香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 SPT Energy Group Inc. 華油能源集團有限公司* （於開曼群島註冊成立之有限公司） （股份代號：1251） 自願性公告 營運合作協議 董事會欣然宣布，於二零二五年九月二十六日，本公司之附屬公司CNG與 PIONEER OIL INDONESIA（「POI」）訂立營運合作協議。根據營運合作協議， CNG已同意與POI在印度尼西亞賈邦登加區塊的某區域開展油氣勘探、開發及生 產活動。 根據營運合作協議，POI將承擔賈邦登加區塊某區域的全部營運成本。在協議簽 署後的三年內，POI將投入最高達到2億美元的資金。根據營運合作協議，CNG不 承擔任何出資義務。 倘若勘探工作取得成功，並且從賈邦登加區塊某區域實現收益，根據營運合作協 議，CNG與POI間的利潤分成將按50:50的比例進行分配。 訂立營運合作協議的理由及裨益 參照本公司於二零二二年十二月二十八日及二零二三年一月二十五日發布的公告。 根據生 ...

Core Insights - Company achieved a total revenue of 48.3 billion yuan in 2024, representing a year-on-year growth of 9.5%, with a net profit attributable to shareholders of 3.14 billion yuan, up 4.1% year-on-year [1] - The fourth quarter revenue was 14.64 billion yuan, showing a slight increase of 0.3% year-on-year, while net profit for the quarter was 690 million yuan, down 6.4% year-on-year, indicating pressure on quarterly profits possibly due to seasonal cost fluctuations and project settlement timing [1] - The overall gross margin for the year was 15.7%, a decrease of 0.2 percentage points year-on-year, and the net profit margin was 7.0%, down 0.4 percentage points year-on-year, although effective cost control was noted with total expense ratio at 6.5%, down 0.6 percentage points year-on-year [1] Financial Performance - The company maintained a strong financial performance with a gross margin of 15.7% and a net profit margin of 7.0% despite slight declines in both metrics [1] - The company’s financial expense ratio decreased by 0.6 percentage points, benefiting from optimized debt structure and improved interest rate environment [1] Strategic Focus - The company is positioned as a leading integrated oilfield service provider, focusing on "technology-driven" and "cost leadership" strategies to strengthen its industry position [1] - There is a steady recovery in global oilfield service demand, with significant expansion in markets across Asia-Pacific, the Middle East, and the Americas [1] - The company increased its R&D investment with a research expense ratio of 2.9%, targeting breakthroughs in high-end technologies, particularly in deepwater exploration and digital oilfields [1] Future Projections - Based on the company's 2024 performance and the oil service industry's outlook, the earnings per share (EPS) forecasts for 2025 and 2026 have been adjusted to 0.82 yuan and 0.88 yuan respectively, with a new 2027 EPS forecast of 0.94 yuan [2] - The target price is set at 16.4 yuan based on a 20 times price-to-earnings ratio for comparable companies in 2025, maintaining a buy rating [2]