2025H1 公司中国市场、伊拉克市场、其他海外市场收入分别为9.5/14.5/2.3亿元人民币，同比 机构：光大证券 +43.0%/+16.6%/-13.9%。中国市场方面，公司于塔里木油田助力客户完成首口万米深井的裂缝动态可视 化监测；在深层页岩气开发、致密气开发领域多次取得突破性进展。伊拉克市场方面，公司核心业务稳 步推进，大型一体化油田管理项目完成续签，同时在油田管理、数智技术、钻井、增产及完井技术服务 等领域持续斩获优质订单。 研究员：陈佳宁/黄帅斌/李佳琦/汲萌/庄晓波/夏天宇 业绩实现大幅增长，净利润率持续提升 安东油田服务2025H1 收入26.3 亿元人民币，同比增长20.9%；归母净利润1.7 亿元人民币，同比增长 55.9%。综合毛利率28.7%，同比下降1.5 个百分点；综合净利率6.3%，同比上升1.2 个百分点。 各项业务均稳健增长，新业务模式打开成长空间 2025H1 公司油田技术服务、油田管理服务、检测服务、钻机服务业务收入为12.1/10.0/2.0/2.2 亿元人民 币，同比增长22.9%/11.2%/21.7%/74.2%。公司持续打造新兴业务模式，此前已中标伊拉克Dhu ...

Core Viewpoint - The company has achieved significant growth in performance, with a notable increase in net profit margin [4] Group 1: Financial Performance - In H1 2025, the company's revenue reached 2.63 billion RMB, representing a year-on-year growth of 20.9% [4] - The net profit attributable to shareholders was 170 million RMB, showing a year-on-year increase of 55.9% [4] - The comprehensive gross margin was 28.7%, a decrease of 1.5 percentage points year-on-year, while the comprehensive net margin was 6.3%, an increase of 1.2 percentage points year-on-year [4] Group 2: Business Growth - All business segments showed steady growth, with revenues from oilfield technology services, oilfield management services, testing services, and drilling rig services reaching 1.21 billion, 1.00 billion, 200 million, and 220 million RMB respectively, with year-on-year growth rates of 22.9%, 11.2%, 21.7%, and 74.2% [5] - The company is developing new business models, having secured a 25-year development right for the Dhufriyah oilfield in Iraq, marking its entry into a new era of oil and gas field development [5] - The company has also initiated a natural gas utilization business, successfully starting the first onshore natural gas commercialization project in Malaysia [5] Group 3: Market Performance - In H1 2025, revenues from the Chinese market, Iraqi market, and other overseas markets were 950 million, 1.45 billion, and 230 million RMB respectively, with year-on-year changes of +43.0%, +16.6%, and -13.9% [6] - The company has made significant progress in the Tarim oilfield, assisting clients in completing the first 10,000-meter deep well's fracture dynamic visualization monitoring [6] - New orders signed in the Chinese market totaled 1.63 billion RMB, remaining stable year-on-year, while new orders in Iraq were 2.51 billion RMB, a decrease of 11.4% [6] - New orders in other overseas markets reached 610 million RMB, a year-on-year increase of 54.5%, providing strong support for the company's overall order formation [6]

Core Viewpoint - Company maintains a "buy" rating for Anton Oilfield Services (03337), with performance meeting expectations and a positive outlook for growth driven by new business models and recovering market demand [1] Financial Performance - For the first half of 2025, the company reported revenue of 2.63 billion RMB, a year-on-year increase of 20.9%, and a net profit attributable to shareholders of 170 million RMB, up 55.9% [1] - The comprehensive gross margin was 28.7%, a decrease of 1.5 percentage points year-on-year, while the comprehensive net margin was 6.3%, an increase of 1.2 percentage points year-on-year [1] Business Segments - The company experienced steady growth across various business segments, with revenues for oilfield technical services, oilfield management services, testing services, and drilling rig services reaching 1.21 billion, 1.00 billion, 200 million, and 220 million RMB respectively, reflecting year-on-year growth of 22.9%, 11.2%, 21.7%, and 74.2% [2] - The company has successfully secured a 25-year development right for the Dhufriyah oilfield in Iraq, marking a significant step into oil and gas field development as an independent operator [2] Market Performance - Revenue from the Chinese market, Iraqi market, and other overseas markets for the first half of 2025 was 950 million, 1.45 billion, and 230 million RMB respectively, with year-on-year changes of +43.0%, +16.6%, and -13.9% [3] - New orders in the Chinese market totaled 1.63 billion RMB, remaining stable year-on-year, while new orders in the Iraqi market decreased by 11.4% to 2.51 billion RMB; however, new orders in other overseas markets surged by 54.5% to 610 million RMB, providing strong support for overall orders [3]

Core Viewpoint - Company maintains a "buy" rating for Anton Oilfield Services (03337), with performance meeting expectations and a positive outlook for new business models to drive growth [1] Financial Performance - For the first half of 2025, the company reported revenue of 2.63 billion RMB, a year-on-year increase of 20.9%, and a net profit of 170 million RMB, up 55.9% [1] - The comprehensive gross margin was 28.7%, a decrease of 1.5 percentage points year-on-year, while the comprehensive net margin was 6.3%, an increase of 1.2 percentage points year-on-year [1] Business Segments - The company experienced steady growth across various business segments, with revenues for oilfield technical services, oilfield management services, testing services, and drilling rig services reaching 1.21 billion, 1.00 billion, 200 million, and 220 million RMB respectively, reflecting year-on-year growth of 22.9%, 11.2%, 21.7%, and 74.2% [2] - The company has successfully secured a 25-year development right for the Dhufriyah oilfield in Iraq, marking a significant step into oil and gas field development [2] Market Performance - Revenue from the Chinese market, Iraqi market, and other overseas markets for the first half of 2025 was 950 million, 1.45 billion, and 230 million RMB respectively, with year-on-year changes of +43.0%, +16.6%, and -13.9% [3] - New orders in the Chinese market totaled 1.63 billion RMB, remaining stable year-on-year, while new orders in the Iraqi market were 2.51 billion RMB, down 11.4% year-on-year [3] - New orders from other overseas markets increased significantly to 610 million RMB, a year-on-year growth of 54.5%, providing strong support for the company's overall order book [3]

Financial Performance - Revenue increased to RMB 2,631.1 million in 2025 from RMB 2,176.3 million in 2024, representing a 20.9% increase[4] - Profit attributable to equity holders increased to RMB 165.1 million in 2025 from RMB 105.9 million in 2024, a 55.9% increase[4] - Free cash flow increased to RMB 197.2 million in 2025 from RMB 173.0 million in 2024, a 12.3% increase[4] Strategic Initiatives and Business Development - The company is building a new service company business model, enhancing oil and gas development and utilization efficiency[12, 16] - The company is expanding into global markets, including the Middle East, Africa, and Central Asia, with successful entry into Sarawak, Malaysia[22, 23] - The company is deepening global management and accelerating intelligent transformation, including opening a new Hong Kong office and launching a treasury center[12, 24, 25] Shareholder Returns and Governance - The company completed a RMB 73 million final dividend payment for 2024[28] - The company completed cumulative share buybacks and cancellation of 17 million shares[28] - The company received continued recognition as "China's Outstanding Management Company"[31] Future Outlook - The company aims to drive long-term growth through early indicators management[36, 41] - The company is building a leading global green energy technology services company[36, 38] - The company will maintain focus on Iraq and seize core market opportunities to drive scaled growth[36, 43]

Core Viewpoint - Antong Oilfield Services (03337) has announced a positive earnings forecast, expecting a significant increase in profit for the first half of 2025 compared to the same period in 2024, driven by business expansion and reduced financial costs [1] Group 1: Earnings Forecast - The company anticipates a profit attributable to equity holders of approximately RMB 150 million to RMB 170 million for the six months ending June 30, 2025, representing a substantial increase of 41.6% to 60.5% compared to RMB 105.9 million in the same period of 2024 [1] Group 2: Revenue Growth - In the second quarter, the company secured new orders amounting to RMB 3.012 billion, reflecting a year-on-year growth of 14.2% [1] - New orders from the Iraq market reached approximately RMB 1.812 billion, marking a 20.5% increase year-on-year [1] - New orders from other overseas markets totaled about RMB 287 million, showing a significant growth of 69.3% compared to the previous year [1] - New orders from the Chinese market were approximately RMB 913 million, which is a decline of 5.4% year-on-year [1] Group 3: Business Focus - The company continues to enhance its core competitiveness in oil and gas development and utilization efficiency through five main business segments: marginal oil and gas resource development, oilfield management services, oilfield technology services, natural gas utilization, and AI-enabled oil and gas development [1]

Financial Performance - Revenue increased to RMB 4,753.9 million in FY2024 [8], a 7.2% increase compared to RMB 4,434.8 million in FY2023 [8] - Profit attributable to equity holders reached RMB 196.5 million in FY2024 [8] - Free cash flow nearly doubled, reaching RMB 979.7 million in FY2024 [8], a 96.1% increase compared to RMB 499.5 million in FY2023 [8] - A dividend of RMB 73 million was declared for 2024 [37, 60], representing an 87.3% year-over-year increase [37] Market Expansion and Orders - Revenue from overseas reached 65% of total revenue [11, 17] - Total orders from overseas surged to RMB 5,802.6 million in FY2024 [19], a 78.8% increase compared to RMB 3,244.8 million in FY2023 [19] - Innovative business new orders increased by 19%, reaching RMB 4,235.3 million in FY2024 [21] from RMB 3,558.2 million in FY2023 [21] Strategic Initiatives - The company fully repaid its USD bond [10, 15] - The company won the bid for the Iraq Dulfriyah Oilfield Mega Project [13, 32] - Over 52 million shares were repurchased in 2024 [37]

Group 1 - The company reported a revenue growth of 22.3% year-on-year to 3.59 billion RMB in 2019, with significant contributions from the Chinese market, which grew by 55.4% to 1.68 billion RMB, and the Iraqi market, which increased by 11.7% to 1.42 billion RMB [1] - The company's net profit attributable to shareholders rose by 20.8% year-on-year to 268 million RMB, and operating cash flow reached a historical high of 610 million RMB [1] - The company's backlog of orders reached a record high of 5.79 billion RMB by the end of 2019, with 1.97 billion RMB from the Chinese market and 3.275 billion RMB from the Iraqi market [1] Group 2 - The company issued a 300 million USD bond at a 7.5% interest rate at the end of 2019, which effectively reduced short-term repayment pressure and improved risk resilience [2] - The company expects revenues of 3.66 billion, 3.79 billion, and 4.45 billion RMB for 2020-2022, with net profits of 68 million, 128 million, and 207 million RMB respectively [2] - The target price for the company's stock has been adjusted from 1.23 HKD to 0.874 HKD, maintaining a "buy" rating despite downward adjustments in revenue and profit forecasts due to the impact of falling international oil prices [2]

Financial Data and Key Metrics Changes - Revenue for the first half of 2024 was approximately RMB 2.2 billion, representing a 50% increase year-over-year [2] - Profit attributable to equity holders amounted to approximately RMB 106 million, an increase of 8.2% [2] - Free cash flow was RMB 197 million, reflecting a 15.2% increase compared to the same period last year [2] Business Line Data and Key Metrics Changes - Traditional businesses such as fracturing and drilling achieved operational records, with revenue from non-drilling rig services increasing by 24% [7] - Innovative businesses saw a 17% growth in revenues, with successful expansions into the Southeast Asian market [8] - The integrated oil field management project in Iraq was renewed for another year, indicating strong performance in innovative services [7] Market Data and Key Metrics Changes - The China market remained stable, focusing on natural gas and unconventional energy development [5] - The Iraq market experienced rapid growth as customers expanded production, contributing significantly to revenue [5] - The company expanded its presence in 14 new countries, capturing business opportunities and ensuring steady revenue growth in Africa, Southeast Asia, and Central Asia [6] Company Strategy and Development Direction - The company aims to expand into new global markets and upgrade services for green energy chains [13] - A focus on leveraging the Dufrya project to pursue new oil field management projects is part of the strategy [14] - The company is transitioning from traditional oil field solutions to green energy localized industry development in emerging markets [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the Iraqi market over the next five years, driven by larger-scale project opportunities [14] - The company plans to enhance profitability through refined operations and cash flow management [17] - Management highlighted the importance of digital sales efficiency in exploring new markets and cultivating growth opportunities [15] Other Important Information - The company resumed its dividend policy, paying out RMB 39 million in dividends and repurchasing 26 million shares, representing approximately 1% of total share capital [11][12] - Anton achieved recognition in ESG operations, being listed in S&P's sustainability yearbook 2024, marking a significant milestone for a Chinese oil service company [12] Q&A Session Summary Question: What is the focus for overseas market development and any new project opportunities? - The company sees stable growth in the China market and expects rapid growth in the Iraqi market over the next five years, while actively exploring new opportunities in over ten emerging countries [20][21] Question: What are the key dates and expected profits for the oil field project in Iraq? - The company has a clear timeline for the Dufrya oil field project, with expectations of stable returns over the next 25 years, not heavily affected by oil price fluctuations [30][31] Question: Has the company achieved large orders in the third quarter? - Orders have shown a good growth trend in the third quarter, with expectations for larger scale orders to be confirmed in the near future [32][34] Question: What is the plan for share buyback and separate listing? - The company plans to delay the separate listing due to strategic investor agreements but will continue to promote the listing process [36] Question: What is the company's cash flow management strategy? - The company has maintained a strong cash flow performance, with expectations for continued growth in free cash flow and effective cash flow operations [42][43]