2025 年 9 月 26 日 公司研究 事件：公司发布《关于子公司签订项目合同的公告》，全资子公司中国石化集团 国际石油工程有限公司与道达尔能源拉塔维项目公司就伊拉克拉塔维油区二期 井场及井间管线项目（NWP 项目）正式签署设计、采购、供应、施工、试运交 钥匙（EPSCC）固定总价合同，合同金额 3.59 亿美元，约合人民币 25.53 亿元。 点评： 中标金额占公司 24 年营收的 3.15%，与国际能源巨头合作进一步深化。公司本 次签约的 NWP 项目为 EPSCC 合同，工期 41 个月，涉及 5 座新生产及回注井场、 11 座老井场改造升级、44 条集输管线约 140 公里。中标金额为 3.59 亿美元， 约占公司中国会计准则下 2024 年营业收入的 3.15%，项目预计 2029 年 3 月 31 日实现机械完工。项目合作方道达尔能源拉塔维项目公司是道达尔为开发伊拉克 拉塔维油田而专门成立的项目公司，本次项目中标彰显公司在石油工程建设领域 的专业技术水平和施工管理能力，有助于深化公司和国际能源巨头的合作，是公 司在海外市场开拓的重大突破。 新签合同额稳步增长，持续拓展海外市场。公司大力提升工程技 ...

Core Viewpoint - The company has signed a significant contract worth approximately $359.12 million with TotalEnergies for a project in Iraq, which is expected to positively impact its revenue and profit over the next 3-4 years [1] Group 1 - The contract is for the design, procurement, supply, construction, and trial operation of the second phase of the Latavi oil field and inter-well pipeline project [1] - The total contract amount is $359,118,182, which is approximately 2.553 billion RMB [1] - The contract is not expected to have a significant impact on the company's total assets, net assets, and net profit for the fiscal year 2025 [1] Group 2 - The contract is anticipated to have a positive effect on the company's operating income and total profit in the coming 3-4 years [1]

近日，海油工程（600583）中标卡塔尔能源公司BH（Bul Hanine）海上油田扩建项目，获两份总价值为 40亿美元的工程、采购、施工和安装 (EPCI) 合同。项目作业地点位于波斯湾卡塔尔海域，共包含新 建、水下、改造和弃置4个标段，海油工程中标其中两个标段，主要工作内容包括多个结构物的新建、 多条海底管缆的铺设，以及部分已建设施的改造工作。 ...

Summary of Key Points Core Viewpoint - Tianyuan Medical (00557.HK) anticipates a significant decline in total revenue for the six months ending June 30, 2025, projecting approximately HKD 8.4 million, a decrease of about 44% compared to approximately HKD 14.9 million for the previous period [1][3]. Revenue Decline Reasons - The primary reason for the expected revenue decrease is the suspension of operations and renovations at Shanghai Yuyue Weilai Medical Beauty Hospital, which is partially owned by the group. This is expected to result in a revenue drop of no less than approximately HKD 6.2 million, reducing medical business revenue to about HKD 0.5 million (previous period: approximately HKD 6.7 million) [3]. Net Loss Projection - The company projects a net loss of approximately HKD 8.4 million for the interim period, compared to a net loss of approximately HKD 9 million for the previous period. This anticipated loss is primarily attributed to the estimated decrease in total revenue, offset by a corresponding reduction in operating costs [3]. Business Overview - Tianyuan Medical's main business activities include investment holding, providing procurement, marketing, management, franchising, and plastic surgery services to the medical industry, as well as lending and related services, and offering procurement services to the hotel industry [3].

Group 1 - The stock price of CNOOC Engineering closed at 5.57 yuan on August 11, down 0.10 yuan, a decrease of 1.76% from the previous trading day [1] - The trading volume on that day was 619,670 hands, with a transaction amount of 346 million yuan [1] - CNOOC Engineering is a core enterprise in the domestic offshore oil and gas development engineering sector, engaged in design, procurement, construction, and installation [1] Group 2 - The company will release its semi-annual report for 2025 on August 16 and plans to hold a performance briefing on August 19 [1] - Key executives, including the chairman, president, and CFO, will attend the briefing to communicate the company's operational status with investors [1] Group 3 - On August 11, the net outflow of main funds was 33.87 million yuan, with a cumulative net outflow of 82.37 million yuan over the past five trading days [2]

Core Viewpoint - The article discusses the EPCO model in the context of China's cultural tourism projects, highlighting its efficiency and the underlying risks associated with its implementation [12][66]. Group 1: EPCO Model Overview - EPCO stands for Engineering, Procurement, Construction, and Operation, representing a comprehensive approach to managing cultural tourism projects [2][12]. - The model is perceived as a solution for project management, allowing a single team to handle design, construction, procurement, and operation, with minimal government involvement [12][41]. - The model's efficiency is questioned, as it often leads to profit manipulation at each stage, prioritizing financial gain over project quality [14][46]. Group 2: Financial Mechanisms - The model relies heavily on government funding, particularly through "rural revitalization funds," which are essentially subsidized loans [6][8]. - Companies involved in EPCO projects often bear the interest costs of these loans, which can be as high as 4.5% annually [8][10]. - The financial structure allows companies to generate revenue through various means, including design fees and procurement markups, often before the project is completed [41][56]. Group 3: Operational Challenges - The operational phase of EPCO projects focuses on maintaining stability rather than achieving long-term success, with the primary goal being to avoid project failure [36][38]. - The model encourages a cycle of financial maneuvering, where companies aim to profit from each phase of the project lifecycle, often at the expense of sustainable development [55][66]. - The reliance on government support and the potential for changing political landscapes pose significant risks to the sustainability of these projects [60][62]. Group 4: Industry Implications - The popularity of the EPCO model stems from its ability to meet governmental performance metrics without requiring substantial project success [48][54]. - The model creates a disconnect between project execution and actual visitor engagement, leading to a façade of success that may not reflect reality [46][70]. - As the industry continues to adopt this model, the long-term viability of cultural tourism projects remains uncertain, with many projects potentially failing to deliver on their promises [69][70].

Core Viewpoint - Founder Group Limited, a leading solar photovoltaic system EPCC solutions provider in Malaysia, assures investors that it will not be affected by the proposed gradual elimination of solar tax credits in the U.S. by 2028 [1]. Company Overview - Founder Group Limited specializes in the full-process engineering design, procurement, construction, and commissioning of solar energy facilities, focusing on large-scale solar projects and commercial and industrial (C&I) solar projects [2]. - The company's mission is to provide innovative solar installation services, promote eco-friendly resources, and achieve carbon neutrality goals [2]. Market Position - The CEO of Founder Group, Lee Seng Chi, stated that the company primarily operates in Malaysia and has no business in the U.S., thus it is not impacted by the current market sentiment affecting U.S. solar stocks [1]. - The company's revenue is mainly derived from the Malaysian market, making it unaffected by proposed changes in tax incentives in the U.S. [1]. - Future expansion plans will focus on the Southeast Asian region, with no current plans to expand into the U.S. market [1].