Core Viewpoint - The company experienced a significant decline in revenue in the first half of the year, but showed improvement in profitability and cash flow management, with expectations for future revenue recovery driven by domestic and international contracts [2][4]. Financial Performance - The company achieved a revenue of 6.745 billion yuan in the first half, a year-on-year decrease of 25.66% [1]. - In Q2, the revenue was 3.226 billion yuan, down 22.67% year-on-year [2]. - The net profit attributable to shareholders was 424 million yuan, a year-on-year increase of 1.11%, while the net profit after deducting non-recurring items was 422 million yuan, up 13.01% [1]. Profitability - The overall gross margin improved to 15.12% in the first half, an increase of 3.66 percentage points year-on-year, with Q2 gross margin at 16.62%, up 4.14 percentage points [2]. - The company effectively controlled its period expenses, with a period expense ratio of 5.95%, an increase of 1.19 percentage points year-on-year [2]. Cash Flow - The net cash outflow from operating activities in the first half was 2.912 billion yuan, an increase in outflow of 1.355 billion yuan year-on-year, with a cash collection ratio of 69.74%, down 13.88 percentage points [3]. - In Q2, the net cash outflow from operating activities was 1.276 billion yuan, with a cash collection ratio of 77.87%, down 57.76 percentage points year-on-year [3]. Contracting Activity - The company secured new contracts worth 6.31 billion yuan in the first half, a year-on-year decline of 35.0%, with domestic new contracts at 2.444 billion yuan, up 53.8%, and international new contracts at 3.864 billion yuan, down 52.4% [3]. - Domestic new contracts showed signs of stabilization, while international contracts faced challenges due to slow project execution [3]. Future Outlook - The company is expected to benefit from potential order increases due to geopolitical developments, particularly if a ceasefire occurs in the Russia-Ukraine conflict [4]. - The company has a healthy balance sheet with 6.86 billion yuan in cash and 1.05 billion yuan in interest-bearing debt, resulting in a net cash position of approximately 5.81 billion yuan [4]. - The company has maintained a high dividend payout ratio over the past three years, with expectations to continue this trend, projecting a dividend yield of about 4.7% for 2025 [4].

消息面上，金风科技拟于8月23日举行董事会会议以审批中期业绩。汇丰发布研报称，金风科技风机制 造业务势头强劲，海上风电及海外交付进展顺利，但风电场销售可能受电价政策不确定性影响而逊预 期，目前预测第二季纯利将环比增长12%，当中未计及期内的投资收益影响，上半年纯利预期按年下跌 14%至12亿元人民币。 智通财经APP获悉，金风科技(02208)午后涨超3%，截至发稿，涨3.05%，报8.45港元，成交额1.17亿港 元。 汇丰指出，金风H股股价自首季业绩公布后累升74%，对比同期恒指累计升幅为13%，相信是受到盈利 前景改善及南向资金流入的推动。憧憬海外订单增长及业务利润率较高，预期风机制造业务基本面将在 未来几年持续改善，维持对公司盈利预测基保不变，预期风机业务可能于上半年扭亏。汇丰研究维持金 风科技的"买入"评级，目标价由7.4港元上调至9港元。 ...

Core Viewpoint - China Petroleum Engineering Corporation (CPE) has signed an EPSCC contract worth $1.601 billion (approximately 11.538 billion RMB) with TotalEnergies for the gas processing plant project at the Atawi oil field in Iraq, which is expected to positively impact the company's revenue and profit over the next 4-5 years [1]. Group 1: Contract Details - The contract for the Atawi gas processing plant has a planned completion period of 39 months [1]. - This contract is the highest value among three Middle Eastern orders won by CPE this year, with two of the other contracts also involving TotalEnergies [4][5]. Group 2: Financial Performance - In 2024, CPE achieved a new contract amount of 125.076 billion RMB, a year-on-year increase of 14.39%, marking a historical high [7]. - The company reported total revenue of 85.917 billion RMB in 2024, a year-on-year growth of 6.94%, while the net profit attributable to shareholders was 635 million RMB, a decrease of 14.80% [9][10]. - In the first quarter of 2025, CPE secured new contracts worth 29.522 billion RMB, reflecting a year-on-year growth of 6.38% [7].