Core Points - The company has won a construction contract for the Ning Shao natural gas pipeline west section project from the National Petroleum and Natural Gas Pipeline Group, with a bid amount of RMB 858 million, accounting for approximately 1.06% of the company's projected revenue for 2024 under Chinese accounting standards [1] - The project involves a pipeline construction length of approximately 120 kilometers and is expected to positively impact the energy structure optimization in Zhejiang Province, stimulate economic development along the pipeline, and contribute to the formation of a national natural gas network [1] - The company’s professional technical level and construction management capabilities are highlighted through this project [1] Related Transactions - The company has approved the maximum limit for daily related transactions with the National Petroleum and Natural Gas Pipeline Group for 2025 during its board meetings held on March 18, 2025, and June 6, 2025 [2] - The relevant amounts for the projects won from the National Pipeline Group have been included in the aforementioned maximum limit for daily related transactions for 2025 [2] Contract Status - The contract for the project has not yet been formally signed, indicating that there is still uncertainty regarding the project [3]

Core Viewpoint - The company, Sinopec Oilfield Service Corporation, announced that its wholly-owned subsidiary has won a construction contract for the Ning Shao natural gas pipeline project, valued at 858 million yuan, which represents approximately 1.06% of the company's projected revenue for 2024 under Chinese accounting standards [1] Group 1 - The project involves the construction of a pipeline approximately 120 kilometers long [1] - The project is expected to positively impact the energy structure optimization in Zhejiang Province and stimulate economic development in the surrounding areas [1] - The project aims to accelerate the formation of a national natural gas network, showcasing the company's expertise in oil engineering construction and project management capabilities [1] Group 2 - The contract has not yet been formally signed, indicating that there is still uncertainty regarding the project [1]

Core Viewpoint - The company, PetroChina Oilfield Services (stock code: 600871), announced that its wholly-owned subsidiary, Sinopec Petroleum Engineering Construction Co., Ltd., has won a bid for the construction general contracting project of the western section of the Yongshao natural gas pipeline, with a contract value of 858 million yuan, which accounts for approximately 1.06% of the company's projected revenue for 2024 under Chinese accounting standards [1] Summary by Category - **Company Announcement** - PetroChina Oilfield Services reported a successful bid for a significant construction project valued at 858 million yuan [1] - **Financial Impact** - The contract amount represents about 1.06% of the company's expected revenue for the year 2024 [1]

Group 1 - The company announced that its wholly-owned subsidiary, Sinopec Petroleum Engineering Construction Co., Ltd., has won a bid for the construction general contracting project of the western section of the Yongshao natural gas pipeline by the National Petroleum and Natural Gas Pipeline Group Co., Ltd. [1] - The bid amount is 858 million yuan, which accounts for approximately 1.06% of the company's projected revenue for 2024 under Chinese accounting standards [1]

该项目管道线路总长约120公里，项目建设对浙江省调整优化能源结构，拉动沿线地区经济发展，加快 形成全国天然气"一张网"具有积极推动作用，彰显公司在石油工程建设领域的专业技术水平和施工管理 能力。目前相关方尚未正式签署合同，该项目仍存在不确定性，敬请投资者注意投资风险。 格隆汇9月12日丨中石化油服(01033.HK)公布，近日，公司全资子公司中石化石油工程建设有限公司中 标国家石油天然气管网集团有限公司甬绍干线天然气管道西段工程施工总承包项目，中标金额为人民币 8.58亿元，约占公司中国会计准则下2024年营业收入的1.06%。 ...

该项目管道线路总长约120公里，项目建设对浙江省调整优化能源结构，拉动沿线地区经济发展，加快 形成全国天然气"一张网"具有积极推动作用，彰显公司在石油工程建设领域的专业技术水平和施工管理 能力。目前相关方尚未正式签署合同，该项目仍存在不确定性，敬请投资者注意投资风险。 中石化油服（600871）(01033)发布公告，近日，公司全资子公司中石化石油工程建设有限公司中标国 家石油天然气管网集团有限公司甬绍干线天然气管道西段工程施工总承包项目(该项目),中标金额为人民 币8.58亿元，约占公司中国会计准则下2024年营业收入的1.06%。 ...

Group 1 - The core point of the article is that Sinopec Oilfield Services (01033) announced that its wholly-owned subsidiary won a construction contract for the western section of the Yongshao natural gas pipeline project, with a bid amount of RMB 858 million, accounting for approximately 1.06% of the company's projected revenue for 2024 under Chinese accounting standards [1] - The total length of the pipeline project is approximately 120 kilometers, which is expected to positively impact the optimization of the energy structure in Zhejiang Province and stimulate economic development along the pipeline [1] - The project highlights the company's professional technical capabilities and construction management skills in the oil engineering construction sector [1] Group 2 - Currently, the contract has not been formally signed by the relevant parties, indicating that there is still uncertainty regarding the project [1]

Group 1 - The company, PetroChina Oilfield Services (600871.SH), announced that its wholly-owned subsidiary, Sinopec Petroleum Engineering Construction Co., Ltd., has won a bid for the construction project of the western section of the Ning-Shao natural gas pipeline, with a contract value of RMB 858 million, accounting for approximately 1.06% of the company's projected revenue for 2024 under Chinese accounting standards [1] - The project involves the construction of a pipeline approximately 120 kilometers long, which is expected to positively impact the optimization of the energy structure in Zhejiang Province, stimulate economic development in the surrounding areas, and accelerate the formation of a national natural gas network [1] - This achievement highlights the company's professional technical capabilities and construction management skills in the field of petroleum engineering construction [1]

Core Viewpoint - 中油工程 reported a mixed performance in the first half of 2025, with revenue growth but a decline in net profit, indicating challenges in profitability despite increased sales [1][3]. Financial Performance - The company achieved an operating revenue of 36.287 billion yuan, representing a year-on-year increase of 12.18% [1]. - The net profit attributable to shareholders was 470 million yuan, reflecting a year-on-year decrease of 10.87% [1]. - Profitability indicators showed a decline, with net profit margin dropping from 1.63% in the first half of 2024 to 1.31% in 2025, and gross profit margin decreasing from 8.86% to 8.01% [3]. Operational Efficiency - The inventory turnover days improved to 79.46 days, a decrease of 14.56% compared to the same period last year, indicating better inventory management [5]. - The net cash flow from operating activities was -1.533 billion yuan, although this was a significant improvement from -7.052 billion yuan in the same period of 2024, it still indicates a need for better cash flow management [5]. - The asset-liability ratio increased to 77.26%, up 1.45 percentage points year-on-year, suggesting a heavier debt burden [5]. Institutional Investment - As of the first half of 2025, the number of institutions holding shares in 中油工程 decreased to 8, down from 113 in the same period of 2024, indicating a significant drop in institutional investor participation [7]. - The company's market capitalization was reported at 20.044 billion yuan, significantly lower than its peak of 54.045 billion yuan in May 2017, requiring a 169.64% increase in stock price to reach historical highs [7].

Core Insights - The successful trial operation of the shallow gas storage facility by Zhongyuan Construction Company marks a significant advancement in the automatic welding technology for small-diameter pipelines, achieving a prefabrication rate of over 58% [1] Group 1: Technology Improvements - Traditional automatic welding machines faced limitations in welding small-diameter pipes (less than 150mm), leading to reliance on manual welding with a qualification rate of only 82% [1] - Key improvements to the automatic welding machine included reducing the welding gun diameter from 50mm to 30mm, enhancing flexibility in narrow spaces, and upgrading the clamping device with pressure sensors for better control [1] - The upgraded welding machine reduced the single weld time from 40 minutes to 12 minutes, achieving a first-time qualification rate of 98.3% and reducing rework rates by over 90% [1] Group 2: Future Goals - The project manager indicated plans to further enhance prefabrication capabilities, aiming to increase the prefabrication rate of small-diameter pipelines to over 70% [2]