事件描述 公司发布2025 年半年报，2025 年上半年，公司实现营业收入225.97 亿元，同比增加4.46%，实现归母 净利润18.29 亿元，同比增加13.15%；2025 年单二季度，公司实现营业收入125.22亿元，同比增加 0.78%，实现归母净利润12.35 亿元，同比增加10.75%。 风险提示 1、国际油价大幅下跌； 2、国际市场运营带来的风险。 低碳环保与数字化产业各业务工作量均实现提升。2025 上半年该板块实现营业收入38.70 亿元，同比增 长11.17%，其中新能源技术业务工作量同比增长32.89%；安全应急服务工作量同比增长22.70%；数字 化业务工作量同比增长10.17%。 差异化经营应对油价波动，能源物流服务产业收入同比增长5.13%。能源物流服务产业实现营业收入 116.40 亿元，同比增长5.13%。公司全力推进大物流数智系统建设，码头装卸工作量同比增长6.23%， 装卸船次同比增长10.46%；精益把控销售节奏，商品销量同比增加15.61%；积极应对油价波动，灵活 运用"南油北调""混储共销"销售策略，实施"一终端一策略"差异化经营模式，有效缓解销售价格同比下 降的影 ...

Core Viewpoint - Company is actively positioning itself in deep-sea technology and has achieved stable growth in its three main business areas, leading to a "buy" rating for the stock [1] Financial Performance - In the first half of 2025, the company reported total revenue of 22.597 billion yuan, a year-on-year increase of 4.46%, and a net profit attributable to shareholders of 1.829 billion yuan, up 13.15% year-on-year [2] - For Q2 2025, the company achieved revenue of 12.522 billion yuan, a year-on-year increase of 0.78% and a quarter-on-quarter increase of 24.30%, with a net profit of 1.235 billion yuan, up 10.75% year-on-year and 107.97% quarter-on-quarter [2] Business Segments - The company focuses on three main industries: 1. Energy Technology Services: Revenue of 7.993 billion yuan, up 2.79% year-on-year, with significant increases in downhole tools (16.11%) and artificial lift services (3.24%) [3] 2. Low Carbon Environmental and Digitalization: Revenue of 3.870 billion yuan, up 11.17% year-on-year, with notable growth in new energy technology (32.89%) and safety emergency services (22.70%) [3] 3. Energy Logistics Services: Revenue of 11.640 billion yuan, up 5.13% year-on-year, with increases in terminal loading and unloading (6.23%) and product sales (15.61%) [3] Cost and Expenses - The financial expense ratio increased primarily due to a decrease in bank deposit interest income, while sales and management expenses showed slight changes [4] Strategic Initiatives - The company is accelerating the high-end, intelligent, and green transformation of traditional industries, launching ten digital management modules and establishing three smart factories [5] - It is also advancing new strategic industries and future industries, optimizing its product and service offerings across six major areas [5] Profit Forecast - The profit forecast for the company has been slightly adjusted upwards, with expected net profits of 4.150 billion yuan, 4.749 billion yuan, and 5.326 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 9.9, 8.6, and 7.7 times [6]

2025 年 08 月 21 日 市场表现 -10 0 10 20 30 40 (%) 海油发展 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《海油发展（600968）：增储上 产助力营收增长，多元布局驱动未 来发展》2025-04-14 海油发展发布 2025 年半年度报告：2025 年上半年实现营业 总收入 225.97 亿元，同比+4.46%；实现归母净利润 18.29 亿 元，同比+13.15%。 积极布局深海科技，三大主业作业量平稳增长 —海油发展（600968.SH）公司事件点评报告 买入(维持) 事件 | 分析师：张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人：覃前 | S1050124070019 | | qinqian@cfsc.com.cn | | | 基本数据 | 2025-08-21 | | --- | --- | | 当前股价（元） | 4.04 | | 总市值（亿元） | 411 | | 总股本（百万股） | 10165 | | 流通股本（百万股） | 10165 | | 52 ...

据悉，本次出售冷能业务及资产事项有利于公司回笼前期投资用于核心业务发展，助力打造专业化创新 型能源技术服务公司。 智通财经APP讯，海油发展(600968.SH)公告，公司拟将所持有的中海油工业气体(珠海)有限公司("珠海 空分")70%股权和债权、中海油工业气体(宁波)有限公司("宁波空分")65%股权、中海石油空气化工产品 (福建)有限公司("福建空分")50%股权和冷能利用技术中心("冷能中心")资产采用非公开协议转让方式， 转让给控股股东中国海洋石油集团有限公司("中国海油")全资子公司中海石油气电集团有限责任公司 ("气电集团")下属的全资子公司中海油海卓(天津)工程科技有限公司("海卓公司")，转让价格合计为3.71 亿元。 ...

Core Points - The company held its fifth meeting of the sixth supervisory board on July 16, 2025, with all three supervisors present, ensuring compliance with relevant laws and regulations [2][3] - The board approved the application for a comprehensive credit limit of up to 50 million RMB from Shanghai Pudong Development Bank, with a term not exceeding one year [2] - The company's wholly-owned subsidiary, Wisdom Petroleum Karamay, is authorized to apply for a comprehensive credit limit of up to 200 million RMB from the Bank of China Karamay Petroleum Branch, with a term not exceeding three years [2] - The company will provide credit guarantees for the subsidiary's credit application, with the guarantee amount not exceeding the total of the current application [2] - The decisions made are in accordance with the Shenzhen Stock Exchange's regulations and do not harm the interests of the company and its shareholders [2] Voting Results - The resolution received unanimous approval with 3 votes in favor, 0 against, and 0 abstentions [3] - The proposal will be submitted for review at the company's shareholders' meeting [3]

Meeting Information - The company will hold its second extraordinary general meeting of shareholders on August 5, 2025, at 14:30 [1] - Shareholders can participate in the meeting either in person or through online voting via the Shenzhen Stock Exchange system [1][2] - The voting time for online participation is set for the trading hours of the meeting day [1] Agenda Items - The meeting will discuss several proposals, including: - A proposal for the company to issue A-shares to specific targets for the year 2025 [2][5] - A proposal regarding measures to mitigate the dilution of immediate returns from the issuance of shares [5] - A proposal to establish a three-year dividend return plan for shareholders from 2025 to 2027 [5] - A proposal to authorize the board of directors to handle matters related to the issuance of A-shares [5][6] Voting Procedures - Shareholders must choose between attending the meeting in person or voting online, with only one method allowed for each shareholder [1][2] - The voting results will be based on the first valid vote cast [6][8] - Special provisions are in place for small investors, ensuring their votes are counted separately [8] Registration Process - Different registration requirements exist for corporate and individual shareholders, including necessary documentation for attendance [3][4] - Shareholders unable to attend in person can register via mail or fax, with a deadline set for July 31, 2025 [3][4] Contact Information - The company has provided contact details for inquiries related to the meeting, including phone and fax numbers [9]

Audit Opinion - The audit report states that the financial statements of Guangxi Huahengtong Energy Technology Co., Ltd. (hereinafter referred to as Huahengtong) have been prepared in accordance with accounting standards and fairly reflect the company's financial position as of February 28, 2025, and its operating results and cash flows for January to February 2025 [2][3]. Management and Governance Responsibilities - The management of Huahengtong is responsible for preparing financial statements that fairly reflect the company's financial position and for maintaining necessary internal controls to prevent material misstatements due to fraud or error [3][4]. - The governance layer is responsible for overseeing the financial reporting process of Huahengtong [3]. Auditor's Responsibilities - The auditor's goal is to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes the audit opinion [4][5]. - The auditor identifies and assesses risks of material misstatement due to fraud or error and designs audit procedures to address these risks [5][6]. Company Overview - Guangxi Huahengtong Energy Technology Co., Ltd. was established on September 22, 2017, with a registered capital of RMB 100 million. The company is located at 31 Chating Road, Beihai City [6][7]. - The company's business scope includes new energy technology consulting, machinery equipment leasing, road cargo transportation, and sales of gas appliances and related components [6]. Financial Reporting Basis - The financial statements are prepared on a going concern basis, reflecting that the company has stable operations and a reasonable asset-liability structure, with no significant adverse risks affecting its ability to continue as a going concern [7][8]. Important Accounting Policies - The company follows the accrual basis of accounting and measures assets at historical cost, with provisions for impairment as necessary [7][8]. - The company uses the weighted average method for inventory cost determination and recognizes inventory at the lower of cost or net realizable value [22][23]. Financial Instruments - Financial assets are classified based on the business model for managing them and their cash flow characteristics, including those measured at amortized cost and those measured at fair value [9][10]. - The company recognizes expected credit losses for financial instruments based on their credit risk stages, with different measurement approaches for each stage [17][18]. Long-term Equity Investments - Long-term equity investments are accounted for using the cost method or the equity method, depending on the level of control or influence the company has over the investee [23][24]. - The company assesses whether there are indications of impairment for long-term equity investments and recognizes impairment losses when necessary [29][30]. Fixed Assets - Fixed assets are recognized at cost and depreciated using the straight-line method over their useful lives, with specific depreciation rates for different asset categories [30][31]. Intangible Assets - Intangible assets are recognized based on contractual or legal rights, with their useful lives determined accordingly. Research phase expenditures are expensed, while development phase expenditures may be capitalized if certain criteria are met [32][34].

Core Viewpoint - The CEO of Baker Hughes emphasizes the safety of all employees and the normal operation of facilities in the Middle East, while refraining from commenting on the potential impact of conflicts on supply [1] Group 1 - The company is actively monitoring and reviewing shipping routes and ports to ensure the safety of equipment and service transportation [1]