Financial Performance - The company's operating revenue for the first half of 2021 was CNY 650,173,392.19, representing a 54.64% increase compared to CNY 420,438,976.79 in the same period last year[19]. - The net profit attributable to shareholders of the listed company reached CNY 86,028,144.57, a significant turnaround from a loss of CNY 132,746,259.13 in the previous year, marking a 164.81% improvement[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 65,187,742.86, compared to a loss of CNY 80,683,348.16 last year, reflecting a 180.79% increase[19]. - The basic earnings per share increased to CNY 0.06 from a loss of CNY 0.13, showing a 146.15% improvement[19]. - The company reported a net cash flow from operating activities of CNY -136,698,747.67, which is a decline of 113.34% compared to CNY -64,076,561.50 in the same period last year[19]. - The weighted average return on net assets improved to 3.82% from -7.79% in the previous year, an increase of 11.61%[19]. Revenue Breakdown - The oil and gas engineering and services segment generated revenue of 395.58 million yuan, up 75.40% year-on-year, accounting for 60.84% of total revenue[28]. - The environmental engineering and services segment reported revenue of 27.84 million yuan, an 18.38% increase year-on-year, contributing 4.28% to total revenue[29]. - Revenue from oil and gas resource development and utilization was 226.75 million yuan, reflecting a 32.30% year-on-year growth, making up 34.88% of total revenue[30]. - New orders signed during the reporting period amounted to 2.366 billion yuan, primarily from overseas oil and gas engineering service projects[27]. - The company ended the period with a backlog of orders totaling 4.565 billion yuan, a 49.53% increase year-on-year[27]. Asset and Liability Management - The total assets at the end of the reporting period were CNY 3,883,949,406.17, a decrease of 4.39% from CNY 4,062,458,114.76 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company increased to CNY 2,298,683,856.81, up 4.24% from CNY 2,205,140,052.40 at the end of the previous year[19]. - The total liabilities decreased to CNY 1,524,484,855.50 from CNY 1,801,371,854.23, representing a reduction of approximately 15.4%[148]. - The company's equity attributable to shareholders increased to CNY 2,298,683,856.81 from CNY 2,205,140,052.40, marking an increase of about 4.2%[149]. Cash Flow Analysis - The company reported a decrease in cash and cash equivalents to CNY 576,582,350.43, down 7.04% from the previous year[47]. - Operating cash flow net amount decreased by 113.34% to -136.70 million yuan, mainly due to project payment delays caused by the pandemic[38]. - The cash flow from operating activities showed improvement, contributing positively to the overall financial health of the company[156]. - The company received cash from borrowings amounting to 190,716,635.00 CNY during the financing activities[167]. Research and Development - Research and development investment decreased by 17.69% to 25.12 million yuan compared to the previous year[38]. - Research and development expenses were ¥25,122,328.32, a decrease of 17.8% from ¥30,522,038.62 in the previous year[154]. Risk Factors - The company faces various risks including reliance on the oil industry and price fluctuations, policy changes in the oil and gas sector, and impacts from the COVID-19 pandemic[5]. - The company relies heavily on a few major clients, primarily large state-owned oil groups and foreign energy giants, which increases customer concentration risk; efforts are being made to diversify the client base[68]. - The ongoing COVID-19 pandemic has created uncertainties, especially for overseas operations; the company is implementing various measures to minimize the impact on business performance[71]. Shareholder and Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[6]. - The company emphasizes the protection of shareholder rights, ensuring transparency and compliance with regulations regarding shareholder meetings and profit distribution policies[87]. - The company has no significant equity or non-equity investments during the reporting period[56][57]. Environmental and Social Responsibility - The company has a total of 31,356 tons/year of harmlessly treated waste residue, with no reported pollution incidents during the reporting period[84]. - The company has established an environmental monitoring plan that includes annual monitoring of groundwater and quarterly monitoring of waste gas and noise[84]. - The company has not faced any penalties related to environmental issues during the reporting period[84]. Future Outlook - The company plans to continue its market expansion and product development strategies in the upcoming quarters[181]. - The company aims to become a leading oil and gas service provider by focusing on technological innovation and customer satisfaction[89].

Financial Performance - The company's operating revenue for 2020 was ¥1,135,524,875.03, a decrease of 50.49% compared to ¥2,293,448,711.70 in 2019[17]. - The net profit attributable to shareholders was a loss of ¥178,420,830.75, representing a decline of 309.30% from a profit of ¥85,244,434.38 in the previous year[17]. - The net cash flow from operating activities was negative at ¥145,682,759.65, a decrease of 146.04% compared to ¥316,407,985.43 in 2019[17]. - The total assets at the end of 2020 were ¥4,062,458,114.76, down 2.66% from ¥4,173,382,731.14 at the end of 2019[18]. - The net assets attributable to shareholders increased by 24.62% to ¥2,205,140,052.40 from ¥1,769,519,655.74 in 2019[18]. - The basic earnings per share for 2020 was -¥0.17, a decrease of 312.50% from ¥0.08 in 2019[17]. - The weighted average return on net assets was -10.52%, a decline of 15.46% from 4.94% in the previous year[17]. - The company reported a significant increase in non-operating losses, indicating challenges in maintaining profitability[17]. - In Q4 2020, the company reported a revenue of CNY 450,169,049.74, marking a significant increase compared to Q2 2020's revenue of CNY 165,830,970.35[22]. - The net profit attributable to shareholders in Q4 2020 was CNY 16,911,667.10, a recovery from losses in the previous three quarters[22]. - The company experienced a total net cash flow from operating activities of -CNY 61,253,744.77 in Q4 2020, indicating ongoing cash flow challenges[22]. Market and Industry Outlook - The company faces risks related to reliance on the oil industry and fluctuations in oil prices, as well as potential impacts from the COVID-19 pandemic[4]. - The company is positioned to benefit from the recovery of the oil and gas industry as global demand rebounds post-COVID-19[26]. - The Chinese government's energy policies are expected to enhance the market for oil and gas exploration and production services, providing growth opportunities for the company[26]. - The company aims to leverage the increasing focus on green and low-carbon development strategies to expand its market presence[27]. - The establishment of the National Pipeline Company is anticipated to accelerate the construction of oil and gas infrastructure, creating new business opportunities for the company[28]. - The oil service industry is expected to gradually recover as global vaccination progresses and oil demand rebounds, following a significant decline due to the COVID-19 pandemic[99]. Business Operations and Strategy - The company's main business includes oil and gas engineering services, which are critical for providing efficient and clean energy solutions[30]. - The company has developed a comprehensive technology and product system in oil and gas engineering services, enhancing its competitive advantage in the market[31]. - The company expanded its municipal environmental protection business, focusing on wastewater treatment and air pollution control, which aligns with its strategic transformation[34]. - The company has strengthened its international market presence, particularly in the Middle East and Africa, leveraging existing project performance to secure new orders[38]. - The company has developed a comprehensive technology innovation mechanism, collaborating with institutions like China University of Petroleum to enhance its R&D capabilities[41]. - The company has transitioned from a traditional equipment seller to an EPC contractor, gaining access to stringent markets in the Gulf region[44]. Financial Management and Investments - The company successfully completed a private placement of shares, raising a net amount of 677 million yuan, which effectively supplemented its working capital and alleviated cash flow pressure[36]. - The company reported an increase in long-term equity investments by 185.23 million yuan due to changes in accounting methods for its stake in Antong Group[39]. - The company has increased its construction projects by 90.87 million yuan, primarily due to new projects initiated by its subsidiary[39]. - The company reported a fair value loss of ¥37,786,605.7 on trading financial assets during the reporting period[80]. - The company has established a three-party supervision agreement for the management of raised funds to ensure compliance with regulations[89]. - The company confirmed sales revenue of 6,101.76 million USD from the Iraq Garraf oil field project, with accounts receivable of 7.03 million[158]. Shareholder and Governance Matters - The company did not distribute cash dividends for the fiscal year 2020, despite having a positive profit available for distribution to ordinary shareholders[121]. - The actual control and shareholders have fulfilled their commitments during the reporting period, ensuring the company's operational independence[123]. - The company has committed to not interfere with major decision-making processes of the listed company, maintaining its independence in various aspects[123]. - The company has established a commitment to not use its position to seek preferential treatment in business cooperation[127]. - The company will ensure compliance with all commitments made regarding potential competition during the control period[125]. - The company has a total of 54,035 shareholders as of the end of the reporting period[186]. Risks and Challenges - The company faces risks related to dependence on the oil industry and oil price fluctuations, which could negatively impact its oil and gas engineering services[106]. - The company is increasing its overseas market expansion, which brings risks related to political instability and regulatory changes in those regions[109]. - The ongoing COVID-19 pandemic poses risks to the company's overseas business operations and overall performance[114]. - The company has a high customer concentration risk, primarily relying on large state-owned oil groups and foreign energy giants[111]. - The company is exposed to exchange rate fluctuations, particularly as its overseas projects are primarily denominated in USD[112]. Environmental and Social Responsibility - The company continues to focus on social responsibility, emphasizing sustainable development and community contributions[160]. - The company has committed to environmental monitoring in accordance with national standards, including annual groundwater monitoring and quarterly air quality assessments[171]. - The company has established an emergency response plan for hazardous waste environmental incidents, applicable to all pollution events within the hazardous waste treatment facility[170].

华油惠博普科技股份有限公司 2021 年第一季度报告全文 华油惠博普科技股份有限公司 2021 年第一季度报告 2021 年 04 月 1 华油惠博普科技股份有限公司 2021 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 除下列董事外，其他董事亲自出席了审议本次季报的董事会会议 | 未亲自出席董事姓名 | 未亲自出席董事职务 | 未亲自出席会议原因 | 被委托人姓名 | | --- | --- | --- | --- | | 何国连 | 董事 | 出差 | 汤光明 | 公司负责人谢文辉、主管会计工作负责人何玉龙及会计机构负责人(会计主 管人员)范丽亭声明：保证季度报告中财务报表的真实、准确、完整。 2 华油惠博普科技股份有限公司 2021 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- ...

Financial Performance - Operating revenue for the current period was CNY 264,916,848.50, a decrease of 35.05% year-on-year[8] - Net profit attributable to shareholders was a loss of CNY 62,586,238.72, down 94.14% year-on-year[8] - Basic earnings per share were -CNY 0.06, a decrease of 100.00% compared to the same period last year[8] - Cash flow from operating activities was -CNY 20,352,453.38, a decline of 120.20% year-on-year[8] - The weighted average return on net assets was -3.92%, down from -1.98% in the previous year[8] - Total operating revenue for the third quarter was CNY 264,916,848.50, compared to CNY 407,850,479.30 in the previous period[41] - The company reported a net loss of CNY 4,308,239.51 in undistributed profits compared to a profit of CNY 199,400,844.51 in the previous period[36] - The net loss for the third quarter was CNY 57,528,213.61, compared to a net loss of CNY 31,803,132.07 in the same period last year[43] - The company reported a comprehensive loss of CNY 65,663,492.21 for the quarter, compared to a comprehensive loss of CNY 25,704,479.13 in the previous year[44] - The total comprehensive income for Q3 2020 was a loss of CNY 205,280,174.17, compared to a gain of CNY 60,834,392.88 in Q3 2019[52] Assets and Liabilities - Total assets decreased by 8.96% to CNY 3,799,637,523.68 compared to the end of the previous year[8] - Total liabilities decreased to CNY 2,169,082,048.90 from CNY 2,327,868,397.68[35] - Current liabilities totaled CNY 1,888,179,114.58, down from CNY 1,998,928,458.10[35] - Non-current liabilities decreased to CNY 280,902,934.32 from CNY 328,939,939.58[35] - Total assets amounted to CNY 4,173,382,731.14, with current assets at CNY 2,808,390,653.71 and non-current assets at CNY 1,364,992,077.43[65] - Total liabilities reached CNY 2,327,868,397.68, with current liabilities at CNY 1,998,928,458.10 and non-current liabilities at CNY 328,939,939.58[67] - Owner's equity totaled CNY 1,630,555,474.78, down from CNY 1,845,514,333.46[36] - The company's equity totaled CNY 1,845,514,333.46, with total equity attributable to shareholders at CNY 1,769,519,655.74[67] Cash Flow - Cash inflow from operating activities decreased by 42.17% year-on-year, attributed to project delays and reduced income from overseas projects[19] - Cash outflow from operating activities decreased by 33.79% year-on-year, due to reduced procurement costs from delayed projects[19] - The net cash flow from operating activities for Q3 2020 was -84,429,014.88 CNY, compared to 101,614,641.72 CNY in the same period last year, indicating a decline in operational performance[58] - Total cash inflow from operating activities was 1,047,154,502.12 CNY, while cash outflow was 1,131,583,517.00 CNY, resulting in a net cash flow deficit[58] - The ending cash and cash equivalents balance was 298,550,020.35 CNY, down from 519,321,610.56 CNY at the beginning of the period[59] Shareholder Information - The total number of shareholders at the end of the reporting period was 52,777[12] - The top shareholder, Huang Song, holds 10.80% of the shares, amounting to 115,661,850 shares[12] Operational Challenges - Operating revenue decreased by 52.13% year-on-year, primarily due to project delays caused by the COVID-19 pandemic[17] - The company anticipates potential losses or significant changes in net profit for the year 2020 compared to the previous year[24] - The company has ongoing projects in Iraq and Kazakhstan, with confirmed sales revenue of ¥40.88 million and ¥25.22 million respectively[24] Investment and Expenses - Financial expenses increased by 110.63% year-on-year, mainly due to increased exchange losses from currency fluctuations[17] - Research and development expenses increased to CNY 14,775,536.89 from CNY 13,350,909.22 year-over-year[42] - The company experienced a significant increase in tax expenses, reporting CNY -7,456,670.85 compared to CNY 2,154,148.72 in the previous year[43] - The total investment income was CNY 2,753,292.65, a recovery from a loss of CNY 887.96 in the previous year[42] Changes in Accounting Standards - The company is implementing new revenue and leasing standards starting in 2020, which may impact future financial reporting[72]

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥420.44 million, a decrease of 58.94% compared to ¥1,023.92 million in the same period last year[18]. - The net profit attributable to shareholders was a loss of approximately ¥132.75 million, a decline of 269.62% from a profit of ¥78.26 million in the previous year[18]. - The net cash flow from operating activities was negative at approximately ¥64.08 million, a significant drop from ¥841,577.61 in the same period last year, representing a decrease of 7,713.86%[18]. - The total assets at the end of the reporting period were approximately ¥3.76 billion, down 9.80% from ¥4.17 billion at the end of the previous year[18]. - The net assets attributable to shareholders decreased by 7.80% to approximately ¥1.63 billion from ¥1.77 billion at the end of the previous year[18]. - The basic and diluted earnings per share were both negative at ¥-0.13, compared to ¥0.07 in the same period last year, reflecting a decrease of 285.71%[18]. - The company reported non-recurring losses totaling approximately ¥52.06 million during the reporting period[22]. - The weighted average return on net assets was -7.79%, a decrease of 12.34% compared to 4.55% in the previous year[18]. - The company achieved operating revenue of 420.44 million yuan, a decrease of 58.94% year-on-year[46]. - The net profit attributable to shareholders was -132.75 million yuan, down 269.62% compared to the same period last year[46]. - New signed orders amounted to 22 million yuan, a decline of approximately 70% year-on-year, with a total backlog of 3.05 billion yuan, down about 16% year-on-year[45]. Industry Context - The oil and gas industry faced significant uncertainties in the reporting period, with global oil consumption dropping from 101.25 million barrels per day in 2019 to 89.92 million barrels per day in the first half of 2020, and production declining to 87.05 million barrels per day by June 2020[25]. - The U.S. Energy Information Administration predicts that if the pandemic is controlled, global oil production will return to 2019 levels in 2021, with consumption expected to rebound to around 100 million barrels per day[26]. - The establishment of the National Oil and Gas Pipeline Company in China aims to accelerate the construction of a national gas supply network, providing significant market opportunities for pipeline construction and maintenance[28]. - The long-term outlook for the oil and gas industry remains positive, with expectations for increased investment and production as global economies recover from the pandemic[27]. Business Operations - The company's main business, oil and gas engineering and services, experienced a significant decline in overseas revenue due to project execution delays caused by the pandemic[32]. - The environmental engineering and services segment also faced project execution delays, impacting revenue recognition and order progress[33]. - The oil and gas engineering and service segment generated revenue of 225.53 million yuan, a decrease of 71.59%, accounting for 53.64% of total revenue[47]. - The environmental engineering and service segment reported revenue of 23.51 million yuan, down 33.94% due to project execution delays[48]. - The oil and gas resource development segment achieved revenue of 171.39 million yuan, a decline of 11.89%, representing 40.77% of total revenue[49]. - The company has established itself as a qualified supplier for major oil companies in both domestic and international markets, serving over 50 oil fields across more than 30 countries[41]. - The company has gained access to several oil and gas companies in the Gulf Cooperation Council countries, enhancing its international market presence[42]. Risks and Challenges - The company faces risks related to reliance on the oil industry and fluctuations in oil prices, as well as risks from policy changes in the oil and gas sector and the impact of the COVID-19 pandemic[5]. - The company identified risks associated with EPC project management, emphasizing the need for strict control over project timelines, quality, and costs[90]. - The company is addressing risks related to dependence on major clients, aiming to diversify its customer base to stabilize revenue and profitability[92]. - Currency fluctuations pose a risk to the company's income, particularly as foreign projects are increasingly denominated in USD, necessitating a robust risk management strategy[93]. - The COVID-19 pandemic has caused delays in domestic and international projects, impacting the company's main business operations[94]. Financial Management - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company received financial support from its controlling shareholder, which alleviated cash flow pressure[7]. - The company has a financing lease business with a total financing amount of 40 million RMB for equipment leasing[6]. - The company reported a significant decrease in other income, which fell by 73.36% to CNY 667,952.73 due to a reduction in VAT refunds compared to the previous year[53]. - The company’s investment amount for the reporting period was 147.76 million RMB, a decrease of 2.81% compared to the previous year[75]. Environmental and Regulatory Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[124]. - The total discharge of non-methane total hydrocarbons (NMHC) is 0, with a concentration of 4.0 mg/m3, compliant with the national standard[124]. - The company has constructed a 150m3 wastewater collection pool, which is currently in use[125]. - The company has received approval for the environmental impact report of the oil sludge treatment project from Daqing Environmental Protection Bureau[127]. - The company has established an emergency response plan for hazardous waste environmental pollution incidents[128]. Shareholder Information - The company held five shareholder meetings during the reporting period, with investor participation rates ranging from 26.87% to 36.06%[1]. - The total number of common shareholders at the end of the reporting period was 56,415[143]. - Huang Song holds 10.80% of shares, with a total of 115,661,800 shares, and has pledged 9,731,850 shares[143]. - Changsha Water Group holds 10.02% of shares, totaling 107,275,951 shares[143]. - Bai Mingyin owns 8.34% of shares, amounting to 89,347,800 shares, with 22,336,950 shares pledged[143]. - Xiao Rong possesses 5.76% of shares, totaling 61,723,910 shares, with 15,430,978 shares pledged[143]. Corporate Governance - There were no major litigation or arbitration matters during the reporting period[3]. - The half-year financial report was not audited[4]. - The company did not have any significant related party transactions during the reporting period[5]. - The company did not implement any employee incentive plans during the reporting period[10]. - The financial report for the first half of 2020 was not audited[160].

Financial Performance - The company's operating revenue for Q1 2020 was ¥254,608,006.44, representing a decrease of 36.54% compared to the same period last year[8]. - The net profit attributable to shareholders was a loss of ¥61,921,175.71, a decline of 178.40% year-on-year[8]. - Basic earnings per share were -¥0.06, down 175.00% from ¥0.08 in the same period last year[8]. - Operating revenue decreased by 36.54% year-on-year, primarily due to project delays caused by the COVID-19 pandemic[17]. - The net profit for Q1 2020 was a loss of CNY 62,712,430.78, compared to a profit of CNY 79,328,965.34 in the same period last year[48]. - The total comprehensive income for the first quarter was CNY 2,265,152.73, a decrease of CNY 179,213.57 compared to the previous period[53]. Cash Flow - The net cash flow from operating activities was negative at ¥43,914,999.19, a decrease of 309.98% compared to the previous year[8]. - Cash inflow from operating activities was CNY 414,022,391.70, compared to CNY 643,343,183.33 in the previous period, reflecting a decline of approximately 35.7%[54]. - The net cash flow from operating activities was negative CNY 43,914,999.19, a significant decrease from a positive CNY 20,913,635.86 in the previous period[56]. - Cash inflow from sales of goods and services was CNY 382,019,131.68, compared to CNY 514,661,701.83 in the previous period, a decline of approximately 26%[54]. - Cash outflow from operating activities decreased by 26.43% year-on-year, resulting from reduced procurement payments due to project delays[18]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,775,651,296.30, a decrease of 9.53% from the end of the previous year[8]. - Total current assets decreased from CNY 2,808,390,653.71 to CNY 2,436,845,968.97, a decline of approximately 13.2%[38]. - Total liabilities decreased from CNY 2,327,868,397.68 to CNY 1,996,800,393.64, a decline of about 14.2%[40]. - Total assets decreased from CNY 4,173,382,731.14 to CNY 3,775,651,296.30, a decline of about 9.5%[41]. - Total liabilities and equity combined also equaled CNY 4,173,382,731.14[63]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 59,898[12]. - The top shareholder, Huang Song, held 10.80% of the shares, with 115,661,850 shares, of which 86,746,387 were pledged[12]. Government Support - The company received government subsidies amounting to ¥2,985,024.23 during the reporting period[9]. Other Financial Metrics - The weighted average return on equity was -3.56%, a decline of 8.16% compared to the previous year[8]. - The company reported an investment income of CNY 1,363,783.71, significantly higher than CNY 94,188.03 in the previous period[47]. - The company's undistributed profits decreased by 31.05% compared to the end of the previous year, primarily due to a reduction in profits during the reporting period[16]. - The company’s other comprehensive income decreased by 37.93% year-on-year, mainly due to foreign currency translation differences and exchange rate fluctuations[16].

Financial Performance - The company's operating revenue for 2019 was CNY 2,293,448,711.70, representing a 38.01% increase compared to CNY 1,661,781,299.81 in 2018[16] - The net profit attributable to shareholders in 2019 was CNY 85,244,434.38, a significant turnaround from a loss of CNY 494,369,654.08 in 2018, marking a 117.24% improvement[16] - The net cash flow from operating activities reached CNY 316,407,985.43, a remarkable increase of 830.68% from CNY 33,997,367.33 in the previous year[16] - The total assets at the end of 2019 were CNY 4,173,382,731.14, reflecting a 7.20% increase from CNY 3,893,019,720.66 at the end of 2018[17] - The net assets attributable to shareholders increased by 5.38% to CNY 1,769,519,655.74 from CNY 1,679,116,868.59 in 2018[17] - The basic earnings per share for 2019 was CNY 0.08, compared to a loss of CNY 0.47 in 2018, indicating a 117.02% improvement[16] - The weighted average return on equity was 4.94% in 2019, a significant increase of 31.05% from -26.11% in 2018[16] Revenue Breakdown - The company's total revenue for Q4 2019 reached ¥861,678,288.59, showing a significant increase compared to Q1's ¥401,205,365.31[21] - The oil and gas engineering and service segment generated revenue of CNY 1,767.52 million, accounting for 77.07% of total revenue, with a growth rate of 64.05%[56] - The overseas revenue reached CNY 1,387.30 million, representing 60.49% of total revenue, with a significant increase of 70.35% compared to the previous year[56] - The environmental engineering and service segment reported revenue of CNY 123.88 million, a decline of 18.47% year-on-year due to longer project completion times[52] - The oil and gas resource development segment generated revenue of CNY 402.05 million, down 7.02% from the previous year[53] Market Expansion and Strategy - The company is actively implementing the "Belt and Road" strategy, expanding its overseas investment and cooperation in the energy sector[27] - The company plans to continue expanding its market presence in the Middle East and Central Asia, leveraging completed projects to gain further opportunities[51] - The company aims to enhance its core capabilities as an integrated service provider in the oil and gas sector over the next three years, focusing on expanding its client base and service offerings[105] - In 2020, the company plans to prioritize market development in key regions such as the Middle East, Central Asia, and Africa, while emphasizing cost control and efficiency improvements[106] Risk Factors - The company faces risks related to oil price fluctuations, policy changes in the oil and gas industry, and potential impacts from the COVID-19 pandemic[5] - The company faces risks related to oil price volatility, which could impact investment and demand for oilfield services[112] - Changes in domestic oil and gas policies may affect energy demand and investment scales, posing risks to the company's operations[113] - The company is increasing its overseas market presence, which brings uncertainties due to political conditions in regions like the Middle East[114] Corporate Governance and Shareholder Relations - The company aims to enhance shareholder rights, ensuring transparency and timely information disclosure to all shareholders[165] - The company has a consistent profit distribution policy that balances long-term interests with shareholder benefits[165] - The cash dividend for 2019 is set at 8,566,480.00 RMB, translating to 0.08 RMB per 10 shares, which represents 10.05% of the net profit[124] - The company plans to implement a cash dividend distribution based on a total share capital of 1,070,810,000 shares[126] Technological Development and Innovation - The company has established a comprehensive technical product and management system in oil and gas engineering services, enhancing its competitive edge in the market[31] - The company is focusing on the development of oil sludge treatment technologies, including RLC thermal analysis equipment and fracturing flowback liquid treatment technology[74] - The company will focus on technological innovation to strengthen its core competencies and improve project management capabilities[108] Social Responsibility and Community Engagement - The company emphasized its commitment to social responsibility, focusing on sustainable development and community engagement[164] - The company has established a scholarship program in collaboration with China University of Petroleum to support talent development in the oil and gas sector[169] - The company actively participates in public welfare activities, including educational support in impoverished areas[169] - The company has initiated the construction of Beijemei Primary School in Chad, which will serve over 100 local children upon completion by the end of September 2019[170] Financial Management and Compliance - The company has established a risk management system to mitigate foreign exchange risks due to increasing revenue from overseas projects[117] - The company has maintained compliance with all relevant financial regulations and standards throughout the reporting period[134] - The company reported no non-operating fund occupation by controlling shareholders or related parties during the reporting period[133] Changes in Shareholding Structure - The company has undergone a change in its controlling shareholder and actual controller, with the transfer of shares completed on August 21, 2019[179] - The controlling shareholder, Changsha Water Industry, is a state-owned enterprise established on December 7, 2004, primarily engaged in the investment and management of state-owned assets[192] - The change of control occurred on August 19, 2019, with Changsha Water Industry becoming the new controlling shareholder[193]

Financial Performance - The company's operating revenue for Q1 2020 was ¥254,608,006.44, a decrease of 36.54% compared to ¥401,205,365.31 in the same period last year[8]. - The net profit attributable to shareholders was -¥55,190,089.67, representing a decline of 165.17% from ¥84,681,992.57 year-on-year[8]. - Basic and diluted earnings per share were both -¥0.05, down 162.50% from ¥0.08 in the same period last year[8]. - The net profit for Q1 2020 was a loss of CNY 56,103,028.73, compared to a profit of CNY 84,653,943.89 in the same period last year[47]. - The total comprehensive income for Q1 2020 was a loss of CNY 52,101,851.92, compared to a profit of CNY 80,562,262.13 last year[48]. Cash Flow - The net cash flow from operating activities was -¥43,914,999.19, a significant drop of 309.98% compared to ¥20,913,635.86 in the previous year[8]. - Cash inflow from operating activities totaled CNY 414,022,391.70, down from CNY 643,343,183.33 in the previous period, indicating a decline of approximately 35.7%[53]. - Total cash outflow for operating activities was CNY 457,937,390.89, down from CNY 622,429,547.47 in the previous period[55]. - The net cash flow from financing activities was negative at CNY -213,447,135.60, compared to a positive CNY 113,568,035.48 in the previous period[56]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,791,095,299.18, a decrease of 9.16% from ¥4,173,382,731.14 at the end of the previous year[8]. - Current assets totaled CNY 2,446,335,191.60, down from CNY 2,808,390,653.71, indicating a decrease of about 12.9%[37]. - Total liabilities decreased to CNY 1,997,432,817.64 from CNY 2,327,868,397.68, a decline of about 14.2%[39]. - The company's equity attributable to shareholders decreased to CNY 1,718,330,742.88 from CNY 1,769,519,655.74, a decline of about 2.9%[40]. Inventory and Receivables - Inventory decreased by 31.24% compared to the end of the previous year, due to reclassification to contract assets under new revenue standards[16]. - Accounts receivable fell to CNY 833,541,695.36 from CNY 969,064,651.85, reflecting a decrease of around 14.0%[37]. - The company reported a decrease in inventory by CNY 151,024,844.87, from CNY 406,524,860.33 to CNY 255,500,015.46[61]. Government Support and Other Income - The company received government subsidies amounting to ¥2,985,024.23 during the reporting period[9]. - The company’s other income decreased by 86.33% year-on-year, mainly due to significant government subsidies received in the previous year[17]. Contracts and Projects - The company signed a total of six major contracts during the reporting period, with a total contract value of approximately $25.5 million[19][20]. - The company confirmed sales revenue of 97,102.27 thousand yuan from the Nashpa gas processing project in Pakistan, with accounts receivable of 20,783.24 thousand yuan[19]. Financial Standards and Reporting - The company has implemented new revenue and leasing standards starting in 2020, affecting prior comparative data[66]. - The company has not undergone an audit for the first quarter report[66].

Financial Performance - Operating revenue for the reporting period was ¥407,850,479.30, reflecting a year-on-year increase of 2.58%[8] - Net profit attributable to shareholders of the listed company was -¥32,237,660.49, a decrease of 9.50% compared to the same period last year[8] - The company reported a net profit of ¥46,021,677.42 for the year-to-date, an increase of 58.60% compared to the same period last year[8] - Total operating revenue for the current period reached ¥407,850,479.30, an increase from ¥397,584,121.16 in the previous period, representing a growth of approximately 1.9%[43] - The net profit for the current period was a loss of ¥31,803,132.07, compared to a loss of ¥26,552,925.88 in the previous period, reflecting a deterioration in performance[44] - The company reported a significant decline in investment income, with a loss of ¥887.96 compared to a loss of ¥126,538,645.03 in the previous period[43] - The company’s operating profit was -¥29,336,125.16, worsening from -¥22,958,006.45 in the previous period[44] - The company’s total profit for the current period was -¥29,648,983.35, compared to -¥21,934,921.59 in the previous period, reflecting a larger loss[44] Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,903,158,341.81, an increase of 0.26% compared to the end of the previous year[8] - The company’s long-term liabilities due within one year increased by 1,912.00% year-on-year, due to the reclassification of long-term borrowings[18] - Total liabilities decreased to CNY 2,097,243,745.66 from CNY 2,148,971,721.35, indicating improved financial stability[35] - Current liabilities decreased slightly to CNY 1,734,629,648.53 from CNY 1,674,467,258.54[35] - Total current assets decreased by approximately 5.5% from 2,978,310,860.76 to 2,813,503,075.79[67] - Non-current assets increased by approximately 18.0% from 914,708,859.90 to 1,079,516,644.87[68] Shareholder Information - Net assets attributable to shareholders of the listed company increased by 3.46% to ¥1,737,282,834.60[8] - The number of ordinary shareholders at the end of the reporting period was 66,928[12] - The top ten shareholders held a combined 46.43% of the company's shares, with the largest shareholder holding 10.80%[12] - The company's equity attributable to shareholders rose to CNY 1,737,282,834.60, compared to CNY 1,679,116,868.59 in the previous year[36] Cash Flow - Net cash flow from operating activities was ¥100,773,064.11, up 209.83% year-on-year[8] - Operating cash inflow increased by 51.44% year-on-year, mainly due to increased overseas project payments[18] - Operating cash outflow increased by 20.22% year-on-year, attributed to a higher number of orders and increased upfront payments for overseas projects[18] - The net cash flow from operating activities was 101,614,641.72, a significant improvement from -225,996,049.49 in the previous period, indicating a recovery in operational efficiency[61] - The net cash flow from investing activities was -131,236,783.95, slightly improved from -150,702,410.67, indicating ongoing investment challenges[62] Expenses - Total operating costs amounted to ¥405,321,460.76, up from ¥391,112,465.99, indicating an increase of about 3.6%[43] - Financial expenses increased by 274.18% year-on-year, mainly due to a decrease in exchange gains[18] - Research and development expenses were ¥13,350,909.22, down from ¥18,460,148.15, showing a reduction of approximately 27.8%[43] - The company’s financial expenses increased significantly to CNY 35,359,440.05 from CNY 9,449,950.18, primarily due to higher interest expenses[52] Comprehensive Income - Other comprehensive income after tax was ¥6,098,652.94, a decrease from ¥86,739,552.58 in the previous period[44] - The total comprehensive income for the current period was -¥25,704,479.13, compared to ¥60,186,626.70 in the previous period, indicating a significant decline[45] - The company reported a significant increase in sales revenue from 1,478,912,340.26 to 1,810,689,411.17, reflecting a strong demand for its products and services[61]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 1,023,919,943.81, representing a 34.44% increase compared to CNY 761,628,103.90 in the same period last year[17]. - The net profit attributable to shareholders was CNY 78,259,337.91, up 33.87% from CNY 58,459,933.36 year-on-year[17]. - The basic earnings per share rose to CNY 0.07, reflecting a 16.67% increase from CNY 0.06 in the same period last year[17]. - The company's operating revenue reached 1.024 billion RMB, an increase of 34.44% compared to the same period last year, while net profit attributable to shareholders was 78.26 million RMB, up 33.87% year-on-year[39]. - The total profit for the first half of 2019 reached CNY 93.50 million, representing a 38.1% increase from CNY 67.71 million in the previous year[190]. - The total comprehensive income for the first half of 2019 was CNY 86.54 million, an increase of 66.2% from CNY 52.08 million in the same period of 2018[187]. Cash Flow and Investments - The net cash flow from operating activities improved significantly to CNY 841,577.61, compared to a negative cash flow of CNY -134,243,392.77 in the previous year, marking a 100.63% change[17]. - The cash flow from operating activities improved significantly, with a net increase of 100.63% to ¥841,577.61, driven by increased project repayments[42]. - The net cash flow from investing activities was -¥88,429,067.95 for the first half of 2019, worsening from -¥67,702,790.68 in the same period of 2018[194]. - Cash inflow from financing activities totaled ¥938,046,631.00, an increase from ¥855,047,084.49 in the first half of 2018, marking a growth of approximately 9.7%[195]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 4,087,918,940.03, a 5.01% increase from CNY 3,893,019,720.66 at the end of the previous year[17]. - The company's cash and cash equivalents at the end of the reporting period were 713,289,685.7 RMB, accounting for 17.45% of total assets, showing a slight decrease from the previous period[57]. - The total liabilities increased to CNY 1,445,786,186.98 from CNY 1,393,071,965.99, indicating a rise of 3.8%[182]. - The company's short-term borrowings increased to RMB 921.93 million from RMB 773.39 million, an increase of 19.19%[177]. Operational Highlights - The company signed new orders worth 770 million RMB in the reporting period, representing a year-on-year increase of 309.57%, with a total backlog of 3.637 billion RMB, up 323.89% from the previous year[39]. - The company has expanded its international oil service business, with significant growth in overseas markets, particularly in Iraq, where new contracts were signed for major projects[39]. - The company focuses on environmental engineering, with a growing number of new contracts in municipal environmental projects, particularly in water treatment services[27]. - The company has established a comprehensive technical innovation mechanism, collaborating with research institutions to enhance its R&D capabilities and maintain a competitive edge in technology[31]. Risks and Challenges - The company faces risks related to oil price fluctuations, reliance on major clients, and foreign exchange rate volatility, which could impact future performance[5]. - The company is exposed to risks related to the oil industry and oil price fluctuations, which could impact its operations and revenue[77]. - The company has accumulated significant market experience in overseas EPC business, but high customer concentration poses risks to revenue and profitability if major client relationships deteriorate[82]. Shareholder Information - The total number of shares before the change was 1,070,810,000, with 28.14% being restricted shares and 71.86% being unrestricted shares[124]. - A total of 360,000 restricted shares were unlocked during the reporting period, reducing the number of restricted shares to 300,954,700, which is 28.11% of the total[124]. - The total number of shareholders at the end of the reporting period was 71,999[130]. - Huang Song held 14.40% of the shares, totaling 154,215,800, with 38,553,950 shares pledged[130]. Environmental and Social Responsibility - The company reported a significant environmental compliance status, being classified as a key pollutant discharge unit by environmental authorities[109]. - The company has achieved zero excess emissions for key pollutants such as SO2 and NOX during the reporting period[109]. - The company is actively involved in social responsibility initiatives, including the construction of a primary school in Chad, expected to serve over 100 local children[117]. - The company has invested 660,000 RMB in improving educational resources in impoverished areas, benefiting 100 students[118].