Group 1 - Hong Kong oil stocks generally rose, with notable increases including Yanchang Petroleum up 2.5%, CNOOC up 1.6%, and PetroChina and China Oilfield Services both rising over 1% [1][1][1] - WTI crude oil for November delivery increased by $1.13, a rise of over 1.81%, closing at $63.41 per barrel, ending a four-day decline [1][1][1] - Investors are focused on the export outlook from the Iraqi Kurdistan region and the escalating threats to Russian supply [1][1][1] Group 2 - U.S. President Trump reiterated that the U.S. is prepared to impose strong tariffs on Russia, but these tariffs would only be effective in ending the Russia-Ukraine conflict if European countries stop purchasing Russian oil [1][1][1] - Chevron has halved its oil exports from Venezuela due to new regulations limiting cash payments [1][1][1]

Core Insights - CNOOC Services has successfully deployed its self-developed OPUS eight-probe water-based electrical imaging logging instrument in the East Ba oilfield in Iraq, marking its commercial application in overseas markets [2] Technology and Innovation - The OPUS instrument features innovative designs such as a flexible short-section structure, a new hydraulic push system, and a "one-arm dual-probe" configuration, which enhance image clarity, wellbore coverage, and adaptability to well conditions [2] - The integration of electrical imaging circuits and orientation short sections into a single module reduces the instrument's length, lowers transportation difficulties, and improves operational flexibility and safety during downhole operations [2] Operational Impact - The eight-probe high coverage technology allows for the acquisition of more detailed stratigraphic information, providing a comprehensive reflection of downhole structures and reservoir characteristics, thus offering high-precision logging solutions for overseas markets [2] - The successful operation of OPUS provides valuable data support for fracture identification, sedimentary structure analysis, pore structure and heterogeneity description, and fluid pathway identification in the region [2]

Core Viewpoint - Morgan Stanley reports that certain stocks in China's oil service and oil engineering sector have outperformed the industry average and Brent crude oil price increases over the past six months, driven by record new order volumes, stable backlog, strong delivery capabilities, and positive outlooks for capital expenditures from Chinese oil companies and new orders in overseas markets [1] Group 1: Company Recommendations - Sinopec Engineering (02386) is identified as the top pick in the industry, expected to achieve steady revenue and profit growth due to strong order growth momentum, with a projected dividend yield of 6% to 7%. The target price is raised from HKD 7.1 to HKD 8.4, maintaining an "Overweight" rating [1] - CNOOC Services (02883) is expected to see a 20% year-on-year profit growth in FY2025 due to improved capacity utilization and order terms, with the H-share target price adjusted down from HKD 11 to HKD 10.4, also rated "Overweight" [1] - Sinopec Oilfield Services (600871) (01033) and Offshore Oil Engineering (600583) (600583.SH) maintain "Overweight" ratings, with Sinopec Oilfield Services noted for effective cost control and improved shareholder returns. The target price for Sinopec Oilfield Services H-shares is raised from HKD 0.92 to HKD 1, while Offshore Oil Engineering's target price is increased from RMB 6.4 to RMB 7.1 [1]

Key Points - The top three stocks with net inflow of southbound funds are Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [1] - The top three stocks with net outflow of southbound funds are Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [1] - In terms of net inflow ratio, Yuexiu Transportation Infrastructure (01052) leads with 63.76%, followed by Crystal International (02232) with 56.34%, and China Resources Gas (01193) with 53.63% [1] - The stocks with the highest net outflow ratio include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [1] Net Inflow Rankings - The top ten stocks by net inflow include Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [2] - Other notable stocks in the net inflow list are Meituan-W (03690) with 0.670 billion and Southern Hang Seng Technology (03033) with 0.620 billion [2] Net Outflow Rankings - The top ten stocks by net outflow include Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [2] - Other significant stocks in the net outflow list are Li Auto-W (02015) with -0.298 billion and China Construction Bank (00939) with -0.254 billion [2] Net Inflow Ratio Rankings - The top three stocks by net inflow ratio are Yuexiu Transportation Infrastructure (01052) at 63.76%, Crystal International (02232) at 56.34%, and China Resources Gas (01193) at 53.63% [3] - Additional stocks with high net inflow ratios include China Ship Leasing (03877) at 49.13% and Jiangsu Ninghu Expressway at 45.49% [3] Net Outflow Ratio Rankings - The stocks with the highest net outflow ratios include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [3] - Other notable stocks with significant net outflow ratios are Kangji Medical (09997) at -53.77% and QiuTai Technology (01478) at -47.17% [3]

Core Viewpoint - The oil and gas industry has achieved significant exploration breakthroughs, with domestic oil and gas reserves expected to increase, benefiting oil service companies as the country deepens its reserve and production strategies [4]. Group 1: Exploration and Production Breakthroughs - The Ministry of Natural Resources announced major breakthroughs in energy mineral exploration, discovering 10 large oil fields and 19 large gas fields during the "14th Five-Year Plan" period [4]. - New oil and gas reserves have significantly increased, supporting stable oil production of 200 million tons and natural gas production exceeding 240 billion cubic meters [4]. - From 2019 to 2024, China's crude oil production is expected to grow at a CAGR of 2.2%, while natural gas production is projected to grow at a CAGR of 7.3% [4]. Group 2: Capital Expenditure Trends - Global upstream capital expenditure is projected to decline slightly to around $600 billion in 2025, a year-on-year decrease of 4%, with deepwater investments expected to drop by 6% [5]. - As of July 2025, the average day rate for jack-up rigs is $109,700, a 5.9% increase year-on-year, while semi-submersible rigs average $279,600, up 11.5% year-on-year, both at their highest levels since 2022 [5]. Group 3: Oil Service Companies' Performance - In the first half of 2025, major oil service companies benefited from the ongoing domestic "reserve and production increase" strategy and the gradual release of overseas business performance [6]. - CNOOC's oil service subsidiary reported a 23.3% year-on-year increase in net profit, while other companies like CNOOC Engineering and CNOOC Development saw net profit increases of 13.1% and a 27% rise in gross profit, respectively [6]. - The gross profit margins for CNOOC's oil service companies improved year-on-year, indicating a continuous enhancement in operational quality [6]. Group 4: International Competitiveness - In the first half of 2025, the gross profit margins of international oil service giants Schlumberger, Halliburton, and Baker Hughes decreased compared to their 2024 annual levels, while CNOOC's subsidiaries showed improvements [8]. - The annualized ROE for CNOOC's oil service companies remained resilient, with slight increases compared to 2024, indicating a potential enhancement in international competitiveness [8].

Core Viewpoint - CNOOC Services has initiated community welfare activities in the Buliisa region near the Tilenga oil field in Uganda, showcasing its commitment to local development alongside oil exploration efforts [1][4]. Group 1: Community Engagement - The company donated large outdoor sunshades, seating, and cleaning supplies to local medical institutions, providing shelter for patients waiting outdoors, which has been recognized by local government and the Uganda Petroleum Authority [3]. - A local health center representative expressed gratitude for the medical supplies, highlighting that CNOOC Services is not only focused on oil and gas resource development but also aims to bring tangible changes to the local community [5]. - The Uganda Petroleum Authority praised the company's actions as "close to people's lives and precise in policy," significantly improving local medical infrastructure and service quality [5]. Group 2: Technological Implementation - Since the beginning of 2023, CNOOC Services has deployed its self-developed high-end oil equipment, the "Xuanji" rotary steering drilling system and the "Xuan Yue" logging system, in Uganda [2][3]. - The "Xuanji" system has completed 15 drilling operations in the Wucui Bird oil field, with a cumulative drilling depth of 48,000 meters and a total downhole operation time exceeding 5,600 hours [3]. - The "Xuan Yue" logging system has conducted logging operations on 40 wells in the Cui Bird and Tilenga oil fields, achieving a cumulative logging length of 30,000 meters and total downhole time exceeding 2,000 hours, marking a significant application of Chinese high-end oil and gas technology in Africa [3]. Group 3: Local Workforce Development - CNOOC Services has trained at least 800 oil industry workers in Uganda, emphasizing its commitment to community involvement and support for local infrastructure, education, and public health projects [5]. - The company representative stated that the recent donation reflects a long-term commitment to building and sharing with the community, especially as Uganda approaches the production of its first commercial oil [5].

2025 Interim Report 中期報告 2025 目錄 | 74 | 董事長致辭 | 103 | 中期簡明合併財務狀況表 | | --- | --- | --- | --- | | 77 | 管理層討論與分析 | 105 | 中期簡明合併權益變動表 | | 94 | 補充資料 | 106 | 中期簡明合併現金流量表 | | 100 | 獨立審閱報告 | 107 | 中期簡明合併財務資料附註 | | 101 | 中期簡明合併損益表 | 144 | 公司指引 | | 102 | 中期簡明合併綜合收益表 | | | 公司概覽 中海油田服務股份有限公司（以下簡稱「公司」，「集團」或「中海油服」）在香港聯合交易所（香港股票代碼：2883）和 上海證券交易所（上海股票代碼：601808）上市，是全球最具規模的綜合型油田服務供應商之一，服務貫穿石油及 天然氣勘探、開發及生產的各個階段。 財務摘要 | | 2023年上半年 | 2024年上半年 | 2025年上半年 | | --- | --- | --- | --- | | | 人民幣百萬元 | 人民幣百萬元 | 人民幣百萬元 | | 營業收入 | 18,850 ...

2025 Interim Report 中期報告 2025 目錄 | 74 | 董事長致辭 | 103 | 中期簡明合併財務狀況表 | | --- | --- | --- | --- | | 77 | 管理層討論與分析 | 105 | 中期簡明合併權益變動表 | | 94 | 補充資料 | 106 | 中期簡明合併現金流量表 | | 100 | 獨立審閱報告 | 107 | 中期簡明合併財務資料附註 | | 101 | 中期簡明合併損益表 | 144 | 公司指引 | | 102 | 中期簡明合併綜合收益表 | | | 公司概覽 中海油田服務股份有限公司（以下簡稱「公司」，「集團」或「中海油服」）在香港聯合交易所（香港股票代碼：2883）和 上海證券交易所（上海股票代碼：601808）上市，是全球最具規模的綜合型油田服務供應商之一，服務貫穿石油及 天然氣勘探、開發及生產的各個階段。 財務摘要 | | 2023年上半年 | 2024年上半年 | 2025年上半年 | | --- | --- | --- | --- | | | 人民幣百萬元 | 人民幣百萬元 | 人民幣百萬元 | | 營業收入 | 18,850 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, indicating improved operational efficiency and financial health [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 23.32 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 1.964 billion yuan, up 23.3% [1]. - The gross profit margin reached 17.54%, an increase of 0.71 percentage points year-on-year, while the expense ratio decreased by 0.51 percentage points [2]. - Interest expenses fell by 21.23% due to optimized debt structure, contributing to a 2.74 percentage point decrease in the asset-liability ratio [2]. Operational Efficiency - The company improved drilling operations, with a total of 9,906 days of platform operation in the first half of 2025, a 10.5% increase year-on-year [2]. - The average daily rate for platforms was $91,000, a 5.8% increase year-on-year, with semi-submersible platform rates rising by 27.6% [3]. Market Strategy - The company is focusing on high-potential markets and leveraging its integrated industry chain advantages to enhance core competitiveness [2]. - The oilfield technology service business is expected to grow steadily, with a gross profit margin of 23.98% in the first half of 2025, up 0.23 percentage points year-on-year [3]. Industry Outlook - The potential for offshore oil and gas resources is significant, with the company expected to benefit from ongoing projects in the South China Sea and Bohai Sea [4]. - The capital expenditure budget for China National Offshore Oil Corporation (CNOOC) is projected to be between 125 billion and 135 billion yuan for 2025, maintaining a high baseline from 2024 [4].

Group 1 - The company will participate in the "2025 Tianjin Listed Companies Investor Online Reception Day" to enhance interaction with investors [1] - The event will be held online on September 11, 2025, from 15:00 to 17:00 [1] - Investors can join the event through the "Panjing Roadshow" website, WeChat, or the Panjing Roadshow APP [1] Group 2 - The company will communicate with investors regarding its 2025 semi-annual performance, corporate governance, development strategy, and operational status [1]