Investment Rating - The report maintains a "Buy" rating for Sinopec Engineering (02386) with a target price not specified [4]. Core Views - The company achieved a record high in new contract signing, with a total of RMB 711.58 billion, representing a year-on-year increase of 42.1% [1]. - The revenue for the first half of 2025 was RMB 31.559 billion, a 10.1% increase year-on-year, with a net profit attributable to shareholders of RMB 1.384 billion, up 4.8% [1]. - The company is actively exploring applications of artificial intelligence and robotics to enhance efficiency and reduce costs in engineering projects [4]. Summary by Sections Financial Performance - Revenue for H1 2025: RMB 31.559 billion, up 10.1% year-on-year - Gross profit: RMB 2.599 billion, up 3.6% year-on-year - Net profit attributable to shareholders: RMB 1.384 billion, up 4.8% year-on-year - Basic earnings per share: RMB 0.32 - Proposed interim dividend: RMB 0.16 per share, the highest since listing [1]. Contract Signing and Order Structure - New contracts signed reached RMB 711.58 billion, a record high, with front-end, design, and EPC contracts making up 80% of the total [1]. - The company’s uncompleted contract amount as of H1 2025 was RMB 2,122.76 billion, covering approximately 3.3 times the total revenue for 2024 [1]. International Orders - New contracts signed internationally totaled USD 4.302 billion, a significant increase of 82.7% year-on-year [2]. - Notable international contracts include the EPC contract for the Algeria Hassi refinery project valued at approximately USD 2.058 billion and the Kazakhstan Silleno petrochemical complex project valued at USD 1.902 billion [2]. Domestic Orders - New domestic contracts signed amounted to approximately RMB 401.82 billion, a year-on-year increase of 21.3% [3]. - Key domestic contracts include the EPC contract for the Maoming ethylene project valued at approximately RMB 11.631 billion [3]. Technological Advancements - The company is advancing the application of AI and robotics in engineering, aiming to improve design efficiency and construction processes [4].

Economic Growth Outlook - China's GDP growth is projected to be 4.9% for the year 2025, with Q3 and Q4 expected to grow at 4.7% and 4.3% respectively[24] - The GDP growth rate for the first half of 2025 is estimated at 5.3%, marking a significant recovery compared to the previous three quarters[26] Inflation and Price Trends - CPI is expected to show a slight recovery, with average growth of 0.1% and 0.6% in Q3 and Q4 respectively, leading to an annual increase of 0.1%[30] - PPI is projected to decline by 2.4% for the year, with a narrowing drop in the fourth quarter to -0.2%[30] Investment and Consumption - Manufacturing investment is expected to slow from 7.5% in the first half to 3.6% in the second half of 2025, while infrastructure investment is projected to decrease from 8.9% to 6.8%[24] - Social retail sales are anticipated to grow by 4.3% in the second half of 2025, with an annual growth of 4.6%[24] External Trade and Tariffs - Export growth is expected to turn negative in the second half of 2025, impacted by a high average tariff rate of 44.5% imposed by the U.S.[24] - The anticipated decline in exports could reduce growth by approximately 7-8 percentage points in the latter part of the year[24] Fiscal and Monetary Policy - Fiscal policy is expected to focus on optimizing existing policies and increasing the use of special bonds, with a projected growth in broad fiscal expenditure slowing to 3.5%[31] - There is potential for a 50 basis point reduction in reserve requirements, with a limited interest rate cut of 10-15 basis points anticipated[31]

7月25日，截至港股收盘，恒生指数下跌1.09%，报25388.35点。交运燃气（01407.HK）收报0.64港元/ 股，上涨28.0%，成交量1191.8万股，成交额805.55万港元，振幅44.0%。 最近一个月来，交运燃气累计涨幅20.83%，今年来累计涨幅35.93%，跑赢恒生指数27.95%的涨幅。 作者：行情君 行业估值方面，石油及天然气行业市盈率（TTM）平均值为-1.39倍，行业中值1.52倍。交运燃气市盈率 6.79倍，行业排名第7位；其他珠江钢管（01938.HK）为1.5倍、能源国际投资（00353.HK）为1.52倍、 CGII HLDGS（01940.HK）为4.1倍、中信资源（01205.HK）为5.9倍、中国海洋石油-R（80883.HK）为 6.12倍。 资料显示，交运燃气有限公司是一家位于山东省潍坊市高密市的天然气营运商。公司与高密市市政管理 局订立特许协议,据此拥有独家权利在高密市行政区(包括城乡地区)内营运天然气销售及相关业务。于最 后实际可行日期,公司特许权下的经营区域相当于高密市总行政面积的约70%。公司拥有超过16年天然 气行业营运经验,致力向高密市大众供应优质安 ...

Company Overview - Zhujiang Steel Pipe Holdings Limited is a major manufacturer and exporter of longitudinal welded pipes in China, listed on the Hong Kong Stock Exchange since 2010 [2] - The company is headquartered in Panyu, Guangzhou, with production bases in Zhuhai and Lianyungang, and has multiple offices in Hong Kong, Yunfu, and Nanjing [2] - Zhujiang Steel Pipe has an annual production capacity of 1.8 million tons, with various types of welded pipe production lines [2] Product Range - The company produces a wide range of welded pipes, including large-diameter double-sided submerged arc welded pipes, high-frequency welded pipes, spiral submerged arc welded pipes, and corrosion-resistant alloy composite pipes [2] - Products meet various international standards such as API, ASTM, ISO, and DNV, and are used in sectors like offshore and onshore oil and gas pipelines, urban gas, and construction steel structures [3] Financial Performance - As of December 31, 2024, Zhujiang Steel Pipe reported total revenue of 2.94 billion yuan, a year-on-year increase of 10.9%, and a net profit attributable to shareholders of 213 million yuan, up 15.72% [1] - The company's gross profit margin stands at 17.6%, with a debt-to-asset ratio of 80.95% [1] Market Position - Zhujiang Steel Pipe has a price-to-earnings (P/E) ratio of 1.34, ranking first in its industry, while the average P/E ratio for the oil and gas sector is -1.96 [1]

Group 1 - The core viewpoint of the news highlights MI Energy's significant stock performance, with a recent increase of 35.14% and a cumulative rise of 68.18% over the past month, outperforming the Hang Seng Index by 20.34% [1] - MI Energy reported total revenue of 898 million yuan for the year ending December 31, 2024, a decrease of 13.36% year-on-year, and a net profit attributable to shareholders of -329 million yuan, reflecting a decline of 108.82% [1] - The company's gross profit margin stands at 76.21%, while its debt-to-asset ratio is notably high at 264.22% [1] Group 2 - MI Energy Holdings Limited is one of China's major independent upstream oil companies, focusing on the exploration and development of oil and gas [2] - The company was listed on the Hong Kong Stock Exchange in December 2010, with the stock code 1555.HK, and is headquartered in Hong Kong [2] - MI Energy primarily engages in the exploration, development, production, and sale of oil, gas, and other petroleum products, with full participation rights in the Da'an oilfield in Jilin Province, China [2]

Company Overview - Victory Pipeline Holdings Limited is one of the largest manufacturers of oil and gas pipelines in China, primarily producing spiral submerged arc welded pipes (SAWH) and straight seam submerged arc welded pipes (SAWL) [3][4] - The company has over 40 years of experience in producing SAWH pipes and operates in key locations such as Zibo, Shandong Province, and Xiangtan, Hunan Province [3][4] Financial Performance - As of December 31, 2024, the company reported total revenue of 570 million yuan, a year-on-year decrease of 3.69%, while the net profit attributable to shareholders was -42.564 million yuan, showing a year-on-year increase of 56.75% [2] - The gross profit margin stands at 10.37%, and the debt-to-asset ratio is 59.86% [2] Production Capacity - The company operates 12 SAWH production lines with an annual capacity of 1.33 million tons and one SAWL production line with a capacity of 400,000 tons [4] - It also has five external anti-corrosion lines and four internal coating lines, capable of handling over 10 million square meters of anti-corrosion work annually [4] Industry Position - The average price-to-earnings (P/E) ratio for the oil and gas industry is -2.3 times, with a median of 1.73 times; Victory Pipeline's P/E ratio is -3.54 times, ranking 38th in the industry [3] - The company has participated in nearly all major long-distance oil and gas pipeline projects in China, providing over 3 million tons of quality welded pipes for significant domestic and international pipeline projects [4] Business Philosophy - The company emphasizes a customer-first philosophy and a continuous service model, which helps establish long-term customer relationships and sustain business operations [5] - It aims to collaborate with domestic and international partners to build a vast oil and gas pipeline network to meet the increasing energy demand and support national development [5]

Core Points - The company is Shandong Xinchao Energy Corporation Limited, established in 1988 and listed on the Shanghai Stock Exchange [2][3] - The registered capital of the company is RMB 6,800,495,825 [3] - The company's business scope includes oil and gas exploration, development, sales, and related technical consulting services [4] Chapter Summaries Chapter 1: General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws [2] - The company is a permanent joint-stock company [3] Chapter 2: Business Objectives and Scope - The company's business objective is to prioritize human resources, innovate continuously, and achieve first-class standards in production scale, capital operation, talent cultivation, management, and economic benefits [4] - The business scope includes oil and gas exploration, sales, energy industry development, and various product sales [4] Chapter 3: Shares - The company's shares are in the form of stocks, with equal rights for each share of the same category [5] - The total number of ordinary shares issued by the company is 51.34 million, with a total issued share capital of 6,800,495,825 shares [5][6] Chapter 4: Shareholders and Shareholders' Meeting - The company establishes a shareholder register based on the certificates provided by the securities registration and settlement institution [10] - Shareholders have rights to dividends, request meetings, supervise operations, and transfer shares [10][13] Chapter 5: Board of Directors - The board of directors is responsible for the company's operations and decision-making [15] - Independent directors are included in the board to ensure compliance and governance [15] Chapter 6: Senior Management - Senior management includes the general manager, deputy general managers, and other specified personnel [4] Chapter 7: Financial Accounting System, Profit Distribution, and Audit - The company has established a financial accounting system and internal audit procedures [4] Chapter 8: Notices and Announcements - The company is required to issue notices and announcements in accordance with legal and regulatory requirements [4] Chapter 9: Mergers, Divisions, Capital Increase, Decrease, Dissolution, and Liquidation - The company can merge, divide, increase or decrease capital, and dissolve according to legal procedures [4] Chapter 10: Amendment of Articles - The articles can be amended following the procedures outlined in the document [4] Chapter 11: Supplementary Provisions - The articles serve as a legally binding document for the company, shareholders, directors, and senior management [3][4]

Company Overview - Jintai Feng International Holdings Limited primarily operates through its subsidiary, Zengcheng Jintai Feng Fuel Co., Ltd., located in Guangdong Province, China, focusing on the wholesale of oil and other petrochemical products [2] - The company's wholesale operations are based in three oil depots located in Zengcheng, Panyu, and Gaolan Port Economic Zone, all within the Pearl River Delta [2] - The oil products offered by the company can be categorized into fuel oil, finished oil, and other petrochemical products, serving various applications including fuel for ships, transportation vehicles, machinery, and as raw materials for refineries [2] Financial Performance - As of December 31, 2024, Jintai Feng International Holdings reported total revenue of 1.12 billion yuan, a year-on-year decrease of 9.67% [1] - The net profit attributable to the parent company was -8.842 million yuan, reflecting a significant year-on-year decline of 485.95% [1] - The company's gross profit margin stood at 1.14%, with a debt-to-asset ratio of 8.72% [1] Market Position and Valuation - Currently, there are no institutional investment ratings for Jintai Feng International Holdings [1] - The company's price-to-earnings (P/E) ratio is -28.25, ranking 28th in the industry, while the average P/E ratio for the oil and gas industry is -3.5, with a median of 1.83 [1] - Comparatively, other companies in the industry have P/E ratios such as Zhujiang Steel Pipe at 0.97, Energy International Investment at 1.83, and China National Offshore Oil at 5.87 [1]

Company Overview - Hans Group Holdings Limited operates primarily in the energy sector, providing integrated terminal port, storage tank, and logistics services for oil, liquid chemicals, and gas products in South China [2] - The company's strategy is to expand its main business from terminal storage to oil and petrochemical product trading, and further into the retail market [2] - The establishment and operation of its first gas station in Guangzhou's Zengcheng District marks the extension of its business chain from midstream to downstream [2] Financial Performance - As of December 31, 2024, Hans Group Holdings reported total revenue of 3.288 billion yuan, a year-on-year increase of 274.38% [1] - The company recorded a net profit attributable to shareholders of -167 million yuan, a year-on-year decrease of 414.02% [1] - The gross profit margin stood at 53.19%, while the debt-to-asset ratio was 89.16% [1] Market Position and Valuation - The current price of Hans Group Holdings is 0.3 HKD per share, reflecting a 9.09% increase with a trading volume of 7.382 million shares and a turnover of 2.0634 million HKD [1] - Over the past month, the stock has seen a cumulative decline of 3.51%, and a year-to-date decline of 2.48%, underperforming the Hang Seng Index's increase of 20.75% [1] - The company's price-to-earnings ratio is -6.45, ranking 35th in the industry, compared to the average TTM P/E ratio of -3.09 and median of 1.83 for the oil and gas sector [1]

Company Overview - SPT Energy Group Inc. (华油能源) is headquartered in Beijing and listed on the Hong Kong Stock Exchange (code: 01251.HK) [2] - Established in 1993, the company has developed into an international comprehensive oilfield service group, integrating reservoir research, solution design, operational services, tool manufacturing, and intelligent technology [2] - The company employs over 4,000 people globally, with nearly half being overseas employees, and operates in major oil and gas production areas across various countries [2] Financial Performance - As of June 30, the company reported a total revenue of 1.694 billion RMB for the fiscal year ending December 31, 2024, representing a year-on-year decrease of 13% [1] - The net profit attributable to shareholders was -256 million RMB, a significant decline of 1630.19% year-on-year [1][3] - The gross profit margin stood at 70.37%, while the debt-to-asset ratio was 60.04% [1] Stock Performance - As of June 30, the stock price was 0.168 HKD per share, reflecting an increase of 158.46% with a trading volume of 73.246 million shares and a turnover of 11.127 million HKD [1] - Over the past month, the stock has shown a cumulative increase of 0%, and a year-to-date decline of 48%, underperforming the Hang Seng Index by 21.06% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the oil and gas industry (TTM) is -2.12 times, with a median of 4.06 times [1] - SPT Energy's P/E ratio is -0.46 times, ranking 43rd in the industry [1] - Comparatively, other companies in the sector have P/E ratios such as Zhujiang Steel Pipe (0.98), CGII HLDGS (4.06), CITIC Resources (5.42), CNOOC-R (5.79), and CNOOC (5.88) [1]