香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 CNOOC Limited （中國海洋石油有限公司） （股票代號：00883（港幣櫃台）及80883（人民幣櫃台）） （根據公司條例在香港註冊成立的有限責任公司） 二零二五年度業績公告 董事長致辭 尊敬的各位股東： 歲序常新，篤行致遠。回望二零二五年，世界之變、時代之變、歷史之變以前所未有的方式展 開，不確定因素顯著增多。面對嚴峻複雜的外部形勢與國際油價震蕩下行壓力，中國海油堅持 穩中求進，以實幹進取的姿態抓增儲上產，以只爭朝夕的精神抓創新發展，以時時放心不下的 責任感抓安全環保，以務實有效的舉措抓降本增效，圓滿完成年度目標任務。 資源儲備，是行穩致遠的核心根基。二零二五年，公司堅守價值勘探主線，勘探成果豐碩， 油氣儲量再創新高，首次榮獲「全球最佳國家石油公司勘探企業」稱號。我們以尋找大中型油氣 田為核心目標，在淺層岩性等領域勘探獲得重大突破，於國內外相繼探獲和成功評價多個油氣 田，並成功獲取多個勘探區 ...

Group 1 - The Energy ETF (159930) opened at 1.733 yuan with a change of 0.00% on March 26 [1][2] - Major holdings in the Energy ETF include China Petroleum (0.00%), China Shenhua (-0.25%), Sinopec (-0.51%), Shaanxi Coal and Chemical Industry (+0.31%), CNOOC (-0.02%), Jereh (-0.01%), Yanzhou Coal Mining (-0.30%), China Coal Energy (+0.34%), Shanxi Coking Coal (+0.14%), and Huayang Shares (+0.33%) [1][2] - The Energy ETF is managed by Huatai-PineBridge Fund Management Co., Ltd., with fund managers Dong Jin and Sun Hao, and has a return of 74.99% since its establishment on August 23, 2013, and a return of 3.90% over the past month [1][2] Group 2 - The article mentions the formation of a MACD golden cross signal, indicating a positive trend for certain stocks [3]

Group 1 - The Energy ETF Guangfa (159945) opened down 0.14% at 1.418 yuan on March 26 [1][2] - Major holdings of the Energy ETF include China Shenhua down 0.25%, China Petroleum unchanged, China Petrochemical down 0.51%, Shaanxi Coal up 0.31%, China National Offshore Oil Corporation down 0.02%, Jereh Group down 0.01%, Yanzhou Coal Mining down 0.30%, China Coal Energy up 0.34%, Guanghui Energy up 0.73%, and Shanxi Coking Coal up 0.14% [1][2] - The performance benchmark for the Energy ETF Guangfa is the CSI All Share Energy Index, managed by Guangfa Fund Management Co., Ltd., with a fund manager named Yao Xi [1][2] - Since its establishment on June 25, 2015, the fund has returned 42.35%, with a return of 4.18% over the past month [1][2]

Group 1 - The 300 Dividend Low Volatility ETF by Jiashi (515300) opened down 0.30% at 1.335 yuan on March 26 [1][2] - Major holdings of the ETF include China Shenhua down 0.25%, Gree Electric up 0.08%, China Petroleum unchanged, Sinopec down 0.51%, Shuanghui Development up 1.17%, China National Offshore Oil Corporation down 0.02%, Daqin Railway down 0.19%, China State Construction Engineering down 0.20%, China Merchants Highway down 0.10%, and Midea Group up 0.12% [1][2] - The ETF's performance benchmark is the CSI 300 Dividend Low Volatility Index return, managed by Jiashi Fund Management Co., Ltd., with a fund manager named Wang Zihan [1][2] Group 2 - Since its establishment on August 8, 2019, the ETF has achieved a return of 72.46%, with a return of 2.72% over the past month [1][2]

Group 1 - The oil and gas extraction sector is expected to see Brent crude oil prices range between $80 and $150 per barrel in 2026, driven by geopolitical tensions and supply constraints, particularly due to the blockage of the Strait of Hormuz, which limits nearly 20 million barrels per day of oil and product exports [3][9][22] - Global GDP growth is projected at approximately 3.3% in 2026, with a demand increase for oil, although at a slower pace, leading to an estimated daily supply-demand gap of about 7.4 million barrels under stable demand conditions [3][9][63] - The geopolitical situation has significantly impacted oil supply, with the IEA releasing 400 million barrels from strategic reserves to mitigate the supply shortfall, although this is not expected to fully compensate for the losses [34][63] Group 2 - The refining sector is facing increased cost pressures due to supply chain disruptions, leading to a reduction in operational capacity for many refineries, particularly smaller ones, while larger domestic refineries may benefit from stable or diversified procurement channels [4][29] - The domestic refining capacity is nearing its limit, with a cap of 1 billion tons, which is expected to support a recovery in the sector's profitability as global energy disruptions accelerate the exit of less competitive overseas capacities [4][29] Group 3 - The polyester industry is anticipated to experience a slowdown in capital expenditure growth, with a focus on achieving balance under high oil prices in 2026, as major capital projects conclude and downstream demand stabilizes [5][62] - The production capacity for polyester bottle chips is nearing its peak, with limited new capacity expected in 2026, while the overall industry is expected to benefit from collaborative production cuts among leading companies [5][62] Group 4 - Investment recommendations highlight that companies in the oil sector, such as China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and others, are expected to benefit significantly from high oil prices [6] - The report suggests that downstream polyester companies, particularly those producing high-quality polyester filament and bottle-grade materials, are also positioned for potential growth as supply-demand dynamics tighten [6]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Since 2022, Australia, Qatar, and Russia have consistently been China's top three LNG suppliers, accounting for around 70% of total imports. Australia's import share declined from 38.96% in 2021 to 29.63% in 2025, while Qatar's and Russia's shares rose from 11.23% to 28.20% and from 5.65% to 14.27% respectively. The market shares of Malaysia, Indonesia, and Papua New Guinea remained stable, and the share of imports from other countries dropped sharply [1][5][12]. - Adequate export capacity and relatively low prices have secured the dominant position of Australia, Qatar, and Russia among China's LNG import sources. In 2025, China's average LNG import cost decreased by about 9.7% from 2024. Russia implemented substantial price cuts in 2025, making its LNG the cheapest among major sources [15]. - Qatar's LNG trade is mainly under long - term contracts, with prices linked to oil prices and correlated with JKM. In 2025, imports rose year - on - year, and if new projects are on schedule in 2026, supply to China may increase by around 2.6 million tonnes [2][19]. - Australia's LNG imports in 2025 dropped 21.8% year - on - year. Its LNG price links to oil prices, with a higher spot share than Qatar. In 2026, imports may recover with lower costs but lack an advantage over Russian gas [3][44]. - Russia's LNG exports to China are 60% spot, with more diversified importers. In 2025, imports were up 18.7% year - on - year. Due to Europe's ban, much Russian LNG will divert to Asia, with China as the primary destination. If Russia continues price cuts, import growth is possible [4][31]. 3. Summary According to the Directory 3.1 Qatar: Most trade volumes are under long - term contracts, with import prices linked to oil prices - In 2025, China imported 17.431 million tons of LNG from Qatar, up 7.65% year - on - year. The average import price of Qatari LNG is closely correlated with oil prices (correlation coefficient around 0.85) and JKM gas prices (correlation around 0.76). If the oil price center falls to $60/bbl or lower, the average import price may decline to $440/ton or below, stimulating import growth [19]. - Over 90% of Qatari LNG imports are under long - term contracts, dominated by China's three major oil and gas companies (combined share over 80%). After 2022, the importer structure became more diversified [20][21]. - Based on existing contracts, the total contracted volume with Qatar is approximately 20 million tons. The execution rate reached nearly 95% in 2025. If new projects start operation as scheduled in 2026, Qatar's LNG export supply to China may increase by around 2.6 million tons [24]. - Qatari LNG imports are relatively evenly distributed across East China, South China, and North China, with major receiving terminals including Rudong, Caofeidian, Shenzhen Dapeng, Ningbo Chuanshan, and Zhuhai ports [28]. 3.2 Russia: Exports to China are dominated by spot volumes, with further growth expected - In 2025, China imported 9.861 million tonnes of LNG from Russia, up 18.7% year - on - year. The average import price of Russian LNG is closely linked to JKM gas prices (correlation coefficient 0.936) and Brent oil prices (correlation around 0.75). Since July 2025, Russian exporters cut prices, and by December, the average import price dropped to 429.07 USD/ton, stimulating import growth [31]. - Russian LNG exports to China are dominated by spot volumes (59.34% in 2025). The three major oil and gas companies accounted for about 60% of total imports in 2025, and non - major oil and gas companies have increased their purchases of Russian spot LNG in recent years [34]. - Europe will phase out purchases of Russian LNG in 2026. Around 2.5 - 3 million tons of non - long - term contract volumes are expected to be diverted to Asia this year, and nearly 12 million tons next year. China is the primary destination for diverted Russian LNG, but geopolitics and sanctions need to be monitored [39][40]. 3.3 Australia: Imports may see a moderate recovery increment this year - In 2025, China imported 20.4714 million tonnes of LNG from Australia, down 21.8% year - on - year, with a partial recovery at the end of the year. The average import price of Australian LNG is closely linked to oil prices (correlation coefficient around 0.79), and international gas price surges have a more significant impact on it due to a higher spot share [44]. - Australian LNG import costs may fall below 450 USD/tonne in the first half of this year, but it still has no economic advantage over Russian gas [47]. - Long - term contract imports from Australia fell 30% to 10.32 million tonnes in 2025 but still accounted for more than 50% of total imports. The importer structure has become more diversified, with CNOOC and Sinopec as major buyers [48]. - Australia's LNG exports in 2025 reached 77.824 million tonnes, down 3.508 million tonnes year - on - year. The second 5 - million - tonne train at the Pluto project is expected to start operations in September 2026, which may lift exports, but it will face intense competition in the Chinese market [54].

Group 1 - The central enterprise dividend ETF, Fu Guo (159332), opened at 1.234 yuan with an increase of 0.98% on March 24 [1][2] - Major holdings of the ETF include China Merchants Industry Holdings, which rose by 0.72%, and China Shenhua Energy, which fell by 1.76% [1] - The ETF's performance benchmark is the China Central Enterprises Dividend Index return rate, managed by Fu Guo Fund Management Co., Ltd., with a return of 26.33% since its establishment on July 16, 2024, and a monthly return of 2.08% [2] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [3]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China Oil & Gas** sector, particularly the implications of rising oil and gas prices due to geopolitical disruptions, specifically the closure of the **Strait of Hormuz** [1][2]. Core Insights and Arguments - **Oil and Gas Price Forecasts**: - Brent crude price forecast for 2026 has been raised to **USD80/b** from **USD65/b**; for 2027, it is now **USD70/b** from **USD66.3/b** [2]. - JKM (Japan Korea Marker) price forecasts have increased to **USD15/mmBtu** for 2026 and **USD10.5/mmBtu** for 2027 [2]. - **Impact on China’s Oil Supply**: - The Middle East accounts for approximately **40%** of China's crude supply and **7%** of its gas supply. A one-month disruption can be managed through floating storage and strategic inventory [3]. - China holds about **1.1-1.3 billion barrels** of crude in inventory, sufficient for **110-140 days** of imports [3]. - **Cost Escalation for Gas Utilities**: - Gas utilities are expected to face cost increases in March due to annual contract renewals with oil and gas majors. However, a more liberalized gas pricing framework in China allows for quicker pass-through of costs to consumers [4]. - Companies like **ENN** and **Kunlun** are expected to be more resilient due to better cost management and more LNG supply [4]. - **Upstream Earnings Sensitivity**: - **CNOOC** and **PetroChina** are positively correlated to oil prices, with CNOOC being the most sensitive. **Sinopec**, however, faces challenges due to its reliance on Middle Eastern crude, which could disrupt refinery utilization [5][10]. - A **25% reduction** in refinery runs for one month could decrease Sinopec's EBIT by approximately **2%** [5]. Additional Important Insights - **Refinery Utilization and Export Suspension**: - The National Development and Reform Commission (NDRC) has requested refiners to pause clean product exports to ensure domestic supply, which could negatively impact profits for PetroChina and Sinopec [18]. - A one-month export suspension could impact Sinopec's earnings by **2.0%** and PetroChina's by **0.5%** at the EBIT level [19]. - **Earnings Impact Scenarios**: - Three scenarios were outlined regarding the closure of the Strait of Hormuz: - **Base Case**: One-month closure followed by normalization, with Brent averaging **USD86/b** in Q2 2026. - **Optimistic Case**: Immediate resolution with a one-month recovery, Brent trending down to **USD70/b**. - **Pessimistic Case**: Four-month closure leading to Brent averaging **USD100/b** for 2026 [21][22]. - **Earnings Estimates Revisions**: - **PetroChina**: Revenue estimates for 2026 increased by **12%** to **RMB2,660 billion**; net income estimates increased by **17%** to **RMB179 billion** [32]. - **Sinopec**: Revenue estimates for 2026 increased by **7%** to **RMB2,837 billion**; net income estimates increased by **18%** to **RMB42 billion** [36]. - **CNOOC**: Revenue estimates for 2026 increased by **17%** to **RMB441 billion**; net income estimates increased by **28%** to **RMB153 billion** [40]. - **Gas Utilities Performance**: - ENN and Kunlun are expected to show resilience against gas cost hikes, with earnings projected to decline by **8-9%** for every **10%** increase in gas costs, compared to over **10%** for peers [27]. Conclusion - The conference call highlighted the significant impact of geopolitical events on oil and gas prices, the resilience of certain companies in the gas utility sector, and the varying sensitivity of major Chinese oil companies to these price changes. The revisions in earnings estimates reflect a more optimistic outlook for upstream companies like CNOOC and PetroChina, while Sinopec faces challenges due to its reliance on Middle Eastern crude.

Core Insights - The main focus of the news is the significant inflow of capital into various stocks, highlighting the top 20 stocks by capital inflow as of March 23, with notable performances in sectors such as automotive, power equipment, and coal [1][2][3] Group 1: Stock Performance - BYD saw a capital inflow of 1.731 billion, with a price increase of 5.47% [2] - GCL-Poly Energy experienced a capital inflow of 1.426 billion, with a price increase of 7.64% [2] - Shunhao Co. reported a capital inflow of 1.018 billion, with a price increase of 9.97% [2] - Jinfat Technology had a capital inflow of 711 million, with a price increase of 10.02% [2] - Wolong Electric Drive received a capital inflow of 710 million, with a price increase of 8.04% [2] Group 2: Sector Analysis - The automotive sector, represented by BYD and Haima Automobile, showed strong capital inflows, indicating investor confidence [1][2] - The power equipment sector, including GCL-Poly Energy and Wolong Electric Drive, also attracted significant capital, reflecting growth potential [1][2] - The coal sector, represented by Shanxi Coal and China Shenhua, displayed mixed performance with varying capital inflows and stock price changes [1][3]

Core Viewpoint - CNOOC Limited has appointed Huang Yongzhang as the new Chief Executive Officer, indicating a significant leadership transition as the company navigates a complex global energy landscape [1] Group 1: Leadership Transition - Huang Yongzhang will also serve as Vice Chairman, Executive Director, President, and a member of the Strategy and Sustainability Committee, consolidating substantial operational and strategic authority [1] - Huang has decades of experience in China's state-owned energy sector, including key roles in China National Petroleum Corporation (CNPC) and PetroChina [2] - His recent position as Vice President of CNPC and Chief Safety Officer until September 2025 highlights his extensive background in the industry [3] Group 2: Succession and Strategy - Huang has been Director and General Manager of China National Offshore Oil Corporation since September 2025, making him a natural successor within the leadership pipeline [4] - The appointment reflects continuity in Beijing's management approach of national oil companies, with leadership often rotating among CNPC, PetroChina, and CNOOC [4] Group 3: Industry Context - Huang's experience in international upstream operations and safety oversight is crucial as Chinese oil majors balance production growth with stricter environmental and governance standards [5] - CNOOC is expanding its offshore portfolio while facing volatile oil prices and global competition, remaining a cornerstone of China's energy security strategy [6] - Investors closely monitor leadership changes in state energy giants as indicators of policy direction, with recent emphasis on operational efficiency and technological advancement [7] Group 4: Market Position - CNOOC has traditionally focused more on upstream activities compared to its peers, benefiting from higher oil prices and lower exposure to refining margins [8] - The company faces increasing pressure to align with China's long-term decarbonization goals while sustaining production growth [8]