Company Overview - CNOOC Services Co., Ltd. is primarily engaged in oil and gas exploration, development, and production, with key business segments including drilling services (27.34% of revenue), oilfield technical services (57.26%), marine services (9.87%), and geophysical exploration services (5.53%) [1] - The company was established on December 25, 2001, and was listed on September 28, 2007 [1] Financial Performance - For the first half of 2025, CNOOC Services reported a revenue of 23.32 billion yuan, representing a year-on-year growth of 3.51%, and a net profit attributable to shareholders of 1.964 billion yuan, which is a 23.33% increase year-on-year [2] - CNOOC Services has distributed a total of 15.492 billion yuan in dividends since its A-share listing, with 2.866 billion yuan distributed over the past three years [3] Stock Performance - As of August 28, CNOOC Services' stock price increased by 2.05% to 14.47 yuan per share, with a market capitalization of 69.045 billion yuan [1] - Year-to-date, the stock has decreased by 3.66%, but has seen a 3.95% increase over the past 20 days and an 8.97% increase over the past 60 days [1] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 4.90% to 68,200, with an average of 0 circulating shares per person [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 12.1671 million shares, and several ETFs, with notable changes in holdings among the top ten shareholders [3]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance in H1 2025 met expectations, with total revenue of 23.32 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 1.964 billion yuan, up 23.3% year-on-year [7] - The drilling segment showed significant improvement, with operating days for drilling platforms reaching 9,906 days, a 10.5% increase year-on-year, and a utilization rate of 93.4% [7] - The oilfield technology service segment experienced a decline in performance but maintained a high gross margin of 24% [7] - The shipbuilding segment saw a notable increase in market share, with operating days up 27.6% year-on-year [7] - The company plans to maintain high capital expenditures, with a forecast of 125 to 135 billion yuan for 2025, which is expected to provide more development opportunities [7] - The profit forecasts for 2025-2027 are set at 3.711 billion, 4.460 billion, and 5.394 billion yuan, corresponding to PE ratios of 18X, 15X, and 13X respectively [7] Financial Data and Earnings Forecast - Total revenue is projected to reach 51.882 billion yuan in 2025, with a year-on-year growth rate of 7.4% [6] - The net profit attributable to shareholders is expected to be 3.711 billion yuan in 2025, reflecting an 18.3% year-on-year increase [6] - The gross margin is forecasted to be 16.4% in 2025, with a return on equity (ROE) of 7.9% [6]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) Services, the largest offshore drilling contractor in China, has demonstrated steady growth in its operating performance, with significant increases in both revenue and net profit in the first half of 2025 [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 23.32 billion yuan, a year-on-year increase of 3.51%, and a net profit attributable to shareholders of 1.964 billion yuan, up 23.33% year-on-year [1]. - The company has experienced four consecutive increases in mid-year revenue and net profit since mid-2022, with revenues of 15.213 billion yuan, 18.874 billion yuan, and 22.529 billion yuan from mid-2022 to mid-2024, reflecting growth rates of 19.45%, 24.07%, and 19.37% respectively [1]. - The net profits for the same period were 1.103 billion yuan, 1.339 billion yuan, and 1.592 billion yuan, with growth rates of 37.57%, 21.12%, and 18.92% respectively [1]. Group 2: Business Segments - The drilling services segment generated revenue of 7.238 billion yuan in the first half of 2025, marking a year-on-year increase of 12.8% [2]. - The oilfield technical services segment reported revenue of 12.378 billion yuan, a decline of 3.5% year-on-year [2]. - The marine services segment achieved revenue of 2.608 billion yuan, reflecting a growth of 19.8% year-on-year [2]. - The company maintained stable revenue of 1.095 billion yuan from geophysical data acquisition and engineering survey services [2]. Group 3: Market Position and Shareholder Confidence - CNOOC Services is recognized as one of the largest integrated oilfield service providers globally, with a complete service chain and strong offshore oil service equipment capabilities [2]. - The proportion of revenue from international markets has been gradually increasing, with 21.47% and 22.53% of revenue coming from international markets in 2023 and 2024 respectively, and 5.518 billion yuan in the first half of 2025, up 23.66% year-on-year [2]. - The major shareholder, China National Offshore Oil Group, has expressed confidence in the company's future, planning to increase its stake by 300 million to 500 million yuan, having already acquired 16.08 million shares, raising its holding to 50.86% [3].

Core Viewpoint - CNOOC Services experienced a decline in stock price and trading volume, with a market capitalization of 68.759 billion yuan as of August 27, 2023 [1] Group 1: Stock Performance - As of August 27, 2023, CNOOC Services' stock price was 14.41 yuan per share, down 2.04% [1] - Year-to-date, the stock price has decreased by 4.05%, with a 2.20% increase over the last five trading days, a 1.55% increase over the last 20 days, and an 8.11% increase over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, CNOOC Services reported revenue of 23.32 billion yuan, a year-on-year increase of 3.51%, and a net profit attributable to shareholders of 1.964 billion yuan, up 23.33% [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased to 68,200, a rise of 4.90% [2] - CNOOC Services has distributed a total of 15.492 billion yuan in dividends since its A-share listing, with 2.866 billion yuan distributed over the last three years [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which reduced its holdings by 37.7625 million shares, and several ETFs that increased their holdings [3]

Group 1 - CNOOC Services (SH 601808) announced the third board meeting of 2025 held on August 26, 2025, in Shenzhen, where the proposal to cancel the supervisory board and amend the company’s articles of association was reviewed [1] - For the year 2024, CNOOC Services' revenue composition is as follows: oilfield technical services accounted for 57.26%, drilling business for 27.34%, shipping services for 9.87%, and geophysical and engineering survey services for 5.53% [1] Group 2 - The pet industry is experiencing a significant boom, with a market size of 300 billion yuan, leading to a surge in stock prices for related listed companies [1]

Company Overview - CNOOC Services Co., Ltd. closed at 14.62 yuan, up 1.39%, with a rolling PE ratio of 20.59, marking a new low in 104 days, and a total market capitalization of 69.761 billion yuan [1] - The company's main business includes oil and gas exploration, development, and production, with key products being drilling services, oilfield technical services, vessel services, geophysical data acquisition, and engineering survey services [1] Financial Performance - For the first quarter of 2025, the company reported operating revenue of 10.798 billion yuan, a year-on-year increase of 6.40%, and a net profit of 0.887 billion yuan, a year-on-year increase of 39.60%, with a gross profit margin of 17.64% [1] Industry Comparison - The average PE ratio for the extraction industry is 31.06, with a median of 37.14, placing CNOOC Services at the 10th position in the industry ranking [1] - As of the first quarter of 2025, there are 12 institutions holding shares in CNOOC Services, all being funds, with a total holding of 24.0185 million shares valued at 330 million yuan [1]

Group 1 - The Shanghai Composite Index rose by 1.51% to close at 3883.56 points, while the Hang Seng Index increased by 1.94% to 25829.91 points [1] - China Oilfield Services Limited (COSL) has an AH premium of 114.04%, ranking 20th among AH shares [1] - COSL's A-shares closed at 14.62 yuan, up by 1.39%, and H-shares closed at 7.46 HKD, increasing by 0.4% [1] Group 2 - COSL is a major integrated oilfield service provider globally, offering services across all stages of offshore oil and gas exploration, development, and production [1] - The company's business is divided into four main categories: geophysical exploration services, drilling services, oilfield technical services, and marine services [1] - COSL was publicly listed on the Hong Kong Stock Exchange on November 20, 2002, and has been trading in the U.S. OTC market since March 26, 2004, and on the Shanghai Stock Exchange since September 28, 2007 [1]

Group 1 - The Shanghai Composite Index rose by 0.13% to close at 3771.1 points, while the Hang Seng Index fell by 0.24% to 25104.61 points [1] - China Oilfield Services Limited (COSL) has an AH premium of 110.56%, ranking 22nd among AH shares [1] - COSL's A-shares closed at 14.49 yuan, up 2.77%, and H-shares closed at 7.49 HKD, up 4.61% [1] Group 2 - COSL is a major integrated oilfield service provider globally, offering services across all stages of offshore oil and gas exploration, development, and production [1] - The company's services are categorized into four main types: geophysical exploration services, drilling services, oilfield technical services, and marine services [1] - COSL was publicly listed on the Hong Kong Stock Exchange on November 20, 2002, and has been trading in the U.S. OTC market since March 26, 2004, and on the Shanghai Stock Exchange since September 28, 2007 [1]

Group 1 - The core viewpoint of the articles highlights that CNOOC Services has a current stock price of 14.1 yuan, with a PE ratio of 19.85, marking a 16-day low, and a total market capitalization of 67.279 billion yuan [1][2] - The average industry PE ratio for the extraction sector is 30.36, with a median of 39.86, placing CNOOC Services in 11th position among its peers [1][2] - As of the first quarter of 2025, 11 institutions hold shares in CNOOC Services, with a total of 23.9249 million shares valued at 329 million yuan [1] Group 2 - CNOOC Services specializes in oil and gas exploration, development, and production, offering services such as drilling, oilfield technical services, vessel services, geophysical data collection, and engineering surveying [1] - The latest financial results for the first quarter of 2025 show that the company achieved a revenue of 10.798 billion yuan, a year-on-year increase of 6.40%, and a net profit of 888 million yuan, reflecting a year-on-year growth of 39.60%, with a gross profit margin of 17.64% [1]

Company Overview - China Oilfield Services Limited (COSL) is a major integrated oilfield service provider globally, offering services across all stages of offshore oil and gas exploration, development, and production [1] - COSL's business is divided into four main categories: geophysical exploration services, drilling services, oilfield technical services, and marine services [1] Stock Performance - On August 14, the Shanghai Composite Index fell by 0.46%, closing at 3666.44 points, while the Hang Seng Index decreased by 0.37%, closing at 25519.32 points [1] - COSL's A-shares closed at 13.87 yuan, down by 1.0%, and its H-shares closed at 7.19 Hong Kong dollars, down by 0.28% [1] - The A/H premium for COSL reached 111.03%, ranking it 20th among AH shares in terms of premium rate [1] Listing Information - COSL was publicly listed on the Hong Kong Stock Exchange on November 20, 2002, under the stock code 2883 [1] - The company began trading in the U.S. over-the-counter market as American Depositary Receipts (ADRs) on March 26, 2004, with the stock code CHOLY [1] - COSL's A-shares were listed on the Shanghai Stock Exchange on September 28, 2007, under the stock code 601808 [1]