中国海洋石油集团有限公司 与 中海油田服务股份有限公司 综合服务框架协议 71010 目录 | 第一条 服务交易的范围、种类 . .. | | | --- | --- | | 第二条 交易原则 | | | 第三条 定价原则 | | | 第四条 年度上限金额 . .. | | | 第五条 运作方式 . .. | | | 第六条 合同期限 | | | 第七条 陈述与保证 | | | 第八条 协议的变更、终止和履行 | | | 第九条 公告 . ·· | | | 第十条 通知 . ·· | | | 第十一条 适用的法律和争议的解决………………………………………………………………………………………………………………………………7 | | | 第十二条 附则 | .7 | 甲方:中国海洋石油集团有限公司 法定代表人:张传江 注册地址:北京市东城区朝阳门北大街 25 号 乙方:中海油田服务股份有限公司 法定代表人:赵顺强 注册地址:天津市滨海高新区塘沽海洋科技园海川路 1581 号 鉴于: 因此,甲乙双方就服务交易事宜,根据《中华人民共和国民法典》以及中国现 行其他有关法律、法规的规定,本着诚实信用的原则,经友好协商,一 ...

獨立財務顧問函件 以下為鎧盛資本有限公司致獨立董事委員會及獨立股東的意見函件全文，乃為載入本通 函而編製。 香港 灣仔 皇后大道東183號 合和中心 34樓3401室 敬啟者： 持續關連交易 訂立綜合服務框架協議 緒言 茲提述吾等獲委任為獨立財務顧問，以就框架協議及其項下擬進行的交易（包括建議年度 上限）向獨立董事委員會及獨立股東提供意見。框架協議及其項下擬進行之交易（「該等交易」） 的建議年度上限之詳情載於 貴公司向股東發出的日期為2025年11月14日之通函（「通函」）所 載的董事會函件內，本函件構成通函的一部分。除文義另有所指外，本函件所用詞彙與通函所 界定者具有相同涵義。 於最後實際可行日期，中國海油及其聯繫人合共持有 貴公司已發行股份總數的約 50.86%，是 貴公司的控股股東。由於中國海油於 貴公司持有股權，故中國海油為香港上市 規則所界定的 貴公司關連人士，因此根據上市規則第14A章，訂立框架協議及該等交易構 成 貴公司的持續關連交易。 由於框架協議的適用百分比率按年計超過5%，故框架協議（包括建議年度上限）及該等交 易須遵守香港上市規則第14A章的申報、公告、年度審閱及獨立股東批准的規定。 根 ...

证券代码：601808 证券简称：中海油服 公告编号：临 2025-029 中海油田服务股份有限公司 关于召开2025年第一次临时股东大会的通知 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。 重要内容提示： 一、召开会议的基本情况 （一） 股东大会类型和届次：2025年第一次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 （四） 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 2 日上午10 点 00 分 召开地点：河北省三河市燕郊经济技术开发区海油大街 201 号中海油服主楼 311 室 （五） 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 12 月 2 日至2025 年 12 月 2 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 1 不适用 二、会议审议事项 本次股东大会审议议案及投票股东类型 | 序号 | 议案名称 | ...

中海油田服务股份有限公司 2025 年第一次临时股东大会 会议资料 二〇二五年十二月二日 河北燕郊 1 议案目录 | 议案一 | 关于 2026-2028 年持续关联交易的议案 3 | | --- | --- | | 议案二 | 关于修订《股东大会议事规则》的议案 4 | | 议案三 | 关于修订《董事会议事规则》的议案 5 | | 议案四 | 关于修订《独立董事制度》的议案 6 | | 议案五 | 关于修订《关联交易决策制度》的议案 7 | | 议案六 | 关于取消监事会并修订《公司章程》的议案 8 | 2 关于 2026-2028 年持续关联交易的议案 各位股东： 中海油田服务股份有限公司（以下简称"公司"或"本公司"或"中海油服"）与 控股股东中国海洋石油集团有限公司（以下简称"中国海油"）所签的 2023-2025 年日 常关联交易的框架协议将于 2025 年年底到期。按证券监管要求，公司需在到期之前同 中国海油签订新的为期三年（2026-2028 年）的关联交易框架协议（即"综合服务框架 协议"，以下称"该协议"），该协议及公司拟定的 2026-2028 年的日常关联交易上限需 股东大会批准。 根据 ...

Market Overview - The oil service engineering sector increased by 0.22% on November 14, with Renji Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Renji Co., Ltd. (002629) closed at 9.74, up 7.27% with a trading volume of 538,100 shares and a transaction value of 524 million yuan [1] - Zhongman Petroleum (603619) closed at 23.78, up 6.54% with a trading volume of 238,600 shares and a transaction value of 565 million yuan [1] - Other notable performers include: - Zhun Oil Co. (002207) up 3.76% to 9.10 [1] - Tongyuan Petroleum (300164) up 3.06% to 6.39 [1] - Beiken Energy (002828) up 2.98% to 12.43 [1] Fund Flow Analysis - The oil service engineering sector experienced a net outflow of 141 million yuan from institutional investors, while retail investors saw a net inflow of 182 million yuan [2] - The detailed fund flow for selected stocks includes: - Zhun Oil Co. (002207) with a net inflow of 39.78 million yuan from institutional investors [3] - Tongyuan Petroleum (300164) with a net inflow of 16.10 million yuan from institutional investors [3] - Renji Co., Ltd. (002629) with a net inflow of 13.17 million yuan from institutional investors [3] Individual Stock Fund Flow - Notable net outflows from institutional investors include: - Zhong Oil Engineering (600339) with a net outflow of 26.02 million yuan [3] - Huibo Yin (002554) with a net outflow of 11.94 million yuan [3] - Retail investors showed significant inflows in several stocks, including: - Zhong Oil Engineering (600339) with a net inflow of 28.63 million yuan [3] - Huibo Yin (002554) with a net inflow of 18.89 million yuan [3]

Core Viewpoint - CNOOC Services' stock price has experienced fluctuations, with a current decline of 2.01% and a year-to-date decrease of 2.46%, despite a recent 20-day increase of 5.93% [1] Financial Performance - For the period from January to September 2025, CNOOC Services reported a revenue of 34.854 billion, reflecting a year-on-year growth of 3.54%, and a net profit attributable to shareholders of 3.209 billion, which is a significant increase of 31.28% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for CNOOC Services decreased by 6.08% to 64,000, with an average of 0 circulating shares per person [2] - The company has distributed a total of 15.492 billion in dividends since its A-share listing, with 2.866 billion distributed over the last three years [3] Major Shareholders - The top circulating shareholder is China Securities Finance Corporation, holding 138 million shares, unchanged from the previous period [3] - Other notable shareholders include招商优质成长混合(LOF) and华泰柏瑞沪深300ETF, with changes in their holdings compared to the previous period [3]

Core Viewpoint - Oil stocks continue their recent upward trend, driven by geopolitical tensions and OPEC+ production decisions [1] Group 1: Stock Performance - CNOOC (00883) rose by 3.66% to HKD 23.2, reaching a new historical high [1] - PetroChina (00857) increased by 2.49% to HKD 9.04 [1] - Sinopec (00386) gained 2.28% to HKD 4.49 [1] - CNOOC Services (601808) (02883) saw a rise of 0.88% to HKD 8.03 [1] Group 2: Geopolitical Factors - The U.S. military's largest aircraft carrier strike group has entered the Caribbean, while Venezuela is conducting new military exercises [1] - Guotai Junan Securities suggests that geopolitical risks in South America may rise in the next 1-2 weeks, despite Trump's indecision on military action against Venezuela [1] Group 3: OPEC+ and Oil Price Outlook - Everbright Securities indicates that OPEC+ halting production increases may improve supply-demand balance, potentially supporting oil prices [1] - Guolian Minsheng Securities forecasts that OPEC+ will announce multiple production increases in 2025, which could suppress oil prices due to expected supply increments and Trump's "reciprocal tariffs" impacting global demand [1] - The average Brent/WTI oil prices for Q3 2025 are projected to be USD 68.17/barrel and USD 64.96/barrel, reflecting year-on-year declines of 13.40% and 13.78% respectively [1] Group 4: Company Performance and Outlook - Leading upstream oil and gas state-owned enterprises are expected to mitigate the pressure on oil prices through continuous reserve increases, production enhancements, and cost reductions [1] - If terminal consumption demand improves further, these leading state-owned enterprises may achieve performance recovery [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a significant increase in net profit by 31.28% year-on-year for the first three quarters of 2025, reaching 3.209 billion yuan, driven by improved operational efficiency and reduced financial costs [2][5] - The drilling business has seen a substantial improvement in day rates due to the commencement of high-day-rate projects, contributing to the overall revenue growth [2][5] - The company is committed to a "technology-driven" strategy, which is expected to support stable growth in its oilfield technology services business in the future [2][5] - The potential of offshore oil and gas resources is significant, and the company is expected to benefit from China National Offshore Oil Corporation's (CNOOC) ongoing efforts to increase reserves and production [2][5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 34.854 billion yuan, a year-on-year increase of 3.54% [2][5] - The net profit attributable to the parent company for the third quarter was 1.246 billion yuan, reflecting a 46.13% year-on-year growth [2][5] - The gross profit margin for the first three quarters reached 18.20%, an increase of 0.96 percentage points year-on-year [11] Drilling Business - The company’s drilling platforms operated for 14,784 days in the first three quarters, a 12.3% increase year-on-year [11] - The average day rate for platforms in the first half of 2025 was 91,000 USD/day, up 5.8% year-on-year, with semi-submersible platform day rates increasing by 27.6% [11] Technology and Market Strategy - The oilfield technology service business has seen a growth in operational volume despite a slight decline in market size [11] - The company aims to increase the revenue share of its oilfield technology services from 57% in 2024 to 60% by 2030 [11] Market Outlook - The global exploration and development of offshore and unconventional oil and gas resources are expected to be key growth areas, with CNOOC's capital expenditure budget for 2025 set between 125 billion and 135 billion yuan [11]

Investment Rating - The report maintains a cautious outlook on the PTA industry, indicating a potential for recovery but highlighting ongoing challenges in profitability [4][10]. Core Insights - The PTA industry has been experiencing prolonged losses, with a significant decline in profitability expected in 2025 due to increased production capacity and a negative gross margin of -319 RMB/ton as of November 7 [4][6]. - An increase in maintenance schedules for PTA facilities is anticipated, which may lead to a tightening of supply and a potential recovery in profitability if production cuts are realized [6][8]. - The report suggests that the polyester sector may see a recovery in profitability as supply and demand dynamics improve, particularly for leading companies like Tongkun Co. and Wankai New Materials [10]. Summary by Sections 1. Industry Overview - The PTA industry has been in a state of oversupply since 2022, leading to consistent losses across the sector, with only a few companies managing to achieve marginal profits [4][6]. - Recent data indicates that the industry operating rate is at 78%, reflecting a weak market environment [8]. 2. Maintenance and Supply Dynamics - Several PTA facilities are undergoing planned maintenance, including major players like Yisheng Dihua and Sichuan Energy Investment, which may further restrict supply in the short term [6][7]. - The report notes that if leading PTA companies continue to implement production cuts, the industry could see a return to breakeven profitability levels, with potential profit margins of 200-300 RMB per ton [8]. 3. Investment Recommendations - The report recommends focusing on leading polyester companies and high-quality refining firms, suggesting that companies like Hengli Petrochemical and Rongsheng Petrochemical may benefit from improved market conditions [10]. - It also highlights the potential for recovery in the oil and gas sector, particularly for offshore service companies, as capital expenditures remain high [10].

Investment Rating - The report maintains a positive outlook on the petrochemical industry, particularly regarding the PTA sector, due to increased maintenance schedules and anticipated production cuts [3][4]. Core Insights - The PTA industry has been in a prolonged state of loss since 2022, exacerbated by rapid capacity expansion. As of November 7, 2025, the PTA industry's gross profit reached -319 CNY/ton, indicating a loss across the sector [3][4]. - Recent increases in PTA maintenance schedules are expected to tighten supply, with major companies like Tongkun and Hengli yet to announce maintenance plans. If these companies proceed with production cuts, industry profitability may return to breakeven levels, with potential profit per ton increasing by 200-300 CNY [3][8]. - The upstream sector is experiencing a decline in oil prices, with Brent crude closing at 63.63 USD/barrel, down 2.21% from the previous week. This decline is coupled with an increase in drilling day rates for self-elevating platforms, indicating a recovery trend in the oil service sector [15][33]. Summary by Sections PTA Sector - The PTA industry is facing a significant downturn, with losses expected to continue into 2025. The increase in maintenance schedules is anticipated to reduce supply and support a recovery in profitability [3][4][8]. - Current PTA operating rates are at 78%, reflecting weak industry conditions, but with no significant inventory pressure, a quicker recovery is expected as maintenance plans are realized [8][10]. Upstream Sector - Brent crude oil prices have decreased, with a closing price of 63.63 USD/barrel, while WTI prices also fell to 59.75 USD/barrel. The overall trend suggests a potential for further price declines, although OPEC's production cuts may provide some support [15][17]. - The number of active drilling rigs in the U.S. has increased slightly, indicating a potential uptick in exploration and production activities despite a year-over-year decline [25][30]. Refining Sector - The refining sector is seeing improved margins, with the Singapore refining margin rising to 23.18 USD/barrel. This improvement is attributed to a recovery in demand and a tightening of supply due to maintenance activities [46][48]. - The domestic refining sector's product price differentials have also improved, suggesting a favorable environment for refining profitability moving forward [46][48]. Polyester Sector - The polyester chain is showing signs of recovery, with expectations for improved profitability as supply and demand dynamics shift. Key companies to watch include Tongkun and Wankai New Materials [10][11].