香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 （根據公司條例在香港註冊成立的有限責任公司） （股票代號：00883（港幣櫃台）及 80883（人民幣櫃台）） 續訂二零二六年至二零二八年的持續關連交易 續訂二零二六年至二零二八年的持續關連交易 茲提述有關本集團與中國海油集團公司及╱或其聯繫人之間持續關連交易的二零二二年通 函。獨立股東已於二零二二年股東特別大會上批准本集團與中國海油集團公司及╱或其聯 繫人之間的非豁免持續關連交易及二零二三年至二零二五年相關年度上限。 本公司預期於二零二五年十二月三十一日之後繼續進行持續關連交易，因此將根據上市規則 及上交所相關規則就未來三年（即二零二六年一月一日至二零二八年十二月三十一日）的持 續關連交易遵守上市規則第 14A 章的規定及上交所相關規則，包括於本公告披露其信息及就 非豁免持續關連交易（包括相關建議上限）尋求獨立股東的批准。 獨立股東的批准 由於中國海油集團公司為本公司的實際控制人，其於本公告日期直接及 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分 內容而産生或因依賴該等內容而引致的任何損失承擔任何責任。 由於新框架協議項下的存款服務及以本集團資產作為抵押的貸款服務（「抵押貸款服 務」）的適用百分比率（定義見上市規則）分別低於 5%但高於 0.1%，故新框架協議 項下的存款服務及抵押貸款服務須分別遵守上市規則第 14A 章的申報、年度審核及公 告之規定，但獲豁免遵守獨立股東批准之規定。如抵押貸款服務的貸款額度或抵押資 產額度出現任何變化，本公司將重新計算百分比率並根據百分比率重新遵守上市規則 第 14A 章之規定（如適用）。 除存款服務及抵押貸款服務外，新框架協議項下所有其他持續關連交易將獲豁免遵守 上市規則下關於申報、年度審核、公告及獨立股東批准之規定。但由於根據上交所相 關規則，新框架協議項下的所有持續關連交易均需進行披露，本公司在本公告中包括 了新框架協議項下的所有持續關連交易的有關詳情。 1 訂立新框架協議 （根據公司條例在香港註冊成立的有限責任公司） (股票代號: 00883（港幣櫃台）及 80 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) is experiencing stable cash flow from its natural gas business despite a decline in overall revenue and profit due to falling international oil prices [1][2]. Financial Performance - For the first three quarters, CNOOC reported a revenue decline of 4.1% year-on-year to 312.5 billion yuan and a net profit drop of 12.6% to 101.97 billion yuan [1]. - In Q3, revenue increased by 5.7% year-on-year to 104.89 billion yuan, while net profit decreased by 12.2% to 32.44 billion yuan [1]. - The average price of Brent crude oil fell by 14.6% to $69.91 per barrel, impacting CNOOC's oil liquid average selling price, which dropped by 13.6% to $68.92 per barrel [1]. Production and Cost Management - CNOOC's oil and gas net production increased by 6.7% year-on-year to 578.3 million barrels of oil equivalent, aided by contributions from domestic and international projects [2]. - The company successfully managed its costs, with the cost per barrel decreasing by 2.8% to $27.35 [2]. - Natural gas production reached 777.5 billion cubic feet, a nearly 12% increase, significantly outpacing the overall production growth [2]. Natural Gas Business - The average selling price of natural gas rose by 1% to $7.86 per thousand cubic feet, leading to a 15.2% increase in natural gas sales revenue to 41.53 billion yuan [2]. - CNOOC emphasizes the importance of its natural gas business due to its longer stable production periods, higher recovery rates, and lower operational costs compared to oil projects [2]. Market Outlook - The outlook for oil prices remains uncertain due to various factors, including international monetary policies and production policies from major oil-producing countries [3]. - CNOOC plans to maintain a focus on high-quality development and cost competitiveness to navigate through industry cycles [3]. - Several major international oil companies have initiated layoffs in response to the ongoing decline in oil prices, indicating broader industry challenges [3].

Core Insights - On October 30, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 6.451 billion, 5.219 billion, and 3.290 billion respectively [1][2] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) also ranked as the top three, with trading amounts of 4.611 billion, 3.820 billion, and 2.408 billion respectively [1][2] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong)** - Alibaba-W (09988): Trading amount of 6.451 billion, net buy of -0.386 billion - SMIC (00981): Trading amount of 5.219 billion, net buy of +0.563 billion - Tencent Holdings (00700): Trading amount of 3.290 billion, net buy of -0.310 billion - Meituan-W (03690): Trading amount of 3.203 billion, net buy of +0.535 billion - Xiaomi Group-W (01810): Trading amount of 3.070 billion, net buy of +0.456 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong)** - Alibaba-W (09988): Trading amount of 4.611 billion, net buy of +1.261 billion - SMIC (00981): Trading amount of 3.820 billion, net buy of -0.537 billion - Xiaomi Group-W (01810): Trading amount of 2.408 billion, net buy of -0.254 billion - Tencent Holdings (00700): Trading amount of 2.234 billion, net buy of +0.046 billion - Huahong Semiconductor (01347): Trading amount of 2.094 billion, net buy of +0.613 billion [2]

Financial Performance - The company reported a revenue of 312.503 billion yuan for the first three quarters of 2025, a year-on-year decrease of 4.1% [2][5] - The net profit attributable to shareholders was 101.971 billion yuan, down 12.6% year-on-year [2][5] - In Q3 alone, revenue increased by 5.7% year-on-year to 104.895 billion yuan, but net profit fell by 12.2% to 32.438 billion yuan [2][5] - The decline in profit is primarily attributed to a significant drop in international oil prices, with the average Brent crude oil futures price at 69.91 USD per barrel, down 14.6% year-on-year [5] - Operating cash flow remained strong at 171.749 billion yuan, despite a 6.0% year-on-year decline [5] Production and Business Highlights - The company's oil and gas net production increased by 6.7% year-on-year to 578.3 million barrels of oil equivalent [2][6] - Domestic production grew by 8.6% to 400.8 million barrels of oil equivalent, driven by new projects [6] - Natural gas production saw an 11.6% increase, with sales revenue rising by 15.2% year-on-year, providing a buffer against declining oil prices [6] Cost Control and Capital Expenditure - The average cost per barrel of oil decreased to 27.35 USD, down 2.8% year-on-year, indicating strong cost competitiveness [7] - Capital expenditure was 86.034 billion yuan, a reduction of 9.8% year-on-year, reflecting adjustments in project work [7] Strategic Developments - The company made five new discoveries and assessed 22 oil and gas structures in the first three quarters, enhancing its resource base [8] - A total of 14 new projects were launched, with significant contributions from key projects like "Deep Sea No. 1 Phase II" and "Bohai Zhong 19-2" [8] Asset and Liability Structure - Total assets reached 1.13 trillion yuan, a 6.6% increase from the beginning of the year, with cash reserves rising to 242.029 billion yuan [3][9] - The company has a low short-term debt pressure, with a debt-to-asset ratio of approximately 30% [9] Future Outlook - The company's performance is highly sensitive to international oil price fluctuations, with potential profit recovery linked to oil price increases [10][11] - The expansion of the natural gas business and progress in overseas projects are expected to be key growth drivers [11][12] - Ongoing adjustments in capital expenditure and cost control will be critical for future performance [12][13]

Core Insights - The establishment of the Central Enterprise Strategic Emerging Industry Development Special Fund (referred to as "Central Enterprise Emerging Fund") aims to enhance investment in strategic emerging industries, with a total fundraising of 51 billion yuan [3][4] - The fund has a total duration of 15 years, including a 5-year investment period and an 8-year management exit period, with a possible 2-year extension [3][4] - The fund's primary investment focus includes artificial intelligence, high-end equipment, quantum technology, and future industries such as future energy, future information, and future manufacturing [3] Fund Structure and Contributions - The fund has 15 contributors, with China Reform Holdings Corporation Limited (China Reform) being the largest shareholder, contributing 15 billion yuan and holding a 29.4% stake [3] - Other contributors include state-owned enterprises such as China Mobile (6 billion yuan), Sinopec (5 billion yuan), and China National Offshore Oil Corporation (3 billion yuan), among others [3] - The total scale of various central enterprise venture capital funds established this year is approaching 100 billion yuan, focusing on technology attributes and emerging fields [4] Policy and Investment Strategy - The fund is part of a broader initiative to support the development of strategic emerging industries as mandated by the central government [4] - The investment strategy emphasizes early-stage, small-scale, long-term investments in hard technology, creating a new model of integration between industry and finance [4][6] - Recent policy measures aim to address concerns regarding state-owned capital's risk tolerance and investment willingness, establishing a lifecycle assessment mechanism for venture capital funds [7][8] Market Impact and Collaboration - State-owned capital is expected to stimulate market-oriented funds' investment enthusiasm, particularly in larger financing projects where state capital can lead the investment [8] - Central enterprises possess rich application scenarios for collaboration, as evidenced by recent procurement orders in the robotics sector [8]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported strong financial performance for the first three quarters of 2025, achieving revenue of 312.5 billion yuan and a net profit of 101.97 billion yuan, despite a challenging international oil price environment [2][3] Group 1: Financial Performance - CNOOC's oil and gas net production reached 57.83 million barrels of oil equivalent, a year-on-year increase of 6.7%, with natural gas business growing by 11.6% [3] - The company achieved oil and gas sales revenue of 255.48 billion yuan, with net profit of 101.97 billion yuan, outperforming the decline in Brent oil prices, which fell by 14.56% [3][4] - The average cost per barrel was maintained at 27.35 USD, reflecting the company's competitive advantage in cost management [4] Group 2: Growth and Development Strategy - CNOOC made five new discoveries and successfully evaluated 22 oil and gas structures in the exploration sector during the first three quarters [5] - The company launched 14 new projects, including significant oil and gas field developments, ensuring a stable production capacity both domestically and internationally [6] - CNOOC is actively transitioning towards green and low-carbon energy, developing offshore wind power and advancing CCUS technology [6] Group 3: Investment Potential - CNOOC's long-term growth logic has gained recognition from the capital market, with multiple brokerages optimistic about its operational resilience and growth potential [7] - The company has set ambitious production targets for 2025-2027, aiming for net production between 76-83 million barrels of oil equivalent, indicating a robust growth trajectory [7] - CNOOC's competitive advantages include strong cash flow generation, a stable dividend policy, and a favorable valuation outlook due to state-owned enterprise reforms [8]

Core Viewpoint - CNOOC Limited reported steady growth in production and reserves for the first three quarters of 2025, demonstrating resilience in profitability despite a decline in Brent oil prices [2][5]. Production and Reserves - In the first three quarters of 2025, CNOOC Limited achieved a net production of 578.3 million barrels of oil equivalent (BOE), marking a 6.7% year-on-year increase, with natural gas production rising by 11.6% [3]. - Domestic net production increased by 8.6% year-on-year to 400.8 million BOE, primarily due to contributions from Shenhai-1 Phase II and Bozhong 19-2 oil and gas fields [3]. - Overseas net production rose by 2.6% year-on-year to 177.4 million BOE, driven by projects such as Mero 3 in Brazil [3]. - In the third quarter alone, net production reached 193.7 million BOE, representing a year-on-year increase of 7.9% [3]. Exploration and Development - The company made 5 new discoveries and successfully appraised 22 oil and gas-bearing structures, including the Kenli 10-6 appraisal, which is expected to become a medium-sized oilfield [4]. - Fourteen new projects commenced production, including the Kenli 10-2 Oilfields Development Project (Phase I) and the Yellowtail Project in Guyana [4]. Financial Performance - CNOOC Limited's oil and gas sales revenue for the first three quarters of 2025 reached RMB255.48 billion, with a net profit attributable to equity shareholders of RMB101.97 billion [5]. - The all-in cost was US$27.35 per BOE, a decrease of 2.8% year-on-year, indicating effective cost control [5]. - Capital expenditures were approximately RMB86.0 billion, primarily due to lower workloads of projects under construction [5]. Management Commentary - The President of CNOOC Limited stated that the company advanced project construction in an orderly manner and maintained effective cost control measures, with a focus on achieving full-year operating objectives in the fourth quarter [6].

格隆汇10月30日丨中国海洋石油(00883.HK)发布公告，2025年前三季度，公司实现油气销售收入约人民 币2,554.8亿元，同比下降5.9% ，主要原因是实现油价下降。归属于母公司股东的净利润达人民币 1,019.7亿元，同比下降12.6%。前三季度，公司的平均实现油价为68.29美元╱桶，同比下降13.6%；平 均实现气价为7.86美元╱千立方英尺，同比上升1.0%。桶油主要成本管控良好，前三季度桶油主要成本 为27.35美元，同比下降2.8%。2025年前三季度，公司资本支出约人民币860亿元，同比减少9.8% ，主 要原因是在建项目工作量同比有所降低。本报告期内，公司健康安全环保表现平稳。 2025年前三季度，公司油气净产量达578.3百万桶油当量，同比上升6.7% ，其中天然气涨幅达11.6%。 中国净产量达400.8百万桶油当量，同比上升8.6% ，主要得益于深海一号二期和渤中19-2等油气田的产 量贡献；海外净产量177.4百万桶油当量，同比上升2.6% ，主要得益于巴西Mero3等项目带来的产量贡 献。第三季度，公司油气净产量达193.7百万桶油当量，同比上升7.9%。 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a decline in oil and gas sales revenue and net profit for the first three quarters of 2025, primarily due to falling oil prices [1] Financial Performance - Oil and gas sales revenue for the first three quarters reached approximately RMB 255.48 billion, a year-on-year decrease of 5.9% [1] - Net profit attributable to shareholders was RMB 101.97 billion, down 12.6% year-on-year [1] - The average realized oil price was $68.29 per barrel, a decrease of 13.6% year-on-year [1] - The average realized gas price was $7.86 per thousand cubic feet, an increase of 1.0% year-on-year [1] - Major cost control for barrel of oil was effective, with the main cost at $27.35 per barrel, down 2.8% year-on-year [1] Exploration and Development - The company made 5 new discoveries and successfully evaluated 22 oil and gas structures in the first three quarters [1] - In the third quarter, 4 oil and gas structures were successfully evaluated, including the successful evaluation of Kenli 10-6, which is expected to become a medium-sized oil field, and Lingshui 17-2, which showed significant integrated rolling reserve increase [1] - A total of 14 new projects were put into production in the first three quarters, with 4 new projects launched in the third quarter, including Kenli 10-2 oil field group development project (Phase I), Dongfang 1-1 gas field 13-3 area development project, Wenchang 16-2 oil field development project, and Guyana Yellowtail project [1]