China Oilfield Services (02883) Q1 2025 Earnings Call April 23, 2025 04:00 AM ET Moderator Good afternoon, investors and analysts. Thank you for joining us today for the China Oilfield Services Limited First Quarter twenty twenty five Earnings Conference Call. COSO is one of the world's largest oilfield service providers. Its services cover all stages of oil and gas exploration, development and production and are categorized into four main types: geophysical acquisition and surveying services drilling servi ...

文 | 银行螺丝钉 （转载请注明出处） 昨晚美股出现较大下跌，纳斯达克指数回落超3%。 不过今天A股港股比较坚挺，全天下来微涨，收盘在5.1-5.2星上下。 大盘股波动不大。小盘股整体上涨 一般遇到下跌的时候，小盘股跌幅更大；反弹的时候涨幅也更多。 港股也整体上涨。港股科技股领涨。 周五到下周一港股放假，暂停交易。 下周二港股交易恢复。 1. 本周有一批自由现金流指数基金成立。 前段时间也做了直播课，感兴趣可以看一下：《 自由现金流指数，投资价值如何？（精品课程） 》 （1）自由现金流是啥？ 自由现金流，是扣除维持企业正常运营和保持竞争力的必要开支之后，所能获得的可自由支配的现金流。 用工资举例子会更容易理解。 每月收入扣除房贷、生活费，剩下的钱才能自由储蓄或投资。 同样的工资， 有的人，一人吃饱全家不愁，那工资，扣除必要生活开支后，可自由支配的金额就多。 有的人，需要养三个娃，那扣除必要生活开支后，可自由支配的金额就少很多。 （2）自由现金流指数，策略是什么？ 挑选自由现金流率比较高的公司。 300自由现金流指数，对应大盘股。 800自由现金流指数，对应大中盘股。 全指自由现金流指数，对应A股整体的自由现金 ...

每经AI快讯，有投资者在投资者互动平台提问：董秘先生，您好！股票市场在中央各项维护股市正常运转的政策支持下，各种资金都在积极支持。请问，贵公 司有没有回购公司股票并注销，以提振贵公司股价健康发展的想法？ 中联重科（000157.SZ）4月15日在投资者互动平台表示， 公司高度重视全体股东回报，上市以来累计分红金额约263亿元人民币，历史整体分红率约为 43%，近三年分红率约68%，股息率行业领先。 2019年至今，公司持续开展大规模回购，A股和H股合计回购金额近50亿元，公司于2024年11月11日通过的港股回购一般性授权目前也仍在有效期内。 未来，公司将统筹好公司发展、业绩增长与股东回报的动态平衡，运用回购、分红等工具回馈资本市场，以稳健的经营业绩和较强的盈利能力为投资者提供收 益，持续提升投资者获得感。公司也会加强与投资者沟通交流，传递公司价值，增强投资者满意度，持续与投资者共同分享发展成果。 （文章来源：每日经济新闻） 【行业热点】 ·往期回顾· 1 业绩改观，工程机械行业复苏或已在路上？ 2. 如期切换， 工程机械12月1日起开启"国四"时代 3. 内销连续下滑13个月，今年出口大涨超7成 周期中的挖 ...

Core Viewpoint - Hubei Yihua (000422.SZ) has significantly improved its profitability through continuous enhancement of industrial chain collaboration, despite a slight decline in revenue for 2024. Group 1: Financial Performance - In 2024, Hubei Yihua achieved operating revenue of 16.964 billion yuan, a slight decrease of 0.48% year-on-year, while net profit attributable to shareholders reached 653 million yuan, an increase of 44.32% [1][2] - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling 217 million yuan, which accounts for 33.18% of the net profit for 2024 [5] - The total assets of the company at the end of 2024 were 26.713 billion yuan, a year-on-year increase of 24.40%, and the equity attributable to shareholders was 7.362 billion yuan, up 11.88% [2] Group 2: Business Strategy - Hubei Yihua focuses on its core business by repurchasing minority stakes in its subsidiary Yihua Fertilizer, investing in phosphate and ammonium projects, and divesting low-relevance assets [1][2] - The company aims to achieve an operating revenue of no less than 18 billion yuan in 2025 by optimizing resource allocation and enhancing operational efficiency [1] Group 3: Product and Market Position - Hubei Yihua is a leading player in the nitrogen fertilizer industry, with urea production capacity of 1.56 million tons per year and a market share ranking fourth in the country for diammonium phosphate [2] - The company has a PVC production capacity of 720,000 tons per year, ranking among the top ten in China, and a global second position in the production of pentaerythritol [2] Group 4: Research and Development - The company emphasizes R&D, with R&D expenses reaching 813 million yuan in 2024, a year-on-year increase of 10.45% [3] - Hubei Yihua has developed new products and technologies, including a high-purity gypsum production process and various specialty resins [3] Group 5: Shareholder Returns - Hubei Yihua has established a dual-driven system of "cash dividends + market value management" to enhance shareholder returns [5] - The company has committed to a cash dividend totaling no less than 30% of the annual net profit for the next three years, ensuring a consistent return to investors [5]

Core Viewpoint - The company reported a significant decline in annual revenue and net profit for 2024, but showed improvement in Q4 2024, driven by price increases and cost reductions [1][2]. Financial Performance - The company's total revenue for 2024 was 91.03 billion yuan, a year-on-year decrease of 35.51% - The net profit attributable to shareholders was 7.696 billion yuan, down 26.19% year-on-year - In Q4 2024, the net profit attributable to shareholders was 2.498 billion yuan, an increase of 42.27% year-on-year [1][2]. Operational Metrics - The national cement production in 2024 was 1.825 billion tons, a decline of 9.5% year-on-year - The company's self-produced cement clinker sales were 26.8 million tons, down 6% year-on-year, which was better than the industry average - The average revenue per ton of self-produced products was 246 yuan, a decrease of 28 yuan per ton year-on-year, while the average cost per ton was 187 yuan, down 18 yuan per ton year-on-year [2][3]. Cost and Expenditure - The total expenses for the year were 9.448 billion yuan, a decrease of 3.4% year-on-year - The company incurred an impairment provision of approximately 300 million yuan in Q4 2024 - Capital expenditures for 2024 were 15.619 billion yuan, with significant increases in production capacity across various segments [2][3]. Capacity Expansion - The company added 2.3 million tons of clinker capacity overseas and increased cement capacity by 8 million tons through relocation - Additional capacities included 14.5 million tons of aggregates and 12.1 million cubic meters of commercial concrete - By the end of 2024, the company had a clinker capacity of 27.4 million tons and a cement capacity of 40.3 million tons [3]. Future Outlook - The company plans to maintain a dividend payout of at least 50% of net profit for the years 2025-2027, with an estimated dividend yield of 3.4% based on a profit assumption of 9 billion yuan - For 2025, capital expenditures are projected to be 11.98 billion yuan, with expectations for improved cash flow and a slowdown in spending [2][3]. Earnings Forecast - Expected earnings for 2025 and 2026 are 9.2 billion yuan and 10.1 billion yuan, respectively, with corresponding price-to-earnings ratios of 14 and 13 [4].

Meeting Overview - The 14th meeting of the 10th Supervisory Board of Bohai Leasing was held on April 1, 2025, in Beijing, with all three supervisors present [1] - The meeting was conducted in accordance with relevant laws and regulations, and all resolutions were passed unanimously [1] Resolutions Passed - The Supervisory Board approved the 2024 Annual Work Report, which will be submitted to the 2024 Annual General Meeting for review [2][3] - The 2024 Annual Report and its summary were deemed to accurately reflect the company's situation and will also be submitted for shareholder approval [2][3] - The profit distribution plan for 2024 was proposed, which includes no cash dividends, no bonus shares, and no capital increase from reserves [2][3] Internal Control and Governance - The Supervisory Board confirmed that the 2024 Internal Control Evaluation Report accurately reflects the company's governance and internal control status, with no significant deficiencies identified [3] - A three-year shareholder return plan (2025-2027) was approved, considering the company's operational conditions and external financing environment [5] Board and Supervisory Changes - The Supervisory Board will undergo a re-election process due to the expiration of the current term, with candidates proposed for the 11th Supervisory Board [5][6] - The proposed non-employee supervisors are Zhou Peixuan and Ma Li, whose qualifications meet regulatory requirements [8][9] Compensation Standards - The proposed compensation for non-independent directors is set at a net annual amount of 36,000 RMB, applicable during the term of the 11th Board [6]

但是，美国能源巨头对于增产表现出谨慎态度。雪佛龙计划将2025年的设备投资比上年减少20亿 美元。美国西方石油公司解释称，今年将保持"相对稳定的生产"。从1月底开始接连发布的各公司 财报联袂强调了资本纪律和股东回报。 日本能源和金属矿物资源机构(JOGMEC)的首席经济学家野神隆之表示，"企业最重视的不是产 量，而是收益。如果无法在一定程度上预见油价上涨，就不得不对开发保持谨慎"。同时还指出， 由于无法预测现政府接连不断的政策，很容易陷入疑神疑鬼的状态。 在油价疲软的今天，"降价"和"增产"是难以兼顾的要求。WTI(西德克萨斯中质原油)原油期货价格 2月26日一度跌至每桶68美元左右，创出了去年12月以来的新低。对中国经济放缓和美国引发的 关税大战导致的需求放缓具有强烈的警惕。 美国达拉斯联邦储备银行去年实施的调查显示，对于管辖内的石油企业来说，新油井开采的损益 平衡点按WTI计算为每桶59-70美元。在目前70美元左右的行情下，即使不出现亏损，也很难找 到大胆的增产投资的合理性。 认为增产不会加速的观点出现是很自然的。美国能源信息署（EIA）在2月份的短期能源展望中预 测称，美国2025年的原油产量为每日1 ...

| 证券代码：600863 | 证券简称：内蒙华电 | 公告编号：临 | 2025-011 | | | --- | --- | --- | --- | --- | | 债券代码：240363 | | 债券简称：23 | 蒙电 | Y1 | | 债券代码：240364 | | 债券简称：23 | 蒙电 | Y2 | 内蒙古蒙电华能热电股份有限公司关于未来三年 （2025-2027年）股东回报规划的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 为积极落实中国证券监督管理委员会《关于进一步落实上市公司 现金分红有关事项的通知》和《上市公司监管指引第 3 号——上市 公司现金分红》，以及国资委《关于改进和加强中央企业控股上市公 司市值管理工作的若干意见》的要求，回应广大投资者关切、稳定投 资者信心及预期，进一步巩固内蒙古蒙电华能热电股份有限公司（以 下简称"公司"）与长期股东、耐心股东的紧密联系，截至本公告披 露日，公司已完成《未来三年（2025-2027 年）股东回报规划》的初 步编制工作，现就主要内容提示如下： 20 ...

成都富森美家居股份有限公司 未来三年（2025-2027）股东回报规划 （2025 年 2 月） 为完善和健全成都富森美家居股份有限公司（以下简称"公司"）科学、连 续、稳定和积极的利润分配政策，积极回报股东，进一步细化《公司章程》中关 于利润分配政策的条款，引导股东长期和理性的投资，根据《公司法》《证券法》、 中国证监会《上市公司监管指引第 3 号——上市公司现金分红（2023 修订）》 （证监会公告〔2023〕61 号）《关于进一步落实上市公司现金分红有关事项的通 知》（证监发〔2012〕37 号）和《公司章程》等相关规定，制定《公司未来三年 （2025-2027）股东回报规划》。 一、公司制定本规划考虑的因素 公司着眼于长远的规划和可持续的发展，公司的利润分配应重视对投资者的 合理投资回报并兼顾公司的可持续发展，在综合考虑公司发展目标、社会资金成 本、外部融资环境等因素的基础上，建立对投资者持续、稳定、科学的回报规划 与机制，从而对利润分配做出制度性安排，以保证利润分配政策的连续性和稳定 性。 二、本规划的制定原则 公司制定股东回报规划应符合相关法律法规、规范性文件及《公司章程》的 规定，充分考虑和听取 ...

沃顿科技股份有限公司 2024 年-2026 年股东回报规划 为完善公司持续、稳定、积极的分红决策和监督机制，积极回报 股东，引导投资者树立长期投资和理性投资的理念，根据《中华人民 共和国公司法》《中华人民共和国证券法》《关于进一步落实上市公司 现金分红有关事项的通知》《上市公司监管指引第3号——上市公司现 金分红》《深圳证券交易所上市公司自律监管指引第1号——主板上市 公司规范运作》等相关法律、法规、规范性文件以及《公司章程》的 规定，制定《沃顿科技股份有限公司2024年-2026年股东回报规划》（以 下简称"本规划"）。 一、本规划的制定原则 公司应实施持续、稳定、积极的股利分配政策，综合考虑股东的 合理投资回报和公司的可持续发展，在保证公司正常经营发展的前提 下，为公司建立持续、稳定、积极的分红政策。 二、制定本规划的考虑因素 在制定本规划时，综合分析公司所处行业特征、公司发展战略和 经营计划、股东回报、社会资金成本及外部融资环境等因素；充分考 虑公司目前及未来盈利规模、现金流量状况、所处发展阶段、项目投 资资金需求、银行信贷及债权融资环境等情况；平衡股东的合理投资 回报和公司的长远发展。 三、2024 ...