从中证香港300价值指数持仓的市场板块来看，香港证券交易所占比100.00%。 金融界4月18日消息，A股三大指数收盘涨跌不一，中证香港300价值指数 (HK300V，H11172)报2684.65 点。 数据统计显示，中证香港300价值指数近一个月下跌6.44%，近三个月上涨5.03%，年至今上涨1.80%。 据了解，中证香港300风格指数系列由中证香港300成长指数、中证香港300价值指数、中证香港300相对 成长指数以及中证香港300相对价值指数4条指数构成，以反映基于中证香港300指数样本的不同风格证 券的整体表现。该指数以2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证香港300价值指数十大权重分别为：汇丰控股（10.58%）、建设银行 （10.38%）、中国移动（8.24%）、工商银行（7.42%）、中国银行（5.93%）、中国平安（5.21%）、 中国海洋石油（4.79%）、招商银行（3.18%）、农业银行（2.22%）、中银香港（1.98%）。 本文源自：金融界 作者：行情君 从中证香港300价值指数持仓样本的行业来看，金融占比58.40%、通信服务占比12.21% ...

年度報告 2024 二零二四年年報 年度報告 2024 CNOOC LIMITED www.cnoocltd.com 重要提示 中國海洋石油有限公司（以下簡稱「本公司」、「公司」或「中國海油」）董事會及董事 、高級管理人員保證年度報告內容的真 實、準確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 本年度報告已經本公司2025年第三次董事會審議通過。執行董事穆秀平女士因公未能參加本次董事會，已書面委託本公 司副董事長、執行董事周心懷先生代為出席會議並行使表決權。 本公司分別按中國企業會計準則及國際╱香港財務報告會計準則編製財務報告 ，並已分別經安永華明會計師事務所（特殊 普通合夥）及安永會計師事務所審計且出具了標準無保留意見的審計報告 。公司副董事長及首席執行官周心懷先生 、首 席財務官穆秀平女士、財務部總經理王宇凡女士聲明：保證年度報告中財務報告的真實、準確、完整。 經統籌考慮本公司未來收益、資本要求、財務狀況、未來前景、現金流量等因素，董事會建議向全體股東派發2024年 末期股息每股0.66港元（含稅），連同已派發的中期股息每股0.74港元（含稅），2024年度末期股息及中期股 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a net profit increase of 11.4% for 2024, driven by significant growth in oil and gas production and ongoing cost control measures [1][3]. Financial Performance - Revenue for 2024 reached RMB 420.506 billion, a 0.9% increase year-on-year, influenced by rising oil and gas sales and declining international oil prices [3]. - The net profit attributable to shareholders was RMB 137.982 billion, reflecting an 11.4% year-on-year increase due to enhanced production and efficiency [2][3]. - Basic and diluted earnings per share were both RMB 2.90 [3]. Production and Reserves - CNOOC's oil and gas production reached 726.8 million barrels of oil equivalent, a 7.2% increase year-on-year [1][3]. - The company achieved a net proven reserve of 7.27 billion barrels of oil equivalent, with a reserve replacement ratio of 167%, ensuring a stable reserve life of 10 years [1][3]. Cost Management - The average cost per barrel of oil equivalent was USD 28.52, maintaining a competitive cost advantage [4]. - Operating costs per barrel were USD 7.61, showing minimal change from the previous year, indicating ongoing efforts in cost efficiency [4]. International Expansion and Green Transition - CNOOC successfully acquired 10 oil contracts in Mozambique, Brazil, and Iraq, enhancing its global asset portfolio [5]. - The company is advancing in deepwater oil and gas development technologies and has initiated the construction of smart oil fields [5]. - CNOOC is committed to green development, actively pursuing offshore wind power and carbon capture technologies [5]. - For 2025, the company targets a production goal of 760-780 million barrels of oil equivalent and plans capital expenditures of RMB 125-135 billion [5].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a strong financial performance for the fiscal year 2024, with significant increases in revenue and net profit, driven by both domestic and international production growth [1][2] Financial Performance - In 2024, CNOOC achieved oil and gas sales revenue of 355.6 billion yuan and a net profit attributable to shareholders of 137.9 billion yuan, representing a year-on-year growth of 11.4% [1] - The average cost of crude oil equivalent for the year was $28.52 per barrel, a decrease of approximately 1.1% year-on-year, reinforcing the company's cost competitiveness [1] Production and Exploration - CNOOC's net production of oil and gas reached 726.8 million barrels of oil equivalent, marking a year-on-year increase of 7.2% [1] - Domestic production benefited from contributions from fields such as Bohai Zhong 19-6, with a 5.6% increase, while international production saw a significant rise of 10.8% due to the commissioning of the Payara project in Guyana [1] - The company made 11 new oil and gas discoveries in 2024, including significant projects like Longkou 7-1 and Qinhuangdao 29-6, and successfully evaluated 30 oil and gas structures [1] - As of the end of 2024, CNOOC's net proven reserves reached 7.27 billion barrels of oil equivalent, a year-on-year increase of 7.2%, with a stable reserve life of 10 years [1] Strategic Outlook - CNOOC's Chairman, Wang Dongjin, emphasized the company's commitment to driving reserve growth and production through technological innovation, maintaining cost advantages, and providing stable dividends to shareholders [2] - The company plans to continue its efforts in enhancing quality and efficiency, aiming for high-quality development in the future [2]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a total revenue of RMB 420.506 billion for the year ending December 31, 2024, reflecting a year-on-year growth of 0.94% and a net profit attributable to shareholders of RMB 137.936 billion, which is an increase of 11.38% [1] Group 1: Financial Performance - Total revenue reached RMB 420.506 billion, with a year-on-year increase of 0.94% [1] - Net profit attributable to shareholders was RMB 137.936 billion, representing an 11.38% increase [1] - Earnings per share stood at RMB 2.9, with a proposed final dividend of HKD 0.66 per share [1] Group 2: Resource and Production Growth - The company achieved a record high in proven reserves with a replacement rate of 167%, ensuring a stable reserve life of 10 years [1] - Oil and gas production reached 726.8 million barrels of oil equivalent, marking a 7.2% year-on-year increase [1] - The company made 11 new oil and gas discoveries during the year and established a trillion-cubic-meter gas area in the South China Sea [1] Group 3: Technological Innovation and International Expansion - The company is enhancing its technological innovation capabilities, with significant discoveries guided by innovative exploration theories [2] - The "Deep Sea No. 1" ultra-deepwater gas field won the National Science and Technology Progress Award, showcasing the company's advancements in technology [2] - CNOOC successfully acquired 10 oil contracts in Mozambique, Brazil, and Iraq, further solidifying its position as a leading global industry player [1]

Financial Performance - In 2024, CNOOC Limited achieved a total oil and gas production of 726.8 million barrels of oil equivalent, representing a year-on-year increase of 7.2%[4] - The company reported a total revenue of RMB 420.5 billion for the year, with oil and gas sales revenue contributing RMB 355.6 billion, up from RMB 327.9 billion in 2023[8] - Net profit attributable to shareholders reached RMB 138 billion, compared to RMB 124.1 billion in the previous year, marking a significant increase[8] - Total revenue for the year 2024 reached RMB 362,711 million, an increase of 8.5% from RMB 334,050 million in 2023[17] - Oil and gas sales revenue amounted to RMB 355,615 million, up from RMB 327,867 million in the previous year, reflecting a growth of 8.5%[17] - The net profit attributable to shareholders for 2024 was RMB 142,322 million, compared to RMB 126,878 million in 2023, representing an increase of 12.1%[9] - Basic and diluted earnings per share for 2024 were both RMB 2.90, an increase from RMB 2.60 in 2023, marking a growth of 11.5%[9] - The company reported a total comprehensive income of RMB 142,368 million for 2024, compared to RMB 127,125 million in 2023, an increase of 12.0%[9] - The company’s pre-tax profit for 2024 was RMB 51.994 billion, compared to RMB 48.884 billion in 2023, reflecting an increase of 4.5%[26] - The company’s total operating revenue for the company was RMB 420,506 million, a 0.9% increase from RMB 416,609 million in the previous year, driven by higher oil and gas sales[39] Assets and Liabilities - Non-current assets totaled RMB 791,672 million in 2024, up from RMB 755,323 million in 2023, indicating a growth of 4.8%[10] - Current assets increased to RMB 264,609 million in 2024 from RMB 250,275 million in 2023, reflecting a rise of 5.7%[10] - Total assets less current liabilities reached RMB 937,406 million, compared to RMB 881,659 million in 2023, showing an increase of 6.3%[11] - The company's net assets rose to RMB 749,436 million in 2024, up from RMB 667,876 million in 2023, representing a growth of 12.2%[11] - The company’s total assets increased to RMB 1,056.281 billion in 2024 from RMB 1,005.598 billion in 2023, an increase of 5%[19] - The company’s total liabilities decreased to RMB 306.845 billion in 2024 from RMB 337.722 billion in 2023, a reduction of 9.1%[19] - As of December 31, 2024, the company had interest-bearing liabilities of RMB 91,887 million, down from RMB 120,177 million in 2023, resulting in a significant decrease in the debt-to-equity ratio from 15.2% to 10.9%[55] Dividends and Shareholder Returns - The company plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, subject to shareholder approval[6] - The company declared an interim dividend of HKD 0.74 per share for 2024, an increase from HKD 0.59 per share in 2023, representing a growth of 25.42%[28] - The board has proposed a final dividend of HKD 0.66 per share (tax included) for the fiscal year 2024[37] - For the fiscal year 2024, the net profit attributable to shareholders was RMB 137,936 million, with a proposed final dividend of HKD 0.66 per share, totaling HKD 31,370 million[62] - The total dividend for the fiscal year 2024, including the mid-term dividend, amounts to HKD 1.40 per share, representing 44.7% of the net profit attributable to shareholders[62] Production and Reserves - The proven reserves replacement rate reached 167%, with a stable reserve life of 10 years, ensuring a solid resource foundation for future development[3] - The net confirmed reserves as of the end of 2024 stand at 727 million barrels of oil equivalent, with a reserve replacement ratio of 167%[35] - The company aims for a production target of 760 to 780 million barrels of oil equivalent in 2025, with a reserve replacement ratio target of no less than 130%[61] - The average cost per barrel of oil equivalent was USD 28.52, reinforcing the company's cost competitiveness[6] Strategic Initiatives and Developments - CNOOC Limited successfully acquired 10 oil contracts in Mozambique, Brazil, and Iraq, enhancing its international business presence[4] - The company has made significant technological advancements, including the establishment of intelligent oil and gas fields, accelerating its digital transformation[5] - The company is committed to green transformation and has initiated offshore wind power projects while advancing CCS/CCUS industrialization[5] - The company aims to expand its natural gas business and enhance offshore natural gas exploration and development efforts[34] Financial Management and Policies - The company has a prudent financial policy, focusing on cost control as a key performance indicator[34] - Research and development expenses were RMB 3.436 billion in 2024, down from RMB 4.136 billion in 2023, a reduction of 17%[24] - The company reported a decrease in other taxes (excluding income tax) to RMB 20,276 million, down 16.7% from RMB 24,331 million, due to historical mining rights revenue recognition in the previous year[41] - Interest income for the company was RMB 4,582 million, a decrease of 4.6% from RMB 4,805 million, attributed to changes in average bank deposit size and interest rates[46] - The company experienced a net foreign exchange loss of RMB 1,318 million, compared to RMB 297 million in the previous year, due to fluctuations in currency exchange rates[47] Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code during the fiscal year ending December 31, 2024[67] - The company has not purchased, sold, or redeemed any listed securities during the fiscal year ending December 31, 2024[66] - The board of directors confirmed compliance with the company's ethical standards regarding securities trading for the fiscal year ending December 31, 2024[68] Future Outlook - The company’s future outlook includes uncertainties related to oil and gas price fluctuations, macroeconomic factors, and regulatory changes[70]

Investment Rating - The report does not explicitly state an investment rating for the company [2] Core Insights - The global economy is expected to grow by 3.2% in 2025, with China's economy projected to grow by 5% [8] - Global oil demand is anticipated to continue growing, with Brent crude oil prices expected to remain between $70 and $80 per barrel [8] - The company aims for a production target of 760-780 million barrels of oil equivalent for 2025, up from an estimated 720 million barrels in 2024 [34] Summary by Sections Macro Environment - The report highlights a stable macroeconomic outlook with global oil demand growth and favorable oil price predictions [8] Capital Expenditure - The capital expenditure budget for 2025 is set between RMB 125-135 billion, maintaining stability to support production growth [14] - The capital expenditure structure is divided into exploration (16%), development (61%), production capitalization (20%), and others (3%) [13] Exploration Work - The company focuses on finding large and medium-sized oil and gas fields, with a significant emphasis on offshore and unconventional resources [18] - The exploration budget for 2025 includes 220 exploration wells and extensive seismic data collection [17] Production Goals - The company targets a net production of approximately 720 million barrels of oil equivalent in 2024 and aims for 760-780 million barrels in 2025 [34] Key New Projects - Major projects include the Bohai Zhong 26-6 oilfield, which has a peak production capacity of 22,300 barrels of oil equivalent per day [37] - The Guyana Yellowtail project is expected to significantly increase production capacity by 2030 [55] - The Brazil Buzios 7 project is projected to reach a total production capacity of 1.5 million barrels per day by 2027 [58] Future Operating Strategy - The company emphasizes enhancing storage and production, technological innovation, and green development as part of its strategic goals [61] Financial Health - The report indicates a commitment to maintaining a dividend payout ratio of no less than 45% from 2025 to 2027, subject to shareholder approval [89]

Group 1 - China National Offshore Oil Corporation (CNOOC) has seen continuous net buying from southbound funds for five consecutive days, with a total net buying amount of 1.668 billion HKD and a cumulative stock price increase of 3.17% [1][2] - On January 2, CNOOC was among the actively traded stocks, with a transaction amount of 1.598 billion HKD through the Hong Kong Stock Connect, and a net buying amount of 566 million HKD [2] - During the same period, the total transaction amount for actively traded stocks through the Hong Kong Stock Connect reached 31.607 billion HKD, with a net buying amount of 1.945 billion HKD [2]

Group 1 - China National Offshore Oil Corporation (CNOOC) is currently under investigation for serious violations of discipline and law involving its former drilling office director, Dong Xingliang [1] - The investigation is being conducted by the CNOOC's disciplinary inspection team and the Jiangsu Provincial Commission for Discipline Inspection and Supervision [1]

Investment Rating - Buy rating with a target price of HKD 23.12, representing a 33.5% upside from the current price [2] Core Views - The company maintained high single-quarter net profit despite a decline in oil prices, driven by production growth and excellent cost control [2] - The company achieved a net profit of RMB 116.659 billion in the first three quarters, a year-on-year increase of 19.5% [2] - The company's oil and gas production reached 542.1 million barrels of oil equivalent in the first three quarters, with a year-on-year increase of 7.0% [2] - The company's cost per barrel of oil decreased to USD 28.14, with operating costs at USD 7.21 per barrel, placing it among the global leaders in cost control [2] - The company's capital expenditure in the first three quarters was approximately RMB 95.34 billion, a year-on-year increase of 6.6%, with high growth potential in future projects [2] Financial Performance - The company's revenue for Q3 2024 was RMB 99.254 billion, a year-on-year decrease of 13.5% but a sequential increase of 6.3% [2] - The company's net profit for Q3 2024 was RMB 36.928 billion, with a total revenue of RMB 326.024 billion for the first three quarters, a year-on-year increase of 6.3% [2] - The company's oil and gas sales contributed significantly to revenue, with domestic fields like Bozhong and Enping showing strong production growth [2] - The company's realized oil sales price increased from USD 76.8 per barrel in the first three quarters of 2023 to USD 79.0 per barrel in the same period of 2024, narrowing the discount to international oil prices [2] Production and Reserves - The company's net production in Q3 2024 was 179.6 million barrels of oil equivalent, a year-on-year increase of 7.0% [2] - Overseas production growth was driven by the successful commissioning of the Payara project in Guyana [2] - The company secured 9 new offshore exploration blocks and discovered 4 new oil and gas structures, with projects expected to come online between 2024 and 2027 [2] Financial Forecasts - The company is expected to achieve revenues of RMB 451.4 billion, RMB 465.5 billion, and RMB 476.0 billion in 2024, 2025, and 2026, respectively [2] - Net profit is forecasted to be RMB 145.2 billion, RMB 148.9 billion, and RMB 153.0 billion for 2024, 2025, and 2026, respectively [2] - The company's EPS is expected to be RMB 3.05, RMB 3.13, and RMB 3.22 for 2024, 2025, and 2026, respectively [2] Valuation Metrics - The company's PE ratio is forecasted to be 5.2x, 5.1x, and 5.0x for 2024, 2025, and 2026, respectively [2] - The company's PB ratio is expected to be 1.2x, 1.1x, and 1.0x for 2024, 2025, and 2026, respectively [2] - The dividend yield is projected to be 8.3%, 8.5%, and 8.8% for 2024, 2025, and 2026, respectively [2]