● 本报记者 董添 稳定分红提升公司价值 从分红角度看，5294家上市公司发布2024年度利润分配方案。其中，3638家公司拟现金分红，占比 68.68%，合计拟派息1.65万亿元。剔除金融股，中国移动、中国石油、中国神华、贵州茅台、中国海 油、美的集团等公司拟派息金额居前。 年报显示，上市公司加速锻造新质生产力，战略性新兴产业成为驱动转型的核心力量，为中国经济向新 向智向未来注入澎湃势能。 加码研发投入 从申万一级行业看，农林牧渔、非银金融、电子、交通运输、汽车、家用电器、通信、商贸零售、食品 饮料、公用事业、有色金属等行业上市公司业绩回暖明显。其中，农林牧渔中的养殖业、饲料板块，电 子行业中的光学光电子、元件、消费电子、半导体板块，交通运输中的航空机场、航运港口板块净利润 同比增幅居前。 上市公司持续加码研发投入，巩固技术壁垒，提升产品核心竞争力。在AI浪潮席卷下，上市公司纷纷 拥抱AI技术，重视AI领域的研发投入，抢占市场机遇。 研发投入方面，Wind数据显示，4256家上市公司披露研发投入相关金额，合计约为1.59万亿元。其中， 比亚迪以541.6亿元再度位居A股上市公司年度研发投入榜榜首，中国建筑、 ...

Investment Rating - The investment rating for the company is "Buy" [1][6] Core Views - The report highlights that the company achieved excellent performance in Q1 2025, demonstrating its investment value even in adverse conditions [1][6] - The company reported a total revenue of 1068.54 billion yuan in Q1 2025, a year-on-year decrease of 4.14% but a quarter-on-quarter increase of 13.09% [1] - The net profit attributable to shareholders was 365.63 billion yuan, down 7.95% year-on-year but up 71.84% quarter-on-quarter [1] Summary by Sections Financial Performance - In Q1 2025, the company achieved a net profit of 365.63 billion yuan, with a basic earnings per share (EPS) of 0.77 yuan, reflecting a year-on-year decrease of 8.33% but a quarter-on-quarter increase of 75.00% [1] - The company's revenue and net profit figures indicate resilience despite a challenging market environment [1][6] Production and Output - The company produced 145.5 million barrels of oil liquids in Q1 2025, representing a year-on-year increase of 3.41% and a quarter-on-quarter increase of 0.62% [3] - Natural gas production reached 2530 billion cubic feet, up 10.24% year-on-year and 8.63% quarter-on-quarter, primarily due to contributions from specific projects [3] Pricing and Costs - The average oil price realized by the company was 72.65 USD per barrel, down 6.10% year-on-year but up 2.57 USD per barrel quarter-on-quarter [4] - The company maintained a low oil cost of 27.03 USD per barrel, which is a decrease from the previous year, indicating effective cost management [4] Capital Expenditure and Future Outlook - The company reported capital expenditures of 27.7 billion yuan in Q1 2025, with a stable budget for 2025 set between 1250-1350 billion yuan [5] - Profit forecasts for 2025-2027 indicate a net profit of 1364.41 billion yuan in 2025, with expected growth rates of -1.1%, 4.3%, and 5.3% for the following years [5][6]

证券代码：600938 证券简称：中国海油 公告编号：2025-014 中国海洋石油有限公司 2025 年第五次董事会决议公告 本公司董事会及全体董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、董事会会议召开情况 中国海洋石油有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开 2025 年第五次董事会。本次董事会的会议通知及议案已于 2025 年 4 月 10 日发送给公 司全体董事。本次会议应出席董事 8 人，实际出席董事 7 人。执行董事穆秀平女 士因公不能到会，已书面委托副董事长、执行董事周心怀先生代为行使表决权。 会议由副董事长周心怀先生主持。会议的召集、召开、表决程序符合有关法律法 规及《中国海洋石油有限公司组织章程细则》的相关规定，合法、有效。 二、董事会审议情况 （一）审议通过《关于公司 2025 年第一季度报告的议案》 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《中国 海洋石油有限公司 2025 年第一季度报告》。本议案已经公司审核委员会审议通 过，并同意提交董事会审议。 表决 ...

Financial Performance - The company's operating revenue for Q1 2025 was RMB 106,854 million, a decrease of 4.1% compared to RMB 111,468 million in the same period last year[4] - Net profit attributable to shareholders of the parent company was RMB 36,563 million, down 7.9% from RMB 39,719 million year-on-year[4] - The net cash flow from operating activities was RMB 57,274 million, reflecting a decline of 4.5% from RMB 59,978 million in the previous year[4] - The company's oil and gas sales revenue for Q1 2025 was approximately RMB 882.7 billion, a decrease of 1.9% compared to the previous year, primarily due to falling oil prices[16] - Net profit for Q1 2025 was RMB 36,601 million, down 7.1% from RMB 39,726 million in Q1 2024[24] - The total comprehensive income for Q1 2025 was RMB 36,229 million, down from RMB 39,877 million in Q1 2024, indicating a decline of 6.6%[24] Asset and Liability Overview - The total assets at the end of the reporting period were RMB 1,102,706 million, an increase of 4.4% from RMB 1,056,281 million at the end of the previous year[5] - The company's total assets as of March 31, 2025, amounted to RMB 1,102.7 billion, compared to RMB 1,056.3 billion at the end of 2024[20] - The total liabilities as of March 31, 2025, were RMB 316.9 billion, an increase from RMB 306.8 billion at the end of 2024[21] Production and Exploration - In Q1 2025, the company's total net production reached 188.8 million barrels of oil equivalent, an increase of 4.8% year-on-year[15] - The company achieved 2 new discoveries and successfully evaluated 14 oil and gas structures in Q1 2025, indicating strong exploration prospects[15] Pricing and Costs - The average realized price for crude oil was USD 72.65 per barrel, down 7.7% from USD 78.75 per barrel in the same period last year[10] - The average realized oil price in Q1 2025 was $72.65 per barrel, a decrease of 7.7% year-on-year, while the average realized gas price was $7.78 per thousand cubic feet, an increase of 1.2%[16] - The company reported a cost per barrel of $27.03, a decrease of 2.0% year-on-year[16] - Total operating costs decreased to RMB 56,530 million in Q1 2025 from RMB 59,520 million in Q1 2024, reflecting a reduction of 5.0%[23] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 233,407, with the largest shareholder holding 60.54% of the shares[11] - The company's basic and diluted earnings per share for Q1 2025 were both RMB 0.77, compared to RMB 0.84 in Q1 2024, representing a decline of 8.3%[24] Cash Flow and Investments - Cash flow from operating activities for Q1 2025 was RMB 57,274 million, a decrease of 4.5% from RMB 59,978 million in Q1 2024[28] - Cash and cash equivalents at the end of Q1 2025 totaled RMB 101,403 million, down from RMB 158,407 million at the end of Q1 2024[28] - Investment activities resulted in a net cash outflow of RMB 35,408 million in Q1 2025, compared to RMB 33,884 million in Q1 2024[28] - The company reported an investment loss of RMB 637 million in Q1 2025, contrasting with a gain of RMB 577 million in Q1 2024[23] Capital Expenditures - Capital expenditures totaled RMB 27,713 million, a decrease of 4.5% from RMB 29,014 million year-on-year[10] - Capital expenditures for Q1 2025 were approximately RMB 277.1 billion, a decrease of 4.5% year-on-year due to reduced exploration and adjustment work[16] Non-recurring Items - Non-recurring losses amounted to RMB 464 million, primarily due to asset disposal losses of RMB 704 million[7]

Core Viewpoint - The company sees potential acquisition opportunities if international oil prices continue to decline, and it plans to adjust and optimize its oil and gas asset portfolio based on market conditions and its management capabilities [1][4]. Financial Performance - In Q1, the company reported revenue of 1068.54 billion yuan, a year-on-year decrease of 4.1%, and a net profit attributable to shareholders of 365.63 billion yuan, down 7.9% year-on-year [1]. - The average selling price of oil liquids fell by 7.7% to 72.65 USD/barrel, negatively impacting profit margins due to lower oil prices [1]. - The average Brent crude oil futures price decreased by 8.3% year-on-year to 74.98 USD/barrel, leading to a 1.9% decline in oil and gas sales revenue to 882.7 billion yuan, with oil sales revenue down 4.6% to 746.3 billion yuan [1]. Production and Cost Management - The company's total net production increased by 4.8% year-on-year to 188.8 million barrels of oil equivalent in Q1, supported by contributions from various oil and gas fields [2]. - The average cost per barrel of oil decreased by 2% year-on-year to 27.03 USD, helping to mitigate the impact of falling oil prices [2]. Strategic Outlook - The company maintains a positive long-term outlook for the oil industry, asserting that low oil prices will not affect its long-term development strategy or its investment plans and production targets for 2025 [4]. - The company emphasizes a low-cost strategy and aims to maintain a cost advantage among major global oil companies, regardless of oil price fluctuations [4]. - The company is committed to global oil and gas asset allocation and views potential declines in international oil prices as favorable for acquisitions, leveraging its strong cash flow and low cost structure [4].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a decline in revenue and net profit for Q1 2025, despite an increase in oil and gas production, highlighting the impact of falling international oil prices on financial performance [1][2][3] Financial Performance - In Q1 2025, CNOOC achieved operating revenue of 106.85 billion yuan, a year-on-year decrease of 4.1% [1] - The net profit attributable to shareholders was 36.56 billion yuan, down 7.9% year-on-year [1] - The average realized oil price was 72.65 USD/barrel, a decrease of 7.7% year-on-year, while the average realized gas price increased by 1.2% to 7.78 USD/thousand cubic feet [2] Production and Exploration - CNOOC's net production reached 188.8 million barrels of oil equivalent, an increase of 4.8% year-on-year, with domestic production rising by 6.2% [1][2] - The company made two new discoveries and successfully evaluated 14 oil and gas structures during the quarter [2] - Significant contributions to production came from the Bohai region and overseas projects, particularly from Brazil's Mero2 [1][2] Capital Expenditure and Projects - Capital expenditure for the quarter was approximately 27.71 billion yuan, a decrease of 4.5% year-on-year [2] - Several new projects, including the Panyu 10/11 block and the Wenchang 19-1 oil field, have been successfully put into production [2][3] - The Wenchang 9-7 oil field development project was announced to have commenced production, with an expected peak output of about 12,000 barrels of oil equivalent per day by 2027 [3][4] Future Outlook - CNOOC's controlling shareholder announced plans to increase shareholdings in the company by 2 to 4 billion yuan over the next 12 months, reflecting confidence in the company's long-term investment value [3] - The company aims to enhance operational efficiency and achieve its annual production and operational targets [3]

2025 年 04 月 29 日 与传统风格相关性更低，A 股资产配置 新方向：大成中证全指自由现金流 ETF （159235）投资价值分析 ——指数基金产品研究系列报告之二百四十七 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 方思齐 A0230123090003 fangsq@swsresearch.com 联系人 方思齐 (8621)23297818× fangsq@swsresearch.com 益 量 化 研 究 权 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共25页 简单金融 成就梦想 股 票 基 金 证券分析师 邓虎 A0230520070003 denghu@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 现金流 ETF 已经成为海外市场热门产品，国内产品申报火热。国内自由现金流产品目前 处于起步阶段，而海外现金流产品已经取得了丰硕的发展成果。其中规模领先的 COWZ 规模已超 200 亿美元。近期国内现金流 ETF 迎来集中申报浪潮， ...

Group 1 - The core point of the article is that China National Offshore Oil Corporation (CNOOC) reported a net profit attributable to shareholders of 36.563 billion yuan in the first quarter of 2025, representing a year-on-year decrease of 7.9% [1] Group 2 - The reported net profit for the first quarter of 2025 is 36.563 billion yuan [1] - The year-on-year decrease in net profit is 7.9% [1]

Group 1 - The company reported a revenue of 106.854 billion RMB for the first quarter, representing a year-on-year decrease of 4.1% [1] - The net profit for the first quarter was 36.563 billion RMB, showing a year-on-year decline of 7.9% [1]

Financial Performance - CNOOC Limited reported a revenue of RMB 106,854 million for Q1 2025, a decrease of 4.1% compared to RMB 111,468 million in the same period last year[6]. - The net profit attributable to shareholders was RMB 36,563 million, down 7.9% from RMB 39,719 million year-on-year[6]. - The cash flow from operating activities was RMB 57,274 million, reflecting a decline of 4.5% from RMB 59,978 million in the previous year[6]. - The company's oil and gas sales revenue for Q1 2025 was approximately RMB 88.27 billion, a decrease of 1.9% year-on-year due to falling oil prices[15]. - Operating profit for Q1 2025 was RMB 49,927 million, down 5.7% from RMB 52,597 million in Q1 2024[21]. - Net profit for Q1 2025 was RMB 36,601 million, a decline of 7.1% from RMB 39,726 million in Q1 2024[22]. Production and Sales - In Q1 2025, the company's total net production reached 188.8 million barrels of oil equivalent, an increase of 4.8% year-on-year[14]. - The company's net production in China was 130.8 million barrels of oil equivalent, up 6.2% year-on-year, primarily due to contributions from the Bozhong 19-6 oil and gas field[14]. - Natural gas sales increased by 15.8% to RMB 13,635 million, compared to RMB 11,774 million in the previous year[10]. Pricing and Costs - The average realized price for crude oil was USD 72.65 per barrel, a decrease of 7.7% from USD 78.75 per barrel in the same quarter last year[10]. - The average realized gas price was $7.78 per thousand cubic feet, an increase of 1.2% year-on-year[15]. - The Brent crude oil futures average price for Q1 2025 was $74.98 per barrel, down 8.3% year-on-year[14]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 1,102,706 million, representing a 4.4% increase from RMB 1,056,281 million at the end of the previous year[6]. - Total liabilities as of March 31, 2025, amounted to RMB 316,922 million, up from RMB 306,845 million at the end of 2024[20]. - The total equity attributable to shareholders of the parent company increased to RMB 783,824 million as of March 31, 2025, from RMB 747,548 million at the end of 2024[20]. Cash Flow and Financing - Cash flow from investing activities for Q1 2025 was negative RMB 35,408 million, compared to negative RMB 33,884 million in Q1 2024[24]. - The company reported a basic earnings per share of RMB 0.77 for Q1 2025, down from RMB 0.84 in Q1 2024[23]. - Cash inflow from borrowings decreased significantly to $9 million in Q1 2025 from $1,331 million in Q1 2024, representing a decline of 99.32%[25]. - Total cash inflow from financing activities was $42 million in Q1 2025, down from $1,352 million in Q1 2024, a decrease of 96.91%[25]. - The net cash flow from financing activities was negative $1,794 million in Q1 2025, worsening from negative $1,156 million in Q1 2024[25]. Capital Expenditures and Discoveries - Capital expenditures totaled RMB 27,713 million, down 4.5% from RMB 29,014 million in the same period last year[10]. - The company made two new discoveries and successfully evaluated 14 oil and gas structures during the quarter[14]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 233,407[12]. - The largest shareholder, China National Offshore Oil Corporation (BVI), holds 60.54% of the shares[12]. Leadership and Future Outlook - The company is set to implement new accounting standards starting in 2025, which may affect financial reporting[26]. - The board of directors includes key executives such as CEO Zhou Xinhui and CFO Mu Xiuping, indicating strong leadership continuity[26].