Group 1 - The oil and gas extraction sector increased by 0.74% on September 10, with Intercontinental Oil & Gas leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] - Key stocks in the oil and gas extraction sector showed varied performance, with Intercontinental Oil & Gas closing at 2.33, up 2.19%, and Blue Flame Holdings at 7.12, up 1.57% [1] Group 2 - The net inflow of main funds in the oil and gas extraction sector was 42.14 million yuan, while retail funds saw a net inflow of 15.31 million yuan [1] - The main funds for Intercontinental Oil & Gas had a net inflow of 19.68 million yuan, representing 4.21% of the total, despite a net outflow from retail and speculative funds [2] - Blue Flame Holdings experienced a net inflow of 18.67 million yuan from main funds, accounting for 15.57% of the total, while also facing outflows from other fund types [2]

Core Viewpoint - The oil and gas extraction sector experienced a decline of 0.71% on September 9, with Intercontinental Oil & Gas leading the drop. The Shanghai Composite Index closed at 3807.29, down 0.51%, while the Shenzhen Component Index closed at 12510.6, down 1.23% [1]. Group 1: Market Performance - The oil and gas extraction sector saw a net outflow of 1.09 billion yuan from main funds, while retail investors contributed a net inflow of 8980.39 million yuan [1]. - The closing prices and percentage changes for key stocks in the oil and gas extraction sector included: - *ST New潮: 3.94, down 0.51% - 蓝焰控股: 7.01, down 0.57% - 與奧圖士: 25.95, down 0.76% - 洲际油气: 2.28, down 0.87% [1]. Group 2: Fund Flow Analysis - The main fund flow for key stocks showed: - *ST New潮: Main fund net inflow of 60.53 million yuan, retail net inflow of 497.56 million yuan - 蓝焰控股: Main fund net outflow of 294.71 million yuan, retail net inflow of 326.66 million yuan - 洲际油气: Main fund net outflow of 550.29 million yuan, retail net outflow of 79.14 million yuan - 中国海油: Main fund net outflow of 1.01 billion yuan, retail net inflow of 8235.30 million yuan [2].

Core Insights - The oil and gas extraction sector saw a rise of 0.93% on September 5, with *ST Xinchao leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Sector Performance - The closing prices and percentage changes for key stocks in the oil and gas extraction sector are as follows: - *ST Xinchao: 4.02, up 2.81% - Blue Flame Holdings: 6.94, up 0.87% - Intercontinental Oil and Gas: 2.28, up 0.44% - China National Offshore Oil Corporation: 25.74, up 0.39% [1] Capital Flow - The oil and gas extraction sector experienced a net inflow of 225,500 yuan from main funds, while retail funds saw a net inflow of 3,815,040 yuan [1] - The detailed capital flow for specific stocks is as follows: - China National Offshore Oil: Main funds net inflow of 23,524,100 yuan, retail net inflow of 2,440,830 yuan - Blue Flame Holdings: Main funds net inflow of 6,253,300 yuan, retail net outflow of 664,700 yuan - *ST Xinchao: Main funds net outflow of 11,748,000 yuan, retail net inflow of 447,700 yuan - Intercontinental Oil and Gas: Main funds net outflow of 17,803,900 yuan, retail net inflow of 1,591,210 yuan [2]

Core Insights - The global energy demand is rising, particularly in developing countries, leading to increased reliance on oil and gas [1][10] - Continuous tubing is increasingly applied in oil and gas field development due to its efficiency and flexibility, especially in unconventional resource extraction [1][10] - The continuous tubing industry is evolving with advancements in technology, resulting in higher strength, better corrosion resistance, and longer service life [1][10] - The market size of China's continuous tubing industry is projected to reach 4.342 billion yuan in 2024, reflecting a year-on-year increase of 3.1% [1][10] Industry Overview - Continuous tubing, also known as coiled tubing, is made from low-carbon alloy steel and is characterized by its flexibility and continuous length, which can reach several kilometers [3][8] - The tubing must withstand high pressures (up to 70 MPa) and harsh downhole conditions, necessitating high strength and excellent plasticity [3][8] Industry Chain - The upstream of the continuous tubing industry involves the production of raw materials, primarily high-strength low-alloy steel and special alloy materials [8] - The midstream focuses on the manufacturing of continuous tubing, while the downstream encompasses its application in oil and gas field operations such as workover, drilling, completion, and logging [8] Market Dynamics - China's crude oil production is expected to rise from 191.506 million tons in 2017 to 212.823 million tons in 2024, with a 1.3% year-on-year increase in the first half of 2025 [9][10] - The growth in production is supported by both mature oil fields and new fields, contributing to a stable increase in demand for continuous tubing [9][10] Competitive Landscape - The global continuous tubing service market is highly concentrated, with major players like Schlumberger, Halliburton, and Baker Hughes holding about 60% of the market share [10] - Domestic companies are increasing R&D investments to enhance their product offerings and achieve domestic substitution for high-end products [10] Development Trends - The future of the continuous tubing industry is expected to focus on high-strength tubing to meet the demands of deeper wells [13] - There is a push towards the intelligent and automated development of the industry, incorporating fiber optics for remote monitoring and real-time decision-making [14] - The application of continuous tubing is expanding beyond traditional oil and gas sectors into geothermal energy development, driven by the need for corrosion-resistant and high-insulation materials [15]

Group 1 - The oil and gas extraction sector increased by 0.15% compared to the previous trading day, with China National Offshore Oil Corporation (CNOOC) leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] - The trading volume and turnover for key stocks in the oil and gas extraction sector were significant, with CNOOC closing at 26.38, up 1.70% with a turnover of 26.41 billion yuan [1] Group 2 - The net capital flow in the oil and gas extraction sector showed a net outflow of 4.87 million yuan from main funds, while retail funds experienced a net outflow of 24.31 million yuan [1] - CNOOC had a net inflow of 74.62 million yuan from main funds, but a net outflow of 84.68 million yuan from retail investors, indicating mixed investor sentiment [2] - Other companies like Blue Flame Holdings and ST Xinchao experienced significant net outflows from main funds, highlighting potential concerns among institutional investors [2]

Core Viewpoint - The financial performance of Continental Oil and Gas (stock code: 600759) for the first half of 2025 shows significant declines in revenue and profit, attributed mainly to falling international oil prices and increased operational costs [1][8]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.056 billion yuan, a decrease of 20.6% compared to 1.33 billion yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 49.76 million yuan, down 54.38% from 109 million yuan in the previous year [1]. - The gross margin was 56.96%, a decline of 2.36% year-on-year, while the net margin fell to 6.94%, down 24.97% [1]. - The total of selling, administrative, and financial expenses reached 204 million yuan, accounting for 19.31% of total revenue, an increase of 31.84% year-on-year [1]. - Earnings per share dropped to 0.01 yuan, a decrease of 58.14% from 0.03 yuan [1]. Cash Flow and Investment Summary - Operating cash flow per share was 0.02 yuan, down 67.93% from 0.05 yuan [1]. - The company experienced a significant increase in investment activities, particularly in the Iraq project, leading to a 608.52% decline in cash flow from investing activities [8]. - The company’s cash and cash equivalents decreased by 46.92% to 468 million yuan due to increased investments in the Iraq project [1]. Changes in Assets and Liabilities - Accounts receivable increased by 52.13% due to higher oil receivables [2]. - Prepayments surged by 252.59% due to increased advance payments for equity acquisitions [2]. - Other receivables rose by 74.98% related to trade business guarantees [3]. - Short-term borrowings increased as the company took on more debt [4]. - The company’s long-term borrowings were reclassified due to the postponement of loans from a subsidiary [7]. Fund Holdings - The largest fund holding shares in Continental Oil and Gas is the Huatai-PineBridge CSI Oil and Gas Resources ETF, with a scale of 121 million yuan and a recent net value of 1.0024 [8].

洲际油气股份有限公司2025 年半年度报告 公司代码：600759 公司简称：洲际油气 洲际油气股份有限公司 洲际油气股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人陈焕龙、主管会计工作负责人Mr. WEI YE 及会计机构负责人（会计 主管人员）马玉叶声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 公司在本报告中涉及未来计划等前瞻性陈述，不构成公司对投资者的实质性承诺 ，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完 整性 否 十、 重大风险提示 公司在本报告"第四节管理层讨论与分析"章节描述了公司 ...

□适用 √不适用 □适用 √不适用 □适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发 生的对公司经营情况有重大影响和预计未来会有重大影响的事项 □适用 √不适用 | 洲际油气股份有限公司2025 | | | | 年半年度报告摘要 | | | --- | --- | --- | --- | --- | --- | | 公司代码：600759 | | | | | 公司简称：洲际油气 | | 洲际油气股份有限公司 | | | | | | | 洲际油气股份有限公司2025 | | | | | 年半年度报告摘要 | | 第一节 | 重要提示 | | | | | | 况及未来发展规划，投资者应当到 | www.sse.com.cn | 网站仔细阅读半年度报告全文。 | | | | | 整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | | 无 | | | | | | | 第二节 | 公司基本情况 | | | | | | 公司股票简况 | | | | | | | 股票种类 股票上市交易所 | 股票简称 | 股票代码 ...

Group 1 - The company reported a revenue of 1.056 billion yuan for the first half of 2025, representing a year-on-year decrease of 20.60% [1] - The net profit attributable to shareholders of the listed company was 49.76 million yuan, down 54.38% year-on-year [1] - The basic earnings per share were 0.0126 yuan [1]

洲际油气股份有限公司2025 年半年度报告 公司代码：600759 公司简称：洲际油气 洲际油气股份有限公司 2025 年半年度报告 1 / 214 洲际油气股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人陈焕龙、主管会计工作负责人Mr. WEI YE 及会计机构负责人（会计 主管人员）马玉叶声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 公司在本报告中涉及未来计划等前瞻性陈述，不构成公司对投资者的实质性承诺 ，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完 整性 否 十、 重大风险提示 公司在本报告 ...