Zhi Tong Cai Jing·2025-08-29 09:53Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a year-on-year net profit decline of 13% to 69.5 billion RMB in the first half of the year, which was higher than expected due to better-than-expected oil and gas prices and production levels [1] Group 1 - CNOOC's net profit for the first half of the year was 69.5 billion RMB, reflecting a 13% year-on-year decrease [1] - The higher-than-expected profit was attributed to favorable oil and gas prices as well as production levels [1] - The forecast for CNOOC's profit in the second half of the year is expected to decline by 19% due to anticipated decreases in oil prices [1] Group 2 - CNOOC's earnings forecasts for 2025 to 2027 have been raised by 0.3% to 2.1% [1] - The target price for CNOOC has been increased to 24.87 HKD, with a reiterated "buy" rating [1]