Zhi Tong Cai Jing·2025-08-29 09:39Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a 13% year-on-year decline in net profit for the first half of the year, amounting to 69.5 billion RMB, which was better than expected due to higher-than-expected oil and gas prices as well as production levels [1] Financial Performance - CNOOC's net profit for the first half of the year was 69.5 billion RMB, reflecting a 13% decrease compared to the previous year [1] - The decline in profit was attributed to higher-than-expected oil and gas prices and production levels [1] Future Outlook - The forecast for CNOOC's profitability in the second half of the year is expected to decline by 19% compared to the first half, primarily due to anticipated decreases in oil prices [1] - The earnings forecast for CNOOC for the years 2025 to 2027 has been raised by 0.3% to 2.1% [1] Target Price and Rating - The target price for CNOOC has been adjusted upwards to 24.87 HKD [1] - The rating for CNOOC remains "Buy" [1]