Xin Lang Cai Jing·2025-09-08 00:29Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, indicating improved operational efficiency and financial health [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 23.32 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 1.964 billion yuan, up 23.3% [1]. - The gross profit margin reached 17.54%, an increase of 0.71 percentage points year-on-year, while the expense ratio decreased by 0.51 percentage points [2]. - Interest expenses fell by 21.23% due to optimized debt structure, contributing to a 2.74 percentage point decrease in the asset-liability ratio [2]. Operational Efficiency - The company improved drilling operations, with a total of 9,906 days of platform operation in the first half of 2025, a 10.5% increase year-on-year [2]. - The average daily rate for platforms was $91,000, a 5.8% increase year-on-year, with semi-submersible platform rates rising by 27.6% [3]. Market Strategy - The company is focusing on high-potential markets and leveraging its integrated industry chain advantages to enhance core competitiveness [2]. - The oilfield technology service business is expected to grow steadily, with a gross profit margin of 23.98% in the first half of 2025, up 0.23 percentage points year-on-year [3]. Industry Outlook - The potential for offshore oil and gas resources is significant, with the company expected to benefit from ongoing projects in the South China Sea and Bohai Sea [4]. - The capital expenditure budget for China National Offshore Oil Corporation (CNOOC) is projected to be between 125 billion and 135 billion yuan for 2025, maintaining a high baseline from 2024 [4].