Core Viewpoint - The company is issuing A-shares to specific investors, which will dilute immediate returns but aims to enhance long-term growth and financial stability through strategic investments in key projects [1][5][10]. Financial Impact - The total amount raised from the issuance is approximately 5.91 billion yuan, which will be used for specific projects [2][5]. - The issuance will increase the total share capital from 5,583,147,471 shares to 7,258,091,712 shares [3]. - The basic earnings per share (EPS) before the issuance is 0.1138 yuan, which is projected to decrease to 0.0876 yuan post-issuance under a scenario where 2025 profits remain flat compared to 2024 [3][4]. Use of Proceeds - 70% of the raised funds will be allocated to the Iraq Basra seawater pipeline project and the UAE Abu Dhabi gas pipeline project, while 30% will be used to supplement working capital [9][11]. - The projects are aligned with the company's core business and national industrial policies, expected to enhance service capabilities and profitability [9][11]. Strategic Importance - The projects are crucial for developing oil and gas resources in Iraq and the UAE, which are rich in reserves but face challenges in infrastructure and technology [7][8]. - The company aims to strengthen its international competitiveness and expand its market presence through these investments [7][8]. Risk Mitigation Measures - The company has established a management plan for the raised funds to ensure compliance and effective use [14]. - It will adhere to a profit distribution policy to protect investor returns and mitigate the dilution of immediate returns [15]. Commitment to Investors - The board and senior management have committed to ensuring the effectiveness of the measures to mitigate the dilution of immediate returns [16].

Core Viewpoint - The announcement details a significant equity change for China Petroleum Engineering Co., Ltd. (the "Company") due to a private placement of A-shares, fully subscribed by China National Petroleum Corporation (CNPC), which will increase CNPC's ownership stake in the Company. Group 1: Equity Change Details - Prior to the equity change, CNPC directly held 2,567,826,809 shares, accounting for 45.99% of the total share capital, and indirectly held 1,000,000,000 shares through its subsidiary, totaling 63.90% ownership [2][5] - After the completion of the equity change, CNPC will directly hold 4,242,771,050 shares, representing 58.46% of the total share capital, while the indirect holdings remain unchanged, leading to a total control of 72.23% by CNPC and its subsidiaries [2][5] - The equity change will not result in a change of the controlling shareholder or actual controller of the Company [5][6] Group 2: Conditions and Approvals - The equity change is contingent upon the fulfillment of conditions outlined in a conditional share subscription agreement, requiring approvals from relevant state-owned asset regulatory authorities, the Company’s shareholders meeting, the Shanghai Stock Exchange, and the China Securities Regulatory Commission [3][6] - The subscription price is set at 3.53 yuan per share, based on the average trading price of the Company’s shares over the twenty trading days prior to the pricing date [4][6]

《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。 证券代码：600339 证券简称：中油工程 公告编号：临 2025-048 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 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》 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 ...

Core Viewpoint - The announcement confirms that China Petroleum Engineering Group Co., Ltd. will issue A-shares to specific investors without providing financial assistance or compensation to them [1] Group 1 - The company held its ninth board meeting on August 28, 2025, where it approved the issuance of A-shares to specific investors [1] - The company assures that there are no commitments to guarantee returns or provide financial support to the investors participating in the issuance [1] - The announcement emphasizes the absence of any direct or indirect financial assistance or compensation to the investors from the company or related parties [1]

Core Viewpoint - China National Petroleum Engineering Co., Ltd. (中油工程) plans to raise up to 5.913 billion RMB through a private placement of A-shares, aimed at funding oil and gas storage and transportation projects and supplementing working capital [1] Group 1: Fundraising Details - The total amount to be raised is not more than 5.913 billion RMB, including the principal amount [1] - The net proceeds after deducting issuance costs will be allocated to oil and gas storage and transportation engineering projects and to supplement working capital [1] - The shares will be issued at a price of 3.53 RMB per share, with a total of 1,674,944,241 shares to be issued, not exceeding 30% of the company's total share capital prior to the issuance [1] Group 2: Issuance Structure - The shares will be issued as ordinary shares (A-shares) with a par value of 1.00 RMB each [1] - The issuance will be conducted through a private placement to a specific group, which is China National Petroleum Corporation (中国石油集团), the controlling shareholder [1] - The subscription will be fully paid in cash by the issuance target, which constitutes a related party transaction [1] Group 3: Control and Ownership - The controlling shareholder and actual controller of the company will remain China National Petroleum Corporation after the issuance [1] - The State-owned Assets Supervision and Administration Commission of the State Council holds 100% equity in China National Petroleum Corporation, which is the ultimate controlling entity [1]

Market Overview - On August 29, the oil service engineering sector declined by 1.11%, with Haiyou Development leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - Among the oil service engineering stocks, Zhongman Petroleum (603619) rose by 1.98% to a closing price of 19.57, with a trading volume of 174,400 shares and a transaction value of 340 million yuan [1] - Haiyou Development (600968) fell by 2.44% to a closing price of 66, with a trading volume of 927,500 shares and a transaction value of 374 million yuan [2] - Other notable performers include Renji Co. (002629) with a 1.48% increase and a closing price of 6.85, and Qianeng Hengxin (300191) with a 1.28% increase and a closing price of 20.56 [1][2] Capital Flow Analysis - The oil service engineering sector experienced a net outflow of 165 million yuan from institutional investors, while retail investors saw a net inflow of 80.99 million yuan [2] - The capital flow for individual stocks indicates that Zhongman Petroleum had a net inflow of 56.2 million yuan from institutional investors, while Haiyou Development had a net outflow of 9.35 million yuan [3]

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]