华鑫证券研报指出，海油发展2025年上半年实现归母净利润18.29亿元，同比+13.15%；Q2实现归母净 利润12.35亿元，同比+10.75%、环比+107.97%。积极布局深海科技，三大主业作业量平稳增长。公司 集中优势资源，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。2025年上半 年，公司实现营业收入225.97亿元，同比增长4.46%，主要原因为公司核心能力建设成效和增储上产持 续推进，技术服务业务工作量、产品生产及商品销售业务销量增长拉动收入增长。公司加速推进传统产 业高端化、智能化、绿色化转型升级。公司发布生产管理、能碳管理、安全管理等十大数字化模块产 品，大力推进智能工厂建设，新增3家已进入试运行阶段。考虑到公司技术服务深入推进，多产业发展 有望驱动业绩增长，本次略上调盈利预测，维持"买入"投资评级。 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][11] Core Views - The company is actively positioning itself in deep-sea technology, with stable growth in its three main business areas [6][10] - The company achieved a total revenue of 22.597 billion yuan in the first half of 2025, representing a year-on-year increase of 4.46%, driven by core capability enhancements and ongoing resource development [5][6] - The report slightly raises the profit forecast for the company, predicting net profits of 4.150 billion, 4.749 billion, and 5.326 billion yuan for 2025, 2026, and 2027 respectively [11] Summary by Sections Financial Performance - In the first half of 2025, the company reported a net profit of 1.829 billion yuan, up 13.15% year-on-year [5] - The second quarter of 2025 saw a single-quarter revenue of 12.522 billion yuan, a year-on-year increase of 0.78% and a quarter-on-quarter increase of 24.30% [5] Business Segments - 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 lifting services (3.24%) [7] - 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%) [7] - 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%) [7] Strategic Initiatives - The company is accelerating the transformation and upgrading of traditional industries towards high-end, intelligent, and green technologies [10] - It has launched ten digital management modules and is advancing the construction of smart factories, with three now in trial operation [10] - The company is also focusing on developing strategic emerging industries and future industries, optimizing its product and service offerings across six major areas [10]

Group 1 - The company reported a revenue of 22.597 billion yuan for the first half of 2025, representing a year-on-year growth of 4.46% [1] - The net profit attributable to shareholders reached 1.829 billion yuan, with a year-on-year increase of 13.15% [1] - The company focused on three main industries: energy technology services, low-carbon environmental protection and digitalization, and energy logistics services [1] Group 2 - The energy technology services sector generated a revenue of 7.993 billion yuan, growing by 2.79% year-on-year [1] - The low-carbon environmental protection and digitalization sector achieved a revenue of 3.870 billion yuan, with an increase of 11.17% [1] - The energy logistics services sector reported a revenue of 11.640 billion yuan, reflecting a year-on-year growth of 5.13% [1] Group 3 - The company is accelerating the transformation and upgrading of traditional industries towards high-end, intelligent, and green development [1] - It launched ten digital module products related to production management, carbon management, and safety management during the reporting period [1] - The company has initiated the construction of smart factories, with three new factories entering the trial operation phase [1] Group 4 - The company is fostering the development of strategic emerging industries and future industries, optimizing its strategic emerging industry directory [2] - It is deepening its layout in six major fields with 137 products and services [2] - The oil service industry is evolving to integrate traditional energy and new energy, focusing on smart, green, and innovative development [2]