【海油发展（600968.SH）】25年归母净利润同比增长6.2%，三大产业经营质效不断提升——2025年报点评（赵乃迪/蔡嘉豪/王礼沫）

Core Viewpoint - The company reported a total revenue of 50.4 billion yuan in 2025, a year-on-year decrease of 7.1%, while the net profit attributable to shareholders was 3.88 billion yuan, an increase of 6.2% year-on-year [4]. Group 1: Financial Performance - In Q4 2025, the company achieved a revenue of 16.4 billion yuan, down 12.9% year-on-year but up 44.6% quarter-on-quarter, with a net profit of 1.03 billion yuan, reflecting a year-on-year increase of 6.6% and a quarter-on-quarter increase of 0.8% [4]. - The company's gross profit margin improved to 16.09%, an increase of 1.46 percentage points year-on-year, while the return on equity (ROE) was 13.69%, down 0.43 percentage points year-on-year [5]. Group 2: Energy Technology Services - The energy technology services segment generated a revenue of 21.1 billion yuan, a decrease of 3.11% year-on-year, with a gross profit margin of 19.83%, up 2.19 percentage points year-on-year [6]. - The company focused on integrated development in technology, equipment/products, and services, enhancing core capabilities and achieving significant operational improvements [6]. Group 3: Low-Carbon and Digital Business - The low-carbon and digital business achieved a revenue of 10.2 billion yuan, an increase of 1.87% year-on-year, with a gross profit margin of 20.76%, up 1.45 percentage points year-on-year [8]. - The company secured over 80 new energy technology service projects, including offshore photovoltaic projects and natural gas terminal EPC projects, demonstrating its commitment to innovation and industry leadership [8]. Group 4: Future Outlook - Looking ahead to 2026, the global oil and gas industry is expected to experience increased volatility and restructuring, but the core position of oil and gas as a fundamental energy source will remain [9]. - The company is well-positioned to benefit from China's "increase reserves and production" strategy, particularly in the Bohai and South China Sea oil and gas development, which is expected to drive long-term growth [9].