Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a significant improvement in gross margin in Q2 2025, reaching 16.33%, up by 4.84 percentage points year-on-year, driven by the upturn in offshore engineering [7] - The company’s new contract signing decreased by 3.59% year-on-year in H1 2025, with a total order backlog of approximately 40.7 billion yuan, which is a 3.9% increase year-on-year, providing stable operational support [7] - The capital expenditure of China National Offshore Oil Corporation (CNOOC) is expected to remain high, projected between 125 billion to 135 billion yuan for 2025, which will support the company's long-term development [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 34,475 million yuan, with a year-on-year growth rate of 15.1% [6] - The net profit attributable to the parent company is forecasted to be 2,341 million yuan for 2025, reflecting an 8.3% year-on-year increase [6] - The earnings per share (EPS) is projected to be 0.53 yuan for 2025, with a price-to-earnings (PE) ratio of 11 [6]

Group 1 - The company's stock price closed at 14.57 yuan on August 15, 2025, down 0.61%, with a turnover rate of 1.77% and a trading volume of 50,000 hands, resulting in a transaction amount of 73.2014 million yuan [1] - The company has a total share capital of 281.7 million shares and cash reserves of 960 million yuan, equating to 3.4 yuan per share in cash [2] - The company has participated in numerous international bidding projects due to its extensive industry experience, especially in the context of high international oil prices and rapid project advancement in the offshore engineering market [2] Group 2 - The company has signed contracts worth over 6 billion yuan in the Far East and is currently the only company engaged in oil and gas development platforms in that region, with expectations for significant growth in development efforts [2] - The company has over 20 years of operational experience in the offshore engineering industry, successfully delivering numerous international projects, and possesses sufficient technical reserves and qualified personnel to meet project demands [2] - The company has prudently recognized asset impairment provisions and expected liabilities in accordance with accounting standards, allowing for effective operational risk management [2] Group 3 - On August 15, the net inflow of main funds was 3.661 million yuan, accounting for 5.0% of the total transaction amount, while speculative funds saw a net inflow of 7.356 million yuan, representing 10.05% of the total transaction amount [3] - Retail investors experienced a net outflow of 11.017 million yuan, which constituted 15.05% of the total transaction amount [3]

Core Viewpoint - The company reported its 1H25 performance, which met expectations, with a decline in revenue and net profit compared to the previous year, but showed positive growth in net profit after excluding tax refunds [1][2]. Financial Performance - The company achieved operating revenue of 11.3 billion yuan, a year-on-year decrease of 16% - The net profit attributable to shareholders was 1.1 billion yuan, down 8% year-on-year - Operating cash flow was 220 million yuan, a decline of 14% year-on-year - Excluding tax refunds, the net profit showed a year-on-year increase of 14.4%, reaching 960 million yuan [1][2]. Profitability and Margins - The gross margin reached a five-year high of 16.3%, an increase of approximately 5 percentage points year-on-year - This improvement was driven by higher construction profit margins, an increased proportion of installation business revenue, and efficient offshore installation processes - Financial expenses decreased by 48% to 35.34 million yuan, with interest income rising due to proactive cash management [2]. Order Trends and Market Outlook - The company maintained a stable order intake, with new contracts signed amounting to 12.07 billion yuan, a decrease of 3.6% year-on-year - The backlog of orders accumulated to 40.7 billion yuan, providing a solid workload for the future - The company expects improvements in the Middle East market, despite current challenges [2][3]. Research and Development - The company continues to invest heavily in R&D to address gaps in deep-sea technology - Focus areas include the development of floating production equipment and strategic deployment in high-end marine engineering [3]. Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 remains unchanged - The current stock price corresponds to a price-to-earnings ratio of 10.5 times for 2025 and 9.9 times for 2026 - The target price is set at 6.50 yuan, implying a potential upside of 12.9% from the current stock price [4].

Group 1 - The company has approved a guarantee extension for its wholly-owned subsidiary, CNOOC Engineering (Qingdao) Co., Ltd., with a guarantee amount of 2.449 billion RMB [6][14][16] - The guarantee period has been extended from September 15, 2025, until all obligations under the contracts are fulfilled [6][15] - The board of directors believes that the guarantee is a normal business arrangement and that the risk is controllable [17] Group 2 - The company will hold its first extraordinary general meeting of shareholders in 2025 on September 4, 2025 [3][22] - The meeting will adopt a combination of on-site and online voting methods [23][24] - The agenda includes the approval of various governance rules and the cancellation of the supervisory board [26][66] Group 3 - The company plans to use up to 13.1 billion RMB of temporarily idle funds to purchase wealth management products, with the authorization valid for 12 months [39][40][41] - The investment aims to improve the efficiency of idle funds while ensuring the company's daily operations are not affected [41][52] - The company has a history of purchasing wealth management products, with a maximum daily investment balance of 12.3 billion RMB and an average annualized return of approximately 2.49% [39][52]

Core Points - The company reported a revenue of 1,131,766.75 thousand yuan for the first half of 2025, representing a year-on-year decrease of 15.72% [1] - The net profit attributable to shareholders of the listed company was 109,829.65 thousand yuan, showing a year-on-year decline of 8.21% [1]

Core Points - The company, CNOOC Engineering, announced on August 15 that it will use up to 13.1 billion yuan of temporarily idle self-owned funds to purchase financial products [1] - The authorization for the management team to sign related agreements for purchasing financial products is valid for 12 months from the date of the board's approval [1] - The approved amount can be reused within the validity period of the resolution [1]

每经头条（nbdtoutiao）——华康股份11亿元并购疑云：收购对象的大客户两年前已深陷债务危机，如 何贡献巨额营收？ （记者 王晓波） 每经AI快讯，海油工程（SH 600583，收盘价：5.76元）8月15日晚间发布公告称，公司第八届第十一次 董事会会议于2025年8月14日在天津市滨海新区召开。会议审议了《关于制修订公司治理制度的议案》 等文件。 2024年1至12月份，海油工程的营业收入构成为：海洋工程行业占比90.7%，非海洋工程项目占比 9.29%。 截至发稿，海油工程市值为255亿元。 ...

智通财经APP讯，海油工程(600583.SH)披露2025年半年度报告，报告期公司实现营收113.18亿元，同比 下降15.72%;归属于上市公司股东的净利润10.98亿元，同比下降8.21%;扣非净利润9.6亿元，同比增长 14.41%;基本每股收益0.25元。 ...

证券代码： 600583 证券简称： 海油工程 公告编号： 临 2025-025 海洋石油工程股份有限公司 第八届监事会第八次会议决议公告 本公司监事会及全体监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。 一、会议召开情况 海洋石油工程股份有限公司（以下简称"公司"）于 2025 年 8 月 4 日 以电子邮件送出方式向全体监事发出了关于召开第八届监事会第八次 会议通知。2025 年 8 月 14 日，公司在天津市滨海新区召开了第八届监 事会第八次会议。 本次监事会应到监事 3 人，现场实到监事 3 人。会议由公司监事会 主席刘振宇先生主持，部分高级管理人员列席会议。会议的召集和召开 符合《公司法》等法律法规及公司章程的有关规定。 二、会议审议情况 经与会监事认真审议，会议一致通过如下决议： 定，所包含的信息能客观、真实地反映出公司 2025 年上半年的经营管理 和财务状况等事项； 违反保密规定的行为。 （二）以 3 票同意、0 票反对、0 票弃权审议通过《董事会关于公司 证券代码： 600583 证券简称： 海油工程 公告编号： 临 2025 ...

海油工程（SH 600583，收盘价：5.76元）8月15日晚间发布半年度业绩报告称，2025年上半年营业收入 约113.18亿元，同比减少15.72%；归属于上市公司股东的净利润约10.98亿元，同比减少8.21%；基本每 股收益0.25元，同比减少7.41%。 （文章来源：每日经济新闻） ...