Financial Performance - The company's operating revenue for the first half of 2021 was CNY 361,913,208.90, representing a 6.88% increase compared to CNY 338,620,088.49 in the same period last year[21]. - The net profit attributable to shareholders was CNY 17,981,061.55, a significant turnaround from a loss of CNY 68,235,250.00, marking a 126.35% improvement[21]. - The net cash flow from operating activities was CNY 28,443,373.94, compared to a negative cash flow of CNY 37,839,155.73, reflecting a 175.17% increase[21]. - Basic earnings per share increased to CNY 0.0350 from a loss of CNY 0.1356, representing a 125.81% improvement[21]. - The company achieved operating revenue of 361.91 million yuan, a year-on-year increase of 6.88%[43]. - The net profit attributable to shareholders was 17.98 million yuan, marking a turnaround with a year-on-year growth of 126.35%[44]. - The cash flow from operating activities reached 28.44 million yuan, up 175.17% year-on-year, indicating improved cash management[44]. - The company reported a net profit of 10,786.33 million yuan for the first half of 2021, representing a decrease of 1,505.3 million yuan compared to the previous period, with a profit margin of 85.47%[64]. - The company reported a net profit for the first half of 2021 was CNY 16,617,477.77, a significant recovery from a net loss of CNY 20,016,129.72 in the same period of 2020[154]. - The total profit amounted to CNY 18,817,664.74, a recovery from a total loss of CNY 23,210,688.34 in the previous year[154]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,634,025,661.68, down 4.57% from CNY 1,712,307,746.05 at the end of the previous year[21]. - The total assets at the end of the reporting period amounted to 1,872.9 million yuan, with a year-on-year increase of 4.53%[166]. - The total liabilities at the end of the reporting period were 919.30 million yuan, which is a decrease of 15.28% compared to the previous year[166]. - The company's total liabilities decreased to CNY 729,421,127.91 from CNY 778,733,302.70, reflecting a reduction of 6.3%[150]. - The company's total assets decreased from ¥1,712,307,746.05 to ¥1,634,025,661.68, a decline of about 4.6%[143]. Market and Business Strategy - The company focuses on oil and gas field development solutions and has established a complete oil engineering technology service industry chain, enhancing its market competitiveness[28]. - The company is actively involved in the development of unconventional oil and gas resources in major basins across China, including the Songliao and Ordos basins[37]. - The company has adjusted its strategic direction to reduce overseas revenue share while increasing investment in clean energy[44]. - The company plans to establish a joint venture in Sichuan to develop natural gas recovery business, aligning with China's carbon neutrality strategy[44]. - The company is focusing on unconventional oil and gas development, particularly in key basins like Ordos and Sichuan, with significant production targets set for 2025 and 2035[38]. Research and Development - The company holds a total of 121 patents, including 13 international invention patents and 37 domestic invention patents[41]. - The R&D expenditure for the first half of 2021 was 506.69 million yuan, indicating a commitment to innovation and technology advancement[164]. - Research and development expenses were CNY 5,709,701.05, down 36.19% from CNY 8,948,069.55 due to delays in some R&D projects[47]. - The company aims to enhance its product offerings through ongoing research and development initiatives[176]. Corporate Governance and Compliance - The company has established a sound corporate governance structure, ensuring clear responsibilities and coordination among various governance bodies[84]. - The company emphasizes timely and accurate information disclosure to enhance transparency and investor communication[85]. - The company adheres to labor laws and has implemented a comprehensive employee welfare and training system[86]. - The company has committed to lawful operations and tax compliance, enhancing tax management and reducing risks[87]. - The company has established a board of directors and various committees to oversee strategic, audit, and compensation matters, ensuring effective governance[191]. Shareholder and Equity Information - The total number of common shareholders at the end of the reporting period is 24,601[125]. - Zhang Guoan holds 14.74% of shares, with a total of 15,673,984 shares, having reduced his holdings by 434,000 shares during the reporting period[126]. - The company reported a total approved external guarantee amount of 56,500,000 RMB during the reporting period, with actual guarantees amounting to 21,827,000 RMB[108]. - The company plans to repurchase and cancel 682,500 unvested restricted stocks due to not meeting performance assessment requirements for 2020[80]. - The company’s stock structure shows a significant shift towards unrestricted shares, which may enhance liquidity for investors[119]. Cash Flow Management - The company reported a net increase in cash and cash equivalents of CNY 50,354,751.81, a 220.85% improvement from CNY -41,665,528.72 in the same period last year[47]. - The company received CNY 2,691,959.06 in tax refunds during the first half of 2021, contributing to cash inflows[157]. - The net cash flow from operating activities was ¥31,773,008.02, a decrease of ¥78,735,913.06 compared to the previous period[161]. - The net cash flow from investing activities was -¥4,611,818.03, improving from -¥132,028,673.35 in the prior period[161]. - The company reported a decrease in cash outflows for purchasing goods and services, totaling CNY 145,496,453.27, down from CNY 181,813,346.98 in the first half of 2020[157]. Risks and Challenges - The company faces risks from fluctuating oil prices, which could impact exploration and development investments, and plans to adopt flexible market strategies to mitigate these risks[68]. - The company acknowledges the seasonal nature of its business, with a significant portion of domestic revenue and profits expected in the second half of the year, and is working to manage this seasonal impact[72]. - The company is addressing goodwill impairment risks associated with its acquisitions by improving management and integration of acquired companies[73]. - The overall financial health of the company is under review, with strategies being developed to address recent losses and improve profitability[174].

Financial Performance - The company's operating revenue for Q1 2021 was ¥184,677,114.70, a decrease of 12.99% compared to ¥212,259,348.79 in the same period last year[7] - Net profit attributable to shareholders was ¥6,333,080.25, representing a significant increase of 138.76% from a loss of ¥16,340,827.30 in the previous year[7] - The net profit after deducting non-recurring gains and losses was ¥4,097,494.81, up 124.97% from a loss of ¥16,406,752.47 in the same period last year[7] - The net cash flow from operating activities was ¥10,194,802.82, a substantial increase of 232.27% compared to a negative cash flow of ¥7,707,472.32 in the previous year[7] - Basic earnings per share were ¥0.0123, compared to a loss of ¥0.0332 per share in the same period last year, marking an increase of 137.05%[7] - The company reported a total comprehensive income of CNY 16,847,676.11 for the quarter, contrasting with a comprehensive loss of CNY 4,560,515.73 in the previous year[56] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,664,656,885.12, a decrease of 2.78% from ¥1,712,307,746.05 at the end of the previous year[7] - The company's current assets totaled CNY 708,852,522.60, down from CNY 759,331,841.97 at the end of 2020, indicating a decrease of about 6.6%[41] - Total liabilities decreased to CNY 694,322,230.49 from CNY 749,631,398.49, reflecting a decrease of about 7.4%[43] - The company's long-term borrowings increased slightly to CNY 194,294,120.00 from CNY 193,772,500.00, a marginal increase of about 0.3%[43] - The total equity remained stable at CNY 970,334,654.63 as of March 31, 2021, compared to CNY 962,676,347.56 at the end of 2020[43] Revenue Sources and Changes - The company reported non-recurring gains totaling ¥2,235,585.44, which included government subsidies and other income[8] - Other income increased by 256.62% compared to the previous year, primarily due to an increase in government subsidies received[20] - Investment income decreased by 72.84% year-on-year, as there were no distributions from the Shenzhen Dongzheng Tongyuan Overseas Oil Industry Investment Fund during the reporting period[20] - Cash received from other operating activities increased by 238.21% year-on-year, mainly due to higher government subsidies[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,261[10] - The top shareholder, Zhang Guoan, held 14.74% of the shares, with 60,041,952 shares pledged[10] Operational Insights - Domestic business revenue increased by 53.16% year-on-year, fully recovering to pre-pandemic levels[25] - The company has resumed normal operations in overseas markets, including Algeria, Iraq, and Kazakhstan, and secured new contracts for coiled tubing services in Algeria[26] - The company plans to focus on domestic unconventional oil and gas core product lines, halting investments in North American business to mitigate the impact of severe overseas pandemic conditions[29] - The company is enhancing its core competencies in perforation, rotary steering, and hydraulic fracturing technologies to strengthen its market position[31] Risk Management - Risks include the ongoing impact of COVID-19, fluctuations in oil prices, and intensified market competition, which the company plans to address through flexible strategies and enhanced R&D efforts[30][31] - The company is committed to improving management and operational planning to mitigate seasonal performance disparities between the first and second halves of the year[32] - The company is actively managing goodwill risks associated with its acquisitions to ensure the profitability of acquired entities[32] Cash Flow Management - The company's cash flow from operating activities was 10.19 million yuan, a year-on-year increase of 232.27%, indicating improved cash management[26] - The net cash flow from operating activities increased to ¥20,010,054.77 from a negative ¥38,188,172.29 in the previous period, marking a significant turnaround[62] - Cash inflow from operating activities totaled ¥52,278,896.58, compared to ¥27,695,643.67 in the prior period, reflecting an increase of approximately 88.5%[62] - The net cash flow from investment activities was ¥37,781,823.00, a recovery from a negative cash flow of ¥152,203,663.46 in the previous period[63] Financial Management - Financial expenses decreased by 183.16% year-on-year, attributed to changes in foreign exchange gains and losses[20] - The company incurred financial expenses of CNY -4,176,823.01, a decrease from CNY 6,313,174.36 in the previous year, indicating improved financial management[54]

Financial Performance - The company's operating revenue for 2020 was ¥631,696,370.92, a decrease of 59.40% compared to ¥1,555,773,923.80 in 2019[20]. - The net profit attributable to shareholders was -¥1,052,843,408.42, representing a decline of 2,432.64% from a profit of ¥45,135,224.43 in 2019[20]. - The net cash flow from operating activities was ¥3,992,645.31, down 97.65% from ¥170,005,662.32 in the previous year[20]. - The total assets at the end of 2020 were ¥1,712,307,746.05, a decrease of 42.01% from ¥2,952,825,271.78 at the end of 2019[20]. - The company's basic and diluted earnings per share were both -¥2.07, a drop of 2,170.00% from ¥0.10 in 2019[20]. - The weighted average return on equity was -72.64%, down 75.21% from 2.57% in 2019[20]. - The company reported a total of ¥625,819,109.38 in operating revenue after deductions for 2020, compared to ¥1,547,685,342.00 in 2019[21]. - The company experienced significant losses in each quarter, with the fourth quarter net profit attributable to shareholders at -¥924,640,608.41[23]. - The company's operating revenue for the year was 631,696,370.92, representing a year-on-year increase of 10.24%[72]. - The operating costs decreased by 59.40% compared to the previous year, amounting to 567,040,399.47[72]. - The gross profit margin decreased by 24.62% year-on-year, indicating a challenging cost environment[72]. Strategic Direction - The company reported a strategic shift towards domestic markets, halting investments in North America and increasing investments in unconventional oil and gas core product lines, including rotary steering and perforation[7]. - The company plans to enhance its core competitiveness by increasing investment in its core product lines and improving cash flow management to mitigate the impact of the pandemic[7]. - The company is adopting flexible market strategies and enhancing R&D efforts to address the risks associated with fluctuating oil prices[8]. - The company is focused on optimizing management and reducing costs to enhance efficiency in response to market volatility[8]. - The company is actively involved in the development of unconventional oil and gas resources, which are expected to drive future growth in the oil and gas service market[41]. - The company plans to enhance its core product lines in perforation, rotary steering, and hydraulic fracturing, focusing on unconventional oil and gas development in key domestic regions[109]. - The company aims to increase R&D investment to innovate service equipment and tools, enhancing the automation and intelligence of technical services[110]. - The company will accelerate the digital transformation of its main business, including the development of integrated software for unconventional oil and gas reservoirs[111]. Market Conditions - The company experienced a significant decline in performance due to the COVID-19 pandemic, with a substantial drop in oil demand and a sharp decrease in international oil prices[5]. - The company anticipates a rebound in oil demand and prices as the global pandemic situation improves in 2021, leading to a recovery in its business operations[5]. - The company acknowledges the uncertainty surrounding the effectiveness and uptake of COVID-19 vaccines, which could impact future operations[7]. - The company faces risks from the ongoing COVID-19 pandemic, which could impact oil service demand if the situation worsens[114]. - The company is exposed to risks from fluctuating oil prices, which could affect exploration and development investments by oil companies[115]. - The company recognizes the risk of intensified market competition, particularly from state-owned oil service companies, and plans to strengthen its competitive edge through innovation[116]. Research and Development - The company has focused on enhancing its core technologies in perforation and rotary steering, which are critical for unconventional oil and gas development[62]. - The company has made significant investments in R&D to strengthen its core competitiveness, particularly in perforation and hydraulic fracturing technologies[62]. - The company's R&D investment in 2020 amounted to approximately ¥25.78 million, representing 4.08% of total revenue, a significant increase from 1.14% in 2019[81]. - The number of R&D personnel increased to 145 in 2020, accounting for 22.66% of the total workforce, up from 17.29% in 2019[81]. - The company completed various R&D projects, including the successful completion of ground tests for modular perforating guns, aimed at improving operational efficiency[80]. - The company has developed new technologies such as soluble bridge plugs, which can self-degrade post-operation, reducing drilling costs and risks[80]. - The establishment of a digital center and integration of digital technologies like big data and AI are aimed at enhancing operational efficiency and reducing costs[59]. Corporate Governance - The company has established a sound corporate governance structure, ensuring clear responsibilities and coordination among various governance bodies[168]. - The company is committed to improving internal control management and enhancing governance to ensure a healthy financial ecosystem[112]. - The company has implemented measures to strengthen management and financial control over its overseas operations to mitigate geopolitical risks[118]. - The company has not engaged in any significant related party transactions during the reporting period[151]. - The company has not reported any penalties or rectification situations during the reporting period[144]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,256, down from 24,261 at the end of the previous month[193]. - Zhang Guoan, the largest shareholder, holds 15.59% of the shares, with a total of 80,055,936 shares, having decreased by 7,559,281 shares during the reporting period[194]. - The second-largest shareholder, Shaanxi Private Economic High-Quality Development Fund, holds 6.65% of the shares, totaling 34,127,777 shares, with no change during the reporting period[194]. - The company has not experienced any changes in its controlling shareholder during the reporting period[196]. - The actual controller, Zhang Guoan, has been with the company since 1997 and currently serves as the chairman and president[198]. Dividend Policy - The company did not declare any cash dividends or stock bonuses for the reporting period[9]. - The company distributed a cash dividend of 0.8 yuan per 10 shares, totaling 41,082,423.12 yuan for the 2019 fiscal year[124]. - The company did not propose any cash dividend distribution for the 2020 fiscal year, despite having a positive profit available for distribution[129]. Operational Adjustments - The company has significantly reduced operational costs and optimized its business structure by eliminating unprofitable projects and investing in competitive and profitable businesses[35]. - The company has implemented cost-cutting measures, including reducing capital expenditures and operational costs, to enhance cash flow management[56]. - The company has maintained strong customer relationships in North America, with over 200 clients, including major oil companies like EOG and Apache[64]. - The company has expanded its market presence from domestic to North America, North Africa, Central Asia, and the Middle East, enhancing the synergy of domestic and international operations[48].

Financial Performance - Operating revenue for the reporting period was CNY 137,201,910.49, down 67.33% year-on-year, and CNY 475,821,998.98 for the year-to-date, down 58.21%[7] - Net profit attributable to shareholders was a loss of CNY 59,967,550.01, representing a decrease of 235.15% year-on-year, with a year-to-date loss of CNY 128,202,800.01, down 256.47%[7] - Basic earnings per share for the reporting period were -CNY 0.1329, a decrease of 235.20% year-on-year, and -CNY 0.2531 for the year-to-date, down 239.37%[7] - The company's operating revenue for the first nine months of 2020 decreased by 58.21% year-on-year, primarily due to the impact of the COVID-19 pandemic, which slowed operations and reduced construction volume[22] - The company's operating costs decreased by 46.88% year-on-year, mainly due to the decline in operating revenue[22] - The company's financial expenses surged by 462.22% year-on-year, primarily due to increased foreign exchange losses[22] - The company expects a significant decline in cumulative net profit for 2020 compared to the previous year due to the impact of the COVID-19 pandemic and a sharp drop in global oil demand and prices[30] - The company anticipates a substantial risk of asset impairment for goodwill, oil and gas assets, inventory, and fixed assets by the end of 2020, which will significantly affect net profit[31] Cash Flow and Assets - The net cash flow from operating activities was CNY 3,601,822.38, a decline of 93.57% compared to the same period last year, and a year-to-date cash flow of -CNY 34,237,333.35, down 146.94%[7] - Cash received from sales of goods and services decreased by 47.46% year-on-year, corresponding to the decline in operating revenue and accounts receivable collections[23] - Cash paid for purchasing goods and services decreased by 49.10% year-on-year, due to a reduction in construction activity[23] - Operating cash inflow for the current period was CNY 98,225,255.71, an increase of 5.0% from CNY 93,377,808.33 in the previous period[70] - Net cash flow from operating activities was negative CNY 55,356,413.67, compared to a positive CNY 13,716,279.59 in the previous period[70] - Cash inflow from investment activities totaled CNY 51,156,207.18, down 34.9% from CNY 78,767,456.85 in the previous period[70] - Cash outflow from investment activities was CNY 161,917,210.78, a decrease of 25.7% from CNY 218,118,336.82 in the previous period[70] - Net cash flow from financing activities was CNY 200,187,099.95, an increase of 105.3% from CNY 97,570,006.41 in the previous period[72] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,026[11] - The largest shareholder, Zhang Guoan, held 15.59% of the shares, with 80,055,936 shares, of which 65,711,413 shares were pledged[11] - The cash dividend distribution plan for the 2019 fiscal year was approved, with a total cash dividend of RMB 41,082,423.12 distributed to shareholders, amounting to RMB 0.80 per 10 shares[34] Asset Management and Liabilities - Total assets at the end of the reporting period were CNY 2,774,085,055.54, a decrease of 6.05% compared to the end of the previous year[7] - The company’s retained earnings decreased by 49.10% compared to the beginning of the year, mainly due to losses incurred and cash dividends distributed during the period[20] - Other payables decreased by 95.28% compared to the beginning of the year, primarily due to payments made for the acquisition of remaining equity in a subsidiary[20] - Total liabilities decreased to CNY 792,504,891.72 from CNY 1,079,900,590.24, a reduction of about 27%[43][44] - The company's equity increased to CNY 1,981,580,163.82 from CNY 1,872,924,681.54, reflecting an increase of about 6%[44] Research and Development - The company's R&D expenses increased by 47.97% year-on-year, reflecting increased investment to build core competitive capabilities[22] - The company reported a significant increase in research and development expenses, totaling ¥18,285,841.00, up 47.9% from ¥12,357,804.63 in the previous year[60] Strategic Developments - There were no significant changes in the company's strategy or new product developments mentioned in the report[12] - The company plans to terminate the acquisition of a 71.011% stake in Yilong Hengye due to performance declines caused by the pandemic affecting overseas projects[25] - The company confirmed that Yilong Hengye's overseas projects have gradually resumed work, and there have been no contract terminations due to the pandemic[26] - The company is closely monitoring the development of the COVID-19 pandemic and its impact on financial status and operational results[30] - The company has implemented strategies to strengthen cost control and enhance core competitiveness in response to the challenges posed by the pandemic and low oil prices[32] - The company predicts that as oil prices gradually recover and the global economy normalizes, the oil industry will begin to rebound, leading to a recovery in business operations[33] Compliance and Governance - The company has not engaged in any non-compliant external guarantees during the reporting period[35] - There are no instances of non-operating fund occupation by controlling shareholders or related parties during the reporting period[36] - The company has received commitments from shareholders to avoid competition and ensure compliance with industry regulations[29] - The company is committed to strictly adhering to accounting standards and will conduct comprehensive impairment testing on assets showing signs of impairment[31]

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥338.62 million, a decrease of 52.88% compared to ¥718.63 million in the same period last year[21]. - The net profit attributable to shareholders was a loss of ¥68.24 million, representing a decline of 281.65% from a profit of ¥37.56 million in the previous year[21]. - The net cash flow from operating activities was negative at ¥37.84 million, a decrease of 324.00% compared to a positive cash flow of ¥16.89 million in the same period last year[21]. - The weighted average return on net assets was -3.48%, a decrease of 5.66% compared to 2.18% in the previous year[21]. - The gross profit margin for the company's services was 24.20%, with a significant decline in revenue from fracturing and completion projects, which dropped by 88.12% year-on-year[57]. - The company reported a net cash flow from financing activities of CNY 171,938,899.07, a significant increase of 4,297.03% compared to CNY 3,910,342.44 in the previous year, due to successful fundraising efforts[55]. - The company reported a total comprehensive income for the first half of 2020 of CNY -20,615,725.44, compared to CNY -4,331,987.89 in the previous year, indicating a worsening financial position[171]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥2.89 billion, down 2.16% from ¥2.95 billion at the end of the previous year[21]. - The total liabilities decreased from CNY 1,079,900,590.24 to CNY 800,364,001.34, a decline of about 26%[158]. - The company's total assets decreased from CNY 2,952,825,271.78 to CNY 2,889,095,066.72, a decline of about 2.1%[159]. - The company’s total equity increased to CNY 1,770.09 million in the first half of 2020, up from CNY 1,517.53 million in the first half of 2019, reflecting a growth of 16.6%[164]. - The company’s total liabilities decreased to CNY 809.19 million in the first half of 2020 from CNY 1,043.51 million in the same period of 2019, a reduction of 22.4%[164]. Market Strategy and Operations - The company plans to adopt flexible market strategies and enhance R&D efforts to mitigate risks associated with oil price fluctuations[8]. - The ongoing COVID-19 pandemic poses a risk to oil demand, which may impact the company's performance[9]. - The company aims to optimize management and reduce costs to enhance resilience against market volatility[8]. - The company has expanded its market presence beyond China to North America, Africa, South America, Central Asia, the Middle East, and Eastern Europe, which has become a significant driver of its performance[32]. - The company is actively seeking overseas projects, particularly in resource-rich regions like Central Asia, North Africa, and the Middle East, as part of its global expansion strategy[41]. Research and Development - The company added 7 new patents, bringing the total to 113, including 46 invention patents, which supports continuous growth and technological advancement[46]. - The company has developed a comprehensive service model that integrates geological research with engineering, enhancing its competitive edge in the market[32]. - Research and development expenses for the first half of 2020 were CNY 7.92 million, a decrease of 20.2% from CNY 9.91 million in the first half of 2019[164]. Shareholder and Equity Information - The company will not distribute cash dividends or issue bonus shares for the reporting period[10]. - The company has implemented an employee stock ownership plan, which was approved in March 2017, and the relevant commitments are being fulfilled[98]. - The company approved the repurchase and cancellation of 120,000 restricted stocks during the board meeting on April 22, 2020[102]. - The company has a total of 149,532,289 restricted shares at the end of the reporting period, with 44,975,475 shares released during this period[132]. - The largest shareholder, Shaanxi Private Economy High-Quality Development Fund, holds 6.65% of the shares, totaling 34,127,777 shares[136]. Risk Factors - The ongoing COVID-19 pandemic poses a risk to oil demand, which could impact the company's operational workload and overall performance[79]. - There is a risk of goodwill impairment due to adverse changes in the operational status of acquired companies, which could negatively affect the company's financial results[84]. - The competitive landscape in the oil service market is intensifying, necessitating continuous innovation in technology and services to maintain market share[80]. Compliance and Governance - The company has committed to strict compliance with the shareholder action commitment made on March 2, 2020, regarding the acquisition report, which is ongoing[90]. - The company has not reported any major changes in the use of raised funds or issues in disclosure[69]. - The company did not distribute cash dividends or issue new shares during the reporting period[89].

Financial Performance - Total revenue for Q1 2020 was ¥212,259,348.79, a decrease of 30.02% compared to ¥303,305,754.62 in the same period last year[8] - Net profit attributable to shareholders was -¥16,340,827.30, representing a decline of 217.12% from ¥13,951,761.67 in the previous year[8] - Basic earnings per share were -¥0.0332, down 207.44% from ¥0.0309 in the same period last year[8] - The company reported a net loss attributable to shareholders of RMB 16,340,800, a decrease of 217.12% year-on-year[25] - The net profit for the first quarter was a loss of CNY 17,743,380.18, compared to a profit of CNY 14,293,214.25 in the same period last year[54] - The net profit for the first quarter of 2020 was -4,560,515.73 CNY, compared to a profit of 7,983,627.56 CNY in the same period last year, indicating a significant decline[58] - Operating profit for the first quarter was -4,497,046.03 CNY, down from 8,714,043.06 CNY year-over-year[58] - The total comprehensive income for the first quarter was -4,560,515.73 CNY, compared to 7,983,627.56 CNY in the same period last year[59] Cash Flow - Net cash flow from operating activities was -¥7,707,472.32, a significant drop of 1,704.20% compared to ¥480,454.74 in Q1 2019[8] - Cash received from investment recoveries decreased by 79.66% year-on-year, mainly due to prior year distributions from the investment fund[24] - The company reported a net cash outflow from investing activities of -167,126,242.51 CNY, worsening from -78,280,074.68 CNY in the previous year[62] - The net cash flow from financing activities was 240,300,718.90 CNY, compared to 17,609,148.73 CNY in the same period last year, indicating increased financing activity[63] - The total cash and cash equivalents at the end of Q1 2020 amounted to ¥140,514,640.09, up from ¥28,229,505.21 at the beginning of the period, reflecting a net increase of ¥112,285,134.88[66] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,037,669,655.50, an increase of 2.87% from ¥2,952,825,271.78 at the end of the previous year[8] - The company's total assets increased to CNY 2,683,379,566.10 from CNY 2,561,040,307.37[50] - Total liabilities decreased to CNY 867,283,631.80 from CNY 1,079,900,590.24, a significant decline of about 19.7%[45] - The company's total liabilities included short-term borrowings of ¥192,258,306.94 and long-term borrowings of ¥100,000,000.00, indicating a structured approach to financing[69] - The total assets reached CNY 2,561,040,307.37, reflecting the company's financial position[72] Shareholder Information - The total number of common shareholders at the end of the reporting period was 21,446[11] - The largest shareholder, Zhang Guoan, held 17.06% of the shares, with 87,615,217 shares, of which 65,711,413 were pledged[11] - The company did not engage in any repurchase transactions during the reporting period[12] - The total number of restricted shares at the end of the period is 170,128,960, with 24,378,804 shares released during the current period[17] - The company has a policy of releasing 25% of executive locked shares annually based on total shareholding[14] Investment Activities - The company plans to acquire 71.011% equity in a target company through the issuance of shares and convertible bonds[26] - Cash paid for investments increased by 111.01% year-on-year, primarily for the acquisition of remaining equity in a subsidiary[24] - The company has pre-invested CNY 195.25 million in fundraising projects using self-raised funds as of March 31, 2020[36] - The cumulative investment in fundraising projects has reached 100% of the committed investment amount[35] Market Conditions and Risks - The company is closely monitoring the COVID-19 situation in the U.S., which significantly impacts its revenue due to high exposure in North America[29] - The company faces risks from fluctuating oil prices, which could impact exploration and development investments[27] - The company aims to optimize management and reduce costs to mitigate risks from oil price fluctuations[28] Compliance and Adjustments - The company adjusted its financial statements to comply with new revenue and leasing standards effective from January 1, 2020, impacting the classification of contract liabilities[67] - The company is implementing new revenue recognition standards effective from January 1, 2020, impacting the accounting treatment of customer payments[73] - There were no changes in the feasibility of fundraising investment projects[36] - The company has not encountered any issues with the use and disclosure of fundraising funds[36] - The company has not undergone an audit for the first quarter report[74]

Financial Performance - The company's operating revenue for 2019 was ¥1,555,773,923.80, a decrease of 2.34% compared to ¥1,593,095,684.35 in 2018[17]. - The net profit attributable to shareholders was ¥45,135,224.43, down 56.44% from ¥103,612,656.75 in the previous year[17]. - The net profit after deducting non-recurring gains and losses was ¥54,255,987.25, a decrease of 44.76% from ¥98,211,448.05 in 2018[17]. - The net cash flow from operating activities was ¥170,005,662.32, down 15.79% from ¥201,884,717.17 in 2018[17]. - The total assets at the end of 2019 were ¥2,952,825,271.78, an increase of 1.30% from ¥2,915,049,963.66 at the end of 2018[17]. - The net assets attributable to shareholders were ¥1,739,404,212.04, up 1.59% from ¥1,712,247,993.16 at the end of 2018[17]. - The company's diluted earnings per share for 2019 was ¥0.10, down 56.52% from ¥0.23 in 2018[17]. - In Q4 2019, the company reported a net profit of -¥36,800,697.74, contrasting with profits in the first three quarters[19]. - The company achieved operating revenue of CNY 155,577.39 million, a decrease of 2.34% year-on-year, and a net profit attributable to shareholders of CNY 4,513.52 million, down 56.44% year-on-year[53]. - The company reported a net cash flow from operating activities of CNY 17,000.57 million, significantly higher than the net profit attributable to shareholders for two consecutive years[53]. Market and Competition - The company faces intensified competition in the oil service market, with risks of losing customer resources and market share if it fails to innovate[8]. - The company will accelerate its strategic layout and optimize management to respond to the risks posed by oil price fluctuations[7]. - The company is actively seeking overseas projects, with a focus on regions rich in oil and gas resources, such as Central Asia, North Africa, and the Middle East, driven by the "Belt and Road" initiative[39]. - The oilfield service industry is closely tied to oil price trends, with capital investment from oil companies being positively correlated with international oil prices[40]. - The company is exposed to geopolitical risks in its overseas operations, particularly in the U.S., and will strengthen international talent recruitment and management controls[104]. - The company faces intensified market competition, particularly if oil prices remain low, which could lead to customer resource loss and market share decline if it fails to innovate[101]. Research and Development - The company aims to enhance its core competitiveness by increasing R&D efforts and improving service and product quality[7]. - The company will continue to strengthen its business layout and increase R&D investment to maintain its industry-leading position[8]. - The company holds a total of 111 patents, including 40 invention patents, which have significantly contributed to its continuous growth and technological advancement in the industry[49]. - The company invested ¥17,789,300 in R&D during the reporting period, resulting in 23 new patents, bringing the total to 111 patents[75]. - The company is a leader in perforation technology research and development in China and advocates for explosive fracturing technology[44]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 0.8 RMB per 10 shares (including tax) based on a total of 513,530,289 shares[8]. - The cash dividend represents 100% of the distributable profit of 107,829,086.07 CNY for the year[112]. - The company has fulfilled all commitments made to shareholders regarding dividend distribution[119]. - The company approved a cash dividend of CNY 1.00 per share, totaling CNY 45,120,215.90, based on a total share count of 451,202,159 shares[111]. - The company has maintained a consistent cash dividend distribution strategy over the past three years[116]. Operational Strategy - The company aims to enhance its core product line and integrated drilling services, focusing on unconventional oil and gas development technologies, particularly horizontal well drilling and fracturing techniques[96]. - The company plans to accelerate the acquisition of the remaining equity in Yilong Hengye to complete its overseas strategic layout, with existing operations in Algeria, Kazakhstan, Peru, Iraq, and Ukraine[97]. - The company will strengthen cash flow management, aiming to improve resource utilization efficiency and control costs by closing inefficient projects and reassessing fixed asset investments[99]. - The company has optimized its operational structure by significantly reducing operating costs and eliminating unprofitable projects, enhancing cash flow management capabilities[31]. Financial Management - The company’s financial report is guaranteed to be true, accurate, and complete by its management team[3]. - The company’s financial condition remains strong, with a low debt-to-asset ratio[53]. - The company has not faced any major litigation or arbitration matters during the reporting period, indicating a stable legal environment[128]. - The company has not undergone any bankruptcy restructuring during the reporting period, reflecting its financial stability[127]. - The company has not engaged in any significant non-equity investments during the reporting period[90]. Employee and Management Information - The total compensation for directors and senior management during the reporting period amounted to RMB 358.78 million[197]. - The company has a total of 804 employees, with 457 in production, 57 in sales, 139 in technical roles, and 30 in finance[199]. - The average age of the current directors and senior management is approximately 48 years[196]. - The company has a total of 8 current directors and supervisors with various professional backgrounds and experiences in the oil and gas industry[189]. - The company has no penalties from regulatory authorities for directors, supervisors, or senior management in the past three years[195].

Financial Performance - Operating revenue for the reporting period was ¥419,931,741.77, reflecting a year-on-year increase of 3.54%[8] - Net profit attributable to shareholders of the listed company was ¥44,371,357.84, up 18.41% year-on-year[8] - Net profit attributable to shareholders after deducting non-recurring gains and losses was ¥48,455,876.69, an increase of 33.92% compared to the same period last year[8] - The basic earnings per share for the reporting period was ¥0.0983, representing a growth of 16.19%[8] - The weighted average return on net assets was 2.56%, an increase of 0.38% compared to the previous year[8] - The company's operating costs increased by 42.58% year-on-year, primarily due to the consolidation of Cutters Wireline Services following the completion of the US restructuring business[24] - Sales expenses decreased by 55.77% year-on-year, attributed to the reclassification of direct costs related to perforation and logging services from sales expenses to operating costs[24] - Other income rose by 96.43% year-on-year, mainly due to an increase in government subsidies received during the reporting period[25] - Investment income increased by 96.07% year-on-year, driven by the recognition of investment income from Yilong Hengye[25] - The company reported a 97.65% year-on-year increase in asset impairment losses, primarily due to an increase in bad debt provisions for accounts receivable[25] Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,003,467,931.20, an increase of 3.03% compared to the end of the previous year[8] - Net assets attributable to shareholders of the listed company increased by 4.54% to ¥1,789,998,220.32[8] - As of September 30, 2019, the total assets of Tongyuan Petroleum Technology Group Co., Ltd. amounted to CNY 3,003,467,931.20, an increase from CNY 2,915,049,963.66 at the end of 2018[38] - The total current liabilities rose to CNY 159,265,450.00 from CNY 139,929,000.00, reflecting an increase of approximately 13.8%[39] - The total liabilities increased to CNY 1,076,198,615.94 from CNY 991,148,513.96, representing an increase of 8.6%[45] - The company's long-term receivables decreased by 91.50% compared to the beginning of the year, indicating a reduction in outstanding loans[21] - The company's accounts payable increased by 33.53% compared to the beginning of the year, indicating a rise in operational liabilities[21] - Long-term borrowings increased by 47.22% from the beginning of the year, reflecting the company's financing activities[21] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥72,938,939.05, showing a significant increase of 119.26%[8] - The company's cash flow from operating activities for the period was CNY 1,002,081,942.82, slightly down from CNY 1,007,054,658.19 in the previous year[64] - The net cash flow from operating activities for Q3 2019 was ¥72,938,939.05, an increase of 119.9% compared to ¥33,265,804.10 in Q3 2018[65] - Total cash inflow from operating activities was ¥1,005,160,082.34, while cash outflow was ¥932,221,143.29, resulting in a net cash inflow of ¥72,938,939.05[65] - The net cash flow from investing activities was -¥178,359,859.02, a decline from -¥88,412,014.18 in the previous year, indicating increased investment expenditures[66] - Cash inflow from financing activities totaled ¥444,301,481.06, significantly higher than ¥116,750,000.00 in the same period last year[66] Shareholder Information - The company reported a total of 26,957 common shareholders at the end of the reporting period[12] - The largest shareholder, Zhang Guoan, holds 25.48% of the shares, with 86,223,913 shares pledged[12] - The company distributed a cash dividend of CNY 1.00 per share, totaling CNY 45,120,215.90, based on a total share capital of 451,202,159 shares[32] Other Financial Metrics - Other comprehensive income rose by 72.93% compared to the beginning of the year, indicating improved financial performance[21] - The company's inventory increased to CNY 232,785,916.26 from CNY 217,523,678.66, marking a rise of about 7%[38] - The goodwill on the balance sheet was CNY 897,388,110.51, compared to CNY 873,722,276.41 at the end of 2018, showing an increase of approximately 2.7%[39] - The company's cash and cash equivalents decreased to CNY 181,916,563.22 from CNY 244,038,319.70 at the end of 2018, representing a decline of approximately 25.5%[38] - The company's financial expenses for Q3 2019 were CNY 12,498,526.40, significantly higher than CNY 1,224,131.40 in the previous year, indicating an increase of approximately 923.5%[61]

Financial Performance - Total revenue for the reporting period was ¥718,625,466.12, a decrease of 5.94% compared to ¥764,017,739.27 in the same period last year[21]. - Net profit attributable to shareholders was ¥37,564,564.33, down 42.84% from ¥65,720,988.83 year-on-year[21]. - Net profit after deducting non-recurring gains and losses increased by 21.19% to ¥49,453,755.51 from ¥40,807,536.15 in the previous year[21]. - Operating cash flow for the period was ¥16,892,843.80, reflecting a 7.47% increase from ¥15,718,845.83 year-on-year[21]. - The company’s weighted average return on equity decreased to 2.18% from 4.00% year-on-year[21]. - The company reported a total of non-recurring losses amounting to ¥11,889,191.18, primarily due to compensation fees related to an investment fund[25]. - The company achieved operating revenue of RMB 718.63 million, a decrease of 5.94% compared to the same period last year[42]. - Net profit attributable to shareholders decreased by 42.84% to RMB 37.56 million, primarily due to a reduction in non-recurring gains and losses[42]. - Domestic business revenue grew by 39% year-on-year, driven by increased oil and gas exploration and development efforts[42]. - The company reported a significant reduction in financial expenses by 65.01% to RMB 3.55 million, mainly due to increased foreign exchange gains[42]. - The gross profit margin for perforation sales and services decreased by 24.99% to 36.21%, attributed to changes in cost accounting methods[45]. Research and Development - The company plans to adopt flexible market, product, and sales strategies to enhance R&D efforts and improve service and product quality[7]. - The company will increase R&D investment to maintain technological and service innovation, aiming to solidify its industry-leading position[8]. - Research and development investment increased by 92.34% to RMB 9.91 million, reflecting a significant boost in R&D activities[42]. - The R&D expenditure for new technologies was reported at 252.2 million, highlighting the company's commitment to innovation[162]. - The company plans to continue its focus on research and development to enhance its product offerings and market position[167]. Market Expansion and Strategy - The company aims to strengthen its core competitiveness and expand its market channels amid the stabilization of international oil prices and rapid development of the domestic oil and gas industry[7]. - The company expanded its market presence into North America, South America, North Africa, Central Asia, and the Middle East, which has become a significant driver of performance[32]. - The company is expanding its international operations, particularly through its subsidiary The Wireline Group in the U.S., while managing geopolitical and operational risks[71]. - The company plans to enhance its market strategies and product quality to mitigate risks associated with declining oil prices and to maintain its competitive edge[68]. - The company aims to improve operational efficiency through strategic mergers and acquisitions in the upcoming quarters[162]. Financial Management and Investments - The company will not distribute cash dividends or issue bonus shares during this reporting period[9]. - The company has not disclosed any fundraising activities during the reporting period[56]. - The company plans to raise up to CNY 560 million through a non-public stock issuance to acquire minority stakes in The Wireline Group and to supplement working capital[105]. - The company approved a total guarantee amount of CNY 17.6 million during the reporting period, with an actual guarantee amount of CNY 10 million[99]. - The company reported a total investment payment of 110,000,000.00 CNY, down from 157,840,000.00 CNY in the previous period, indicating a reduction of about 30.3%[156]. Risks and Challenges - The company faces risks from intensified market competition, particularly if international oil prices decline and the industry remains sluggish[8]. - The company acknowledges the risk of intensified market competition, particularly if oil prices remain low, and aims to strengthen its R&D and market network to sustain its industry position[68]. - The company faces risks from fluctuating oil prices, which could impact exploration and development investments, with international oil prices remaining above USD 50 per barrel during the reporting period[67]. - Seasonal business fluctuations result in uneven revenue distribution, with a significant portion of domestic revenue expected in the second half of the year[69]. Corporate Governance and Compliance - The company has not reported any changes in its registered address or contact information during the reporting period[17]. - The company has not engaged in any entrusted financial management, derivative investments, or entrusted loans during the reporting period[56][57][58][59]. - The company has not faced any penalties or rectification issues during the reporting period[84]. - The company has fulfilled all commitments made to minority shareholders in a timely manner[79]. - The company did not undergo any changes in its controlling shareholder or actual controller during the reporting period[119]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[76]. - As of the report date, the total number of ordinary shareholders is 24,611, with a significant shareholder, Zhang Guoan, holding 25.48% of the shares[116]. - The total number of restricted shares at the end of the reporting period is 130,668,330, with 3,287,000 shares released during the period[114]. - Zhang Guoan holds 86,223,913 shares, which are subject to a 25% annual release of restrictions post-IPO[112]. - The company has not implemented any share buyback or reduction in share capital during the reporting period[110]. Environmental and Social Responsibility - The company and its subsidiaries were not listed as key pollutant discharge units by environmental protection authorities[102]. - The company has not been included in the list of severely polluting enterprises and has no major environmental or social safety issues[103].

Financial Performance - Total revenue for Q1 2019 was CNY 303,305,754.62, a decrease of 0.77% compared to CNY 305,646,642.15 in the same period last year[8] - Net profit attributable to shareholders increased by 288.09% to CNY 13,951,761.67 from CNY 3,594,962.00 year-on-year[8] - Net profit excluding non-recurring items rose by 313.32% to CNY 13,229,113.51 compared to CNY 3,200,690.50 in the previous year[8] - Basic earnings per share increased by 276.83% to CNY 0.0309 from CNY 0.0082 in the same period last year[8] - The company reported a net profit for Q1 2019 of CNY 14,293,214.25, representing an increase of 6.7% from CNY 13,391,608.74 in the same period last year[47] - The company reported a basic earnings per share of CNY 0.0309, up from CNY 0.0082 in the previous year[48] - The company’s total comprehensive income for the period was CNY 7,983,627.56, a recovery from a loss of CNY 6,658,783.73 in the same period last year[52] Cash Flow and Liquidity - The net cash flow from operating activities decreased significantly by 95.57% to CNY 480,454.74 from CNY 10,846,594.57 year-on-year[8] - Cash received from operating activities increased by 32.68%, primarily due to an increase in government subsidies[26] - Cash received from investment returns dropped by 97.00% to RMB 3,000,000.00, compared to RMB 100,000,000.00 in the same period last year[24] - The company reported cash and cash equivalents at the end of the period amounting to CNY 178,400,718.04, down from CNY 211,553,528.21 at the end of the previous year[55] - The net cash flow from financing activities was 13,276,958.12 CNY, compared to a negative cash flow of -20,734,157.33 CNY in the previous period[57] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,851,408,840.80, down 2.18% from CNY 2,915,049,963.66 at the end of the previous year[8] - Total current assets decreased to CNY 1,079,196,997.60 from CNY 1,114,654,567.00, a decline of approximately 3.2%[37] - Total liabilities decreased to CNY 1,031,483,883.03 from CNY 1,084,864,324.60, a decline of approximately 4.9%[39] - Total equity decreased to CNY 1,819,924,957.77 from CNY 1,830,185,639.06, a decrease of about 0.7%[39] - Long-term borrowings decreased to CNY 258,727,154.00 from CNY 268,534,606.00, a decline of approximately 3.7%[38] Investments and Expenses - The company's investment income surged by 922.58% to RMB 3,942,315.52, driven by increased returns from investments in Beijing Yilong Hengye Petroleum Engineering Technology Co., Ltd.[22] - Financial expenses decreased by 166.25%, resulting in a negative amount of RMB 4,413,246.02, primarily due to foreign exchange gains from Euro-denominated borrowings[22] - Research and development expenses for the quarter were CNY 2,619,845.21, compared to CNY 2,233,813.82 in the previous period, marking an increase of 17.3%[45] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,347[11] - The company plans to issue up to 90,240,431 shares to raise no more than 600 million yuan for acquiring minority stakes in The Wireline Group and supplementing working capital[28] Operational Highlights - The company is actively expanding its domestic operations, with projects in major oil fields showing significantly higher operating rates than in previous years[26] - The company is preparing for new projects in Iraq and Ukraine, indicating ongoing international expansion efforts[27]