Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 25.47 CNY [6]. Core Views - The company has experienced rapid growth in oil and gas production, with a net production of 385 million barrels of oil equivalent in the first half of 2025, representing a year-on-year increase of 6.1% [2]. - Despite a decline in oil prices, the company has managed to maintain a relatively smaller decrease in net profit due to effective cost control measures [1][3]. - The company has a strong dividend payout ratio of 45.6%, with a projected dividend yield of 2.6% for A-shares and 3.9% for H-shares [4]. Financial Performance - In the first half of 2025, the company reported a revenue of 207.61 billion CNY, a decrease of 8.4% year-on-year, and a net profit attributable to shareholders of 69.53 billion CNY, down 12.8% year-on-year [1]. - The Brent crude oil price averaged 69.15 USD per barrel in the first half of 2025, a decline of 13.9% year-on-year [2]. - The company’s cost control measures have led to a decrease in per barrel costs, with operating expenses at 6.76 USD per barrel, down 0.7% year-on-year [3]. Production and Exploration - The company achieved a net oil production of 296 million barrels, a 4.5% increase year-on-year, and natural gas production of 516.3 billion cubic feet, up 12.0% year-on-year [2]. - The company has made five new discoveries in domestic exploration and signed multiple contracts for overseas exploration, including a contract in Kazakhstan and two in Indonesia [3]. Future Projections - The company is projected to achieve net profits of 122.19 billion CNY, 126.39 billion CNY, and 130.20 billion CNY for the years 2025, 2026, and 2027, respectively [4][5]. - The earnings per share (EPS) are expected to be 2.57 CNY, 2.66 CNY, and 2.74 CNY for the same years, with corresponding price-to-earnings (PE) ratios of 10, 10, and 9 [5].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved record oil and gas production in H1 2025, demonstrating resilience in profitability during periods of oil price volatility [5][11]. - Despite a decline in revenue and net profit year-on-year, the company has shown strong cash flow performance and maintained a prudent financial policy [5][11]. Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 207.6 billion yuan, a decrease of 8.4% year-on-year, and a net profit attributable to shareholders of 69.5 billion yuan, down 12.8% year-on-year [4]. - The Q2 2025 results showed a total revenue of 100.8 billion yuan, down 12.6% year-on-year, and a net profit of 33.0 billion yuan, down 17.6% year-on-year [4]. Production and Operational Highlights - The company achieved a net production of 385 million barrels of oil equivalent in H1 2025, marking a 6.1% increase year-on-year, setting a historical high for the same period [6]. - Natural gas production increased by 12.0% year-on-year, with significant contributions from new gas field projects [6]. Cost Management - The average cost per barrel of oil equivalent decreased by 0.81 USD to 26.94 USD, reflecting effective cost control measures [8]. - The company continues to strengthen its cost competitiveness, with a focus on maintaining a cost-leading strategy during periods of oil price fluctuations [8]. Dividend Policy - The company has a strong commitment to shareholder returns, with a mid-year dividend payout ratio of 45.9%, reflecting its intent to share development results with shareholders [9]. Capital Expenditure and Growth Strategy - The company plans to maintain high capital expenditures, with a budget of 125 to 135 billion yuan for 2025, to support stable production growth [10]. - The production target for 2025 is set at 760 to 780 million barrels of oil equivalent, with a focus on high-quality development and effective production growth [10]. Profitability Forecast - The report forecasts net profits for 2025, 2026, and 2027 to be 135.4 billion, 139.8 billion, and 144.3 billion yuan respectively, with expected EPS of 2.85, 2.94, and 3.04 yuan per share [11].

2025.08.28 本文字数：1701，阅读时长大约3分钟 作者 |第一财经 郭霁莹 上半年国际油价震荡下行态势波及了国内石油公司利润。 国内成品油达峰现状正给产业链企业带来较大影响。伍德麦肯兹亚太聚酯总监罗靖表示，交通领域作为 能源转型核心战场，中国市场汽油需求已于2023年触及峰值，2030年后下行速度将明显加快；整体油品 需求预计在2028年达峰。 面对新能源对传统能源上下游市场的挤压，"三桶油"均表态要加紧非油业务布局。中国石油称将统筹布 局新能源、新材料等新兴产业，公司上半年风光发电量同比大增七成达36.9亿千瓦，新材料产量166.5万 吨，同比增超五成。中国海油则立志扩大绿电使用规模，上半年共消纳绿电超5亿千瓦时；同时开创"以 碳驱油、以油固碳"的海洋能源循环利用新模式，中国海上首个CCUS项目上半年在恩平15-1平台投用。 石油业务是"三桶油"最主要收入来源。正因如此，三家公司均在年报中着重提及国际油价震荡下跌对公 司业绩的影响。今年上半年，全球石油市场供需宽松，布伦特（Brent）原油现货均价同比跌幅在15% 左右。 因此，中国石油上半年原油平均售价66.21美元/桶，同比下滑14.5%；中 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][23] Core Views - The company demonstrated resilient profitability with a net profit of 33 billion yuan in Q2 2025, exceeding expectations despite a 15.1% decline in Brent oil prices [1][9] - The company achieved a record high in oil and gas net production, with a total of 384.6 million barrels of oil equivalent in H1 2025, reflecting a 6.1% year-on-year increase [2][12] - The average realized price for oil liquids was 69.2 USD/barrel in H1 2025, down 13.9% year-on-year, while the average gas price was 7.90 USD/thousand cubic feet, up 1.4% year-on-year [16][12] Financial Performance - In H1 2025, the company reported operating revenue of 207.61 billion yuan, a decrease of 8.5% year-on-year, and a net profit of 69.53 billion yuan, down 12.8% year-on-year [1][9] - The company's oil and gas sales revenue for H1 2025 was 171.75 billion yuan, a decline of 7.2% year-on-year [2][12] - The average cost per barrel of oil equivalent was 26.94 USD, a decrease of 0.81 USD year-on-year [16][12] Capital Expenditure and Dividends - The company completed capital expenditures of 57.6 billion yuan in H1 2025, a decrease of 5.5 billion yuan year-on-year, with an expected total capital expenditure for 2025 of 125-135 billion yuan [3][18] - The interim dividend for 2025 is set at 0.73 HKD per share, reflecting the company's commitment to sharing growth with shareholders [3][18] Profit Forecast - The profit forecast for the company is maintained, with expected net profits of 126.3 billion yuan, 129.7 billion yuan, and 135 billion yuan for 2025, 2026, and 2027 respectively [4][23]

Group 1 - The core viewpoint of the article highlights the significant rise in Hong Kong oil stocks, particularly China National Offshore Oil Corporation (CNOOC), which saw an increase of over 3% following its earnings report [1] - CNOOC reported a revenue of 171.7 billion yuan and a net profit attributable to shareholders of 69.5 billion yuan for the first half of 2025, achieving a record high net production of 384.6 million barrels of oil equivalent [1] - The article notes that the three major state-owned oil and gas companies in China, referred to as the "Big Three," experienced declines in both revenue and net profit in the first half of the year due to falling international oil prices, with a combined net profit of 175.023 billion yuan [1] Group 2 - The executive director and president of China National Petroleum Corporation (CNPC), Huang Yongzhang, indicated that the current geopolitical tensions and the potential for the Federal Reserve to initiate interest rate cuts next month could support international oil prices [1] - CNPC forecasts that international oil prices will fluctuate around $70 per barrel in the third quarter, while the market may have already priced in the potential production increase from OPEC+ [1] - The article provides stock performance data for several companies, including CNOOC, CNOOC Oilfield Services, Kunlun Energy, and China Petroleum & Chemical Corporation, with respective price changes noted [1]

智通财经APP获悉，中海油(00883)绩后涨超3%，截至发稿，涨3.06%，报19.19港元，成交额8.97亿港 元。 消息面上，中海油公布2025年中期业绩，油气销售收入约1717亿元，同比减少7%；收入合计约2076.08 亿元，同比减少8.45%；归母净利润约695亿元，同比减少13%；每股基本盈利1.46元，中期股息每股 0.73港元。 公告称，该集团持续推进增储上产，油气勘探成果丰硕。在中国海域获得锦州27-6等5个油气新发现， 成功评价秦皇岛29-6等大中型含油气构造，陆上非常规天然气储量稳步增长。圭亚那深水立体勘探持续 增储，首次签署哈萨克斯坦勘探新区块石油合同，进一步拓展了海外勘探潜力。 上半年，公司净产量达384.6百万桶油当量，其中天然气产量大幅增长12.0% ，国内外产量均超过历史 同期最优水平。 ...

Core Viewpoint - The decline in international oil prices in the first half of the year has negatively impacted the profits of domestic oil companies, with "three major oil companies" reporting significant decreases in net profits and revenues compared to the previous year [1][2]. Financial Performance - China National Petroleum Corporation (CNPC) reported a net profit of 84.01 billion yuan, down 5.4% year-on-year - China Petroleum & Chemical Corporation (Sinopec) reported a net profit of 21.48 billion yuan, down 39.8% year-on-year - China National Offshore Oil Corporation (CNOOC) reported a net profit of 69.53 billion yuan, down 13% year-on-year - The total decline in net profits for the three companies amounted to 29.05 billion yuan, equivalent to a daily loss of nearly 160 million yuan [1][2]. Revenue Trends - The operating revenues of the three companies also experienced declines ranging from 5% to 11% - CNPC faced a rare situation of both revenue and net profit decline for the first time in five years [1][2]. Oil Price Impact - The average selling price of crude oil for CNPC was $66.21 per barrel, down 14.5% year-on-year - CNOOC's average selling price was $69.15 per barrel, down 13.9% year-on-year - The oil and gas segment revenue for CNPC decreased by 6.3% to 422.67 billion yuan, while CNOOC's oil and gas sales revenue fell by 7.2% to 171.75 billion yuan [2]. Natural Gas Performance - CNPC's natural gas sales revenue increased by over 16% to 27.75 billion yuan, driven by a 5% rise in average selling price and a nearly 3% increase in sales volume - CNOOC's natural gas average selling price rose by 1.4% to $7.9 per thousand cubic feet, with sales volume increasing by 13.5% to 489.2 billion cubic feet [2]. Downstream Business Impact - Both CNPC and Sinopec reported significant impacts on their downstream oil products and refining businesses due to declining prices and sales volumes - CNPC's chemical business operating profit fell by 55.5% to 1.392 billion yuan, while Sinopec's chemical division reported an expanded loss of 4.224 billion yuan, up 33.5% year-on-year [3]. Market Trends and Future Outlook - The domestic gasoline demand has peaked in 2023, with expectations of a significant decline post-2030 - The overall oil product demand is projected to peak by 2028, prompting the three major oil companies to accelerate their non-oil business strategies [4]. Strategic Initiatives - CNPC plans to expand into new energy and materials sectors, reporting a 70% increase in wind and solar power generation - CNOOC aims to enhance green electricity usage and has initiated a carbon capture and utilization project - Sinopec is focusing on developing a hydrogen and electric vehicle network, having invested in battery manufacturer CATL to build at least 500 battery swap stations [4].

Core Viewpoint - The "Big Three" oil companies in China are accelerating their non-oil business expansion in response to declining profits from their core oil operations due to falling international oil prices [2][5]. Financial Performance - In the first half of the year, the "Big Three" reported a total net profit decline of 290.5 billion yuan, equivalent to a daily loss of nearly 1.6 billion yuan, with individual profits of China National Petroleum Corporation (CNPC) at 840.1 billion yuan, Sinopec at 214.8 billion yuan, and CNOOC at 695.3 billion yuan, reflecting year-on-year decreases of 5.4%, 39.8%, and 13% respectively [2][3]. - Revenue for the "Big Three" also fell between 5% to 11%, with CNPC experiencing a rare dual decline in both revenue and net profit for the first time in five years [2][3]. Oil Price Impact - The average crude oil price for CNPC was $66.21 per barrel, down 14.5% year-on-year, while CNOOC's average price was $69.15 per barrel, down 13.9% [3]. - CNPC's oil and gas segment revenue decreased by 6.3% to 422.67 billion yuan, accounting for 30% of total revenue, while CNOOC's oil and gas sales revenue fell by 7.2% to 171.75 billion yuan, making up 83% of total revenue [3]. Natural Gas Performance - Both CNPC and CNOOC saw growth in natural gas sales, with CNPC's average sales price increasing over 5% to 2,334 yuan per ton and sales volume rising nearly 3% to 1.515 million tons [3]. - CNOOC's natural gas average price rose 1.4% to $7.9 per thousand cubic feet, with sales volume increasing 13.5% to 4.892 trillion cubic feet, leading to a 16% increase in natural gas revenue to 27.75 billion yuan [3]. Downstream Business Challenges - The downstream oil product sales and refining businesses of CNPC and Sinopec were significantly impacted by falling prices and sales volumes of oil and petrochemical products [4]. - CNPC's chemical business profit dropped 55.5% to 1.392 billion yuan, while Sinopec's chemical division reported a loss that widened by 33.5% to 422.4 million yuan [4]. Strategic Shift to Non-Oil Business - The "Big Three" are focusing on non-oil business development due to the peak oil demand in the transportation sector and the anticipated decline in overall oil demand by 2028 [5]. - CNPC plans to expand into new energy and materials, reporting a 70% increase in wind and solar power generation to 3.69 billion kilowatt-hours, and a 50% increase in new materials production to 1.665 million tons [5]. - CNOOC aims to increase green electricity usage and has initiated a carbon capture and utilization project [5][6].

大项目提前投产，全年产量较为乐观。1H25 公司油气净产量达384.6 百万桶油当量，同比+6.1%，原油 产量同比+4%，天然气产量同比大幅上升12%，其中南海西部天然气产量同比+35%至171bcf。2Q25 油 气产量环比增长4%，同比增长7%，主要得益于：1）"深海一号"二期投产加速南海西部凝析油和天然 气的增产；2）渤中26-6 和渤中19-2 项目的投产。我们判断如2H25 产量维持增长趋势，全年产量或达 到指引上限的780 万桶。 海外高质量区块投产。据公司官网，公司在圭亚那参与的Yellowtail 项目已于25 年8 月投产，Stabroek 区块总产能将提升25 万桶/日至90 万桶/天，我们认为2H25 开始公司在圭亚那权益产量有望升至20 万 桶/天左右。据Rystad Energy，Stabroek 区块盈亏平衡点仅为不到30 美元/桶，为全球较低水平，我们判 断圭亚那项目的上产或保证公司的低成本高回报。 1H25 业绩略超市场预期 公司公布1H25 业绩：收入2076 亿元，同比-8%；归母净利润695.3 亿元，对应每股盈利1.5 元，同 比-13%，2Q25 营业收入1008 ...

Group 1 - The China International Fair for Trade in Services (CIFTIS) will be held from September 10 to 14, 2025, with preparations nearly complete. The Ministry of Commerce plans to introduce policies to expand service consumption next month [2] - The Shanghai Cooperation Organization Summit will take place from August 31 to September 1, 2025, in Tianjin, with the conference news center officially opening today [2] - The Shanghai government has released implementation opinions to accelerate the renovation of urban villages, prioritizing areas with urgent public needs and safety concerns [2] Group 2 - In July, profits of industrial enterprises above designated size fell by 1.5% year-on-year, but the decline narrowed by 2.8 percentage points compared to June. High-tech manufacturing profits turned from a 0.9% decline in June to an 18.9% increase, significantly contributing to the overall profit growth [3] - The Ministry of Industry and Information Technology issued guidelines to optimize business access and promote the development of the satellite communication industry, encouraging telecom operators to explore high-orbit satellite applications [4] - The market regulator held a meeting with individual business owners, emphasizing the need for platform companies and financial institutions to support these businesses through various means [4] Group 3 - Hong Kong's stock market has solidified its global leadership in IPOs, with 51 new listings in the first seven months of the year, raising over HKD 128 billion, a year-on-year increase of over 610% [6] - Nvidia reported Q2 revenue of USD 46.7 billion, exceeding expectations, and announced an additional USD 60 billion stock buyback [6] - Meituan's revenue for the first half of 2025 reached CNY 178.4 billion, a year-on-year increase of 14.7%, while adjusted net profit decreased by 41% [7]