2025H1 公司中国市场、伊拉克市场、其他海外市场收入分别为9.5/14.5/2.3亿元人民币，同比 机构：光大证券 +43.0%/+16.6%/-13.9%。中国市场方面，公司于塔里木油田助力客户完成首口万米深井的裂缝动态可视 化监测；在深层页岩气开发、致密气开发领域多次取得突破性进展。伊拉克市场方面，公司核心业务稳 步推进，大型一体化油田管理项目完成续签，同时在油田管理、数智技术、钻井、增产及完井技术服务 等领域持续斩获优质订单。 研究员：陈佳宁/黄帅斌/李佳琦/汲萌/庄晓波/夏天宇 业绩实现大幅增长，净利润率持续提升 安东油田服务2025H1 收入26.3 亿元人民币，同比增长20.9%；归母净利润1.7 亿元人民币，同比增长 55.9%。综合毛利率28.7%，同比下降1.5 个百分点；综合净利率6.3%，同比上升1.2 个百分点。 各项业务均稳健增长，新业务模式打开成长空间 2025H1 公司油田技术服务、油田管理服务、检测服务、钻机服务业务收入为12.1/10.0/2.0/2.2 亿元人民 币，同比增长22.9%/11.2%/21.7%/74.2%。公司持续打造新兴业务模式，此前已中标伊拉克Dhu ...

Core Viewpoint - Company maintains a "buy" rating for Anton Oilfield Services (03337), with performance meeting expectations and a positive outlook for growth driven by new business models and recovering market demand [1] Financial Performance - For the first half of 2025, the company reported revenue of 2.63 billion RMB, a year-on-year increase of 20.9%, and a net profit attributable to shareholders of 170 million RMB, up 55.9% [1] - The comprehensive gross margin was 28.7%, a decrease of 1.5 percentage points year-on-year, while the comprehensive net margin was 6.3%, an increase of 1.2 percentage points year-on-year [1] Business Segments - The company experienced steady growth across various business segments, with revenues for oilfield technical services, oilfield management services, testing services, and drilling rig services reaching 1.21 billion, 1.00 billion, 200 million, and 220 million RMB respectively, reflecting year-on-year growth of 22.9%, 11.2%, 21.7%, and 74.2% [2] - The company has successfully secured a 25-year development right for the Dhufriyah oilfield in Iraq, marking a significant step into oil and gas field development as an independent operator [2] Market Performance - Revenue from the Chinese market, Iraqi market, and other overseas markets for the first half of 2025 was 950 million, 1.45 billion, and 230 million RMB respectively, with year-on-year changes of +43.0%, +16.6%, and -13.9% [3] - New orders in the Chinese market totaled 1.63 billion RMB, remaining stable year-on-year, while new orders in the Iraqi market decreased by 11.4% to 2.51 billion RMB; however, new orders in other overseas markets surged by 54.5% to 610 million RMB, providing strong support for overall orders [3]

Core Viewpoint - Company maintains a "buy" rating for Anton Oilfield Services (03337), with performance meeting expectations and a positive outlook for new business models to drive growth [1] Financial Performance - For the first half of 2025, the company reported revenue of 2.63 billion RMB, a year-on-year increase of 20.9%, and a net profit of 170 million RMB, up 55.9% [1] - The comprehensive gross margin was 28.7%, a decrease of 1.5 percentage points year-on-year, while the comprehensive net margin was 6.3%, an increase of 1.2 percentage points year-on-year [1] Business Segments - The company experienced steady growth across various business segments, with revenues for oilfield technical services, oilfield management services, testing services, and drilling rig services reaching 1.21 billion, 1.00 billion, 200 million, and 220 million RMB respectively, reflecting year-on-year growth of 22.9%, 11.2%, 21.7%, and 74.2% [2] - The company has successfully secured a 25-year development right for the Dhufriyah oilfield in Iraq, marking a significant step into oil and gas field development [2] Market Performance - Revenue from the Chinese market, Iraqi market, and other overseas markets for the first half of 2025 was 950 million, 1.45 billion, and 230 million RMB respectively, with year-on-year changes of +43.0%, +16.6%, and -13.9% [3] - New orders in the Chinese market totaled 1.63 billion RMB, remaining stable year-on-year, while new orders in the Iraqi market were 2.51 billion RMB, down 11.4% year-on-year [3] - New orders from other overseas markets increased significantly to 610 million RMB, a year-on-year growth of 54.5%, providing strong support for the company's overall order book [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Viewpoints - The company has achieved significant revenue growth, with a 20.9% year-on-year increase in revenue to RMB 2.63 billion for the first half of 2025, and a 55.9% increase in net profit to RMB 170 million [1] - The company is expanding its new business model, having secured a 25-year development right for the Dhufriyah oil field in Iraq, marking a new era in oil and gas field development [2] - The company has seen robust growth across various business segments, with notable increases in oilfield technology services and drilling services, with revenue growth rates of 22.9% and 74.2% respectively [2] Summary by Sections Financial Performance - For the first half of 2025, the company reported a comprehensive gross margin of 28.7%, a decrease of 1.5 percentage points year-on-year, while the net profit margin increased by 1.2 percentage points to 6.3% [1] - The company's revenue from the Chinese market, Iraqi market, and other overseas markets reached RMB 9.5 billion, RMB 14.5 billion, and RMB 2.3 billion respectively, with year-on-year growth rates of 43.0%, 16.6%, and a decline of 13.9% [3] Business Segments - The company’s revenue from oilfield technology services, oilfield management services, testing services, and drilling services for the first half of 2025 was RMB 12.1 billion, RMB 10.0 billion, RMB 2.0 billion, and RMB 2.2 billion respectively, reflecting year-on-year growth of 22.9%, 11.2%, 21.7%, and 74.2% [2] - The company has made significant progress in the development of natural gas utilization, successfully launching Malaysia's first onshore natural gas commercialization project [2] Profit Forecast and Valuation - The report forecasts the company's net profit for 2025 to be RMB 366.4 million, with corresponding EPS of RMB 0.12, and projects continued growth in subsequent years [5] - The company’s revenue is expected to grow from RMB 4.43 billion in 2023 to RMB 6.92 billion in 2027, with a compound annual growth rate of 11.4% [5]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 安東油田服務集團 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03337 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,500,000,000 | HKD | | 0.1 | HKD | | 350,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,500,000,000 | HKD | | 0.1 | HKD | | 350,000,000 | 本月底法定/註冊股本總額 ...

Financial Data and Key Metrics Changes - Revenue for the first half reached approximately RMB 2.63 billion, representing a 20.9% increase compared to the same period last year [1] - Profit attributable to equity holders reached approximately RMB 117 million, a significant increase of 55.9% year on year [1][3] - Free cash flow was approximately RMB 117 million, down 12.3% year on year, but maintaining a healthy level [2] Business Line Data and Key Metrics Changes - Revenue in the mature business segment, oilfield technical services, showed strong growth, contributing to the overall revenue increase [3] - New business ventures expanded into oil and gas development, natural gas utilization, and AI-enabled operations, stabilizing the integrated service model [4] Market Data and Key Metrics Changes - In Iraq, the company achieved comprehensive coverage, establishing a business ecosystem that enhances market influence [5] - The company successfully entered the Southeast Asian market with a customized natural gas commercialization project in Malaysia [5] Company Strategy and Development Direction - The company aims to build a leading global green energy technology services company, focusing on sustainable growth and operational efficiency [9][10] - A dual strategy of dividend distribution and share buybacks has been adopted to enhance shareholder value [7] - The company plans to establish Dubai as its global headquarters and operational hub, with various centers in Egypt, India, Mainland China, and Hong Kong to support global deployment [6] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of early indicator management to drive sustainable corporate growth and enhance predictability in revenue realization [12] - The company remains committed to improving operational efficiency and generating healthy cash flow while focusing on emerging markets for long-term growth [9][24] Other Important Information - The company was honored as a China excellence management company and selected for the S&P sustainable yearbook China edition 2025, recognizing its management capabilities and sustainability efforts [8] - The company has reduced its total US dollar debt to zero, optimizing its financial structure [2] Q&A Session Summary Question: Can management provide a detailed introduction about the company's ten-year growth strategy? - Management clarified that the strategy is a five-year plan aiming for tenfold growth, focusing on improving development and utilization efficiency for customers [17][19] Question: What is the input and timeline for the return of new businesses? - Management stated that the natural gas utilization will follow a life asset development strategy, focusing on technology input rather than capital [29] Question: What is the outlook for orders in the second half of the year? - Management indicated that orders are larger and longer-term compared to the previous year, which will enhance profit predictability [33] Question: What is the reason for the decrease in gross margin? - Management noted that the decrease in gross margin is temporary, attributed to expansion into new markets and lower-margin services, but expects stabilization in the future [36]

Financial Performance - Revenue increased to RMB 2,631.1 million in 2025 from RMB 2,176.3 million in 2024, representing a 20.9% increase[4] - Profit attributable to equity holders increased to RMB 165.1 million in 2025 from RMB 105.9 million in 2024, a 55.9% increase[4] - Free cash flow increased to RMB 197.2 million in 2025 from RMB 173.0 million in 2024, a 12.3% increase[4] Strategic Initiatives and Business Development - The company is building a new service company business model, enhancing oil and gas development and utilization efficiency[12, 16] - The company is expanding into global markets, including the Middle East, Africa, and Central Asia, with successful entry into Sarawak, Malaysia[22, 23] - The company is deepening global management and accelerating intelligent transformation, including opening a new Hong Kong office and launching a treasury center[12, 24, 25] Shareholder Returns and Governance - The company completed a RMB 73 million final dividend payment for 2024[28] - The company completed cumulative share buybacks and cancellation of 17 million shares[28] - The company received continued recognition as "China's Outstanding Management Company"[31] Future Outlook - The company aims to drive long-term growth through early indicators management[36, 41] - The company is building a leading global green energy technology services company[36, 38] - The company will maintain focus on Iraq and seize core market opportunities to drive scaled growth[36, 43]

Group 1 - The company, Anton Oilfield Services (03337.HK), announced a share buyback plan on August 28, 2025, involving an expenditure of HKD 2.8652 million to repurchase 2.1 million shares [1] - The buyback price per share is set between HKD 1.35 and HKD 1.37 [1]

Core Viewpoint - Antonoil Services (03337) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Category Company Actions - The company plans to repurchase 2.1 million shares at a total cost of HKD 2.8652 million [1] - The buyback price ranges from HKD 1.35 to HKD 1.37 per share [1] Financial Implications - The total expenditure for the buyback represents a strategic investment in the company's own equity, potentially enhancing shareholder value [1]

Core Viewpoint - Antong Oilfield Services (03337) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Category Company Actions - The company plans to repurchase 2.1 million shares at a total cost of HKD 2.8652 million [1] - The buyback price is set between HKD 1.35 and HKD 1.37 per share [1]