalents at the end of the period 220,185 205,418 Note：The comparative amounts in the financial statements are presented as if CNPC Electric Energy had been consolidated from the beginning of the earliest reporting period presented.
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26 4．Segment Information Nine months ended September 30 2025 2024Note RMB million RMB million Revenue Oil, Gas and New Energy Intersegment sales 524,400 575,499 Revenue from external customers 97,990 111,300 622,390 686,799 Refining, Chemicals and New Materials Intersegment sales 579,591 645,791 Revenue from external customers 246,465 278,097 826,056 923,888 Marketing Intersegment sales 370,382 417,739 Revenue from external customers 1,403,562 1,467,303 1,773,944 1,885,042 Natural Gas Sales Intersegment sales 28,495 26,299 Revenue from external customers 418,843 398,556 447,338 424,855 Head Office and Other Intersegment sales 252 177 Revenue from external customers 2,396 2,438 2,648 2,615 Total revenue from external customers 2,169,256 2,257,694 Profit/(loss) from operations Oil, Gas and New Energy 125,103 144,627 Refining, Chemicals and New Materials 16,240 15,280 Marketing 11,626 12,900 Natural Gas Sales 31,279 25,268 Head Office and Other (9,195) (9,831) 175,053 188,244 Note：The comparative amounts in the financial statements are presented as if CNPC Electric Energy had been consolidated from the beginning of the earliest reporting period presented. 5.3 Auditors’ Opinion Type and Auditors’ Report Not applicable.
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27 By Order of the Board of Directors PetroChina Company Limited Dai Houliang Chairman Beijing, the PRC October 30, 2025 As of the date of this announcement, the Board comprises Mr. Dai Houliang as Chairman; Mr. Duan Liangwei and Mr. Xie Jun as non-executive Directors; Mr. Ren Lixin and Mr. Zhang Daowei as executive Directors; and Mr. Jiang, Simon X., Mr. Ho Kevin King Lun, Mr. Yan, Andrew Y, Ms. Liu Xiaolei and Mr. Zhang Yuxin as independent non-executive Directors. This announcement is prepared in English and Chinese. In the event of any inconsistency between the Chinese and English versions, the Chinese version shall prevail.