中海油田服務股份有限公司 CHINA OILFIELD SERVICES LIMITED (於中華人民共和國註冊成立之股份有限公司) （股票代號：2883） -- 13.10B 2023 2023年4月27日 2023年第一季度报告 证券代码：601808 证券简称：中海油服 ...

Financial Performance - Total revenue for 2022 was RMB 35,610.1 million, an increase of 22.1% compared to RMB 29,168.5 million in 2021[10]. - Operating profit for 2022 reached RMB 2,723.4 million, up 76.7% from RMB 1,541.3 million in 2021[13]. - Annual profit for 2022 was RMB 2,493.1 million, significantly higher than RMB 322.1 million in 2021, marking a 674.0% increase[13]. - Basic earnings per share for 2022 were RMB 49.3 cents, compared to RMB 6.56 cents in 2021, reflecting a growth of 651.5%[13]. - The capital return rate for 2022 was 6.4%, a significant increase from 0.8% in 2021[13]. - The dividend payout ratio for 2022 was 32.5%, down from 228.5% in 2021, indicating a shift towards sustainable dividend policies[13]. - Total equity at the end of 2022 was RMB 39,898.1 million, up 4.4% from RMB 38,216.3 million at the end of 2021[14]. - The net profit for 2022 was RMB 2,493.1 million, up RMB 2,171.0 million compared to the previous year[25]. - The company's total operating expenses increased by RMB 5,044.4 million, representing a growth of 17.9% compared to RMB 28,184.5 million in 2021[60]. - Employee compensation costs rose by RMB 1,383.8 million, a significant increase of 22.9% year-on-year, primarily due to wage adjustments for frontline staff[61]. International Business Expansion - International business revenue for 2022 was RMB 6,274.5 million, representing a 35.9% increase from RMB 4,615.6 million in 2021[13]. - The company is actively expanding its overseas markets in regions such as Asia-Pacific, Middle East, Americas, Europe, and Africa[4]. - The company's international revenue reached RMB 6,274.5 million, a 35.9% increase from RMB 4,615.6 million in the previous year, accounting for 17.6% of total revenue[57]. - The company secured long-term contracts in the Middle East with a total value of approximately RMB 14 billion, marking a new phase of cooperation with international oil companies[29]. Technological Innovation - The company aims to deepen its technological innovation efforts and achieve breakthroughs in key core technologies as part of its strategic initiatives for 2023[22]. - The company has developed over 10 types of high-temperature completion tools, addressing the challenge of sealing technology at 350°C[35]. - The company has successfully applied its self-developed water-based drilling fluid high-temperature loss-reducing agent and efficient lubricant, breaking the technical monopoly and achieving industrial promotion[35]. - The company successfully completed operations with its self-developed high-end remote-controlled deep-water cementing head in the international market, marking a significant technological breakthrough[36]. - The company achieved scale application of its self-developed downhole testing spectral analysis module in Southeast Asia, breaking the foreign monopoly on key technologies[36]. Environmental and Social Responsibility - The company is focusing on green and low-carbon development, with initiatives including the rapid deployment of 12 LNG-powered vessels, making it the largest LNG-powered fleet globally[20]. - The company is focusing on green low-carbon transformation and diversifying into renewable energy sectors such as wind, solar, and hydrogen[24]. - The company reported a social contribution value per share of 2.55 RMB in 2022, up from 1.75 RMB in 2021[138]. - Environmental investment for 2022 was 51.85 million RMB, down from 64.12 million RMB in 2021[141]. - The energy-saving amount in 2022 was 17,764 tons of standard coal, significantly higher than 9,600 tons in 2021[141]. Corporate Governance - The company aims to improve brand influence through significant events, linking brand building to performance enhancement[150]. - The company has established a governance structure that integrates party leadership into all decision-making processes, enhancing the effectiveness of the board and management[153]. - The board of directors consists of three independent directors with extensive experience in finance, law, and energy, ensuring compliance and effective oversight[155]. - The company has complied with the corporate governance requirements as per the Hong Kong Stock Exchange and has made efforts to improve information disclosure and investor relations[83]. - The company has established a comprehensive risk management system, including annual risk identification and assessment, and quarterly comprehensive risk management reports to the board[88]. Operational Efficiency - The company plans to enhance its governance system and improve operational efficiency in 2023, while continuing to expand its international market presence[22]. - The company achieved a 25.9% increase in operating days for platform supply vessels, totaling 16,991 days in 2022 compared to 13,491 days in 2021[40]. - The total operating days for drilling platforms reached 16,727 days in 2022, an increase of 2,645 days or 18.8% year-on-year[30]. - The utilization rate of available days for drilling platforms improved to 83.5%, an increase of 11.6 percentage points from the previous year[30]. Customer Satisfaction and Quality Management - Customer satisfaction rate reached 98.8% in 2022, with no service complaints received[195]. - The company conducted 118 quality control (QC) group activities in 2022, with 18 groups recognized for excellence in quality management[179]. - The company is focused on optimizing customer experience by establishing regular communication mechanisms and enhancing service quality across all business lines[180]. - The company is committed to continuous improvement of its quality management system, aligning with international standards and industry requirements[177]. Future Outlook - For 2023, the company anticipates capital expenditure of approximately RMB 9.3 billion, primarily for equipment investment, technology upgrades, and research and development[81]. - The International Monetary Fund (IMF) projects a global economic growth rate of 2.9% for 2023, with a strong recovery in oil demand and stable supply[81]. - The average Brent crude oil price for 2023 is expected to be around $88 per barrel, with global upstream capital expenditure projected at $561.2 billion, reflecting a 12.42% increase[82].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2883） 截至2022年12月31日止年度的 全年業績公佈 財務摘要 1、 收入為人民幣35,610.1百萬元 2、 經營利潤為人民幣2,723.4百萬元 3、 年度利潤為人民幣2,493.1百萬元 4、 基本每股盈利為人民幣49.30分 5、 總資產為人民幣77,184.1百萬元 6、 權益總計為人民幣39,898.1百萬元 ...

Financial Performance - The company's operating revenue for Q3 2022 was RMB 9,033.1 million, representing a year-on-year increase of 26.4%[5] - Net profit attributable to shareholders for Q3 2022 was RMB 960.7 million, up 47.6% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2022 was RMB 964.6 million, reflecting a 55.6% increase year-on-year[5] - The basic earnings per share for Q3 2022 was RMB 0.20, an increase of 42.9% compared to the same period last year[6] - For the first three quarters of 2022, the company achieved a revenue of RMB 24,245.7 million, representing a year-on-year increase of 21.9%[13] - The net profit for the same period was RMB 2,113.2 million, with a year-on-year growth of 44.5%[13] - The total profit for Q3 2022 was CNY 2,639.95 million, up from CNY 2,003.01 million in Q3 2021, marking a significant increase[24] - The company's total revenue for the first three quarters of 2022 reached RMB 24.25 billion, up 22.4% from RMB 19.88 billion in the same period of 2021[22] Assets and Liabilities - The total assets at the end of the reporting period were RMB 75,328.8 million, a 2.8% increase from the end of the previous year[6] - As of September 30, 2022, total assets amounted to RMB 75.33 billion, an increase from RMB 73.31 billion at the end of 2021, reflecting a growth of approximately 2.77%[21] - The company's total liabilities reached RMB 35.66 billion, slightly up from RMB 35.10 billion, indicating a marginal increase in financial obligations[22] - The equity attributable to shareholders increased to RMB 39.09 billion from RMB 38.03 billion, reflecting a growth of approximately 2.8%[22] - Accounts receivable increased significantly to RMB 17.56 billion, up 67.0% from RMB 10.51 billion at the end of 2021[21] - Short-term borrowings rose sharply to RMB 6.03 billion, compared to RMB 2.23 billion at the end of 2021, indicating a significant increase in leverage[21] Operational Metrics - The number of drilling days increased to 12,326, a rise of 22.2% compared to the previous year[17] - The utilization rate for self-elevating drilling platforms reached 89.8%, up by 17.0 percentage points year-on-year[14] - The company's vessel service operations totaled 39,963 days, reflecting an 8.1% increase year-on-year[15] - The two-dimensional survey mileage was 2,353 kilometers, showing a year-on-year increase of 9.1%[16] - The three-dimensional survey area decreased to 11,351 square kilometers, a decline of 28.0% year-on-year[16] - The company reported a significant increase in seabed node collection operations, with a total of 648 square kilometers completed, up 43.0% year-on-year[16] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date was RMB -470.8 million, compared to RMB -797.5 million in the same period last year[6] - The net cash flow from operating activities for Q3 2022 was -470,801,409 RMB, a decrease from 67,489,506 RMB in Q3 2021[51] - Total cash inflow from operating activities was 19,844,168,372 RMB, compared to 17,566,957,706 RMB in the same period last year, representing an increase of approximately 13%[51] - Cash outflow for purchasing goods and services was 14,273,018,367 RMB, up from 12,398,311,072 RMB, indicating a rise of about 15%[51] - The net cash flow from investment activities was 4,120,647,423 RMB, significantly higher than 646,726,365 RMB in Q3 2021[51] - Cash inflow from financing activities was 5,364,161,900 RMB, with no inflow recorded in the same period last year[51] Shareholder Information - The company reported a total of 49,121 ordinary shareholders at the end of the reporting period[9] - The largest shareholder, China National Offshore Oil Corporation, holds 50.53% of the shares[9] Research and Development - The company is focusing on enhancing its R&D capabilities and transforming high technology into high value[17] - Research and development expenses for Q3 2022 were CNY 629.25 million, slightly down from CNY 648.84 million in Q3 2021[24] - The company is focusing on technological innovation and global market expansion to enhance operational efficiency and safety[39]

Financial Performance - In the first half of 2022, the company achieved operating revenue of RMB 15.2 billion, a 3.7% increase compared to RMB 14.5 billion in the same period of 2020[6]. - The net profit for the first half of 2022 was RMB 1.11 billion, reflecting a 35.1% increase from RMB 1.72 billion in the first half of 2020[6]. - The company’s operating profit for the first half of 2022 was RMB 1.27 billion, down 6.4% from RMB 2.22 billion in the first half of 2020[6]. - The company's revenue for the first half of 2022 was RMB 15,195.6 million, an increase of RMB 2,472.6 million, representing a growth of 19.4% year-on-year[13]. - Net profit for the first half of 2022 was RMB 1,108.4 million, up RMB 299.9 million, with a growth rate of 37.1% compared to the previous year[13]. - The total comprehensive income for the first half of 2022 was RMB 985.55 million, compared to RMB 811.46 million in the same period last year, indicating an increase of approximately 21.4%[74]. - Basic earnings per share for the first half of 2022 were RMB 0.2311, up from RMB 0.1680 in the same period of 2021[36]. - The company reported a profit of RMB 1,102,536 thousand for the six months ended June 30, 2022, compared to RMB 801,457 thousand for the same period in 2021, marking a year-on-year increase of approximately 37.5%[78]. Market Expansion and Contracts - The company has signed significant long-term drilling contracts in Saudi Arabia and expanded its service offerings in Malaysia and Indonesia, indicating successful international market expansion[9]. - The company has expanded its overseas market presence, successfully completing various projects in North America and Southeast Asia[18]. - The company has signed significant long-term drilling contracts in Saudi Arabia and won the largest logging project in Southeast Asia in Indonesia[194]. Technological Advancements - The company’s underwater release plug system, with complete independent intellectual property rights, has been successfully industrialized, breaking foreign monopolies[10]. - The company’s "Xuanji" system has achieved a one-time downhole success rate of 91.7%, highlighting its technological advancements[10]. - The company is focusing on technological innovation and has made significant progress in developing new technologies for oilfield services[18]. - The company has established a drilling digital center platform and officially launched information management tools for frontline use in the first half of 2022[199]. Operational Efficiency - The drilling services segment generated revenue of RMB 5,055.1 million, an increase of RMB 707.3 million, reflecting a growth of 16.3% year-on-year[14]. - The total operating days for drilling platforms reached 8,017 days, an increase of 1,439 days, representing a growth of 21.9% year-on-year[16]. - The utilization rate of self-elevating drilling platforms increased to 89.8%, up 18.0 percentage points from the previous year[16]. - The average daily revenue for self-elevating drilling platforms decreased to USD 7.1, down 6.6% from USD 7.6 in the previous year[17]. - The company has made significant progress in the recovery of operations for three semi-submersible platforms in Europe during the first half of 2022[199]. Financial Position and Investments - Total assets as of June 30, 2022, were RMB 73,738.4 million, an increase of 0.6% from RMB 73,311.7 million at the end of 2021[37]. - Cash and cash equivalents decreased to RMB 4,454.7 million by June 30, 2022, from RMB 5,006.4 million at the beginning of the year[39]. - The company’s net debt as of June 30, 2022, was RMB 28,487.7 million, compared to RMB 28,025.2 million as of December 31, 2021[62]. - The company’s long-term debt, including bank loans and bonds, rose to RMB 12,593,405 thousand from RMB 12,162,168 thousand, indicating an increase of about 3.6%[76]. - The company’s cash deposits in time deposits amounted to RMB 1,586,196 as of June 30, 2022, showing a slight increase from RMB 1,556,535 as of December 31, 2021[131]. Cost Management and Expenses - The company faced a 22.6% increase in operating expenses, totaling RMB 14,128.6 million, compared to RMB 11,526.7 million in the same period last year[26]. - Employee compensation costs rose by RMB 416.1 million or 16.8% year-on-year, attributed to increased operational volume and the resumption of platform operations[28]. - The company is focusing on cost reduction and efficiency improvement, with total operating expenses rising to RMB 14.13 billion from RMB 11.53 billion, an increase of approximately 22.5%[73]. Strategic Goals and Future Outlook - The company aims to enhance its core competitiveness by focusing on key technology breakthroughs and accelerating digital transformation[11]. - The company plans to promote green and low-carbon development, actively implementing carbon peak and carbon neutrality goals[11]. - The company anticipates a continued recovery in the oilfield services market driven by high oil prices and increased upstream exploration and development investments[47]. - The company plans to enhance its R&D capabilities and focus on key core technology breakthroughs in the second half of 2022[47]. - The company will closely monitor global economic conditions and oil prices to adapt its strategies accordingly[47]. Shareholder and Governance Information - Major shareholders included BlackRock, Inc. with approximately 6.12% and Allianz SE with approximately 5.17% of the company's H-shares[54]. - The company did not grant any rights to directors, supervisors, or senior management to benefit from purchasing shares or bonds during the six months ended June 30, 2022[55]. - There were changes in the board of directors, with the appointment of new independent non-executive directors in June and August 2022[57][58].

Financial Performance - The company's operating revenue for Q1 2022 was RMB 6,798.3 million, representing a year-on-year increase of 15.2%[5] - Net profit attributable to shareholders was RMB 303.8 million, up 67.7% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 266.7 million, reflecting a 76.5% increase year-on-year[5] - The basic and diluted earnings per share were both RMB 0.06, marking a 50.0% increase from the previous year[5] - The total profit for the same period was RMB 441.7 million, with a year-on-year growth of 42.5%[13] - Net profit reached RMB 306.1 million, marking a significant year-on-year increase of 66.2%[13] - The basic earnings per share for Q1 2022 was 0.0637 RMB, compared to 0.0380 RMB in Q1 2021, reflecting a growth of 67.1%[25] - Total comprehensive income reached CNY 318,476,113, an increase from CNY 194,453,720 year-over-year[52] Assets and Liabilities - Total assets at the end of the reporting period were RMB 73,466.4 million, a slight increase of 0.2% from the end of the previous year[6] - The total assets as of March 31, 2022, were CNY 73,466,449,744, slightly up from CNY 73,311,707,720 at the end of 2021[49] - The total liabilities decreased to 34,931,643,834 RMB from 35,095,377,923 RMB at the end of 2021, reflecting a reduction of 0.5%[23] - The total liabilities decreased to CNY 34,931,643,834 as of March 31, 2022, from CNY 35,095,377,923 at the end of 2021[50] Cash Flow - The net cash flow from operating activities was a negative RMB 2,224.2 million, compared to a negative RMB 1,025.1 million in the same period last year[8] - Cash and cash equivalents at the end of Q1 2022 were RMB 3,900.3 million, a decrease from RMB 6,583.2 million at the end of the previous year[27] - The company reported a net cash outflow from financing activities of RMB 265.9 million in Q1 2022, compared to RMB 234.5 million in the same period last year[27] - The net increase in cash and cash equivalents was CNY -1,106,137,502, a significant decline from CNY -538,739[54] - The ending balance of cash and cash equivalents was CNY 3,900,251,337, down from CNY 6,583,203,555 year-over-year[54] Operational Metrics - The number of operating days for drilling platforms was 3,922, an increase of 19.2% year-on-year[17] - The utilization rate for self-elevating drilling platforms improved to 89.4%, up 19.2 percentage points year-on-year[14] - The company operated 12,768 days in its marine services segment, reflecting a year-on-year increase of 9.3%[18] - The calendar day utilization rate for marine services rose to 91.8%, an increase of 2.0 percentage points year-on-year[18] - The number of operating days for semi-submersible drilling platforms was 683 days, showing a year-on-year decrease of 5.5%[41] - The calendar day utilization rate for drilling platforms increased to 75.9%, up 10.1 percentage points year-on-year[41] Research and Development - Research and development expenses for Q1 2022 were 190,687,026 RMB, a slight increase from 180,567,925 RMB in Q1 2021[24] - The company has increased its research and development expenses to CNY 190,687,026 in Q1 2022, compared to CNY 180,567,925 in Q1 2021, reflecting a focus on innovation[51] Strategic Focus - The company plans to enhance its exploration service value and technology product development while expanding its overseas market presence[19] - The company is focusing on key technology breakthroughs and the large-scale application of self-developed products to optimize service quality[18] - The company aims to expand its integrated service market and enhance customer value creation[40] - The company emphasized its focus on enhancing cost leadership and improving service quality to drive customer value creation, contributing to the increase in revenue and profit[35] - The company is focusing on cost reduction mechanisms and advancing key technology breakthroughs to enhance competitive advantages[40] Shareholder Information - Shareholders' equity attributable to the parent company was RMB 38,349.8 million, up 0.8% from the previous year[6] - The largest shareholder, China National Offshore Oil Corporation, holds 50.53% of the shares[10]

Financial Performance - In the first half of 2021, the company achieved operating revenue of RMB 12.723 billion, a decrease of 12.2% compared to RMB 14.497 billion in the same period of 2020[8]. - The net profit for the first half of 2021 was RMB 809 million, down 53.0% from RMB 1.723 billion in the first half of 2020[8]. - The company reported an operating profit of RMB 1.355 billion, a decline of 38.9% from RMB 2.222 billion in the same period of 2020[8]. - The total operating revenue for the first half of 2021 was RMB 12,723.0 million, a decrease of RMB 1,773.7 million, or 12.2% year-on-year, attributed mainly to a 29.5% decline in drilling services revenue[26]. - The company's operating expenses for the first half of 2021 were RMB 11,526.7 million, a reduction of RMB 925.4 million, or 7.4% compared to the same period last year[29]. - The company's net profit for the first half of 2021 was RMB 808.5 million, down from RMB 1,722.6 million in the same period last year[39]. - Basic earnings per share decreased to RMB 0.168 from RMB 0.3593 in the previous year[40]. - The company reported a decrease in financial liabilities included in trade and other payables from RMB 9.08 billion to RMB 7.81 billion[65]. - The company reported a profit of RMB 801,457 thousand for the first half of 2021, compared to RMB 1,714,199 thousand in the same period of 2020, indicating a decline of 53.32%[80]. - The total comprehensive income for the first half of 2021 was RMB 1,754,675 thousand, down from RMB 1,743,639 thousand in the first half of 2020, a decrease of 0.18%[80]. Operational Highlights - The company successfully completed over 600 well operations using its rotary steering drilling technology, achieving a first-time success rate of 90.3%[12]. - The drilling services segment reported revenue of RMB 4,347.8 million, a decrease of 29.5% compared to RMB 6,171.0 million in the same period last year[18]. - The total operating days for drilling platforms were 6,578 days, a reduction of 1,084 days or 14.1% year-on-year[19]. - The average daily revenue for self-elevating drilling platforms increased to USD 7.6, up 20.6% from USD 6.3[20]. - The oilfield technical services segment generated revenue of RMB 6,020.0 million, remaining relatively stable compared to RMB 6,050.4 million in the previous year[21]. - The company's vessel services revenue was RMB 1,535.9 million, with owned vessels contributing RMB 1,039.5 million[22]. - The total operating days for the owned vessel fleet were 14,806 days, a decrease of 735 days or 4.7% year-on-year[23]. - The calendar day utilization rate for the vessel services segment decreased by 4.1 percentage points to 92.9%[22]. - The company has successfully developed and patented several new technologies, including a high-temperature cable logging system and synthetic-based drilling fluids[21]. Strategic Initiatives - The company plans to focus on "technology-driven," "cost leadership," "integration," "internationalization," and "regional development" strategies for future growth[14]. - The company aims to enhance its risk management mechanisms and improve corporate governance to adapt to complex external environments[11]. - The company is committed to green development and aims to achieve carbon peak and carbon neutrality goals while upgrading its business and innovating technology[14]. - The company continues to enhance its cost control and green development initiatives across its operations[22]. - The company plans to enhance its R&D capabilities and focus on strategic partnerships to improve service efficiency and reduce costs[51]. - The company is focused on key technology research and development to stabilize the domestic market and expand overseas[66]. Market Conditions - The global oilfield services market remains oversaturated, with many exploration and development projects being delayed or canceled[16]. - The company continues to benefit from China's "Seven-Year Action Plan" for increasing reserves and production, contributing to a relatively stable domestic oilfield service market[16]. - The company anticipates increased upstream investment and opportunities in the oilfield service market in the second half of 2021[66]. - The domestic oilfield service market remains relatively stable, supported by the national "Seven-Year Action Plan" for increasing reserves and production[190]. Financial Position - As of June 30, 2021, total assets were RMB 74,789.7 million, a decrease of RMB 1,152.6 million or 1.5% from RMB 75,942.3 million at the end of 2020[41]. - Cash and cash equivalents decreased to RMB 5,126.1 million from RMB 6,583.7 million at the beginning of the year, with a net cash outflow from operating activities of RMB 1,888.8 million[43]. - The capital debt ratio improved to 42% as of June 30, 2021, down from 43% at the end of 2020[65]. - The company employed a total of 14,477 staff as of June 30, 2021, with a performance-oriented compensation system in place[60]. - The company has no significant asset pledges as of June 30, 2021[68]. - The company reported a foreign exchange loss of RMB 82,086 thousand, contrasting with a foreign exchange gain of RMB 60,502 thousand in the same period last year[75]. - The company’s total liabilities increased to RMB 36,100,591 thousand from RMB 35,253,500 thousand, marking an increase of 2.41%[78]. Technological Advancements - The company has developed and commercialized the "Hailiang" cable acquisition equipment and the "Haitu" comprehensive navigation system, filling a technological gap in the country[24]. - The company achieved a high operational efficiency of 95% in the dual-vessel seismic acquisition project, which is the most challenging domestic geophysical cable operation to date[24]. - The company has made significant technological advancements, including the development of high-pressure measurement systems and environmentally sensitive drilling fluids, contributing to successful operations in challenging environments[186]. International Expansion - The company has expanded its international operations, securing new projects in Southeast Asia, the Middle East, Africa, the Americas, and Europe[13]. - The company has signed its first cooperation order for drilling fluid and cementing services in North America, indicating progress in international market expansion[195]. - The company holds 100% equity in several subsidiaries, including COSL (Australia) Pty Ltd. and COSL Drilling Strike Pte. Ltd., enhancing its operational footprint in key markets[83]. - The company has a significant presence in international markets, including Indonesia, Singapore, and the Middle East, which supports its growth strategy[84].

Financial Performance - Total revenue for 2020 was RMB 28,925.3 million, a decrease of 6.9% compared to RMB 31,075.8 million in 2019[10] - Operating profit for 2020 was RMB 4,141.9 million, an increase of 6.3% from RMB 3,895.2 million in 2019[10] - Annual profit for 2020 was RMB 2,718.3 million, up 7.5% from RMB 2,528.0 million in 2019[10] - Basic earnings per share for 2020 were RMB 56.65, an increase of 8.0% compared to RMB 52.44 in 2019[10] - The company's total operating profit for 2020 was RMB 4,141.9 million, an increase of RMB 246.7 million or 6.3% compared to RMB 3,895.2 million in 2019[63] - The company's annual profit for 2020 was RMB 2,718.3 million, an increase of RMB 190.3 million compared to RMB 2,528.0 million in 2019[70] - The company's total operating expenses for 2020 were RMB 25,221.4 million, a reduction of RMB 2,311.3 million or 8.4% from RMB 27,532.7 million in 2019[58] - The impairment loss on property, plant, and equipment increased significantly by 499.5% to RMB 1,447.8 million in 2020[59] Assets and Liabilities - Total assets at the end of 2020 were RMB 75,942.3 million, a slight decrease of 0.2% from RMB 76,101.8 million at the end of 2019[12] - Total equity at the end of 2020 was RMB 38,688.8 million, an increase of 4.8% from RMB 36,910.3 million at the end of 2019[12] - Total liabilities decreased by RMB 1,938.0 million or 4.9% to RMB 37,253.5 million compared to RMB 39,191.5 million at the end of 2019[72] Revenue Breakdown - Domestic business revenue for 2020 was RMB 21,513.5 million, while international business revenue was RMB 7,411.8 million[10] - Domestic revenue accounted for 74.4% of total revenue, with RMB 21,513.5 million in 2020, down 11.0% from RMB 24,159.9 million in 2019[54] - International revenue increased by 7.2% to RMB 7,411.8 million, compared to RMB 6,915.9 million in the previous year[54] Operational Performance - In 2020, the company achieved significant operational performance despite challenges from the COVID-19 pandemic and low oil prices, creating substantial value returns for shareholders[13] - The drilling services segment generated revenue of RMB 11,456.8 million, representing a 5.8% increase from RMB 10,824.8 million in 2019[28] - The oilfield technical services segment generated revenue of RMB 13,304.7 million in 2020, a decrease of 11.5% compared to RMB 15,030.0 million in 2019[34] - The group’s exploration and engineering survey services revenue fell by 42.4% to RMB 1,248.6 million in 2020, compared to RMB 2,168.1 million in 2019[44] Innovation and Technology - The company was granted 84 patents in 2020, including 38 invention patents, and received 6 provincial and ministerial-level scientific and technological awards[22] - The cumulative drilling footage reached over 520,000 meters, with a breakthrough in high-speed mud transmission technology increasing transmission rates by 24 times[22] - The company emphasized innovation-driven development, focusing on core technology breakthroughs and resource matching to enhance competitiveness[14] - The company is committed to technological development, focusing on optimizing its technology system and accelerating the industrialization of independent technology products[200] Sustainability and Social Responsibility - The company is committed to sustainable development, balancing economic, social, and environmental growth[4] - The company is committed to green and low-carbon production models, entering clean energy sectors such as wind power and hydrate[131] - The company has made significant contributions to poverty alleviation efforts, aligning with national goals[156] - The company invested a total of 1.766 million yuan in 2020 for educational poverty alleviation, including restoring damaged campuses and improving teaching conditions[160] Governance and Risk Management - The company focused on enhancing its governance and internal control management, adapting to new capital market requirements and improving risk management strategies[15] - The company established a comprehensive internal control system covering 14 major areas to ensure compliance and effectiveness, with no significant deficiencies reported[95] - The risk management framework includes annual risk identification and assessment, with quarterly reports submitted to the board, ensuring a closed-loop management of significant risks[96] - The company emphasizes risk management and has implemented comprehensive risk control measures in response to the pandemic[86] Market Expansion and Strategy - The company aims to maintain a strong market share in China while actively expanding into overseas markets across Asia-Pacific, Middle East, Americas, Europe, Africa, and the Far East[4] - The company has made breakthroughs in new businesses, new markets, and new customers in its international operations[8] - The company plans to enhance service quality and strengthen production and operational capabilities in 2021, focusing on technological development and international expansion[23] - The company will actively explore overseas markets and embrace digital technology to promote the transformation and upgrading of traditional oilfield services[84] Employee and Community Engagement - The employee turnover rate for Chinese nationals decreased to 0.8% in 2020 from 1.6% in 2019[150] - The company achieved a 100% coverage rate for social insurance and labor contracts in 2020[150] - The company helped 113 local residents gain employment through its poverty alleviation workshop, with 62 being registered impoverished households, accounting for 55%[162] Cash Flow and Investments - The company's cash and cash equivalents increased to RMB 6,583.7 million, a 95.7% increase from RMB 3,363.6 million in 2019, primarily due to the issuance of long-term bonds[75] - Operating activities generated a net cash inflow of RMB 7,538.9 million, representing an 8.2% year-on-year increase, mainly driven by higher cash receipts from services and sales[76] - Investment activities resulted in a net cash outflow of RMB 3,337.2 million, an increase of RMB 2,185.5 million compared to the previous year, largely due to increased cash outflows for purchasing property, plant, and equipment[77] Corporate Governance - The board of directors held a total of six meetings during the year, ensuring compliance with legal and regulatory requirements[92] - The company has three independent directors with extensive experience in finance, law, and financial reporting, who effectively fulfilled their responsibilities during the reporting period[93] - The company conducted a review of shareholder meeting resolutions, confirming compliance with all requirements during the reporting period[97] - The company has appointed Mr. Qi Meisheng as both Chairman and CEO, which differs from the code's recommendation for separation of these roles, but the board believes this structure meets current operational needs[99]

Financial Performance - In the first half of 2020, the company achieved operating revenue of RMB 14.497 billion, an increase of RMB 0.94 billion or 7% year-on-year[6]. - The net profit for the same period was RMB 1.723 billion, up RMB 0.74 billion or 75% year-on-year[6]. - The company's operating revenue for the first half of 2020 was RMB 14,496.7 million, an increase of RMB 944.6 million year-on-year[14]. - The net profit for the first half of 2020 was RMB 1,722.6 million, an increase of RMB 736.2 million year-on-year[14]. - The operating profit for the first half of 2020 was RMB 2,222.0 million, an increase of RMB 620.9 million compared to the operating profit of RMB 1,601.1 million in the same period last year[33]. - The basic earnings per share for the first half of 2020 were RMB 35.93, compared to RMB 20.39 in the same period last year, reflecting a growth of 76.3%[41]. - The total comprehensive income for the period was RMB 1,754,675 thousand, compared to RMB 939,943 thousand in the same period last year, reflecting an increase of 86.7%[81]. - The company's profit before tax for the six months ended June 30, 2020, was RMB 2,090,688,000, compared to RMB 1,382,122,000 for the same period in 2019, representing a year-on-year increase of 51.2%[126]. Revenue Segmentation - The drilling services revenue for the first half of 2020 was RMB 6,171.0 million, a 37.5% increase from RMB 4,489.2 million in the same period last year[15]. - The oilfield technical services revenue decreased by 8.7% to RMB 6,050.4 million from RMB 6,624.2 million year-on-year[19]. - The company's vessel services revenue increased by 6.5% to RMB 1,534.3 million, with external chartered vessels contributing RMB 541.3 million[21]. - Revenue from drilling services was RMB 6,173,943 thousand, while oilfield technical services generated RMB 6,059,880 thousand, indicating a strong performance in both segments[107]. - Revenue from the China National Offshore Oil Corporation (CNOOC) group for drilling services was RMB 3,029,551 thousand, oilfield technical services RMB 5,466,345 thousand, and vessel services RMB 1,407,964 thousand for the six months ended June 30, 2020[156]. Cost Management and Expenses - The company has implemented significant cost reduction measures, maximizing the reduction of external drilling platform and vessel leasing costs[9]. - The company's total operating expenses for the first half of 2020 were RMB 12,452.1 million, an increase of RMB 470.2 million or 3.9% compared to the same period last year[28]. - The company's rental expenses increased by RMB 94.2 million year-on-year, reflecting a growth of 16.9%[29]. - The total operating expenses in the geophysical acquisition and engineering survey services segment were RMB 841.9 million, a decrease of 14.6% year-on-year[32]. Technology and Innovation - The company has made notable advancements in technology, including successful trials of a high-temperature ESCOOL system and underwater release plug system[8]. - The company achieved significant technological advancements, including successful trials of various new drilling and cementing technologies[20]. - The company launched several key technology applications, including the successful trial of a 235℃ ultra-high temperature ESCOOL system and the first domestic underwater release plug system for deep-water cementing[196]. Market Expansion and International Operations - The company has expanded its market presence, securing new projects in the Asia-Pacific, Middle East, and Americas regions[7]. - The company successfully launched four drilling platforms in Asia and secured a 600-day contract in the Americas[15]. - The company is actively involved in international operations, with subsidiaries in regions such as Indonesia, Australia, and Mexico, enhancing its market presence[88]. Financial Position and Assets - Total assets as of June 30, 2020, were RMB 81,427.3 million, an increase of RMB 5,325.5 million or 7.0% from RMB 76,101.8 million at the end of 2019[42]. - Total liabilities increased by RMB 4,334.3 million or 11.1%, from RMB 39,191.5 million at the end of 2019 to RMB 43,525.8 million[42]. - Cash and cash equivalents increased significantly by 180.0% to RMB 9,417.1 million from RMB 3,363.6 million at the beginning of the year[43]. - The company's net current assets increased to RMB 10.55 billion from RMB 3.20 billion as of December 31, 2019, with the current ratio rising from 1.16 to 1.57[67]. Debt and Financing - The company successfully issued USD 800 million senior bonds, achieving the lowest comprehensive cost in its history and the highest oversubscription rate[9]. - The company issued $500 million 1.875% guaranteed senior notes due in 2025 and $300 million 2.500% guaranteed senior notes due in 2030 on June 24, 2020[74]. - The company reported a significant impairment loss of RMB 843.8 million on property, plant, and equipment, attributed to the settlement with Equinor and projected future cash flows[31]. - The company has seen a decrease in interest-bearing bank loans from RMB 809.96 million to RMB 515.21 million from December 31, 2019, to June 30, 2020[68]. Safety and Compliance - The OSHA recordable incident rate for safety performance was reported at 0.094, indicating a stable safety production situation[10]. - The QHSE management system was further strengthened, with an OSHA recordable incident rate of 0.094, indicating stable safety production conditions[198]. Future Outlook - The outlook for the second half of 2020 indicates a slow recovery in the industry, with the IMF predicting a global economic contraction of 4.9%[53]. - The company plans to continue focusing on market expansion and new technology development to drive future growth[84]. - The company aims to enhance its international operational management capabilities and continue to focus on technological development and internationalization strategies[11].

Financial Performance - Total revenue for the year was RMB 31,075.8 million[9] - Operating profit amounted to RMB 3,895.2 million[9] - Annual profit reached RMB 2,528.0 million[9] - Basic earnings per share were RMB 52.44[9] - Total operating revenue for 2019 reached RMB 31,075.8 million, a 42.0% increase from RMB 21,886.6 million in 2018[10] - Operating profit surged to RMB 3,895.2 million, reflecting a 505.3% increase compared to RMB 643.5 million in the previous year[10] - Annual profit for 2019 was RMB 2,528.0 million, a significant rise of 2,750.1% from RMB 88.7 million in 2018[10] - Basic earnings per share reached RMB 52.44, up 3,443.2% from RMB 1.48 in 2018[10] - The company maintained a capital return rate of 7.1% and an asset return rate of 3.4% for 2019, compared to 0.3% and 0.1% respectively in 2018[10] - The total operating expenses for the company in 2019 were RMB 27,532.7 million, an increase of 27.9% from RMB 21,527.2 million in 2018[52] - The total operating expenses for the year increased by RMB 6,005.5 million, representing a 27.9% year-on-year growth, reaching RMB 27,532.7 million[54] - The group’s operating profit for the year was RMB 3,895.2 million, up RMB 3,251.7 million or 505.3% from RMB 643.5 million in the previous year[58] - The annual profit for the group reached RMB 2,528.0 million, a substantial increase of RMB 2,439.3 million from RMB 88.7 million in the previous year[66] Assets and Equity - Total assets stood at RMB 76,101.8 million[9] - Total equity was RMB 36,910.3 million[9] - Total assets increased to RMB 76,101.8 million, a growth of 1.9% from RMB 74,687.0 million in 2018[68] - Total liabilities decreased to RMB 39,191.5 million, down 2.0% from RMB 40,009.6 million in 2018[68] - Total equity rose to RMB 36,910.3 million, reflecting a 6.4% increase from RMB 34,677.4 million in 2018[68] Revenue Growth - Domestic business revenue grew by 48.9% to RMB 24,159.9 million, while international business revenue increased by 22.2% to RMB 6,915.9 million[10] - The oilfield technical services segment achieved a revenue of RMB 15,030 million in 2019, representing a 53.5% increase from RMB 9,792.6 million in 2018[28] - The drilling services segment saw a revenue increase of 39.7%, reaching RMB 10,824.8 million in 2019, up from RMB 7,749.9 million in 2018[44] - The company reported a 48.9% increase in domestic revenue, amounting to RMB 24,159.9 million in 2019, up from RMB 16,225.5 million in 2018[47] - The international revenue for the company was RMB 6,915.9 million in 2019, reflecting a 22.2% increase from RMB 5,661.1 million in 2018[47] International Expansion - The company is actively expanding its international business in regions such as Asia-Pacific, Middle East, Americas, Europe, Africa, and Far East[5] - The company has enhanced its international operational management capabilities and strengthened its market expansion efforts, particularly in the Asia-Pacific and Middle East regions[18] - The company successfully promoted a series of proprietary technologies, including the BIODRILL A biodegradable drilling fluid system, contributing to green development in offshore oil fields[19] - The company has made significant breakthroughs in various regions, securing contracts for multiple drilling services and expanding its service offerings[18] - The company operates in over 40 countries and regions, providing integrated oilfield services across six major regions: Asia-Pacific, Middle East, Americas, Europe, Africa, and Far East[113] Technological Innovation - The company aims to leverage technological innovation as a core driver for high-quality global business development in the oilfield services market[15] - The company plans to accelerate the development of key core technologies and enhance its global operational management capabilities in 2020[15] - The company invested CNY 1.073 billion in technology research and development, an increase of 35.3% from CNY 793.75 million in 2018[177] - The company obtained 97 new patents in 2019, including 38 invention patents, marking a 6.6% increase from 91 patents in 2018[179] - The company conducted 172 internal control management training sessions in 2019, with 2,725 participants, reflecting a 8.5% increase in participants from 2018[152] Risk Management and Compliance - The company established a comprehensive risk management framework, conducting annual and quarterly risk assessments to identify and manage significant risks[88] - The internal control system was evaluated as effective, with no significant deficiencies identified in design or execution[87] - The company has strengthened its compliance system, ensuring adherence to laws and regulations, including labor and environmental laws[145] - The company has established a long-term mechanism for risk prevention, conducting special inspections to identify major operational risks[149] - The company has implemented a global management system aligned with international standards, enhancing its internal control capabilities[147] Employee Welfare and Training - The employee turnover rate decreased to 1.6% in 2019 from 2.6% in 2018, reflecting improved employee retention[131] - The company achieved a 100% coverage rate for social insurance and labor contract signing rate in 2019, ensuring employee welfare[131] - The company has enhanced employee welfare and training programs, promoting a diverse and safe work environment[145] - In 2019, the company conducted 409 anti-fraud training sessions, with a total of 16,141 participants, including over 310 from key sensitive positions[159] Environmental and Sustainable Development - The company received multiple awards for sustainable development, including recognition as an "Outstanding Sustainable Development Enterprise" by Sina Finance in 2019[14] - The company plans to prioritize the development of green and low-carbon technologies to strengthen its core competitiveness[78] - The company is committed to environmental protection and occupational health, emphasizing safety production as part of its operational strategy[199] - The company has been recognized for its corporate governance, being included in the Hang Seng Sustainable Development Index for eight consecutive years[81] Corporate Governance - The board of directors confirmed compliance with securities trading standards throughout 2019, ensuring adherence to regulatory requirements[82] - The company has three independent directors with extensive experience in finance, law, and financial reporting, who effectively fulfilled their responsibilities during the reporting period[85] - The board of directors has implemented a diversity policy to enhance governance and attract a wide range of talents[86] - The company’s governance functions are regularly reviewed to ensure compliance with corporate governance codes[90]