在打造"具有国际竞争力的专业化创新型能源 技术服务 公司"的战略目标引领下， 海油发展 2025年上半 年交出一份较为亮眼的业绩答卷。2025年上半年，公司实现营业收入225.97亿元，同比增长4.46%，实 现归母净利润18.29亿元，同比增幅达13.15%，盈利能力持续提升。同时，公司净资产稳健增长至 276.21亿元，较上年末提升1.69%，整体呈现"稳中有进、质效双升"的高质量发展态势。 聚力主业提质增效，行业领先地位不断巩固 2025年上半年，海油发展集中 优势资源 ，聚焦主责主业，持续深耕能源技术服务、低碳环保与数字 化、能源物流服务三大产业，竞争力不断提升，海上油服领军企业地位不断巩固。 首先，能源技术服务产业作为海油发展的核心业务之一，核心能力建设扎实推进，高质量助力油气增储 上产，实施智能注采作业35井次，实施稠油注采一体射流举升工艺46井次，实施智能分舱控水技术43井 次，圆满完成浅水水下采油树模拟海试、工程化产品总装。持续加大重点领域有效投资力度，加快推进 高端油气装备、智能制造基地、生产支持基地建设，天津海洋装备智能制造基地（一期）顺利投产，移 动式自安装井口平台"海洋石油165"完成 ...

Core Insights - The company's 1H25 performance met expectations with revenue of 22.6 billion yuan, a year-on-year increase of 5%, and a net profit of 1.83 billion yuan, up 13% year-on-year, resulting in earnings per share of 0.16 yuan [1] - The company experienced a negative cash flow from operating activities of 480 million yuan, primarily due to increased procurement expenses [1] - The gross profit for 1H25 was 3.46 billion yuan, with a gross margin increase of 1.2 percentage points to 15.3%, marking a historical high for the same period [2] Revenue and Profitability - The energy technology segment achieved a gross profit of 1.72 billion yuan, with a gross margin increase of 2.5 percentage points to 21.5%, the highest in history [3] - The low-carbon environmental protection segment saw a revenue increase of 11% to 3.87 billion yuan, with significant growth in new energy technology and safety emergency services [3] - The company secured new external market orders worth 31.6 million yuan, a year-on-year increase of 141%, with notable breakthroughs in overseas markets [3] Energy Logistics and Future Outlook - The energy logistics segment reported a revenue increase of 5% to 11.6 billion yuan, with a gross profit increase of 6% to 1 billion yuan [4] - The company has commenced construction on 10 LNG transport vessels, expected to gradually enter production from 2026 to 2027, which is anticipated to drive sustained profit growth [4] Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 remains largely unchanged, with the current stock price corresponding to a price-to-earnings ratio of 10 times for 2025 and 8.7 times for 2026 [5] - The company maintains an outperform rating and a target price of 4.9 yuan, implying a potential upside of 24.4% based on the 2025 earnings multiple [5]