Core Insights - Inner Mongolia has implemented multiple measures to promote oil and gas reserve increases and production, aligning with the national energy security strategy [1] Oil Production - In the first three quarters, Inner Mongolia produced 2.5 million tons of crude oil, representing a year-on-year increase of 4.2% [1] - The development strategy focuses on stabilizing production in mature oil fields while increasing output in new blocks, particularly in the Erlian and Hailar basins [1] - The Bayannur oil field has seen a significant increase in production, with 903,000 tons of crude oil produced in the first three quarters, marking a 20% year-on-year growth [1] Natural Gas Production - Natural gas production remained stable at 23.94 billion cubic meters in the first three quarters, with no year-on-year change [1] - Inner Mongolia ranks fourth in the country for natural gas production, accounting for 12.3% of the national total, with over 60% of the gas being transported to the Beijing-Tianjin-Hebei region [1] - The development of major gas fields such as Sulige, Daniu, and Dongsheng has been emphasized to enhance efficiency and production quality [1]

Group 1 - The core viewpoint of the report is that Huazhong Securities has given China National Offshore Oil Corporation (CNOOC) a "buy" rating due to its steady growth in oil and gas net production and strengthened cost competitiveness [1] - CNOOC is actively advancing new project launches, which will contribute to continuous reserve increases and production growth [1] Group 2 - The report highlights the risk factors, including the potential for new project progress to fall short of expectations, changes in industry policies, and significant fluctuations in crude oil and natural gas prices [1]

Group 1 - The core viewpoint of the report is that Guosen Securities has given China National Offshore Oil Corporation (CNOOC) an "outperform" rating based on strong performance indicators [1] - The company's oil and gas net production has reached a new high, with robust natural gas production and significant cost control achievements [1] - CNOOC's capital expenditure for the year remains stable, with exploration, development, and production progressing in an orderly manner [1] - The company's net profit attributable to shareholders for the third quarter of 2025 is projected to be 32.4 billion yuan, aligning with expectations [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][25] Core Views - The company reported a net profit attributable to shareholders of 32.4 billion yuan for the third quarter of 2025, which met expectations. For the first three quarters of 2025, the company achieved operating revenue of 312.5 billion yuan (down 4.2% year-on-year) and a net profit of 101.97 billion yuan (down 12.6% year-on-year), primarily due to declining oil prices [1][11] - The company's oil and gas production reached a new high, with a net production of 578.3 million barrels of oil equivalent for the first three quarters of 2025, an increase of 6.7% year-on-year. Domestic production accounted for 69.3% of total production, benefiting from contributions from various oil and gas fields [2][14] - The company maintained stable capital expenditures, with a total of 86 billion yuan spent in the first three quarters of 2025, a decrease of 9.8% year-on-year. The full-year capital expenditure is expected to remain unchanged at 125-135 billion yuan [3][21] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported operating revenue of 312.5 billion yuan, a decrease of 4.2% year-on-year, and a net profit of 101.97 billion yuan, down 12.6% year-on-year. The third quarter alone saw revenue of 104.9 billion yuan (up 5.7% year-on-year) and a net profit of 32.4 billion yuan (down 12.2% year-on-year) [1][11] - The average realized price for oil liquids was 68.3 USD/barrel (down 13.6% year-on-year), while the average gas price was 7.86 USD/thousand cubic feet (up 1.0% year-on-year) [19][2] Production and Operations - The company achieved a net production of 193.7 million barrels of oil equivalent in the third quarter of 2025, an increase of 7.9% year-on-year. The total net production for the first three quarters was 578.3 million barrels of oil equivalent, with domestic production at 400.8 million barrels (up 8.6% year-on-year) [2][14] - The company successfully evaluated 22 oil and gas structures and made five new discoveries in the first three quarters of 2025, with four new projects launched in the third quarter [3][21] Investment Forecast - The company maintains its profit forecast, expecting net profits of 126.3 billion yuan, 129.7 billion yuan, and 135 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.66, 2.73, and 2.84 yuan [4][25]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6]. Core Views - The company reported a revenue of 312.5 billion RMB for the first three quarters of 2025, a year-on-year decrease of 4.15%, with a net profit attributable to shareholders of 102 billion RMB, down 12.59% year-on-year [1]. - The average realized oil price for the first three quarters was 68.29 USD per barrel, a decrease of 13.6% year-on-year, while the average realized gas price increased by 1.0% to 7.86 USD per thousand cubic feet [5]. - The company achieved a net production of 578.3 million barrels of oil equivalent, an increase of 6.7% year-on-year, with significant contributions from new projects [5]. - The company continues to maintain its position as a leading international energy company, with a strong resource base and production growth capabilities [5]. Financial Performance Summary - For 2025, the company is projected to achieve revenues of 454.1 billion RMB, 485.4 billion RMB, and 509.7 billion RMB for the years 2025, 2026, and 2027 respectively, with net profits of 145.6 billion RMB, 154.1 billion RMB, and 159.3 billion RMB [6]. - The current stock price corresponds to a PE ratio of 8.8 times for 2025, 8.4 times for 2026, and 8.1 times for 2027 [6]. - The company has a low debt-to-asset ratio of 30.1%, indicating strong financial stability [2]. Production and Development - The company successfully evaluated 22 oil and gas structures and made 5 new discoveries in the first three quarters of 2025 [5]. - A total of 14 new projects were put into production during the first three quarters, including significant developments in offshore oil fields [5]. Market Position - The company is the largest oil and gas producer in China's offshore areas, with a well-established exploration and production infrastructure [5]. - The company has diversified its asset structure globally, holding interests in major oil and gas projects in regions such as Guyana and Brazil [5].

Core Viewpoint - The company reported a decline in total revenue and net profit for the first three quarters of 2025, but showed resilience in Q3 performance due to effective cost control and production increases despite fluctuating international oil prices [4][5]. Financial Performance - For the first three quarters of 2025, total revenue was 312.5 billion yuan, down 4.1% year-on-year, and net profit attributable to shareholders was 102.0 billion yuan, down 12.6% year-on-year [4]. - In Q3 2025, total revenue reached 104.9 billion yuan, up 5.7% year-on-year and 4.1% quarter-on-quarter, with net profit of 32.4 billion yuan, down 12.2% year-on-year and 1.6% quarter-on-quarter [4]. Oil and Gas Production - The company achieved a net oil and gas production of 57.8 million barrels of oil equivalent in the first three quarters, an increase of 6.7% year-on-year, with natural gas production rising by 11.6% [6]. - The average realized oil price was 68.29 USD per barrel, down 13.6% year-on-year, while the average realized natural gas price was 7.86 USD per thousand cubic feet, up 1.0% year-on-year [6]. Cost Management - The company maintained a competitive cost structure, with the main cost per barrel of oil equivalent at 27.35 USD, a decrease of 2.8% year-on-year [7]. - Operating expenses per barrel were 7.12 USD, down 1.2% year-on-year, and depreciation, depletion, and amortization (DD&A) costs were 13.87 USD, down 0.6% year-on-year [7]. Capital Expenditure and Future Outlook - Capital expenditure for the first three quarters was 86.0 billion yuan, down 9.8% year-on-year, with a budget of 125.0 to 135.0 billion yuan for 2025 [8]. - The production target for 2025 is set at 76.0 to 78.0 million barrels of oil equivalent, with a year-on-year growth of 5.9% [8].

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, with a slight recovery in Q3, indicating a mixed performance amid fluctuating oil prices and production challenges [1][4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 312.5 billion yuan, down 4.1% year-on-year; net profit attributable to shareholders was 102 billion yuan, down 12.6% year-on-year; and non-recurring net profit was 100.9 billion yuan, down 12.9% year-on-year [1]. - In Q3 2025, the company reported revenue of 104.9 billion yuan, up 5.7% year-on-year and 4.1% quarter-on-quarter; net profit attributable to shareholders was 32.4 billion yuan, down 12.2% year-on-year and 1.6% quarter-on-quarter; non-recurring net profit was 31.6 billion yuan, down 13.9% year-on-year and 2.4% quarter-on-quarter [1]. Production and Pricing - The company achieved a net oil and gas production of 578 million barrels of oil equivalent in the first three quarters, an increase of 6.7% year-on-year, with oil production at 445 million barrels (up 5.4%) and natural gas production at 7.775 billion cubic feet (up 11.6%) [2]. - In Q3 2025, net oil and gas production was 194 million barrels of oil equivalent, down 1.1% quarter-on-quarter, with oil production at 149 million barrels (down 1.1%) and natural gas production at 2.613 billion cubic feet (down 0.7%) [2]. - The average realized oil price in Q3 2025 was $66.62 per barrel, with a Brent crude discount of $1.55 per barrel, indicating a narrowing discount compared to previous periods [2]. Cost Management - The company reported a barrel of oil equivalent cost of $27.35 in the first three quarters, down $0.79 year-on-year, while Q3 cost was approximately $28.16, up $1.31 quarter-on-quarter [3]. - The company maintained a period expense ratio of 3.12% in the first three quarters, down 0.03 percentage points year-on-year, primarily due to changes in the USD exchange rate [3]. - Operating cash flow for the first three quarters was 141.7 billion yuan, down 6% year-on-year, with Q3 cash flow at 62.6 billion yuan, up 21% quarter-on-quarter [3]. Capital Expenditure and Future Outlook - Capital expenditure for the first three quarters was 86 billion yuan, down 9.8% year-on-year, with exploration, development, and production expenditures showing mixed trends [3]. - The company plans capital expenditure of 125 to 135 billion yuan for 2025, expecting stable cash flow to support dividend levels [3]. - Due to declining oil price expectations, the company revised its profit forecasts for 2025-2027, with projected profits of 129.8 billion, 134.4 billion, and 138.1 billion yuan, corresponding to PE ratios of 10X, 10X, and 9X respectively [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown stable performance with a significant increase in cash flow quarter-on-quarter [1] - The report highlights a decrease in revenue and net profit for the first three quarters of 2025, with a year-on-year decline of 4.1% in revenue and 12.6% in net profit [6] - The company is expected to maintain a good dividend payout ratio due to stable cash flow and capital expenditure [6] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 421.87 billion, with a year-on-year growth rate of 0.3% [5] - The net profit attributable to the parent company is projected to be 129.79 billion for 2025, reflecting a decline of 5.9% year-on-year [5] - Earnings per share (EPS) for 2025 is expected to be 2.73 yuan, with a projected return on equity (ROE) of 15.9% [5] - The company’s gross margin is forecasted to be 50.6% for 2025, down from 52.2% in 2024 [5] - The company’s operating cash flow for the first three quarters of 2025 was 141.7 billion, with a year-on-year decrease of 6% [6] Operational Performance - The company achieved a net oil and gas production of 578 million barrels of oil equivalent in the first three quarters of 2025, a year-on-year increase of 6.7% [6] - The average realized oil price in Q3 2025 was 66.62 USD per barrel, with a narrowing discount compared to Brent crude [6] - The company’s oil and gas production is expected to continue increasing, driven by new projects and improved operational efficiency [6]

华油能源(01251)发布公告，于2025年10月31日，出租人中关村科技租赁股份有限公司与承租人十九(公 司的间接附属公司新疆华油油气工程有限公司)订立融资租赁协议十九，据此，(i)承租人十九已同意出 售其自有资产(即租赁资产十九)予出租人，转让代价为人民币1400万元;及(ii)出租人已同意将租赁资产 十九租回予承租人十九，租期为36个月。融资租赁协议十九项下的租赁付款总额为人民币1557.87万 元，包括融资租赁本金人民币1400万元及融资租赁利息(含增值税)人民币157.87万元。 董事认为订立融资租赁交易十九将透过增加承租人十九的资金流动性，提升承租人十九的营运资金状况 以优化其资产及债务结构，并支撑其业务及经营活动。融资租赁交易十九的所得款项将用于偿还银行贷 款、购买设备及增加集团的一般营运资金需求。 租赁资产十九指融资租赁协议十九项下存放于新疆的油气开采设备。 ...

Core Viewpoint - Huayu Energy (01251) has entered into a financing lease agreement to enhance liquidity and optimize its asset and debt structure, supporting its operational activities [1] Group 1: Financing Lease Agreement - The financing lease agreement involves the lessor, Zhongguancun Technology Leasing Co., Ltd., and the lessee, a subsidiary of the company, Xinjiang Huayu Oil and Gas Engineering Co., Ltd. [1] - The lessee has agreed to sell its own assets (leasing assets) to the lessor for a consideration of RMB 14 million [1] - The total lease payment under the financing lease agreement amounts to RMB 15.5787 million, which includes the principal of RMB 14 million and interest (including VAT) of RMB 1.5787 million [1] Group 2: Purpose and Impact - The financing lease transaction is expected to increase the liquidity of the lessee, thereby improving its working capital situation [1] - The proceeds from the financing lease will be used to repay bank loans, purchase equipment, and meet the general working capital needs of the group [1]