Report Information - Report Title: Crude Oil Weekly Report: Increase in US Crude Oil Inventory and Decline in International Oil Prices [1] - Report Date: August 17, 2025 [1] - Chief Analyst: Chen Shuxian [1] - Analyst: Zhou Shaowen [1] Report Industry Investment Rating No relevant information provided. Core Viewpoints - This week, the weekly average prices of Brent/WTI crude oil futures were $66.2/$63.3 per barrel, down $1.0/$1.4 per barrel from last week. The total US crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.3/4.3/4.0/0.2 billion barrels, with a week-on-week increase of 3.26/3.04/0.23/0.05 million barrels respectively. The US crude oil production was 13.33 million barrels per day, up 40,000 barrels per day week-on-week. The number of active US crude oil rigs this week was 412, an increase of 1 from the previous week. The number of active US fracturing fleets this week was 163, an increase of 4 from the previous week. The US refinery crude oil processing volume was 17.18 million barrels per day, up 60,000 barrels per day week-on-week, and the US refinery crude oil operating rate was 96.4%, down 0.5 pct week-on-week [2]. - The weekly average prices of US gasoline, diesel, and jet fuel were $87/$95/$90 per barrel, down $0.3/$0.9/$4.1 per barrel week-on-week. The spreads with crude oil were $21/$29/$24 per barrel, up $1.1/$0.4/ -$2.7 per barrel week-on-week. The US gasoline, diesel, and aviation kerosene inventories were 2.3/1.1/0.4 billion barrels, with a week-on-week change of -0.79/+0.71/ -0.62 million barrels respectively. The US gasoline, diesel, and aviation kerosene production were 9.81/5.14/1.97 million barrels per day, with a week-on-week change of +10,000/+30,000/ -20,000 barrels per day respectively. The US gasoline, diesel, and aviation kerosene consumption were 9.00/3.70/1.83 million barrels per day, with a week-on-week change of -40,000/ -20,000/+120,000 barrels per day respectively. The net exports of US gasoline, diesel, and aviation kerosene were 0.58/1.33/0.23 million barrels per day, with a week-on-week change of -0.25/ -0.13/+0.09 million barrels per day respectively [2]. - Recommended companies include CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec Corporation (600028.SH/0386.HK), CNOOC Oilfield Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), and CNOOC Energy Technology & Services Limited (600968.SH). Companies to be noted include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China National Petroleum Corporation Engineering Co., Ltd. (600339.SH), and Sinopec Mechanical Engineering Co., Ltd. (000852.SZ) [3] Summary by Directory 1. Crude Oil Weekly Data Briefing - Upstream Key Company Price Changes: Among the upstream key companies, the Hong Kong - listed shares of some companies such as China National Offshore Oil Corporation and PetroChina Company Limited showed an upward trend in the near - week, near - month, and near - three - month periods, while some A - shares showed a downward trend [9] - Key Company Valuations: The report provides the total market capitalization,归母净利润, PE, and PB of key companies from 2024A to 2027E [9] - Crude Oil Sector: The weekly average prices of Brent, WTI, Russian Urals, and Russian ESPO crude oils were $66.2, $63.3, $61.9, and $62.8 per barrel respectively, all showing a week - on - week decline. The US dollar index was 97.8, down 1.0 week - on - week. The LME copper spot price was $9,165.0 per ton, down $411.5 week - on - week [9] - Inventory Sector: The US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory all increased week - on - week [9] - Production Sector: The US crude oil production, the number of crude oil rigs, and the number of fracturing fleets all increased week - on - week [9] - Refinery Sector: The US refinery crude oil processing volume increased week - on - week, while the operating rate decreased. The operating rates of Chinese local refineries and major refineries showed different trends [9] - Import and Export Sector: The US crude oil net imports increased week - on - week [9] 2. This Week's Petroleum and Petrochemical Sector Market Review - Petroleum and Petrochemical Sector Performance: No specific performance data provided, only the topic is mentioned [14] - Sector Listed Company Performance: The report lists the latest prices, total market capitalizations, and price changes in different time periods of multiple listed companies in the petroleum and petrochemical sector, as well as their valuations [26][28] 3. Crude Oil Sector Data Tracking - Crude Oil Price: It involves the price and spread relationships between different types of crude oils such as Brent, WTI, Russian Urals, and Russian ESPO, as well as the relationships between the US dollar index, LME copper price, and WTI crude oil price [32][41][42] - Crude Oil Inventory: It shows the historical data and trends of the US commercial crude oil inventory, total crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory, as well as their correlations with oil prices [49][54][63] - Crude Oil Supply: The US crude oil production, the number of crude oil rigs, and the number of fracturing fleets are tracked [68] - Crude Oil Demand: The US refinery crude oil processing volume, operating rate, and the operating rates of Chinese local and major refineries are presented [76][79][83] - Crude Oil Import and Export: The US crude oil import, export, and net import volumes are tracked [87][91] 4. Refined Oil Product Sector Data Tracking - Refined Oil Product Price: When the international crude oil price is above $80 per barrel, the increase in domestic gasoline and diesel prices slows down. The report also shows the price and spread relationships between crude oil and refined oil products in different regions such as China, the US, Europe, and Singapore [97][124][130] - Refined Oil Product Inventory: The inventories of gasoline, diesel, and aviation kerosene in the US and Singapore are tracked, along with their week - on - week and year - on - year changes [138][144][149] - Refined Oil Product Supply: The productions of gasoline, diesel, and aviation kerosene in the US are presented [157][158] - Refined Oil Product Demand: The consumptions of gasoline, diesel, and aviation kerosene in the US are tracked, along with the number of US airport passenger security checks [161][162] - Refined Oil Product Import and Export: The import, export, and net export volumes of gasoline, diesel, and aviation kerosene in the US are tracked [175][179][180] 5. Oilfield Service Sector Data Tracking - The report provides the weekly average, monthly average, quarterly average, and year - to - date average daily fees of self - elevating drilling platforms and semi - submersible drilling platforms [10]

Core Viewpoint - The company reported its 1H25 performance, which met expectations, with a decline in revenue and net profit compared to the previous year, but showed positive growth in net profit after excluding tax refunds [1][2]. Financial Performance - The company achieved operating revenue of 11.3 billion yuan, a year-on-year decrease of 16% - The net profit attributable to shareholders was 1.1 billion yuan, down 8% year-on-year - Operating cash flow was 220 million yuan, a decline of 14% year-on-year - Excluding tax refunds, the net profit showed a year-on-year increase of 14.4%, reaching 960 million yuan [1][2]. Profitability and Margins - The gross margin reached a five-year high of 16.3%, an increase of approximately 5 percentage points year-on-year - This improvement was driven by higher construction profit margins, an increased proportion of installation business revenue, and efficient offshore installation processes - Financial expenses decreased by 48% to 35.34 million yuan, with interest income rising due to proactive cash management [2]. Order Trends and Market Outlook - The company maintained a stable order intake, with new contracts signed amounting to 12.07 billion yuan, a decrease of 3.6% year-on-year - The backlog of orders accumulated to 40.7 billion yuan, providing a solid workload for the future - The company expects improvements in the Middle East market, despite current challenges [2][3]. Research and Development - The company continues to invest heavily in R&D to address gaps in deep-sea technology - Focus areas include the development of floating production equipment and strategic deployment in high-end marine engineering [3]. Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 remains unchanged - The current stock price corresponds to a price-to-earnings ratio of 10.5 times for 2025 and 9.9 times for 2026 - The target price is set at 6.50 yuan, implying a potential upside of 12.9% from the current stock price [4].

Group 1 - The company has approved a guarantee extension for its wholly-owned subsidiary, CNOOC Engineering (Qingdao) Co., Ltd., with a guarantee amount of 2.449 billion RMB [6][14][16] - The guarantee period has been extended from September 15, 2025, until all obligations under the contracts are fulfilled [6][15] - The board of directors believes that the guarantee is a normal business arrangement and that the risk is controllable [17] Group 2 - The company will hold its first extraordinary general meeting of shareholders in 2025 on September 4, 2025 [3][22] - The meeting will adopt a combination of on-site and online voting methods [23][24] - The agenda includes the approval of various governance rules and the cancellation of the supervisory board [26][66] Group 3 - The company plans to use up to 13.1 billion RMB of temporarily idle funds to purchase wealth management products, with the authorization valid for 12 months [39][40][41] - The investment aims to improve the efficiency of idle funds while ensuring the company's daily operations are not affected [41][52] - The company has a history of purchasing wealth management products, with a maximum daily investment balance of 12.3 billion RMB and an average annualized return of approximately 2.49% [39][52]

Group 1 - The company has decided to abolish the supervisory board and transfer its responsibilities to the audit committee of the board of directors, in accordance with the new Company Law and related regulations [3] - The company will change its registered address and standardize its business scope in compliance with national regulations [4] - The company plans to revise its Articles of Association to improve its governance structure, including the removal of references to the supervisory board and the introduction of terms related to the audit committee [4][5] Group 2 - The company will revise 24 internal governance systems, including the rules for shareholder and board meetings, to align with the updated Articles of Association [6][7] - Some of the revised governance systems will require approval from the shareholders' meeting before they take effect, while others will become effective immediately after board approval [7] - The revised Articles of Association and governance systems will be disclosed on the Shanghai Stock Exchange website [5][7][8]

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant developments, including legal investigations, share transfers, bankruptcy applications, and financial performance updates, which may present both opportunities and risks for investors [3]. Group 1: Legal and Regulatory Developments - Sichuan Medical Technology received a notice from the Hangzhou Public Security Bureau regarding evidence collection for a suspected fraudulent securities issuance case, currently under investigation [4]. - Kewah Holdings announced that its controlling shareholder is planning a share transfer, leading to a temporary suspension of trading to ensure fair information disclosure [5]. - Upwind New Materials reported that its customer TPI Composites filed for Chapter 11 bankruptcy protection, potentially impacting the company's receivables of approximately 4.13 million USD (about 32.37 million RMB) [6][7]. Group 2: Financial Performance Updates - Dongfang Fortune reported a 38.65% year-on-year increase in revenue to 6.856 billion RMB and a 37.27% increase in net profit to 5.567 billion RMB for the first half of 2025 [14]. - Shengyi Electronics achieved a 91% increase in revenue to 3.769 billion RMB and a staggering 452% increase in net profit to 531 million RMB, proposing a cash dividend of 3 RMB per 10 shares [15]. - Blue Shield Optoelectronics reported a revenue decline of 27.26% to 186 million RMB and a net loss of 35.071 million RMB for the first half of 2025 [16]. - Tianjin Pharmaceutical reported a slight revenue decrease of 1.91% to 4.288 billion RMB, but a 16.97% increase in net profit to 775 million RMB, proposing a cash dividend of 2.1 RMB per 10 shares [17]. Group 3: Corporate Actions and Strategic Moves - New Natural Gas announced a capital restructuring and rights issue plan to raise approximately 239 million HKD for project expenditures, without affecting shareholder equity structure [8]. - Lianhong New Science plans to absorb its wholly-owned subsidiary Lianhong Chemical to enhance management efficiency and reduce costs, with no significant impact on financial status [9]. - Dazhong Pump Industry clarified that its revenue from products directly used in data center liquid cooling is only about 1.6 million RMB, representing 0.43% of total revenue, indicating limited impact on financials [10]. - Guanshi Technology stated it does not engage in the manufacturing of electron beam lithography equipment, with its related business revenue being less than 2% of total revenue [11]. Group 4: Shareholder Actions - Shuyou Shen announced that its major shareholder plans to reduce its stake by up to 2% through various trading methods [32]. - Western Gold announced a plan to reduce its stake by up to 1% due to funding needs [33]. - Kang Enbei Group intends to reduce its stake by up to 1% through market transactions [34].

Core Points - The company reported a revenue of 1,131,766.75 thousand yuan for the first half of 2025, representing a year-on-year decrease of 15.72% [1] - The net profit attributable to shareholders of the listed company was 109,829.65 thousand yuan, showing a year-on-year decline of 8.21% [1]

Core Points - The company, CNOOC Engineering, announced on August 15 that it will use up to 13.1 billion yuan of temporarily idle self-owned funds to purchase financial products [1] - The authorization for the management team to sign related agreements for purchasing financial products is valid for 12 months from the date of the board's approval [1] - The approved amount can be reused within the validity period of the resolution [1]

每经头条（nbdtoutiao）——华康股份11亿元并购疑云：收购对象的大客户两年前已深陷债务危机，如 何贡献巨额营收？ （记者 王晓波） 每经AI快讯，海油工程（SH 600583，收盘价：5.76元）8月15日晚间发布公告称，公司第八届第十一次 董事会会议于2025年8月14日在天津市滨海新区召开。会议审议了《关于制修订公司治理制度的议案》 等文件。 2024年1至12月份，海油工程的营业收入构成为：海洋工程行业占比90.7%，非海洋工程项目占比 9.29%。 截至发稿，海油工程市值为255亿元。 ...

Group 1 - The company reported a revenue of 11.318 billion yuan for the first half of 2025, representing a year-on-year decrease of 15.72% [1] - The net profit attributable to shareholders was 1.098 billion yuan, down 8.21% year-on-year [1] - The non-recurring net profit increased by 14.41% year-on-year, reaching 960 million yuan [1] - The basic earnings per share were 0.25 yuan [1]

证券代码： 600583 证券简称： 海油工程 公告编号： 临 2025-025 海洋石油工程股份有限公司 第八届监事会第八次会议决议公告 本公司监事会及全体监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。 一、会议召开情况 海洋石油工程股份有限公司（以下简称"公司"）于 2025 年 8 月 4 日 以电子邮件送出方式向全体监事发出了关于召开第八届监事会第八次 会议通知。2025 年 8 月 14 日，公司在天津市滨海新区召开了第八届监 事会第八次会议。 本次监事会应到监事 3 人，现场实到监事 3 人。会议由公司监事会 主席刘振宇先生主持，部分高级管理人员列席会议。会议的召集和召开 符合《公司法》等法律法规及公司章程的有关规定。 二、会议审议情况 经与会监事认真审议，会议一致通过如下决议： 定，所包含的信息能客观、真实地反映出公司 2025 年上半年的经营管理 和财务状况等事项； 违反保密规定的行为。 （二）以 3 票同意、0 票反对、0 票弃权审议通过《董事会关于公司 证券代码： 600583 证券简称： 海油工程 公告编号： 临 2025 ...