Core Viewpoint - The contract for the Amistad gas field integrated service project has been awarded to a joint venture of China Oilfield Services Limited (COSL) and Chuanqing Drilling Engineering Company by the Ecuadorian state oil company, marking COSL's first entry into the South American market and a significant achievement in its international mid-to-high-end market development [1] Group 1 - COSL possesses comprehensive service capabilities for offshore oil and gas exploration and development at a water depth of 120 meters and drilling capabilities at a depth of 1500 meters, making it one of the most powerful marine oil and gas engineering technology service companies in China [1] - In recent years, COSL has accelerated its "international operation" strategy, leveraging strong support from the "six unifications" management of overseas projects to actively develop international markets in collaboration with partner companies [1] Group 2 - The Ecuadorian state oil company plans to conduct workover and production enhancement operations on four wells at the Amistad gas field to restore natural gas production to meet local electricity demand [1] - Chuanqing Drilling's Ecuador branch and COSL have closely collaborated over more than two years, actively tracking the project and engaging in multiple rounds of market promotion, technical exchanges, contract clarifications, and negotiations, ultimately gaining high recognition and positive evaluations from the owner [1]

Market Overview - On August 21, the market experienced fluctuations with mixed performance across the three major indices. The Shanghai Composite Index rose by 0.13%, while the Shenzhen Component Index fell by 0.06%, and the ChiNext Index decreased by 0.47% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.42 trillion yuan, an increase of 15.8 billion yuan compared to the previous trading day, marking the seventh consecutive day with trading volume exceeding 2 trillion yuan [1] - High-performing stocks saw significant declines, with multiple stocks, including Feilong Co., hitting the daily limit down [1] Sector Performance - The top-performing sectors included domestic mesh panels, robots, and liquid-cooled servers, with respective increases of 14, 25, and 24 [2] - The chip sector reached a new high with an increase of 19, while the robot concept sector also saw a rise of 14 [2] - Other notable sectors included the medical industry and the automotive parts sector, which also showed positive growth [2]

Core Viewpoint - Baikin Oilfield Services (02178) reported a significant decline in revenue and an increase in losses for the six months ending June 30, 2025, primarily due to delays in shale gas production projects and reduced income from the Middle East market [1] Financial Performance - Revenue for the period was HKD 111 million, representing a year-on-year decrease of 32.9% [1] - The loss attributable to the company's owners was HKD 11.793 million, which expanded by 2885.6% year-on-year [1] - Basic loss per share was HKD 0.68 [1] Operational Factors - The decrease in revenue was mainly due to a client delaying several shale gas production enhancement projects to the second half of 2025, resulting in reduced enhancement services provided in Southwest China [1] - Additionally, revenue from the Middle East market decreased due to the expiration of a supervisory service contract in the first half of 2024, with no income generated from this contract in the first half of 2025 [1]

Core Viewpoint - The company reported a significant decline in revenue and an increase in losses for the six months ending June 30, 2025, primarily due to delays in shale gas production projects and reduced income from the Middle East market [1] Financial Performance - Revenue for the period was HKD 111 million, representing a year-on-year decrease of 32.9% [1] - The loss attributable to the company's owners was HKD 11.793 million, which is an increase of 2885.6% compared to the previous year [1] - Basic loss per share was HKD 0.68 cents [1] Operational Factors - The decrease in revenue was mainly due to a client delaying several shale gas production enhancement projects to the second half of 2025, resulting in reduced enhancement services provided in Southwest China [1] - Additionally, revenue from the Middle East market decreased because a supervisory service contract expired in the first half of 2024, with no income generated from that contract in the first half of 2025 [1]

格隆汇8月21日丨百勤油服(02178.HK)公告，于2025年上半年，集团的收益由2024年上半年约165.9百万 港元减少约32.9%至2025年上半年约111.3百万港元。收益减少乃主要由于一名客户根据其内部开采计 划，将若干页岩气的增产工程延迟至2025年下半年，导致在中国西南提供的增产服务减少。此外，来自 中东市场的收益减少，此乃由于一份监督服务合约已于2024年上半年届满且2025年上半年并无产生自该 服务合约的收入。 2025年上半年的集团亏损净额及公司拥有人应占亏损分别约11.5百万港元及11.8百万港元，分别增加约 11.1百万港元及11.4百万港元（2024年上半年：分别约0.4百万港元及0.4百万港元）。 ...

Market Overview - The A-share market experienced fluctuations on Thursday, with the Shanghai Composite Index reaching a ten-year high. The total trading volume for the day was 2.42 trillion yuan, an increase of 158 billion yuan compared to the previous trading day, marking the seventh consecutive day with trading volume exceeding 2 trillion yuan [3][4]. - There was a net outflow of 80.2 billion yuan from domestic investors, with the median change in stock prices across the market being -0.35%. Despite the fluctuations, there was no significant sell-off signal, and the outlook for the index remains optimistic for further acceleration [3][4]. Sector Performance - The financial technology sector saw a collective rise, with concepts such as stablecoins and cross-border payments leading the gains. Stocks like Zhongyou Capital and Cuiwei Co. reached their daily limit [4]. - Bank stocks, including Agricultural Bank of China and Postal Savings Bank, continued to set historical highs in the afternoon session [4]. - Other sectors such as combustible ice, oil services, and electricity also rebounded, with stocks like Zhunyou Co. hitting their daily limit [4]. Short-term Market Sentiment - Short-term market sentiment was weak, with fewer than ten stocks achieving consecutive gains. High-profile stocks from the previous day, such as Jimin Health and Tenglong Co., experienced significant declines [4]. - However, there were still signs of capital attempting to consolidate, with stocks like Tongzhou Electronics and Dayuan Pump Industry showing strong support despite market fluctuations [4]. - The performance of stocks like Jishi Media at the end of the trading day could provide a positive stimulus for the short-term market if it continues to perform well [4].

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, indicating improved operational quality despite challenges in the international oil market [4][5]. Financial Performance - In H1 2025, the company achieved total revenue of 22.6 billion yuan, a year-on-year increase of 4.5%, and a net profit attributable to shareholders of 1.83 billion yuan, up 13.1% year-on-year [4]. - For Q2 2025, the company recorded a revenue of 12.5 billion yuan, a year-on-year increase of 0.78% and a quarter-on-quarter increase of 24.3%, with a net profit of 1.235 billion yuan, reflecting a year-on-year growth of 10.75% and a quarter-on-quarter growth of 107.97% [4]. Operational Insights - The company’s net profit growth of 13% in H1 2025 is attributed to its focus on core operations and the successful implementation of policies aimed at increasing reserves and production [5]. - The average Brent crude oil price in H1 2025 was $70.81 per barrel, down 15.1% year-on-year, with Q2 prices dropping to $66.71 per barrel, a decrease of 21.5% year-on-year [5]. Business Segments Performance - In H1 2025, the energy technology services segment generated revenue of 7.993 billion yuan, a growth of 2.79%, while the low-carbon environmental and digitalization segment saw revenue of 3.870 billion yuan, up 11.17% [6]. - The energy logistics services segment achieved revenue of 11.64 billion yuan, reflecting a year-on-year increase of 5.13% [6]. Cost Management and Efficiency - The company improved its gross margin to 15.33%, an increase of 1.18 percentage points year-on-year, through effective cost control measures [7]. - The company is advancing the transformation of traditional industries towards high-end, intelligent, and green solutions, launching ten digital management modules [8]. Industry Outlook - The global oilfield services market is expected to grow to $326.5 billion in 2025, a year-on-year increase of 3.3%, driven by rising oil supply and energy security demands [9]. - The parent company, China National Offshore Oil Corporation (CNOOC), is actively pursuing a seven-year action plan to increase oil and gas reserves and production, with targeted growth rates of 5.9%, 2.6%, and 3.8% for 2025-2027 [9].

Group 1 - The Shanghai Composite Index rose by 1.04%, closing at 3766.21 points, while the Hang Seng Index increased by 0.17%, closing at 25165.94 points [1] - Sinopec Oilfield Service Corporation (SSC) has an A/H premium of 180.2%, ranking fifth among A/H shares [1] - SSC's A-shares closed at 2.06 yuan, with a gain of 1.48%, while its H-shares closed flat at 0.8 Hong Kong dollars [1] Group 2 - SSC is a major integrated oil and gas engineering and technical service company controlled by China Petroleum & Chemical Corporation, with over 60 years of operational experience [1] - The company was formed through the restructuring of various oilfield enterprises under China Petroleum & Chemical Corporation in June 2012 [1] - SSC was listed simultaneously in Shanghai and Hong Kong in 2014, with stock codes SH600871 and HK1033 [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a 13% year-on-year growth in net profit attributable to shareholders in H1 2025, driven by cost reduction and efficiency enhancement alongside industrial transformation [1][6] - The company reported total revenue of 22.6 billion yuan in H1 2025, a 4.5% increase year-on-year, with a net profit of 1.83 billion yuan, reflecting a 13.1% growth [1][6] - The report highlights the company's focus on core business areas and its proactive approach to seizing opportunities in resource expansion and production [6][9] Summary by Sections Financial Performance - In Q2 2025, the company recorded a total revenue of 12.5 billion yuan, up 0.78% year-on-year and 24.3% quarter-on-quarter, with a net profit of 1.235 billion yuan, marking a 10.75% increase year-on-year and a 107.97% increase quarter-on-quarter [1][5] - The company’s annualized ROE for H1 2025 was 13.4%, an increase of 0.4 percentage points year-on-year, while the cost-to-profit ratio improved to 9.2%, up 0.7 percentage points year-on-year [6] Business Segments - The energy technology service segment generated 7.993 billion yuan in revenue, a 2.79% increase year-on-year, while the low-carbon environmental and digitalization segment saw revenue of 3.870 billion yuan, up 11.17% year-on-year [7] - The energy logistics service segment achieved 11.640 billion yuan in revenue, reflecting a 5.13% year-on-year growth [7] Cost Management and Transformation - The company’s gross margin improved to 15.33%, an increase of 1.18 percentage points year-on-year, as it implemented comprehensive quality management and cost control measures [8] - The company is accelerating the transformation of traditional industries towards high-end, intelligent, and green development, launching ten digital management modules [8] Industry Outlook - The global oil service market is expected to continue its growth, with a projected market size of 326.5 billion USD in 2025, reflecting a 3.3% year-on-year increase [9] - The parent company, China National Offshore Oil Corporation, is actively pursuing a resource expansion and production increase plan, which is anticipated to enhance the company's long-term growth prospects [9] Profit Forecast and Valuation - The report maintains profit forecasts for 2025-2027, estimating net profits of 4.262 billion yuan, 4.698 billion yuan, and 5.215 billion yuan respectively, with corresponding EPS of 0.42 yuan, 0.46 yuan, and 0.51 yuan [10]

Group 1 - The company reported a revenue of 22.597 billion yuan for the first half of 2025, representing a year-on-year growth of 4.46% [1] - The net profit attributable to shareholders reached 1.829 billion yuan, with a year-on-year increase of 13.15% [1] - The company focused on three main industries: energy technology services, low-carbon environmental protection and digitalization, and energy logistics services [1] Group 2 - The energy technology services sector generated a revenue of 7.993 billion yuan, growing by 2.79% year-on-year [1] - The low-carbon environmental protection and digitalization sector achieved a revenue of 3.870 billion yuan, with an increase of 11.17% [1] - The energy logistics services sector reported a revenue of 11.640 billion yuan, reflecting a year-on-year growth of 5.13% [1] Group 3 - The company is accelerating the transformation and upgrading of traditional industries towards high-end, intelligent, and green development [1] - It launched ten digital module products related to production management, carbon management, and safety management during the reporting period [1] - The company has initiated the construction of smart factories, with three new factories entering the trial operation phase [1] Group 4 - The company is fostering the development of strategic emerging industries and future industries, optimizing its strategic emerging industry directory [2] - It is deepening its layout in six major fields with 137 products and services [2] - The oil service industry is evolving to integrate traditional energy and new energy, focusing on smart, green, and innovative development [2]