Core Viewpoint - The company plans to issue A-shares to a specific entity, China National Petroleum Corporation, to raise funds for key projects aligned with the Belt and Road Initiative, enhance energy security, and improve its financial structure [1][2][3]. Group 1: Background and Purpose of the Issuance - The issuance aims to support the Belt and Road Initiative by funding significant energy projects in Iraq and the UAE, which will enhance local economic benefits and the company's international operational capabilities [2][3]. - The issuance is also intended to align with China's new energy security strategy, improving cash flow and supporting the implementation of national energy projects [2][3]. - The company seeks to optimize its market layout and promote overseas business development, with new contracts in domestic and international markets showing significant growth [2][3]. Group 2: Use of Proceeds - The funds raised will be allocated to the Basra seawater pipeline project in Iraq and gas pipeline projects in Abu Dhabi, with 70% of the funds directed towards these projects and 30% for working capital and R&D [10][20]. - The company emphasizes the importance of increasing R&D investment to enhance core competitiveness and accelerate the commercialization of research outcomes [3][4]. Group 3: Financial Strategy - The issuance will help reduce the company's debt-to-asset ratio, improve financial health, and support high-quality development [4][5]. - The company aims to maintain a stable capital structure through equity financing, which is more favorable compared to debt financing [5][6]. Group 4: Issuance Details - The issuance will consist of 1,674,944,241 A-shares at a price of RMB 3.53 per share, based on the average trading price over the previous 20 trading days [10][11]. - The issuance process has been approved by various internal committees and will require further approvals from regulatory bodies [13][14]. Group 5: Fairness and Reasonableness of the Issuance - The issuance plan has undergone multiple reviews and is designed to protect the interests of all shareholders, ensuring transparency and fairness in the voting process [14][25]. - The company has committed to measures to mitigate the potential dilution of immediate returns for existing shareholders [15][24]. Group 6: Conclusion - The issuance is deemed necessary and feasible, aligning with the company's strategic goals and benefiting all shareholders [25].

Core Viewpoint - The report highlights the financial performance and strategic direction of China Petroleum Engineering Co., Ltd. for the first half of 2025, emphasizing revenue growth, project execution, and market expansion in both domestic and international sectors [1][2]. Financial Performance - The company reported a revenue of 36.29 billion yuan, a 12.18% increase compared to the same period last year [2][6]. - Total profit amounted to 767.71 million yuan, reflecting an 8.31% decrease year-on-year [2][6]. - Net profit attributable to shareholders was 470.12 million yuan, down 10.87% from the previous year [2][6]. - The net cash flow from operating activities was -1.53 billion yuan, showing significant improvement compared to -7.05 billion yuan in the previous year [2][6]. Business Operations - The company aims to become a world-class energy engineering service provider, focusing on traditional oil and gas engineering while expanding into LNG, marine engineering, and environmental engineering [3][4]. - The operational model includes comprehensive project management from consulting to execution, covering the entire value chain of engineering services [3][4]. Market Development - New contracts signed totaled 734.01 billion yuan, a 3.10% decrease year-on-year, with domestic contracts accounting for 68.42% and international contracts 31.58% [6][7]. - The company successfully secured significant projects in high-end chemicals and new materials, reinforcing its market position [7][8]. Industry Context - The domestic economy showed a robust growth of 5.3%, with a focus on new energy and materials, driven by government policies supporting green and digital transformation [4][5]. - Internationally, oil prices remained stable amid geopolitical tensions, providing opportunities for engineering service providers [5][6]. Technological Innovation - The company has made strides in technology development, with 124 research achievements and 105 new patents granted, including 58 invention patents [10][11]. - Emphasis on digital transformation and AI applications in engineering projects has been a key focus area [10][11]. Governance and Risk Management - The company has implemented reforms to enhance governance, including the establishment of an ESG management framework, which has improved its ESG rating to "AA" [11][12]. - Risk management strategies have been strengthened, particularly in quality, health, safety, and environmental (QHSE) aspects, achieving a 100% acceptance rate for engineering quality [12][13].

截至8月19日收盘，中石化炼化工程（02386.HK）报6.790港元，较上个交易日上涨1.34%，当日盘中最 高价触及6.890港元，创近一年新高。 资金流向方面，当日主力流入NaN万港元，流出NaN万港元，净流入209.77万港元。 中石化炼化工程(集团)股份有限公司SinopecEngineering(Group)Co.,Ltd.(英文缩写SEG)是由中国石油化工 集团公司控股的、面向境内外炼油化工工程市场的大型综合一体化工程服务商和技术专利商,是目前国 内最大的能化工程建设企业之一。公司境内旗下12家子(分)公司:中国石化工程建设有限公司、中石化广 州(洛阳)工程有限公司、中石化上海工程有限公司、中石化宁波工程有限公司、中石化南京工程有限公 司、中石化第四建设有限公司、中石化第五建设有限公司、中石化第十建设有限公司、中石化重型起重 运输工程有限责任公司、中石化炼化工程(集团)股份有限公司洛阳技术研发中心、中石化节能技术服务 有限公司、中石化炼化工程集团信息科技分公司。 公司于2013年5月正式面向全球首次公开发售13.28亿股H股,发行价为每股10.5港元,2013年5月23日在香 港联合交易所挂牌交 ...