Market Overview - The market experienced a downward trend with all three major indices closing lower: Shanghai Composite Index down 0.73%, Shenzhen Component Index down 1.16%, and ChiNext Index down 1.84% [1] Sector Performance - Energy metals, steel, and battery sectors showed strong gains, while gaming, power equipment, and coal sectors faced significant declines [1] Fund Flows - Major capital inflows were observed in energy metals, steel, and insurance sectors [1] ETF Performance - Rare metals, oil and gas, and battery-related ETFs performed well, likely driven by recent news [2] - The cancellation of a 10% tariff on Chinese goods by the U.S. and the suspension of a 24% reciprocal tariff for one year may positively impact market sentiment [2] Strategic Asset Insights - Small metals are viewed as having irreplaceable strategic uses, leading to an increase in overseas valuations that may elevate domestic strategic asset values [2] - The potential for a valuation reset across all domestic strategic assets is anticipated, not limited to rare earths [2] Oil and Gas Sector Outlook - Despite geopolitical uncertainties, the medium to long-term outlook for oil supply and demand remains positive, with a focus on major oil companies and oil service sectors [3] - A potential increase in oil prices could benefit upstream assets, while improved demand and supply management may favor midstream refining [3] Battery Industry Trends - The battery sector is benefiting from dual demand drivers in power and energy storage, with production capacity currently unable to meet demand [4] - Lithium battery demand is projected to grow by 40% for the year, with significant increases in global energy storage battery demand expected to reach 550 GWh by 2025, a 70% year-on-year increase [4] - Price increases for lithium hexafluorophosphate and lithium iron phosphate are anticipated, indicating a significant improvement in the supply-demand balance [4]

Core Viewpoint - Sinopec Oilfield Services (01033) reported mixed financial results for the first three quarters of 2025, with slight revenue growth but a decline in net profit, leading to a drop in stock price [1] Financial Performance - The company achieved operating revenue of 55.163 billion yuan, a year-on-year increase of 0.5% [1] - Net profit attributable to shareholders was 669 million yuan, a year-on-year decrease of 1% [1] - In Q3 alone, total operating revenue reached 18.1 billion yuan, reflecting a year-on-year increase of 0.3% [1] - The net profit for Q3 was 180 million yuan, down 21.2% year-on-year [1] Cash Flow and Financial Health - The net cash flow from operating activities for the first three quarters was 3.1 billion yuan, showing a significant increase of 4.7 billion yuan [1] - As of September 30, the debt-to-asset ratio was 87.8%, a year-on-year decrease of 0.29 percentage points, indicating an improvement in capital structure [1] R&D Investment - In Q3 2025, the company incurred R&D expenses of 460 million yuan, an increase of 249 million yuan year-on-year [1] - The accrual of phase expenses had a certain impact on the company's quarterly performance [1]

Financial Data and Key Metrics Changes - ProPetro generated total revenue of $294 million, a decrease of 10% compared to the prior quarter [29] - Net loss totaled $2 million or $0.02 loss per diluted share, compared to a net loss of $7 million or $0.07 loss per diluted share for the second quarter of 2025 [29] - Adjusted EBITDA totaled $35 million, representing 12% of revenue, and decreased 29% compared to the prior quarter [29] - Free cash flow for the completions business was $25 million [29] Business Line Data and Key Metrics Changes - The completions business continues to generate sustainable free cash flow despite a decline in activity and related revenue [30] - Capital expenditures incurred were $98 million, with approximately $79 million supporting ProPWR orders [30] - The company anticipates full-year 2025 capital expenditures incurred to be between $270 million and $290 million, down from the previous range [32] Market Data and Key Metrics Changes - Approximately 70 full-time frac fleets are currently operating in the Permian, down from 90 to 100 fleets at the beginning of the year, indicating depressed activity levels [14] - The company expects the challenging operating environment to persist into 2026 due to tariffs and OPEC production increases [15][26] Company Strategy and Development Direction - ProPetro is focusing on capital light investments and the development of its ProPWR segment, which is expected to drive future growth [15][20] - The company has secured contracts for seven frac fleets, with 75% of the fleet consisting of next-generation gas-burning equipment [20] - ProPetro aims to deepen existing relationships and expand its reach to new partners in the power generation market, targeting at least 220 megawatts contracted by the end of the year [23] Management's Comments on Operating Environment and Future Outlook - Management believes the current market conditions present valuable opportunities, and the company is well-positioned to navigate the market [19] - The company expects to maintain 10 to 11 active fleets in the fourth quarter, with a sequential improvement anticipated in the ProPWR segment [26][27] - Management remains confident in the strategy and future of ProPetro, emphasizing the importance of a strong balance sheet and disciplined capital allocation [38] Other Important Information - ProPetro has executed a letter of intent for a $350 million leasing facility to support growth in the ProPWR business [24][34] - The company plans to reach a total of 750 megawatts delivered by year-end 2028, with a focus on long-term take-or-pay contracts [24][33] Q&A Session Summary Question: Details on the 60 megawatts data center contract - The contract involves reciprocating engines and battery energy storage systems, with potential for future capacity expansion [49] Question: Future funding structures and liquidity runway - The company prioritizes organic free cash flow for funding, with the leasing facility providing flexible capital as needed [58][60] Question: Contract term preferences in the current environment - The company evaluates each deal on a case-by-case basis, considering both long-term and shorter-term contracts based on market conditions [75] Question: Equipment cost differential for data centers versus Permian microgrids - The average cost of equipment is about $1.1 million per megawatt, with similar economics across both sectors [78][95] Question: Deployment of megawatts across different markets - The current distribution of contracted megawatts is expected to remain similar in the near term, with potential shifts as more data center contracts are pursued [84]

Group 1 - Despite fluctuations in international oil prices, the domestic oilfield service industry maintains high prosperity, with listed companies showing stable growth in net profits for the first three quarters [1] - CNOOC Energy Development Co., Ltd. reported revenue of 33.947 billion yuan, a year-on-year increase of 0.81%, and a net profit of 2.853 billion yuan, up 6.11% [1] - Potential Energy Technology Co., Ltd. achieved revenue of 427 million yuan, a year-on-year increase of 18.26%, with Q3 revenue reaching 196 million yuan, up 63.54%, and net profit turning positive at 9.618 million yuan [1] Group 2 - Global exploration and development activities remain active, with domestic policies supporting the oil service industry's prosperity [2] - The capital expenditure of the "Big Three" oil companies remains high, ensuring growth in upstream reserves and benefiting subordinate oil service companies [2] - Despite declining oil prices, major oil and gas companies can maintain profitability, allowing capital expenditure to continue growing [2] Group 3 - In September, China National Petroleum Engineering Co., Ltd. signed an EPC contract for an LNG pipeline project in the UAE worth 3.688 billion yuan and another contract for an Iraqi seawater pipeline project worth approximately 18.032 billion yuan [3] - Sinopec Oilfield Service Corporation signed new contracts totaling 82.21 billion yuan in the first three quarters, a year-on-year increase of 9.5%, with overseas contracts reaching 26.28 billion yuan, up 62.0% [3] - Chinese oil and gas companies and service companies are accelerating their international expansion, leveraging advanced technology and cost advantages [3]

Core Viewpoint - Tongyuan Petroleum (300164.SZ) reported a stable performance in Q3 2025, achieving a revenue of 860 million yuan and a net profit of 56.22 million yuan, reflecting a year-on-year growth of 16.84% despite industry challenges [1] Company Performance - The company maintains a strategic focus on solidifying its oil service business while actively developing clean energy and CCUS initiatives [1] - The successful bid for a project in Algeria, valued at approximately 126 million USD (around 897 million yuan), marks a significant milestone in the company's overseas expansion efforts [1][2] Overseas Market Expansion - Tongyuan Petroleum's long-term commitment to localized operations in Algeria has resulted in nearly a decade of experience, facilitating its recent project win [2] - The partnership with Beijing Yilong Hengye Petroleum Engineering Technology Co., Ltd. has strengthened the company's local market integration, with transaction revenues increasing from 18.05 million yuan in 2022 to 160 million yuan in 2024 [2] Industry Trends - The oil service industry is experiencing favorable conditions, with increased procurement of oil service equipment by oil companies, leading to a rise in industry demand [2] - Saudi Aramco's announcement of 85 new projects over the next three years is expected to further boost global oil service market demand [2] Domestic Market Opportunities - The domestic oil service sector is poised for growth, supported by significant discoveries in oil and gas reserves, which align with national production targets [3] - The Ministry of Natural Resources' ongoing exploration initiatives are likely to enhance the operational landscape for companies like Tongyuan Petroleum [3] Future Outlook - The company's strategy of solidifying its oil service business while expanding into clean energy is expected to gain momentum as overseas projects materialize and domestic demand remains stable [3] - The combination of overseas growth and domestic stability is anticipated to provide sustained momentum for the company's future development [3]

Macro and Strategy - The public REITs index has rebounded, with a weekly increase of 0.2%, and the average weekly change for property and operating rights REITs was +0.1% and +0.7% respectively [9][10] - The total market value of REITs increased to 218.8 billion yuan, with an average daily turnover rate of 0.52%, up 0.13 percentage points from the previous week [10][11] Chemical Industry - The 2026 refrigerant quota distribution plan has been released, with a reduction of 3,000 tons for R22 production quotas and a complete elimination of R141b quotas [14][15] - The flexibility of the third-generation refrigerant quotas has been enhanced, allowing for two adjustments per year, with a total not exceeding 30% of the quota amount [14][15] - The chemical industry is expected to maintain a favorable outlook for refrigerants, particularly R32 and R134a, due to tightening quota constraints [15] Mechanical Industry - Tesla plans to launch the Optimus V3 robot in Q1 2026, with a production capacity target of 1 million units by the end of next year [16][17] - The humanoid robot industry is anticipated to enter a large-scale production phase, benefiting both the complete machine and component supply chains [17][18] Oilfield Services - The company is a leading global oilfield service provider, with a focus on offshore oil and gas exploration and production [28][29] - The company is expected to benefit from China's offshore oil and gas development, with a projected capital expenditure of 135 billion yuan in 2025 [29][30] - The drilling platform utilization rate is high, and daily fees are expected to rise due to a decrease in retired platforms [29][30] Chemical Manufacturing - WanHua Chemical reported a revenue of 53.32 billion yuan in Q3 2025, with a year-on-year increase of 5.5% and a net profit of 3.03 billion yuan [31][32] - The polyurethane segment is experiencing a mixed demand, with a planned capacity expansion of 700,000 tons for MDI by Q2 2026 [32][33] - The petrochemical segment is under pressure from price declines, but revenue is expected to grow due to increased production capacity [33] Agricultural Solutions - Guoguang Co. reported a revenue of 1.523 billion yuan in the first three quarters of 2025, with a year-on-year increase of 6.09% [35][36] - The company is focusing on promoting comprehensive crop management solutions, with a significant increase in R&D investment [35][36] - The company plans to maintain a high dividend payout ratio, reflecting its commitment to shareholder returns [36][37] Dental Care - Dengkang Dental achieved a revenue of 1.228 billion yuan in the first three quarters of 2025, with a year-on-year increase of 16.66% [38] - The company is adjusting its online marketing strategy, which has led to a temporary slowdown in growth [38]

Core Viewpoint - The oil service industry continues to show strong performance in Q3, driven by increased investment from oil and gas companies and a favorable market environment due to stable international oil prices [1][2][4]. Group 1: Company Performance - ShenKai Co. reported a revenue of 568 million yuan in the first three quarters, a year-on-year increase of 14.47%, and a net profit of 37.775 million yuan, up 86.46% [2]. - DeShi Co. achieved a net profit of 95.716 million yuan in the first three quarters, reflecting a 50.13% year-on-year growth, with Q3 net profit reaching 50.549 million yuan, a 75.47% increase [2]. - JieRui Co. reported a revenue of 10.42 billion yuan, a 29.49% increase year-on-year, and a net profit of 1.808 billion yuan, up 13.11% [2]. - BeiKen Energy's revenue for the first three quarters was 747 million yuan, a 23.38% increase, with a net profit of 29.014 million yuan, up 19.21% [3]. - HaiYou Development reported a revenue of 33.947 billion yuan, a 0.81% increase, and a net profit of 2.853 billion yuan, up 6.11% [3]. Group 2: Industry Trends - The oil service industry is experiencing a positive outlook due to increased capital expenditures from upstream oil companies, leading to more business opportunities for oil service firms [2][3][5]. - Major contracts have been signed, such as HaiYou Engineering's contract with PTTEP worth approximately 800 million USD and China National Petroleum Engineering's contract in Iraq valued at 2.524 billion USD [4]. - Global oil giants, like Saudi Aramco, are planning significant investments in new projects, indicating a robust demand for oil service equipment and services [5]. - Domestic developments, such as the discovery of a new shale oil resource in the Sichuan Basin, further enhance the growth potential for the oil service sector [5].

Investment Strategy - Crude oil supply growth is slowing due to declining global oil and gas capital expenditure, which has decreased significantly since the Paris Agreement in 2015. In 2021, global oil and gas capital expenditure was $351 billion, down nearly 22% from the 2014 peak. Major energy companies are cautious about capital spending due to long-term low oil prices and increasing decarbonization pressures [9][27][28] - The Brent crude oil spot price was $63.48 per barrel, up 1.25% week-on-week, while WTI crude oil was $59.31 per barrel, up 1.75% week-on-week. The outlook suggests that oil prices will remain volatile due to geopolitical risks and OPEC+ production cuts [10][32] Crude Oil - The report indicates that the overall supply of crude oil is limited, with demand remaining resilient. The OPEC+ production cuts are expected to continue, leading to limited supply growth in the coming year [9][27] - The report suggests focusing on companies that benefit from mid-to-high oil price fluctuations, such as China National Offshore Oil Corporation (CNOOC), China National Petroleum Corporation (CNPC), and Sinopec [10][49][50] Coal - The average market price for thermal coal at Qinhuangdao Port was 757.9 yuan per ton, up 4.84% week-on-week. The increase in demand due to falling temperatures and the tightening of supply due to safety inspections at coal mines are driving coal prices higher [11][12] - The report highlights companies with strong resource endowments and integrated operations, such as China Shenhua Energy and Shaanxi Coal and Chemical Industry, as potential investment opportunities [12][13] Coking Coal - Coking coal prices are experiencing slight increases due to ongoing demand from steel companies, despite some resistance to high-priced coal. The price of main coking coal at Jing Tang Port was 1,760 yuan per ton, up 2.92% week-on-week [14] - The report emphasizes the structural scarcity of high-quality coking coal resources in China and suggests focusing on companies like Huabei Mining and Pingmei Shenma Group that have strong resource acquisition capabilities [14] Natural Gas - The European Union is expected to ban Russian natural gas by the end of 2027, which has led to an increase in natural gas prices. The average price of natural gas in the U.S. was $3.41 per million British thermal units, up 13.0% week-on-week [15][16] - The report notes that the EU's price cap agreement on natural gas could exacerbate liquidity issues in the market, potentially leading to supply shortages [16] Oilfield Services - The oilfield services industry is expected to maintain its prosperity due to government policies supporting energy security. In 2023, the total capital expenditure of the three major oil companies was 583.3 billion yuan, with CNOOC showing a compound growth rate of 13.1% [17][18] - The report indicates that the number of active drilling rigs globally was 1,812, with a slight increase in the U.S. and Middle East regions, suggesting a stable demand for oilfield services [18]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In Q3, the company's net profit attributable to shareholders increased by 11% year-on-year, with revenue growth slowing due to delivery schedules [2] - For the first three quarters of 2025, the company achieved revenue of 10.42 billion yuan, a year-on-year increase of 29.5%, and a net profit of 1.81 billion yuan, up 13.1% year-on-year [2] - The company is actively expanding production capacity to address bottlenecks by securing key components through prepayments, building overseas factories, and leasing domestic facilities [2][4] Financial Performance - The company's gross profit margin for the first three quarters of 2025 was 31.3%, a decrease of 3.7 percentage points year-on-year, while the net profit margin was 17.9%, down 2.6 percentage points [3] - The company reported a significant increase in operating cash flow, reaching 2.93 billion yuan, up 99% year-on-year, attributed to improved collection management and high-quality receivables from overseas clients [3] Market Expansion - The overseas market is becoming a significant source of orders and performance for the company, particularly in the Middle East and North America [4] - The Middle East is experiencing urgent economic transformation needs, leading to an expanding market for natural gas equipment and EPC projects, where the company is gaining market share [4] - In North America, the company is well-positioned to tap into the large replacement market for fracturing equipment, which is expected to drive order and performance growth [4] Earnings Forecast - The report forecasts the company's net profit attributable to shareholders to be 3 billion yuan in 2025, with a corresponding P/E ratio of 17.51 [1][10]

香港交易所及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 公告 二零二五年第三季度運營情況及二零二五年第四季度展望 安東油田服務集團（「本公司」，連同其附屬公司，合稱「本集團」）董事會（「董事 會」）欣然公告二零二五年七月一日至九月三十日之三個月（「本季度」）的運營情況 及在手訂單。 二零二五年第三季度運營概述 第三季度，國際油價寬幅震蕩，全球油氣投資保持活躍，中東地區持續推進產能 擴張。天然氣在發電與工業領域需求穩健增長，全球產業鏈機遇凸顯，項目開發 需求旺盛。 期內，本集團立足中國特色優勢與全球化布局，創新提出「技術服務作業者」戰略 定位，通過技術投入參與油氣資源獲取與開發，以「技術應用+自主開採+收益分 成」模式推進新業務落地。該模式有效強化公司業務競爭力，為未來突破性價值 增長奠定基礎。 二零二五年第三季度訂單情況 第三季度，本集團新增訂單人民幣1,272.9百萬元，較去年同期下降14.4%，其 中，伊拉克市場新增訂單約人民幣542.2百萬元，較去年同 ...