股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國海洋石油有限公司 | | | 呈交日期: | 2025年9月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00883 | | 說明 | | 於香港聯交所上市的股份（「香港股份」） | | | | | 多櫃檯證券代號 | 80883 | RMB 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月 ...

Market Overview - The Shanghai Composite Index closed at 3858.13 points, slightly down by 0.45%, with a total trading volume of 29,124.23 billion yuan [1]. Stocks Breaking Through Annual Line - A total of 17 A-shares have surpassed their annual line, with notable stocks including: - Sanwei Co., Ltd. (603033) with a deviation rate of 6.83% - Jing Shan Light Machinery (000821) at 4.52% - Jidian Co., Ltd. (000875) at 4.45% [1]. Deviation Rate Rankings - The following stocks have the highest deviation rates from their annual lines: - Sanwei Co., Ltd. (603033): Today's price increased by 10.02% with a turnover rate of 3.44%, latest price at 12.96 yuan [1]. - Jing Shan Light Machinery (000821): Increased by 5.32%, turnover rate of 14.82%, latest price at 12.68 yuan [1]. - Jidian Co., Ltd. (000875): Increased by 6.18%, turnover rate of 7.79%, latest price at 5.50 yuan [1]. Other Stocks with Minor Deviations - Stocks with smaller deviation rates include: - Xiangjiang Holdings (600162) with a minor increase of 1.52% [2]. - Lihu Co., Ltd. (300694) with a deviation rate of 0.07% [1].

Market Overview - The three major stock indices in China collectively declined, with the Shanghai Composite Index closing at 3858.13 points, down 0.45%, the Shenzhen Component Index at 12553.84 points, down 2.14%, and the ChiNext Index at 2872.22 points, down 2.85% [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.87 trillion yuan, with over 4000 stocks declining and more than 1200 stocks rising [1] Sector Performance - The computing hardware sector experienced significant declines, while sectors such as consumer electronics, semiconductor chips, military industry, and digital currency also faced downturns [5] - Conversely, bank stocks showed resilience, with the banking sector rising by 1.68%, and other sectors like precious metals, PEEK materials, automotive parts, and electricity showing positive performance [6] Individual Stock Movements - The "three barrels of oil" in A-shares saw fluctuations, with China Petroleum rising over 4%, China Petrochemical nearly 2%, and China National Offshore Oil Corporation up 1.7% [7] - Notable individual stock movements included a significant drop for Zhongji Xuchuang, which fell over 5% with a trading volume exceeding 31 billion yuan, and Jianye Holdings, which experienced a dramatic trading session [7] Capital Flow - Main capital flows indicated a net inflow into the banking and public utility sectors, while electronic and computer sectors saw net outflows [8] - Specific stocks that attracted net inflows included Julun Intelligent, Pacific, and Industrial and Commercial Bank of China, with net inflows of 1.187 billion yuan, 1.075 billion yuan, and 1.005 billion yuan respectively [8] - On the other hand, stocks like Xinyisheng, Dongfang Wealth, and Northern Rare Earth faced significant sell-offs, with net outflows of 3.142 billion yuan, 2.891 billion yuan, and 2.604 billion yuan respectively [9]

Investment Rating - The report maintains a "Buy" rating for both A and H shares of China National Offshore Oil Corporation (CNOOC) [1] Core Views - CNOOC's oil and gas production is rapidly increasing, with significant cost reduction and efficiency improvement [1] - The company achieved a revenue of 207.6 billion yuan in H1 2025, a year-on-year decrease of 8.45%, and a net profit attributable to shareholders of 69.5 billion yuan, down 12.79% year-on-year [7] - The report highlights the successful launch of projects contributing to production growth, with actual oil and gas net production reaching 385 million barrels of oil equivalent in H1 2025, a 6% increase year-on-year [7] - CNOOC's capital expenditure decreased by 9% year-on-year to 57.6 billion yuan in H1 2025, with a projected budget of 125 to 135 billion yuan for the year [7] - The company has maintained excellent cost control, with a major oil cost of 26.94 USD per barrel in H1 2025, a decrease of 2.9% year-on-year [7] - CNOOC plans to distribute a dividend of 0.73 HKD per share, maintaining a payout ratio of 45.5% [7] - The report adjusts profit forecasts for 2025-2027, with net profits projected at 141.2 billion yuan, 144.7 billion yuan, and 149.7 billion yuan respectively [7] Financial Summary - For 2025, the total revenue is projected to be 409.9 billion yuan, with a year-on-year decrease of 2.53% [1] - The net profit attributable to shareholders is expected to be 141.2 billion yuan, reflecting a growth of 2.36% [1] - The earnings per share (EPS) is forecasted to be 2.97 yuan for 2025, with a price-to-earnings (P/E) ratio of 8.73 for A shares and 6.23 for H shares [1][7] - The company aims for oil and gas production targets of 760-780 million barrels of oil equivalent in 2025, increasing to 810-830 million barrels by 2027 [7]

Core Viewpoint - The company is the largest offshore oil and gas producer in China and one of the largest independent oil and gas exploration and production groups globally, focusing on exploration, development, production, and sales of crude oil and natural gas [9]. Financial Performance - The company's revenue and net profit growth rates have shown significant fluctuations over the years, with a revenue growth rate of 71.56% and a net profit growth rate of 58.4% in 2021 [12]. - In the first half of 2025, the company's revenue reached 2,500 million, with a notable increase in revenue from exploration and production activities [13][15]. - The average return on equity (ROE) for the first half of 2025 was 9.13%, a decrease of 2.34 percentage points compared to the same period last year [19]. Asset and Liability Changes - As of the first half of 2025, the company's cash and cash equivalents increased by 45.03%, while fixed assets rose by 2.73% [24]. - Other payables (including interest and dividends) surged by 265.72%, indicating a significant increase in liabilities [27]. - The company's current ratio was reported at 2.36, and the quick ratio was 2.32, reflecting a strong liquidity position [30]. Historical Trends - The company's net profit margin has varied over the years, with a notable comparison to the A-share industry average and median [18]. - The asset-liability ratio has shown a downward trend, with the latest figure reported at 29.05% for 2025 [29].

Core Viewpoint - The "Big Three" oil companies in China (PetroChina, Sinopec, and CNOOC) reported a decline in performance for the first half of 2025, primarily due to a decrease in international oil prices, yet they maintained high dividend payouts totaling over 82.5 billion yuan [1][2]. Financial Performance - The average price of Brent crude oil fell by 14.5% year-on-year to $71.87 per barrel, while West Texas Intermediate (WTI) dropped by 14.4% to $67.60 per barrel [2]. - For the first half of 2025, PetroChina, Sinopec, and CNOOC reported revenues of 1.45 trillion yuan, 1.41 trillion yuan, and 207.6 billion yuan, respectively, reflecting declines of 6.74%, 10.60%, and 8.45% year-on-year [2]. - The net profits attributable to shareholders for the same period were 83.99 billion yuan for PetroChina, 21.48 billion yuan for Sinopec, and 69.53 billion yuan for CNOOC, showing year-on-year decreases of 5.42%, 39.83%, and 12.79% respectively [2]. Market Dynamics - The decline in profits is attributed to falling international oil prices, decreased demand for gasoline and diesel, and low margins in the chemical market [2]. - The domestic refined oil prices followed the international trends, with the National Development and Reform Commission adjusting gasoline and diesel prices down by 330 yuan/ton and 315 yuan/ton respectively [3]. Strategic Responses - CNOOC emphasized its focus on increasing reserves and production, technological innovation, and green transformation to navigate market volatility [3]. - PetroChina highlighted its efforts in production management, quality improvement, and transitioning to new energy sources, reporting a 1.7 times increase in wind and solar power generation compared to the previous year [4]. Transition to New Energy - The "Big Three" are increasingly focusing on transitioning to new energy to counter the pressures from traditional oil and gas markets [4]. - Sinopec reported a 17% year-on-year increase in non-oil business profits, with significant growth in its charging service revenue [4]. Dividend Distribution - Despite the performance decline, all three companies announced substantial dividend payouts. PetroChina plans to distribute 40.27 billion yuan, with a payout ratio of 47.9% [5]. - Sinopec intends to distribute 10.67 billion yuan, while CNOOC plans to pay a dividend of 0.73 HKD per share [6].

Group 1 - The stock price of China National Offshore Oil Corporation (CNOOC) increased by 2.00% on September 2, reaching 26.46 CNY per share, with a trading volume of 1.22 billion CNY and a market capitalization of 1,257.643 billion CNY [1] - Year-to-date, CNOOC's stock price has decreased by 8.46%, but it has seen a slight increase of 1.77% over the last five trading days, 1.65% over the last 20 days, and 2.22% over the last 60 days [2] - CNOOC's main business involves the exploration, production, and sales of crude oil and natural gas, with revenue composition being 84.57% from oil and gas sales, 13.11% from trading, and 2.32% from other businesses [2] Group 2 - As of June 30, CNOOC reported a total revenue of 207.608 billion CNY for the first half of 2025, a year-on-year decrease of 8.45%, and a net profit attributable to shareholders of 69.533 billion CNY, down 12.79% year-on-year [3] - CNOOC has distributed a total of 224.335 billion CNY in dividends since its A-share listing, with 176.364 billion CNY distributed over the past three years [4] - As of June 30, 2025, CNOOC had 232,800 shareholders, a decrease of 0.25% from the previous period, with an average of 12,936 circulating shares per shareholder, an increase of 5.50% [3]

Core Insights - The China Securities Index Free Cash Flow Index (932365) has shown a positive performance, with a 0.86% increase as of September 2, 2025, and notable gains in constituent stocks such as Silver Nonferrous (601212) up by 10.08% and Jiejia Weichuang (300724) up by 8.93% [1] Performance Summary - The Free Cash Flow ETF Fund (159233) has experienced a 1.24% increase, marking its fourth consecutive rise, with a latest price of 1.14 yuan. Over the past two weeks, the fund has accumulated a total increase of 3.58% [1] - The fund's liquidity is reflected in a turnover rate of 1.07% and a trading volume of 1.2954 million yuan. The average daily trading volume over the past week was 17.6088 million yuan [1] - The fund has seen a net inflow of 19.1927 million yuan recently, with a total of 25.8568 million yuan net inflow over the last five trading days, averaging 5.1714 million yuan per day [1] Return Metrics - Since its inception, the Free Cash Flow ETF Fund has achieved a maximum monthly return of 7.80% and a longest consecutive monthly gain of 3 months, with a total increase of 12.56%. The average return during up months is 4.07%, with a monthly profit probability of 92% [2] - The maximum drawdown since inception is 3.28%, with a relative benchmark drawdown of 0.24%. The recovery period after drawdown is 12 days, indicating a relatively quick recovery compared to comparable funds [2] - The fund has a management fee of 0.50% and a custody fee of 0.10% [2] Top Holdings - As of August 29, 2025, the top ten weighted stocks in the China Securities Index Free Cash Flow Index include China National Offshore Oil Corporation (600938), Wuliangye (000858), and COSCO Shipping Holdings (601919), collectively accounting for 57.03% of the index [3]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has shown a mixed performance in terms of financing activities and stock performance, with significant trading volumes and fluctuations in net buying and selling [1][2]. Financing Activities - On September 1, CNOOC had a financing buy-in amount of 95.35 million yuan, while the financing repayment was 125 million yuan, resulting in a net financing buy of -29.51 million yuan [1]. - The total financing and securities balance for CNOOC reached 1.829 billion yuan as of September 1, with the financing balance accounting for 2.34% of the circulating market value, indicating a high level compared to the past year [1]. - CNOOC's securities lending activities included a repayment of 5,000 shares and a sale of 39,400 shares, with a selling amount of 1.022 million yuan based on the closing price [1]. Company Overview - CNOOC, established on August 20, 1999, and listed on April 21, 2022, primarily engages in the exploration, production, and sales of crude oil and natural gas [2]. - The company operates in three segments: exploration and production, trading, and other business activities, with oil and gas sales contributing 84.57% to total revenue [2]. - As of June 30, CNOOC reported a revenue of 207.608 billion yuan for the first half of 2025, a year-on-year decrease of 8.45%, and a net profit attributable to shareholders of 69.533 billion yuan, down 12.79% year-on-year [2]. Dividend Distribution - Since its A-share listing, CNOOC has distributed a total of 224.335 billion yuan in dividends, with 176.364 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, CNOOC had 232,800 shareholders, a slight decrease of 0.25% from the previous period, with an average of 12,936 circulating shares per shareholder, an increase of 5.50% [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 5.94779 million shares as a new shareholder [3].

Core Insights - China's offshore heavy oil thermal recovery has surpassed 5 million tons since its exploration began in 2008, making it the first country to achieve large-scale offshore heavy oil thermal recovery development globally [1] - Heavy oil, characterized by high viscosity and density, poses significant extraction challenges, yet it constitutes approximately 70% of the world's remaining oil resources, making it a key focus for oil-producing countries [1] - China is one of the world's top four heavy oil producers, with proven reserves of high-viscosity heavy oil exceeding 600 million tons offshore, representing about 20% of the country's total proven heavy oil reserves, indicating substantial development potential [1] Industry Developments - The primary method for developing high-viscosity heavy oil is thermal recovery, which involves injecting high-temperature and high-pressure steam into the reservoir to reduce viscosity, making it easier to extract [1] - Offshore operations face challenges such as limited working space and high costs compared to onshore oil fields, complicating the large-scale development of heavy oil thermal recovery [1] - To efficiently utilize heavy oil reserves, China National Offshore Oil Corporation (CNOOC) has proposed the "fewer wells, higher production" thermal recovery development theory to address issues like low thermal recovery capacity and significant heat loss, thereby improving heavy oil recovery rates [1] - Current offshore heavy oil thermal recovery is primarily concentrated in the Bohai Sea, with several key thermal recovery oil fields established, including Nanpu 35-2, Luda 21-2, and Jinzhou 23-2, with production expected to reach 2 million tons this year [1]