证券代码：601808 证券简称：中海油服 公告编号：临2025-015 中海油田服务股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 每股分配比例 2.自行发放对象 中国海洋石油集团有限公司 A股每股现金红利人民币0.2306元（含税） 本次利润分配方案经中海油田服务股份有限公司（"公司"或"本公司"）2025年5月22日的2024年年度股 东大会审议通过。会议决议公告于2025年5月23日刊载于上海证券交易所网站。 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本4,771,592,000股为基数，每股派发现金红利人民币0.2306元 （含税），共计派发现金红利人民币1,100,329,115.20元（含税）。 三、相关日期 1.实施办法 除自行发放对象外，本公司无限售条件流通股的红利委托中国结算上 ...

China Oilfield Services (02883) Q1 2025 Earnings Call April 23, 2025 04:00 AM ET Moderator Good afternoon, investors and analysts. Thank you for joining us today for the China Oilfield Services Limited First Quarter twenty twenty five Earnings Conference Call. COSO is one of the world's largest oilfield service providers. Its services cover all stages of oil and gas exploration, development and production and are categorized into four main types: geophysical acquisition and surveying services drilling servi ...

Financial Performance - Revenue for Q1 2025 reached RMB 10,797.5 million, a 6.4% increase compared to RMB 10,148.0 million in the same period last year[5] - Net profit attributable to shareholders was RMB 887.2 million, representing a 39.6% increase from RMB 635.5 million year-on-year[5] - Net profit excluding non-recurring gains and losses was RMB 960.2 million, up 46.4% from RMB 655.7 million in the previous year[5] - Basic and diluted earnings per share increased by 46.2% to RMB 0.19 from RMB 0.13 in the same period last year[5] - Total profit amounted to RMB 1,129.2 million, reflecting a year-on-year growth of 20.1%[15] - Net profit reached RMB 936.7 million, showing a significant year-on-year increase of 35.6%[15] - Operating profit for Q1 2025 was CNY 1,241,196,412, representing a 24.0% increase from CNY 1,001,144,665 in Q1 2024[24] - The total comprehensive income for Q1 2025 was CNY 927,917,809, compared to CNY 698,147,125 in Q1 2024[24] Assets and Liabilities - Total assets at the end of the reporting period were RMB 83,377.9 million, a 0.5% increase from RMB 82,947.7 million at the end of the previous year[6] - The total assets as of March 31, 2025, were RMB 83,377.9 million, compared to RMB 82,947.7 million at the end of 2024[19] - The total liabilities decreased to RMB 38,006.9 million from RMB 38,523.1 million at the end of 2024[20] - The total equity attributable to shareholders of the parent company was CNY 44,706,914,140, an increase from CNY 43,797,161,954 year-over-year[21] Cash Flow - The net cash flow from operating activities was a negative RMB 2,288.2 million, compared to a negative RMB 835.0 million in the same period last year[5] - Cash flow from operating activities showed a net outflow of CNY -2,288,151,342, worsening from CNY -834,951,230 in Q1 2024[25] - Cash flow from investing activities generated a net inflow of CNY 4,348,899,049, compared to a net outflow of CNY -333,915,883 in Q1 2024[26] Operational Highlights - The number of drilling service operating days increased to 4,889, up 11.4% from the previous year[16] - The utilization rate of self-elevating drilling platforms improved to 91.9%, an increase of 7.6 percentage points year-on-year[16] - The ship service business recorded 20,621 operating days, a substantial increase of 44.9% compared to the previous year[17] - The company operated 12 LNG-powered guard vessels, which cumulatively worked 1,065 days, reducing carbon emissions by approximately 12,000 tons annually[17] Strategic Focus - The company focused on enhancing international operations and improving resource integration, which contributed to profit growth[8] - The company is focusing on the development of intelligent equipment and low-carbon technologies to enhance core competitiveness and stabilize operational performance[15] Government Support - The company received government subsidies amounting to RMB 8,874,300, which are closely related to its normal business operations[7] - The company received CNY 5,525,000,000 from investment recoveries, significantly higher than CNY 3,000,000,000 in Q1 2024[26]

Financial Performance - In 2024, the total revenue reached RMB 48,218.1 million, representing a 9.5% increase from RMB 44,042.2 million in 2023[18] - The operating profit for 2024 was RMB 5,047.6 million, a 4.0% increase from RMB 4,855.2 million in 2023[18] - The annual profit rose to RMB 3,399.1 million, reflecting a 3.5% increase compared to RMB 3,282.6 million in 2023[18] - Basic earnings per share increased by 4.1% to RMB 65.74 from RMB 63.15 in the previous year[18] - The net profit for 2024 was RMB 3,399.1 million, up RMB 116.5 million, reflecting a growth of 3.5% compared to the previous year[32] - The total operating expenses for 2024 were RMB 43,497.6 million, an increase of RMB 4,000.9 million or 10.1% compared to RMB 39,496.7 million in 2023[75] - The pre-tax profit for 2024 was RMB 4,667.3 million, an increase of RMB 424.4 million compared to RMB 4,242.9 million in 2023[95] - The net financial expenses decreased by RMB 228.6 million, or 26.8%, totaling RMB 624.2 million in 2024[93] Revenue Segmentation - Domestic business revenue was RMB 37,333.5 million, up 8.0% from RMB 34,571.9 million in 2023, while international business revenue increased by 14.9% to RMB 10,884.6 million from RMB 9,470.3 million[18] - The drilling services segment generated revenue of RMB 13,182.3 million in 2024, a 9.4% increase from RMB 12,051.2 million in 2023[35] - The oilfield technology services business achieved revenue of RMB 27,610.3 million in 2024, a 7.4% increase from RMB 25,717.5 million in 2023[43] - The ship service business generated revenue of RMB 4,760.9 million in 2024, reflecting a 20.9% growth compared to RMB 3,938.8 million in 2023[49] - The geophysical exploration and engineering survey services business reported revenue of RMB 2,664.6 million in 2024, up 14.1% from RMB 2,334.7 million in 2023[56] Market Expansion and Strategy - The company aims to strengthen its position in the oilfield service market while expanding into international markets across Asia-Pacific, Middle East, Americas, Europe, and Africa[7] - The company is focusing on expanding its overseas market presence, particularly in high-value long-term drilling projects in South America and Southeast Asia[37] - The company plans to continue expanding its market presence and enhancing its technological capabilities to drive future growth[66] - The company plans to allocate approximately RMB 7.2 billion for capital expenditures in 2025, focusing on equipment investment and technology upgrades[112] - The company is considering strategic acquisitions to bolster its product offerings, with a budget of $100 million allocated for potential deals[7] Operational Efficiency and Technological Development - The company is focused on technological advancements and cost leadership as part of its five strategic development goals[8] - The company aims to enhance its core business and improve operational efficiency through organizational reforms and a modern governance system[28] - The company is investing $50 million in R&D for new technologies aimed at enhancing operational efficiency[5] - The company is actively involved in the development of new technologies and products to improve service offerings[200] - The company is committed to enhancing its ESG governance, focusing on environmental protection and carbon emissions, and is actively researching and applying green low-carbon technologies[149] Governance and Compliance - The company has established 14 internal control systems covering all levels from headquarters to domestic and overseas units, ensuring compliance and effectiveness[129] - The independent directors effectively fulfilled their responsibilities, providing professional opinions on financial reporting, related transactions, and risk management[123] - The company has a risk management organization that conducts annual risk identification and assessment, reporting to the board quarterly[130] - The company’s governance practices are regularly reviewed to ensure compliance with corporate governance codes and regulations[134] - The company received multiple awards for its corporate governance and ESG practices in 2024, reflecting its commitment to sustainable development[118] Shareholder Engagement and Communication - The company has organized multiple investor communication events, including annual and quarterly earnings presentations, to engage with shareholders and address their concerns[154] - The company has established clear procedures for shareholders to request extraordinary general meetings and access company information, ensuring shareholder rights are protected[153] - The company has a dedicated team for investor relations, providing contact information and facilitating communication through its website[154] Future Outlook - The global oilfield services market is expected to grow by 2.2% in 2025, with upstream investment growth slowing down[113] - Future outlook includes a commitment to sustainable practices and innovation in the oil and gas sector[200] - The company plans to leverage its expertise in geophysical services to capture new market opportunities[200]

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 48,218.1 million, an increase from RMB 44,108.6 million in 2023, representing a growth of approximately 9.5%[5] - Operating profit for 2024 was RMB 5,047.6 million, compared to RMB 4,855.2 million in 2023, reflecting an increase of about 3.9%[5] - Annual profit reached RMB 3,399.1 million, up from RMB 3,282.6 million in the previous year, marking a growth of approximately 3.6%[5] - Basic earnings per share for 2024 were RMB 65.74, compared to RMB 63.15 in 2023, indicating an increase of about 4.1%[6] - The company reported a pre-tax profit of RMB 4,667,339 thousand for 2024, compared to RMB 4,242,868 thousand in 2023, reflecting an increase of approximately 10%[30] - The company’s effective corporate income tax rate is 15% for the period from 2023 to 2025 due to its high-tech enterprise status, compared to the standard rate of 25%[53] - The total income tax expense for 2024 was RMB 1,268,236 thousand, significantly higher than RMB 960,240 thousand in 2023, indicating increased profitability[56] - The company reported a net loss from the disposal of property, plant, and equipment of RMB 19,248 thousand in 2024, down from RMB 37,260 thousand in 2023[52] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 82,947.7 million, up from RMB 80,245.8 million in 2023[5] - Total liabilities decreased by 6.0% to RMB 38,523.1 million from RMB 40,989.7 million in 2023[177] - Current liabilities totaled RMB 29,602.9 million in 2024, compared to RMB 23,364.6 million in 2023, indicating an increase of approximately 26.8%[10] - The total value of property, plant, and equipment as of December 31, 2024, was RMB 50,459,844,000, with a net book value after depreciation of RMB 48,928,386,000 as of December 31, 2023[70] - The company’s long-term weighted average cost of capital used for cash flow projections was between 10.00% and 17.49% as of December 31, 2024, compared to 9.54% to 14.37% in the previous year[76] Revenue Breakdown - The contribution from a major customer, China National Offshore Oil Corporation and its subsidiaries, accounted for 77% of total revenue in 2024, down from 81% in 2023[34] - The company’s segment performance showed a significant increase in drilling services, with revenue rising to RMB 13,206,949 thousand in 2024 from RMB 12,051,135 thousand in 2023, a growth of approximately 9.6%[31] - The breakdown of revenue by service segment for 2024 shows drilling services at RMB 12,040,451 thousand, technical services at RMB 27,577,875 thousand, ship services at RMB 4,686,792 thousand, and survey services at RMB 2,670,169 thousand[36] - Domestic revenue accounted for RMB 37,223,351 thousand, while international revenue was RMB 9,751,936 thousand, indicating a domestic revenue increase of 8.3% and an international revenue increase of 16.5% year-over-year[36] Operating Expenses - Total operating expenses for 2024 were RMB 43,497.6 million, an increase from RMB 39,496.7 million in 2023, reflecting a rise of approximately 10.4%[6] - Employee compensation costs, including salaries and bonuses, rose to RMB 5,920,944 thousand in 2024 from RMB 5,892,401 thousand in 2023[52] - The total income tax expense based on the actual tax rate for 2024 was RMB 1,268,236,000, representing 27.2% of pre-tax profit, up from RMB 960,240,000 or 22.6% in 2023[58] Capital Expenditures - Capital expenditures for the year totaled RMB 7,320,408 thousand, a decrease from RMB 9,746,013 thousand in 2023, indicating a reduction of about 25%[30] - The capital expenditure in the drilling services segment decreased by 36.4% to RMB 3,923.5 million, while the oilfield technology services segment saw a decrease of 5.6% to RMB 2,624.7 million[192] Strategic Initiatives - The company plans to continue expanding its services in international markets, particularly in the Middle East and Indonesia, to diversify its revenue sources[32] - The company is focusing on expanding its international market presence, particularly in high-value overseas projects, to enhance its industry control capabilities[112] - The company is committed to enhancing its integrated service capabilities and promoting green low-carbon development as part of its strategic initiatives[194] Market Outlook - The global economic growth forecast for 2024 is 3.2%, with oil prices expected to remain volatile due to supply and demand dynamics[108] - The global oilfield services market is expected to grow by 2.2% in 2025, driven by a recovery trend despite challenges in the oil market[195]

Investment Rating - The report maintains a "Buy" rating for CNOOC Services with a target price of HKD 9.17 [3]. Core Views - The company's Q3 performance was slightly pressured due to the suspension of orders from the Middle East and typhoon impacts, but the overall growth trajectory remains positive supported by strong industry demand [2]. - Revenue for the first three quarters of 2024 reached CNY 33.661 billion, a year-on-year increase of 14.1%, while net profit attributable to shareholders was CNY 2.445 billion, up 7.5% year-on-year [3]. - The drilling platform utilization rate has declined, but the ship and geophysical exploration segments have seen year-on-year growth in operational volume [3]. - The company has secured contracts for two of the four suspended drilling platforms, with operations expected to resume in Q3 and Q4 [3]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of CNY 11.133 billion, a year-on-year increase of 4.7% but a quarter-on-quarter decrease of 10.1%. Net profit for Q3 was CNY 0.852 billion, down 8.8% year-on-year and 10.9% quarter-on-quarter [3]. - The drilling segment operated for 13,166 days in the first three quarters, a slight decrease of 0.5% year-on-year, with self-elevating platforms increasing by 2.0% to 10,595 days [3]. Market Outlook - The global oilfield services market is projected to grow by 7.1% in 2024, with strong investment growth in offshore oil and gas development expected to continue [3]. - The company anticipates improved utilization rates for drilling platforms as the impact of typhoons diminishes and new contracts are secured [3].

2024 Interim Report 中期報告 中海油田服務股份有限公司 • 二零二四年中期報告 73 董事長致辭 尊敬的各位股東： 2024年上半年，世界經濟持續恢復，全球油氣行業在深刻變化中保持穩中向好的基本態勢。面對複雜激烈的市場 競爭環境，公司堅持以深化改革為動力，紮實推進「技術驅動、成本領先、一體化、國際化、區域發展」五大發 展戰略不斷取得新成效，呈現出了客戶多元化、市場高端化、技術無形化、裝備智能化、治理現代化、能力系 統化的良好發展態勢。 2024 | 目錄 | | --- | | 74 | 董事長致辭 | 102 | 中期簡明合併綜合收益表 | | --- | --- | --- | --- | | 76 | 總裁致辭 | 103 | 中期簡明合併財務狀況表 | | 78 | 管理層討論與分析 | 105 | 中期簡明合併權益變動表 | | 94 | 補充資料 | 106 | 中期簡明合併現金流量表 | | 100 | 獨立審閱報告 | 107 | 中期簡明合併財務資料附註 | | 101 | 中期簡明合併損益表 | 144 | 公司指引 | 公司概覽 中海油田服務股份有限公司（以下簡稱「公 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 22,496.7 million, an increase from RMB 18,849.9 million in the same period of 2023, representing a growth of approximately 19.4%[5]. - Operating profit for the same period was RMB 2,692.0 million, compared to RMB 1,971.3 million in 2023, reflecting a year-on-year increase of about 36.5%[5]. - Profit for the period reached RMB 1,709.6 million, up from RMB 1,456.1 million in 2023, marking an increase of approximately 17.4%[8]. - Basic earnings per share for the period were RMB 0.33, compared to RMB 0.28 in the previous year, indicating a growth of around 17.4%[8]. - The company reported a pre-tax profit of RMB 2,409.0 million, compared to RMB 1,862.5 million in 2023, representing an increase of about 29.3%[8]. - Total revenue for the six months ended June 30, 2024, reached RMB 22,528,544 thousand, a 19.4% increase from RMB 18,873,594 thousand in the same period of 2023[5]. - The group reported a pre-tax profit of RMB 2,409,043 thousand for the six months ended June 30, 2024, compared to RMB 1,862,502 thousand for the same period in 2023, reflecting an increase of approximately 29.3%[37][38]. - The total income tax expense for the six months ended June 30, 2024, was RMB 699,395,000, compared to RMB 406,413,000 for the same period in 2023, representing an increase of 72.0%[56]. - The basic earnings per share attributable to the company's owners for the six months ended June 30, 2024, was RMB 0.334, compared to RMB 0.281 for the same period in 2023, reflecting an increase of 18.8%[60]. Operating Expenses - Total operating expenses for the six months were RMB 20,018.8 million, an increase from RMB 16,986.4 million in 2023, which is a rise of approximately 17.9%[7]. - Employee compensation costs rose by RMB 553.0 million or 16.5% year-on-year, reaching RMB 3,899.5 million[104]. - Material, supplies, fuel, services, and other expenses increased by RMB 417.8 million, a growth of 9.4% year-on-year[105]. - Subcontracting expenses rose by RMB 1,232.4 million, representing a 25.9% increase, primarily due to increased operational volume and growth in flexible services and business outsourcing[106]. Assets and Liabilities - Cash and cash equivalents as of June 30, 2024, amounted to RMB 8,037.5 million, up from RMB 5,977.5 million at the end of 2023, reflecting a growth of approximately 34.5%[12]. - Total current assets increased to RMB 31,037.2 million from RMB 30,270.1 million in 2023, showing a growth of about 2.5%[12]. - Total liabilities increased to RMB 26,760.9 million from RMB 23,364.6 million in 2023, indicating a rise of approximately 14.5%[13]. - The company’s total assets less current liabilities stood at RMB 57,004.0 million, down from RMB 59,881.2 million in 2023, reflecting a decrease of about 4.7%[13]. - The group’s total liabilities were RMB 40,744,216 thousand as of June 30, 2024, compared to RMB 40,989,728 thousand as of June 30, 2023, indicating a decrease of approximately 0.6%[37][38]. - The total liabilities from bank borrowings decreased to RMB 1,856,703 as of June 30, 2024, down from RMB 3,122,911 at the end of 2023, a reduction of 40.6%[74]. Revenue Breakdown - Revenue from external customers in the domestic market was RMB 16,943,622 thousand, while international revenue was RMB 5,553,041 thousand for the six months ended June 30, 2024[42]. - The contribution from a major customer, China National Offshore Oil Corporation and its subsidiaries, accounted for 77% of total sales for the six months ended June 30, 2024, down from 81% in the same period of 2023[43]. - The drilling services segment generated revenue of RMB 6,501,322 thousand, while the oilfield technical services segment contributed RMB 12,851,596 thousand for the six months ended June 30, 2024[37]. - The breakdown of revenue from contracts with customers shows that drilling services generated RMB 5,798,370 thousand, oilfield technology services contributed RMB 12,763,406 thousand, ship services brought in RMB 2,134,936 thousand, and engineering survey services accounted for RMB 1,104,136 thousand for the six months ended June 30, 2024[5]. Market Presence and Strategy - The company maintains a 100% ownership in its major subsidiaries, including COSL Drilling Pan-Pacific Ltd. and COSL Oil-Tech (Singapore) Ltd., which are crucial for its drilling and oilfield technology services[19][21]. - The company continues to focus on expanding its oilfield services, including drilling services and oilfield technology services, which are essential for its operational performance[17]. - The company has a significant presence in international markets, with subsidiaries in Indonesia, Mexico, and the Middle East, enhancing its global service capabilities[19][21]. - The company is committed to ongoing research and development in new technologies to improve service efficiency and expand its market reach[17]. - The company anticipates stable growth in global upstream exploration and development investments, driven by increasing demand in the oilfield services market[138]. - The company plans to enhance its R&D capabilities and promote the application of new technologies to capture more service opportunities in the improving industry landscape[138]. Governance and Compliance - The company has complied with the corporate governance code and has implemented higher standards for securities trading by its directors[144]. - The company has not engaged in any purchase, sale, or repurchase of its listed securities during the reporting period[145]. - The management is actively monitoring foreign exchange risks and will take targeted measures to mitigate various operational risks[142]. - The company believes that the current structure of having the same individual serve as both Chairman and CEO meets operational needs and allows for effective decision-making[141]. Cash Flow and Investments - The net cash inflow from operating activities for the first half of 2024 was RMB 1,714.2 million, up 48.6% from RMB 1,153.5 million in the same period last year[125]. - The net cash inflow from investing activities was RMB 3,389.7 million, a significant increase of 67.5% compared to RMB 2,025.7 million in the previous year[126]. - The net cash outflow from financing activities was RMB 3,021.8 million, which is an increase of 97.9% from RMB 1,534.8 million in the same period last year[127]. - Capital expenditures for the first half of 2024 totaled RMB 2,555.2 million, representing a 37.8% increase from RMB 1,854.5 million in the same period last year[130].

Financial Performance - The company's operating revenue for Q1 2024 reached RMB 10,148 million, representing a 20.0% increase compared to the same period last year[7]. - Net profit attributable to shareholders was RMB 635.5 million, a significant increase of 57.3% year-on-year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 655.7 million, up 69.5% from the previous year[7]. - The basic and diluted earnings per share were both RMB 0.13, reflecting a 62.5% increase compared to the same period last year[10]. - The total profit for the same period was RMB 940.1 million, with a year-on-year growth of 47.8%[17]. - Net profit for Q1 2024 was RMB 690.6 million, reflecting a year-on-year increase of 51.3%[17]. - Total revenue for Q1 2024 reached ¥10,147,976,009, an increase of 19.9% compared to ¥8,456,256,979 in Q1 2023[29]. - Operating profit for Q1 2024 was ¥1,001,144,665, up 52% from ¥659,384,434 in Q1 2023[30]. - Net profit for Q1 2024 was ¥690,643,205, representing a 51.3% increase from ¥456,372,992 in Q1 2023[30]. - Basic earnings per share for Q1 2024 were ¥0.1332, compared to ¥0.0847 in Q1 2023[30]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 82,463.1 million, a decrease of 0.9% from the end of the previous year[8]. - Total assets as of March 31, 2024, were ¥82,463,076,897, a decrease from ¥83,245,834,646 as of December 31, 2023[26]. - Total liabilities decreased to ¥39,465,403,138 from ¥40,989,728,253 in the previous quarter[26]. - The company reported a decrease in total current liabilities to ¥22,016,202,576 from ¥23,364,629,211 in the previous quarter[26]. - The company maintained a stable long-term debt level with long-term borrowings at ¥2,803,379,925, slightly down from ¥2,806,392,004[26]. Cash Flow - The net cash flow from operating activities was a negative RMB 835.0 million, compared to a negative RMB 96.2 million in the same period last year[9]. - In Q1 2024, the cash inflow from operating activities was CNY 8,590,381,976, an increase of 10.7% compared to CNY 7,752,592,846 in Q1 2023[33]. - The net cash flow from operating activities was negative CNY 834,951,230, worsening from negative CNY 96,217,098 in the same period last year[33]. - Cash inflow from investment activities totaled CNY 3,230,193,901, significantly up from CNY 1,038,468,095 in Q1 2023[33]. - The net cash flow from investment activities was negative CNY 333,915,883, compared to negative CNY 15,050,075 in Q1 2023[33]. - Cash outflow from financing activities was CNY 922,579,343, increasing from CNY 288,821,134 in the previous year[33]. - The ending cash and cash equivalents balance was CNY 3,881,974,138, up from CNY 3,162,511,233 in Q1 2023[33]. - Cash and cash equivalents amounted to ¥4,444,148,454, down from ¥6,539,076,538 at the end of 2023[25]. Shareholder Information - The company reported a total of 43,435 common shareholders at the end of the reporting period[12]. - The largest shareholder, China National Offshore Oil Corporation, holds 50.53% of the shares[12]. Operational Metrics - The number of drilling service operation days was 4,388, a decrease of 1.7% compared to the previous year[18]. - The utilization rate for self-elevating drilling platforms was 84.3%, down 3.9 percentage points year-on-year[18]. - The company operated 172 vessels in its marine services segment, with a total of 14,227 operation days, an increase of 3.9% year-on-year[21]. - The three-dimensional seismic acquisition increased to 6,696 square kilometers, a significant rise of 502.7% year-on-year[20]. Innovation and Sustainability - The company is actively enhancing its core competitiveness and expanding its global market presence, contributing to the increase in revenue and profit[9]. - The company is focusing on enhancing its technological innovation capabilities and has seen growth in its oilfield technology services[21]. - The overall revenue scale for oilfield technology services continues to show an upward trend[21]. - The company expects its LNG-powered guard vessels to reduce carbon emissions by 12,000 tons annually[21]. Research and Development - Research and development expenses increased to ¥334,360,621 in Q1 2024, compared to ¥235,932,638 in Q1 2023, reflecting a focus on innovation[29]. Accounting Standards - The company did not apply new accounting standards for the first quarter of 2024[34].

Financial Performance - Total revenue for 2023 was RMB 44,042.2 million, representing a 23.7% increase from RMB 35,610.1 million in 2022[7] - Operating profit for 2023 reached RMB 4,855.2 million, a significant increase of 78.3% compared to RMB 2,723.4 million in 2022[9] - Annual profit for 2023 was RMB 3,282.6 million, reflecting a 31.3% growth from RMB 2,499.2 million in the previous year[9] - Basic earnings per share for 2023 were RMB 63.15, up 27.8% from RMB 49.43 in 2022[9] - The net profit for 2023 was RMB 3,282.6 million, up RMB 783.4 million, reflecting a year-on-year increase of 31.3%[26] - The total operating revenue of RMB 44,042.2 million in 2023, an increase of RMB 8,432.1 million, representing a growth of 23.7% year-on-year[26] - The drilling services segment generated revenue of RMB 12,051.2 million in 2023, a 16.6% increase from RMB 10,334.1 million in 2022[28] - The oilfield technical services segment reported revenue of RMB 25,717.5 million in 2023, a significant increase of 31.4% from RMB 19,571.2 million in 2022[35] - The international market contributed RMB 9,470.3 million to total revenue, representing a 50.9% increase from RMB 6,274.5 million in the previous year, accounting for 21.5% of total revenue[54] Asset and Liability Management - Total assets as of the end of 2023 amounted to RMB 83,245.8 million, a 7.9% increase from RMB 77,160.7 million in 2022[10] - The total liabilities increased by 10.2% to RMB 40,989.7 million from RMB 37,184.8 million in 2022[72] - The company reported a significant increase in contract liabilities (current liabilities) to RMB 1,207.4 million, up 58.9% from the previous year, driven by increased mobilization revenue and advance payments for equipment sales[76] - The company’s long-term debt (current liabilities) decreased by 83.9% to RMB 140.7 million, primarily due to bond repayments[75] Operational Efficiency - The company implemented a structural and systematic cost reduction mechanism, enhancing its cost control capabilities and operational efficiency across the entire service lifecycle[23] - The total operating expenses for the group were RMB 39,496.7 million in 2023, an increase of RMB 6,267.8 million or 18.9% year-on-year[58] - Subcontracting expenses rose significantly by RMB 3,256.2 million or 39.9%, reflecting increased operational and personnel outsourcing costs[60] - The drilling services segment saw a significant turnaround with an operating profit of RMB 739.7 million, up 216.4% from a loss of RMB 635.5 million in 2022[64] Market Expansion and Strategy - The company is actively expanding its international business across regions including Asia-Pacific, Middle East, Americas, Europe, and Africa, with significant growth in new markets and clients[6] - The strategic goal is to become a world-class energy service company with a focus on technology-driven, cost-effective, integrated, and international development[2] - The company established a "1+2+N" market layout, enhancing its international and regional development strategies, with a focus on high-end technology and integrated services in various regions including the Middle East and Southeast Asia[20][21] - The company aims to enhance its core functions and competitiveness in 2024, focusing on building a modern industrial system that is autonomous, secure, and competitive[24] Technological Innovation - The company continues to prioritize technological innovation, with a focus on transforming key variables into substantial growth for high-quality development[14] - By the end of 2023, the company had obtained over 1,300 authorized patents and received more than 20 national and provincial-level scientific and technological awards, with several core technologies achieving world-class standards[22] - The company successfully completed over 1,700 well operations using its independently developed "Xuanji" high-end drilling technology, achieving a success rate of 95.11%[36] - The company’s self-developed multi-functional ultrasonic imaging logging instrument (MUIL) has achieved large-scale sales, enhancing global recognition and expanding market share[37] Environmental and Social Responsibility - The company is committed to green and low-carbon transformation, with the world's largest LNG-powered fleet fully operational and a clear path for "green equipment + green technology + green products + green operations"[15] - The company’s LNG-powered vessels are expected to reduce carbon dioxide emissions by over 10,000 tons annually, contributing to its green transformation strategy[38] - The carbon emissions per unit of output decreased to 0.4132 tons per ¥10,000 in 2023, down from 0.4471 tons in 2022[148] - Environmental investment increased to ¥9,780.49 million in 2023, compared to ¥5,185.00 million in 2022[150] Corporate Governance - The company has been recognized as a leading enterprise in corporate governance, enhancing its operational efficiency and risk management capabilities[16] - The company has adhered to the corporate governance principles and rules as per the Hong Kong Stock Exchange Listing Rules and has made improvements in governance practices during 2023[85] - The board has focused on enhancing risk assessment for investment projects and has implemented measures to strengthen overseas project management and risk identification[86] - The company has established a governance mechanism that enhances decision-making efficiency and ensures compliance with shareholder resolutions[165] Employee Engagement and Development - The total number of employees trained increased to 2,824,384 hours in 2023, up from 1,953,215 hours in 2022[146] - The employee turnover rate for Chinese nationals was 0.8% in 2023, down from 1.1% in 2022[147] - The company has implemented training programs for directors and senior management to enhance their professional development[106] - The company has established a dual-week warning case mechanism and a regular risk assessment mechanism to enhance its integrity culture[162] Risk Management - The company has established a comprehensive risk management framework, including a risk management committee and a set of guidelines for major operational risk events[177] - The company has implemented a three-line defense mechanism for risk management, integrating it into daily operations to ensure effective risk control[180] - The risk management office conducts quarterly risk assessment meetings to monitor information security risks and ESG-related risks[98] - The company has established a risk pre-warning monitoring mechanism, conducting annual and quarterly risk assessment meetings to report to the board[179]