Core Insights - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 770.97%, Hongye Futures (03678) at 252.57%, and Andeli Juice (02218) at 238.08% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -18.73%, Midea Group (00300) at 6.86%, and Heng Rui Medicine (01276) at 7.43% [1][2] - The companies with the highest deviation values are Beijing Machinery (00187) at 32.43%, Andeli Juice (02218) at 29.55%, and Fudan Zhangjiang (01349) at 29.44% [1][3] - The companies with the lowest deviation values are BYD (01211) at -84.97%, Longpan Technology (02465) at -62.46%, and GAC Group (02238) at -26.17% [1][3] AH Premium Rate Rankings - The top AH stocks by premium rate include: - Northeast Electric (00042): H-share at 0.310 HKD, A-share at 2.25 CNY, premium rate 770.97%, deviation -23.02% [2] - Hongye Futures (03678): H-share at 4.280 HKD, A-share at 12.6 CNY, premium rate 252.57%, deviation 25.11% [2] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [2] - The bottom AH stocks by premium rate include: - CATL (03750): H-share at 410.200 HKD, A-share at 278.3 CNY, premium rate -18.73%, deviation 1.21% [2] - Midea Group (00300): H-share at 81.500 HKD, A-share at 72.71 CNY, premium rate 6.86%, deviation -1.78% [2] - Heng Rui Medicine (01276): H-share at 72.500 HKD, A-share at 65.03 CNY, premium rate 7.43%, deviation 11.64% [2] Deviation Value Rankings - The top AH stocks by deviation value include: - Beijing Machinery (00187): H-share at 4.950 HKD, A-share at 13.24 CNY, premium rate 220.40%, deviation 32.43% [3] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [3] - Fudan Zhangjiang (01349): H-share at 3.590 HKD, A-share at 10.06 CNY, premium rate 235.65%, deviation 29.44% [3] - The bottom AH stocks by deviation value include: - BYD (01211): H-share at 115.100 HKD, A-share at 110.68 CNY, premium rate 15.18%, deviation -84.97% [3] - Longpan Technology (02465): H-share at 10.320 HKD, A-share at 14.37 CNY, premium rate 66.76%, deviation -62.46% [3] - GAC Group (02238): H-share at 3.690 HKD, A-share at 7.88 CNY, premium rate 155.83%, deviation -26.17% [3]

Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 743.75%, Hongye Futures (03678) at 241.98%, and Andeli Juice (02218) at 236.37% [1] - The bottom three companies with the lowest AH premium rates include Ningde Times (03750) at -16.43%, Heng Rui Medicine (01276) at 1.82%, and Midea Group (00300) at 4.90% [1] - The article provides a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, indicating significant disparities in market valuations between H-shares and A-shares [1][2] Group 2 - The deviation values for the top three companies are Andeli Juice (02218) at 32.29%, Jinli Permanent Magnet (06680) at 22.19%, and Beijing Machinery (00187) at 20.80% [1] - The companies with the lowest deviation values include BYD Company (01211) at -98.36%, Northeast Electric (00042) at -64.84%, and Longpan Technology (02465) at -51.92% [1][2] - The article emphasizes that the deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, providing insights into market trends [2]

Core Insights - The company reported a revenue of 37.05 billion RMB for the first half of 2025, a year-on-year increase of 0.6% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, reached 424 million RMB, marking a significant year-on-year growth of 68.8% [1] - The net cash flow from operating activities was 2.15 billion RMB, a substantial improvement from a negative 190 million RMB in the same period last year [1] Financial Performance - The company achieved a record high in new contracts signed, totaling 63.67 billion RMB, which is a 3.2% increase year-on-year [2] - The cash flow from operating activities reached 2.151 billion RMB, the highest level in a decade [2] - The gross margin improved from 8.03% to 8.44%, with all five major segments showing slight increases in gross margin [2] Project and Contract Updates - The company’s engineering construction segment saw the most significant revenue growth, with a year-on-year increase of 19.3% [2] - The company won a major pipeline project worth 3.6 billion RMB in July [2] - The company announced plans to use 1.82 billion RMB from surplus reserves to offset losses, bringing retained earnings to zero, which will enhance investor returns and support future dividends [1][2] Future Outlook - The company has shown consistent net profit growth for three consecutive years, with new contract values and cash flow reaching multi-year highs [3] - The projected earnings per share (EPS) for 2025-2027 are estimated at 0.05, 0.05, and 0.06 RMB respectively, indicating a positive outlook for the company [3]

Core Points - The stock price of PetroChina Oilfield Services (600871) increased by 1.97% to 2.07 CNY as of August 22, 2025, with a market capitalization of 39.241 billion CNY [1] - The number of shareholders decreased by 9,954 to 119,400, a reduction of 7.7%, while the average shareholding increased to 113,500 shares [2][5] - The company reported a main revenue of 37.051 billion CNY for the first half of 2025, a year-on-year increase of 0.62%, and a net profit attributable to shareholders of 4.92 billion CNY, up 8.95% [3] - The company decided not to distribute interim dividends for the first half of 2025 and will not increase capital from the capital reserve [4][5] Shareholder Changes - The number of shareholders decreased by 9,954, representing a reduction of 7.7% [2][5] - The average number of shares held per shareholder increased from 104,700 to 113,500 shares, with an average holding value of 226,900 CNY [2] Performance Disclosure - For the first half of 2025, the company reported a main revenue of 37.051 billion CNY, a year-on-year increase of 0.62% [3] - The net profit attributable to shareholders was 4.92 billion CNY, an increase of 8.95% year-on-year, while the non-recurring net profit rose by 68.76% to 4.24 billion CNY [3] - The second quarter of 2025 saw a main revenue of 19.2 billion CNY, a 4.99% increase year-on-year, with a net profit of 2.74 billion CNY, a slight decrease of 0.16% [3] Company Announcements - The board of directors resolved not to distribute interim dividends for the first half of 2025 and not to increase capital from the capital reserve [4][5] - The company plans to use 200.383 million CNY from surplus reserves and 1.620396 billion CNY from capital reserves to cover cumulative losses [4]

Group 1 - The State Intellectual Property Office of China has granted a patent for an "Online Calibration Device for Drilling Fluid Instruments" to Sinopec Petroleum Engineering Technology Service Co., Ltd., Sinopec Shengli Petroleum Engineering Co., Ltd., and Shandong Shenggong Testing Technology Co., Ltd. The patent was applied for on October 2021 [1] - Sinopec Petroleum Engineering Technology Service Co., Ltd. was established in 2012, located in Beijing, with a registered capital of 4 billion RMB. The company has participated in 31 bidding projects and holds 5,000 patent records [1] - Sinopec Shengli Petroleum Engineering Co., Ltd. was also established in 2012, located in Dongying, with a registered capital of 700 million RMB. The company has participated in 5,000 bidding projects and holds 2,741 patent records [1] Group 2 - Shandong Shenggong Testing Technology Co., Ltd. was established in 2014, located in Dongying, with a registered capital of 50 million RMB. The company has participated in 51 bidding projects and holds 37 patent records [2]

Group 1 - The Shanghai Composite Index rose by 1.04%, closing at 3766.21 points, while the Hang Seng Index increased by 0.17%, closing at 25165.94 points [1] - Sinopec Oilfield Service Corporation (SSC) has an A/H premium of 180.2%, ranking fifth among A/H shares [1] - SSC's A-shares closed at 2.06 yuan, with a gain of 1.48%, while its H-shares closed flat at 0.8 Hong Kong dollars [1] Group 2 - SSC is a major integrated oil and gas engineering and technical service company controlled by China Petroleum & Chemical Corporation, with over 60 years of operational experience [1] - The company was formed through the restructuring of various oilfield enterprises under China Petroleum & Chemical Corporation in June 2012 [1] - SSC was listed simultaneously in Shanghai and Hong Kong in 2014, with stock codes SH600871 and HK1033 [1]

Core Viewpoint - The company, Sinopec Oilfield Service Corporation, reported a mixed performance in its financial results for the first half of 2025, with a slight increase in revenue and a notable rise in net profit, while also announcing no interim dividends for the year [4][5][8]. Trading Information - As of August 19, 2025, the stock price closed at 2.03 yuan, with a turnover rate of 0.75% and a trading volume of 1.0167 million shares, resulting in a total transaction value of 207 million yuan [1]. - On the same day, the fund flow indicated a net outflow of 15.27 million yuan from main funds, accounting for 7.36% of the total transaction value, while retail investors saw a net inflow of 19.15 million yuan, representing 9.23% of the total [2][8]. Shareholder Changes - As of July 31, 2025, the number of shareholders decreased to 119,400, a reduction of 9,954 shareholders or 7.7% compared to June 30, 2025. The average number of shares held per shareholder increased from 104,700 to 113,500 shares [3][8]. Performance Highlights - For the first half of 2025, the company reported a main revenue of 37.051 billion yuan, a year-on-year increase of 0.62%. The net profit attributable to shareholders was 492 million yuan, up 8.95% year-on-year, while the net profit excluding non-recurring items reached 424 million yuan, marking a significant increase of 68.76% [4][8]. - In the second quarter of 2025, the main revenue was 19.2 billion yuan, reflecting a year-on-year growth of 4.99%. However, the net profit attributable to shareholders slightly decreased by 0.16% to 274 million yuan, while the net profit excluding non-recurring items surged by 77.53% to 205 million yuan [4]. Company Announcements - The board of directors decided not to distribute interim dividends for the first half of 2025 and will not conduct a capital reserve increase. The company plans to use 1.820779 billion yuan from its reserves to offset accumulated losses [5][9]. - The board also approved several resolutions, including the financial report for the first half of 2025 and the risk assessment reports for its subsidiaries [6][7].

Group 1 - The Shanghai Composite Index fell by 0.02% to close at 3727.29 points, while the Hang Seng Index decreased by 0.21% to 25122.9 points [1] - Sinopec Oilfield Service Corporation (SSC) has an AH premium of 175.67%, ranking fourth among AH shares [1] - SSC's A-shares closed at 2.03 yuan, remaining flat, while H-shares closed at 0.8 Hong Kong dollars, down by 1.23% [1] Group 2 - SSC is a major integrated oil and gas engineering and technical service company controlled by China Petroleum & Chemical Corporation (Sinopec Group), with over 60 years of operational experience [1] - The company was formed through the restructuring of various oilfield enterprises and has been listed in both Shanghai and Hong Kong since 2014 [1] - The stock codes for SSC are SH600871 for A-shares and HK1033 for H-shares [1]

Core Viewpoint - Sinopec Oilfield Service Corporation (石化油服) reported a stable performance in the first half of 2025, with slight growth in revenue and profit, while the outlook for the oil service industry remains positive due to ongoing demand for oil and gas [1][2]. Company Summary - In the first half of 2025, the company achieved operating revenue of 37.05 billion yuan, a year-on-year increase of 0.6% [1]. - The net profit attributable to shareholders was 4.92 billion yuan, reflecting a year-on-year growth of 9% [1]. - The total new contract value signed in the first half was 63.67 billion yuan, up 3.2% year-on-year [1]. - New contracts from Sinopec Group amounted to 34.37 billion yuan, increasing by 3.0% [1]. - New contracts from domestic external markets were 9.68 billion yuan, showing a significant decline of 42.7% [1]. - New contracts from overseas markets reached 19.62 billion yuan, marking a substantial increase of 71.8% [1]. - The company operates five major business segments: geophysics, drilling engineering, logging, downhole special operations, and engineering construction, covering the entire oil and gas industry chain from exploration to production [1]. Industry Summary - The oil service industry is expected to maintain a high level of prosperity in the second half of 2025 [2]. - Global economic recovery and stable growth in China's economy will support continued demand for oil and gas [2]. - Oil and gas are recognized as strategic energy resources, emphasizing the importance of strategic reserves and emergency support [2]. - Domestic oil companies are expected to continue implementing energy security strategies, maintaining stable capital expenditure for oil and gas exploration and development [2]. - The oil service market is projected to grow steadily due to increased efforts by oil companies to enhance oil and gas reserves and production [2].

Investment Rating - The report maintains an "Accumulate" rating for both A-shares and H-shares of the company, with current prices at 2.03 CNY and 0.81 HKD respectively [1]. Core Views - The company has shown significant improvement in performance for the first half of 2025, with total revenue reaching 37.05 billion CNY, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 490 million CNY, up 9.0% year-on-year [5][7]. - The company has set a new record for new contract signings, totaling 63.7 billion CNY in the first half of 2025, representing a 3.2% increase year-on-year, marking the highest level since the 13th Five-Year Plan [8][9]. - The company is actively expanding its high-end and diversified overseas markets, with overseas contract signings increasing by 71.8% year-on-year [8]. Summary by Sections Financial Performance - In 2025H1, the company achieved a gross profit margin of 8.44%, an increase of 0.41 percentage points year-on-year, and an annualized ROE of 10.97%, up 0.18 percentage points year-on-year [7]. - The company reported a net profit of 2.74 billion CNY in Q2 2025, with a year-on-year decrease of 0.16% but a quarter-on-quarter increase of 25.44% [5]. Contract Signings and Market Expansion - The company has set a target of over 95 billion CNY for new contract signings in 2025, with specific targets of 50 billion CNY from China Petroleum Group, 18 billion CNY from domestic external markets, and 27 billion CNY from overseas markets [9]. - The company is focusing on enhancing its engineering service capabilities and expanding into high-quality domestic and international markets [8]. Industry Outlook - The oil service industry is expected to benefit from stable development and increased upstream capital expenditure, with global upstream capital spending projected to recover and exceed 582.4 billion USD in 2025, a year-on-year increase of 5% [12]. - The implementation of new energy laws and plans in China is anticipated to drive high-quality exploration and development in the oil and gas sector, presenting significant opportunities for the company [12]. Profit Forecast and Valuation - The report has adjusted profit forecasts for 2025-2027, expecting net profits of 909 million CNY, 1.099 billion CNY, and 1.315 billion CNY respectively, with corresponding EPS of 0.05, 0.06, and 0.07 CNY per share [13].