Financial Performance - The company's operating revenue for 2020 was approximately CNY 17.86 billion, an increase of 21.43% compared to CNY 14.71 billion in 2019[13]. - The net profit attributable to shareholders for 2020 was CNY 363.30 million, a significant increase of 1,200.90% from CNY 27.93 million in 2019[13]. - The net cash flow from operating activities was CNY 2.02 billion, compared to a negative cash flow of CNY 74.81 million in 2019[13]. - The total assets at the end of 2020 were CNY 33.28 billion, reflecting a 4.47% increase from CNY 31.86 billion at the end of 2019[13]. - The basic earnings per share for 2020 were CNY 0.08, a 700% increase from CNY 0.01 in 2019[14]. - The weighted average return on net assets for 2020 was 1.61%, an increase of 1.49 percentage points from 0.12% in 2019[14]. - The company achieved an operating revenue of 17.863 billion yuan, a year-on-year increase of 21%[32]. - The net profit attributable to shareholders was 363 million yuan, showing significant improvement compared to the previous year[32]. - The company reported a net cash flow from operating activities of 2.02 billion RMB, a substantial recovery from a negative cash flow of 74.81 million RMB in the previous year[50]. - Operating costs amounted to 16.02 billion RMB, reflecting a year-on-year increase of 23.99% due to higher workload and increased costs from expedited project schedules impacted by the pandemic[50]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.70 per 10 shares, totaling approximately CNY 309 million, which represents 85.19% of the net profit for the year[3]. - The company maintained a "zero" target for COVID-19 cases among its employees, ensuring smooth production operations[33]. - The company proposed a cash dividend of 30,949.48 million RMB for the year 2020, which represents 85.19% of the net profit attributable to ordinary shareholders[107]. - The company has a commitment from its controlling shareholder to not engage in competing businesses, effective since August 15, 2001[110]. - The company maintains a stable cash dividend policy, distributing at least 10% of the net profit attributable to shareholders as dividends, ensuring a return to investors while supporting sustainable development[104]. Project and Operational Highlights - The company completed 51 projects in total, including 32 offshore oil and gas engineering projects, marking a record high in construction volume[36]. - The construction of the Lingshui 17-2 deepwater project was completed ahead of schedule, with a total weight of 53,000 tons for the oil storage platform[35]. - The company successfully completed 10 projects under the "10+1" initiative ahead of schedule, contributing significantly to China's offshore oil and gas production increase[34]. - The company has established a comprehensive marine engineering manufacturing base of over 1.2 million square meters in Qingdao and is expanding its facilities in Tianjin and Zhuhai[20]. - The company has made significant progress in the construction of LNG projects, with the Zhejiang Ningbo LNG receiving station project completed at 100%[37]. Market Position and Strategy - The company is the only large-scale marine oil and gas engineering contractor in China, holding a significant market position and brand advantage in the domestic industry[24]. - The company is focusing on transitioning to green low-carbon and high-value-added products, including LNG and underwater engineering, to enhance its core competitiveness[20]. - The company is actively expanding its business into new marine engineering sectors, leveraging innovation to enhance its technological capabilities in FPSO and deepwater projects[28]. - The company is positioned to benefit from the ongoing energy exploration and development efforts in China, with a target to exceed 80 million tons of oil and gas production by 2025[83]. - The company continues to strengthen its market position in domestic oil and gas engineering projects, including significant projects in the South China Sea[41]. Investment and R&D - The company’s investment in construction projects increased by 204.68% year-on-year, reaching CNY 2.044 billion, primarily due to the upgrade of the "Marine Oil 291 Vessel"[23]. - R&D investment totaled CNY 0.98 billion, representing 5.50% of operating revenue, an increase of CNY 0.10 billion from the previous year[58]. - The company has conducted 83 major research projects, including 7 national key projects, leading to over 100 research outcomes[59]. - The company is focusing on deepwater technology development, achieving breakthroughs in various deepwater engineering technologies[46]. Risk Management and Compliance - The company emphasizes the importance of risk management in overseas project operations and cost control measures[198]. - The company has implemented emergency response plans for environmental incidents, including specific plans for toxic substance leaks and oil spills at the dock[149]. - The company has acknowledged currency fluctuation risks as it expands its overseas business and plans to incorporate currency risk management into its cost control measures[100]. - The company has established a comprehensive internal control management system to ensure effective operations both domestically and internationally[189]. Environmental and Social Responsibility - The company reported a total of 153.04 million RMB invested in social responsibility activities, including poverty alleviation and educational support[137]. - The company has implemented various energy-saving and emission-reduction projects, achieving positive results in green development[145]. - The company has engaged in volunteer activities, raising 57,000 RMB and donating over 2,000 pieces of pandemic prevention supplies[138]. - The company has established a 3.5 million RMB fund to support charitable activities, contributing 105,000 RMB in 2020[138]. Governance and Management - The company has established a comprehensive governance framework in compliance with relevant laws and regulations[183]. - The board of directors consists of 7 members, including 3 independent directors, meeting the legal requirement of having more than one-third independent directors[185]. - The company appointed its first female director, reflecting a commitment to improving board diversity and governance[186]. - The total remuneration for all directors, supervisors, and senior management was 7.974 million RMB[174]. - The company has implemented a performance-based salary system to attract and retain talent[180].

Financial Performance - Operating revenue for the first nine months was ¥1,186,968.55 million, representing a year-on-year increase of 47.18%[5] - Net profit attributable to shareholders was ¥7,960.68 million, a significant recovery from a loss of ¥63,515.48 million in the same period last year[5] - The company reported a basic earnings per share of ¥0.02, recovering from a loss of ¥0.14 per share in the same period last year[5] - In Q3 2020, the company achieved revenue of RMB 5.383 billion and a net profit attributable to shareholders of RMB 323 million[11] - The company reported a total comprehensive income of ¥38,398.51 million for Q3 2020, compared to ¥8,091.81 million in Q3 2019[32] - The company achieved a total profit of ¥38,892.53 million in Q3 2020, compared to ¥10,404.90 million in Q3 2019, marking an increase of 273.5%[31] - The net profit for Q3 2020 was CNY 29,121.61 million, compared to CNY 14,157.52 million in Q3 2019, representing an increase of 105.5%[35] Cash Flow - The net cash flow from operating activities for the first nine months was ¥116,640.04 million, a substantial improvement from a negative cash flow of ¥1,571.31 million in the previous year[5] - The net cash flow from operating activities for Q3 2020 was ¥48,915.97 million, a significant improvement compared to a net outflow of ¥30,309.00 million in Q3 2019[40] - The company reported a net cash outflow from investing activities of CNY 132,992.80 million for the first three quarters of 2020, compared to a net inflow of CNY 25,204.56 million in the same period last year[38] - The cash flow from financing activities generated a net inflow of ¥102,191.02 million, compared to a net outflow of ¥22,155.56 million in Q3 2019[40] Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,303,800.28 million, an increase of 3.71% compared to the end of the previous year[5] - Total liabilities increased to RMB 1,048,399.97 million from RMB 918,370.71 million, marking a rise of approximately 14.2%[27] - The total current liabilities rose to RMB 963,288.93 million from RMB 849,014.31 million, indicating an increase of about 13.4%[27] - The company’s cash and cash equivalents decreased to RMB 167,939.61 million from RMB 173,220.47 million, a decline of approximately 3.5%[26] - The company reported a significant increase in accounts payable, rising to RMB 741,225.05 million from RMB 686,293.85 million, an increase of approximately 8.0%[27] Shareholder Information - The total number of shareholders at the end of the reporting period was 107,918[7] - The largest shareholder, China National Offshore Oil Corporation, holds 48.36% of the shares, totaling 2,138,328,954 shares[9] Research and Development - Research and development expenses increased by 96.23% year-on-year to RMB 54.55 million, reflecting the company's commitment to innovation[16] - Research and development expenses for Q3 2020 amounted to ¥19,740.20 million, an increase from ¥16,269.06 million in Q3 2019[30] - The company expects no significant increase in total annual R&D expenses compared to the previous year despite the substantial growth in the first three quarters[17] Operational Highlights - The company completed 134 kilometers of subsea pipeline laying and processed 70,000 structural tons of steel during the reporting period, with offshore operations increasing to 5,000 vessel days compared to the same period last year[11] - The company signed new contracts worth RMB 1.7 billion in Q3, bringing the total for the first three quarters to RMB 20.6 billion, a 13% increase from RMB 18.3 billion in the same period last year[14] - The company has a backlog of uncompleted orders totaling RMB 31.7 billion, providing strong support for future development[14] - The "10+1" key engineering projects saw significant progress, with 9 out of 10 projects mechanically completed by the end of the reporting period, and 8 projects were put into production ahead of schedule[11] Challenges and Risks - The company is facing a projected revenue impact of approximately RMB 1.3 billion due to delays in the Marjan oilfield project caused by the COVID-19 pandemic[15] - Operating costs for the first three quarters amounted to 10.936 billion RMB, a year-on-year increase of 38%, primarily due to increased workload and pandemic-related expenses[17] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability in the upcoming quarters[36]