Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][16]. Core Insights - The company reported a revenue of 33.947 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 0.81%. The net profit attributable to shareholders was 2.853 billion yuan, up 6.11% year-on-year, while the net profit excluding non-recurring items reached 2.860 billion yuan, marking a 14.54% increase year-on-year [1]. - In Q3 alone, the company achieved a revenue of 11.350 billion yuan, down 5.75% year-on-year, with a net profit of 1.023 billion yuan, a decrease of 4.51% year-on-year. However, the net profit excluding non-recurring items was 1.027 billion yuan, showing a year-on-year increase of 5.52% [1]. - The company has launched its first self-developed ultra-wide intelligent injection and production tool, which is expected to enhance oilfield recovery rates significantly [2]. - The establishment of the first overseas well control emergency support base in Uganda is a strategic move to enhance safety and emergency response capabilities in oilfields, while also promoting domestic well control technology in international markets [3]. Financial Performance and Forecast - The company anticipates net profits of 4.126 billion yuan, 4.659 billion yuan, and 5.232 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding EPS is projected to be 0.41 yuan, 0.46 yuan, and 0.51 yuan, with PE ratios of 9.9, 8.8, and 7.8 times [5]. - The financial data indicates a steady growth trajectory, with revenue expected to reach 55.047 billion yuan in 2025, reflecting a growth rate of 4.82% [5][11]. Key Financial Metrics - The company has a total market capitalization of 40.762 billion yuan, with a total share capital of 10,165.10 million shares and a net asset value per share of 2.82 yuan [7]. - The asset-liability ratio stands at 39.30%, indicating a stable financial structure [7]. Recent Developments - The company has incurred operating expenses of 167 million yuan due to typhoon damage repairs, impacting profitability [4]. - The introduction of advanced technology and infrastructure, such as the intelligent injection tool and emergency support base, positions the company favorably for future growth and operational efficiency [2][3].

10月21日晚间，海油发展（600968）发布2025年三季报，单看第三季度，公司营业收入113.5亿元，同 比下降6%；归母净利润10.23亿元，同比下滑4.5%。 10月21日晚间，海油发展（600968）发布2025年三季报。单看第三季度，公司营业收入113.5亿元，同 比下降6%；归母净利润10.23亿元，同比下滑4.5%。不过拉长时间看，该公司前三季度整体收入339.47 亿元，较去年同报告期营业总收入增加2.72亿元，实现5年连续上涨，同比较去年同期上涨0.81%。归母 净利润为28.53亿元，较去年同报告期归母净利润增加1.64亿元，实现5年连续上涨，同比去年同期上涨 6.11%。经营活动现金净流入为3.31亿元，同比去年减少了80.03%。 另据海油发展日前披露的投资者关系活动记录表，公司表示，2025年全球新能源投资已经达到了传统能 源的两倍，未来新能源和传统能源将呈现融合发展的态势。中海油集团高度重视海上风电开发，海油发 展会积极投身参与。今年，公司两艘风电运维船投产，为华电和中广核做一些风电安装运维工作。海油 发展拥有海上风电一体化服务资质和业务经验，对于风电的设计，海油发展有电力行业乙 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a total revenue of 33.95 billion yuan in the first three quarters of 2025, a year-on-year increase of 0.8%, and a net profit attributable to the parent company of 2.85 billion yuan, up 6.1% year-on-year [4][5] - The company is focusing on cost reduction and efficiency improvement while enhancing its core capabilities, which is expected to drive long-term growth [6][7] - The company is actively responding to the "seven-year action plan" for oil and gas resource increase, which is anticipated to open up long-term growth opportunities [7] Summary by Sections Financial Performance - In Q3 2025, the company reported a total revenue of 11.35 billion yuan, a decrease of 5.7% year-on-year and 9.4% quarter-on-quarter, with a net profit of 1.02 billion yuan, down 4.5% year-on-year and 17.2% quarter-on-quarter [4][5] - The annualized ROE for the first three quarters was 20.5%, a decrease of 0.7 percentage points year-on-year, while the cost-to-profit margin improved to 9.6%, an increase of 0.6 percentage points year-on-year [5] Cost Management and Efficiency - The gross profit margin for the first three quarters was 16.16%, an increase of 1.55 percentage points year-on-year, reflecting the company's commitment to cost control and efficiency enhancement [6] - The company is advancing its traditional industries towards high-end, intelligent, and green transformations, with significant investments in digitalization and smart factory initiatives [6] Industry Outlook - The domestic oilfield service industry is expected to maintain a high level of prosperity due to the ongoing "resource increase" initiatives, which will benefit the company [8] - The company is enhancing its core capabilities through technological innovations and domestic replacements, which are expected to shift its growth from volume-driven to value-driven [7] Profit Forecast and Valuation - The company is projected to achieve net profits of 4.26 billion yuan, 4.70 billion yuan, and 5.22 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.42 yuan, 0.46 yuan, and 0.51 yuan [8][10]

Core Insights - The Social Security Fund has disclosed its stock holdings as of the end of Q3, appearing in the top ten circulating shareholders of 33 companies, with a total holding of 625 million shares valued at 13.07 billion yuan [1][2] Group 1: Stock Holdings - The Social Security Fund has newly entered 7 stocks and increased holdings in 10 stocks, while maintaining positions in 6 stocks and reducing holdings in 10 stocks [1] - The company with the highest number of Social Security Fund shareholders is Sanhe Tree, with 3 funds listed among the top ten shareholders, holding a total of 15.02 million shares, accounting for 2.04% of circulating shares [1] - The stock with the highest holding ratio by the Social Security Fund is Baiya Shares, with a holding ratio of 4.34%, followed by Guoyao Shares at 4.12% [1][2] Group 2: Performance and Profit Growth - Among the stocks held by the Social Security Fund, 26 companies reported year-on-year net profit growth, with the highest growth seen in Xinqianglian, achieving a net profit of 664 million yuan, a year-on-year increase of 1939.50% [2] - The average increase of Social Security Fund heavy stocks since October is 1.21%, outperforming the Shanghai Composite Index [2] - The best-performing stock is Shenhuo Shares, with a cumulative increase of 16.74%, followed by Haotaitai and Jinling Mining with increases of 14.87% and 13.64%, respectively [2] Group 3: Sector Distribution - The stocks held by the Social Security Fund are primarily concentrated in the pharmaceutical, basic chemical, and agriculture sectors, with 4, 4, and 3 stocks respectively [2] - In terms of board distribution, 26 stocks are from the main board, 6 from the ChiNext board, and 1 from the Sci-Tech Innovation board [2]

Core Viewpoint - The pension funds have actively invested in the secondary market, appearing in the top ten circulating shareholders of nine stocks by the end of the third quarter, with six new entries and two increased holdings [1][2]. Group 1: Pension Fund Holdings - By the end of the third quarter, pension accounts held a total of 103 million shares across nine stocks, with a combined market value of 3.281 billion yuan [1]. - The largest holding was in Haiyou Development, with pension funds holding 65.3843 million shares, making them the ninth and fourth largest shareholders [1]. - The second largest holding was in Guoyao Shares, with 20.318 million shares held by pension funds, ranking as the fourth largest shareholder [1]. Group 2: Stock Performance and Changes - Among the stocks held by pension funds, four had a market value exceeding 100 million yuan, including Chuncheng Power, Guoyao Shares, and Haiyou Development [1]. - The stock with the highest net profit growth in the third quarter was Dingtong Technology, achieving a net profit of 176.572 million yuan, a year-on-year increase of 125.39% [3]. - The pension fund's longest-held stock is Chuncheng Power, which has appeared in the top ten shareholders for 14 consecutive reporting periods, maintaining a holding of 7.9514 million shares [2]. Group 3: Sector Distribution - The pension fund's holdings are distributed across different boards, with five stocks on the main board, one on the Sci-Tech Innovation Board, and three on the Growth Enterprise Market [3]. - The pension fund's holdings include stocks from various industries, such as oil and petrochemicals, pharmaceuticals, automotive, basic chemicals, telecommunications, electronics, mechanical equipment, beauty care, and construction decoration [3].

10月22日，披露2025年三季度业绩报告。2025年1-9月，面对国际油价震荡回落的压力，作为我国油服 行业龙头的展现出较强的风险抵御能力，依托"能源技术服务、低碳环保与数字化、能源物流服务"一体 化优势，稳步推进增储上产任务，三大产业保持高质量发展态势，经营业绩表现稳健。 2025年前三季度，的研发费用为7.07亿元，同比增长9.08%，持续聚焦重大专项、海洋能源新质生产 力、战新产业等重点方向加大研发投入。 加速推进LNG项目建设，强化其在LNG加注与LNG运输领域的行业领先地位，拓展业绩增长的空间。 今年上半年，我国最大规模LNG（液化天然气）运输船建造项目——中国海油中长期FOB（船上交货） 资源配套项目二期六号船正式开工建造，实现"十船同造"新阶段，公司在能源运输领域踏出坚实有力的 新步伐。 具体来看，持续强化产品创新，开展全面提升产品质量行动，核心产品研发迭代保持高速发展态势。海 洋石油钻完井一体化施工设计平台投入使用，数据分析效率提升64倍；"海龙"永磁电泵上半年累计入井 超230井次，平均节电率24.6%；集输化学药剂配方自主化率提升至89%；浅水采油树工程化产品完成加 工制造，顺利开展集成 ...

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report content, and assumes legal responsibility for any false records or misleading statements [2][7][10] - The company provided a credit guarantee of up to RMB 36.5 million for its controlled subsidiaries, approved by the board and shareholders [7][10] - The total amount of external guarantees provided by the company and its subsidiaries is RMB 284.997 million, accounting for 10.49% of the latest audited net assets [11][12] Financial Data - The financial statements for the third quarter are unaudited, covering the period from the beginning to the end of the quarter [3][4] - The company reported no net profit from mergers with controlled entities during the reporting period [6] Shareholder Information - The company does not provide guarantees for controlling shareholders or related parties, and there are no overdue guarantees [12]

北京商报讯（记者 马换换 王蔓蕾）10月21日晚间，海油发展（600968）发布2025年三季报显示，公司 前三季度实现归属净利润约为28.53亿元，同比增长6.11%。 财报显示，2025年前三季度，海油发展实现营业收入约为339.47亿元，同比增长0.81%；对应实现归属 净利润约为28.53亿元，同比增长6.11%。 交易行情显示，截至10月21日收盘，海油发展股价收涨1.78%，收于4.01元/股，总市值407.6亿元。 ...

证券日报网讯10月21日晚间，海油发展（600968）发布公告称，公司不存在对控股股东和实际控制人及 其关联人提供担保的情况，不存在逾期担保的情况。 ...

（文章来源：证券日报） 证券日报网讯 10月21日晚间，海油发展发布2025年第三季度报告称，2025年前三季度公司实现营业收 入33，946，574，198.80元，同比增长0.81%；归属于上市公司股东的净利润为2，852，668，244.89 元，同比增长6.11%。 ...