Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved significant revenue growth, with operating income reaching 5.57 billion RMB, a year-on-year increase of 17.2%, and a net profit of 373 million RMB, up 53.8% [1] - The integrated oilfield technology services, smart management services, and energy asset management businesses contributed to revenue growth, with respective revenues of 2.48 billion, 2.82 billion, and 270 million RMB, reflecting year-on-year growth rates of 14.6%, 20.6%, and 8.2% [2] - The company is actively expanding its business model in energy asset management, with the Dufri oilfield development project in Iraq marking its first operated oilfield block project, which commenced drilling on February 22, 2026 [2] - The domestic market showed steady growth, with revenues from the Chinese market, Iraq, and other overseas markets reaching 1.87 billion, 3.15 billion, and 550 million RMB, respectively, with year-on-year growth rates of 12.7%, 21.0%, and 12.2% [3] - The company has made significant progress in emerging markets, including entering the Kuwait market and achieving advancements in Saudi Arabia, Algeria, Malaysia, and Oman [3] Financial Performance Summary - The company forecasts operating income of 5.57 billion RMB for 2025, with a projected growth rate of 17.2%, and a net profit of 373 million RMB, reflecting a growth rate of 53.8% [5] - The earnings per share (EPS) is expected to be 0.12 RMB for 2025, with a projected increase to 0.20 RMB by 2028 [5] - The return on equity (ROE) is projected to be 10.1% for 2025, increasing to 12.4% by 2028 [5]

Group 1 - The core viewpoint of the articles highlights the significant growth in revenue and profit for the company, driven by global business expansion and efficient execution of ongoing projects [1][2] - The total revenue for the year ending December 31, 2025, reached 5.572 billion RMB, representing a year-on-year increase of 17.2% [2] - The profit attributable to equity holders increased to 373 million RMB, reflecting a substantial year-on-year growth of 53.8% [2] - Basic earnings per share were reported at 0.1370 RMB, with a proposed final dividend of 0.0373 RMB per share [2] Group 2 - The company's financial expenses significantly decreased compared to the same period last year, primarily due to the completion of the full repayment of US dollar bonds in January 2025 [1] - The continuous growth in revenue and gross profit is attributed to the company's ongoing global business expansion [1]

Core Viewpoint - Antong Oilfield Services (03337) reported a total revenue of 5.572 billion RMB for the year ending December 31, 2025, representing a year-on-year growth of 17.2% [1] - The profit attributable to equity holders reached 373 million RMB, an increase of 53.8% year-on-year [1] - Basic earnings per share were 0.1370 RMB, with a proposed final dividend of 0.0373 RMB per share [1] Financial Performance - Total revenue increased primarily due to the ongoing expansion of the company's global business and efficient execution of existing project orders [1] - The profit attributable to equity holders increased significantly due to the expansion of global business, leading to sustained growth in revenue and gross profit [1] - Financial expenses decreased significantly compared to the same period last year, as the company completed the full repayment of its US dollar bonds in January 2025 [1]

Group 1 - The core viewpoint of the article highlights that Antong Oilfield Services (03337) reported a total revenue of 5.572 billion RMB for the year ending December 31, 2025, representing a year-on-year growth of 17.2% [1] - The profit attributable to equity holders reached 373 million RMB, showing a significant increase of 53.8% compared to the previous year [1] - The basic earnings per share were reported at 0.1370 RMB, with a proposed final dividend of 0.0373 RMB per share [1] Group 2 - The increase in revenue is primarily attributed to the ongoing expansion of the company's global business and the efficient execution of existing project orders [1] - The rise in profit attributable to equity holders is also linked to the expansion of global operations, leading to continuous growth in revenue and gross profit [1] - A significant reduction in financial expenses was noted due to the complete repayment of US dollar bonds in January 2025, contributing to the overall profit increase [1]

集团持续推进全球市场布局，在成熟市场保持稳定增长的同时，不断拓展新兴市场空间。年内，集团中 国、伊拉克市场稳定发展，同时，于中东、东南亚、中亚及非洲等区域持续开拓业务，不断获取新的项 目机会。通过持续推动项目落地及销售突破，集团全球市场覆盖面及市场影响力进一步提升。 集团坚持以客户为中心，深入理解客户痛点，提供定制化、一体化解决方案及全生命周期服务支持，推 进差异化发展路径，不断提升综合服务能力与客户黏性，推动业务结构持续优化，实现稳健、高质量增 长。 格隆汇3月29日丨安东油田服务(03337.HK)公告，截至2025年12月31日止年度全年业绩，集团综合收入 为人民币55.72亿元，相比2024年的人民币47.54亿元上升约17.2%。集团权益持有人应占利润为人民币 3.73亿元，相比2024年的人民币2.43亿元大幅增长约53.8%。公司董事会建议宣派截至2025年12月31日 止年度末期股息共计人民币约1.12亿元，相比2024年的派息人民币约0.73亿元增加约53.4%。 ...

| 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 | 安東油田服務集團 | | 股份代號 | 03337 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至二零二五年十二月三十一日止年度之末期股息 | | | 公告日期 | 2026年3月29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 0.0373 RMB | | 股東批准日期 | 2026年5月27日 | | 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 0.0373 RMB | | 匯率 | 1 RMB : 1 RMB ...

Financial Performance - The group's total revenue for the year ended December 31, 2025, was RMB 5,571.7 million, an increase of approximately 17.2% compared to RMB 4,753.9 million in 2024[6]. - Net profit for the group reached RMB 383.2 million, representing a growth of approximately 48.8% from RMB 257.5 million in 2024[6]. - Profit attributable to equity holders of the company was RMB 373.1 million, a significant increase of approximately 53.8% compared to RMB 242.6 million in 2024[6]. - Basic earnings per share for the year was RMB 0.1370, compared to RMB 0.0854 in 2024[10]. - The total comprehensive income for the year was RMB 353.9 million, compared to RMB 270.2 million in 2024[11]. - The company reported a profit attributable to owners of RMB 373.09 million for the year ended December 31, 2025, compared to RMB 242.65 million for 2024, representing a year-over-year increase of approximately 53.8%[53]. - The company achieved a net profit margin of 6.7%, reflecting a 1.6 percentage point increase from the previous year[65]. - Operating profit for 2025 is estimated at RMB 712.0 million, an increase of RMB 54.2 million or 8.2% from RMB 657.8 million in 2024, with an operating profit margin of 12.8%[113]. - Net profit for 2025 is projected to be approximately RMB 383.2 million, an increase of RMB 125.7 million or 48.8% from RMB 257.5 million in 2024, attributed to revenue and gross profit growth[116]. Cash Flow and Financial Position - Operating cash inflow was RMB 1,369.7 million, up 3.4% from RMB 1,325.1 million in 2024; free cash flow increased by approximately 6.5% to RMB 1,043.4 million from RMB 979.7 million[6]. - The net increase in cash and cash equivalents for 2025 was RMB 456,898, a decrease of 22.4% from RMB 588,879 in 2024[13]. - Total cash and cash equivalents at the end of 2025 reached RMB 2,609,985, up from RMB 2,190,759 in 2024, representing an increase of 19.1%[13]. - The company generated a free cash flow of RMB 1,043.4 million, contributing to a strong cash position of RMB 2,610.0 million as of December 31, 2025[57]. - Cash and bank deposits as of December 31, 2025, are approximately RMB 3,183.9 million, an increase of RMB 622.8 million from the previous year[120]. Dividends and Shareholder Returns - The board proposed a final dividend of approximately RMB 112.0 million, an increase of about 53.4% from RMB 73.0 million in 2024[6]. - The proposed final dividend for the year ending December 31, 2025, is RMB 0.0373 per share, compared to RMB 0.025 per share in 2024, subject to shareholder approval[130]. - The total dividend proposed for the year is approximately RMB 112.0 million, representing a 53.4% increase from the previous year's dividend[62]. - The company repurchased 83,740,000 shares at a total cost exceeding HKD 85.5 million, demonstrating confidence in long-term value[62]. Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 11,595.3 million, compared to RMB 10,217.98 million in 2024[8]. - Total liabilities increased to RMB 7,826.7 million from RMB 6,609.6 million in 2024[8]. - The company's equity attributable to equity holders was RMB 3,681.8 million, up from RMB 3,498.0 million in 2024[8]. - Trade receivables from customer contracts increased to RMB 2,727,719,000 as of December 31, 2025, up from RMB 2,189,508,000 in the previous year[29]. - The total accounts receivable and notes receivable as of December 31, 2025, reached RMB 2,812,424,000, compared to RMB 2,328,687,000 in 2024, reflecting a growth of approximately 20.8%[34]. - Accounts payable increased to RMB 2,600,970,000 as of December 31, 2025, from RMB 1,959,260,000 in 2024, representing a rise of about 32.8%[35]. Revenue Breakdown - Integrated Oilfield Technology Services reported revenue of RMB 2,483,326,000 for the year ending December 31, 2025, with an EBITDA of RMB 662,695,000[24]. - Smart Management Services generated revenue of RMB 2,820,371,000 and an EBITDA of RMB 722,377,000 for the same period[24]. - Energy Asset Management Business achieved revenue of RMB 268,025,000 and an EBITDA of RMB 199,806,000 for the year ending December 31, 2025[24]. - The company reported a significant increase in service revenue, which reached RMB 5,139,230,000 in 2025, compared to RMB 4,343,596,000 in 2024, marking a growth of about 18.3%[39]. - Revenue from external customers was approximately RMB 2,656,640,000, accounting for 29.30% of total revenue for the year ending December 31, 2025[28]. - The revenue from integrated oilfield services was RMB 2,483,326,000, while smart services generated RMB 2,820,371,000 for the year ended December 31, 2025[38]. - In 2025, overseas market revenue was RMB 3,698.2 million, a 19.6% increase from RMB 3,091.1 million in 2024, accounting for 66.4% of total revenue[67]. - Revenue from the Iraq market was RMB 3,148.8 million, a 21.0% increase from RMB 2,601.4 million in 2024, representing 56.5% of total revenue[67]. - Other overseas markets recorded revenue of approximately RMB 549.4 million, a 12.2% increase from RMB 489.7 million in 2024[75]. Operational Efficiency - The company restructured its internal reporting framework, consolidating four segments into three: Integrated Oilfield Technology Services, Intelligent Management Services, and Energy Asset Management[20]. - The company launched 9 intelligent oil and gas development digital platforms, enhancing operational efficiency and safety control[78]. - The company successfully implemented high-difficulty tasks such as helium-nitrogen leak detection for offshore FPSO, showcasing its advanced service capabilities[77]. - The company aims to enhance its technological capabilities and product offerings through innovation, focusing on oil reservoir efficiency and digitalization[96]. Market Expansion and Strategy - The company expanded its global market presence, particularly in emerging markets across the Middle East, Southeast Asia, Central Asia, and Africa[58]. - The company plans to strengthen its presence in emerging markets such as North Africa, the Middle East, Central Asia, and Southeast Asia, aiming for diversified market growth[101]. - The company will continue to optimize its global market platform network and enhance its energy security development opportunities amid geopolitical conflicts[101]. Research and Development - The company invested RMB 117.0 million in R&D in 2025, a 1.1% increase from RMB 115.7 million in the same period last year, focusing on maintaining its technological leadership[97]. Corporate Governance - The company confirmed compliance with the corporate governance code throughout the reporting period[133]. - The audit committee, consisting of three independent non-executive directors, reviewed the audited financial statements for the year ending December 31, 2025[142].

Group 1 - The company, Anton Oilfield Services (03337.HK), announced that it will hold a board meeting on March 29, 2026, to consider and approve the annual performance for the year ending December 31, 2025, along with its release [1] - The board meeting will also consider the distribution of a final dividend, if any [1]

董事會會議通告 安東油田服務集團（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二 六年三月二十九日（星期日）舉行董事會會議，藉以（其中包括）考慮並批准本公司 及其附屬公司截至二零二五年十二月三十一日止之全年業績及其發佈，並考慮派 發期末股息（如有）。 承董事會命 安東油田服務集團 主席 羅林 香港，二零二六年三月十七日 於本公告日期，本公司的執行董事為羅林先生、皮至峰先生及范永洪先生；非執 行董事為黃松先生；獨立非執行董事為張永一先生、朱小平先生、WEE Yiaw Hin 先生及陳欣女士。 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，並明確表示概不就因本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。 ...

Industry Investment Rating - The investment rating for the mechanical equipment industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that the oil service industry is benefiting from rising oil prices, which have exceeded $80 per barrel, leading to increased investment in oil and gas development [3] - The report emphasizes the importance of traditional industry upgrades and emerging opportunities in the mechanical manufacturing sector, particularly in the context of the 2026 Two Sessions [3] Summary by Relevant Sections Industry Overview - The closing index for the mechanical equipment sector is 2401.8, with a 52-week high of 2452.72 and a low of 1446.85 [1] Oil Service Equipment - The oil service equipment industry is experiencing growth due to increased oil prices, which are driving investment in oil and gas exploration [3] - Key processes in oil exploration include geological surveys, geophysical exploration, and drilling activities, with a focus on identifying oil and gas reserves [4] - Major companies involved in exploration include CNOOC, Qianeng Hengxin, and Dongfang Weituo [4] Drilling Process - The drilling process involves several steps, including preparation, drilling, and verification, with significant investments in drilling technology and equipment [8][10] - Key players in the drilling equipment sector include CNOOC, PetroChina, and Jereh [10][12] Completion Phase - The completion phase is critical for establishing efficient communication channels between the wellbore and the oil and gas reservoir, involving multiple engineering steps [12] - Companies involved in completion equipment include Aerospace Intelligent Manufacturing and Dongfang Weituo [16] Production Phase - The production phase focuses on the efficient extraction and processing of oil and gas, with an emphasis on maximizing recovery rates and ensuring safety [17] - Key equipment and companies in this phase include lifting equipment from Shandong Molong and processing equipment from CNOOC Development [17]