Financial Performance - The company's operating revenue for Q3 2021 was ¥9,930,110,009.27, representing a year-on-year increase of 38.75%[4] - The net profit attributable to shareholders for Q3 2021 was ¥639,515,890.40, an increase of 22.05% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥596,839,741.24, reflecting a growth of 28.36% year-on-year[4] - The basic earnings per share for Q3 2021 was ¥0.0629, up by 22.05% from the previous year[5] - Total operating revenue for the first three quarters of 2021 reached CNY 25,499,968,066.98, an increase from CNY 20,593,414,872.09 in the same period of 2020, representing a growth of approximately 23.2%[17] - Net profit attributable to shareholders for Q3 2021 was CNY 1,342,372,619.43, compared to CNY 1,076,530,391.72 in Q3 2020, reflecting an increase of about 24.7%[18] - The total comprehensive income attributable to shareholders for Q3 2021 was CNY 1,325,439,285.60, an increase from CNY 1,031,648,937.50 in Q3 2020, indicating a growth of about 28.5%[18] - The total comprehensive income for the period attributable to the parent company's owners was CNY 1,325,442,284.89, an increase from CNY 1,031,640,317.76 in the same period last year, representing a growth of approximately 28.5%[19] - Basic and diluted earnings per share for the period were CNY 0.1321, compared to CNY 0.1059 in the previous year, reflecting an increase of about 25.5%[19] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was ¥1,257,356,014.44, showing a significant increase of 97.51%[5] - The company improved cash flow management, resulting in over 30% increase in cash inflows from operating activities[8] - Cash inflow from operating activities totaled CNY 28,638,027,777.26, up from CNY 21,894,808,256.69, indicating a growth of approximately 30.6% year-over-year[21] - Cash outflow from operating activities was CNY 27,380,671,762.82, compared to CNY 21,258,198,050.51 in the previous year, resulting in a net cash flow from operating activities of CNY 1,257,356,014.44, up from CNY 636,610,206.18[21] - The company reported a significant increase in cash received from sales of goods and services, amounting to CNY 28,068,052,114.01, compared to CNY 21,363,413,744.45 in the previous year, marking a growth of approximately 31.4%[20] - Cash and cash equivalents were reported at ¥3.08 billion, down from ¥3.37 billion at the end of 2020, indicating a decrease of about 8.5%[13] - Total assets at the end of the reporting period were ¥33,144,196,889.82, an increase of 1.74% compared to the end of the previous year[5] - Total current assets amounted to approximately ¥17.19 billion, slightly decreased from ¥17.19 billion at the end of 2020[13] - Trade receivables stood at ¥8.50 billion, a decrease from ¥8.94 billion, reflecting a decline of approximately 5%[13] - Non-current assets totaled approximately ¥15.96 billion, up from ¥15.38 billion, indicating an increase of about 4%[14] Shareholder Information - Total number of common shareholders at the end of the reporting period is 137,616, with the largest shareholder, China National Offshore Oil Corporation, holding 79.84% of shares[10] - The largest shareholder, China National Offshore Oil Corporation, holds 8,116,016,667 shares, which is 79.84% of the total shares[10] - The company has no pledged, marked, or frozen shares among the top ten shareholders[10] Liabilities and Equity - Total liabilities amounted to CNY 12,034,568,717.83, a slight decrease from CNY 12,401,711,072.13 in the previous year, indicating a reduction of approximately 2.9%[16] - The company's total equity reached CNY 21,109,628,171.99, compared to CNY 20,174,327,296.67 in the previous year, showing a growth of approximately 4.6%[16] - The company's total equity increased to $20.17 billion from $20.17 billion, showing a slight change of approximately -$2.02 million[24] Research and Development - Research and development expenses for the first three quarters of 2021 were CNY 696,709,388.45, up from CNY 569,332,244.29 in the same period of 2020, marking an increase of around 22.3%[17] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[18] - The company has not disclosed any significant new strategies or future outlook in the provided documents[12] Investment Activities - Investment income for Q3 2021 was CNY 219,494,046.43, compared to CNY 164,338,344.41 in Q3 2020, reflecting an increase of approximately 33.6%[18] - Investment activities generated a net cash flow of CNY -282,292,754.44, compared to CNY -140,007,682.94 in the same period last year, indicating a worsening in investment cash flow[21] - The company received CNY 9,477,238,743.77 in cash from investment recoveries, a significant increase from CNY 3,172,057.21 in the same period last year[21] Leasing and Financial Commitments - The company has implemented new leasing standards starting from 2021, which may impact future financial reporting and cash flow management[22] - The company recognized new right-of-use assets amounting to $213.44 million[25] - The company confirmed lease liabilities of $152.96 million, indicating new financial commitments[25] - The retained earnings were adjusted down by $1.96 million due to cumulative impacts from lease contracts[25]

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥15.57 billion, representing a 15.88% increase compared to ¥13.44 billion in the same period last year[17]. - The net profit attributable to shareholders for the first half of 2021 was approximately ¥702.86 million, an increase of 27.20% from ¥552.54 million in the previous year[17]. - The net profit after deducting non-recurring gains and losses was approximately ¥595.02 million, reflecting a 27.24% increase compared to ¥467.64 million in the same period last year[17]. - The basic earnings per share for the first half of 2021 was ¥0.0691, up 27.02% from ¥0.0544 in the previous year[19]. - The weighted average return on net assets increased to 3.54%, up 0.60 percentage points from 2.94% in the same period last year[19]. - The company achieved operating revenue of RMB 15.57 billion, a year-on-year increase of 15.88%, and a net profit attributable to shareholders of RMB 703 million, up 27.20% year-on-year[26]. - The company reported a net profit of 755.81 million RMB, representing a year-on-year increase of 27.89%[37]. - Operating income increased by 15.88% to 15.57 billion RMB, driven by increased workload in upstream related businesses[36]. Cash Flow and Assets - The net cash flow from operating activities decreased by 77.77% to approximately ¥255.43 million, primarily due to increased payments to suppliers compared to the previous year[18]. - Cash and cash equivalents decreased by 22.00% to ¥2,628,346,019.41, accounting for 8.34% of total assets[40]. - Trading financial assets increased by 164.42% to ¥1,425,164,853.46, representing 4.52% of total assets[40]. - Inventory rose by 36.81% to ¥809,437,831.10, due to increased workload and stockpiling of raw materials and finished products[41]. - Contract assets increased by 26.73% to ¥2,302,004,936.13, accounting for 7.31% of total assets[40]. - The total assets at the end of the reporting period were approximately ¥31.51 billion, a decrease of 3.28% from ¥32.58 billion at the end of the previous year[17]. - The total liabilities decreased from CNY 12.40 billion to CNY 11.04 billion, a decline of about 10.99%[120]. - The company reported a significant increase in contract liabilities from CNY 321.20 million to CNY 715.18 million, an increase of approximately 123.00%[120]. Capital Expenditure and Investment - The company's capital expenditure plan for 2021 is projected to be between RMB 90 billion and RMB 100 billion, representing a year-on-year increase of 13-26% compared to RMB 79.5 billion in 2020[23]. - The energy technology service segment reported operating revenue of RMB 4.62 billion, an increase of 14.59% compared to RMB 4.03 billion in the same period last year, with operating profit rising by 15.18% to RMB 412 million[27][28]. - The low-carbon environmental and digitalization segment generated operating revenue of RMB 2.92 billion, a growth of 15.06% from RMB 2.53 billion, with operating profit soaring by 171.79% to RMB 1.02 billion[29][30]. - The company reported investment income of ¥144,351,500.68, down 8% from ¥156,963,035.46 year-on-year[125]. Research and Development - The company holds 1,630 authorized patents and has received 262 national and provincial-level scientific research awards, demonstrating strong R&D and innovation capabilities[25]. - Research and development expenses grew by 22.01% to 411 million RMB, indicating a continued focus on innovation[37]. - The company is focused on optimizing its research investment structure to enhance core technological capabilities in line with national energy strategies[49]. Environmental and Social Responsibility - The company is committed to enhancing oil and gas recovery rates and supporting the "Seven-Year Action Plan" for domestic oil and gas production[22]. - The company is actively developing low-carbon environmental industries, responding to national strategies and policies, and holds a 4% stake in the Beijing Green Exchange[24]. - The company has implemented a self-monitoring plan for wastewater, with water quality tests conducted quarterly and air quality tests conducted biannually[69]. - The company reported a total of 4,681,920 cubic meters of waste gas emissions from its operations during the reporting period[72]. - The company donated RMB 15 million to the China National Offshore Oil Corporation Marine Environment and Ecological Protection Public Welfare Fund for targeted assistance projects in Zhuozi County, Inner Mongolia[76]. - The company has established 6 online sales platforms and 19 offline stores to enhance sales channels for agricultural products from poverty-stricken areas[77]. Corporate Governance and Shareholder Relations - The company committed to not transferring or entrusting the management of shares held prior to the IPO for 36 months from the date of listing[82]. - CNOOC will not use its controlling shareholder status to harm the interests of the company and its other shareholders[81]. - The company has maintained a good integrity record during the reporting period, with no adverse records from regulatory agencies[91]. - The company will disclose any violations of commitments by CNOOC and provide explanations to shareholders and the public[84]. Risk Management - The company is facing health, safety, and environmental risks due to extreme weather and the COVID-19 pandemic, and is implementing a three-year safety production action plan[49]. - Market competition and operational risks are influenced by oil price volatility, prompting the company to enhance its operational and technological capabilities[49]. - The company has a total of 35 subsidiaries under its consolidated financial statements as of June 30, 2021[146]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern principle, indicating the company has the ability to continue operations for at least 12 months from the reporting date[150]. - The company adheres to the enterprise accounting standards, ensuring that the financial statements accurately reflect its financial position and operating results[151]. - The company recognizes its share of assets and liabilities in joint operations, confirming both individually held and jointly held assets and liabilities[157].

Financial Performance - Operating revenue increased by 9.59% to CNY 6,548,586,949.31 year-on-year[4] - Net profit attributable to shareholders rose by 72.38% to CNY 218,800,114.81 compared to the same period last year[4] - Operating profit increased by 42.15% year-on-year, attributed to increased workload and effective cost control measures[12] - Net profit rose by 69.15% year-on-year, driven by increased workload and enhanced efficiency[12] - Basic and diluted earnings per share increased by 72.00% to CNY 0.0215 per share[4] - Total operating revenue for Q1 2021 was RMB 6,548,586,949.31, an increase of 9.55% compared to RMB 5,975,468,702.04 in Q1 2020[23] - Net profit for Q1 2021 reached RMB 241,296,157.73, compared to RMB 142,650,216.62 in Q1 2020, representing a significant increase of 69.06%[23] - The net profit attributable to shareholders of the parent company for Q1 2021 was CNY 218,800,114.81, compared to CNY 126,929,800.96 in Q1 2020, representing an increase of approximately 72%[24] - The total comprehensive income for Q1 2021 was CNY 247,565,382.60, compared to CNY 164,624,657.41 in Q1 2020, indicating an increase of approximately 50%[24] Cash Flow - Net cash flow from operating activities decreased significantly by 85.21% to CNY 101,664,657.08[4] - Cash flow from operating activities decreased by 85.21% year-on-year, mainly due to increased cash payments for goods and services[13] - Cash flow from investing activities increased significantly, with a net inflow of RMB 807,135,073.74, primarily due to a substantial increase in cash received from bank wealth management products[13] - Cash flow from financing activities decreased by 1,433.19% year-on-year, mainly due to increased cash payments for debt repayment[13] - The net cash flow from operating activities was -502,391,437.85 RMB, a decrease from 580,062,517.69 RMB in the same quarter of 2020[29] - Total cash inflow from investment activities was 4,925,518,648.45 RMB, significantly higher than 1,867,127,093.24 RMB in Q1 2020[29] - The net cash flow from investment activities was 1,127,793,075.32 RMB, compared to -180,454,081.10 RMB in the previous year[29] - The cash inflow from operating activities was 4,724,365,583.06 RMB, down from 6,120,747,084.95 RMB in the same quarter last year[29] Assets and Liabilities - Total assets decreased by 7.76% to CNY 30,048,683,407.56 compared to the end of the previous year[4] - Accounts receivable decreased by 66.21% compared to the end of last year, mainly due to strengthened collection efforts[10] - Prepayments increased by 183.70% compared to the end of last year, primarily due to business expansion[10] - Inventory increased by 39.64% compared to the end of last year, driven by increased workload and stockpiling of raw materials and finished products[10] - Contract liabilities grew by 139.08% compared to the end of last year, reflecting increased prepayments from customers due to higher workload[10] - The company's total current assets amounted to approximately CNY 14.78 billion, a decrease from CNY 17.19 billion as of December 31, 2020, reflecting a reduction of about 24.1%[17] - The company's total liabilities decreased to approximately CNY 9.59 billion as of March 31, 2021, from CNY 12.40 billion at the end of 2020, a reduction of about 22.6%[19] - The company's total equity increased to approximately CNY 20.46 billion as of March 31, 2021, compared to CNY 20.17 billion at the end of 2020, reflecting an increase of about 1.4%[19] Shareholder Information - The total number of shareholders reached 154,350 by the end of the reporting period[7] - The largest shareholder, China National Offshore Oil Corporation, holds 79.84% of the shares[7] Future Outlook - The company has not disclosed specific future outlook or guidance in this report[3] Research and Development - Research and development expenses for Q1 2021 amounted to RMB 79,578,195.84, an increase from RMB 61,985,969.37 in Q1 2020, indicating a year-over-year growth of 28.38%[23] - Research and development expenses increased to CNY 21,832,768.49 in Q1 2021 from CNY 12,825,461.58 in Q1 2020, reflecting a rise of approximately 70%[25]

Financial Performance - The company achieved an operating revenue of 33.208 billion yuan in 2020, which remained basically flat year-on-year[2]. - Net profit for the year was 1.602 billion yuan, representing a year-on-year increase of 22.99%[2]. - The company's operating revenue for 2020 was approximately ¥33.21 billion, a decrease of 0.76% compared to ¥33.46 billion in 2019[21]. - Net profit attributable to shareholders for 2020 was approximately ¥1.52 billion, representing a 23.40% increase from ¥1.23 billion in 2019[21]. - The net cash flow from operating activities increased by 41.33% to approximately ¥4.14 billion in 2020, up from ¥2.93 billion in 2019[21]. - The total assets at the end of 2020 were approximately ¥32.58 billion, a 9.68% increase from ¥29.70 billion at the end of 2019[21]. - The net profit after deducting non-recurring gains and losses was approximately ¥1.30 billion, reflecting a 27.82% increase from ¥1.02 billion in 2019[21]. - Basic earnings per share for 2020 was CNY 0.1497, an increase of 12.05% compared to CNY 0.1336 in 2019[22]. - Diluted earnings per share for 2020 was also CNY 0.1497, reflecting the same percentage increase of 12.05% from the previous year[22]. - The profit margin for 2020 improved by 0.91 percentage points to 13.08%[56]. Dividend Policy - The proposed cash dividend is 0.45 yuan per 10 shares, totaling approximately 457 million yuan, which accounts for 30.06% of the net profit attributable to shareholders[5]. - The cash dividend per 10 shares for 2020 was set at 0.4500 RMB, representing 30.06% of the net profit attributable to ordinary shareholders[88]. - The company maintained a consistent dividend policy over the past three years, with cash dividends of 0.3700 RMB in 2019 and 0.3885 RMB in 2018[88]. - The board of directors is required to complete the distribution of dividends within two months after the shareholders' meeting[88]. - The company has a structured process for profit distribution, requiring independent directors to provide clear opinions on cash dividend proposals[87]. - The company emphasizes communication with minority shareholders regarding dividend proposals, ensuring their opinions are considered[87]. Strategic Initiatives - The company focused on enhancing technical service capabilities and innovating business models to address challenges posed by the COVID-19 pandemic and declining oil prices[2]. - The company plans to establish a clean energy subsidiary and explore new growth drivers in offshore wind power and distributed energy sectors[2]. - The company aims to enhance its core competitiveness and promote the development of the new energy industry as part of its "14th Five-Year Plan" strategy[2]. - The company is engaged in a seven-year action plan to strengthen domestic exploration and development from 2019 to 2025[12]. - The company is involved in the "Science and Technology Reform Demonstration Action" to enhance independent innovation capabilities[12]. - The company continues to focus on market expansion and technological innovation as part of its strategic initiatives[12]. - The company is actively developing new energy industries, particularly offshore wind power, as part of its strategic expansion[52]. Research and Development - Significant progress was made in core technology research, including the development of intelligent injection technology and new thermal recovery techniques for heavy oil[2]. - The company holds 1,630 authorized patents and has established 37 enterprise technology centers, showcasing its strong R&D and innovation capabilities[37]. - Research and development expenses increased by 6.26% to RMB 855.29 million, reflecting a commitment to innovation[53]. - The company is focused on expanding its core business segments, including energy technology services and FPSO production technology services, to enhance operational efficiency[30]. - The company is investing in research and development, with a budget increase of 10% to support new technology initiatives[175]. Environmental and Social Responsibility - The company has established a "carbon peak and carbon neutrality" working group to explore the path of collaborative development between traditional and clean energy[84]. - The company has actively engaged in social responsibility initiatives, particularly in poverty alleviation efforts in Gansu Province[128]. - The company reported a total hazardous waste disposal of 1.40 tons for HW06, 59.07 tons for HW08, 558.71 tons for HW09, 7.25 tons for HW34, and 70.12 tons for HW49[135]. - The company executed a total of 4,204.00 cubic meters of domestic sewage discharge and 355.07 cubic meters of oily wastewater disposal[136]. - The company has implemented strict pollution discharge standards, including the GB4914-2008 for offshore facilities and the DB12/356-2018 for wastewater[136]. Market Position and Competition - The company is focused on expanding its market presence and enhancing its operational capabilities through strategic appointments and management restructuring[174]. - The market for oil and gas services is becoming increasingly competitive with the entry of private and foreign companies, leading to a more open market environment[79]. - The company is actively developing new technologies and products, with a focus on integrated and intelligent solutions in water treatment and environmental services[49]. - The company aims to enhance its digital transformation strategy, allocating 500 million RMB for digital infrastructure upgrades[175]. Financial Management - The company reported a significant reduction in financial expenses by 50.01% to RMB 98.25 million, contributing to overall profitability[53]. - The company has a stable profit distribution policy, aiming for a minimum cash dividend of 10% of the net profit attributable to shareholders each year[86]. - The company has provided debt guarantees of ¥100,000.00 for subsidiaries with a debt-to-asset ratio exceeding 70%[122]. - The company has entrusted a total of ¥1,524,000,000 in financial management, with no overdue amounts reported[123][124]. Governance and Compliance - The company has established a long-term mechanism to prevent the controlling shareholder from occupying the company's funds and assets[189]. - The company strictly adheres to information disclosure obligations, ensuring transparency and fairness in its operations[189]. - The internal control audit report for 2020 received a standard unqualified opinion[199]. - The company has not faced any risks of suspension from listing during the reporting period[107]. Human Resources - The number of employees in the parent company is 6,093, while the total number of employees in major subsidiaries is 9,024, resulting in a combined total of 15,117 employees[184]. - The company invested a total of 35.119 million yuan in training in 2020, with an average training cost of 2,323.14 yuan per employee and a total of 86,663 training sessions conducted[186]. - The company has implemented a comprehensive compensation and benefits system, including corporate annuities and supplementary medical insurance[185].

Financial Performance - The company's operating revenue for the first half of 2020 was approximately RMB 13.44 billion, a decrease of 3.15% compared to the same period last year[19]. - The net profit attributable to shareholders for the first half of 2020 was approximately RMB 552.54 million, down 17.79% year-on-year[19]. - Basic earnings per share for the first half of 2020 were RMB 0.0544, a decrease of 32.84% compared to the same period last year[20]. - The company reported a decrease of 15.00% in net profit after deducting non-recurring gains and losses, amounting to approximately RMB 467.64 million[19]. - The company achieved a revenue of 13.437 billion CNY in the first half of 2020, with a net profit of 553 million CNY, representing a year-on-year decline of 3.15% and 17.79% respectively[40]. - The company reported a net profit for the first half of 2020 of CNY 590,995,334.45, representing a decline of 16.66% from CNY 708,932,813.15 in the previous year[150]. - The total comprehensive income for the first half of 2020 was approximately ¥289.23 million, down 55.7% from ¥651.49 million in the same period of 2019[154]. Cash Flow and Investments - The net cash flow from operating activities increased by 87.86% to approximately RMB 1.15 billion compared to the same period last year[19]. - The company reported a significant increase in cash inflow from investment activities of approximately ¥914.88 million, compared to ¥152.71 million in the first half of 2019[157]. - The net cash flow from investment activities was negative at RMB -207,526,753.53, contrasting with a positive cash flow of RMB 89,596,993.34 in the same period of 2019[160]. - The company’s cash outflow for repaying debts was RMB 7,226,115,583.60, a decrease from RMB 8,426,105,504.23 in the previous year, indicating a reduction of about 14%[161]. Assets and Liabilities - The total assets at the end of the reporting period were approximately RMB 29.83 billion, a slight increase of 0.43% from the end of the previous year[19]. - The total liabilities decreased slightly to ¥10.62 billion from ¥10.71 billion, a decrease of approximately 0.8%[143]. - The company's total equity increased to ¥19.21 billion from ¥18.99 billion, reflecting a growth of about 1.2%[143]. - The company reported a total of 1.87 billion in owner contributions, indicating strong investor confidence and support[166]. Research and Development - R&D expenses surged by 88.72% year-on-year to CNY 337.10 million, reflecting increased investment in research and development[47]. - The company holds 1,409 authorized patents and has received 253 national and provincial-level scientific research awards, showcasing its strong R&D capabilities[32]. - Research and development expenses increased significantly to CNY 337,096,031.19, up 88.83% from CNY 178,626,452.91 in the first half of 2019[150]. Market Position and Strategy - The company operates in four core business segments: energy technology services, FPSO production technology services, energy logistics services, and safety, environmental protection, and energy-saving products and services[24]. - The company aims to enhance energy production capabilities in response to national energy security directives, with a focus on increasing oil and gas exploration and production[28]. - The company is actively expanding its overseas market presence, focusing on regions such as Central Asia, the Middle East, and Africa, which includes countries like Ecuador, Nigeria, Uganda, and Indonesia[68]. Environmental and Social Responsibility - The company is committed to sustainable development by investing in safety and environmental protection technologies[25]. - The company allocated CNY 1,100,000.00 for targeted poverty alleviation projects in 2020, with CNY 1,000,000.00 donated to the China National Offshore Oil Corporation's public welfare foundation[102]. - The company has implemented measures to ensure that hazardous waste is properly stored and disposed of, with all hazardous waste being handled by qualified professional companies[108]. Related Party Transactions - The company engaged in significant related party transactions, primarily with China National Offshore Oil Corporation (CNOOC), which are essential for stable business operations and revenue generation[91]. - CNOOC has pledged to minimize related party transactions with the company and ensure fair pricing in unavoidable transactions[75]. - The company’s independent directors confirmed that related party transactions are necessary for daily operations and are conducted at fair market prices[87]. Governance and Compliance - The company has committed to not engaging in any business activities that may constitute substantial competition with its subsidiaries, both domestically and internationally[74]. - The company has established a framework to ensure that related party transactions do not harm the legal rights of the company and its shareholders[75]. - The financial statements are prepared in accordance with the accounting standards and reflect the company's financial position, operating results, changes in shareholders' equity, and cash flows accurately[185].

Financial Performance - The company's operating revenue for the first half of 2020 was approximately CNY 13.44 billion, a decrease of 3.15% compared to CNY 13.87 billion in the same period last year[15]. - The net profit attributable to shareholders for the first half of 2020 was approximately CNY 552.54 million, down 17.79% from CNY 672.15 million year-on-year[15]. - Basic earnings per share for the first half of 2020 were CNY 0.0544, a decrease of 32.84% from CNY 0.0810 in the same period last year[15]. - The company achieved a revenue of 13.437 billion CNY in the first half of 2020, with a net profit of 553 million CNY, representing a year-on-year decline of 3.15% and 17.79% respectively[31]. - The company reported a total profit for the first half of 2020 of approximately ¥802.75 million, a decrease of 14.5% compared to ¥939.18 million in the same period of 2019[1]. - The company reported a net loss attributable to owners of CNY 44,225,342.23 for the first half of 2020, compared to a loss of CNY 33,938,090.83 in the same period last year[133]. Cash Flow and Financial Position - The net cash flow from operating activities increased significantly by 87.86% to approximately CNY 1.15 billion, compared to CNY 611.59 million in the previous year[15]. - Cash and cash equivalents decreased by 47.57% year-on-year to CNY 2.49 billion, primarily due to the previous year's fundraising[41]. - The company reported a net cash outflow from financing activities of CNY 73.30 million, a decline of 102.08% year-on-year, as there were no inflows from fundraising this period[37]. - The total cash and cash equivalents at the end of the period were CNY 2,484,498,688.96, down from CNY 4,755,002,565.94 in the previous year[127]. - The company reported a significant increase in user data, with a total of 1.26 billion active users as of June 2020[130]. Assets and Liabilities - The total assets at the end of the reporting period were approximately CNY 29.83 billion, reflecting a slight increase of 0.43% from CNY 29.70 billion at the end of the previous year[15]. - The company's total liabilities as of June 30, 2020, were ¥10,618,440,567.08, down from ¥10,708,285,726.39, showing a decrease of about 0.8%[116]. - The total equity attributable to shareholders increased to ¥18,687,718,651.83 from ¥18,480,641,750.28, reflecting a growth of approximately 1.1%[116]. - The company reported a total of CNY 1,263,939,381.10 in retained earnings at the end of the reporting period[133]. Operational Efficiency - The company successfully reduced operating costs, with a decrease of 72.20% in financial expenses and 18.19% in sales expenses year-on-year[33]. - The FPSO service utilization rate was 97.94%, with a total of 1,426 operational days recorded[32]. - The company reported a 19.75% average increase in workload across its energy technology service segment, with specific increases of 18.65% in supervision technology and 43.47% in chemical agent products[32]. Research and Development - Research and development expenses increased by 88.72% year-on-year to CNY 337.10 million, reflecting the company's commitment to enhancing R&D investment[37]. - The company holds 1,409 authorized patents and has received 253 national and provincial-level scientific research awards[25]. Market Position and Strategy - The company operates in four core business segments: energy technology services, FPSO production technology services, energy logistics services, and safety, environmental protection, and energy-saving products and services[18]. - The company aims to enhance energy production capabilities in response to national policies, with a focus on increasing oil and gas exploration and production[21]. - The company is actively expanding its overseas market presence, focusing on regions such as Central Asia, the Middle East, and Africa[53]. - The company plans to continue investing in new product development and market expansion strategies to drive future growth[130]. Environmental and Social Responsibility - The company emphasizes the importance of safety and environmental protection in its long-term sustainable development strategy[19]. - The company has implemented measures to ensure that hazardous waste is properly stored and disposed of, complying with environmental regulations[91]. - The company has maintained a strong commitment to poverty alleviation, aligning with national policies and enhancing its social responsibility[85]. - The company donated 697,500 yuan worth of disinfectants to support COVID-19 prevention efforts in targeted assistance areas[89]. Related Party Transactions - The company approved a daily related transaction limit of RMB 49.115 billion for 2020[70]. - The total amount of related transactions with affiliates from January to June 2020 reached RMB 10.769 billion, accounting for 4.5063% of similar transactions[75]. - The independent directors confirmed that related transactions do not harm the interests of the company and its shareholders, particularly minority shareholders[70]. Risk Management - The company has detailed potential risks in the report, which investors are advised to review[5]. - The company faces risks related to oil price fluctuations, which could impact demand for its energy technology services[53]. - The company has developed a strong risk resistance capability through its diversified business model, mitigating the impact of industry downturns[23].

Financial Performance - Net profit attributable to shareholders increased by 219.65% to CNY 126,929,800.96 year-on-year[4] - Operating income rose by 3.32% to CNY 5,975,468,702.04 compared to the same period last year[4] - Basic earnings per share increased by 160.42% to CNY 0.0125[4] - The company reported a significant increase in government subsidies, contributing to a 452.98% rise in non-operating income[10] - Net profit for Q1 2020 reached CNY 142,650,216.62, significantly higher than CNY 55,297,958.65 in Q1 2019, marking an increase of approximately 157.66%[24] - The total comprehensive income for Q1 2020 was CNY 164,624,657.41, up from CNY 16,934,200.27 in Q1 2019[28] Assets and Liabilities - Total assets decreased by 4.44% to CNY 28,382,226,331.40 compared to the end of the previous year[4] - Current assets totaled ¥12,838,628,161.39, down from ¥13,862,484,567.17, indicating a decrease of about 7.39% year-over-year[18] - Total liabilities decreased to ¥9,216,550,271.16 from ¥10,708,285,726.39, a reduction of about 13.88%[18] - Total liabilities for Q1 2020 were CNY 9,316,459,737.40, compared to CNY 8,280,800,165.20 in Q1 2019, which is an increase of approximately 12.52%[22] - The company's equity attributable to shareholders increased to ¥18,637,572,350.99 from ¥18,480,641,750.28, showing a growth of about 0.85%[18] Cash Flow - Net cash flow from operating activities decreased by 45.28% to CNY 687,399,267.34 year-on-year[4] - The cash flow from operating activities for Q1 2020 was CNY 687,399,267.34, down from CNY 1,256,254,320.92 in Q1 2019[30] - The net cash flow from financing activities increased by RMB 1.13 billion year-on-year, primarily due to a net inflow of borrowings[11] - The total cash inflow from operating activities was CNY 8,920,343,838.68, compared to CNY 8,532,450,324.68 in Q1 2019[30] Inventory and Receivables - Inventory grew by 43.75% compared to the end of the previous year, attributed to an increase in raw materials and finished products due to higher workload[9] - Other receivables rose by 64.54% year-on-year, primarily due to an increase in advance payments made by the company[8] - The company reported a significant increase in prepaid expenses, rising to ¥510,320,131.66 from ¥179,966,625.98, a growth of approximately 183.36%[18] Shareholder Information - The total number of shareholders at the end of the reporting period was 213,106[6] - The largest shareholder, China National Offshore Oil Corporation, holds 79.84% of the shares[6] Financial Standards and Reporting - The company executed a new revenue standard from January 1, 2020, reclassifying "prepayments" as "contract liabilities"[42] - The company implemented new revenue and lease standards starting from 2020, with retrospective adjustments to prior comparative data[43] - The audit report is not applicable for the current period[43]

Financial Performance - In 2019, the company successfully raised 3.805 billion yuan through its IPO, marking the largest financing scale in the oil service industry since 2010[4]. - The company's operating revenue for 2019 was approximately RMB 33.46 billion, representing a year-on-year increase of 15.49% compared to RMB 28.97 billion in 2018[26]. - The net profit attributable to shareholders for 2019 was approximately RMB 1.23 billion, an increase of 15.68% from RMB 1.07 billion in 2018[26]. - The net cash flow from operating activities reached approximately RMB 2.93 billion, showing a significant increase of 82.56% compared to RMB 1.61 billion in 2018[26]. - The total assets at the end of 2019 were approximately RMB 29.70 billion, a 6.92% increase from RMB 27.78 billion at the end of 2018[26]. - The basic earnings per share for 2019 was RMB 0.1336, reflecting a 4.05% increase from RMB 0.1284 in 2018[27]. - The weighted average return on equity for 2019 was 7.71%, a decrease of 0.33 percentage points from 8.03% in 2018[27]. - The company's net assets attributable to shareholders increased by 36.66% to approximately RMB 18.48 billion at the end of 2019, compared to RMB 13.52 billion at the end of 2018[26]. - The company reported a quarterly revenue of RMB 11.93 billion in Q4 2019, contributing significantly to the annual revenue growth[29]. - The company's total revenue for the year was approximately 29.39 billion RMB, representing a year-on-year increase of 15.71%[72]. Business Segments and Growth - All four major business segments, including energy technology services and FPSO production technology services, achieved year-on-year revenue growth[4]. - The energy technology service segment achieved operating revenue of RMB 11.12 billion in 2019, a 28.38% increase from RMB 8.66 billion in 2018, with operating profit rising 40.56% to RMB 705 million[55]. - The FPSO production technology service segment generated operating revenue of RMB 1.967 billion in 2019, up 13.84% from RMB 1.728 billion in 2018, with operating profit increasing 5.95% to RMB 320 million[57]. - The energy logistics service segment's operating revenue increased by 8.61% to 17.65 billion RMB, driven by a rise in sales volume of condensate oil and diesel[59]. - The safety, environmental protection, and energy-saving segment's operating revenue grew by 22.61% to 4.48 billion RMB, although operating profit decreased by 78.65% to 0.10 billion RMB due to equipment maintenance issues[61]. Research and Development - The company emphasized digital transformation in 2019, initiating the construction of a big data platform and integrating smart injection and production technologies[5]. - The company maintained stable R&D investment, focusing on the conversion of scientific research achievements to enhance technological profitability[5]. - The company holds 1,409 authorized patents and has received 253 national and provincial-level scientific research awards, demonstrating strong R&D and innovation capabilities[46]. - The company has established 32 enterprise technology centers and manages several national-level research institutions, enhancing its technological foundation across four major business segments[47]. - Research and development expenses increased by 25.67% to 804.91 million RMB, reflecting the company's commitment to innovation[65]. Environmental Commitment - The company is committed to environmental protection, investing heavily in large-scale environmental equipment and technology research and development[5]. - The company has established a comprehensive QHSE management system to ensure safe production and promote energy conservation and environmental protection[5]. - The company has been recognized for its environmental protection efforts, with all wastewater and emissions meeting regulatory standards[177]. - The company reported a total COD discharge of 1.155 tons and NH3-N discharge of 0.048 tons for the year[180]. - The company has implemented self-monitoring schemes for pollution emissions, with quarterly water quality checks and annual air quality assessments across various subsidiaries[195]. Challenges and Risks - The macroeconomic environment in 2020 is uncertain, with challenges from the COVID-19 pandemic and significant declines in international oil prices[6]. - The company faces risks from macroeconomic fluctuations, which can impact demand for oil and gas services, as well as from volatile oil prices affecting exploration and production investments[114]. - The company is exposed to intensified market competition due to the opening of the oil and gas exploration market to private and foreign enterprises[115]. - The company acknowledges the challenges posed by new technologies and business models in the oil and gas market, necessitating a transformation to maintain competitiveness[116]. - The company recognizes the risk of high customer concentration, particularly with China National Offshore Oil Corporation, which could adversely affect operations if demand decreases[118]. Shareholder and Dividend Policy - The company has implemented a cash dividend policy that prioritizes cash distributions, aiming for at least 10% of the net profit attributable to shareholders to be distributed annually[123]. - In 2019, the company distributed a cash dividend of 0.3700 CNY per share, totaling 37,610.89 million CNY, which represents 30.50% of the net profit attributable to shareholders[130]. - The company plans to maintain a stable profit distribution policy, with a minimum cash dividend ratio of 80% for mature companies without major capital expenditures[125]. - The company emphasizes the importance of shareholder feedback in the decision-making process for profit distribution, ensuring transparency and communication with minority shareholders[126]. Related Party Transactions - The company approved a daily related party transaction limit of CNY 32.015 billion for the year 2019[153]. - The total amount of related party transactions for 2019 included CNY 8.65 billion for energy technology services, accounting for 25.85% of similar transactions[153]. - The company engaged in related party transactions with China National Offshore Oil Corporation (CNOOC) for logistics services amounting to CNY 5.746 billion, representing 17.17% of similar transactions[153]. - The company emphasized that related party transactions are essential for its business operations and comply with fair pricing policies[156]. - The company’s independent directors confirmed that related party transactions do not harm the interests of the company or minority shareholders[153]. Social Responsibility and Poverty Alleviation - The company has established 11 offline experience centers for poverty alleviation products across various cities, enhancing market competitiveness for products from impoverished areas[168]. - The company has implemented a consumption poverty alleviation initiative, connecting supply and demand effectively[168]. - The total investment in industrial development poverty alleviation projects amounted to 7.363 million RMB in 2019[173]. - The company is committed to stabilizing employment for impoverished areas by increasing targeted recruitment quotas for university graduates[174]. - The company allocated 1.1 million RMB for targeted poverty alleviation projects in 2020, including 1 million RMB for the China National Offshore Oil Corporation's environmental protection fund[174].