证券代码：002278 证券简称：神开股份 上海神开石油化工装备股份有限公司 投资者关系活动记录表 编号：2025-002 | | 特定对象调研 ☑ | | □分析师会议 | | --- | --- | --- | --- | | | □媒体采访 | | □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 | | □路演活动 | | | 现场参观 ☑ | | | | | | □其他（请文字说明其他活动内容） | | | 参与单位名称及人员姓名 | 天风证券 | 许宸溪、厉泽昭、姜美丹 | | | | 招商证券 | 吴洋、肖瑞清 | | | | 爱建证券 | 王凯、刘洋 | | | | 华泰证券 | 倪正洋 | | | | 财通证券 | 沈晨 | | | | 西部证券 | 程乙峰 | | | | 永赢基金 | 沈平虹、曹永毅 | | | | 华泰资产 | 朱荣华 | | | | 平安养老 | 曾雪菲 | | | | 太保资产 | 闫畅迪 | | | | 摩根士丹利基金 | 贾昌浩 | | | | 财通基金 | 曹熠 | | | | 易米基金 | 花雨欣 | | | 时间 | 2025 年 9 月 | 1 ...

Group 1 - The company Shanghai ShenKai Petroleum and Chemical Equipment Co., Ltd. has approved the acquisition of 51% equity in Beijing Blue Ocean Zhixin Energy Technology Co., Ltd. through cash payment [1][2] - The acquisition agreement was signed with the counterparties Liu Guande, Ma Guangchun, and Gao Zhujun, and the total consideration for the acquisition is 39 million RMB [1][2] - The registration and filing procedures for the business change related to Blue Ocean Zhixin have been completed, and the company has received the updated business license from the Beijing Chaoyang District Market Supervision Administration [2] Group 2 - The first phase payment of 39 million RMB for the equity transfer was made to the counterparties on August 28 and August 29, 2025, as per the terms of the acquisition agreement [2]

51%股权的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、对外投资概述 上海神开石油化工装备股份有限公司（以下简称"公司""神开股份"）于2025 年6月19日召开了第五届董事会第六次会议，审议通过了《关于以现金方式收购北 京蓝海智信能源技术有限公司51%股权的议案》，同意公司全资子公司上海神开石 油科技有限公司（以下简称"神开科技"）与刘冠德、马光春、高祝军（以下合称"交 易对手方"）签署《股权收购协议》，以现金方式收购交易对手方持有的北京蓝海 智信能源技术有限公司（以下简称"蓝海智信"）51%股权，收购对价为人民币 6,000.00万元。具体内容详见公司2025年6月21日在巨潮资讯网（www.cninfo.com.cn） 披露的《关于以现金方式收购北京蓝海智信能源技术有限公司51%股权的公告》（公 告编号：2025-034）。 二、进展情况介绍 证券代码：002278 证券简称：神开股份 公告编号：2025-050 上海神开石油化工装备股份有限公司 关于以现金方式收购北京蓝海智信能源技术有限公司 近日，本次交易涉及的蓝海智信工商变更登记备 ...

Group 1 - The company reported a revenue of 406 million yuan for the first half of 2025, representing a year-on-year growth of 22.62% [1] - The net profit attributable to shareholders of the listed company was 35.38 million yuan, showing a significant year-on-year increase of 234.03% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 31.08 million yuan, reflecting a year-on-year growth of 358.30% [1] - The basic earnings per share were 0.0985 yuan [1]

Group 1 - The company ShenKai Co., Ltd. reported a revenue of approximately 406 million yuan for the first half of 2025, representing a year-on-year increase of 22.62% [1] - The net profit attributable to shareholders of the listed company was approximately 35.38 million yuan, showing a significant year-on-year increase of 234.03% [1] - The basic earnings per share reached 0.0985 yuan, which is an increase of 231.65% compared to the previous year [1] Group 2 - The pet industry is experiencing a boom, with a market size of 300 billion yuan, leading to a surge in stock prices for related listed companies [1]

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示%E3%80%81目录和释义) This section provides important notes, a clear table of contents, and definitions of key terms used throughout the report for clarity [Important Notes](index=2&type=section&id=重要提示) The board and senior management ensure report accuracy, with the company planning no cash dividends or bonus shares, while an independent director was absent - The company's board of directors and senior management guarantee the **truthfulness** of the report and assume legal responsibility[5](index=5&type=chunk) - Independent director Zhao Ming did not personally attend the board meeting due to work reasons, delegating attendance to Zhong Guangfa[5](index=5&type=chunk) - The company plans not to distribute **cash dividends**, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=目录) This report's clear table of contents outlines nine main chapters, covering important notes, company profile, management discussion, governance, significant matters, share changes, bonds, financial reports, and other data for easy reference - The report is clearly structured into **nine main chapters**[9](index=9&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines common terms, including company names, key affiliates, industry giants, subsidiaries, exchanges, regulations, financial units, and the reporting period, ensuring accurate report understanding - The reporting period is defined as **January 1, 2025, to June 30, 2025**[13](index=13&type=chunk) - Full names and abbreviations of the company, its main subsidiaries, and related parties are listed, such as Shanghai Shenkai Petroleum Chemical Equipment Co Ltd (Shenkai Co) and China National Petroleum Corporation (CNPC)[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information and key financial performance indicators for the reporting period [Company Profile](index=6&type=section&id=一、公司简介) The company, listed on the Shenzhen Stock Exchange with stock code 002278, is represented by its legal representative Li Fangying - Company stock abbreviation: **Shenkai Co**, stock code: **002278**[16](index=16&type=chunk) - Company legal representative: **Li Fangying**[16](index=16&type=chunk) [Contact Person and Information](index=6&type=section&id=二、联系人和联系方式) The company's board secretary and securities affairs representative's contact details, including address, phone, fax, and email, are fully disclosed - Board Secretary: **Wang Zhenfei**, Securities Affairs Representative: **Li Nan**[17](index=17&type=chunk) - Contact address: **No 1769, Puxing Road, Minhang District, Shanghai**[17](index=17&type=chunk) [Other Information](index=6&type=section&id=三、其他情况) During the reporting period, there were no changes to the company's contact information, disclosure channels, or other relevant details, as referenced in the 2024 annual report - The company's registered address, office address, website, and email contact information remained unchanged during the reporting period[18](index=18&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=四、主要会计数据和财务指标) In H1 2025, revenue grew by 22.62%, net profit attributable to shareholders surged by 234.03%, and operating cash flow turned positive H1 2025 Key Accounting Data and Financial Indicators | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 406,070,646.24 | 331,171,343.73 | 22.62 | | Net Profit Attributable to Listed Company Shareholders | 35,375,692.19 | 10,590,610.75 | 234.03 | | Net Profit Attributable to Listed Company Shareholders After Non-Recurring Items | 31,079,673.50 | 6,781,522.47 | 358.30 | | Net Cash Flow from Operating Activities | 18,568,072.90 | -26,512,760.81 | 170.03 | | Basic EPS (RMB/share) | 0.0985 | 0.0297 | 231.65 | | Diluted EPS (RMB/share) | 0.0985 | 0.0297 | 231.65 | | Weighted Average ROE | 3.10% | 0.96% | Up 2.14 percentage points | | **Period-End Indicator** | **Current Period-End (RMB)** | **Prior Year-End (RMB)** | **Period-End YoY Change (%)** | | Total Assets | 1,868,232,541.95 | 1,893,648,187.11 | -1.34 | | Net Assets Attributable to Listed Company Shareholders | 1,173,265,472.31 | 1,124,521,672.47 | 4.33 | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) During the reporting period, the company reported no differences in net profit or net assets between domestic and overseas accounting standards - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[22](index=22&type=chunk)[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) Non-recurring gains and losses totaled RMB 4,296,018.69, primarily from government grants, wealth management income, and asset disposals H1 2025 Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | 3,770.20 | Mainly gains from disposal of fixed assets and losses from scrapping | | Government grants recognized in current profit or loss | 4,411,586.33 | Mainly various government grants received and recognized in profit or loss during the reporting period | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 526,955.29 | Wealth management income during the reporting period | | Reversal of impairment provisions for individually impaired receivables | 380,400.00 | Recovered some individually impaired receivables during the reporting period | | Other non-operating income and expenses apart from the above | 37,936.60 | Mainly received liquidated damages and compensation | | Less: Income tax impact | 338,507.32 | | | Impact on minority interests (after tax) | 726,122.41 | | | **Total** | **4,296,018.69** | | - The company does not classify non-recurring gains and losses as recurring gains and losses[26](index=26&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section provides management's perspective on the company's operations, financial condition, and future outlook during the reporting period [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) The company specializes in R&D, manufacturing, and sales of high-end equipment for oil exploration, drilling, and refining, covering the entire oil and gas industry chain [Overview of Company's Main Business Activities During the Reporting Period](index=9&type=section&id=1、报告期内公司从事的主要业务情况) The company's core business involves high-end equipment for oil exploration, drilling, and refining, expanding into AI digital smart well sites and hydrogen energy through acquisitions and investments - The company's business covers the entire upstream and downstream oil and gas industry chain, with core product lines including **oil and gas drilling equipment, oil and gas exploration instruments, and petroleum product specification analysis instruments**[28](index=28&type=chunk) - The company enhanced its AI technology capabilities through the acquisition of Blue Ocean Smart, advancing its **AI digital smart well site strategy**[28](index=28&type=chunk) - The company invested in Hanqing Power to expand into **hydrogen energy products and technologies**, entering the new energy sector[28](index=28&type=chunk) [Industry Overview](index=9&type=section&id=2、公司所属行业情况说明) The company operates in the oil and gas equipment and services sector, influenced by fluctuating oil prices and China's energy security and digital transformation initiatives [International Oil Prices Fluctuated Widely, Central Price Under Short-Term Pressure](index=9&type=section&id=(1)%20国际油价宽幅波动，中枢价格短期承压) International crude oil prices experienced high volatility in H1 2025, with Brent crude fluctuating by 38.4%, and are expected to stabilize at USD 60-70/barrel in H2 - In H1 2025, the international crude oil market experienced high volatility, with Brent crude price fluctuations reaching **38.4%**[30](index=30&type=chunk) - Brent crude oil prices are expected to fluctuate within the **USD 60-70/barrel** range in H2[30](index=30&type=chunk) [Diversified Energy Security, Green and Smart Dual-Track Development](index=9&type=section&id=(2)%20能源安全多元保障，绿色智能双轨并行) In H1 2025, China's crude oil and natural gas production increased, with the industry focusing on energy security, green transition, and digital transformation - In H1 2025, crude oil output from industrial enterprises above designated size was **108 million tons**, a **1.3%** year-on-year increase; natural gas output was **130.8 billion cubic meters**, a **5.8%** year-on-year increase[31](index=31&type=chunk) - Three major development directions for the oil industry: strengthening **energy security** (deep, ultra-deep, shale oil and gas, deep-sea exploration), accelerating **green and low-carbon processes** (integrated wind, solar, storage, hydrogen), and deepening **full-chain digital transformation** (smart oil and gas fields, smart pipelines)[32](index=32&type=chunk) [International Majors Focus on Core Business, Capital Expenditure Remains Stable](index=10&type=section&id=(3)%20国际巨头聚焦主业，资本开支保持平稳) Global oil and gas investment is projected to remain stable in 2025, with international energy companies adopting a 'gradual synergy' strategy, balancing traditional and new energy investments - Global oil and gas investment in 2025 is expected to remain stable, with upstream total investment maintained at around **USD 570 billion**[33](index=33&type=chunk) - International major energy companies adopt a 'gradual synergy' strategy, strengthening upstream investment to ensure financial resilience and efficiently deploying new energy[33](index=33&type=chunk) - Natural gas's strategic position is strengthening, with IEA forecasting the global LNG market to experience its **largest-ever capacity expansion** from 2026-2028[34](index=34&type=chunk) - The company's sub-industry is 'Oil and Gas Equipment and Services', influenced by the prosperity of the oil and gas extraction industry and new energy development[29](index=29&type=chunk) - In H1 2025, the international crude oil market experienced high volatility, with Brent crude price fluctuations reaching **38.4%**, and are expected to stabilize at **USD 60-70/barrel** in H2[30](index=30&type=chunk) - Three major development directions for the oil industry: strengthening energy security, accelerating green and low-carbon processes, and deepening full-chain digital transformation[32](index=32&type=chunk) [Company's Industry Position](index=10&type=section&id=3、公司行业地位) As a key player in China's petrochemical equipment industry, the company offers full-chain oil and gas equipment and integrated engineering services, actively expanding into new energy and AI well site sectors - The company is a backbone enterprise in China's petrochemical equipment industry, specializing in **R&D, manufacturing, sales, and engineering technical services** for petroleum equipment[35](index=35&type=chunk) - The company is one of the few domestic providers with **full-chain oil and gas equipment supply capabilities** for exploration, drilling, and refining, offering integrated logging, well logging, and directional drilling engineering services[35](index=35&type=chunk) - The company actively expands into **new energy and data AI well site sectors**, achieving diversified business development[35](index=35&type=chunk) [Key Operating Performance in H1 2025](index=10&type=section&id=4、2025%20年上半年的主要经营情况) In H1 2025, the company achieved technological advancements in drilling equipment, expanded international markets for logging and MWD services, broke through extreme environment logging technology, and upgraded oil analysis instruments - Petroleum drilling and production equipment: Continuously increased R&D investment, driving technological breakthroughs and intelligent upgrades for core products like **large-bore BOP stacks, high-pressure BOP stacks, electronically controlled digital high-capacity shear BOP control systems, and ultra-high-pressure wellheads**, securing bulk orders in Africa, the Middle East, and offshore platforms[36](index=36&type=chunk) - Logging and MWD equipment and services: Focused on AI technology, applied for an 'AI-based oil and gas exploration service platform' and launched the **AI smart oil and gas well site central system project**, expanding into international markets such as Kuwait, Turkmenistan, and Iraq[37](index=37&type=chunk)[38](index=38&type=chunk) - Well logging instruments and services: Successfully broke through technical bottlenecks in extreme environments, independently developed a **'multi-functional oil and gas detection well logging system adaptable to extreme ultra-high temperature and pressure environments'**, and opened up the marine oil and gas sector[39](index=39&type=chunk) - Petroleum product specification analysis instruments: Accelerated deployment in high-value-added fields such as **aviation fuel and high-end lubricants**, completed iterative upgrades of full-chain automated oil product testing instruments, and independently developed products passed Sinopec and CNPC audits[40](index=40&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=二、核心竞争力分析) The company's core competencies remained unchanged during the reporting period, with details available in the 2024 annual report - During the reporting period, the company's core competencies did not undergo significant changes; details can be found in the **2024 Annual Report**[41](index=41&type=chunk) [Analysis of Main Business](index=11&type=section&id=三、主营业务分析) In H1 2025, operating revenue increased by 22.62%, driven by manufacturing and overseas sales, while financial expenses surged due to exchange losses H1 2025 Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 406,070,646.24 | 331,171,343.73 | 22.62 | | | Operating Cost | 256,455,830.82 | 216,209,905.31 | 18.61 | | | Selling Expenses | 25,433,891.78 | 26,065,483.77 | -2.42 | | | Administrative Expenses | 38,401,940.55 | 35,821,061.78 | 7.20 | | | Financial Expenses | 1,640,124.32 | 412,760.06 | 297.36 | Mainly due to higher exchange losses in the current period compared to the prior year | | Income Tax Expense | 3,781,310.53 | 4,804,645.27 | -21.30 | | | R&D Investment | 34,418,203.89 | 30,531,334.46 | 12.73 | | | Net Cash Flow from Operating Activities | 18,568,072.90 | -26,512,760.81 | 170.03 | Mainly due to increased recovery of deposits and cash received from sales in the current period compared to the prior year | | Net Cash Flow from Investing Activities | -25,298,600.97 | -2,110,123.01 | -1,098.92 | Mainly due to increased wealth management investments in the current period compared to the prior year | | Net Cash Flow from Financing Activities | 2,086,591.21 | 15,608,875.86 | -86.63 | Mainly due to increased repayment of bank loans in the current period compared to the prior year | H1 2025 Operating Revenue Composition | Category | Current Period Amount (RMB) | Share of Operating Revenue (%) | Prior Period Amount (RMB) | Share of Operating Revenue (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **406,070,646.24** | **100** | **331,171,343.73** | **100** | **22.62** | | **By Industry** | | | | | | | Manufacturing | 321,610,197.16 | 79.20 | 258,118,804.59 | 77.94 | 24.60 | | Other | 84,460,449.08 | 20.80 | 73,052,539.14 | 22.06 | 15.62 | | **By Product** | | | | | | | Oil Drilling and Production Equipment | 205,969,759.31 | 50.72 | 125,964,601.83 | 38.04 | 63.51 | | Logging and MWD Equipment and Services | 107,364,395.26 | 26.44 | 116,240,258.09 | 35.10 | -7.64 | | Well Logging Instruments and Services | 73,374,231.81 | 18.07 | 67,913,439.38 | 20.51 | 8.04 | | Petroleum Analysis Instruments | 16,908,428.15 | 4.16 | 17,918,778.46 | 5.41 | -5.64 | | Property Leasing and Management | 2,453,831.71 | 0.60 | 3,134,265.97 | 0.95 | -21.71 | | **By Region** | | | | | | | Domestic | 269,718,013.64 | 66.42 | 265,364,459.01 | 80.13 | 1.64 | | Overseas | 136,352,632.60 | 33.58 | 65,806,884.72 | 19.87 | 107.20 | H1 2025 Gross Profit Margin Changes for Products/Regions Accounting for Over 10% of Revenue or Profit | Category | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | | **By Industry** | | | | | Manufacturing | 24.61 | 18.37 | 3.01 | | Other | 1.78 | 7.73 | -4.99 | | **By Product** | | | | | Oil Drilling and Production Equipment | 55.80 | 39.18 | 7.93 | | Logging and MWD Equipment and Services | -7.67 | -5.40 | -1.70 | | Well Logging Instruments and Services | 6.02 | 3.39 | 1.14 | | Petroleum Analysis Instruments | 0.14 | -0.96 | 0.57 | | **By Region** | | | | | Domestic | -2.53 | -1.33 | -0.84 | | Overseas | 109.71 | 101.21 | 2.17 | [Analysis of Non-Core Business](index=13&type=section&id=四、非主营业务分析) Non-core operations impacted total profit, with investment income and government grants being sustainable, while asset impairment from credit loss provisions was non-recurring H1 2025 Non-Core Business Analysis | Item | Amount (RMB) | Share of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 391,790.52 | 0.84 | Wealth management income | Yes | | Asset Impairment | -4,150,427.26 | -8.93 | Credit impairment provisions made in the current period | No | | Non-Operating Income | 677,936.60 | 1.46 | Government grants recognized as non-operating income | Yes | | Other Income | 3,771,586.33 | 8.11 | Government grants recognized as other income | Yes | [Analysis of Assets and Liabilities](index=13&type=section&id=五、资产及负债状况分析) Total assets slightly decreased, while net assets attributable to shareholders increased, with changes in receivables, cash, inventory, and contract liabilities H1 2025 Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | Share of Total Assets (%) | Prior Year-End Amount (RMB) | Share of Total Assets (%) | Weight Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 282,921,894.46 | 15.14 | 310,237,277.95 | 16.38 | -1.24 | | Accounts Receivable | 516,794,988.78 | 27.66 | 492,661,419.45 | 26.02 | 1.64 | | Inventory | 448,143,309.53 | 23.99 | 455,014,445.92 | 24.03 | -0.04 | | Trading Financial Assets | 36,787,986.57 | 1.97 | 18,084,348.57 | 0.96 | 1.01 | | Contract Liabilities | 33,790,198.04 | 1.81 | 63,847,348.85 | 3.37 | -1.56 | H1 2025 Asset Rights Restriction Status | Item | Period-End Amount (RMB) | Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 35,515,027.05 | 35,515,027.05 | Restricted use | Bills, guarantees, bid bonds | | Fixed Assets | 27,333,172.12 | 18,251,667.03 | Restricted use | Mortgage | | Intangible Assets | 10,305,000.00 | 8,948,175.00 | Restricted use | Mortgage | | Investment Properties | 37,698,744.81 | 33,166,989.66 | Restricted use | Mortgage | | Total | 110,851,943.98 | 95,881,858.74 | | | [Analysis of Investment Status](index=14&type=section&id=六、投资状况分析) Total investment increased by 110.81% due to higher wealth management investments, with no significant equity, non-equity, securities, or derivative investments H1 2025 Investment Amount Changes | Indicator | Investment Amount in Reporting Period (RMB) | Investment Amount in Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 7,800,000.00 | 3,700,000.00 | 110.81 | - The company reported no securities investment, derivative investment, or use of raised funds during the reporting period[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) [Significant Asset and Equity Disposals](index=15&type=section&id=七、重大资产和股权出售) During the reporting period, the company did not engage in any significant asset or equity disposals - The company reported no significant asset disposals during the reporting period[62](index=62&type=chunk) - The company reported no significant equity disposals during the reporting period[63](index=63&type=chunk) [Analysis of Major Holding and Participating Companies](index=15&type=section&id=八、主要控股参股公司分析) The company's key subsidiaries, including Shanghai Shenkai Petroleum Equipment and Hangzhou Fenghe Petroleum, significantly contribute to net profit through R&D, manufacturing, and services in oilfield equipment and instruments H1 2025 Financial Data of Major Holding and Participating Companies | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Shenkai Petroleum Equipment Co Ltd | Subsidiary | R&D, production, and sales of oilfield measurement and control equipment, oil drilling well control equipment, oil production wellhead equipment, etc. Main products include integrated logging units, drilling instruments, MWD instruments, BOPs and BOP control devices, Christmas trees, kill and choke manifolds, etc. | 337,390,000.00 | 720,191,719.11 | 431,548,784.79 | 204,401,784.12 | 29,840,381.34 | 30,315,773.73 | | Shanghai Shenkai Petroleum Technology Co Ltd | Subsidiary | R&D, production, and sales of petroleum exploration instruments and accessories. Main products include integrated logging units, drilling instruments, and provision of engineering technical services such as integrated logging and directional drilling. | 113,000,000.00 | 392,825,746.87 | 195,475,198.32 | 114,689,262.07 | 13,629,547.52 | 12,478,288.73 | | Hangzhou Fenghe Petroleum Technology Co Ltd | Subsidiary | Manufacturing, processing: petroleum logging instruments (excluding metering). Services: technical development, technical services, technical consulting, technology transfer for petroleum logging technology, instrument and equipment leasing (excluding disassembly and assembly): wholesale, retail: petroleum logging instruments and accessories: import and export of goods, import and export of technology | 60,000,000.00 | 365,633,620.30 | 201,531,036.29 | 75,695,337.30 | 12,148,544.43 | 11,563,268.54 | - During the reporting period, the company did not acquire or dispose of any subsidiaries[66](index=66&type=chunk) [Information on Structured Entities Controlled by the Company](index=17&type=section&id=九、公司控制的结构化主体情况) During the reporting period, the company did not control any structured entities - The company reported no controlled structured entities during the reporting period[66](index=66&type=chunk) [Company Risks and Countermeasures](index=17&type=section&id=十、公司面临的风险和应对措施) The company faces industry cyclicality, exchange rate, and force majeure risks, which it manages through market monitoring, hedging tools, and risk awareness - The company's oil equipment manufacturing and oilfield services industry is highly dependent on oil and gas exploration and development expenditures, facing **cyclical industry risks** due to oil and gas price fluctuations and economic cycles[66](index=66&type=chunk) - As the proportion of overseas business revenue increases, the company faces **exchange rate risks** from RMB fluctuations, actively managing them by regularly tracking market and policies and utilizing exchange rate management tools[67](index=67&type=chunk) - With a wide customer base, the company may face **force majeure risks** such as geopolitical events, natural disasters, military conflicts, and trade frictions; it will strengthen risk awareness and use hedging tools like Sinosure and bank guarantees[68](index=68&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=十一、市值管理制度和估值提升计划的制定落实情况) The company has implemented a market value management system to protect investor interests but has not disclosed a valuation enhancement plan - The company has formulated and disclosed its **'Market Value Management System'** on **April 26, 2025**[69](index=69&type=chunk) - The company has not disclosed a valuation enhancement plan[69](index=69&type=chunk) [Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=17&type=section&id=十二、“质量回报双提升”行动方案贯彻落实情况) The company actively implemented its 'Quality and Return Dual Enhancement' plan, achieving revenue and profit growth, increasing R&D, strategically acquiring Blue Ocean Smart, and distributing cash dividends - The company disclosed its **'Quality and Return Dual Enhancement' action plan**, with key measures including strengthening core businesses, driving technological innovation, implementing strategic investment plans, prioritizing investors, conducting share buybacks, ensuring compliant operations, and improving information disclosure[71](index=71&type=chunk) - During the reporting period, the company actively implemented the action plan, achieving **dual growth in main business revenue and profit**, and continuously advancing in 'deep earth engineering', 'marine equipment', 'smart well sites', and 'scientific instruments'[72](index=72&type=chunk) - The company strategically acquired Blue Ocean Smart, building a **smart well site solution centered on 'logging, testing, MWD, drilling + AI hub'**, and implemented a **cash dividend of RMB 18.1245 million** for 2024[72](index=72&type=chunk) [Corporate Governance, Environment, and Society](index=18&type=section&id=

Company Overview - Shanghai ShenKai Petroleum Chemical Equipment Co., Ltd. specializes in the research, development, manufacturing, and sales of equipment in the oil exploration, drilling, and refining sectors [1] - The main products include oil drilling equipment, logging equipment and services, while drilling equipment and services, oil analysis instruments, logging instruments and services, as well as property leasing and management [1] Financial Performance - For Q1 2025, the company reported revenue of 202 million yuan, representing a year-on-year increase of 41.78% [1] - The net profit for the same period was 18.46 million yuan, showing a significant year-on-year growth of 434.81% [1] - The gross profit margin stood at 33.79% [1] Market Position - As of August 25, the company's stock closed at 11.07 yuan, down 1.07%, with a rolling price-to-earnings (PE) ratio of 74.41 times [1] - The total market capitalization is 4.028 billion yuan [1] - In comparison to the industry, the average PE ratio for the specialized equipment sector is 82.54 times, with a median of 61.37 times, placing ShenKai at the 185th position in the industry ranking [1][2] Capital Flow - On August 25, the net outflow of main funds for ShenKai was 70.36 million yuan, indicating a trend of outflow over the past five days, totaling 3.12 million yuan [1]

Core Viewpoint - The company has recently participated in strategic financing for Shandong Future Robot, becoming one of its industrial investors, which indicates a focus on deep-sea high-end equipment and collaboration in the marine sector [2]. Group 1: Investment and Collaboration - The company has confirmed its investment in Shandong Future Robot, which is recognized as a leading enterprise in deep-sea operation robots and underwater heavy-duty operation systems [2]. - Future Robot has received a significant domestic order for over ten thousand robots, highlighting its market position and operational capacity [2]. - The collaboration aims to leverage the company's expertise in marine oil and gas equipment alongside Future Robot's advanced capabilities in deep-sea operations to create integrated solutions for marine equipment and deep-sea engineering [2]. Group 2: Strategic Importance - This investment is part of the company's strategic initiative to enhance its presence in the deep-sea high-end equipment sector, which is crucial for the development and utilization of marine oil and gas resources [2]. - The partnership is expected to accelerate the localization process of core marine equipment, contributing to the broader goal of advancing domestic capabilities in the marine industry [2].

Fundraising Plan - The company plans to raise a total of 220 million yuan through a simplified procedure for issuing shares to specific targets, which will be fully allocated to the high-end marine engineering equipment manufacturing base project [1][2] - The net amount raised after deducting related issuance costs will be used for the project, and if the actual net amount is less than the planned investment, the company will adjust the funding accordingly [1] Project Overview - The high-end marine engineering equipment manufacturing base project aims to fill the domestic gap in high-end deep-sea oil and gas equipment and enhance the company's competitive edge in the marine engineering equipment market [2][3] - The project will focus on key technologies such as underwater production systems and intelligent control systems, with an investment total of 110 million yuan and a construction period of 1.5 years [2][3] Market Opportunity - The global marine engineering equipment market is experiencing a significant upturn, with a projected order value of 27.22 billion USD in 2024, marking an 85.1% year-on-year increase [3] - China is leading the global market with an order value of 11.6 billion USD, accounting for 69.4% of the global total in terms of added value [3] Competitive Advantage - The company has established a comprehensive development model across the oil and gas exploration and production value chain, with a focus on high-end drilling equipment, which constitutes over 38% of its total revenue [5][6] - The company has successfully developed advanced products such as high-pressure blowout preventers and intelligent control systems, which are already in use in major offshore oil fields [5][6] Strategic Alignment - The project aligns with national strategies to enhance energy security and promote the localization of high-end oil and gas equipment, reducing reliance on foreign imports [6][7] - The company aims to leverage its technological capabilities to drive innovation in the oil and gas equipment sector, contributing to the high-quality development of marine oil and gas technology [7][8] Financial Projections - The project is expected to generate an annual revenue of 242.458 million yuan upon reaching full production, with a return on investment of 19.80% and a payback period of approximately 6.53 years [14] - The company has already secured necessary approvals for the project from local authorities, indicating a favorable regulatory environment [14] Acquisition of Blue Ocean Intelligence - The company plans to acquire 51% of Beijing Blue Ocean Intelligence Energy Technology Co., Ltd. for 60 million yuan, enhancing its capabilities in intelligent drilling technology [14][15] - Blue Ocean Intelligence specializes in data-driven solutions for drilling efficiency and risk management, which will complement the company's existing offerings [15][16]

Core Viewpoint - The company, Shanghai ShenKai Petroleum Chemical Equipment Co., Ltd., has announced that it will not provide financial assistance or compensation to investors participating in its stock issuance through a simplified procedure [1] Group 1 - The company has approved the issuance of stocks to specific investors in a simplified manner during its 2025 annual meeting [1] - The company guarantees that there are no commitments to ensure minimum returns or any other agreements that would imply such guarantees to the participating investors [1] - The company confirms that it does not provide financial assistance or compensation directly or through related parties to the investors participating in the stock subscription [1]