Investment Rating - The report maintains an "Accumulate" rating for the company [1]. Core Views - The company plans to issue A-shares to China National Petroleum Corporation (CNPC) for a total of 5.913 billion yuan, which will enhance its high-quality development through parent company synergy [4][5]. - The issuance reflects the controlling shareholder's support and confidence in the company, which will help complete "Belt and Road" projects on time and enhance international operational capabilities [6][9]. - The funds raised will be used for oil and gas storage and transportation engineering projects and to supplement working capital [5][7]. Summary by Sections Company Overview - The total share capital of the company is 5.583 billion shares, with a total market value of 20.099 billion yuan [1]. - The stock price has fluctuated between 2.78 yuan and 4.05 yuan over the past year [1]. Financial Performance - The company expects net profits for 2025, 2026, and 2027 to be 738 million, 825 million, and 929 million yuan respectively, with corresponding EPS of 0.13, 0.15, and 0.17 yuan per share [10][14]. - Revenue for 2023 is projected at 80.343 billion yuan, with a growth rate of -3.88%, and is expected to reach 98.803 billion yuan by 2027 [11][14]. Fund Utilization - The main projects funded by the capital increase include a total package project for the Basra Oil Company in Iraq, with a contract value of 18 billion yuan, and a pipeline project in the UAE with a contract value of 3.688 billion yuan [7]. - The company aims to enhance its competitiveness in overseas oil and gas engineering through these projects [7]. Shareholder Returns - The company has introduced a three-year dividend plan, committing to distribute at least 30% of the average distributable profits over the last three years, with a minimum of 80% in cash dividends during mature phases without major capital expenditures [8]. Industry Position - The company benefits from a strong partnership with CNPC, which is a major player in the oil and gas sector, providing significant sales revenue [9]. - The collaboration with CNPC is expected to enhance the company's market position and profitability through integrated operations across the energy value chain [9].

Core Viewpoint - China National Petroleum Corporation (CNPC) is the sole subscriber for the private placement of shares by China Oilfield Services Limited (COSL), aiming to raise 5.913 billion yuan for oil and gas transportation projects and to supplement working capital [2][3]. Fundraising Details - COSL plans to issue up to 1.675 billion shares at a price of 3.53 yuan per share, with total fundraising not exceeding 5.913 billion yuan [4]. - The net proceeds will be allocated to oil and gas transportation engineering projects and working capital [4][7]. Project Allocation - The total contract amount for the projects is 23.493 billion yuan, with 5.913 billion yuan allocated from the fundraising [6]. - Key projects include: - Iraq Basra Oil Company's seawater pipeline project with a contract amount of 18.032 billion yuan, using 3.7 billion yuan from the fundraising [6]. - Abu Dhabi Gas Company's pipeline projects with a contract amount of 3.688 billion yuan, using 440 million yuan from the fundraising [6]. - Remaining funds of 1.773 billion yuan will be used to supplement working capital [6]. Strategic Importance - The projects are located in Iraq and the UAE, both rich in oil and gas resources, aligning with the Belt and Road Initiative [7]. - This investment is expected to enhance COSL's international project experience and improve its global presence in the oil and gas engineering sector [7]. Recent Achievements - COSL has been actively expanding its overseas market, securing significant contracts ranging from 2 billion yuan to 12 billion yuan [9]. - Notable contracts include a 25.24 billion USD (approximately 180.32 billion yuan) project in Iraq, awarded on August 1 [9][10]. - COSL has also strengthened its collaboration with TotalEnergies, signing multiple contracts in Iraq with significant contract values [10]. Financial Performance - In the first half of 2025, COSL reported revenue of 36.287 billion yuan, a year-on-year increase of 12.18%, while net profit decreased by 10.87% to 470 million yuan [14].

Core Viewpoint - China National Petroleum Corporation (CNPC) is set to subscribe for A-shares of China Oil Engineering Corporation (600339.SH) for a total amount of 5.913 billion RMB, fully funded in cash [1] Fundraising Details - The total amount to be raised from the issuance, including issuance costs, will not exceed 5.913 billion RMB [1] - The net proceeds after deducting issuance costs will be allocated to oil and gas storage and transportation engineering projects, as well as to supplement working capital [1] Specific Projects - The funds will be used for several key projects, including: - The total package project for the seawater transportation pipeline for Basra Oil Company in Iraq - The total package project for the Bab oil field and Bu Hasa oil field gas pipelines for Abu Dhabi National Oil Company in the United Arab Emirates [1]

Core Viewpoint - China National Petroleum Corporation (CNPC) is set to subscribe for A-shares of China Oil Engineering Corporation (600339.SH) for a total amount of 5.913 billion RMB, fully funded in cash [1] Fundraising Details - The total amount to be raised from this issuance, including issuance costs, will not exceed 5.913 billion RMB [1] - The net proceeds after deducting issuance costs will be allocated to oil and gas storage and transportation engineering projects, as well as to supplement working capital [1] Specific Projects - The funds will be used for several key projects, including: - The total package project for the seawater transportation pipeline for Basra Oil Company in Iraq - The total package project for the Bab oil field and Bu Hasa oil field gas pipelines for Abu Dhabi National Oil Company in the United Arab Emirates [1]

证券代码：600339 证券简称：中油工程 公告编号：临 2025-048 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。 中国石油集团工程股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日 召开第九届董事会第八次临时会议，审议通过了关于公司向特定对象发行 A 股股 票（以下简称"本次发行"）的相关议案，根据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司证券发行注册管理办法》等法律法规、规范性文 件及《中国石油集团工程股份有限公司章程》等相关规定，本次发行的相关议案 尚需提交公司股东会审议。 基于公司本次发行的总体工作安排，公司决定暂不召开股东会审议本次发行 相关事项，待相关工作及事项准备完成后，公司将确定召开股东会的时间并发出 股东会通知，将与本次发行相关的议案提请公司股东会表决。 特此公告。 中国石油集团工程股份有限公司董事会 2025 年 8 月 29 日 中国石油集团工程股份有限公司 关于暂不召开股东会的公告 ...

Group 1 - The core point of the article is that China Petroleum Engineering (SH 600339) announced a plan to issue A-shares to a specific group, primarily targeting China National Petroleum Corporation, with an issuance of approximately 1.675 billion shares at a price of 3.53 yuan per share, aiming to raise up to 5.913 billion yuan for oil and gas storage and transportation projects and to supplement working capital [1][1][1] Group 2 - The issuance will not exceed 30% of the company's current total share capital [1] - As of the report, China Petroleum Engineering has a market capitalization of 20.1 billion yuan [1] - The revenue composition for the year 2024 is as follows: surface engineering for oil and gas fields accounts for 36.59%, refining and chemical engineering 30.27%, pipeline and storage engineering 25.69%, environmental engineering and project management 6.52%, and other businesses 0.93% [1][1][1]

证券代码：600339 证券简称：中油工程 公告编号：临 2025-040 中国石油集团工程股份有限公司 第九届董事会第八次临时会议决议公告 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。 中国石油集团工程股份有限公司（以下简称"公司"）第九届董事会第八次 临时会议于 2025 年 8 月 28 日在公司 3205 会议室以现场结合通讯方式召开。本 次会议已于 2025 年 8 月 25 日以书面、邮件等方式通知全体董事，与会的各位董 事已知悉与所议事项相关的必要信息。会议应出席董事 9 名，实际出席并参与表 决董事 9 名，会议由董事长白雪峰先生主持，参会全体董事对本次会议的全部议 案进行了认真审议，决议如下： 一、审议通过《关于公司符合向特定对象发行 A 股股票条件的议案》 本议案已由公司独立董事专门会议 2025 年第三次会议、第九届董事会战略 与 ESG 委员会 2025 年第五次会议、第九届董事会审计与风险委员会 2025 年第十 次会议审议通过并同意提交董事会。董事会认为：公司拟向特定对象发行 A 股股 票（以下简 ...

证券代码：600339 证券简称：中油工程 公告编号：临 2025-047 中国石油集团工程股份有限公司 关于股东权益变动的提示性公告 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。 重要内容提示： 本次权益变动原因为中国石油集团工程股份有限公司（以下简称"公司"） 向特定对象发行 A 股股票（以下简称"本次发行"），中国石油天然气集团有限公 司（以下简称"中国石油集团"）拟全额认购本次发行的股票。 根据《上市公司收购管理办法》第六十三条第一款第（五）项的规定， 在一个上市公司中拥有权益的股份达到或者超过该公司已发行股份的 50%的，继 续增加其在该公司拥有的权益不影响该公司的上市地位，可以免于发出要约。本 次权益变动符合上述免于发出要约的情形。 本次权益变动前，中国石油集团直接持有公司 2,567,826,809 股股份， 占公司总股本的 45.99%；通过其子公司中国石油集团工程服务有限公司间接持 有公司 1,000,000,000 股股份，占公司总股本的 17.91%；中国石油集团及其子 公司合计控制公司 3,567,8 ...

中国石油集团工程股份有限公司 向特定对象发行 A 股股票预案 发行人声明 1、本公司及董事会全体成员保证本预案内容真实、准确、完整，并确认不 存在虚假记载、误导性陈述或重大遗漏。 2、本次向特定对象发行 A 股股票完成后，公司经营与收益的变化，由公司 自行负责；因本次向特定对象发行 A 股股票引致的投资风险，由投资者自行负 责。 3、本预案是公司董事会对本次向特定对象发行 A 股股票的说明，任何与之 相反的声明均属不实陈述。 4、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 证券代码：600339 证券简称：中油工程 中国石油集团工程股份有限公司 向特定对象发行 A 股股票预案 二〇二五年八月 5、本预案所述事项并不代表审批机关对于本次向特定对象发行 A 股股票相 关事项的实质性判断、确认、批准或注册，本预案所述本次向特定对象发行 A 股股票相关事项的生效和完成尚待取得有关审批机关的批准或注册。 1 中国石油集团工程股份有限公司 向特定对象发行 A 股股票预案 重要提示 本部分所述的词语或简称与本预案"释义"中所定义的词语或简称具有相同 的含义。 1、本次向特定对象发行股票符 ...

中国石油集团工程股份有限公司 特此公告。 关于向特定对象发行 A 股股票预案披露的提示性公告 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。 中国石油集团工程股份有限公司（简称"公司"）于 2025 年 8 月 28 日召开 第九届董事会第八次临时会议，审议通过了公司向特定对象发行 A 股股票的相关 议案。《中国石油集团工程股份有限公司向特定对象发行 A 股股票预案》及相关 公告具体内容详见上海证券交易所网站（www.sse.com.cn），敬请广大投资者注 意查阅。 证券代码：600339 证券简称：中油工程 公告编号：临 2025-041 上述预案披露事项不代表审批机关对公司本次向特定对象发行 A 股股票相 关事项的实质性判断、确认或者批准，预案所述本次向特定对象发行 A 股股票事 项尚需有权国资监管单位或有权的国家出资企业批准、公司股东会审议通过、上 海证券交易所审核通过及中国证券监督管理委员会同意注册后方可实施，敬请广 大投资者注意投资风险。 中国石油集团工程股份有限公司董事会 2025 年 8 月 29 日 ...