Core Viewpoint - Sinopec Oilfield Service Corporation (石化油服) reported a stable performance in the first half of 2025, with slight growth in revenue and profit, while the outlook for the oil service industry remains positive due to ongoing demand for oil and gas [1][2]. Company Summary - In the first half of 2025, the company achieved operating revenue of 37.05 billion yuan, a year-on-year increase of 0.6% [1]. - The net profit attributable to shareholders was 4.92 billion yuan, reflecting a year-on-year growth of 9% [1]. - The total new contract value signed in the first half was 63.67 billion yuan, up 3.2% year-on-year [1]. - New contracts from Sinopec Group amounted to 34.37 billion yuan, increasing by 3.0% [1]. - New contracts from domestic external markets were 9.68 billion yuan, showing a significant decline of 42.7% [1]. - New contracts from overseas markets reached 19.62 billion yuan, marking a substantial increase of 71.8% [1]. - The company operates five major business segments: geophysics, drilling engineering, logging, downhole special operations, and engineering construction, covering the entire oil and gas industry chain from exploration to production [1]. Industry Summary - The oil service industry is expected to maintain a high level of prosperity in the second half of 2025 [2]. - Global economic recovery and stable growth in China's economy will support continued demand for oil and gas [2]. - Oil and gas are recognized as strategic energy resources, emphasizing the importance of strategic reserves and emergency support [2]. - Domestic oil companies are expected to continue implementing energy security strategies, maintaining stable capital expenditure for oil and gas exploration and development [2]. - The oil service market is projected to grow steadily due to increased efforts by oil companies to enhance oil and gas reserves and production [2].

Investment Rating - The report maintains an "Accumulate" rating for both A-shares and H-shares of the company, with current prices at 2.03 CNY and 0.81 HKD respectively [1]. Core Views - The company has shown significant improvement in performance for the first half of 2025, with total revenue reaching 37.05 billion CNY, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 490 million CNY, up 9.0% year-on-year [5][7]. - The company has set a new record for new contract signings, totaling 63.7 billion CNY in the first half of 2025, representing a 3.2% increase year-on-year, marking the highest level since the 13th Five-Year Plan [8][9]. - The company is actively expanding its high-end and diversified overseas markets, with overseas contract signings increasing by 71.8% year-on-year [8]. Summary by Sections Financial Performance - In 2025H1, the company achieved a gross profit margin of 8.44%, an increase of 0.41 percentage points year-on-year, and an annualized ROE of 10.97%, up 0.18 percentage points year-on-year [7]. - The company reported a net profit of 2.74 billion CNY in Q2 2025, with a year-on-year decrease of 0.16% but a quarter-on-quarter increase of 25.44% [5]. Contract Signings and Market Expansion - The company has set a target of over 95 billion CNY for new contract signings in 2025, with specific targets of 50 billion CNY from China Petroleum Group, 18 billion CNY from domestic external markets, and 27 billion CNY from overseas markets [9]. - The company is focusing on enhancing its engineering service capabilities and expanding into high-quality domestic and international markets [8]. Industry Outlook - The oil service industry is expected to benefit from stable development and increased upstream capital expenditure, with global upstream capital spending projected to recover and exceed 582.4 billion USD in 2025, a year-on-year increase of 5% [12]. - The implementation of new energy laws and plans in China is anticipated to drive high-quality exploration and development in the oil and gas sector, presenting significant opportunities for the company [12]. Profit Forecast and Valuation - The report has adjusted profit forecasts for 2025-2027, expecting net profits of 909 million CNY, 1.099 billion CNY, and 1.315 billion CNY respectively, with corresponding EPS of 0.05, 0.06, and 0.07 CNY per share [13].

石化油服2025半年报 ...

Group 1 - The Zhengzhou Commodity Exchange announced the cancellation of designated PTA delivery and inspection-free brand qualifications for several companies, including Sinopec Yangzi Petrochemical Co., Ltd. and Shishi Jialong Petrochemical Fiber Co., Ltd. [1] - The designated PTA delivery brand qualifications for Sinopec Shanghai Petrochemical Co., Ltd., Sinopec Luoyang Company, Yadong Petrochemical (Shanghai) Co., Ltd., and Ningbo Liwan Polyester Materials Co., Ltd. have also been revoked [1] - The designated PTA delivery brand qualification for Hanbang (Jiangyin) Petrochemical Co., Ltd. has been suspended [1]

Group 1 - The board meeting of Sinopec Oilfield Service Corporation was held on August 18, 2025, with 6 out of 7 directors present, and all resolutions were passed [1] - The board approved the 2025 semi-annual financial report with unanimous support [2] - The board also approved the 2025 semi-annual report and its summary, which will be disclosed on August 19, 2025 [2] - The board decided not to distribute a mid-term cash dividend for 2025 [2] - The board approved risk assessment reports related to Sinopec Financial Co., Ltd. and Sinopec Shengjun International Investment Co., Ltd., with 5 votes in favor [3] - The board agreed to extend the contract for the I-L-Y oilfield geological engineering integration project in Ecuador from January 2030 to January 2039, with an additional investment of $59.7 million [4] - The board approved the performance assessment and incentive plan for the management team for 2024 [4] - The board approved the use of capital reserves to cover losses, with the announcement to be disclosed on August 19, 2025 [4] - The board agreed to convene the first extraordinary general meeting of 2025, with all resolutions passed unanimously [5]

证券简称：石化油服 证券代码：600871 编号：临2025-029 一、 监事会会议召开情况 中石化石油工程技术服务股份有限公司 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。 中石化石油工程技术服务股份有限公司（以下简称"公司"、 "本 公司"或"石化油服"）于2025年8月9日以电邮方式发出召开公司第 十一届监事会第六次会议的通知，于2025年8月18日在中国北京市朝 阳区朝阳门北大街22号中国石化大厦2号楼2502会议室召开了第十一 届监事会第六次会议。会议由监事会主席王军先生主持，会议应到7 名监事，实际7名监事出席了会议。会议召开符合《中华人民共和国 公司法》和《中石化石油工程技术服务股份有限公司章程》（以下简 称"《公司章程》"）的规定。 二、 监事会会议审议情况 与会监事经过认真审议，通过了以下议案： （一）审议通过了《公司2025年半年度财务报告》（该项议案同 意票7票，反对票0票，弃权票0票） （二）审议通过了《公司2025年半年度报告和半年度报告摘要》 （该项议案同意票7票，反对票0票，弃权票0票） 中石 ...

Core Viewpoint - The company plans to use its capital reserves to offset accumulated losses, aiming to enhance cash dividends and improve investor returns while complying with relevant regulations [1][2][4] Group 1: Financial Situation - As of December 31, 2024, the company's accumulated undistributed profits amounted to -1.820779 billion yuan, with surplus reserves of 200.383 million yuan [2][3] - The company intends to utilize 200.383 million yuan from surplus reserves and 1.820779 billion yuan from capital reserves to offset the accumulated losses [2][3] Group 2: Reasons for Losses - The primary reasons for the accumulated losses include a cumulative loss of 1.445 billion yuan from the previous company before its listing in 2014 and consecutive losses during 2016-2017 due to a significant drop in oil prices and a downturn in the global oil service industry [3] Group 3: Impact of the Plan - Upon completion of the plan, the surplus reserves will be reduced to 0, capital reserves will decrease to 9.713704 billion yuan, and the accumulated undistributed profits will be brought to 0 [3] - This plan is expected to help the company meet the profit distribution conditions set by relevant laws and its articles of association, thereby enhancing investor return capabilities and supporting high-quality development [3]

Core Viewpoint - The report evaluates the financial risks associated with the relationship between Sinopec Petroleum Engineering Technology Service Co., Ltd. and Sinopec Finance Co., Ltd., highlighting the latter's solid financial performance and risk management practices [1][7]. Company Overview - Sinopec Finance Co., Ltd. was established on July 8, 1988, as a non-bank financial institution approved by the People's Bank of China, with a registered capital of RMB 18 billion [2]. - The company is primarily engaged in providing financial services to its member units, including deposit acceptance, loan processing, and financial consulting [2]. Risk Management and Internal Control - The company has established a comprehensive risk management structure, including a board of directors, supervisory board, and various committees to ensure effective governance [3]. - Risk management focuses on internal control mechanisms, employee training, and a robust internal audit system to mitigate financial risks [3][5]. - Credit risk management is emphasized, with a structured process for credit rating, unified credit granting, and loan approval [4]. Operational and Financial Performance - As of June 30, 2025, Sinopec Finance Co., Ltd. reported monetary funds of RMB 41.163 billion and a net profit of RMB 1.117 billion [5]. - The company has maintained a stable operational status, adhering to regulatory requirements and demonstrating strong financial health [6]. Loan and Deposit Situation - As of June 30, 2025, Sinopec Petroleum Engineering Technology Service Co., Ltd. had deposits of RMB 105 million and loans totaling RMB 23.479 billion from Sinopec Finance Co., Ltd., indicating good liquidity and safety of deposits [6]. Risk Assessment Opinion - The evaluation concludes that Sinopec Finance Co., Ltd. operates within legal frameworks and has no significant risk management deficiencies, ensuring that financial transactions with Sinopec Petroleum Engineering Technology Service Co., Ltd. are secure [7].

Group 1 - The core viewpoint of the article is that Sinopec Shengjun International Investment Co., Ltd. has a solid financial performance and effective risk management practices, indicating no significant risks in its financial dealings with the parent company [1][4]. Group 2 - Sinopec Shengjun International Investment Co., Ltd. was established in March 1995 in Hong Kong and is a wholly-owned subsidiary of China Petroleum & Chemical Corporation, with a registered capital of 1.633 billion USD [2]. - The company has a comprehensive risk management structure, including a board of directors and various specialized committees to oversee risk management and decision-making processes [2]. - As of June 30, 2025, the company reported a cash balance of 95.231 billion CNY and total revenue of 5.407 billion CNY for the first half of 2025, with a net profit of 1.085 billion CNY [3]. - The company has not identified any significant deficiencies in its risk control systems and has maintained compliance with financial regulations [3]. - The company has established a deposit risk reporting system to ensure the safety of funds deposited with Shengjun [3].

Core Insights - The company reported a revenue of 37,050.751 million yuan for the first half of 2025, reflecting a year-on-year growth of 0.6% [2] - The net profit attributable to shareholders of the listed company was 423.9 million yuan, showing a significant year-on-year increase of 68.8% [2] Financial Performance - Revenue for the first half of 2025: 37,050.751 million yuan, up 0.6% year-on-year [2] - Net profit for the same period: 423.9 million yuan, up 68.8% year-on-year [2]