中信证券股份有限公司 关于中国海洋石油有限公司 2025 年度募集资金存放、管理与实际使用情况的专项核查报告 中信证券股份有限公司（以下简称"保荐人"或"中信证券"）作为中国海洋石 油有限公司（以下简称"中国海油"或"公司"）首次公开发行股票并上市的保荐机 构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则（2025 年 4 月修订）》《上市公司募集资金监管规则》《上海证券交易所上市公司自律 监管指引第 11 号——持续督导》等有关规定，就中国海油 2025 年度募集资金的 存放、管理与使用情况进行了核查，具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账情况 经中国证券监督管理委员会《关于核准中国海洋石油有限公司首次公开发行 股票的批复》（证监许可〔2022〕632 号）的核准，中国海油首次公开发行人民 币普通股（A 股）股票 299,000 万股（含行使超额配售选择权所发新股），发行 价格人民币 10.80 元/股，本次发行最终募集资金总额为人民币 3,229,200.00 万元， 扣除发行费用后的募集资金净额为人民币 3,209,908.67 万元。上述款项已分别于 ...

公司代码 ：600938 公司简称 ：中国海油 中国海洋石油有限公司 2025年年度报告 重要提示 中国海洋石油有限公司（以下简称"本公司"、"公司"或"中国海油"）董事会及董事、高级 管理人员保证年度报告内容的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏，并承担个别和连带的法律责任。 本年度报告已经本公司2026年第二次董事会审议通过。 本公司分别按中国企业会计准则及国际／香港财务报告会计准则编制财务报告，并已分 别经安永华明会计师事务所（特殊普通合伙）及安永会计师事务所审计且出具了标准无保 留意见的审计报告。公司副董事长、首席执行官及总裁黄永章先生，高级副总裁、首席 财务官穆秀平女士，财务部总经理王宇凡女士声明 ：保证年度报告中财务报告的真实、 准确、完整。 经统筹考虑本公司未来收益、资本要求、财务状况、未来前景、现金流量等因素，董事 会建议向全体股东派发2025年末期股息每股0.55港元（含税），连同已派发的中期股息每 股0.73港元（含税），2025年度末期股息及中期股息合计每股1.28港元（含税）。如在本年度 报告日起至实施2025年末期股息的股权登记日，本公司已发行股份总数发生变动，本 ...

EF001 免責聲明 | 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 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國海洋石油有限公司 | | 股份代號 | 00883 | | 多櫃檯股份代號及貨幣 | 80883 RMB | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度末期股息 | | 公告日期 | 2026年3月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.55 HKD | | 股東批准日期 | 有待公佈 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.55 HKD | | 匯率 | 1 HKD ...

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。 CNOOC Limited （中國海洋石油有限公司） （股票代號：00883（港幣櫃台）及80883（人民幣櫃台）） （根據公司條例在香港註冊成立的有限責任公司） 二零二五年度業績公告 董事長致辭 尊敬的各位股東： 歲序常新，篤行致遠。回望二零二五年，世界之變、時代之變、歷史之變以前所未有的方式展 開，不確定因素顯著增多。面對嚴峻複雜的外部形勢與國際油價震蕩下行壓力，中國海油堅持 穩中求進，以實幹進取的姿態抓增儲上產，以只爭朝夕的精神抓創新發展，以時時放心不下的 責任感抓安全環保，以務實有效的舉措抓降本增效，圓滿完成年度目標任務。 資源儲備，是行穩致遠的核心根基。二零二五年，公司堅守價值勘探主線，勘探成果豐碩， 油氣儲量再創新高，首次榮獲「全球最佳國家石油公司勘探企業」稱號。我們以尋找大中型油氣 田為核心目標，在淺層岩性等領域勘探獲得重大突破，於國內外相繼探獲和成功評價多個油氣 田，並成功獲取多個勘探區 ...

Group 1 - The oil and gas extraction sector is expected to see Brent crude oil prices range between $80 and $150 per barrel in 2026, driven by geopolitical tensions and supply constraints, particularly due to the blockage of the Strait of Hormuz, which limits nearly 20 million barrels per day of oil and product exports [3][9][22] - Global GDP growth is projected at approximately 3.3% in 2026, with a demand increase for oil, although at a slower pace, leading to an estimated daily supply-demand gap of about 7.4 million barrels under stable demand conditions [3][9][63] - The geopolitical situation has significantly impacted oil supply, with the IEA releasing 400 million barrels from strategic reserves to mitigate the supply shortfall, although this is not expected to fully compensate for the losses [34][63] Group 2 - The refining sector is facing increased cost pressures due to supply chain disruptions, leading to a reduction in operational capacity for many refineries, particularly smaller ones, while larger domestic refineries may benefit from stable or diversified procurement channels [4][29] - The domestic refining capacity is nearing its limit, with a cap of 1 billion tons, which is expected to support a recovery in the sector's profitability as global energy disruptions accelerate the exit of less competitive overseas capacities [4][29] Group 3 - The polyester industry is anticipated to experience a slowdown in capital expenditure growth, with a focus on achieving balance under high oil prices in 2026, as major capital projects conclude and downstream demand stabilizes [5][62] - The production capacity for polyester bottle chips is nearing its peak, with limited new capacity expected in 2026, while the overall industry is expected to benefit from collaborative production cuts among leading companies [5][62] Group 4 - Investment recommendations highlight that companies in the oil sector, such as China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and others, are expected to benefit significantly from high oil prices [6] - The report suggests that downstream polyester companies, particularly those producing high-quality polyester filament and bottle-grade materials, are also positioned for potential growth as supply-demand dynamics tighten [6]

Group 1: Market Overview - Southbound funds traded approximately 165.56 billion HKD today, an increase of 21.8 billion from the previous day, accounting for 47.18% of the total turnover of the Hang Seng Index [1] - The Hong Kong stock market continued its rebound, with a net inflow of southbound funds amounting to 22.32 billion HKD, including a net inflow of about 14.23 billion HKD from the Shanghai-Hong Kong Stock Connect and approximately 8.09 billion HKD from the Shenzhen-Hong Kong Stock Connect [1] Group 2: ETF Activity - After a significant outflow the previous day, funds reversed to buy three major ETFs: the Tracker Fund of Hong Kong (02800.HK) received 11.38 billion HKD, the Southern China Technology ETF (03033.HK) received 3.40 billion HKD, and the Hang Seng China Enterprises Index ETF (02828.HK) received 1.32 billion HKD [1] Group 3: Individual Stock Performance - Pop Mart (09992.HK) saw a net buy of 2.31 billion HKD despite a drop of 22.51% today, with funds increasing their holdings by 3.07 million shares over the past five days [4] - Meituan-W (03690.HK) experienced a net buy of 1.72 billion HKD, with a price increase of 13.92%, although funds reduced their holdings by 1.04 million shares in the last five days [9] - Alibaba-W (09988.HK) had a net buy of 1.51 billion HKD, with a price increase of 4.63% and an increase in holdings by 4.34 million shares over the past five days [9] - Xiaomi Group-W (01810.HK) saw a net buy of 0.97 billion HKD, with a slight decrease of 0.49% today and an increase in holdings by 7.27 million shares over the past five days [5] Group 4: Notable Outflows - China National Offshore Oil Corporation (00883.HK) experienced a significant net outflow of 1.06 billion HKD, with a price drop of 3.19% and a decrease in holdings by 1.78 million shares over the past five days [3][6] - Tencent Holdings (0700.HK) had a net outflow of 0.62 billion HKD, with a price drop of 1.65% and a decrease in holdings by 0.86 million shares over the past five days [3][7]

Core Insights - The main focus of the news is the significant inflow of capital into various stocks, highlighting the top 20 stocks by capital inflow as of March 23, with notable performances in sectors such as automotive, power equipment, and coal [1][2][3] Group 1: Stock Performance - BYD saw a capital inflow of 1.731 billion, with a price increase of 5.47% [2] - GCL-Poly Energy experienced a capital inflow of 1.426 billion, with a price increase of 7.64% [2] - Shunhao Co. reported a capital inflow of 1.018 billion, with a price increase of 9.97% [2] - Jinfat Technology had a capital inflow of 711 million, with a price increase of 10.02% [2] - Wolong Electric Drive received a capital inflow of 710 million, with a price increase of 8.04% [2] Group 2: Sector Analysis - The automotive sector, represented by BYD and Haima Automobile, showed strong capital inflows, indicating investor confidence [1][2] - The power equipment sector, including GCL-Poly Energy and Wolong Electric Drive, also attracted significant capital, reflecting growth potential [1][2] - The coal sector, represented by Shanxi Coal and China Shenhua, displayed mixed performance with varying capital inflows and stock price changes [1][3]

Core Viewpoint - CNOOC Limited has appointed Huang Yongzhang as the new Chief Executive Officer, indicating a significant leadership transition as the company navigates a complex global energy landscape [1] Group 1: Leadership Transition - Huang Yongzhang will also serve as Vice Chairman, Executive Director, President, and a member of the Strategy and Sustainability Committee, consolidating substantial operational and strategic authority [1] - Huang has decades of experience in China's state-owned energy sector, including key roles in China National Petroleum Corporation (CNPC) and PetroChina [2] - His recent position as Vice President of CNPC and Chief Safety Officer until September 2025 highlights his extensive background in the industry [3] Group 2: Succession and Strategy - Huang has been Director and General Manager of China National Offshore Oil Corporation since September 2025, making him a natural successor within the leadership pipeline [4] - The appointment reflects continuity in Beijing's management approach of national oil companies, with leadership often rotating among CNPC, PetroChina, and CNOOC [4] Group 3: Industry Context - Huang's experience in international upstream operations and safety oversight is crucial as Chinese oil majors balance production growth with stricter environmental and governance standards [5] - CNOOC is expanding its offshore portfolio while facing volatile oil prices and global competition, remaining a cornerstone of China's energy security strategy [6] - Investors closely monitor leadership changes in state energy giants as indicators of policy direction, with recent emphasis on operational efficiency and technological advancement [7] Group 4: Market Position - CNOOC has traditionally focused more on upstream activities compared to its peers, benefiting from higher oil prices and lower exposure to refining margins [8] - The company faces increasing pressure to align with China's long-term decarbonization goals while sustaining production growth [8]

Investment Rating - The report rates the chemical industry as "Outperforming the Market" [1] Core Views - International oil prices have risen, impacting the prices of methanol and methionine due to ongoing geopolitical conflicts affecting oil and some petrochemical product supplies and transportation [1] - The current P/E ratio for the SW basic chemical sector is 28.03, at the 81.52 percentile historically, while the P/B ratio is 2.53, at the 70.98 percentile historically [1] - The report anticipates that the current round of industry expansion is nearing its end, with measures like "anti-involution" expected to catalyze a recovery in industry profits [1] - The new materials sector is expected to benefit from rapid downstream demand growth, potentially initiating a new phase of high growth [1] Summary by Sections Industry Dynamics - As of March 22, 2026, the SW petrochemical sector's P/E ratio is 16.74, at the 50.60 percentile historically, and the P/B ratio is 1.62, at the 55.15 percentile historically [1] - The report highlights the need to focus on large energy state-owned enterprises, leading companies in coal chemical with stable and relatively low-cost raw material supply, and leading fine chemical companies with favorable supply-demand dynamics [1] Investment Recommendations - Short-term focus on large energy state-owned enterprises, coal chemical leaders, and fine chemical leaders with good cost transmission [1] - Long-term investment themes include traditional chemical leaders showing resilience, continuous improvement in supply-demand dynamics in sub-sectors like refining, polyester, dyes, organic silicon, pesticides, refrigerants, and phosphorous chemicals [1] - Recommended stocks include China Petroleum, China National Offshore Oil Corporation, China Petrochemical, Hengli Petrochemical, and others [1] Price Trends - For the week of March 16-22, 2026, 60 out of 100 tracked chemical products saw price increases, with notable rises in vitamin A, ethylene, naphtha, TDI, and methionine [28] - Methanol prices increased to 2,432 RMB/ton, up 7.04% week-on-week and 27.93% month-on-month [30] - Methionine prices rose to 39.5 RMB/kg, up 25.4% week-on-week and 111.23% month-on-month [31]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical industry [5] Core Insights - The ongoing US-Iran conflict poses significant challenges to the supply chain of key petrochemical raw materials, with the closure of the Strait of Hormuz severely impacting oil supply and prices [1][9] - Approximately 48% of China's crude oil imports, 70% of methanol imports, 50% of LPG imports, and 40% of naphtha imports are sourced from the Middle East, indicating a critical dependency on this region [1][9] - The report emphasizes the importance of state-owned enterprises (SOEs) in ensuring energy security and material supply, supported by national strategies to enhance core competitiveness and resource allocation [2][10] Summary by Sections Section 1: Energy Security and Supply Chain - The report highlights the role of SOEs in maintaining energy supply chains amid geopolitical tensions, with a focus on enhancing domestic production capabilities and strategic reserves [2][10] - The "Three Oil Giants" (China National Petroleum Corporation, China Petroleum & Chemical Corporation, and China National Offshore Oil Corporation) are identified as key players in increasing domestic oil and gas production [11] Section 2: Agricultural and Chemical Security - The report underscores the strategic importance of food security, particularly in the fertilizer sector, with policies aimed at stabilizing prices and ensuring supply [12] - Fertilizer companies with stable raw material supply are expected to benefit from favorable market conditions due to government support [12] Section 3: Defense Materials - SOEs are positioned to strengthen the supply of defense materials, with companies like Hohhot Technology and Huajin Corporation playing pivotal roles in ensuring resource stability for national defense [13] Section 4: Technological Advancements - The report discusses breakthroughs in material technology by petrochemical SOEs, which are crucial for reducing dependency on imports and supporting emerging industries [14] - Initiatives like the "New Materials Acceleration Project" by China Petroleum aim to enhance domestic production capabilities in strategic materials [14]