| 公司 | 营业收入(亿元) | 同比增幅 | 归母净利润(亿元) | 同时 | | --- | --- | --- | --- | --- | | 中国石油 | 14500. 99 | -6. 74 | 839. 93 | | | 中国石化 | 14090. 52 | -10. 60 | 214. 83 | | | 中国海油 | 2076. 08 | -8. 45 | 695. 33 | | （"三桶油"上半年业绩情况数据来源：上市公司公告） 财报显示，中国石油（601857.SH）、中国石化（600028.SH）和中国海油（600938.SH）今年上半年合计实现营业收入约3.07万亿元，累计实现归母净利润 为1750.09亿元。三家油气公司营业收入和归母净利润较去年同期均有所减少，这其中，中国石化业绩降幅较大，而中国石油也遭遇近五年来首次净利润下 滑。综合三家油气公司对半年报的分析，造成报告期内业绩波动的主要原因包括油价、成品油产品价格承压以及油气产品销量减少等因素。 不过，三家油气公司在报告期内仍然表现出了较强的经营韧性，并且在报告期内主动优化资本开支，强化成本管控以保持充足的现金流。在此情况下，21 ...

Core Viewpoint - The performance of the "Big Three" oil companies (China National Petroleum Corporation, Sinopec, and China National Offshore Oil Corporation) has declined year-on-year due to the average international oil price drop in the first half of the year, but they have maintained high dividends while focusing on cost reduction and business transformation [1][5]. Financial Performance - In the first half of the year, the combined operating revenue of the three companies was approximately 3.07 trillion yuan, with a total net profit attributable to shareholders of 175.01 billion yuan, both showing a decrease compared to the same period last year [2][4]. - China National Petroleum Corporation reported operating revenue of 1.45 trillion yuan, a year-on-year decline of 6.74%, and a net profit of 83.99 billion yuan, down 5.42% [2]. - Sinopec's operating revenue was 1.41 trillion yuan, down 10.60%, with a net profit of 21.48 billion yuan, a significant drop of 39.83% [2]. - China National Offshore Oil Corporation achieved operating revenue of 207.61 billion yuan, down 8.45%, and a net profit of 69.53 billion yuan, down 12.79% [2]. Impact of Oil Prices - The decline in profits was primarily attributed to falling oil prices, with the average Brent crude oil price at $71.7 per barrel, a decrease of 14.7% year-on-year [5]. - The average selling prices of crude oil for the three companies also fell, with China National Petroleum at $66.21 per barrel, Sinopec at $67 per barrel, and China National Offshore Oil Corporation at $69.15 per barrel, reflecting declines of 14.5%, 12.9%, and 13.9% respectively [5]. Operational Resilience - Despite the challenges, the companies demonstrated operational resilience by optimizing capital expenditures and enhancing cost control to maintain sufficient cash flow [3][8]. - The total dividends paid by the three companies exceeded 82.5 billion yuan, with China National Petroleum distributing 40.27 billion yuan, Sinopec 10.67 billion yuan, and China National Offshore Oil Corporation 31.60 billion yuan [10]. Strategic Focus - The companies are focusing on increasing reserves and production while reducing costs, with China National Offshore Oil Corporation achieving a net production of nearly 385 million barrels of oil equivalent, a year-on-year increase of 6.1% [6]. - Capital expenditures for the first half of the year were reduced, with China National Petroleum at 64.23 billion yuan, Sinopec at 43.8 billion yuan, and China National Offshore Oil Corporation at 57.6 billion yuan [8]. Non-Oil Business Development - The companies are also investing in non-oil businesses, with China National Petroleum reporting a 5.5% increase in profits from its non-oil business, and China National Offshore Oil Corporation planning to acquire 5 to 10 million kilowatts of renewable energy resources by 2025 [9].

Core Viewpoint - China National Petroleum Corporation (CNPC) reported strong half-year performance despite a 15.1% decline in international oil prices, achieving record revenue and profit levels [1][2]. Financial Performance - CNPC achieved operating revenue of 1.45 trillion yuan and net profit of 84.01 billion yuan, with free cash flow increasing by 11.5% year-on-year to 112.28 billion yuan [1][2]. - The company maintained stable production indicators, with oil and gas equivalent production increasing by 2% year-on-year, and domestic oil and gas production rising by 2.7% [2][4]. Business Segments - In the refining and chemical sector, CNPC reported an operating profit of 11.05 billion yuan, with crude processing volume reaching 690 million barrels, a 0.1% increase year-on-year [3][4]. - The natural gas sales business saw a 4.2% increase in domestic sales volume, achieving an operating profit of 18.63 billion yuan, up by 18.2 billion yuan year-on-year [4]. Strategic Initiatives - CNPC is actively pursuing a transition towards new energy and materials, with a focus on integrating oil and gas exploration with renewable energy development [5][6]. - The company has established a capital operation platform and research institutes to support future industry investments, including ventures in nuclear fusion and geothermal energy [7]. Shareholder Returns - CNPC announced a cash dividend of 0.22 yuan per share, totaling 40.265 billion yuan, with a payout ratio of 47.9% [8]. - The company is implementing value management strategies, including share buybacks and increasing shareholdings by major stakeholders, to enhance shareholder value [8].

Core Viewpoint - The financial performance of China's three major oil companies, known as "Three Barrels of Oil," has declined in the first half of 2023, with revenue and net profit showing year-on-year decreases due to falling international oil prices and other macroeconomic factors [1][3]. Financial Performance - China National Offshore Oil Corporation (CNOOC) reported a revenue of 207.61 billion yuan, down 8% year-on-year, and a net profit of 69.53 billion yuan, down 13% [1]. - China Petroleum & Chemical Corporation (Sinopec) achieved a revenue of 1.41 trillion yuan, down 10.6%, and a net profit of 21.48 billion yuan, down 39.8%, marking the largest decline among the three companies [1][3]. - China National Petroleum Corporation (PetroChina) reported a revenue of 1.45 trillion yuan, down 6.7%, and a net profit of 84.01 billion yuan, down 5.4% [1]. Oil Price Impact - The average Brent crude oil price was $71.87 per barrel, down 14.5% year-on-year, while the average price for West Texas Intermediate (WTI) was $67.60 per barrel, down 14.4% [1][3]. Production and Sales - CNOOC's oil price realization was $69.15 per barrel, down 13.9%, with oil liquid sales revenue of 143.99 billion yuan, down 10.7%, accounting for 83.8% of total oil and gas sales revenue [3]. - CNOOC's natural gas production increased by 12% to 516.2 billion cubic feet (approximately 14.62 billion cubic meters), with sales revenue up 16.3% to 27.75 billion yuan, but natural gas only accounted for 16.2% of total oil and gas sales revenue [3]. - PetroChina's oil and gas equivalent production reached 942 million barrels, up 2%, while Sinopec's production was 262.81 million barrels, also up 2% [7][8]. Cash Flow and Debt - CNOOC's operating net cash flow was 109.18 billion yuan, down 8%, while PetroChina's cash flow grew by 4% to 227.06 billion yuan, and Sinopec's increased by 44.4% to 61 billion yuan [5]. - CNOOC's debt-to-asset ratio was 29.5%, while PetroChina's was 38.5%, and Sinopec faced higher pressure with a debt-to-asset ratio of 54.1% [4]. Dividend and Capital Expenditure - Despite the decline in performance, all three companies continued to distribute dividends, with PetroChina paying 0.22 yuan per share, CNOOC 0.73 HKD per share, and Sinopec 0.088 yuan per share [11]. - CNOOC's capital expenditure was 57.6 billion yuan, down 8.8%, while PetroChina's was 64.23 billion yuan, with an expected total of 262.2 billion yuan for the year [11]. Transition to Green Energy - CNOOC expanded its green electricity usage, consuming over 500 million kilowatt-hours, and implemented various environmental initiatives [12]. - PetroChina's renewable energy projects included a 1.3 million kilowatt solar project and wind energy initiatives, while Sinopec focused on developing a network for alternative fuels [12].

Group 1 - The oil and gas extraction sector increased by 1.06% on August 28, with *ST Xinchao leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] - The main capital inflow in the oil and gas extraction sector was 78.73 million yuan, while retail investors experienced a net outflow of 7.17 million yuan [1] Group 2 - Among individual stocks, *ST Xinchao had a closing price of 4.22 yuan, with a rise of 1.69% and a trading volume of 290,100 shares [1] - China National Offshore Oil Corporation (CNOOC) saw a net inflow of 98.24 million yuan from main capital, but experienced a net outflow of 63.87 million yuan from retail investors [2] - The stock of Intercontinental Oil and Gas had a closing price of 2.34 yuan, with a decline of 0.85% and a trading volume of 1,955,500 shares [1]

Core Viewpoint - Citi maintains a "Outperform" rating for China National Offshore Oil Corporation (CNOOC) despite fluctuations in oil prices, reflecting confidence in the company's ability to deliver high dividends through cycles [1] Price Target Adjustments - The H-share target price for CNOOC has been lowered from HKD 23.1 to HKD 22.4, while the A-share target price has been adjusted from CNY 32.4 to CNY 31.4, incorporating a 50% A-H premium [1] Financial Performance and Dividend Policy - CNOOC's mid-2025 performance indicates that most operational metrics align with annual targets, showcasing resilience amid macroeconomic uncertainties [1] - The company plans to increase its dividend payout ratio by 5 percentage points year-on-year, signaling management's commitment to enhancing shareholder returns through free cash flow [1]

里昂发布研报称，维持中国海洋石油(00883)"跑赢大市"评级，但基于对2025及2026财年布伦特原油价 格预测维持75美元/桶及70美元/桶(长期锚定价70美元/桶)的预测不变，将H股目标价从23.1港元下调至 22.4港元;中国海油（600938）(600938.SH)A股目标价由32.4元人民币下调至31.4元人民币，在H股目标 价基础上叠加50%的A-H溢价得出。 里昂指尽管面临油价波动，中海油展现穿越周期高股息兑现能力，在全球油气舞台上继续以世界级的执 行力稳步前行。其2025年中期业绩显示，多数营运指标均符合全年目标，在市场当前宏观不确定性的背 景下实属不易。另一亮点是中海油将派息比率同比提升5个百分点，使每股派息维持同比持平，释出管 理层愿意运用自由现金流提升股东回报的信号。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved record oil and gas production in H1 2025, demonstrating resilience in profitability during periods of oil price volatility [5][11]. - Despite a decline in revenue and net profit year-on-year, the company has shown strong cash flow performance and maintained a prudent financial policy [5][11]. Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 207.6 billion yuan, a decrease of 8.4% year-on-year, and a net profit attributable to shareholders of 69.5 billion yuan, down 12.8% year-on-year [4]. - The Q2 2025 results showed a total revenue of 100.8 billion yuan, down 12.6% year-on-year, and a net profit of 33.0 billion yuan, down 17.6% year-on-year [4]. Production and Operational Highlights - The company achieved a net production of 385 million barrels of oil equivalent in H1 2025, marking a 6.1% increase year-on-year, setting a historical high for the same period [6]. - Natural gas production increased by 12.0% year-on-year, with significant contributions from new gas field projects [6]. Cost Management - The average cost per barrel of oil equivalent decreased by 0.81 USD to 26.94 USD, reflecting effective cost control measures [8]. - The company continues to strengthen its cost competitiveness, with a focus on maintaining a cost-leading strategy during periods of oil price fluctuations [8]. Dividend Policy - The company has a strong commitment to shareholder returns, with a mid-year dividend payout ratio of 45.9%, reflecting its intent to share development results with shareholders [9]. Capital Expenditure and Growth Strategy - The company plans to maintain high capital expenditures, with a budget of 125 to 135 billion yuan for 2025, to support stable production growth [10]. - The production target for 2025 is set at 760 to 780 million barrels of oil equivalent, with a focus on high-quality development and effective production growth [10]. Profitability Forecast - The report forecasts net profits for 2025, 2026, and 2027 to be 135.4 billion, 139.8 billion, and 144.3 billion yuan respectively, with expected EPS of 2.85, 2.94, and 3.04 yuan per share [11].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with current prices at 8.63 CNY and 7.39 HKD respectively [1]. Core Views - The company demonstrates resilience in its performance despite fluctuations in oil prices, attributed to its integrated industry chain advantages [7][17]. - The company plans to enhance its natural gas business and overall operational efficiency through strategic acquisitions and capital investments [16][18]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 1,450.1 billion CNY, a year-on-year decrease of 6.7%, and a net profit attributable to shareholders of 84 billion CNY, down 5.4% [5]. - The company achieved an operating cash flow of 227.1 billion CNY, reflecting a year-on-year increase of 4.0% [7]. Business Segments - The upstream segment generated an operating profit of 85.7 billion CNY, down 6.5% year-on-year, primarily due to falling oil prices [8]. - The natural gas sales segment saw an operating profit of 18.6 billion CNY, up 10.8% year-on-year, benefiting from increased sales volume [10]. - The refining and chemical segment reported an operating profit of 11.1 billion CNY, down 18.9% year-on-year, impacted by reduced margins and inventory losses [11]. Strategic Initiatives - The company is set to acquire three gas storage companies to enhance its natural gas supply chain, which is expected to add 10.97 billion cubic meters of working gas capacity [16]. - The company plans to maintain high capital expenditures, with a budget of 210 billion CNY for upstream investments in 2025, aiming for a 1.6% increase in oil and gas equivalent production [17]. Dividend Policy - The company plans to distribute a cash dividend of 0.22 CNY per share, maintaining a dividend payout ratio of 47.9%, reflecting its commitment to shareholder returns [14]. Profit Forecast and Valuation - The report forecasts net profits of 166.1 billion CNY, 171.2 billion CNY, and 175.7 billion CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.91 CNY, 0.94 CNY, and 0.96 CNY [18][20].

大项目提前投产，全年产量较为乐观。1H25 公司油气净产量达384.6 百万桶油当量，同比+6.1%，原油 产量同比+4%，天然气产量同比大幅上升12%，其中南海西部天然气产量同比+35%至171bcf。2Q25 油 气产量环比增长4%，同比增长7%，主要得益于：1）"深海一号"二期投产加速南海西部凝析油和天然 气的增产；2）渤中26-6 和渤中19-2 项目的投产。我们判断如2H25 产量维持增长趋势，全年产量或达 到指引上限的780 万桶。 海外高质量区块投产。据公司官网，公司在圭亚那参与的Yellowtail 项目已于25 年8 月投产，Stabroek 区块总产能将提升25 万桶/日至90 万桶/天，我们认为2H25 开始公司在圭亚那权益产量有望升至20 万 桶/天左右。据Rystad Energy，Stabroek 区块盈亏平衡点仅为不到30 美元/桶，为全球较低水平，我们判 断圭亚那项目的上产或保证公司的低成本高回报。 1H25 业绩略超市场预期 公司公布1H25 业绩：收入2076 亿元，同比-8%；归母净利润695.3 亿元，对应每股盈利1.5 元，同 比-13%，2Q25 营业收入1008 ...