Investment Rating - The report maintains an "Accumulate" rating for both A-shares and H-shares of the company, with current prices at 2.03 CNY and 0.81 HKD respectively [1]. Core Views - The company has shown significant improvement in performance for the first half of 2025, with total revenue reaching 37.05 billion CNY, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 490 million CNY, up 9.0% year-on-year [5][7]. - The company has set a new record for new contract signings, totaling 63.7 billion CNY in the first half of 2025, representing a 3.2% increase year-on-year, marking the highest level since the 13th Five-Year Plan [8][9]. - The company is actively expanding its high-end and diversified overseas markets, with overseas contract signings increasing by 71.8% year-on-year [8]. Summary by Sections Financial Performance - In 2025H1, the company achieved a gross profit margin of 8.44%, an increase of 0.41 percentage points year-on-year, and an annualized ROE of 10.97%, up 0.18 percentage points year-on-year [7]. - The company reported a net profit of 2.74 billion CNY in Q2 2025, with a year-on-year decrease of 0.16% but a quarter-on-quarter increase of 25.44% [5]. Contract Signings and Market Expansion - The company has set a target of over 95 billion CNY for new contract signings in 2025, with specific targets of 50 billion CNY from China Petroleum Group, 18 billion CNY from domestic external markets, and 27 billion CNY from overseas markets [9]. - The company is focusing on enhancing its engineering service capabilities and expanding into high-quality domestic and international markets [8]. Industry Outlook - The oil service industry is expected to benefit from stable development and increased upstream capital expenditure, with global upstream capital spending projected to recover and exceed 582.4 billion USD in 2025, a year-on-year increase of 5% [12]. - The implementation of new energy laws and plans in China is anticipated to drive high-quality exploration and development in the oil and gas sector, presenting significant opportunities for the company [12]. Profit Forecast and Valuation - The report has adjusted profit forecasts for 2025-2027, expecting net profits of 909 million CNY, 1.099 billion CNY, and 1.315 billion CNY respectively, with corresponding EPS of 0.05, 0.06, and 0.07 CNY per share [13].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][3]. Core Views - The company reported a 42% year-on-year increase in new orders in Q2, with a total of approximately 121 billion in new contracts for the first half of 2025, reflecting a 3.6% decrease compared to the previous year [3]. - The company's Q2 revenue was 6.2 billion, down 19.8% year-on-year, primarily due to a decline in land processing and renewable energy workload [1]. - The net profit attributable to the parent company for Q2 was 557 million, a decrease of 22.7% year-on-year, but an 18% increase when excluding the impact of a one-time consumption tax refund from the previous year [1][3]. Summary by Sections Financial Performance - The company achieved a gross profit margin that is the highest in nearly five years [1]. - The total order backlog stands at approximately 40.7 billion, providing strong support for ongoing business development [3]. - The company’s net profit forecast for 2025, 2026, and 2027 is set at 2.5 billion, 2.9 billion, and 3.1 billion respectively, with corresponding PE ratios of 10, 9, and 8 times [3]. Operational Highlights - The company has shifted its workload significantly towards high-margin offshore installation and pipeline laying services [2]. - In Q2, the company completed 79,800 tons of steel processing, a decrease of 41% year-on-year, while offshore installations included 8 jackets and 7 modules [2]. Market Position - The company operates within the oil and gas engineering sector, with a current market capitalization of approximately 25.47 billion [6]. - The stock has shown a price range between 6.40 and 4.75 in the past year, indicating volatility in market performance [6].

Market Performance - On August 13, the oil service engineering sector rose by 0.75% compared to the previous trading day, with CNOOC Development leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Individual Stock Performance - CNOOC Development (600968) closed at 4.15, with a gain of 3.23% and a trading volume of 1.7567 million shares, amounting to a transaction value of 730 million yuan [1] - Other notable stocks included PetroChina Oilfield Services (600871) with a closing price of 2.05, up 0.99%, and Zhongman Petroleum (619609) at 19.79, up 0.61% [1] - Conversely, stocks like Renji Co. (002629) and Zhongyou Engineering (600339) saw slight declines of 0.27% and 0.28%, respectively [1] Capital Flow Analysis - The oil service engineering sector experienced a net outflow of 122 million yuan from institutional investors, while retail investors saw a net inflow of 207 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Detailed Capital Flow for Key Stocks - CNOOC Development had a net inflow of 49.2 million yuan from institutional investors, while retail investors contributed a net inflow of 6.55 million yuan [3] - In contrast, stocks like Renji Co. and Zhongyou Engineering faced net outflows from both institutional and retail investors, indicating weaker demand [3] - The data suggests that while some stocks are attracting retail interest, institutional investors are more cautious, leading to varied performance across the sector [3]

中油工程2024年年度权益分派实施公告，每股现金红利0.0350元，A股股权登记日为2025年8月14日，除 权（息）日及现金红利发放日均为2025年8月15日，不进行差异化分红送转。分配以方案实施前的公司 总股本5,583,147,471股为基数，每股派发现金红利0.0350元（含税），共计派发现金红利195,410,161.49 元。无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记日上海证券交易 所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。已办理指定交易的投资者可 于红利发放日在其指定的证券营业部领取现金红利，未办理指定交易的股东红利暂由中国结算上海分公 司保管。对于持有本公司股份的自然人股东和证券投资基金，持股期限超过1年的，股息红利所得暂免 征收个人所得税；持股1年以内的，公司暂不扣缴个人所得税，待转让股票时根据持股期限计算应纳税 额。对于QFII股东，按10%的税率代扣代缴企业所得税，税后每股实际派发现金红利0.0315元。对于香 港市场投资者，按10%的税率代扣代缴所得税，税后每股实际发放现金红利0.0315元人民币。其他法人 投资者自行纳税，每股实际 ...

Market Performance - The oil service engineering sector rose by 0.6% on August 6, with CNOOC Services leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Individual Stock Performance - Notable gainers included: - CNOOC Services (601808) at 14.04, up 1.23% with a trading volume of 80,500 shares and a turnover of 112 million yuan [1] - Zhongman Petroleum (603619) at 19.32, up 1.20% with a trading volume of 81,000 shares and a turnover of 156 million yuan [1] - Huibo Yin (002554) at 2.91, up 1.04% with a trading volume of 280,000 shares and a turnover of 81.09 million yuan [1] Capital Flow Analysis - The oil service engineering sector experienced a net outflow of 58.64 million yuan from institutional investors and 28.80 million yuan from retail investors, while retail investors saw a net inflow of 87.44 million yuan [2] - Individual stock capital flows showed: - Zhongyou Engineering (600339) had a net inflow of 6.99 million yuan from institutional investors [3] - Huibo Yin (002554) had a net inflow of 3.08 million yuan from retail investors [3] - CNOOC Services (601808) saw a net outflow of 6.14 million yuan from institutional investors [3]

截至2025年8月1日收盘，中海油服（601808）报收于13.8元，较上周的14.12元下跌2.27%。本周，中海 油服7月30日盘中最高价报14.26元。8月1日盘中最低价报13.77元。中海油服当前最新总市值658.48亿 元，在油服工程板块市值排名1/13，在两市A股市值排名222/5149。 本周关注点 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总 中海油服关于为全资子公司提供担保的公告，担保对象为COSL Middle East FZE，担保金额为9800万美 元，在前期预计额度内，无反担保。截至公告日，上市公司及其控股子公司对外担保总额为441.44亿元 人民币，占上市公司最近一期经审计净资产的比例为99.4%。2025年7月31日，中海油服全资子公司 COSL Middle East FZE与香港上海汇丰银行有限公司签署美元循环贷款协议，中海油服为借款人提供担 保，担保期限至2026年7月30日。COSL Middle East FZE是中海油服的全资子公司，法定代表人为胡文 军，成立时间为2006年 ...

Market Overview - The oil service engineering sector experienced a decline of 2.09% on July 31, with Tongyuan Petroleum leading the drop [1] - The Shanghai Composite Index closed at 3573.21, down 1.18%, while the Shenzhen Component Index closed at 11009.77, down 1.73% [1] Individual Stock Performance - Notable declines in individual stocks include: - Beiken Energy (002828) down 3.98% to 10.13 [1] - PetroChina Engineering (600339) down 2.56% to 3.43 [1] - Sinopec Oilfield Service (600871) down 1.96% to 2.00 [1] - The trading volume and turnover for these stocks indicate significant market activity, with Beiken Energy having a turnover of 2.82 billion [1] Capital Flow Analysis - The oil service engineering sector saw a net outflow of 149 million from institutional investors, while retail investors contributed a net inflow of 93.17 million [2] - The capital flow for individual stocks shows: - Haiyou Engineering (600583) with a net inflow of 17.39 million from institutional investors [3] - Zhongyou Engineering (600339) with a net inflow of 15.79 million from institutional investors [3] - Beiken Energy (002828) faced a net outflow of 16.96 million from institutional investors [3]

Market Overview - On July 29, the oil service engineering sector rose by 0.05% compared to the previous trading day, with Renji Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Stock Performance - Key stocks in the oil service engineering sector showed varied performance: - Renji Co., Ltd. (002629) closed at 8.20, up 2.37% with a trading volume of 257,200 shares and a turnover of 207 million yuan [1] - Zhongman Petroleum (603619) closed at 19.74, up 0.41% with a trading volume of 118,100 shares and a turnover of 232 million yuan [1] - Potential Energy Trust (300191) closed at 18.78, up 0.37% with a trading volume of 65,500 shares and a turnover of 123 million yuan [1] - Other notable stocks included: - CNOOC Engineering (600583) at 5.63, up 0.36% [1] - PetroChina Engineering (600339) at 3.52, down 0.28% [1] Capital Flow - The oil service engineering sector experienced a net outflow of 30.52 million yuan from institutional investors, while retail investors saw a net inflow of 50.04 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types, with institutional investors pulling back while retail investors showed interest [2] Individual Stock Capital Flow - Specific stocks showed varied capital flow dynamics: - Tongyuan Petroleum (300164) had a net inflow of 14.32 million yuan from institutional investors, while retail investors had a net outflow of 35.93 million yuan [3] - CNOOC Development (600968) saw a net inflow of 8.49 million yuan from institutional investors, with a net outflow of 12.53 million yuan from retail investors [3] - Renji Co., Ltd. (002629) experienced a net outflow of 4.61 million yuan from institutional investors, but a net inflow of 7.77 million yuan from retail investors [3]

Core Viewpoint - Zhongman Petroleum has signed a significant exploration and development contract for the Zerafa II natural gas block in Algeria, which is expected to positively impact the company's future performance [2][4]. Group 1: Company Performance - As of July 25, 2025, Zhongman Petroleum's stock closed at 19.86 yuan, reflecting a 2.53% increase from the previous week's 19.37 yuan [1]. - The company's total market capitalization is 9.182 billion yuan, ranking 6th out of 13 in the oil service engineering sector and 1867th out of 5148 in the A-share market [1]. Group 2: Contract Details - On July 21, 2025, Zhongman Petroleum signed a 30-year exploration and development contract for the Zerafa II natural gas block with the Algerian National Oil Company, with a potential 10-year extension [2]. - The Zerafa II block covers an area of 38,697.73 square kilometers, with geological reserves and resources estimated at 140 billion cubic meters, while the company's preliminary assessment predicts 109.257 billion cubic meters [2]. Group 3: Dividend Distribution - Zhongman Petroleum announced a cash dividend of 0.30 yuan per share, with the A-share registration date set for July 29, 2025, and the dividend payment date on July 30, 2025 [3][4]. - The total cash dividend distribution amounts to 137,503,248.30 yuan based on 458,344,161 shares [3].

Core Insights - The report highlights the resilience and growth potential of the logistics and procurement sector in China, with a total social logistics volume of 138.7 trillion yuan in the first five months of the year, reflecting a year-on-year growth of 5.3% [2] - The monetary policy committee of the People's Bank of China emphasizes the need for a moderately loose monetary policy to support stable economic growth and maintain reasonable price levels [2] - China's foreign trade shows unique resilience, with a total import and export value of 17.94 trillion yuan in the first five months, marking a 2.5% year-on-year increase [2] - The industrial sector's profit has seen a slight decline, with profits totaling 2.72 trillion yuan in the first five months, down 1.1% year-on-year, influenced by insufficient effective demand and declining industrial product prices [2] - The small and medium-sized enterprises (SMEs) sector is rapidly developing, with over 60 million SMEs expected by the end of 2024, and significant growth in revenue for large-scale industrial SMEs [2] Industry Analysis - The pet food industry shows strong consumer resilience, with pet food sales reaching 7.5 billion yuan during the 618 shopping festival, indicating a robust growth trend [7][8] - The report identifies a shift towards health-oriented and refined pet food products, with emerging categories like air-dried and baked food experiencing rapid growth [7] - The export of pet food has faced challenges due to tariff disruptions, with a 5.52% year-on-year decline in export volume in May, but the long-term impact is expected to be manageable [9] - The oil service engineering sector is experiencing high demand due to increased capital expenditure in the upstream oil and gas sector, with significant revenue growth projected for companies like CNOOC [11][12][15] - The report forecasts that CNOOC's capital expenditure will range from 125 billion to 135 billion yuan in 2025, driving further growth in oil service engineering business [14][15]