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].

石化油服2025半年报 ...

重要内容提示： 证券简称：石化油服 证券代码：600871 编号：临2025-028 中石化石油工程技术服务股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 ? 公司共有6位董事亲自出席了会议。 ? 会议审议的所有议案均获得通过。 一、 董事会会议召开情况 中石化石油工程技术服务股份有限公司(以下简称"石化油服" 或"公司")于2025年8月4日以电邮方式发出召开公司第十一届董 事会第九次会议的通知，于2025年8月18日在中国北京市朝阳区朝阳 门北大街22号中国石化大厦2号楼2601会议室召开了第十一届董事 会第九次会议。公司现有7位董事，其中6位董事亲自出席了本次会 议。董事长吴柏志先生因公请假，委托董事张建阔先生出席会议并 行使权利。经半数以上董事共同推举，董事张建阔先生主持本次会 议。公司部分监事及高级管理人员列席了会议，本次会议召开符合 《中华人民共和国公司法》和《中石化石油工程技术服务股份有限 公司章程》（以下简称"《公司章程》"）的规定。 二、 董事会会议审议情况 与会董事经过认真审议和表决，通过了 ...

证券简称：石化油服 证券代码：600871 编号：临2025-029 一、 监事会会议召开情况 中石化石油工程技术服务股份有限公司 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中石化石油工程技术服务股份有限公司（以下简称"公司"、 "本 公司"或"石化油服"）于2025年8月9日以电邮方式发出召开公司第 十一届监事会第六次会议的通知，于2025年8月18日在中国北京市朝 阳区朝阳门北大街22号中国石化大厦2号楼2502会议室召开了第十一 届监事会第六次会议。会议由监事会主席王军先生主持，会议应到7 名监事，实际7名监事出席了会议。会议召开符合《中华人民共和国 公司法》和《中石化石油工程技术服务股份有限公司章程》（以下简 称"《公司章程》"）的规定。 二、 监事会会议审议情况 与会监事经过认真审议，通过了以下议案： （一）审议通过了《公司2025年半年度财务报告》（该项议案同 意票7票，反对票0票，弃权票0票） （二）审议通过了《公司2025年半年度报告和半年度报告摘要》 （该项议案同意票7票，反对票0票，弃权票0票） 中石 ...

Core Viewpoint - The company plans to use its capital reserves to offset accumulated losses, aiming to enhance cash dividends and improve investor returns while complying with relevant regulations [1][2][4] Group 1: Financial Situation - As of December 31, 2024, the company's accumulated undistributed profits amounted to -1.820779 billion yuan, with surplus reserves of 200.383 million yuan [2][3] - The company intends to utilize 200.383 million yuan from surplus reserves and 1.820779 billion yuan from capital reserves to offset the accumulated losses [2][3] Group 2: Reasons for Losses - The primary reasons for the accumulated losses include a cumulative loss of 1.445 billion yuan from the previous company before its listing in 2014 and consecutive losses during 2016-2017 due to a significant drop in oil prices and a downturn in the global oil service industry [3] Group 3: Impact of the Plan - Upon completion of the plan, the surplus reserves will be reduced to 0, capital reserves will decrease to 9.713704 billion yuan, and the accumulated undistributed profits will be brought to 0 [3] - This plan is expected to help the company meet the profit distribution conditions set by relevant laws and its articles of association, thereby enhancing investor return capabilities and supporting high-quality development [3]

Core Insights - The company reported a revenue of 37,050.751 million yuan for the first half of 2025, reflecting a year-on-year growth of 0.6% [2] - The net profit attributable to shareholders of the listed company was 423.9 million yuan, showing a significant year-on-year increase of 68.8% [2] Financial Performance - Revenue for the first half of 2025: 37,050.751 million yuan, up 0.6% year-on-year [2] - Net profit for the same period: 423.9 million yuan, up 68.8% year-on-year [2]