Core Viewpoint - The company is optimizing its industrial structure and enhancing its operational vitality and resilience through the sale of its cold energy business and assets, which aligns with its long-term interests and those of its shareholders [1]. Group 1: Transaction Details - The company plans to transfer 70% equity and debt of Zhuhai Air Separation, 65% equity of Ningbo Air Separation, 50% equity of Fujian Air Separation, and cold energy center assets to Haizhuo Company through a non-public agreement [1]. - The total transfer price is set at 37,126.63 million yuan, based on an asset evaluation conducted by accounting firms, with the assessed value of the transaction assets being 52,514.37 million yuan [1]. - The assessed value of the equity stakes, after proportionate calculations, amounts to 31,460.63 million yuan, while the book and assessed value of the debt from Zhuhai Air Separation is 5,666.00 million yuan [1]. Group 2: Agreements and Documentation - To facilitate the transfer of equity, debt, and assets, the company will sign separate agreements with Haizhuo Company for each entity involved, including Zhuhai, Ningbo, Fujian Air Separation, and the cold energy utilization technology center [2].

Core Viewpoint - The company plans to transfer its stakes and assets in several gas-related subsidiaries to a wholly-owned subsidiary of its controlling shareholder, China National Offshore Oil Corporation, for a total price of 371 million yuan [1] Group 1: Transaction Details - The company intends to transfer 70% equity and debt of CNOOC Industrial Gases (Zhuhai) Co., Ltd., 65% equity of CNOOC Industrial Gases (Ningbo) Co., Ltd., 50% equity of CNOOC Air Products (Fujian) Co., Ltd., and assets of the Cryogenic Utilization Technology Center [1] - The total transfer price for these assets is 371 million yuan [1] Group 2: Strategic Implications - The sale of the cryogenic business and assets is expected to help the company recover its previous investments and focus on the development of its core business [1] - This move aims to assist in building a specialized and innovative energy technology service company [1]

Group 1 - The company plans to transfer its stakes in several subsidiaries related to industrial gas and cold energy utilization to its controlling shareholder, China National Offshore Oil Corporation (CNOOC), through a private agreement [1] - The total transfer price for the stakes and assets amounts to 371 million yuan [1] - This divestiture is aimed at recouping previous investments to focus on core business development, enhancing the company's position as a specialized and innovative energy technology service provider [1]

Core Insights - The company reported a revenue of 22.597 billion yuan for the first half of 2025, representing a year-on-year growth of 4.46% [1] - The net profit attributable to shareholders was 1.829 billion yuan, showing a year-on-year increase of 13.15% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.834 billion yuan, reflecting a year-on-year growth of 20.30% [1] - Basic earnings per share were 0.18 yuan [1] Revenue Breakdown - The energy technology service sector achieved a revenue of 7.993 billion yuan, with a year-on-year growth of 2.79% [1] - The low-carbon environmental protection and digitalization sector generated a revenue of 3.870 billion yuan, marking a year-on-year increase of 11.17% [1] - The energy logistics service sector reported a revenue of 11.640 billion yuan, which is a year-on-year growth of 5.13% [1]

Group 1 - The core viewpoint of the article highlights the financial performance of CNOOC Development in the first half of 2025, showing a revenue increase and profit growth compared to the previous year [1] - The total operating revenue for the first half of 2025 was 22.597 billion yuan, representing a 4.46% increase year-on-year [1] - The net profit for the same period was 1.829 billion yuan, reflecting a 13.15% growth compared to the previous year [1] - Earnings per share were reported at 0.18 yuan, with a return on equity of 6.57% [1] - The company reported a negative operating cash flow per share of -0.0470 yuan and a gross profit margin of 15.33% [1] Group 2 - CNOOC Development was established in 2005 and is located in Dongzhimenwai, Beijing, focusing on the marine oil industry across exploration, development, production, sales, oil and gas processing, LNG, and refining [1] - The company has a registered capital of 10.165 billion yuan and is led by legal representative Zhu Lei [1] - CNOOC Development has made investments in 64 companies and participated in 5,000 bidding projects [1] - The company holds 56 trademark registrations and 4,033 patent registrations, along with 59 administrative licenses [1]

Group 1 - The company, CNOOC Development (600968.SH), announced its 2025 semi-annual report, revealing a revenue of 22.597 billion yuan for the first half of the year, representing a year-on-year growth of 4.46% [1] - The net profit attributable to shareholders of the listed company was 1.829 billion yuan, showing a year-on-year increase of 13.15% [1] - The company will not distribute profits or increase capital stock from the capital reserve during the reporting period [1]

1、审议通过《2025年半年度关于财务公司风险持续评估报告》 中海油能源发展股份有限公司 2025 年第二次独立董事专门会议决议 一、 会议召开情况 中海油能源发展股份有限公司(以下简称"公司")于 2025 年 8 月 8 日以电子邮件方式向全体独立董事发出了《关于召开 2025 年第 二次独立董事专门会议的通知》。2025年 8 月 18 日,公司以现场会 议方式在北京市东城区百富怡大酒店召开了 2025 年第二次独立董事 专门会议,经过半数独立董事共同推举,会议由独立董事宗文龙先生 召集和主持。 本次会议应到独立董事3位,实到独立董事3位。公司董事会秘 书和董办工作人员列席了本次会议,会议的召开符合法律、法规及《公 司章程》的规定,会议的有关程序和决议合法有效。 二、独立董事专门会议审议情况 会议讨论了下列议案,并以记名方式进行了表决。经过充分讨论, 与会独立董事做出如下决议: 2 (此页无正文,仅为《中海油能源发展股份有限公司 2025 年第二次独 立董事专门会议决议》的独立董事签署页） 表决情况:同意票 3 票,反对票 0 票,弃权票 0 票。 中海石油财务有限责任公司（以下简称"财务公司"）作为非 ...

证券代码：600968 证券简称：海油发展 公告编号：2025-022 中海油能源发展股份有限公司 第五届董事会第二十次会议决议公告 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 中海油能源发展股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日以电 子邮件方式向全体董事发出了《关于召开第五届董事会第二十次会议的通知》。 2025 年 8 月 18 日，公司于北京市东城区百富怡大酒店以现场表决方式召开了第 五届董事会第二十次会议，会议由公司董事、总经理周天育先生（代行董事长职 责）召集和主持。 本次会议应到董事 6 位，实到董事 6 位。公司部分高级管理人员、相关部门 负责人列席了本次会议，会议的召开符合法律、法规及《公司章程》的规定。 二、董事会会议审议情况 会议讨论了下列议案，并以记名方式进行了表决。经过充分讨论，与会董事 做出如下决议： 1、审议通过《2025 年半年度报告全文及摘要》 表决情况：同意票 6 票，反对票 0 票，弃权票 0 票。 此议案经审计委员会审议通过后提交董事会 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions for key terms and abbreviations used in the report, ensuring clarity and consistent understanding of its content [1.1 Definitions of Common Terms](index=4&type=section&id=1.1%20Definitions%20of%20Common%20Terms) This chapter defines common terms and abbreviations used in the report, covering key information such as regulatory bodies, company entities, industry terms, and reporting periods, to ensure clear understanding of the report's content - The reporting period, current period, and current year refer to **January 1, 2025, to June 30, 2025**[13](index=13&type=chunk) - Key entities include: **CSRC, SSE, CNOOC (controlling shareholder, actual controller), CNOOC Ltd., Finance Company, CNOOC EnerTech (the Company, the Issuer)**[13](index=13&type=chunk) - Industry terms include: **FPSO (Floating Production Storage and Offloading), LNG (Liquefied Natural Gas), CCUS (Carbon Capture, Utilization, and Storage), QHSE (Quality, Health, Safety, and Environment management system)**[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, including registration details and stock listing, along with key financial data and performance indicators for the reporting period [2.1 Company Information](index=4&type=section&id=2.1%20Company%20Information) This chapter provides the company's basic registration information, contact details, and stock listing overview, including its Chinese and English names, legal representative, board secretary's contact information, registered address, and stock code - The company's Chinese name is 中海油能源发展股份有限公司, abbreviated as 海油发展; its English name is **CNOOC Energy Technology & Services Limited**, abbreviated as **CNOOC EnerTech**[15](index=15&type=chunk) - The company's person in charge is **Zhou Tianyu**, and the Board Secretary is **Xiao Debin**, with contact number **010-84528003**[15](index=15&type=chunk)[16](index=16&type=chunk) - The company's A-shares are listed on the **Shanghai Stock Exchange**, with stock abbreviation 海油发展 and stock code **600968**[19](index=19&type=chunk) [2.2 Key Accounting Data and Financial Indicators](index=5&type=section&id=2.2%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by **4.46% to 22.60 billion RMB**, and net profit attributable to shareholders increased by **13.15% to 1.83 billion RMB**, while net cash flow from operating activities significantly decreased by **137.86%**, turning negative Key Accounting Data for H1 2025 | Indicator | Current Period (RMB) | Previous Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 22,596,522,210.98 | 21,632,109,153.92 | 4.46 | | Total Profit | 2,262,219,000.52 | 2,067,259,896.40 | 9.43 | | Net Profit Attributable to Shareholders of Listed Company | 1,829,340,807.46 | 1,616,743,525.70 | 13.15 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 1,833,600,379.10 | 1,524,165,010.72 | 20.30 | | Net Cash Flow from Operating Activities | -477,895,622.94 | 1,262,248,928.41 | -137.86 | Key Financial Indicators for H1 2025 | Indicator | Current Period | Previous Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.1800 | 0.1590 | 13.15 | | Diluted Earnings Per Share (RMB/share) | 0.1800 | 0.1590 | 13.15 | | Basic Earnings Per Share (Excluding Non-Recurring Gains and Losses) (RMB/share) | 0.1804 | 0.1499 | 20.30 | | Weighted Average Return on Net Assets (%) | 6.57 | 6.35 | Increased by 0.22 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains and Losses) (%) | 6.59 | 5.99 | Increased by 0.60 percentage points | Asset and Liability Data as of H1 2025 End | Indicator | Current Period End (RMB) | Previous Year End (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Shareholders of Listed Company | 27,620,536,376.03 | 27,162,818,706.79 | 1.69 | | Total Assets | 47,534,963,343.69 | 49,502,533,022.56 | -3.97 | [2.3 Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=2.3%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In the first half of 2025, the company's total non-recurring gains and losses amounted to **-4.26 million RMB**, primarily due to **asset typhoon damage repair expenses of -115 million RMB**, partially offset by **government grants of 44.23 million RMB** and **fair value changes in financial assets of 45.65 million RMB** Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (RMB) | Notes (if applicable) | | :--- | :--- | :--- | | Gains and Losses on Disposal of Non-Current Assets | 5,938,859.11 | | | Government Grants Recognized in Current Profit and Loss | 44,227,985.34 | Mainly government grants for R&D, etc. | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 45,648,383.56 | Mainly fair value changes of financial assets held for trading | | Gains and Losses from Entrusted Investments or Asset Management | 16,534,630.13 | Mainly current period wealth management income from financial assets held for trading | | Other Non-Operating Income and Expenses | -114,904,156.89 | Mainly repair expenses for typhoon-damaged assets | | Other Items Meeting the Definition of Non-Recurring Gains and Losses | 3,416,230.30 | | | Less: Income Tax Impact | 2,239,238.27 | | | Minority Interest Impact (After Tax) | 2,882,264.92 | | | Total | -4,259,571.64 | | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's industry, business operations, financial performance, core competitiveness, and risk factors during the reporting period [3.1 Description of Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=3.1%20Description%20of%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company is deeply rooted in the oilfield services industry, actively responding to the national energy security strategy by building a coordinated development pattern of traditional and new energy, with its main businesses covering energy technology services, low-carbon environmental protection and digitalization, and energy logistics services, holding a dominant position in offshore oilfield floating production equipment and various technical fields, while actively expanding into new energy businesses such as offshore wind power, photovoltaics, and energy storage - The National Energy Administration emphasizes enhancing oil and gas reserve capacity and strengthening exploration and development, while the IEA forecasts global energy investment to reach **3.3 trillion USD in 2025**, with clean energy investment being **twice that of fossil fuels**[29](index=29&type=chunk) - The company concentrates advantageous resources to continuously deepen its focus on three major industries: **energy technology services, low-carbon environmental protection and digitalization, and energy logistics services**[30](index=30&type=chunk) - The company is China's strongest and most comprehensive energy technology service provider for offshore oilfield floating production equipment, holding **7 FPSOs** and maintaining a dominant position in China's offshore FPSO production technology service market[32](index=32&type=chunk) - The company has developed proprietary technological and product advantages in areas such as **intelligent injection and production, artificial lift, heavy oil thermal recovery, skid-mounted manufacturing, and facility and equipment operation and maintenance**[32](index=32&type=chunk) - Actively developing **offshore wind power, photovoltaics, energy storage, and CCUS businesses**, and holding a leading position in special environmental coatings, industrial water treatment, and new chemical materials[33](index=33&type=chunk) [3.2 Discussion and Analysis of Operations](index=8&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company achieved operating revenue of **22.60 billion RMB**, a **4.46% year-on-year increase**, and net profit attributable to shareholders of **1.83 billion RMB**, a **13.15% year-on-year increase**, demonstrating steady growth through enhanced industrial development quality, optimized layout, and deep market potential, with outstanding performance in the low-carbon environmental protection and digitalization industry - In the first half, operating revenue reached **22.60 billion RMB**, a **4.46% year-on-year increase**; net profit attributable to shareholders was **1.83 billion RMB**, a **13.15% year-on-year increase**[34](index=34&type=chunk) Operating Revenue and Growth by Industry for H1 2025 | Industry | Operating Revenue (Billion RMB) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Energy Technology Services Industry | 79.93 | 2.79 | | Low-Carbon Environmental Protection and Digitalization Industry | 38.70 | 11.17 | | Energy Logistics Services Industry | 116.40 | 5.13 | - Workload for downhole tools in the energy technology services industry increased by **16.11% year-on-year**, artificial lift services by **3.24%**, and equipment design, manufacturing, and O&M services by **5.42%**[35](index=35&type=chunk) - Workload for new energy technology in the low-carbon environmental protection and digitalization industry increased by **32.89% year-on-year**, safety emergency services by **22.70%**, sales of refining and chemical catalytic materials by **29.02%**, and digitalization business by **10.17%**[36](index=36&type=chunk) - Terminal loading and unloading workload in the energy logistics services industry increased by **6.23% year-on-year**, vessel calls by **10.46%**, and commodity sales by **15.61%**[37](index=37&type=chunk) - Accelerating the high-end, intelligent, and green transformation and upgrading of traditional industries, with **3 new smart factories** entering trial operation[38](index=38&type=chunk) - Expediting the cultivation and development of strategic emerging and future industries, with the **LNG carrier project** entering the 'ten ships under construction simultaneously' phase[39](index=39&type=chunk) - Intensifying efforts in key core technology breakthroughs, with the successful application of the **domestically developed first deepwater hydraulic intelligent flow control valve**, and the **world's first megawatt-scale seawater electrolysis hydrogen production unit** successfully operating continuously for over **1,000 hours**[39](index=39&type=chunk) - Continuously advancing brand building, forming a 'core master brand + specialty brand' product brand architecture, with permanent magnet electric pumps achieving an average power saving rate of **24.6%**[40](index=40&type=chunk)[41](index=41&type=chunk) - Deepening efforts in overseas markets, with new contracts signed totaling **31.60 million RMB**, a **141% year-on-year increase**[41](index=41&type=chunk) [3.3 Analysis of Core Competitiveness During the Reporting Period](index=10&type=section&id=3.3%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its **full-chain service capabilities, comprehensive technology system, focused core brand building, 'people-oriented' management philosophy, and pursuit of excellence through lean thinking**, collectively supporting high-quality development in the oil and gas value chain and new energy transition - Possessing **full-lifecycle drilling and completion design capabilities from exploration to abandonment**, as well as design, construction, and O&M capabilities for energy-saving, low-carbon, and environmentally friendly equipment, forming a **full industrial chain business system and integrated service model**[42](index=42&type=chunk) - Establishing **seven major professional technical systems**, owning **7 national-level R&D platforms, 1 national-level skill master studio, 7 postdoctoral workstations**, and cumulatively receiving **156 provincial/ministerial level or higher scientific and technological awards**[43](index=43&type=chunk) - Developing **over 400 'star' products**, enhancing brand awareness and reputation with a **'Hailong master brand + specialty brand' system**[44](index=44&type=chunk) - Deeply advancing the talent-strengthening strategy, continuously optimizing talent development systems and mechanisms, and cumulatively introducing **50 professionals** across various fields in the first half of the year[45](index=45&type=chunk)[46](index=46&type=chunk) - Firmly establishing a **lean management philosophy**, focusing on **safe production, product quality, cost control, and compliant operations**, continuously improving the lean level of operational management[47](index=47&type=chunk) [3.4 Key Operating Performance During the Reporting Period](index=11&type=section&id=3.4%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This chapter details the reasons for changes in the company's financial statement items for the first half of 2025, where operating revenue and costs increased due to business growth, but net cash flow from operating activities significantly decreased due to increased payments for goods and services, while net cash outflow from investing activities decreased due to matured bank wealth management redemptions, and net cash outflow from financing activities increased due to profit distribution and debt repayment - Operating revenue increased by **4.46% year-on-year**, primarily benefiting from the effectiveness of core capability building and continuous advancement of reserves and production, as well as growth in technical service workload, product manufacturing, and commodity sales[49](index=49&type=chunk) - Operating costs increased by **3.02% year-on-year**, mainly due to the corresponding increase in operating cost scale from workload growth, while the company's continuous quality improvement, cost reduction, and efficiency enhancement initiatives kept the operating cost increase lower than the operating revenue increase[49](index=49&type=chunk) - Net cash flow from operating activities decreased by **137.86% year-on-year**, primarily due to a **2.46 billion RMB year-on-year increase** in cash paid for goods and services, a **0.39 billion RMB year-on-year increase** in taxes and employee-related expenses, and a **1.24 billion RMB year-on-year increase** in cash received from sales of goods and services[50](index=50&type=chunk) - Net cash outflow from investing activities decreased by **1.94 billion RMB year-on-year**, primarily due to a **2.20 billion RMB year-on-year increase** in cash received from matured bank wealth management redemptions, and a **0.28 billion RMB year-on-year increase** in capital expenditures such as the acquisition of fixed assets[50](index=50&type=chunk) - Net cash outflow from financing activities increased by **0.55 billion RMB year-on-year**, primarily due to a **0.28 billion RMB year-on-year increase** in cash paid for profit distribution and a **0.25 billion RMB year-on-year increase** in cash paid for debt repayment[52](index=52&type=chunk) - Non-operating expenses increased by **442.81% year-on-year**, primarily due to repair expenses incurred from company assets damaged by a typhoon[52](index=52&type=chunk) [3.5 Analysis of Assets and Liabilities](index=12&type=section&id=3.5%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the first half of 2025, the company's total assets were **47.53 billion RMB**, a **3.97% decrease** from the end of the previous year, with cash and cash equivalents decreasing by **34.54%** due to increased payments for goods and services, while prepayments and contract liabilities grew by **269.60%** and **75.84%** respectively, mainly influenced by engineering project prepayments and optimized contract terms, and overseas assets accounted for **9.64% of total assets** Major Changes in Assets and Liabilities as of H1 2025 End | Item Name | Current Period End (RMB) | Percentage of Total Assets at Current Period End (%) | Previous Year End (RMB) | Percentage of Total Assets at Previous Year End (%) | Percentage Change from Previous Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 4,363,387,817.64 | 9.18 | 6,665,817,800.98 | 13.47 | -34.54 | | Prepayments | 195,388,478.14 | 0.41 | 52,864,916.94 | 0.11 | 269.60 | | Other Receivables | 219,509,572.54 | 0.46 | 138,636,237.45 | 0.28 | 58.33 | | Short-Term Borrowings | 34,741,752.69 | 0.07 | 0.00 | 0.00 | Not applicable | | Contract Liabilities | 1,376,100,416.69 | 2.89 | 782,599,780.32 | 1.58 | 75.84 | | Employee Benefits Payable | 1,686,053,447.04 | 3.55 | 989,840,330.09 | 2.00 | 70.34 | | Taxes Payable | 500,783,541.24 | 1.05 | 920,825,415.62 | 1.86 | -45.62 | | Non-Current Liabilities Due Within One Year | 370,455,129.61 | 0.78 | 750,084,103.44 | 1.52 | -50.61 | | Special Reserves | 66,107,350.54 | 0.14 | 38,150,238.29 | 0.08 | 73.28 | - Cash and cash equivalents decreased by **34.54%** from the end of the previous year, primarily due to increased cash payments for goods purchased and services received[55](index=55&type=chunk) - Prepayments increased by **269.60%** from the end of the previous year, primarily due to increased prepayments related to engineering projects[55](index=55&type=chunk) - Other receivables increased by **58.33%** from the end of the previous year, primarily due to the recognition of **0.52 billion RMB** in advance insurance payments for typhoon-damaged assets during the current period[55](index=55&type=chunk) - Contract liabilities increased by **75.84%** from the end of the previous year, primarily due to optimized contract terms and increased advance receipts from contracts[56](index=56&type=chunk) - Overseas assets amounted to **4.58 billion RMB**, accounting for **9.64% of total assets**[58](index=58&type=chunk) [3.6 Analysis of Investment Status](index=14&type=section&id=3.6%20Analysis%20of%20Investment%20Status) The company continues to advance its LNG carrier joint venture project, with the first phase of **6 vessels fully funded and 2 already in operation**, and the remainder scheduled for phased commissioning by **2026**, while the second phase of **6 vessels are all under construction**, planned for phased commissioning in **2026 and 2027**, and the company also disclosed its financial assets measured at fair value - For the **LNG carrier joint venture (Phase I) project**, the company's wholly-owned subsidiary, CNOOC EnerTech Hong Kong Investment Company, has completed its full capital contribution of **135.45 million EUR**[61](index=61&type=chunk)[62](index=62&type=chunk) - The first and second vessels of Phase I were completed and put into operation in **2024**, the third and fourth vessels are planned for completion and operation in **October 2025**, and the remaining two vessels are scheduled for phased completion and operation in **2026**[62](index=62&type=chunk) - For the **LNG carrier joint venture (Phase II) project**, the company's wholly-owned subsidiary, CNOOC EnerTech Hong Kong Investment Company, has cumulatively contributed **127.46 million EUR**, with all **six vessels under construction**, planned for phased completion and operation in **2026 and 2027**[63](index=63&type=chunk)[64](index=64&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold/Redeemed in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 5,220,692,953.44 | -38,043,187.43 | 4,000,000,000.00 | 4,800,000,000.00 | 4,382,649,766.01 | | Financing Receivables | 131,176,188.90 | | | | 184,724,316.38 | | Other Equity Instruments | 199,750,196.93 | -14,882,253.78 | | | 184,867,943.15 | | Total | 5,551,619,339.27 | -38,043,187.43 | 4,000,000,000.00 | 4,800,000,000.00 | 4,752,242,025.54 | [3.7 Analysis of Major Holding and Participating Companies](index=16&type=section&id=3.7%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This chapter analyzes the operating performance of two major holding subsidiaries, **CNOOC Energy Technology & Services Equipment Technology Co., Ltd.** and **CNOOC Energy Logistics Co., Ltd.**, both achieving double-digit growth in revenue and net profit, attributed to core capability building, increased oil and gas reserves and production, and digital empowerment enhancing operational efficiency Operating Performance of Major Holding Subsidiaries | Company Name | Operating Revenue (Million RMB) | Operating Profit (Million RMB) | Net Profit (Million RMB) | | :--- | :--- | :--- | :--- | | CNOOC Energy Technology & Services Equipment Technology Co., Ltd. | 2,986.32 | 299.87 | 240.72 | | CNOOC Energy Logistics Co., Ltd. | 4,297.45 | 297.26 | 227.06 | - CNOOC Energy Technology & Services Equipment Technology Co., Ltd. reported current period revenue of **2.99 billion RMB**, a **7.46% year-on-year increase**; net profit of **0.24 billion RMB**, a **70.48% year-on-year increase**[67](index=67&type=chunk) - CNOOC Energy Logistics Co., Ltd. reported current period revenue of **4.30 billion RMB**, a **0.23% year-on-year increase**; net profit of **0.23 billion RMB**, a **3.06% year-on-year increase**[68](index=68&type=chunk) [3.8 Other Disclosures](index=16&type=section&id=3.8%20Other%20Disclosures) This chapter discloses the company's health, safety, environmental, oil price fluctuation, and international operation risks, and details the half-year implementation of the 'Quality Improvement, Efficiency Enhancement, and High Returns' action plan across operating performance, cash dividends, new quality productive forces development, investor communication, and corporate governance [3.8.1 Potential Risks](index=16&type=section&id=3.8.1%20Potential%20Risks) The company faces inherent health, safety, and environmental risks in oil and gas production (affected by extreme weather and increased workload), oil price fluctuation risks (potentially leading to slower market demand and increased operational pressure), and international operation risks (global economic uncertainty, geopolitical volatility, legal sanctions, etc.), for which the company has formulated corresponding countermeasures to mitigate these risks - Health, Safety, and Environmental Risks: Inherent risks in oil and gas production, affected by extreme weather such as typhoons and heavy rains, and increased workload from enhanced reserves and production. Countermeasures include strengthening **QHSE philosophy, contractor safety management, dynamic risk control, and emergency response capabilities**[69](index=69&type=chunk) - Oil Price Fluctuation Risks: The company's business has relatively low sensitivity to oil prices, but prolonged low oil prices may still lead to slower market demand growth and increased operational pressure. Countermeasures include enhancing **value creation capabilities, continuous cost reduction and efficiency improvement, and strengthening external market policies and measures**[70](index=70&type=chunk) - International Operation Risks: Global economic uncertainty, geopolitical volatility, trade wars, and policy changes increase market entry difficulties. Countermeasures include solidifying **strategic layout, increasing resource allocation, and strengthening business model innovation and risk assessment**[70](index=70&type=chunk) [3.8.2 Half-Year Implementation of "Quality Improvement, Efficiency Enhancement, and High Returns" Action Plan](index=17&type=section&id=3.8.2%20Half-Year%20Implementation%20of%20%22Quality%20Improvement%2C%20Efficiency%20Enhancement%2C%20and%20High%20Returns%22%20Action%20Plan) In the first half of 2025, the company actively implemented its 'Quality Improvement, Efficiency Enhancement, and High Returns' action plan, achieving **improved operating performance (double growth in revenue and net profit), sustained cash dividends (1.37 billion RMB distributed for 2024), accelerated development of new quality productive forces (LNG carrier project, wind power O&M vessel delivery, new materials base commencement), enhanced investor communication, and strengthened compliance operations** - Focusing on core business and enhancing operating performance: In the first half, operating revenue reached **22.60 billion RMB**, a **4.46% year-on-year increase**; net profit attributable to shareholders was **1.83 billion RMB**, a **13.07% year-on-year increase**[72](index=72&type=chunk) - Sustaining cash dividends and valuing investor returns: The **2024 profit distribution plan** has been implemented, distributing **1.37 billion RMB (tax inclusive)** in cash dividends, accounting for **37.53% of the 2024 net profit attributable to shareholders**, a **22.73% increase** from the previous year[73](index=73&type=chunk) - Adhering to the development of new quality productive forces and accelerating the cultivation of strategic emerging industries: The **LNG carrier project** entered the 'ten ships under construction simultaneously' phase, high-speed wind power O&M vessels **'Haiyang Shiyou 511' and 'Haiyang Shiyou 512'** were successfully delivered and put into operation, and the **new materials base project (Phase I)** commenced construction[74](index=74&type=chunk)[75](index=75&type=chunk) - Strengthening investor communication and conveying company value: Strict information disclosure, holding the **2024 annual performance briefing**, and enhancing market attention through roadshows and reverse roadshows[76](index=76&type=chunk) - Solidifying the foundation of compliant operations and enhancing governance quality: Revising governance systems such as the **'Articles of Association'**, improving the 'internal reference' mechanism, and compiling and issuing the annual **'Guidance on Reporting Major Matters'**[77](index=77&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=19&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors and senior management, profit distribution plans, employee incentive measures, environmental information disclosure, and efforts in poverty alleviation and rural revitalization [4.1 Changes in Company Directors and Senior Management](index=19&type=section&id=4.1%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) The company's board of directors postponed its re-election due to ongoing preparations, ensuring continuity of work, and through a shareholders' meeting resolution, revised the **'Articles of Association'** to remove provisions related to the supervisory board and supervisors, transferring their statutory functions to the **Board's Audit Committee** - The term of the company's fifth board of directors has expired, and the re-election has been postponed due to ongoing preparations, with board members, members of various special committees, and senior management continuing to perform their duties[79](index=79&type=chunk) - The company held its **2024 Annual General Meeting**, approving the revision of the **'Articles of Association'** to remove provisions related to the supervisory board and supervisors, clarifying that the original statutory functions of the supervisory board will be exercised by the **Board's Audit Committee**[79](index=79&type=chunk) [4.2 Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=4.2%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) During the reporting period, the company's board of directors resolved not to proceed with a profit distribution or capital reserve conversion plan - No profit distribution or capital reserve conversion will be carried out during the reporting period[6](index=6&type=chunk)[80](index=80&type=chunk) [4.3 Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&type=section&id=4.3%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures - During the reporting period, the company had **no equity incentives, employee stock ownership plans, or other employee incentive measures**[81](index=81&type=chunk) [4.4 Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=19&type=section&id=4.4%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company has **7 subsidiaries** included in the list of enterprises required to disclose environmental information by law, with query indexes provided for each subsidiary's environmental information disclosure report - The company has **7 subsidiaries** included in the list of enterprises required to disclose environmental information by law[82](index=82&type=chunk) - Some subsidiaries included in the list are: **CNOOC (Tianjin) Oilfield Chemical Co., Ltd., CNOOC Energy Technology & Services Co., Ltd. Engineering Technology Huizhou Branch, CNOOC Environmental Services (Tianjin) Co., Ltd.**, among others[82](index=82&type=chunk) [4.5 Specifics of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=20&type=section&id=4.5%20Specifics%20of%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) In the first half of 2025, the company actively promoted rural revitalization through consumer and industrial assistance, with its catering company signing assistance product sales orders totaling **8.84 million RMB**, and the CNOOC Gannan Antelope Employment Factory achieving **23% year-on-year revenue growth** and obtaining provincial industrial design center and Gansu Province 'specialized, refined, unique, and new' SME qualifications - As of the end of June 2025, CNOOC EnerTech's catering company had cumulatively signed assistance product sales orders totaling **8.84 million RMB**[84](index=84&type=chunk) - As of the end of June 2025, the CNOOC Gannan Antelope Employment Factory had cumulative revenue (tax inclusive) of **38.48 million RMB**, with a **23% year-on-year growth rate**[84](index=84&type=chunk) - The CNOOC Gannan Antelope Employment Factory successfully obtained the **'2025 Provincial Industrial Design Center'** qualification and was awarded the **'Gansu Province Specialized, Refined, Unique, and New SME'** qualification[84](index=84&type=chunk) [Section V Significant Matters](index=22&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments, non-operating fund occupation, illegal guarantees, audit status, major litigation, related party transactions, and significant contracts [5.1 Fulfillment of Commitments](index=22&type=section&id=5.1%20Fulfillment%20of%20Commitments) During the reporting period, the company's controlling shareholder, **CNOOC**, and its directors and senior management strictly fulfilled various commitments, including resolving horizontal competition, reducing related party transactions, addressing property title defects, optimizing investment returns, and shared patent usage rights, ensuring the company's standardized operation and investor interests - CNOOC committed to resolving horizontal competition, not directly or indirectly participating in businesses that constitute substantial competition with the issuer, and providing a right of first refusal. This commitment was **strictly fulfilled** during the reporting period[86](index=86&type=chunk)[87](index=87&type=chunk) - CNOOC committed to minimizing related party transactions with the issuer and its subsidiaries, and ensuring fair pricing for such transactions. This commitment was **strictly fulfilled** during the reporting period[87](index=87&type=chunk)[88](index=88&type=chunk) - CNOOC committed to providing full compensation if the company is unable to continue leasing or using properties due to potential defects in leased properties. This commitment was **strictly fulfilled** during the reporting period[88](index=88&type=chunk) - CNOOC EnerTech's directors and senior management committed not to harm the company's interests, to restrict job-related consumption, not to engage in irrelevant investment consumption, and to link compensation systems with return-filling measures. This commitment was **strictly fulfilled** during the reporting period[88](index=88&type=chunk) - CNOOC committed to ensuring and maintaining CNOOC EnerTech's exclusive right to use shared patents and providing a right of first refusal. This commitment was **strictly fulfilled** during the reporting period[89](index=89&type=chunk) [5.2 Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=25&type=section&id=5.2%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, the company had no non-operating fund occupation by its controlling shareholder or other related parties - During the reporting period, the company had **no non-operating fund occupation** by its controlling shareholder or other related parties[8](index=8&type=chunk) [5.3 Irregular Guarantees](index=25&type=section&id=5.3%20Irregular%20Guarantees) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company had **no external guarantees provided in violation of prescribed decision-making procedures**[8](index=8&type=chunk) [5.4 Half-Year Report Audit Status](index=26&type=section&id=5.4%20Half-Year%20Report%20Audit%20Status) This half-year report is unaudited, and the company's board of directors has resolved to re-appoint **ZhongShen ZhongHuan Certified Public Accountants (Special General Partnership)** as the company's financial and internal control audit firm for **2025** - This half-year report is **unaudited**[5](index=5&type=chunk)[91](index=91&type=chunk) - The company has resolved to re-appoint **ZhongShen ZhongHuan Certified Public Accountants (Special General Partnership)** as the company's financial and internal control audit firm for **2025**[91](index=91&type=chunk) [5.5 Major Litigation and Arbitration Matters](index=26&type=section&id=5.5%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters - During the reporting period, the company had **no major litigation or arbitration matters**[91](index=91&type=chunk) [5.6 Major Related Party Transactions](index=26&type=section&id=5.6%20Major%20Related%20Party%20Transactions) The company's daily operating related party transactions, joint external investments, and financial business with affiliated finance companies are all conducted according to prescribed procedures, ensuring fairness and compliance, with the **LNG carrier joint venture project** continuously advancing, and ongoing deposit, loan, and credit business with the affiliated finance company [5.6.1 Related Party Transactions Related to Daily Operations](index=26&type=section&id=5.6.1%20Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) The company's daily operating related party transactions with **CNOOC** and its subsidiaries comply with regulations, with a **2025 annual related party transaction limit of 88.63 billion RMB**, and independent directors deem the transaction prices fair and reasonable, with no harm to the company's and minority shareholders' interests - The company's **2025 annual daily related party transaction limit is 88.63 billion RMB**[92](index=92&type=chunk) - Related party transaction disclosure and review procedures comply with relevant regulations such as the **'Shanghai Stock Exchange Listing Rules'** and the **'Articles of Association'**[92](index=92&type=chunk) - Independent directors believe that related party transactions are based on fair and reasonable pricing policies, determined with reference to market prices, and do not harm the interests of the company and all shareholders[93](index=93&type=chunk) [5.6.2 Major Related Party Transactions for Joint External Investments](index=27&type=section&id=5.6.2%20Major%20Related%20Party%20Transactions%20for%20Joint%20External%20Investments) The company continues to advance its LNG carrier joint venture project, with **6 single-vessel companies established for Phase I**, and the company's wholly-owned subsidiary, CNOOC EnerTech Hong Kong Investment Company, having completed its full capital contribution of **135.45 million EUR**, with the first and second vessels in operation, and the remainder scheduled for phased commissioning by **2026**, while **6 single-vessel companies for Phase II** have also been established and are all under construction, planned for phased commissioning in **2026 and 2027** - For the **LNG carrier joint venture (Phase I) project**, the company's wholly-owned subsidiary, CNOOC EnerTech Hong Kong Investment Company, has completed its full capital contribution of **135.45 million EUR**[94](index=94&type=chunk)[95](index=95&type=chunk) - The first and second vessels of Phase I were completed and put into operation in **2024**, the third and fourth vessels are planned for completion and operation in **October 2025**, and the remaining two vessels are scheduled for phased completion and operation in **2026**[95](index=95&type=chunk) - For the **LNG carrier joint venture (Phase II) project**, the company's wholly-owned subsidiary, CNOOC EnerTech Hong Kong Investment Company, has cumulatively contributed **127.46 million EUR**, with all **six vessels under construction**, planned for phased completion and operation in **2026 and 2027**[96](index=96&type=chunk)[97](index=97&type=chunk) [5.6.3 Financial Business Between the Company and Affiliated Finance Companies, and Between the Company's Controlled Finance Company and Related Parties](index=28&type=section&id=5.6.3%20Financial%20Business%20Between%20the%20Company%20and%20Affiliated%20Finance%20Companies%2C%20and%20Between%20the%20Company%27s%20Controlled%20Finance%20Company%20and%20Related%20Parties) The company has deposit, loan, and credit business dealings with **CNOOC Finance Co., Ltd.** As of the end of the reporting period, the company's deposit balance with the finance company was **1.81 billion RMB**, loan balance was **1.72 billion RMB**, and it obtained a credit line of **3.20 billion RMB**, with actual utilization of **0.71 billion RMB** Deposit Business with CNOOC Finance Co., Ltd. | Related Party | Daily Maximum Deposit Limit (Million RMB) | Deposit Interest Rate Range | Beginning Balance (Million RMB) | Total Deposits in Current Period (Million RMB) | Total Withdrawals in Current Period (Million RMB) | Ending Balance (Million RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Finance Company | 3,000.00 | 0.35%-1.35% | 2,007.75 | 1,565,809.07 | 1,567,767.35 | 1,811.92 | Loan Business with CNOOC Finance Co., Ltd. | Related Party | Loan Limit (Million RMB) | Loan Interest Rate Range | Beginning Balance (Million RMB) | Total Loans in Current Period (Million RMB) | Total Repayments in Current Period (Million RMB) | Ending Balance (Million RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Finance Company | 4,856.77 | 2.05%-3.15% | 1,702.35 | 387.88 | 366.32 | 1,723.91 | Credit Business with CNOOC Finance Co., Ltd. | Related Party | Business Type | Total Amount (Million RMB) | Actual Amount (Million RMB) | | :--- | :--- | :--- | :--- | | Finance Company | Credit Business (Guarantees, Bills of Exchange) | 3,200.00 | 709.62 | [5.7 Major Contracts and Their Performance](index=29&type=section&id=5.7%20Major%20Contracts%20and%20Their%20Performance) This chapter primarily discloses the company's significant guarantees performed and unfulfilled during the reporting period, with total outstanding guarantee balances under existing agreements amounting to **1.10 billion RMB** as of **June 30, 2025**, mainly providing credit and performance guarantees for subsidiaries [5.7.1 Major Guarantees Performed and Unfulfilled During the Reporting Period](index=30&type=section&id=5.7.1%20Major%20Guarantees%20Performed%20and%20Unfulfilled%20During%20the%20Reporting%20Period) As of **June 30, 2025**, the company's total outstanding guarantee balances under existing agreements amounted to **1.10 billion RMB**, accounting for **3.97% of the company's net assets**, including **59.18 million RMB** for its associate **Tianjin Jinniu New Materials Co., Ltd.**, **70.99 million RMB** for wholly-owned/controlled subsidiaries' credit, and **967 million RMB** for subsidiaries' performance guarantees Total Guarantee Amount | Indicator | Amount (Million RMB) | | :--- | :--- | | Total Guarantee Balance at Period End (A) (Excluding Guarantees for Subsidiaries) | 59.18 | | Total Guarantees Provided to Subsidiaries During the Period | 976.62 | | Total Guarantee Balance for Subsidiaries at Period End (B) | 1,037.99 | | Total Guarantees (A+B) | 1,097.17 | | Percentage of Total Guarantees to Company's Net Assets (%) | 3.97 | - The company provided guarantees for its associate, **Tianjin Jinniu New Materials Co., Ltd.**, to apply for credit lines from financial institutions, with a guarantee balance of **59.18 million RMB**[108](index=108&type=chunk) - The company provided credit guarantees for its wholly-owned/controlled subsidiaries, with a guarantee balance of **70.99 million RMB**[108](index=108&type=chunk) - The company provided performance guarantees for **CNOOC EnerTech (Zhuhai) Sales Service Co., Ltd.** and **CNOOC Energy Technology & Services Zhuhai Petrochemical Sales Co., Ltd.**, with a guarantee balance of **967 million RMB**[108](index=108&type=chunk) [Section VI Share Changes and Shareholder Information](index=32&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section outlines changes in the company's share capital and provides detailed information on its shareholders, including the total number of shareholders and the top ten shareholders [6.1 Changes in Share Capital](index=32&type=section&id=6.1%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were **no changes in the company's total share capital or share structure**[110](index=110&type=chunk) [6.2 Shareholder Information](index=32&type=section&id=6.2%20Shareholder%20Information) As of the end of the reporting period, the company had a total of **66,713 common shareholders**, with **China National Offshore Oil Corporation** as the controlling shareholder, holding **81.65%** of the shares - As of the end of the reporting period, the total number of common shareholders was **66,713**[111](index=111&type=chunk) Top Ten Shareholders' Shareholdings | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China National Offshore Oil Corporation | 8,300,000,000 | 81.65 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 159,712,080 | 1.57 | Other | | Wang Jingqing | 73,302,500 | 0.72 | Domestic Natural Person | | National Council for Social Security Fund 101 Portfolio | 55,160,600 | 0.54 | Other | | Basic Pension Insurance Fund 808 Portfolio | 52,102,200 | 0.51 | Other | | China Construction Bank Corporation - Yinhua Wealthy Theme Mixed Securities Investment Fund | 39,000,000 | 0.38 | Other | | BOCOM Schroders Fund - China Life Insurance Co., Ltd. - Traditional Insurance - BOCOM Schroders China Life Balanced Equity Traditional Available-for-Sale Single Asset Management Plan | 30,766,695 | 0.30 | Other | | Fullgoal Fund - China Life Insurance Co., Ltd. - Traditional Insurance - Fullgoal Fund China Life Growth Equity Traditional Available-for-Sale Single Asset Management Plan | 30,128,400 | 0.30 | Other | | Agricultural Bank of China Limited - CSI 500 ETF | 30,117,054 | 0.30 | Other | | BOCOM Schroders Fund - China Life Insurance Co., Ltd. - Participating Insurance - BOCOM Schroders Fund China Life Balanced Equity Portfolio Single Asset Management Plan (Available-for-Sale) | 28,983,100 | 0.29 | Other | [Section VII Bond-Related Information](index=36&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the absence of company bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [7.1 Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=36&type=section&id=7.1%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had **no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments**[119](index=119&type=chunk) [7.2 Convertible Corporate Bonds](index=36&type=section&id=7.2%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had **no convertible corporate bonds**[119](index=119&type=chunk) [Section VIII Financial Report](index=37&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's financial statements, including the audit report, balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies, taxes, and financial risks [8.1 Audit Report](index=37&type=section&id=8.1%20Audit%20Report) This half-year report is unaudited - This half-year report is **unaudited**[3](index=3&type=chunk)[121](index=121&type=chunk) [8.2 Financial Statements](index=37&type=section&id=8.2%20Financial%20Statements) This chapter provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity for the first half of 2025, comprehensively reflecting its financial position, operating results, and cash flow - Includes **consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in equity, and parent company statement of changes in equity**[121](index=121&type=chunk)[124](index=124&type=chunk)[128](index=128&type=chunk)[132](index=132&type=chunk)[136](index=136&type=chunk)[139](index=139&type=chunk)[142](index=142&type=chunk)[145](index=145&type=chunk)[148](index=148&type=chunk)[151](index=151&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk)[159](index=159&type=chunk) [8.3 Company Basic Information](index=64&type=section&id=8.3%20Company%20Basic%20Information) CNOOC Energy Technology & Services Co., Ltd. was established on **February 22, 2005**, with a registered capital of **10.17 billion RMB**, and its legal representative is **Zhu Lei**, with main businesses covering energy technology services, low-carbon environmental protection and digitalization, and energy logistics services, and its ultimate controlling shareholder is **China National Offshore Oil Corporation** - The company's predecessor was **CNOOC Base Group Co., Ltd.**, established on **February 22, 2005**[160](index=160&type=chunk) - The company's registered capital is **10.17 billion RMB**, and its legal representative is **Zhu Lei**[162](index=162&type=chunk) - The company primarily engages in businesses such as **energy technology services, low-carbon environmental protection and digitalization, and energy logistics services**[163](index=163&type=chunk) - The company's ultimate controlling shareholder is **China National Offshore Oil Corporation**[164](index=164&type=chunk) [8.4 Basis of Financial Statement Preparation](index=65&type=section&id=8.4%20Basis%20of%20Financial%20Statement%20Preparation) The Group's financial statements are prepared on a **going concern basis**, in accordance with the **'Accounting Standards for Business Enterprises'** issued by the Ministry of Finance and the **'No. 15 Rules for the Preparation of Information Disclosure by Companies Issuing Securities to the Public - General Provisions on Financial Reports (Revised 2023)'** issued by the CSRC, primarily using historical cost measurement - Financial statements are prepared on a **going concern basis**[165](index=165&type=chunk)[166](index=166&type=chunk) - The preparation basis is the **'Accounting Standards for Business Enterprises'** and the **'No. 15 Rules for the Preparation of Information Disclosure by Companies Issuing Securities to the Public - General Provisions on Financial Reports (Revised 2023)'** issued by the CSRC[165](index=165&type=chunk) - Accounting is based on the **accrual basis**, and except for certain financial instruments, measurement is primarily based on **historical cost**[165](index=165&type=chunk) [8.5 Significant Accounting Policies and Estimates](index=65&type=section&id=8.5%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering the classification, measurement, and impairment of financial instruments, revenue recognition principles, depreciation of fixed assets, amortization of intangible assets and capitalization standards for R&D expenditures, as well as specific accounting treatments for employee compensation, provisions, and leases - Financial instruments are classified as measured at **amortized cost**, at **fair value through other comprehensive income**, or at **fair value through profit or loss**[186](index=186&type=chunk) - Impairment of financial assets adopts the **expected credit loss model**, with loss provisions for accounts receivable and contract assets always measured at **expected credit losses over their entire lifetime**[195](index=195&type=chunk)[196](index=196&type=chunk) - Revenue is recognized when the performance obligation in the contract is satisfied, i.e., when the customer obtains control of the related goods or services[243](index=243&type=chunk) - Fixed assets are depreciated using the **straight-line method**, with depreciation periods of **10-45 years for buildings and structures** and **5-25 years for machinery and equipment**[221](index=221&type=chunk) - R&D expenditures are divided into **research and development phases**, with research phase expenditures recognized in current profit or loss, and development phase expenditures recognized as intangible assets when specific conditions are met[228](index=228&type=chunk) [8.6 Taxes](index=90&type=section&id=8.6%20Taxes) The company's main taxes include **VAT, consumption tax, urban maintenance and construction tax, education surcharge, and corporate income tax**, with the company and several subsidiaries enjoying a **15% preferential corporate income tax rate** as high-tech enterprises, and some subsidiaries benefiting from VAT reductions or immediate refunds for comprehensive resource utilization and environmental protection services Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Based on sales of goods and taxable services calculated according to tax laws, after deducting current deductible input VAT, the difference is the VAT payable | 13.00, 9.00, 6.00, 5.00, 3.00 | | Corporate Income Tax | Calculated based on taxable income | 25.00, 16.50, 15.00 | - The company and several subsidiaries (e.g., **Tianjin Zhengda Technology Co., Ltd., CNOOC (Guangdong) New Energy Engineering Design Co., Ltd.**) enjoy a **15% preferential corporate income tax rate** as high-tech enterprises[259](index=259&type=chunk)[260](index=260&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk)[263](index=263&type=chunk)[264](index=264&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk)[267](index=267&type=chunk)[269](index=269&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk)[272](index=272&type=chunk)[273](index=273&type=chunk)[274](index=274&type=chunk)[275](index=275&type=chunk) - CNOOC Environmental Services (Tianjin) Co., Ltd.'s recycled water projects, waste treatment, and sewage treatment services enjoy **VAT reductions or immediate refunds**[276](index=276&type=chunk) - CNOOC Energy Saving and Environmental Protection Services Co., Ltd.'s income from contract energy management projects is **exempt from VAT**[276](index=276&type=chunk) [8.7 Notes to Consolidated Financial Statement Items](index=96&type=section&id=8.7%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter details the specific conditions and reasons for changes in each item of the consolidated financial statements, providing comprehensive explanations for major asset and liability items such as cash and cash equivalents, accounts receivable, contract liabilities, fixed assets, and long-term equity investments, including differences between period-end and beginning balances, and also thoroughly analyzing income statement items like operating revenue, operating costs, investment income, and credit impairment losses Composition of Cash and Cash Equivalents | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Bank Deposits | 2,549,510,027.98 | 4,656,112,553.82 | | Deposits with Finance Company | 1,811,924,544.95 | 2,007,752,699.78 | | Total | 4,363,387,817.64 | 6,665,817,800.98 | - The ending balance of financial assets held for trading was **4.38 billion RMB**, primarily consisting of **structured deposits (4.35 billion RMB)**[280](index=280&type=chunk) - The ending balance of accounts receivable was **10.63 billion RMB**, with **97.66%** having an aging of less than 1 year[291](index=291&type=chunk) - The ending balance of contract liabilities was **1.38 billion RMB**, an increase of **75.84%** from the beginning of the period[415](index=415&type=chunk) - The ending balance of long-term equity investments was **4.32 billion RMB**, primarily including investments in **joint ventures and associates**[350](index=350&type=chunk)[351](index=351&type=chunk)[352](index=352&type=chunk)[353](index=353&type=chunk)[354](index=354&type=chunk)[355](index=355&type=chunk)[356](index=356&type=chunk) - Operating revenue for the current period was **22.60 billion RMB**, and operating costs were **19.13 billion RMB**[453](index=453&type=chunk) - Net cash flow from operating activities was **-0.48 billion RMB**, a **137.86% year-on-year decrease**[483](index=483&type=chunk) [8.8 Research and Development Expenses](index=168&type=section&id=8.8%20Research%20and%20Development%20Expenses) In the first half of 2025, the company's total R&D expenses amounted to **0.43 billion RMB**, a **1.20% year-on-year increase**, all expensed, with major investment areas being **employee compensation, outsourcing fees, and material costs** R&D Expenses by Nature of Expense | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Previous Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 248,556,006.02 | 226,191,130.69 | | Outsourcing Fees | 66,663,738.62 | 73,586,893.14 | | Material Costs | 56,407,443.90 | 55,873,444.85 | | Depreciation and Amortization Expenses | 18,403,531.52 | 30,387,534.02 | | Total | 431,964,669.50 | 426,841,977.89 | - Total R&D expenses for the current period were **431.96 million RMB**, a **1.20% year-on-year increase**[495](index=495&type=chunk) - All R&D expenditures have been **expensed**[495](index=495&type=chunk) [8.9 Changes in Consolidation Scope](index=169&type=section&id=8.9%20Changes%20in%20Consolidation%20Scope) During the reporting period, there were no changes in the company's consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries - During the reporting period, there were **no changes in the company's consolidation scope**[497](index=497&type=chunk) [8.10 Interests in Other Entities](index=171&type=section&id=8.10%20Interests%20in%20Other%20Entities) This chapter details the company's interests in subsidiaries, joint ventures, and associates, including each entity's registration information, business nature, shareholding percentage, and key financial data, reflecting the company's numerous subsidiaries and significant joint ventures and associates in various LNG transportation and technical service sectors [8.10.1 Interests in Subsidiaries](index=171&type=section&id=8.10.1%20Interests%20in%20Subsidiaries) The company owns numerous subsidiaries spanning various fields such as scientific research, technical services, logistics, chemicals, and environmental protection, mostly with **100% ownership**, and this chapter details the basic information of each subsidiary and the key financial data of significant non-wholly-owned subsidiaries, reflecting the company's diversified business layout - The company owns numerous subsidiaries such as **CNOOC Information Technology Co., Ltd., CNOOC Energy Logistics Co., Ltd., and CNOOC Energy Technology & Services Equipment Technology Co., Ltd.**, with business natures covering scientific research and technical services, road transportation, and wholesale of petroleum and products[499](index=499&type=chunk)[500](index=500&type=chunk)[501](index=501&type=chunk)[502](index=502&type=chunk) Minority Interests in Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage (%) | Profit/Loss Attributable to Minority Shareholders for Current Period (RMB) | Dividends Declared to Minority Shareholders for Current Period (RMB) | Minority Interest Balance at Period End (RMB) | | :--- | :--- | :--- | :--- | :--- | | CNOOC Industrial Gases (Ningbo) Co., Ltd. | 35.00 | 446,471.96 | | 71,082,548.89 | | CNOOC Industrial Gases (Zhuhai) Co., Ltd. | 30.00 | -2,348,790.09 | | 13,389,720.88 | | CNOOC Safety Technology Services Co., Ltd. | 10.00 | 9,092,082.92 | 13,918,954.02 | 42,941,684.37 | | Ningbo CNOOC Shipping Co., Ltd. | 35.00 | 18,968,749.31 | 39,505,343.36 | 25,118,249.31 | | CNOOC (Zhoushan) Energy Logistics Co., Ltd. | 30.00 | 3,190,744.59 | 4,698,000.00 | 38,219,023.10 | | CNOOC (Huizhou) Logistics Co., Ltd. | 4.50 | 3,924,016.71 | 4,567,734.38 | 44,385,154.95 | | Nanhai Western Petroleum Oilfield Services (Shenzhen) Co., Ltd. | 25.00 | 9,778,143.64 | 21,024,978.38 | 321,321,249.16 | | CNOOC EnerTech Schwitzer Shipping Services (Guangdong) Co., Ltd. | 49.00 | 3,510,358.33 | 7,847,546.19 | 66,694,241.46 | [8.10.2 Interests in Joint Ventures or Associates](index=181&type=section&id=8.10.2%20Interests%20in%20Joint%20Ventures%20or%20Associates) The company holds interests in multiple joint ventures and associates, primarily in **LNG transportation, chemical products, and technical services**, and this chapter details the key financial information of significant joint ventures and associates, as well as aggregated financial information for insignificant joint ventures and associates - Significant joint ventures include **CNOOC Air Products (Fujian) Co., Ltd.** and **Shenzhen Weisheng Petroleum Pipe Equipment Co., Ltd.**[511](index=511&type=chunk) - Significant associates include **Shanghai LNG Shipping Co., Ltd., Shenzhen Shanye Industrial Co., Ltd., Zhanjiang Nanyou Lihai Automation Engineering Co., Ltd.**, and several LNG transportation companies (e.g., **PAN AFRICA LNG TRANSPORTATION COMPANY LIMITED**)[512](index=512&type=chunk) Aggregated Financial Information of Insignificant Joint Ventures and Associates | Item | Ending Balance / Amount Incurred in Current Period (RMB) | Beginning Balance / Amount Incurred in Previous Period (RMB) | | :--- | :--- | :--- | | **Joint Ventures:** | | | | Total Carrying Amount of Investments | 2,340,597,162.29 | 2,286,774,164.40 | | --Net Profit | -19,516,728.64 | -25,187,840.82 | | --Other Comprehensive Income | -8,707,854.12 | 119,617,872.19 | | --Total Comprehensive Income | -28,224,582.76 | 94,430,031.37 | | **Associates:** | | | | Total Carrying Amount of Investments | 45,809,106.89 | 52,997,757.52 | | --Net Profit | -7,185,359.01 | -1,959,883.88 | | --Other Comprehensive Income | -3,291.62 | | | --Total Comprehensive Income | -7,188,650.63 | -1,959,883.88 | [8.11 Government Grants](index=198&type=section&id=8.11%20Government%20Grants) In the first half of 2025, the company's total government grants recognized in current profit or loss amounted to **44.23 million RMB**, with **4.09 million RMB** related to assets and **40.14 million RMB** related to income, and **192 million RMB** in government grants remaining in deferred income Government Grants Recognized in Current Profit or Loss | Type | Amount Incurred in Current Period (RMB) | Amount Incurred in Previous Period (RMB) | | :--- | :--- | :--- | | Asset-Related | 4,085,782.80 | 3,452,734.23 | | Income-Related | 40,142,202.54 | 56,367,434.91 | | Total | 44,227,985.34 | 59,820,169.14 | Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (RMB) | New Grants Added in Current Period (RMB) | Transferred to Other Income in Current Period (RMB) | Ending Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 96,576,536.18 | 16,515,039.31 | 4,085,782.80 | 109,005,792.69 | Asset-Related | | Deferred Income | 83,123,831.31 | 30,750,340.74 | 30,552,635.90 | 83,321,536.15 | Income-Related | | Total | 179,700,367.49 | 47,265,380.05 | 34,638,418.70 | 192,327,328.84 | / | [8.12 Risks Related to Financial Instruments](index=198&type=section&id=8.12%20Risks%20Related%20to%20Financial%20Instruments) The company faces **market risks (including exchange rate risk, interest rate risk, and other price risks), credit risk, and liquidity risk**, which it manages through close monitoring of market changes, maintaining an appropriate mix of fixed and floating rate instruments, establishing credit limits and monitoring procedures, and ensuring sufficient funding liquidity - Market risks include **exchange rate risk (primarily from USD-denominated financial assets and liabilities), interest rate risk (fixed and floating rate instruments), and other price risks (fluctuations in energy service market prices)**[535](index=535&type=chunk)[537](index=537&type=chunk)[538](index=538&type=chunk) - Credit risk primarily arises from counterparties failing to fulfill contractual obligations, which the company manages through **credit limits, approval, and recovery procedures**[539](index=539&type=chunk) - Liquidity risk is managed by ensuring **sufficient funding liquidity, regularly analyzing liability structure and maturity, and maintaining credit lines**[540](index=540&type=chunk) Liquidity Risk Analysis (Undiscounted Remaining Contractual Obligations) | Item | Within One Year (RMB) | One to Two Years (RMB) | Two to Five Years (RMB) | Over Five Years (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Payable | 10,565,398,488.19 | | | | 10,565,398,488.19 | | Other Payables | 557,480,377.44 | | | | 557,480,377.44 | | Non-Current Liabilities Due Within One Year | 370,455,129.61 | | | | 370,455,129.61 | | Long-Term Borrowings | | 662,446,956.73 | 1,102,859,001.70 | 586,325,911.73 | 2,351,631,870.16 | | Long-Term Payables | | 28,541,5

中海油能源发展股份有限公司 募集资金管理和使用制度 第三条 募集资金投资项目(以下简称"募投项目")通过 公司的子公司或公司控制的其他企业实施的，公司应当确保 该子公司或受控制的其他企业遵守本制度。 第二章 募集资金专户存储 第四条 公司募集资金应当存放于董事会决定的专项账 户(以下简称"专户")集中管理，募集资金专户数量(包括公 司的子公司或公司控制的其他企业设置的专户)原则上不得 超过募投项目的个数。 第一章 总 则 第一条 为规范对中海油能源发展股份有限公司(以下 简称"公司")募集资金的管理，提高其使用效率和效益，根 据相关法律法规及《中海油能源发展股份有限公司章程》(以 下简称"《公司章程》")的规定，制定本制度。 第二条 本制度所指的"募集资金"，是指公司通过发行 股票或其他具有股权性质的证券，向投资者募集并用于特定 用途的资金，但不包括公司实施股权激励计划募集的资金。 公司存在两次以上融资的，应当分别独立设置募集资金 1 专户。超募资金也应当存放于募集资金专户管理。 第五条 募集资金投资境外项目的，应当符合本制度有 关规定。公司及保荐机构或独立财务顾问应当采取有效措 施，确保境外项目的募集资金的 ...