Core Viewpoint - Shougang Longze Technology Co., Ltd. has delayed its global offering and listing plan, returning application funds, originally scheduled for July 9 on the Hong Kong Stock Exchange [1][2]. Company Overview - Shougang Longze focuses on the carbon capture, utilization, and storage (CCUS) industry, producing low-carbon products such as ethanol and microbial protein, and providing comprehensive low-carbon solutions [4]. - The company’s ethanol can be used as fuel and as a raw material for various products, while its microbial protein is the first novel feed protein raw material in China [4]. Financial Performance - In the previous year, Shougang Longze reported revenue of 560 million RMB, a year-on-year decline of 4.9%, with a net loss attributable to shareholders of 140 million RMB, an increase of 1.1 times [6]. - Financial projections indicate a revenue increase to 592.6 million RMB in 2023, followed by a slight decrease to 563.6 million RMB in 2024 [7]. Fund Utilization Plan - The company plans to allocate approximately 37.9% of the net proceeds for the construction and development of SAF production facilities in Baotou, Inner Mongolia, 21.2% for the second phase facility in Hebei, and 11.4% for research and development of strains, production equipment, and smart production management systems [8].

Core Insights - The project is the largest CCUS initiative in the Beijing-Tianjin-Hebei region, having injected over 200,000 tons of carbon dioxide to date [1][2] - The project aims to enhance oil recovery from aging oil fields while promoting green and low-carbon development in line with the "dual carbon" goals [1] Group 1: Project Overview - The CCUS project involves the injection of carbon dioxide into the Bailing West potential mountain oil reservoir, which has been a major oil-producing area for North China Oilfield [1] - The project is designed to include three gas injection wells, twenty oil production wells, and two observation wells, divided into gas injection and carbon storage phases [2] Group 2: Technical Achievements - The project has transitioned from single well testing to overall gas injection at the station, achieving an oil production rate of 40 tons per day [2] - The CCUS initiative has demonstrated a 20% increase in oil recovery efficiency compared to conventional gas injection methods, providing a new pathway for enhancing production in aging oil fields [1] Group 3: Future Plans - By 2025, the project plans to inject 150,000 tons of carbon dioxide, with a total injection target of 12.5 million tons, storage of 8.47 million tons, and oil production of 3.16 million tons throughout the entire testing cycle [2]

Core Viewpoint - The company is committed to enhancing energy security and achieving high-quality development in the oil and gas industry, aligning with national strategies for energy strength and sustainability [1][2]. Group 1: Resource Foundation - The company prioritizes energy security as its core value and aims for high-quality development in the oil and gas sector, achieving a cumulative increase of 264 million tons in proven reserves and 666 million tons in controlled reserves from 2021 to 2023 [2]. - The company has produced 70.26 million tons of crude oil and 2.29 billion cubic meters of natural gas during the same period, with renewable energy capacity reaching 1.2 billion kilowatt-hours, accounting for over 23% of oil and gas production [2]. - The establishment of a national-level demonstration area for shale oil and the exploration of deep and ultra-deep layers have led to significant resource discoveries, with estimated resource volumes of 10.5 billion tons and 2.8 billion tons respectively [2][3]. Group 2: Technological Innovation - The company emphasizes technological innovation as a core engine for energy security, achieving breakthroughs in key theories and technologies, resulting in an annual increase of over 3 million tons of oil through technological advancements [4]. - Significant progress has been made in shale oil exploration and development, with the establishment of a national key laboratory and the development of new theories and technologies that have converted 90% of previously immobile resources into movable resources [4][5]. - The company has also made strides in chemical flooding techniques, improving recovery rates by 13.7% and covering geological reserves of 12 million tons [4]. Group 3: Green Development - The company integrates green development into its operations, focusing on clean fossil energy, large-scale clean energy, and low-carbon production processes, aiming to create a national-level demonstration area for green and low-carbon development [6][7]. - The establishment of a comprehensive energy service system and the implementation of 184 renewable energy projects have positioned the company as a leader in energy supply, with solar power capacity reaching 445 megawatts [7]. - The company has built the first million-ton CCUS demonstration project in the country, injecting over 1.9 million tons of carbon dioxide, contributing to regional CCUS industry development [7][8].

Core Viewpoint - Dongying City is making significant progress in energy conservation and carbon reduction, focusing on key sectors, industries, and enterprises, guided by the "dual carbon" initiative [1][2] Group 1: Key Actions and Initiatives - Dongying has implemented the "Top Ten Actions for Carbon Peak" and is the first in the province to issue the "Dongying City Zero Carbon Industrial Park Planning and Construction Scheme (Trial)" [1] - The city has announced the first batch of municipal zero-carbon parks, including the Dongying Ningde Times lithium battery industry zero-carbon park and the Dongying offshore wind power equipment industry zero-carbon park [1] - Dongying aims to create a comprehensive zero-carbon demonstration city and a model for the new energy transformation of heavy chemical industries [1] Group 2: Strategic Collaborations and Planning - The city is deepening strategic cooperation with Ningde Times and expanding applications in zero-carbon oil areas, zero-carbon chemicals, and zero-carbon towns [1] - High-level planning for the "Dongying City Zero Carbon Urban Development Plan" is underway, with a focus on establishing a CCUS (Carbon Capture, Utilization, and Storage) full industry chain demonstration base [1] Group 3: Implementation and Monitoring - Dongying is enhancing energy conservation inspections to cover all key energy-consuming units in the city [1] - The city is implementing tailored energy efficiency diagnostics for key enterprises and planning a series of energy-saving and carbon reduction projects [1] Group 4: Public Awareness and Education - The city is actively promoting energy conservation and carbon reduction awareness through regular training and public campaigns, including Energy Conservation Week and Low Carbon Day [2]

Group 1 - China National Offshore Oil Corporation (CNOOC) is organizing a media research event from June 11 to 13 [1] - CNOOC's Bohai Oilfield will establish the largest CCUS center in northern China, integrating carbon dioxide production, injection, and storage [1] - The Bohai Oilfield, established in 1965, has approximately 60 oil and gas fields in production and over 200 production facilities, making it the largest offshore oil and gas production base in China [1] Group 2 - CCUS stands for Carbon Capture, Utilization, and Storage [1] - The first offshore CCUS project in China was officially put into operation on May 22 at CNOOC's Enping 15-1 platform in the Pearl River Mouth Basin [1]

Investment Rating - The report maintains an "Accumulate" rating for the oil and petrochemical industry [6] Core Viewpoints - The geopolitical tensions combined with OPEC+'s willingness to increase production create significant uncertainty in oil prices, with Brent and WTI crude oil prices reported at $66.65 and $64.77 per barrel respectively, reflecting increases of 6.5% from the previous week [1][10] - The "Three Oil Giants" (China National Petroleum Corporation, Sinopec, and CNOOC) are focusing on increasing reserves and production to address external energy security challenges, with capital expenditures planned to grow by 1.6%, 1.3%, and 5.9% respectively in 2025 [2][11] - The companies are enhancing their technological capabilities to achieve high-quality development, with significant advancements in key technologies expected by 2024 [3][27] - A strategic shift towards energy transition is evident, with investments in renewable energy and carbon capture projects being prioritized [4][32] Summary by Sections Oil Price Dynamics - Geopolitical conflicts have led to a rebound in oil prices, with a potential increase in geopolitical risk premium, although OPEC+'s production increase may exert downward pressure on prices [1][10] Upstream Strategies - The "Three Oil Giants" are committed to high capital expenditures to boost oil and gas production, with specific growth targets for 2025 [2][11] - China National Petroleum Corporation is focusing on natural gas as a strategic growth area, aiming for natural gas to constitute 54.4% of its total production by 2024 [18] Technological Innovation - The companies are investing in technology to overcome critical challenges in the oil and petrochemical sectors, with a focus on deep drilling and unconventional resources [3][27] - Significant technological breakthroughs are anticipated in 2024, including advancements in deep drilling and catalyst applications [26][27] Energy Transition Initiatives - The "Three Oil Giants" are actively pursuing green and low-carbon transitions, with substantial investments in renewable energy projects and infrastructure [4][28] - China National Petroleum Corporation plans to establish over 10 million kilowatts of wind and solar power capacity by 2024, alongside significant hydrogen production [28][34]

如何把石油从这些零散的地层中采出来？该区块自2021年起开始应用二氧化碳驱油。"二氧化碳用增压 泵增压到40兆帕后，被注入地下。二氧化碳与原油形成高压混相状态，既能提高原油的流动性、增加原 油产量，又能将二氧化碳封存于地下。"屈龙涛介绍，简单来说，就是通过注入二氧化碳，把地下的 油"挤"出来。 屈龙涛说，相比原先用水驱油的方式，液态二氧化碳与石油的融合性更好，同时流动性更强，能进入更 小的缝隙，注入时耗能也更小。二氧化碳还能和地下的水结合形成碳酸，能够溶解矿物质，更好地打开 地下通道。 在距离白色储罐不远处，回注站已经基本建设完成。"回注站计划月底试运行，有望将我们区块日产油 量从12吨提升至30吨左右。"屈龙涛说，使用二氧化碳驱油，采出的是二氧化碳与原油的混合物。回注 站收集分离后的二氧化碳，再次注入地下循环利用，直至被封存在地下。 据悉，胜利油田每年从淄博的齐鲁石化、东营周边县区化工厂及燃煤电厂调用二氧化碳近100万吨，全 部注入地下进行驱油与封存，年减排二氧化碳近100万吨。 初夏，在山东省东营市的胜利油田注汽技术服务中心二氧化碳项目部生产指挥中心，当班职工在屏幕上 轻轻一点，在40多公里外的莱113区 ...

Financial Performance - In 2024, R&D expenses increased by 12% year-on-year, but the R&D expense ratio was only 3.5%, lower than industry leaders [2] - The company's revenue for 2024 reached 1.196 billion RMB, a year-on-year growth of 16.21% [6] - The net profit margin for overseas subsidiaries decreased by 5 percentage points due to exchange rate fluctuations and rising labor costs [5] - Government subsidies accounted for 14% of net profit, with a total of approximately 1.34 million RMB received [6] Business Operations - The CCUS (Carbon Capture, Utilization, and Storage) business revenue grew by 40% year-on-year, with a total CO2 injection of 118,700 tons, a 171% increase from 43,800 tons in 2023 [3] - Domestic business revenue decreased by 18% due to delays in unconventional oil and gas project bidding [5] - The company has injected 11.87 million tons of CO2, equivalent to reforesting 197,800 acres [3] Capital Management - The dividend payout ratio for 2024 is maintained at 20%, while cash holdings as a percentage of total assets decreased to 18% [4] - The asset-liability ratio increased by 4 percentage points to 45% [6] - Operating cash flow decreased by 25%, but net profit increased by 8% [5] Market Strategy - The company aims to enhance its core competitiveness in perforation technology and expand its clean energy and CCUS business [17] - In 2024, the company’s North American business revenue accounted for over 60%, with a focus on bundling services to secure market orders [12] - The company plans to optimize inventory management and improve cash flow through various measures [13] Risk Management - The company is actively managing accounts receivable, with an increase in accounts receivable turnover days by 10 days to 95 days [11] - The proportion of accounts receivable aged over one year increased to 20% [11] - The company is focusing on diversifying its supplier base to mitigate supply chain risks [9]

Group 1: Financial Performance - In 2024, the revenue from the system device business increased by 85%, but installation and debugging costs accounted for over 25% of the revenue [4] - The revenue from the life sciences sector reached 5.68 billion yuan, with a growth rate of 28% [14] - The revenue from the water treatment and ultrapure water business grew by 20%, with a total revenue of 6.88 billion yuan [7] Group 2: Operational Efficiency - The inventory turnover days extended to 180 days due to increased stock of system devices [4] - The company aims to reduce work-in-progress inventory by 25% through digital twin technology optimization [4] - The company achieved a 5-fold increase in inspection efficiency by replacing manual visual inspection with AI visual detection [3] Group 3: Market Expansion and Strategy - In 2024, overseas revenue accounted for 38% of total revenue, amounting to 6.55 billion yuan [10] - The company plans to enhance market development efficiency through the release of industry solution white papers covering six major fields [5] - The life sciences sector's revenue share increased to 29%, with a focus on new product development in peptide synthesis [5] Group 4: Research and Development - The R&D investment intensity reached 9.8%, but the patent implementation rate was below 45% [9] - The company holds 66 domestic and 13 foreign authorized patents, with 74 domestic and 103 foreign patents in the application stage [9] - The company is focusing on developing new types of polyethylene glycol carriers to increase drug loading capacity by 20% [5] Group 5: Supply Chain and Risk Management - The company reported no supply chain security challenges, with most raw materials already localized [12] - The accounts receivable turnover days extended to 125 days, with 65% of accounts receivable from system device projects [10] - The company is exploring credit insurance to cover 80% of accounts receivable to improve cash flow [10]

中新网松原5月13日电 (郭佳高东旭)在位于吉林省松原市的中国石油吉林油田公司黑46区块，从长岭天 然气净化站分离出的二氧化碳经过12.6公里的运输管道，源源不断地注入地下。 4月28日，吉林松原，吉林油田一平台正利用CCUS技术开采石油。 郭佳摄 "把注入地下的二氧化碳作为开采石油的介质，开采效率比传统的水介质要高25%，这样每年可以多开 采20多万吨石油。"中国石油吉林油田二氧化碳开发公司(一体化中心)主任张德平13日受访时说。 中国石油吉林油田公司最新数据显示，今年前4个月，埋存二氧化碳14.8万吨，至此埋存二氧化碳总量 已接近400万吨，相当于植树3400万棵、200余万辆经济型轿车停开一年，埋存二氧化碳总量稳居中国第 一。 2005年，吉林油田在科尔沁草原深处发现了中国陆上第一个火山岩气田——长岭气田。该气田虽然天然 气蕴藏丰富，但二氧化碳含量高达20%以上，若清洁开采必先解决伴生二氧化碳气体的去向问题。 为解决这一难题，吉林油田将大情字井油田黑59、黑79、黑46区块列为先期"试验田"，在国内率先走通 了二氧化碳捕集输送、集输处理、循环注入全流程，累计申报国家专利技术30多项。 凭借系列自主技术， ...