中海油田服務股份有限公司 CHINA OILFIELD SERVICES LIMITED (於中華人民共和國註冊成立之股份有限公司) （股票代號：2883） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條 規定而作出。 2025年8月26日 於本公告日期，本公司執行董事為趙順強先生（董事長）、盧濤先生 及肖佳先生；本公司非執行董事為范白濤先生及劉秋東先生；本公司 獨立非執行董事為趙麗娟女士、郭琳廣先生及姚昕先生。 中海油田服务股份有限公司 2025 年半年度报告 公司代码：601808 公司简称：中海油服 中海油田服务股份有限公司 2025 年半年度报告 1 / 135 中海油田服务股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事 | 卢涛 | ...

近两年，在大模型热潮下，不少企业家患上了 "AI 焦虑症 " 。 尤其今年年初 DeepSeek 出现后，不少企业都在广泛搜罗各类 AI 办公工具，让员工研究、试用、填写 " 使用体验反馈表 " 。 收集了一段时间后，这些企业管理者们发现：很多 AI 工具看似炫酷，但实际上并不好用，不能真正解决 一些高频的办公痛点，导致最后往往用不起来。 " AI创新的喧嚣，掩盖了协同办公3大本质。 " 作者丨 徐晓飞 编辑丨 包永刚 这是一个大问题。 毕竟， AI 技术再怎么高大上，对员工和企业来说更重要的是：这工具有没有用，好不好用。 为什么加了 AI 后，工具也不一定好用？ 这是因为，在这场技术喧嚣中，一些关乎办公本质的核心能力正在被悄然忽视 —— 协作连接力、流程一 体化、工具易用性，似乎成了 " 过时的基础款 " ，谈论者日渐稀少。 殊不知，这些根植于办公软件基因中的核心特质，非但没在 AI 时代褪色，反而在与 AI 深度融合后，一起 迎来了价值放大的新契机。 01 协同办公都在"all in AI"，但却忽视了"连接力" 在不少协同办公平台里，连接力，不像单个 AI 功能那样直观亮眼，反而容易被淹没在一个个独立的 ...

Core Insights - The article highlights the significant stock adjustments made by the China Europe Medical Health Fund, managed by Ge Lan, during the second quarter of 2025, particularly its increased holdings in several pharmaceutical companies [1][3][4]. Group 1: Fund Adjustments - The China Europe Medical Health Fund entered the top ten circulating shareholders of Lizhu Group and Betta Pharmaceuticals, holding 5.939 million shares and 4.3513 million shares, respectively [3]. - The fund significantly increased its stake in XinNuoWei by approximately 14 million shares, representing a 222% increase, bringing its total holdings to 20.184 million shares [3][4][6]. - Other notable increases included holdings in XinLiTai (up 86% to 26.163 million shares), NuoCheng JianHua (up 43.9% to 13.048 million shares), and HuaDong Pharmaceutical (up 17.39% to 24.4395 million shares) [4][6]. Group 2: Fund Management Strategy - In July, the China Europe Medical Health Fund announced the appointment of Zhao Lei as a co-manager, indicating a shift towards a team-based management approach [8]. - The fund is part of a broader trend within China Europe Fund to enhance its research and investment management capabilities through a "professional, industrialized, and intelligent" investment research system [8][9]. - This transformation aims to create a sustainable organization capable of generating alpha over the long term, thereby improving product offerings and services for investors [9].

Core Viewpoint - The global innovative drug industry continues to face significant uncertainties in policy and funding, making it essential for CXO companies to ensure demand growth and stabilize market expectations. The Chinese innovative drug industry is showing signs of recovery, leading to improved demand expectations for the CXO sector, exemplified by WuXi AppTec's strong mid-year performance [1][17]. Financial Performance - WuXi AppTec reported a total operating revenue of 20.8 billion yuan for the first half of 2025, a year-on-year increase of 20.6%. The net profit attributable to the parent company reached 8.56 billion yuan, up 101.9% year-on-year [3][17]. - The company achieved a gross profit margin of 44.45% and a non-IFRS net profit margin of 30.4% in the first half of 2025, marking a significant recovery in profitability [6][12]. Business Model and Growth Drivers - WuXi AppTec's unique CRDMO business model has been a key factor in maintaining stable performance amid market fluctuations. The model allows for a seamless transition from research to production, smoothing revenue volatility [7][8]. - The company has seen a notable increase in commercial and late-stage clinical projects, with commercial orders becoming a larger portion of its revenue, enhancing its financial stability [8][12]. Market Dynamics - The demand from overseas clients has shown significant growth, with revenue from U.S. clients increasing by 38.4% year-on-year, while European client revenue grew by 9.2% [13]. - Despite the recovery in demand, the U.S. market for innovative drugs still faces challenges, including limited support for the industry and a series of layoffs in the biotech sector [13][14]. Future Outlook - WuXi AppTec has raised its full-year revenue guidance for 2025 from 41.5-43 billion yuan to 42.5-43.5 billion yuan, reflecting confidence in its order execution and business model [17]. - The company plans to continue its strategy of share buybacks and cash dividends to stabilize market expectations, announcing its first interim dividend of 3.5 yuan per share [18].

Core Viewpoint - A recent incident of violence in a laboratory of Kanglong Chemical has raised concerns about the company's internal culture and management, coinciding with a disappointing earnings forecast that highlights declining profitability despite revenue growth [3][4][5]. Financial Performance - Kanglong Chemical's revenue forecast for the first half of 2025 is projected to be between 6.3 billion and 6.5 billion yuan, representing a year-on-year growth of 13% to 16%. However, net profit is expected to decline by 36% to 39%, amounting to 679 million to 713 million yuan [3][4]. - The company's revenue for 2023 was 11.538 billion yuan, a growth of 12.39%, marking the lowest growth rate since 2015 and the first time in nine years that growth fell below 20% [4]. - The forecast for 2024 indicates a further slowdown, with revenue growth expected to drop to single digits at 6.39%, and a significant decline in net profit by 26.8% [4]. Business Segments - Kanglong Chemical's CGT and large molecule business has been identified as a drag on overall performance, with revenue for this segment in 2024 expected to be 408 million yuan, a decline of 4%, while costs surged by 33% to 612 million yuan, resulting in a record loss of 204 million yuan [6]. - The company has been facing challenges in the CGT sector due to a slowdown in global drug development demand and increased competition, leading to downward pressure on service prices [6][7]. Market Dynamics - Domestic revenue from Chinese clients is projected to decline by 6.46% to 1.847 billion yuan, while revenue from North American clients is expected to grow by 6.11% to 7.853 billion yuan, indicating a disparity in performance across regions [8]. - The company is advised to enhance early-stage development collaborations and explore new service models to improve client retention and pricing power [8]. Shareholder Activity - Significant shareholder sell-offs have raised concerns, with major shareholders having reduced their holdings by 77.95 million shares since 2022, equivalent to 4.835 billion yuan, which is nearly three times the company's projected net profit for 2024 [9][10]. - The accelerated pace of share reduction and the loosening of concentrated shareholding structures may weaken governance and control within the company, potentially impacting strategic decision-making [10].

Core Viewpoint - WuXi AppTec is entering a growth phase, with significant revenue and profit increases expected in the first half of 2025, driven by its unique "integrated, end-to-end" CRDMO business model [4][5][21]. Financial Performance - WuXi AppTec anticipates a revenue of approximately RMB 20.799 billion for the first half of 2025, representing a year-on-year growth of about 20.64%, with core business revenue expected to grow by approximately 24.24% [4]. - The adjusted net profit is projected to be around RMB 6.315 billion, reflecting a year-on-year increase of approximately 44.43% [4]. - The company expects to achieve a net profit of approximately RMB 8.561 billion, which is a year-on-year increase of about 101.92%, largely due to the sale of equity in an associate company [4][11]. Market Reaction - Following the positive earnings forecast, WuXi AppTec's stock surged over 10% in the Hong Kong market, indicating strong investor confidence in the company's recovery and growth potential [5][20]. Business Model and Growth Drivers - The company's success is attributed to its focus on the "integrated, end-to-end" CRDMO model, which allows for a steady flow of early-stage projects converting into downstream projects [14][15]. - WuXi AppTec's order backlog exceeded RMB 40 billion for the first time, with a significant increase in orders expected to drive future revenue growth [8][15]. Regional and Sectoral Insights - The overseas market remains a key revenue driver for WuXi AppTec, with faster recovery in biotech financing compared to domestic markets [16]. - The company is expanding its capabilities in new molecular businesses, particularly in peptides and oligonucleotides, which are expected to be significant growth drivers in the coming years [16][19]. Capacity Expansion - WuXi AppTec is actively expanding its production capacity, with plans to increase its peptide solid-phase synthesis reactor volume significantly by the end of 2025 [18][19]. - The company is also investing heavily in global D&M capacity construction, with capital expenditures projected to reach RMB 7-8 billion in 2025 [19]. Future Outlook - With the global biopharmaceutical investment climate improving and the domestic innovative drug market remaining strong, WuXi AppTec is well-positioned for continued growth [21].

Core Insights - The global market for air conditioning refrigerant system piping components is projected to reach 13.51 billion by 2031, with a compound annual growth rate (CAGR) of 6.3% in the coming years [2]. Market Overview - The air conditioning refrigerant system piping components market is primarily composed of copper pipes, which hold approximately 70.8% market share due to their excellent conductivity and reliability. However, fluctuating copper prices are driving the adoption of aluminum pipes, especially in residential systems seeking cost reduction and weight savings [9]. - The main demand source for these components is residential air conditioning, accounting for about 66.5% of the market. The growth in emerging markets and the popularity of energy-efficient products are increasing the use of pre-insulated aluminum and copper pipes [12]. Key Players - Major manufacturers in the global air conditioning refrigerant system piping components market include Amagasaki Pipe, Sanhua Intelligent Controls, Fuso Industry, DunAn Environment, Hengjin Metal, Danfoss, Mueller Industries, Inoue Kiko, Arrow Fabricated Tubing, and Tongxing Technology. The top five manufacturers hold approximately 52.0% of the market share as of 2024 [7]. Market Drivers - The expanding air conditioning market is driving demand for refrigerant system piping components, supported by increasing air conditioning needs in new and existing buildings [16]. - Urbanization is accelerating globally, with rising construction projects further propelling the development of the piping components industry [16]. - The focus on renewable energy and green refrigeration technologies is creating new opportunities for the piping components sector, particularly with the application of new refrigerants and eco-friendly materials [16]. Challenges - Increased competition in emerging markets poses challenges for manufacturers, who must adapt to varying market demands and standards [18]. - Fluctuations in raw material prices, particularly for metals like copper, aluminum, and steel, significantly impact production costs [18]. - Changes in international trade policies and trade tensions may affect the import and export dynamics of the piping components industry [18]. Development Trends - There is a trend towards lightweight, integrated, and structurally diverse piping components to meet the complex requirements of refrigeration systems [20]. - The industry is moving towards substituting aluminum for copper to reduce costs and weight in refrigeration equipment [20]. - There is a clear preference for components that can handle higher pressure conditions, necessitating manufacturers to develop strategies for producing higher pressure components tailored to specific markets or applications [20].

Core Viewpoint - The article discusses the upcoming 2025 Fifth Electric Two-Wheeler Battery Swap Conference and Lightweight Power Battery Technology Summit, highlighting the trends and forecasts in the lithium battery equipment market, particularly in the context of the growing demand for electric vehicles and energy storage solutions [2][6]. Group 1: Event Details - The event will take place on July 10-11, 2025, at the Shenzhen Baoan DENGXILU International Hotel [2]. - Major sponsors and participants include leading companies in the lithium battery and electric vehicle sectors, such as Yadea Technology Group, Tailling Group, and others [2]. Group 2: Market Trends - According to SPIR data, the global lithium battery equipment market was valued at 79.2 billion in 2024, showing a year-on-year decline of 26.2% due to slowed production expansion and falling equipment prices [2]. - The market is expected to rebound, with projections indicating a growth to 141.9 billion by 2027, driven by increasing demand from the electric vehicle and energy storage markets [3]. Group 3: Industry Development - The article outlines several key trends in the lithium battery equipment industry: 1. Dominance of Chinese lithium battery equipment manufacturers in the global market, with a shift towards international expansion [6]. 2. A second wave of capacity expansion in lithium battery production, leading to increased demand for advanced equipment [7]. 3. The trend towards smart and integrated equipment solutions to enhance production efficiency and reduce costs [7][8]. 4. The need for high precision, efficiency, and stability in lithium battery equipment due to rising performance standards from end-users [8]. 5. Strengthening collaboration between battery manufacturers and equipment suppliers for customized solutions [8]. 6. The requirement for equipment compatibility and quick adjustment to accommodate various battery technologies, including sodium batteries [8].

Core Viewpoint - The photovoltaic industry chain and new energy power market are undergoing significant changes, requiring downstream companies to adapt their strategies and offerings to remain competitive [2] Group 1: Market Changes and Company Strategy - After the "531" policy, photovoltaic power plants are increasingly focusing on consumption capacity in site selection, channels, and business models [2] - TCL Photovoltaic Technology has made strategic adjustments, prioritizing high-consumption areas and enterprises for business development [3] - The company has introduced financial products and solutions, such as the "Special Energy" series, which includes innovative financing options that extend beyond traditional models [3] Group 2: International Market Expansion - TCL's overseas business has evolved, with TCL SunPower Global enabling entry into high-end international markets, expanding from Europe to Southeast Asia and the Middle East [4] - The company tailors products to different regions, emphasizing aesthetics and quality in Europe while adapting to local weather conditions in Southeast Asia [4] Group 3: Product Differentiation and Innovation - The "Zero Carbon Villa" product targets new consumer groups, including villa owners and self-built homeowners, with plans for more financial and scenario-based solutions [5] - The company's direction is towards "integration," combining photovoltaic systems with storage, charging piles, and heat pumps, exemplified by the domestic version of the overseas "photovoltaic-storage-pump-charging" system [6] Group 4: Response to Market Volatility - The company aims for high-quality development, focusing on finding certainty amid uncertainty, with a strong belief in the long-term demand for photovoltaic solutions and carbon neutrality goals [7] - The decrease in upstream product prices is seen as beneficial for downstream operations, although it intensifies market competition [8] Group 5: AI Integration - AI is being integrated into various operational processes, including document review and design, to enhance efficiency and reduce labor costs [9] - The company is focusing on AI design as a key area, utilizing AI for site assessments and planning, and is also exploring AI applications in electricity trading [9]

Core Viewpoint - Brazilian President Lula emphasizes the commitment to reducing industrial barriers and promoting greater integration in response to the resurgence of protectionist barriers [1] Group 1 - The Brazilian government aims to address the challenges posed by rising protectionism in global trade [1] - There is a focus on enhancing regional integration to foster economic growth and collaboration among countries [1]