格隆汇8月27日丨中国海油(600938.SH)公布2025年上半年业绩，公司上半年油气净产量达到3.85亿桶油 当量，同比增长6%，上半年实现营业收入2076.08亿元，同比下降8%；实现归母净利润695.33亿元，同 比下降13%。董事会决定派发中期股息每股0.73港元。公司在上半年面对国际油价波动的挑战，通过科 技创新和绿色转型拓展发展空间，并在国内外油气勘探方面取得多项新发现。 ...

Performance Summary - China People's Insurance Group reported revenue of 324.12 billion yuan, a year-on-year increase of 10.87%, and a net profit of 26.67 billion yuan, up 13.98% [1] - China Life Insurance recorded revenue of 239.49 billion yuan, a 2.2% increase, with a net profit of 40.93 billion yuan, growing by 6.9% [1] - CNOOC's revenue was approximately 207.61 billion yuan, down 8.45%, with net profit around 69.5 billion yuan, a decrease of 13% [2] - Meituan's revenue reached 178.40 billion yuan, up 14.7%, but adjusted net profit fell by 41% to 12.44 billion yuan [3] - CITIC Bank's revenue was 105.43 billion yuan, down 2.96%, while net profit increased by 2.8% to 36.48 billion yuan [3] - Fosun International's revenue decreased by 10.8% to 87.28 billion yuan, with net profit down 8.2% to 0.66 billion yuan [3] - New Hope Energy reported revenue of 55.67 billion yuan, a 2% increase, but net profit decreased by 5.6% to 2.43 billion yuan [4] - China Cinda's revenue was 34.36 billion yuan, down 2%, while net profit increased by 5.8% to 2.28 billion yuan [5] - China Orient Group's revenue decreased by 12% to 19.86 billion yuan, but net profit surged by 116% to 0.20 billion yuan [6] - Shimao Group's revenue fell by 49% to 14.80 billion yuan, with a net loss of 8.93 billion yuan, narrowing by 61% [7] - Chongqing Steel's revenue was approximately 13.08 billion yuan, down 13.26%, with a net loss of 0.13 billion yuan, narrowing by 81% [8] - United Group's revenue increased by 197.3% to 12.08 billion yuan, with a net profit of 1.69 billion yuan, reversing from a loss of 0.21 billion yuan [9] - Chow Sang Sang's revenue decreased by 2.5% to 11.04 billion yuan, while net profit increased by 71.4% to 0.90 billion yuan [10] - Tianhong International's revenue was 11.03 billion yuan, down 1.86%, with net profit rising by 53.33% to 0.42 billion yuan [11] - Meidong Automotive's revenue fell by 4.9% to 10.14 billion yuan, with a net loss of approximately 0.82 billion yuan, expanding by about 29 times [12] - Jian Sha Tsui's revenue was 8.24 billion yuan, down 6.6%, with net profit of 2.33 billion yuan, a decrease of 7.06% [13] - Sino Land's revenue decreased by 6.64% to 8.18 billion yuan, with net profit down 8.7% to 4.02 billion yuan [14] - Xinyi International's revenue was 8.10 billion yuan, down 5.7%, with net profit of 0.14 billion yuan, a decrease of 19.22% [15] - Fuyao Glass reported revenue of approximately 7.74 billion yuan, down 27.7%, with net profit of approximately 0.26 billion yuan, a decrease of 82.6% [16] - Tianjin Port Development's revenue increased by 3% to 6.95 billion yuan, while net profit decreased by 17.3% to 0.35 billion yuan [17] - Guotai Junan International's revenue was approximately 2.83 billion yuan, up 30%, with net profit of approximately 0.55 billion yuan, a growth of 182% [21] - IGG's revenue decreased by 0.5% to 2.72 billion yuan, with net profit down 2.85% to 0.32 billion yuan [22] - China Aircraft Leasing's revenue was 2.40 billion yuan, down 4.86%, while net profit increased by 6.66% to 0.14 billion yuan [22] - China Orient Education's revenue increased by 10.2% to 2.19 billion yuan, with net profit rising by 48.4% to 0.40 billion yuan [23] Corporate News - China Shengmu signed a new procurement framework agreement with Yiyingmei Dairy for milk powder [24] - Rongchang Bio's clinical trial for Taitasip in treating IgA nephropathy reached its primary endpoint in Phase III [24] - China Huaxing's Bagua City project is expected to start construction in October, with completion by the end of 2026 [24] Buyback Activities - Tencent Holdings repurchased 909,000 shares for 550 million HKD at prices between 596-614.5 HKD [24] - HSBC repurchased 1.5472 million shares for approximately 156 million HKD at prices between 100.2-101.5 HKD [24] - Hang Seng Bank repurchased 210,000 shares for approximately 23.49 million HKD at prices between 111.5-112.2 HKD [24] - MGM China repurchased 1 million shares for approximately 16.02 million HKD at prices between 15.92-16.13 HKD [24]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) demonstrated strong resilience in the first half of 2025, achieving a net profit of 69.5 billion yuan despite a 15.1% decline in Brent crude oil prices, showcasing its ability to maintain stable development amid cyclical challenges [1][4]. Group 1: Performance Metrics - Total operating revenue reached 207.608 billion yuan, with a net profit attributable to the parent company of 69.5 billion yuan, reflecting a 13% decrease year-on-year [1]. - Oil and gas net production hit 384.6 million barrels of oil equivalent, marking a 6% increase year-on-year, with significant contributions from both domestic and international production [2]. - Natural gas production rose to 14.64 billion cubic meters, a substantial 12% increase compared to the previous year, outperforming industry averages [3]. Group 2: Strategic Initiatives - CNOOC's strategy focuses on stabilizing mature oil fields, accelerating new oil field development, expanding low-permeability oil, and enhancing natural gas production, which has led to record production levels [2]. - The company has made significant advancements in exploration, with five new discoveries and successful evaluations of 18 oil and gas structures, expanding its international resource base [5]. - CNOOC plans to invest between 125 billion to 135 billion yuan in capital expenditures for 2025, ensuring robust support for production targets and sustainable development [5]. Group 3: Cost Management and Innovation - The average cost per barrel of oil equivalent remained competitive at 26.94 USD, slightly lower than the previous year, underpinning the company's profitability [3]. - CNOOC employs a cost-leading strategy, integrating lifecycle management and benchmarking against top international firms to maximize efficiency [3]. - Technological innovations, such as advanced geophysical techniques and smart injection technologies, have significantly improved resource utilization and reduced extraction costs [6]. Group 4: Long-term Growth and Investment Value - CNOOC's dual focus on production growth and lean cost control breaks the traditional reliance on oil prices for profitability, achieving a net profit decline smaller than the oil price drop [4]. - The company is committed to enhancing shareholder returns, with a dividend payout ratio set to exceed 45% from 2025 to 2027, and plans to distribute an interim dividend of 0.73 HKD per share [8]. - Institutional recognition of CNOOC's growth potential is increasing, with analysts highlighting its ability to navigate oil price cycles and its strong cost control capabilities [9].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a resilient performance in the first half of 2025, achieving a total revenue of 207.6 billion yuan and a net profit attributable to the parent company of 69.5 billion yuan, despite a 15.1% decline in Brent crude oil prices [2][5] Group 1: Performance Metrics - The company achieved a net oil and gas production of 384.6 million barrels of oil equivalent, a year-on-year increase of 6% [3][5] - Natural gas production reached 14.64 billion cubic meters, reflecting a significant year-on-year growth of 12% [4][5] - The cost per barrel of oil equivalent remained competitive at $26.94, slightly lower than the previous year [4][5] Group 2: Strategic Initiatives - CNOOC's strategy focuses on stabilizing mature oil fields, accelerating new oil field development, expanding low-permeability oil, and enhancing natural gas production [3][4] - The company successfully launched key projects such as the Bohai Zhong 26-6 oil field and the Wenchang 9-7 oil field, contributing to production growth [3][4] - CNOOC is actively pursuing technological innovation to enhance resource utilization efficiency and reduce costs [4][7] Group 3: Long-term Growth and Investment Value - CNOOC's long-term strategy emphasizes resource expansion, technological innovation, and green development, with a planned capital expenditure of 125 to 135 billion yuan for 2025 [6][9] - The company aims to increase its dividend payout ratio to no less than 45% from 2025 to 2027, enhancing shareholder returns [9][10] - CNOOC is well-positioned to benefit from rising global energy security demands while exploring new growth areas through strategic innovation [10][11]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a net oil and gas production of 384.6 million barrels in the first half of the year, representing a year-on-year increase of 6% [1] Financial Performance - Revenue for the first half of the year was 207.61 billion yuan, showing a year-on-year decline of 8.4% [1] - IFRS net profit for the first half was 69.5 billion yuan, which is a year-on-year decrease of 13% [1]

Summary of Key Points Core Viewpoint - The report provides an overview of the fundraising activities and the management of the raised funds by China National Offshore Oil Corporation (CNOOC), detailing the total amount raised, its allocation, and the current status of the funds as of June 30, 2025 [1]. Fundraising Overview - The total amount raised from the initial public offering (IPO) was RMB 3,229,200,000, with a net amount of RMB 3,209,908,670 after deducting issuance costs [1]. - The funds were fully received by May 23, 2022, and have been deposited in designated bank accounts [1]. Fund Management and Storage - CNOOC has established a dedicated fund management policy to ensure the safety and effective use of the raised funds, complying with relevant regulations [1]. - The company has set up special accounts for the raised funds at various banks, including agreements for three-party and four-party supervision to ensure proper management [1]. Fund Utilization - As of June 30, 2025, the balance in the fundraising account was RMB 244,048,530 [1]. - The report includes a detailed table of the actual use of the raised funds, indicating that a total of RMB 3,032,338,210 has been utilized for various projects [4]. Project Investment Status - Specific projects funded include the Payara oilfield development, which has reached its investment limit by December 2023, and is expected to achieve peak production by February 2024 [4]. - The report indicates that all projects funded by the raised capital are progressing towards their intended operational status [4]. Compliance and Reporting - CNOOC has ensured timely and accurate disclosure of fundraising information, with no violations reported regarding the use of the raised funds [2][4]. - The company has not engaged in using idle funds for temporary liquidity or cash management investments during the reporting period [4].

Group 1 - The company will hold a half-year performance briefing for 2025 on September 5, 2025, from 16:00 to 17:00 [1][2] - The briefing will be conducted in an interactive online format, allowing investors to engage and ask questions [2] - The company plans to release its 2025 half-year report on August 27, 2025, after market close [1] Group 2 - Participants in the briefing will include the Vice Chairman and CEO, President, independent non-executive directors, CFO, and the Secretary of the Board [2] - Investors can submit questions from August 29, 2025, to September 4, 2025, before 16:00 through the designated website or via email [2] - After the briefing, investors can access the main content and details of the event on the company's website and the Shanghai Stock Exchange Roadshow Center [3]

宗旨 中国海洋石油有限公司 审核委员会章程 1. 审核委员会（"审核委员会"）的宗旨是协助中国海洋石油有限公司（"公 司"）董事会（"董事会"）履行其有关公司财务报表的完整性、负责公司年 度审计的外部审计师（"外部审计师"）的独立性、资质与表现、遵守法律法 规要求、持续监察公司的风险管理及内部监控系统以及内部审计功能等职责， 并编制审核委员会报告以并入《香港联合交易所有限公司证券上市规则》 （"《香港联交所上市规则》"）与《上海证券交易所股票上市规则》可能要求 的报告（如需要）。审核委员会也负责履行若干与企业管治有关的职责和职 能。 组织结构 2. 审核委员会成员由董事会不时任命，由不少于三名非执行董事组成。审核委员 会大多数成员应为独立非执行董事，其应满足并保持香港联合交易所有限公司 （"香港联交所"）、上海证券交易所等公司股票上市地证券监督管理部门不 时对独立性与经验方面（如有）的要求；且应具有五年以上法律、经济（金 融）或者其他履行独立非执行董事职责所必需的工作经验；至少应有一名成员 是董事会认为的符合相关法律、法规及规范性文件规定的具有会计或相关财务 管理专业知识的人员。 董事会应任命审核委员会中一名 ...

Group 1 - The Hong Kong stock market has shown strong performance this year, with the Hang Seng Index rising over 28%, leading major global indices and reaching a nearly four-year high [1] - Foreign capital is rapidly increasing its allocation to Chinese assets, with emerging market funds reducing their holdings in Indian stocks and increasing their allocations to H-shares and A-shares [1][3] - In July, foreign funds saw a significant inflow into Chinese stocks, increasing from $1.2 billion in June to $2.7 billion [1][3] Group 2 - Domestic investors are also increasing their investments in the Hong Kong stock market, with southbound capital net buying reaching a record high of HKD 35.876 billion on August 15 [1][5] - Southbound capital has become a core source of funds for the Hong Kong market, with cumulative net inflows exceeding HKD 970 billion this year [5] - The technology, new consumption, and innovative pharmaceutical sectors have attracted significant capital, with the Hong Kong Stock Connect innovative drug index rising over 58% in the past year [5][6] Group 3 - Analysts believe that the rise of the Hong Kong stock market is driven by both internal and external factors, including a weakening US dollar and a low interest rate environment in mainland China [3][4] - The "barbell strategy" is prevalent among institutional investors, focusing on both dividend-yielding assets and growth sectors like technology and innovative pharmaceuticals [8][9] - The potential for a preventive interest rate cut by the Federal Reserve could drive international capital towards emerging markets, including Hong Kong [11][12] Group 4 - The performance of the Hong Kong stock market is sensitive to changes in US monetary policy, with historical data showing varying impacts of rate cuts on market performance [11][12] - Current trends indicate that the technology sector in Hong Kong may maintain strong momentum, supported by favorable policies and market conditions [13]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, attributed to external pressures and fluctuating international oil prices, while maintaining a focus on increasing reserves and production through technological innovation and green transformation [7][13]. Financial Performance - Revenue for the first half of 2025 was RMB 207.6 billion, a decrease of 8% compared to RMB 226.8 billion in the same period last year [12]. - Total profit was RMB 94.7 billion, down 11% from RMB 105.8 billion year-on-year [12]. - Net profit attributable to shareholders was RMB 69.5 billion, reflecting a 13% decline from RMB 79.7 billion [12]. - The company declared an interim dividend of HKD 0.73 per share [2]. Operational Highlights - The company achieved a net production of 384.6 million barrels of oil equivalent, an increase of 6.1% year-on-year, with significant growth in natural gas production by 12% [13]. - New oil and gas discoveries were made in Chinese waters, including five new finds, enhancing the company's exploration portfolio [7][13]. - The company successfully launched several major projects, including the Buzios 7 and Mero 4 projects in Brazil, contributing to production growth [7][13]. Technological and Environmental Initiatives - The company emphasized technological innovation, achieving breakthroughs in geophysical exploration and enhancing production efficiency through smart technologies [8][14]. - Efforts in green transformation included the implementation of the first offshore CCUS project in China and the promotion of clean energy initiatives [8][15]. Strategic Outlook - The company aims to maintain strategic focus and confidence in achieving annual targets despite external challenges, with plans to enhance shareholder returns and continue building a world-class energy company [9][13].