Core Viewpoint - Company maintains a "buy" rating for Anton Oilfield Services (03337), with performance meeting expectations and a positive outlook for new business models to drive growth [1] Financial Performance - For the first half of 2025, the company reported revenue of 2.63 billion RMB, a year-on-year increase of 20.9%, and a net profit of 170 million RMB, up 55.9% [1] - The comprehensive gross margin was 28.7%, a decrease of 1.5 percentage points year-on-year, while the comprehensive net margin was 6.3%, an increase of 1.2 percentage points year-on-year [1] Business Segments - The company experienced steady growth across various business segments, with revenues for oilfield technical services, oilfield management services, testing services, and drilling rig services reaching 1.21 billion, 1.00 billion, 200 million, and 220 million RMB respectively, reflecting year-on-year growth of 22.9%, 11.2%, 21.7%, and 74.2% [2] - The company has successfully secured a 25-year development right for the Dhufriyah oilfield in Iraq, marking a significant step into oil and gas field development [2] Market Performance - Revenue from the Chinese market, Iraqi market, and other overseas markets for the first half of 2025 was 950 million, 1.45 billion, and 230 million RMB respectively, with year-on-year changes of +43.0%, +16.6%, and -13.9% [3] - New orders in the Chinese market totaled 1.63 billion RMB, remaining stable year-on-year, while new orders in the Iraqi market were 2.51 billion RMB, down 11.4% year-on-year [3] - New orders from other overseas markets increased significantly to 610 million RMB, a year-on-year growth of 54.5%, providing strong support for the company's overall order book [3]