Financial Performance - The company's operating revenue for Q1 2021 was ¥97,998,056.18, a decrease of 23.86% compared to ¥128,714,558.45 in the same period last year[7] - The net profit attributable to shareholders for Q1 2021 was ¥6,608,471.74, down 36.45% from ¥10,398,844.99 in the previous year[7] - Basic earnings per share for Q1 2021 were ¥0.02, a decline of 33.33% from ¥0.03 in the same period last year[7] - The net profit attributable to shareholders decreased by 36.45% compared to the previous year, primarily due to the transfer of 30% equity in the oil and gas contract in July 2020[14] - The net profit for Q1 2021 was CNY 2,876,173.48, a significant improvement compared to a net loss of CNY 3,499,526.82 in the same period last year, marking a turnaround of approximately 182%[46] - The total comprehensive income for the quarter was CNY 2,876,173.48, compared to a comprehensive loss of CNY 3,499,526.82 in Q1 2020, reflecting a positive shift in overall financial health[47] Cash Flow - The net cash flow from operating activities decreased by 83.42%, amounting to ¥14,070,723.32 compared to ¥84,864,806.12 in the same period last year[7] - Cash received from operating activities decreased by 43.91% compared to the previous year, mainly due to reduced cash from oil and gas collection business[14] - Cash flow from operating activities generated a net amount of CNY 14,070,723.32, down 83.5% from CNY 84,864,806.12 in the previous year[50] - The cash outflow for operating activities totaled CNY 112,335,890.29, up from CNY 99,545,657.99 in the previous year, indicating increased operational expenditures[50] - The cash inflow from investment activities was CNY 30,346,998.70, an increase from CNY 22,169,713.16 in the previous year, showing a growth of 36.5%[50] - The company reported cash outflow from investment activities of CNY 67,983,819.83, significantly higher than CNY 2,109,590.73 in the same period last year, indicating increased investment activity[50] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,564,513,290.63, reflecting a 1.28% increase from ¥1,544,808,293.86 at the end of the previous year[7] - The company's total assets amounted to CNY 1,639,855,450.03, slightly down from CNY 1,647,815,888.35[38] - Total liabilities decreased to CNY 250,252,769.88 from CNY 261,089,381.68[38] - Total current liabilities rose to CNY 83,082,583.05 from CNY 72,938,891.44, marking an increase of about 13.8%[34] - The company's total equity as of March 31, 2021, was CNY 1,212,726,485.53, up from CNY 1,205,532,886.08 at the end of 2020[35] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,848[10] - Major shareholder Zhou Jinming holds 47.08% of the shares, with 150,640,000 shares pledged[10] Investment and Projects - The company plans to conduct drilling operations in the 09/17 contract area in the first half of 2021, leveraging existing oilfield facilities for faster production transition[15] - The total amount of the drilling service contract for the 09/17 contract area is estimated at 163.76 million RMB[16] - The company has committed to investing in the Mongolia "Ergel-12 Block Exploration and Mining Project" using remaining funds from previous projects[21] - The company plans to invest approximately $70 million in the Bohai 05/31 exploration and development project, with $40 million sourced from additional raised funds and the remainder from self-owned funds and bank loans[23] Financial Management - Financial expenses increased by 49.12% compared to the previous year, mainly due to reduced interest income from term deposits[14] - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[28] - There were no violations regarding external guarantees during the reporting period[27] - The company did not undergo an audit for the first quarter report[56] - The company did not apply the new leasing standards for the first quarter[55]

Financial Performance - The company achieved operating revenue of CNY 425,171,413.96 in 2020, representing a year-on-year increase of 143.61%[18]. - The net profit attributable to shareholders was CNY 10,483,698.84, a decrease of 59.95% compared to 2019[18]. - The net profit after deducting non-recurring gains and losses was CNY 5,890,971.15, down 75.40% year-on-year[18]. - The net cash flow from operating activities reached CNY 210,166,615.11, an increase of 407.28% compared to the previous year[18]. - The total assets at the end of 2020 were CNY 1,544,808,293.86, a decrease of 12.69% from the end of 2019[18]. - The company reported a significant increase in oil and gas revenue, surpassing technical service revenue for the first time, indicating a strategic transformation[26]. - The company achieved an annual crude oil production of 592,000 tons in the Jiu1-Jiu5 block, successfully completing all production and operational indicators[40]. - The company reported a total revenue of 77,712.13 million, a significant increase from 69,220.26 million, reflecting a growth of approximately 12.5%[85]. - The operating profit was CNY 18.88 million, a decrease of 54.53% year-on-year[54]. - The company reported a significant increase in crude oil sales volume to 192,803.91 tons, up 1,095.57% from 16,126.55 tons in the previous year[61]. Strategic Transformation - The company achieved oil and gas revenue surpassing technical service revenue for the first time, marking a strategic transformation despite a decline in traditional service income due to the pandemic and oil price war[5]. - The company is committed to controlling production pace and scientifically formulating exploration and development plans to enhance operational efficiency[5]. - The company plans to enhance exploration and production efforts, focusing on high-end technology research and development to adapt to market fluctuations[5]. - The company aims to achieve a strategic transformation into a comprehensive international energy company through the integration of technology services and exploration rights[46]. - The company has developed a high-success-rate oil finding technology, which has enabled it to transition from a service-oriented company to a comprehensive international energy company, enhancing its competitive edge in the oil and gas sector[44]. - The company plans to shift its focus from traditional technical services to a comprehensive resource-based company, combining oil and gas resources with advanced exploration technology services[85]. Operational Challenges - The company faced significant challenges in 2020 due to the COVID-19 pandemic and a drastic drop in oil prices, affecting its traditional service revenue streams[5]. - The gross profit from oil and gas extraction decreased due to the international oil price crash, impacting overall financial performance[5]. - The company experienced a decrease in technical service revenue due to the pandemic and strategic adjustments, impacting overall profitability[27]. - The company faced challenges due to the COVID-19 pandemic and a drop in international oil prices, impacting profit margins[54]. - The volatility of international oil prices poses a significant risk, impacting the demand and profitability of the company's traditional oilfield services[108]. Exploration and Development - The company has deployed 6 well locations in the Bohai 05/31 contract area, with one well selected as the target for drilling in 2021, laying the foundation for further development evaluation[28]. - The company has identified 30 exploration targets in the Bohai 09/17 contract area, with the first batch of drilling focusing on three favorable targets[31]. - The company has estimated a resource volume of approximately 24.16 million tons in the Saihan Wuliji oilfield, with a favorable trap area of about 48.7 square kilometers identified[34]. - The company is utilizing advanced AI technology for detailed structural interpretation and reservoir prediction across 13 oil layers in the Bohai 09/17 contract area[29]. - The company plans to complete the integrated processing and interpretation of high-density 3D seismic data by July 2021, enhancing the exploration and development of shallow heavy oil layers[35]. - The company has identified six favorable oil and gas trap clusters in the Bohai 09/17 contract area, predicting significant resource potential and selecting three initial exploratory well locations[37]. Technology and Innovation - The company focused on technological and management innovation to enhance efficiency and reduce costs during the pandemic[26]. - The company is developing an artificial intelligence-based oil exploration robot, which includes several intelligent evaluation and modeling tools to support future exploration efforts[40]. - The company is committed to enhancing its competitive edge through continuous research and development in energy technology[50]. - The company has a robust pipeline of software innovations, with recent releases aimed at improving data extraction and seismic analysis[51]. - The company emphasizes the development of unconventional oil and gas exploration technologies, indicating a strategic focus on emerging market opportunities[51]. Financial Management - A cash dividend of 0.2 RMB per 10 shares (including tax) will be distributed to shareholders based on a total share capital of 32 million shares as of December 31, 2020[6]. - The company has a total of over 50 core software systems, including WEFOX and SinoGeoStar, and has invested in advanced computing clusters to support its exploration activities[46]. - The company has a remaining balance of ¥8,491,870 in idle raised funds that have not been used for over two years[82]. - The company has not experienced any violations in the management of raised funds during the reporting period[88]. - The company has committed to returning 30% of the borrowed funds from the controlling shareholder, amounting to RMB 60 million, following the transfer of contract rights[122]. Shareholder and Governance - The company has maintained a consistent cash dividend policy over the past three years, distributing RMB 6,400,000 annually[131]. - The company has not conducted any investor meetings or communications during the reporting period[124]. - The company’s major shareholders have pledged to avoid any related party transactions that could significantly impact the company's financial condition[134]. - The company has a total of 16,500 shareholders at the end of the reporting period, an increase from 14,848 at the previous month-end[191]. - The company has not engaged in any repurchase transactions during the reporting period[194]. Risk Management - The company has established a risk management framework to mitigate the economic risks associated with international oil price fluctuations, which significantly affect project economics[115]. - The company faces risks related to international operations, including legal risks and currency fluctuations, which could adversely affect overall operations and profitability[108]. - The company is responsible for health, safety, and environmental management during oil operations, with increasing regulatory scrutiny on safety and environmental protection[123]. - The company faces high risks associated with offshore oil operations due to environmental factors and complex technology, necessitating strict adherence to safety and environmental protection measures[118]. Future Plans - The company plans to enhance its high-end technology research and development capabilities, focusing on differentiated, safe, and low-cost operational strategies to mitigate uncertainties in the oil industry[99]. - The company aims to complete feasibility studies and basic designs for the development of the Weizhou 10-3 oil field, while also conducting environmental assessments[105]. - The company plans to secure funding for its oil contracts through various means, including self-funding, bank loans, and shareholder financing, with a commitment from the controlling shareholder to provide at least RMB 200 million[122]. - The company plans to increase investment in the 05/31 block due to favorable exploration conditions and low costs associated with current oil prices[86].

Financial Performance - Operating revenue increased by 227.79% to CNY 100,964,105.50 for the current period, and by 314.91% to CNY 321,457,834.38 year-to-date[7] - Net profit attributable to shareholders decreased by 93.63% to CNY 163,450.35 for the current period, and by 41.77% to CNY 4,942,897.45 year-to-date[7] - Basic earnings per share decreased by 93.75% to CNY 0.0005 for the current period, and by 41.89% to CNY 0.0154 year-to-date[7] - The company's operating revenue for the current period is CNY 13,527,067.85, a decrease from CNY 36,675,037.22 in the previous period[41] - The net profit for the current period is CNY -789,067.44, compared to CNY 21,615,390.29 in the previous period, indicating a significant decline[42] - The total comprehensive income for the current period is CNY -789,067.44, compared to CNY 21,615,390.29 in the previous period[43] - The company's total operating costs for the current period are CNY 314,981,861.45, up from CNY 61,869,568.79 in the previous period[44] - The company reported a total comprehensive income of CNY -3,117,298.92 for the current period, compared to CNY 45,457,328.25 in the previous period[51] Cash Flow - Net cash flow from operating activities increased by 496.49% to CNY 39,369,262.97 for the current period, and by 2,376.51% to CNY 162,262,384.75 year-to-date[7] - Cash received from operating activities increased by 676.86% compared to the previous period, amounting to an increase of ¥377,358,025.24, primarily due to increased crude oil sales collections[14] - The net cash flow from operating activities is CNY 162,262,384.75, a substantial increase from CNY 6,552,068.31 in the previous period[54] - The company's cash inflow from operating activities totaled CNY 459,546,405.97, significantly higher than CNY 60,995,957.18 in the previous period[54] - The cash outflow from operating activities increased to CNY 297,284,021.22 from CNY 54,443,888.87 in the previous period, indicating higher operational costs[54] - Total cash inflow from operating activities reached ¥222,603,038.58, compared to ¥25,864,323.35 in the previous year, indicating a year-over-year increase of approximately 759%[56] Assets and Liabilities - Total assets decreased by 8.38% to CNY 1,621,189,826.74 compared to the end of the previous year[7] - Total liabilities decreased to ¥416,232,876.20 from ¥562,740,473.42 year-over-year[30] - The company reported a significant reduction in current liabilities, which totaled ¥131,265,933.48 compared to ¥197,361,594.38 at the end of 2019[30] - Total assets as of September 30, 2020, were CNY 1,701,964,534.10, down from CNY 1,752,491,650.91 at the end of 2019[34] - Current assets decreased to CNY 733,427,071.89 from CNY 756,240,835.67 year-over-year[33] - The company's equity attributable to shareholders was CNY 1,366,318,313.04, down from CNY 1,375,835,611.96 at the end of 2019[34] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,391[10] - The largest shareholder, Zhou Jinming, holds 47.08% of the shares, with 150,640,000 shares pledged[10] Operational Highlights - The company signed a strategic cooperation framework agreement with the government of Karamay City to enhance oil and gas resource development[16] - The company has established a joint research agreement with CNOOC for the Nansha Weizhou 10-3 West Oilfield and 22/04 block, covering an area of approximately 117 square kilometers[17] - The company plans to set up a wholly-owned subsidiary in Karamay to promote its oil and gas resource exploration and development, as well as petroleum engineering technology services[17] Inventory and Receivables - Accounts receivable decreased by 44.84% compared to the end of 2019, amounting to a reduction of ¥75,865,446.83, primarily due to collections from previous receivables[14] - Inventory increased by 126.23% compared to the end of 2019, with an increase of ¥1,782,546.76, mainly due to the rise in crude oil inventory at the end of September for the Jiu1-Jiu5 project[14] Financial Expenses and Income - The company reported a significant increase in financial expenses, totaling CNY 3,681,666.07 compared to a negative expense of CNY -5,338,732.05 in the previous year[37] - The financial expenses for the current period are CNY 1,728,685.64, compared to CNY -3,057,004.77 in the previous period, indicating a reversal in financial performance[41] - The company reported a decrease in investment income to CNY 2,613,981.49 from CNY 5,984,271.57 in the previous period, reflecting a decline of 56.3%[49] Other Information - The company did not engage in any repurchase transactions during the reporting period[11] - The company did not undergo an audit for the third quarter report[59] - The company has not applied new revenue and leasing standards for the current year[59]

Financial Performance - The company's operating revenue for the reporting period reached ¥220,493,728.88, representing a significant increase of 372.40% compared to ¥46,674,847.12 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was ¥4,779,447.10, a decrease of 19.29% from ¥5,921,604.14 in the previous year[17]. - The net cash flow from operating activities was ¥122,893,121.78, a remarkable increase of 255,457.61% compared to -¥48,125.89 in the same period last year[17]. - The basic earnings per share decreased to ¥0.0149, down 19.46% from ¥0.0185 in the previous year[17]. - Total assets at the end of the reporting period were ¥1,700,495,507.70, a decrease of 3.90% from ¥1,769,423,268.38 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company were ¥1,203,884,250.10, a slight decrease of 0.09% from ¥1,205,008,416.69 at the end of the previous year[17]. - The weighted average return on net assets was 0.40%, down from 0.50% in the previous year[17]. - The net profit after deducting non-recurring gains and losses was ¥4,735,138.88, a decrease of 21.43% from ¥6,026,809.42 in the same period last year[17]. - The company reported a significant increase in cash flow from operating activities, reaching CNY 122.89 million, a 255,457.61% increase compared to the previous period[53]. - The company experienced a net increase in cash and cash equivalents of CNY 67.74 million, a 236.71% increase from the previous period[53]. - The company reported a total comprehensive income of CNY 8,122,191.16 for the first half of 2020, compared to CNY 1,454,902.42 in the same period of 2019, indicating a substantial increase in overall profitability[173]. - The company reported a net loss of CNY 6.4 million for the first half of 2020, indicating a significant impact on profitability[196]. Investment and Development - The company has outlined potential risks and corresponding countermeasures in its report, which investors are encouraged to review[4]. - The company focused on seven oil and gas blocks, leading to a substantial increase in total revenue and new discoveries in the Bohai Bay area[25]. - The company deployed 30 exploratory well locations in the southern fault step area, identifying four favorable targets for the first batch of exploratory wells[27]. - The company estimated a resource volume of approximately 2.3 million tons in the Tengyi section and potential favorable trap areas of about 23 square kilometers in the Saihan Wuliji block[30]. - The company has successfully reserved 5 domestic and 2 overseas oil blocks, including the Bohai 05/31 block and the Bohai 09/17 block, enhancing its resource base[38]. - The company has developed a comprehensive integrated exploration and development business model based on high-precision WEFOX imaging data and accurate oil and gas predictions, ensuring high-quality differentiated development in oil and gas exploration and production[41]. - The company has committed to invest $90 million in stages for the development and exploration of the Weizhou 10-3 West oil field and the 22/04 area, with a 30-year product sharing contract in place[86]. - The company plans to utilize proprietary exploration technology and enhanced oil recovery (EOR) techniques to increase production and reduce operational costs[97]. - The company plans to increase investment in the Bohai 05/31 block due to favorable geological conditions and low exploration costs in the current oil price environment[65]. Risk Management - The company has faced challenges due to the continuous decline in international oil prices, impacting the economic feasibility of exploration and development investments[64]. - The company is taking measures to manage risks associated with the significant drop in international oil prices, which could impact the oilfield service industry[79]. - The company faces risks related to international operations, including legal risks and currency fluctuations, which could adversely affect overall operations and profitability[79]. - The company is enhancing its talent reserve and safety management for offshore oil operations to mitigate environmental and operational risks[83]. - The company has emphasized quality management and risk reduction strategies in its exploration activities, aiming for low-cost, low-risk, and high-efficiency investment strategies[42]. Technological Innovation - The company utilized WEFOX technology to improve seismic data quality, significantly enhancing imaging for oil and gas exploration[26]. - The company achieved a notable improvement in seismic imaging quality for the Nanhai Weizhou 22/04 contract area, providing reliable initial models for future exploration[29]. - The company has developed a high-success-rate oil finding technology, transitioning from a service-oriented model to an integrated energy company with exploration and production capabilities[37]. - The company is focusing on technological innovation and has established a professional team for oil and gas exploration and development, enhancing its service capabilities[40]. - The company has filed 10 invention patents related to geothermal energy systems and methods, currently under substantive examination, indicating ongoing innovation efforts[44]. Financial Management - The total amount of raised funds was ¥77,712.13 million, with ¥5,000 million invested during the reporting period and a cumulative investment of ¥64,220.26 million[60]. - The company has committed 3,000 million yuan in bank wealth management products and 11,000 million yuan in broker wealth management products, totaling 14,000 million yuan in entrusted wealth management[71]. - The company has established a new dedicated account for managing raised funds to improve operational efficiency[66]. - The company has not reported any violations in the management of raised funds, ensuring timely and accurate disclosures[66]. - The company has not engaged in derivative investments during the reporting period[74]. Shareholder Information - The number of shareholders at the end of the reporting period was 18,755, with significant shareholders holding over 5% of the shares[143]. - The largest shareholder, Zhou Jinming, holds 47.08% of the shares, amounting to 150,640,000 shares, while Zhou Zilong holds 10.38% with 33,220,000 shares[143]. - The company did not issue any preferred shares or convertible bonds during the reporting period[149][152]. - The company has not engaged in any major related party transactions during the reporting period[111]. Operational Challenges - The COVID-19 pandemic has negatively impacted the service market, particularly overseas, potentially delaying exploration and development progress[98]. - The company has not reported any new product launches or technological advancements during this period[192]. - The overall financial outlook remains cautious due to the reported losses and equity reductions[193]. - The company plans to focus on new product development and market expansion strategies in the upcoming quarters[186].

Financial Performance - Total revenue for Q1 2020 reached ¥128,714,558.45, a significant increase of 435.46% compared to ¥24,038,218.26 in the same period last year[7] - Net profit attributable to shareholders was ¥10,398,844.99, up 146.39% from ¥4,220,466.82 year-on-year[7] - Net profit excluding non-recurring gains and losses was ¥10,395,856.58, reflecting a 155.20% increase from ¥4,073,653.20 in the previous year[7] - Basic earnings per share rose to ¥0.0325, a 146.21% increase from ¥0.0132 year-on-year[7] - Operating profit for Q1 2020 was CNY 15,419,216.15, compared to CNY 6,651,789.60 in Q1 2019, indicating an increase of about 131.9%[40] - Net profit for Q1 2020 reached CNY 12,088,968.29, up from CNY 4,296,695.65 in Q1 2019, reflecting a growth of approximately 180.5%[40] - The total comprehensive income for Q1 2020 was CNY 15,167,474.39, compared to CNY 1,573,725.84 in the same period last year, marking a growth of approximately 862.5%[41] Cash Flow - Net cash flow from operating activities surged to ¥84,864,806.12, marking an increase of 1,584.87% compared to ¥5,036,867.74 in the same period last year[7] - Cash inflow from operating activities amounted to 184,410,464.11 CNY, a significant increase from 22,421,244.57 CNY in the previous period[48] - The net cash flow from operating activities was 84,864,806.12 CNY, compared to 5,036,867.74 CNY in the previous period, indicating strong operational performance[48] - Cash outflow for investing activities was 2,109,590.73 CNY, down from 397,711,512.95 CNY in the previous period, reflecting a reduction in capital expenditures[48] - The net cash flow from investing activities was 20,060,122.43 CNY, a significant improvement from -296,501,584.73 CNY in the previous period[48] - The net cash flow from financing activities was -3,464,643.40 CNY, compared to 19,684,899.19 CNY in the previous period, indicating a decrease in financing activities[49] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,795,628,256.80, a 1.48% increase from ¥1,769,423,268.38 at the end of the previous year[7] - Total liabilities rose to CNY 575,984,426.07 from CNY 562,740,473.42, marking an increase of approximately 2.2%[32] - The total current liabilities increased to CNY 206,476,792.66 from CNY 197,361,594.38, reflecting a rise of about 4.3%[32] - The company's equity attributable to shareholders increased to CNY 1,215,453,069.15 from CNY 1,205,008,416.69, a growth of about 0.2%[33] - Current assets totaled CNY 832,382,618.45, up from CNY 790,950,496.28, indicating an increase of about 5.4%[30] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,322[10] - The largest shareholder, Zhou Jinming, holds 47.08% of the shares, with 150,640,000 shares, of which 112,980,000 are pledged[10] Investment Activities - The investment in the oil exploration seismic data processing center project was 15,184.6 million, achieving 100% of the planned investment[20] - The oil exploration technology research and development center project also achieved 100% of the planned investment with 4,080.32 million invested[20] - The company plans to redirect remaining funds to the Bohai 05/31 exploration and development project due to changes in client needs[21] - The company has committed to using all remaining raised funds for further investments in its subsidiaries[22] Operational Costs - "Operating costs" increased by 1014.29% compared to the previous period, corresponding to the rise in oil and gas sales revenue[6] - The company reported a total operating cost of CNY 108,687,577.55 for Q1 2020, up from CNY 18,533,778.75 in Q1 2019, which is an increase of about 485.5%[39] Compliance and Management - The company has not experienced any violations regarding the management of raised funds during the reporting period, ensuring timely and accurate disclosures[26] - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[26] - The company has not temporarily used idle raised funds to supplement working capital during the reporting period[24] - The company has implemented new revenue and leasing standards starting in 2020, but this does not apply to the current financial report[53]

Financial Performance - The company's operating revenue for 2019 was ¥174,530,530.65, representing a 59.89% increase compared to ¥109,158,820.27 in 2018[17] - The net profit attributable to shareholders decreased by 9.72% to ¥26,178,396.51 from ¥28,998,453.63 in the previous year[17] - The net profit after deducting non-recurring gains and losses surged by 596.21% to ¥23,946,414.69, up from ¥3,439,530.98 in 2018[17] - The net cash flow from operating activities was negative at -¥68,395,907.27, a decline of 380.73% compared to ¥24,363,751.99 in 2018[17] - The total assets at the end of 2019 reached ¥1,769,423,268.38, marking a 26.38% increase from ¥1,400,044,324.59 in 2018[17] - The net assets attributable to shareholders increased by 1.85% to ¥1,205,008,416.69 from ¥1,183,065,532.39 in the previous year[17] - The basic earnings per share for 2019 was ¥0.08, a decrease of 11.11% from ¥0.09 in 2018[17] - The diluted earnings per share also stood at ¥0.08, reflecting the same 11.11% decline compared to the previous year[17] - The weighted average return on equity was 2.19%, down from 2.48% in 2018[17] Revenue Sources and Growth - The main revenue sources included oil exploration technology and engineering services at CNY 79.11 million (45.33% of total revenue), oil and gas extraction at CNY 45.69 million (26.18%), and leasing at CNY 49.73 million (28.49%), with leasing revenue increasing by 238.50%[55] - The company reported a significant increase in oil exploration technology service revenue, which rose by 195.02% to CNY 74.37 million[55] - Revenue from the western region was CNY 46.64 million, a staggering increase of 13,504.18% year-on-year[56] - Revenue from the eastern region reached CNY 115.49 million, up 2,732.53% compared to the previous year[56] Strategic Initiatives - The company is committed to a strategic transformation towards becoming a comprehensive international company focused on low-cost oil and gas resources and advanced oil finding technology[27] - The company is implementing a "technology for equity" strategy to enhance its oil and gas development efforts[27] - The company formed a strategic partnership with Shandong Marine Energy Co., Ltd. to operate high-end offshore drilling platforms[27] - The company signed a strategic cooperation agreement with Sinopec Geophysical Company to enhance collaboration in intelligent equipment manufacturing and geophysical exploration, leading to a continuous increase in rental income from geophysical equipment[31] Investments and Projects - The company secured rights for the Bohai 09/17 oil exploration block and the Junggar Basin 9195 oil production block, enhancing its resource reserves[27] - The company established a joint venture, Qingdao Northern Potential Marine Engineering Co., Ltd., to enhance its capital strength and integrated capabilities in offshore oil and gas exploration[39] - The company invested RMB 150 million in the joint venture, Qingdao Northern Potential Marine Engineering Co., Ltd., increasing its external investment[40] - The company has committed to various projects, including oil exploration technology research, with a total commitment of 4,872.56 CNY and full utilization[90] Cash Flow and Financial Management - Operating cash inflow decreased by 39.19% to ¥81.71 million, while cash outflow increased by 36.44% to ¥150.11 million, resulting in a net cash flow deficit of ¥68.40 million[71] - The company's cash and cash equivalents decreased by 105.31 million RMB, a decline of 143.77% compared to the previous year[72] - The accounts receivable increased to 169.21 million RMB, accounting for 9.56% of total assets, up from 3.53% the previous year, due to increased operating income and delayed settlements[76] - The long-term equity investment increased by 152.77 million RMB, representing 8.63% of total assets, due to a 150 million RMB investment in Qingdao Northern Potential Marine Engineering Co., Ltd.[76] Risk Management and Challenges - The company faces risks related to international operations, including legal and currency risks, and plans to enhance management of overseas subsidiaries to mitigate these risks[116] - The company is actively addressing the risk of significant declines in international crude oil prices, which could impact the oilfield service industry and production areas[116] - The company is facing intensified competition in the oil and gas exploration sector due to new policies that are expected to attract more market participants[117] - The company has identified a significant opportunity for cost reduction and efficiency improvement in response to the low oil price environment, emphasizing the need for rational investment[108] Corporate Governance and Compliance - The actual controller and shareholders fulfilled their commitments during the reporting period, with no violations reported[145] - The company has not reported any violations of commitments related to social insurance and housing fund payments during the reporting period[145] - The company emphasizes compliance with national laws and regulations, ensuring fair treatment of all investors and maintaining transparency in operations[190] - The company has not engaged in any violations regarding the management of raised funds, maintaining timely and accurate disclosures[97] Future Outlook - The company plans to optimize asset allocation and reduce unnecessary expenditures in response to the ongoing pandemic and low oil prices, aiming for a strategic transformation into a comprehensive international energy company[109] - The company intends to implement a counter-cyclical investment strategy during low oil prices, shifting focus from production to increasing exploration and evaluation efforts[111] - The company plans to secure funding through various means, including self-funding, bank loans, and shareholder financing, to avoid unconditional withdrawal from the 10-3 West oilfield project[125]

Financial Performance - Operating revenue for the reporting period was CNY 30,801,288.79, an increase of 29.31% year-on-year, while year-to-date revenue decreased by 13.06% to CNY 77,476,135.91[7] - Net profit attributable to shareholders for the reporting period was CNY 2,566,506.95, up 46.97% year-on-year, but down 20.48% year-to-date to CNY 8,488,111.09[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,163,280.09, an increase of 30.92% year-on-year, with a year-to-date decrease of 31.09% to CNY 7,190,089.50[7] - The basic earnings per share for the reporting period was CNY 0.0080, an increase of 45.45% year-on-year, while year-to-date it decreased by 20.66% to CNY 0.0265[7] - The total comprehensive income attributable to the parent company for Q3 2019 was CNY 3,222,171.29, compared to CNY 1,742,327.89 in Q3 2018, indicating a positive trend in overall performance[43] - The total comprehensive income for the year-to-date period was ¥21,615,390.29, compared to ¥3,947,260.45 in the previous year, marking a substantial increase[47] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,327,479,398.28, a decrease of 5.18% compared to the end of the previous year[7] - The total assets as of September 30, 2019, amounted to CNY 1,443,025,397.65, an increase from CNY 1,371,079,969.39 at the end of 2018[40] - The company's total liabilities as of September 30, 2019, were CNY 98,807,786.80, compared to CNY 65,919,686.79 at the end of 2018, reflecting a significant increase[39] - The company's long-term equity investments rose to CNY 676,540,250.00 from CNY 611,540,250.00 year-over-year, showing growth in investment activities[38] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 6,552,068.31, an increase of 131.75%[7] - Cash received from investment increased by 1,397.20% year-on-year, primarily due to the full recovery of matured wealth management products[22] - Cash inflow from investment activities totaled CNY 273,947,609.28, significantly up from CNY 8,559,789.11 in the previous period[62] - Net cash flow from investment activities was CNY 177,124,027.24, a turnaround from a negative CNY 96,423,876.84 in the previous period[62] - The net increase in cash and cash equivalents was CNY 160,851,507.38, compared to a decrease of CNY 75,783,917.76 in the previous period[63] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,362[11] - The largest shareholder, Zhou Jinming, held 47.08% of the shares, with 150,640,000 shares pledged[11] Operational Changes and Agreements - The company signed an agreement to transfer 1.04% of the revenue rights of the Bohai 05/31 contract area to Northern Offshore, valued at 50 million RMB[19] - A joint venture was established with Northern Oilfield (Tianjin) Marine Energy Engineering Co., Ltd. with a registered capital of 1.5 billion RMB, where the company holds a 10% stake[20] - The company plans to use up to 300 million RMB of idle funds to purchase safe and liquid wealth management products[21] Tax and Financial Expenses - The company’s tax payments increased by 70.61% year-on-year, mainly due to income tax from the disposal of Reinecke's old oilfield interests[22] - Financial expenses increased by 30.06% year-on-year, attributed to reduced foreign exchange gains compared to the previous year[18] Management and Operational Costs - The company's management expenses increased to CNY 18,682,891.78 in Q3 2019, up from CNY 13,733,728.57 in the same period last year, reflecting higher operational costs[42] - The company reported a decrease in sales expenses and management expenses, with management expenses at ¥13,390,097.58, down from ¥14,057,769.50[53] Accounting and Compliance - The company has implemented changes in accounting policies in accordance with the Ministry of Finance's requirements, which will not significantly impact the financial statements[25] - The company has no violations regarding external guarantees during the reporting period[27] - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[28] - The company did not undergo an audit for the third quarter report[64]

Financial Performance - Total operating revenue for the first half of 2019 was CNY 46,674,847.12, a decrease of 28.52% compared to CNY 65,295,231.17 in the same period last year[17]. - Net profit attributable to shareholders was CNY 5,921,604.14, down 33.67% from CNY 8,927,719.91 year-on-year[17]. - Basic earnings per share decreased to CNY 0.0185, down 33.69% from CNY 0.0279 in the same period last year[17]. - The net profit for the reporting period was RMB 6,196,678.40, a decrease of 37.40% compared to RMB 9,898,118.75 in the same period last year[50]. - Operating revenue from oil exploration technology and engineering services was RMB 41,082,787.51, down 7.97% year-on-year, with a gross margin of 62.13%, which is an increase of 26.61% compared to the previous year[52]. - The total comprehensive income for the first half of 2019 was 23,841,937.96 CNY, reflecting a significant increase compared to the previous period[188]. Cash Flow and Investments - The net cash flow from operating activities was CNY -48,125.89, a decline of 100.34% compared to CNY 13,959,400.58 in the previous year[17]. - The net cash flow from investing activities was CNY -61.73 million, a decrease of 128.38% due to increased purchases of financial products[49]. - The total amount of cash and cash equivalents decreased by 121.08% to a net decrease of RMB 49,550,323.15, indicating a significant reduction in cash flow[50]. - The cash flow from financing activities resulted in a net outflow of 6,400,000.00 CNY, compared to a smaller outflow of 1,123,400.00 CNY in the previous year[178]. - The total cash inflow from investment activities was 141,671,771.43 CNY, down from 216,464,923.66 CNY year-over-year[178]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,314,266,253.40, a decrease of 6.13% from CNY 1,400,044,324.59 at the end of the previous year[17]. - The company's total liabilities were RMB 101,549,713.92 for current liabilities, slightly down from RMB 107,624,097.65 at the end of 2018[156]. - The total amount of guarantees provided by the company exceeds 50% of its net assets, amounting to 43,982.65 million RMB, which represents 87.34% of the company's net assets[119]. - The total liabilities as of June 30, 2019, were CNY 71,978,065.13, compared to CNY 65,919,686.79 at the end of 2018, reflecting an increase of 4.8%[161]. Strategic Initiatives and Projects - The company actively participated in domestic and international oil and gas resource bidding, continuing its transformation into a technology resource-oriented company[24]. - The company has outlined potential risks and corresponding countermeasures in its operational analysis section[4]. - The company is focusing on integrated geological-engineering services, enhancing its core competitiveness in technology services[25]. - The company plans to redirect unused raised funds to the Bohai 05/31 exploration and development project, following board approvals[64]. - The company aims to enhance operational efficiency and reduce costs by transitioning the Western Research Center project to a comprehensive service model[68]. Research and Development - Research and development investment increased by 1.61% to CNY 8.07 million[49]. - The company has filed 13 invention patents, which are currently under substantive examination[42]. - The company is developing new technologies and methods for geothermal energy storage and planning[42]. - The company has registered multiple trademarks, including "WEFOX," "SINOGEOSTAR," and "MAVORICK," enhancing its intellectual property portfolio[40]. Market and Operational Risks - The company faces risks from overseas operations due to trade relations, regulatory differences, and currency fluctuations, which could adversely affect overall operations and profitability[83]. - The oil price downturn has led to a decline in demand for traditional technical services, prompting the company to adopt flexible market strategies and enhance R&D efforts to maintain competitiveness[83]. - The company acknowledges the uncertainty of exploration results and the potential financial losses if oil reserves do not meet expectations[88]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,920[140]. - The company’s major shareholder, Zhou Jinming, holds 47.08% of the shares, with a total of 91,822,430 shares pledged[140]. - The company’s total share capital is 320 million shares, with 35.31% being restricted shares[138]. Corporate Governance - The half-year financial report has not been audited[102]. - The company has not engaged in any significant related party transactions during the reporting period[108]. - There were no major lawsuits or arbitration matters during the reporting period[105].

Financial Performance - Total revenue for Q1 2019 was ¥24,038,218.26, a decrease of 28.76% compared to ¥33,741,984.52 in the same period last year[7] - Net profit attributable to shareholders was ¥4,220,466.82, representing a slight increase of 1.49% from ¥4,158,382.47 year-on-year[7] - Basic and diluted earnings per share were both ¥0.0132, reflecting a 1.54% increase from ¥0.0130 in the same period last year[7] - The company achieved operating revenue of 24.0382 million yuan in Q1 2019, a decrease of 28.76% compared to the same period last year[15] - Net profit attributable to the parent company for Q1 2019 was CNY 4,675,076.36, compared to CNY 5,869,375.91 in Q1 2018, reflecting a decline of 20.3%[40] - The total profit for Q1 2019 reached CNY 6,825,330.90, compared to CNY 6,324,872.85 in the previous year, indicating an increase of about 7.9%[42] - The company's total comprehensive income for Q1 2019 was CNY 1,573,725.84, down from CNY 1,696,913.11 in the previous year, showing a decrease of about 7.2%[43] Cash Flow and Assets - Net cash flow from operating activities improved significantly to ¥5,036,867.74, a 385.35% increase from a negative cash flow of ¥1,765,157.49 in the previous year[7] - Cash and cash equivalents decreased by 56.45% at the end of the period compared to the end of 2018, primarily due to reclassification of time deposits and financial investments[14] - The total assets of the company decreased to ¥1,331,753,166.59 from ¥1,400,044,324.59, a decline of approximately 4.9%[32] - As of March 31, 2019, the company's cash and cash equivalents decreased to ¥213,078,800.61 from ¥489,306,394.43 at the end of 2018, representing a decline of approximately 56.4%[31] - Total current assets decreased to ¥838,301,762.31 from ¥926,550,832.28, reflecting a reduction of approximately 9.5%[32] - Non-current assets increased to ¥493,451,404.28 from ¥473,493,492.31, indicating a growth of about 4.0%[32] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,012[10] - The largest shareholder, Zhou Jinming, holds 47.08% of the shares, with 150,640,000 shares pledged[10] - The company reported a commitment from major shareholders to not transfer or manage their shares for 36 months post-IPO, ensuring stability in shareholding[17] - The company’s major shareholder, Zhou Jinming, committed to pay a total of 61 million yuan in outstanding payments to ensure compliance with financial obligations[18] Investments and Projects - The total amount of raised funds is CNY 77,712.13 million, with CNY 57,720.26 million already invested[21] - The investment in the oil exploration seismic data processing center project is CNY 15,184 million, with 100% completion[21] - The investment in the oil exploration technology research and development center project is CNY 4,080.3 million, also with 100% completion[21] - The company has decided to allocate the remaining funds from the oil and gas exploration project to the Ergel-12 block exploration and mining project in Mongolia[22] - The company plans to invest approximately $14.02 million of surplus raised funds and interest into the Ergel-12 exploration and development project[24] Operational Highlights - The company completed drilling work on the CFD1-2-3 well in the Bohai Sea, achieving a maximum daily oil flow of 134.42 cubic meters[15] - The company has adjusted its investment strategy to focus on integrated geological engineering services for oil exploration and development[23] - The company has shifted its exploration approach to utilize advanced seismic imaging technology for improved data quality and exploration efficiency[23] Regulatory and Compliance - The company is focused on maintaining compliance with regulatory requirements regarding social insurance and housing fund contributions[18] - The company has made commitments to avoid any related party transactions that could significantly impact its financial status[17] Financial Management - The company reported a significant reduction in financial expenses, which decreased to CNY 1,038,560.18 from CNY 4,583,478.40, a drop of 77.3%[40] - The company reported no idle raised funds used for temporary working capital during the reporting period[26] - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[27]

Financial Performance - The company's operating revenue for 2018 was ¥109,158,820.27, representing a 32.94% increase compared to ¥82,108,327.83 in 2017[15] - The net profit attributable to shareholders in 2018 was ¥28,998,453.63, a significant turnaround from a loss of ¥16,778,804.48 in 2017, marking a 272.83% increase[15] - Basic earnings per share for 2018 were ¥0.0900, compared to a loss of ¥0.050 in 2017, reflecting a 280.00% increase[15] - The company's net assets attributable to shareholders increased by 2.50% to ¥1,183,065,532.39 at the end of 2018 from ¥1,154,188,572.66 in 2017[15] - The weighted average return on net assets was 2.48% in 2018, up from -1.44% in 2017, indicating improved profitability[15] - The company reported a significant increase in proven reserves due to exploration investments, with a focus on the potential acquisition of 100% equity in Yucheng Huifeng[122] - The company reported a revenue of approximately 693.63 million USD, with a net profit of around 58.69 million USD, reflecting a significant increase in performance compared to previous periods[89] Cash Flow and Investments - The net cash flow from operating activities was ¥24,363,751.99, down 63.51% from ¥66,774,459.08 in the previous year[15] - The net cash flow from investment activities surged by 29,051.31% to CNY 192,047,018.37, attributed to the disposal of certain equity interests in the Reinecke block[67] - The company has a total of $256 million in cash and cash equivalents allocated for normal operations and payments, representing 21.64% of the company's net assets[38] - The company has a remaining balance of 406,050,413.62 RMB in raised funds with no current usage plan[80] - The company has committed to using 4,000,000 USD of raised funds for the successful implementation of the oil contract with China National Offshore Oil Corporation[80] Exploration and Development - The company successfully completed drilling operations for two wells, CFD2-4-2D and CFD1-2-3, with the latter achieving a maximum daily oil flow of 134.42 cubic meters[28] - The company is advancing its exploration and development efforts in the Bohai Sea 05/31 contract area, achieving significant exploration results[27] - The company has successfully reserved five high-potential oil and gas blocks during the reporting period[24] - The company signed a product sharing contract with CNOOC for the Weizhou 10-3 West oil field and 22/04 block, with a development cost sharing ratio of 40% for the state company and 60% for the contractors, where Wisdom Oil holds a 25% interest[30] - The company plans to invest USD 90 million through its subsidiary to support the development and exploration of the Weizhou 10-3 West Oilfield and the 22/04 block[106] Revenue Sources - Revenue from oil and gas extraction increased by 62.50% to CNY 40.87 million, accounting for 37.44% of total revenue[53] - The oil and gas exploration and development business contributed significantly to revenue growth, alongside asset disposal gains from selling part of the Reinecke block[50] - The company reported a decrease in revenue from oil exploration technology services by 24.67% to CNY 25.21 million[52] - The gross profit margin for oil and gas extraction was 28.25%, showing an increase of 13.71% year-on-year[55] Strategic Initiatives - The company is focusing on deepening cooperation with existing clients in key markets such as the US and South Asia[26] - The company is actively involved in domestic and international high-end professional forums to strengthen its market presence and discuss energy transition trends[36] - The company aims to enhance its oil and gas exploration capabilities, with a focus on reducing investment risks and increasing exploration success rates through innovative technology and strategic acquisitions[92] - The company has established a "Joint Research Center for Artificial Intelligence" with China University of Petroleum to focus on AI applications in oil and gas exploration, aiming to enhance investment efficiency in oil and gas blocks[96] Shareholder and Governance - The proposed cash dividend for 2018 is CNY 0.20 per 10 shares, amounting to a total cash dividend of CNY 6,400,000.00, which represents 100% of the profit distribution[114] - The company has committed to covering any potential social insurance fees or fines that may arise from regulatory requirements[121] - The company has not violated any commitments regarding share transfers and related party transactions during the reporting period[121] - The company has established a comprehensive performance evaluation system and compensation policy for senior management[198] Risks and Challenges - The company faces risks from low oil prices affecting demand for traditional technical services, and it aims to adopt flexible market strategies to broaden market channels and enhance core competitiveness[98] - The company has identified risks related to overseas operations, including trade relations and regulatory differences, and plans to strengthen management of overseas subsidiaries to mitigate these risks[98] - The company has identified potential risks related to international oil price fluctuations, which could impact project economics[108] Research and Development - The company has developed core software such as WEFOX, SinoGeoStar, and MAVORICK, and possesses advanced third-party software and large computing clusters to support complex geological tasks[43] - The company has filed five invention patents related to geothermal energy systems and underground planning, currently under substantive examination[44] - The company has completed the construction of the oil exploration technology research center and has begun to generate some revenue[79] Subsidiaries and Partnerships - The company established two new subsidiaries in 2018, expanding its operational footprint in Mongolia and Beijing[59] - The company has established a partnership with local governments to conduct geological surveys and coordinate exploration activities in Mongolia[29] - The company has established an AI joint research center with China University of Petroleum to enhance oil and gas exploration efficiency and safety through advanced technology[33]