Core Insights - The company has achieved a significant milestone in its continuous tubing operations, completing three ultra-deep well operations in 7.5 days with a total depth exceeding 45,000 meters, marking a 26.7% improvement in operational efficiency [1] - The business volume of continuous tubing has increased by 89.5% year-on-year, indicating a robust growth trajectory for the company's operations in this area [1] Group 1: Continuous Tubing Technology - Continuous tubing technology is recognized as a core efficient technology in the oil and gas industry, replacing traditional segmented structures with integrated flexible pipe columns, which can reach lengths of several thousand meters [1] - This technology offers advantages such as pressurized operations, continuous circulation, and rapid deployment, leading to reduced equipment investment, shorter operational cycles, and lower construction risks [1] - Continuous tubing has transitioned from a "special" operation to a routine practice, widely applied across various stages including drilling, workover, completion, production, logging, reservoir modification, and oil and gas transportation [1] Group 2: Management and Efficiency Improvements - The company has established a comprehensive "pipe-management-maintenance" system that integrates key measures to enhance operational efficiency, resulting in a 12% increase in first-time success rates and a 20% reduction in complex well construction cycles [2] - The company has developed a fatigue life monitoring program for pipe management, extending the lifespan of materials by 16% and achieving a zero failure rate [2] - The "1+3" operational model for shale oil platform wells has significantly improved construction efficiency, with production capacity being brought online 6.5 days ahead of schedule [2] Group 3: Technological Advancements - The continuous tubing technology has developed five major technical series, with over 30 conventional processes and 10 specialized processes applied across various markets, achieving 4,089 well operations [3] - The company is focusing on intelligent, automated, and information-based projects, which are being implemented on-site to enhance unconventional oil and gas development services [3]

Summary of Jerry Corporation Conference Call Company Overview - **Company**: Jerry Corporation - **Industry**: Oil and Gas Equipment and Services Key Points and Arguments 1. **Rapid Growth of Overseas Orders**: Jerry Corporation's overseas orders are expected to grow at a compound annual growth rate (CAGR) of approximately 50% from 2021 to 2024, with 80% of these orders coming from regions along the "Belt and Road" initiative. The Middle East and Central Asia are the fastest-growing areas [2][4][6]. 2. **Shift in Order Structure**: The company is experiencing a significant transformation in its order structure, with natural gas-related business increasing its share. From 2022 to 2024, the average annual growth rate of overseas natural gas-related orders is projected to exceed 80%, with natural gas compression equipment growing at 150% [2][5]. 3. **Domestic Orders**: Domestic orders account for about 50% of total orders, closely tied to the capital expenditures of the "Big Three" oil companies. These orders are less affected by oil price fluctuations [2][5]. 4. **Competitive Advantages in the Middle East**: Jerry Corporation has advantages in the Middle East oil and gas service market, including shorter project delivery cycles, strong customization capabilities, and cost advantages, allowing it to stand out against Western competitors [2][10]. 5. **Response to North American Tariff Issues**: To mitigate tariff risks in the North American market, the company has implemented measures such as early shipments, expanding local production capacity, and utilizing its Dubai factory for transshipment [2][11]. 6. **Revenue Projections**: The company anticipates revenues of 30 to 50 billion RMB over the next 3-5 years, with the power generation business expected to account for about 25% of total revenue [2][14]. 7. **Delivery Cycle Challenges**: The delivery cycle has been extended due to capacity constraints in natural gas compressors and EPC business, with expected growth rates of 15%-20% in 2025 and 30% in 2026 [3][15][20]. 8. **Order Growth in Middle East and Central Asia**: The sustainability of order growth in these regions is influenced by OPEC's production cut policies, which have been less effective than intended, allowing for continued investment in oil and gas extraction [6][7][8]. 9. **Natural Gas Investment Drivers**: The growth in natural gas investments in the Middle East is driven by resource endowment, economic advantages of gas over oil, and geopolitical factors, particularly following the Russia-Ukraine conflict [9]. 10. **Future Capacity Expansion**: Jerry Corporation's natural gas capacity is currently 4 billion RMB, with plans to triple this capacity and add a new factory in the Middle East, increasing total capacity to 6 billion RMB [18]. 11. **Impact of Capacity Constraints**: Current capacity limitations have extended delivery times from one year to up to 15-24 months [19]. 12. **Market Valuation Expectations**: Based on a profit forecast of 4 billion RMB in 2026, the company’s conservative market valuation could reach 40 billion RMB, with potential increases in valuation multiples due to improved growth recognition [21][22]. Other Important Insights - **Dividend Policy**: The company has been increasing its dividend payout ratio, which is expected to enhance its valuation floor over the coming years [22][23]. - **North American Market Challenges**: The expansion of electric fracturing equipment in North America has faced challenges due to market demand being primarily for equipment replacement and sensitivity to oil prices [12][13].

Group 1: Company Overview and Strategy - The company has significantly increased its overseas business share, with overseas revenue accounting for 45.20% in 2024, operating in over 70 countries and regions [2][3] - The Middle East is a key strategic market, recognized for its comprehensive business layout and largest revenue scale [2][3] Group 2: Engineering Business in the Middle East - The company has successfully implemented several key projects in the Middle East, including a $920 million digital transformation project for ADNOC and a $316 million gas booster station project for Bahrain National Oil Company [4] - The company focuses on selecting high-quality projects based on strategic significance, industry synergy, project returns, and cash flow [4] Group 3: Natural Gas Equipment Advantages - The company has developed a full industrial chain for natural gas, providing integrated solutions from planning to after-sales service [5] - A new industrial park has been established, tripling production capacity and enhancing product delivery efficiency [5] Group 4: Power Generation Business - The company has established Shandong Jerry Min Electric Energy Co., Ltd. to promote its power generation business, offering various gas turbine generator sets [7] - In North America, the company has successfully implemented sales and service models for its 35MW and 6MW mobile gas turbine generator sets [7]

Group 1 - The Hang Seng Index closed down 1.12%, while the Tech Index fell by 1.46% [1] - JD.com announced its entry into the liquor and travel industry, leading to a 3.5% drop in Meituan's stock and a 1.6% decline in JD.com's stock [1] - Low-priced oil and gas stocks remained active, with Jixing New Energy rising over 340% and Baiqin Oil Services increasing by 79% [1]

Group 1: Company Overview - The company has a significant global presence, operating in over 70 countries and regions, with overseas business revenue accounting for 45.20% in 2024 [3] - The Middle East is a key strategic market, recognized for its comprehensive business layout and largest revenue scale [3] Group 2: Engineering Business in the Middle East - The company has successfully implemented multiple key projects in the Middle East, including the KOC JPF-5 project, enhancing market recognition [4] - In 2024, the company secured projects worth $920 million for ADNOC and $316 million for Bahrain National Oil Company, among others [4] Group 3: Natural Gas Equipment Advantages - The company has achieved a full industrial chain development in natural gas, covering manufacturing, power generation, processing, and terminal utilization [5] - A new industrial park has been established, tripling the production capacity for natural gas equipment, which enhances product structure and market competitiveness [5]

Summary of the Conference Call for CNOOC Development Company Overview - CNOOC Development is a subsidiary of CNOOC, focusing on integrated energy technology services in the oil and gas sector, covering the entire industry chain with a diversified industrial system [3][4] Financial Performance - In Q1 2025, CNOOC Development achieved revenue of 10.074 billion yuan, a year-on-year increase of 9.42% [2][4] - The net profit attributable to shareholders reached 594 million yuan, up 18.56% year-on-year, marking a historical high [2][4] - Net profit margin and gross profit margin improved to 6.14% and 12.9%, respectively, indicating enhanced profitability [2][4] - In 2024, operating costs rose by 5%, lower than the revenue growth of 6.5%, demonstrating effective cost control [2][5] - Revenue per employee was 255,600 yuan, with a 12% increase in profit per employee, reflecting improved operational efficiency [2][5] Revenue Sources - Energy logistics services accounted for the largest share of revenue at 44.19% [2][5] - The energy technology services sector experienced the fastest growth, with a year-on-year increase of 31.27%, indicating an optimization of the business structure [2][5] Digital Transformation Initiatives - CNOOC Development is actively pursuing digital transformation through the development of industrial software that integrates data and AI technology [2][6] - Achievements include significant advancements in intelligent well control and efficient offshore oilfield operations, with automation productivity reaching 74.4% [2][6] Competitive Position - CNOOC Development holds a dominant position in the nearshore market in China, ranking second in Asia and fourth globally in FPSO (Floating Production Storage and Offloading) units [4][7] - The company is the only provider of emergency marine environmental services for oil spills in China, with a 6-hour emergency response capability within 50 nautical miles of the coast [4][7] Future Profit Projections - Expected net profits for 2025, 2026, and 2027 are projected to be 4.135 billion yuan, 4.699 billion yuan, and 5.281 billion yuan, respectively, with corresponding EPS of 0.41 yuan, 0.46 yuan, and 0.52 yuan [4][8] - The company maintains a strong buy rating, with P/E ratios projected at 10x, 8x, and 7x for the respective years [4][8] Risks - CNOOC Development faces risks related to international political and economic fluctuations, volatility in oil and gas prices, and potential underperformance in technological innovation [4][9] - The company has low reliance on new capital expenditures due to its business nature, but accounts receivable may impact performance, with most receivables expected to be collected within a year [4][9]

Core Viewpoint - The announcement reveals that Chen Pinggui, an information disclosure obligor of Beiken Energy, has reduced his shareholding in the company due to personal financial needs, aligning with a previously disclosed reduction plan [1] Summary by Relevant Sections Shareholding Reduction - Chen Pinggui sold a total of 3.9843 million shares between April 22, 2025, and June 6, 2025, which accounts for 1.98% of the company's total share capital [1] - Following this transaction, his shareholding percentage decreased from 16.16% to 14.18% [1] Future Plans - There is a possibility that Chen Pinggui may continue to reduce his holdings in the company over the next 12 months [1]

Core Viewpoint - The legal opinion from Beijing Deheng Law Firm confirms the legitimacy of the 2024 Annual General Meeting (AGM) of CNOOC Energy Development Co., Ltd., ensuring compliance with relevant laws and regulations [2][3][7] Group 1: Meeting Procedures - The AGM is scheduled for June 9, 2025, at 14:30 at the Hyatt Regency Beijing Wangjing [5] - The notice for the AGM was published on May 20, 2025, in major financial newspapers and on the Shanghai Stock Exchange website, detailing the meeting time, location, and agenda [4][6] - The meeting procedures, including the notification time and method, comply with the Company Law and relevant regulations [4][7] Group 2: Attendance and Voting - A total of 433 shareholders and authorized representatives attended the AGM, representing 8,632,090,301 shares, which is 84.9188% of the total voting shares [5][6] - The AGM was convened by the company's board of directors, and the qualifications of attendees and the convenor were verified to meet legal requirements [5][7] Group 3: Resolutions and Voting Results - The AGM reviewed and approved 18 resolutions, including the 2024 annual reports, profit distribution plan, and various amendments to the company's regulations [6][7] - The voting process combined on-site and online voting, with results verified by designated counters and monitors [6][7] Group 4: Legal Conclusion - The legal opinion concludes that all aspects of the AGM, including the convening, attendance, and voting procedures, are in accordance with the Company Law, Securities Law, and the company's articles of association, rendering the resolutions valid [7]

证券代码：601808 证券简称：中海油服 公告编号：临 2025-016 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 被担保人名称：中海油田服务股份有限公司（以下简称"公司"或"本公司"） 的全资子公司COSL Middle East FZE。 中海油田服务股份有限公司 关于为全资子公司提供担保的公告 特别提示 ? 本次担保金额及对外担保总额： 本次为 COSL Middle East FZE 提供的担保金额为等额 2 亿美元。截至本公告发 布日，本公司及控股子公司提供的对外担保总额约为人民币 513.6 亿元，占本公 司最近一期经审计净资产的比例约为 115.6%。 ? 本次担保是否有反担保：无反担保 ? 对外担保逾期的累计数量：无逾期对外担保 ? 特别风险提示：截至本报告发布日，公司及公司控股子公司提供的对外担保 金额已超过公司最近一期经审计净资产的100%，本次被担保人COSL Middle East FZE的资产负债率超过70%。敬请投资者注意相关风险。 一、担保情况概述 （一）担保情况概述 ...

Financial Performance - In 2024, R&D expenses increased by 12% year-on-year, but the R&D expense ratio was only 3.5%, lower than industry leaders [2] - The company's revenue for 2024 reached 1.196 billion RMB, a year-on-year growth of 16.21% [6] - The net profit margin for overseas subsidiaries decreased by 5 percentage points due to exchange rate fluctuations and rising labor costs [5] - Government subsidies accounted for 14% of net profit, with a total of approximately 1.34 million RMB received [6] Business Operations - The CCUS (Carbon Capture, Utilization, and Storage) business revenue grew by 40% year-on-year, with a total CO2 injection of 118,700 tons, a 171% increase from 43,800 tons in 2023 [3] - Domestic business revenue decreased by 18% due to delays in unconventional oil and gas project bidding [5] - The company has injected 11.87 million tons of CO2, equivalent to reforesting 197,800 acres [3] Capital Management - The dividend payout ratio for 2024 is maintained at 20%, while cash holdings as a percentage of total assets decreased to 18% [4] - The asset-liability ratio increased by 4 percentage points to 45% [6] - Operating cash flow decreased by 25%, but net profit increased by 8% [5] Market Strategy - The company aims to enhance its core competitiveness in perforation technology and expand its clean energy and CCUS business [17] - In 2024, the company’s North American business revenue accounted for over 60%, with a focus on bundling services to secure market orders [12] - The company plans to optimize inventory management and improve cash flow through various measures [13] Risk Management - The company is actively managing accounts receivable, with an increase in accounts receivable turnover days by 10 days to 95 days [11] - The proportion of accounts receivable aged over one year increased to 20% [11] - The company is focusing on diversifying its supplier base to mitigate supply chain risks [9]