MI能源中期报告2025

Contents目錄 Condensed Interim Consolidated Statementof Changes in Equity簡明中期合併權益變動表 Condensed Interim Consolidated Statementof Cash Flows簡明中期合併現金流量表 Notes to the Condensed Interim ConsolidatedFinancial Information簡明中期合併財務資料附註 Company Information公司資料 BOARD OF DIRECTORSExecutive Directors Mr. Zhao JiangweiMr. Lam Wai Tong(resigned with effect from May 1, 2025)Mr. Wong Yiu Kui(appointed with effect from May 1, 2025) 趙江巍先生林瑋瑭先生（於二零二五年五月一日辭任）黃耀驅先生（於二零二五年五月一日獲委任） 張瑞霖先生（主席）韓燁先生閆瑞冰先生 Non-executive Directors Mr. Zhang Ruilin(Chairman)Mr. Han YeMr. Yan Ruibing Independent Non-executive Directors 梅建平先生廖英順先生楊日泉先生艾民先生彭萍女士 Mr. Mei JianpingMr. Liu Ying ShunMr. Yeung Yat ChuenMr. Ai MinMs. Peng Ping REGISTERED ADDRESS Maples Corporate Services LimitedP.O. Box 309Ugland HouseGrand Cayman KY1-1104Cayman Islands Maples Corporate Services LimitedP.O. Box 309Ugland HouseGrand Cayman KY1-1104Cayman Islands PRINCIPAL PLACE OF BUSINESS INHONG KONG 香港灣仔港灣道30號新鴻基中心19樓1901–1907室 Room 1901–1907, 19/FSun Hung Kai30 Harbour RoadWan ChaiHong Kong Company Information公司資料 BEIJING OFFICE 中華人民共和國（「中國」）北京朝陽區北辰東路8號北辰時代大廈1301–1306室郵編100101 Room 1301–1306North Star Times TowerNo. 8 North Star East RoadChaoyang District, BeijingThe People’s Republic of China (the“PRC”)100101 LISTING INFORMATIONStock Listing 香港聯合交易所有限公司（「聯交所」）股份代號：01555 The Stock Exchange of Hong Kong Limited(the“Stock Exchange”)Stock Code: 01555 Senior Notes ListingThe Company’s senior notes due 2028 listed on theSingapore Exchange Securities Trading Limited 本公司於二零二八年到期的優先票據於新加坡證券交易所有限公司上市 www.mienergy.com.cn WEBSITE ADDRESSwww.mienergy.com.cn 謝鳳心女士 COMPANY SECRETARYMs. Tse Fung Sum Flora 張瑞霖先生趙江巍先生 AUTHORIZED REPRESENTATIVESMr. Zhang RuilinMr. Zhao Jiangwei Company Information公司資料 MEMBERS OF THE AUDIT COMMITTEE 廖英順先生（主席）楊日泉先生艾民先生梅建平先生彭萍女士 Mr. Liu Ying Shun(Chairman)Mr. Yeung Yat ChuenMr. Ai MinMr. Mei JianpingMs. Peng Ping MEMBERS OF THE REMUNERATIONCOMMITTEE 梅建平先生（主席）艾民先生彭萍女士 Mr. Mei Jianping(Chairman)Mr. Ai MinMs. Peng Ping MEMBERS OF THE NOMINATIONCOMMITTEE 梅建平先生（主席）艾民先生彭萍女士 Mr. Mei Jianping(Chairman)Mr. Ai MinMs. Peng Ping INDEPENDENT TECHNICALCONSULTANTSRyder Scott Company, L.P. Ryder Scott Company, L.P. INDEPENDENT AUDITOR 香港立信德豪會計師事務所有限公司執業會計師註冊公眾利益實體審計師香港干諾道中111號永安中心25樓 BDO LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor25th Floor, Wing on Centre111 Connaught Road CentralHong Kong Company Information公司資料 LEGAL ADVISERS TO THE COMPANY 競天公誠律師事務所（中國法律）Maples and Calder（開曼群島法律）郭葉陳律師事務所（香港法律） Jingtian & Gongcheng Law Firm (As to PRC law)Maples and Calder (As to Cayman Islands law)Kwok Yih & Chan (As to Hong Kong law) PRINCIPAL BANKERS Citibank, N.A.China Construction Bank Corporation Limited 花旗銀行中國建設銀行股份有限公司 VALUER Asia-Pacific Consulting and Appraisal Limited 亞太評估諮詢有限公司 CAYMAN ISLANDS PRINCIPALSHARE REGISTRAR ANDTRANSFER OFFICE Maples FS LimitedP.O. Box 1093, Queensgate HouseGrand CaymanKY1-1102Cayman Islands Maples FS LimitedP.O. Box 1093, Queensgate HouseGrand CaymanKY1-1102Cayman Islands HONG KONG BRANCH SHAREREGISTRAR AND TRANSFEROFFICE 卓佳證券登記有限公司香港夏愨道16號遠東金融中心17樓 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong Financial Summary財務摘要 Operating Summary營運摘要 Six-month period endedJune 30截至六月三十日止六個月20252024二零二五年二零二四年 附注：採油成本包括生產一桶石油直接可控制成本。其他生產成本如安全 費、環 境 費 用、技 術 及 研 究 開支以及經常性費用並不包括在內，原因是該等成本並非生產一桶石油的直接成本。 Note:Lifting cost refers to direct cost incurred toproduce a barrel of oil controllable at thefield level. Production costs such as safetyfee, environmental expenses, technicaland research expenses and overhead arenot included because they are not directlyattributable to the production of a barrel of oil. Management Discussion and Analysis管理層討論及分析 BUSINESS REVIEW AND PROSPECTS 二零二五年上半年，世界經濟保持溫和增長，國際原油市場供應寬鬆，原油價格同比下行。美國推動的對等關稅貿易戰，疊加石油輸出國組織（「歐佩克」）和非歐佩克產油國（統稱「歐佩克+」）增產，是導致原油市場價格下行的主要原因。期間俄烏問題、以伊衝突等造成了短期的原油價格上漲，但幅度有限。原油價格面臨宏觀貿易糾紛和歐佩克+增產的雙重利空，整體趨勢偏弱。本集團積極應對複雜的宏觀經濟形勢，統籌推進生產經營、提質增效、綠色低碳等工作，有序推進原油產能建設，持續鞏固成本優勢。 In the first half of 2025, the world economy maintainedmoderate growth, the international crude oil marketwas loose, and crude oil prices fell year-on-year. Thereciprocal tariff trade war promoted by the UnitedStates, coupled with Organization of the PetroleumExporting Countries (“OPEC”) and non-OPEC oil-producing countries (collectively,“OPEC+”) productionincrease, is the main reason for the decline in crude oilmarket prices. During this period, the Russia-Ukraineissue and the Israeli-Iranian conflict caused short-term crude oil prices to rise, but the magnitude waslimited. Crude oil prices are facing the double negativeof macro trade disputes and OPEC+ productionincreases, and the overall trend is weak. The Groupactively responded to the complex macroeconomicsituation, coordinated the promotion of production andoperation, quality and efficiency improvement, greenand low-carbon work, promoted the construction ofcrude oil production capa