盈利能力提升，负债率降低财务费用减少，2025 上半年利润显著提升。公司持续优化资源配置，着力 拓展高潜力市场，依托全产业链整合优势，强化核心竞争力，助力公司经营业绩稳定提升。2025 年上 半年公司毛利率达到17.54%，同比提升0.71pct。费用率方面，2025 上半年同比下降0.51pct，其中利息 费用同比下降21.23%，得益于公司债务结构优化，资产负债率同比下降2.74pct。盈利能力提升叠加费 用率改善，2025 上半年公司归母净利润增加23.4%。 高日费项目开始运营，钻井业务日费率大幅改善。2024 年受到沙特停船及天气因素影响，公司钻井平 台作业日数同比减少1.3%。2025 年上半年，公司持续提升钻井业务运营质效，狠抓作业效率提升，公 司钻井平台作业9,906 天，同比增加10.5%。其中，自升式钻井平台作业7,776 天，同比增幅10.5%；半 潜式钻井平台作业2,130 天，同比增幅10.8%。 事件描述 公司发布2025 年半年报。2025 上半年，公司实现营收233.20 亿元，同比增长3.5%；实现归母净利润 19.64 亿元，同比增长23.3%。2025 单二季度，公司实现 ...

Core Viewpoint - UBS reports that CNOOC Services (02883, 601808.SH) achieved a net profit of 1.964 billion RMB in the first half of this year, representing a year-on-year growth of 23%, with revenue reaching 23.3 billion RMB, up 3.5% year-on-year, meeting expectations [1] Financial Performance - CNOOC Services' net profit for H1 is 1.964 billion RMB, a 23% increase year-on-year [1] - Revenue for the same period is 23.3 billion RMB, reflecting a 3.5% year-on-year growth [1] Forecast and Valuation - UBS slightly raised the earnings forecast for 2025 to 2027 by 1-2% [1] - The target price has been adjusted from 9.8 HKD to 10.8 HKD based on discounted cash flow valuation, maintaining a "Buy" rating [1] Business Outlook - Domestic operations of CNOOC Services are expected to remain stable [1] - Contracts for overseas drilling platforms are secured until 2027 to 2030, with strong potential for daily rental rates [1] Strategic Initiatives - The company is designing fully domestically produced drilling platforms and is pursuing low-cost strategies to adapt to a low oil price environment [1] - In oil well services, revenue decline is attributed to short-term interruptions, but future growth is anticipated to be driven by technological advancements, albeit at a stable growth rate [1]

Core Viewpoint - CNOOC Services reported year-on-year growth in both revenue and profit for the first half of the year, primarily driven by the drilling business [1] Revenue Performance - The company experienced revenue growth of 12.8% in drilling and 19.8% in shipping services [1] - The significant increase in drilling revenue was attributed to the launch and operation of high-day-rate projects in the North Sea region of Norway, along with an increase in operational workload [1] Profitability Improvement - All business segments showed improvement in profitability or reduced losses [1] - The gross profit margin in overseas regions increased by 6.06 percentage points to 11.17%, mainly due to a substantial turnaround in overseas drilling operations [1] Asset Impairment and Future Outlook - The company recorded an asset impairment loss of 82.03 million yuan in the first half, primarily concentrated in the drilling business due to high oil price volatility [1] - With the resumption of four platforms in the Middle East and ongoing operations of high-day-rate drilling platforms in Norway, the company expects further improvement in day rates and high platform utilization in the second half of the year [1] Long-term Growth Potential - The company is anticipated to continue its overseas expansion and benefit from favorable industry conditions, with expected performance growth from 2025 to 2027 [1]

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]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9]. Core Insights - The company reported a significant increase in performance for Q1 2025, with total revenue reaching 10.798 billion yuan, a year-on-year increase of 6.40%. The total profit amounted to 1.129 billion yuan, up 20.12%, and the net profit attributable to shareholders was 0.887 billion yuan, reflecting a substantial increase of 39.60% [2][6]. Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved a gross profit margin of 17.64%, an increase of 1.24 percentage points year-on-year. The expense ratio decreased by 0.88 percentage points, with financial expense ratio down by 0.6 percentage points due to optimized debt structure, leading to a 2.28 percentage point reduction in asset-liability ratio [11]. Drilling Business - The drilling business saw a significant improvement in workload, with operating days for drilling platforms increasing by 11.4% year-on-year to 4,889 days in Q1 2025. The utilization rate of drilling platforms reached 89.5%, an increase of 10.3 percentage points year-on-year [11]. Technology-Driven Strategy - The company continues to implement a "technology-driven" strategy, resulting in stable growth in oilfield technical services. The gross profit margin for oilfield technical services increased to 22.9%, up 0.80 percentage points year-on-year, with the segment's revenue share rising from 29% in 2014 to 57% in 2024 [11]. Market Potential - The company is expected to benefit from the significant potential of offshore oil and gas resources, with China's offshore capital expenditure budget for 2025 set at 125-135 billion yuan, maintaining a high baseline from 2024. This will support substantial energy engineering construction demand [11]. Earnings Forecast - The projected EPS for the company from 2025 to 2027 is 0.81 yuan, 0.87 yuan, and 0.92 yuan, respectively, with corresponding PE ratios of 16.61X, 15.47X, and 14.66X based on the closing price on April 25, 2025 [11].