Financial Performance - The company's revenue increased by 12.1% from RMB 1,688.0 million in 1H 2022 to RMB 1,892.4 million in 1H 2023 [9] - Profit attributable to owners of the company increased by 7.9% from RMB 90.7 million in 1H 2022 to RMB 97.9 million in 1H 2023 [9] - Free cash flow increased by 14.0% from RMB 150.2 million in 1H 2022 to RMB 171.2 million in 1H 2023 [9] Business Growth and Strategy - Overseas business led the growth, with revenue in Iraq increasing by 37.5% from RMB 720.0 million in 1H 2022 to RMB 990.0 million in 1H 2023 [13] - Revenue in other overseas markets increased by 11.2% from RMB 214.8 million in 1H 2022 to RMB 238.8 million in 1H 2023 [14] - Revenue from innovative businesses grew more than 30% [19] - Innovative businesses contributed more than 50% of total revenue, with RMB 1,025.0 million in 1H 2023 compared to RMB 788.1 million in 1H 2022 [19] - Revenue in the domestic market decreased by 12.1% from RMB 753.2 million in 1H 2022 to RMB 662.0 million in 1H 2023 [16] Future Outlook and Opportunities - The industry anticipates rapid growth in unconventional oil and gas development [43] - The company aims to seize opportunities in domestic and overseas markets, focusing on stimulation services and natural gas utilization [46, 47] - The company will continue to develop the Anton platform by matching online and offline businesses [54] - The company will implement full-process cash flow management [58]

Financial Performance - The company's revenue hit a historical high of RMB 4,434.8 million in FY2023[15], a 26.2% increase compared to RMB 3,514.9 million in FY2022[9] - Profit attributable to equity holders increased by 17.3% from RMB 426.0 million in FY2022 to RMB 499.5 million in FY2023[9] - Free cash flow increased by 18.5% from RMB 164.5 million to RMB 195.0 million[9] - The company paid dividends of RMB 39 million[32] Business Growth and Structure - Revenue from international business surpassed 60% of the total revenue[11, 16], reaching 60.6% in 2023 compared to 57.5% in 2022[17] - International business revenue grew by over 33%[18] - Innovative business revenue grew rapidly, reaching RMB 2,298.4 million in FY2023[19], a 37.4% increase compared to RMB 1,672.2 million in FY2022[19] - The proportion of innovative business increased, accounting for 51.8% of revenue in 2023 compared to 47.6% in 2022[21] - Traditional engineering services revenue rose 15.9%[27] Strategic Outlook - The company will fully deploy the global market, promoting continuous growth in international business[46] - The company will transform business model by advancing digitalization and platform-based development[46] - The company will continue to implement asset securitization strategy, promote business growth, and enhance investor returns[46]

Financial Performance - Revenue increased by 15% from RMB 1,892.4 million in H1 2023 to RMB 2,176.3 million in H1 2024[9] - Profit attributable to equity holders increased by 8.2% from RMB 97.9 million in H1 2023 to RMB 105.9 million in H1 2024[9] - Free cash flow increased by 15.2% from RMB 171.2 million in H1 2023 to RMB 197.2 million in H1 2024[9] - New orders reached a record high of over RMB 4.8 billion in H1 2024[12] Business Operations - Revenue in China remained stable at approximately RMB 665.2 million in H1 2024 compared to RMB 663.6 million in H1 2023[14] - Revenue in Iraq surged to RMB 1,241.1 million in H1 2024 from RMB 990.0 million in H1 2023[16] - Revenue from new markets increased by 12.4% to RMB 270.0 million in H1 2024 from RMB 238.8 million in H1 2023[17] - Traditional services revenue increased by 24.0% from RMB 680.5 million in H1 2023 to RMB 844.0 million in H1 2024[23] - Innovative services revenue increased by 17.4% from RMB 1,029.6 million in H1 2023 to RMB 1,208.9 million in H1 2024[23] Strategic Initiatives - The company won the super project of Iraq Dhufriyah oilfield development, securing a 25-year development right[11, 30] - The company paid a 2023 annual dividend of RMB 39 million and resumed its dividend policy[34] - The company repurchased and cancelled 26.1 million shares from the secondary market[35]

Financial Performance - Revenue increased to RMB 4,753.9 million in FY2024 [8], a 7.2% increase compared to RMB 4,434.8 million in FY2023 [8] - Profit attributable to equity holders reached RMB 196.5 million in FY2024 [8] - Free cash flow nearly doubled, reaching RMB 979.7 million in FY2024 [8], a 96.1% increase compared to RMB 499.5 million in FY2023 [8] - A dividend of RMB 73 million was declared for 2024 [37, 60], representing an 87.3% year-over-year increase [37] Market Expansion and Orders - Revenue from overseas reached 65% of total revenue [11, 17] - Total orders from overseas surged to RMB 5,802.6 million in FY2024 [19], a 78.8% increase compared to RMB 3,244.8 million in FY2023 [19] - Innovative business new orders increased by 19%, reaching RMB 4,235.3 million in FY2024 [21] from RMB 3,558.2 million in FY2023 [21] Strategic Initiatives - The company fully repaid its USD bond [10, 15] - The company won the bid for the Iraq Dulfriyah Oilfield Mega Project [13, 32] - Over 52 million shares were repurchased in 2024 [37]

Group 1 - The company reported a revenue growth of 22.3% year-on-year to 3.59 billion RMB in 2019, with significant contributions from the Chinese market, which grew by 55.4% to 1.68 billion RMB, and the Iraqi market, which increased by 11.7% to 1.42 billion RMB [1] - The company's net profit attributable to shareholders rose by 20.8% year-on-year to 268 million RMB, and operating cash flow reached a historical high of 610 million RMB [1] - The company's backlog of orders reached a record high of 5.79 billion RMB by the end of 2019, with 1.97 billion RMB from the Chinese market and 3.275 billion RMB from the Iraqi market [1] Group 2 - The company issued a 300 million USD bond at a 7.5% interest rate at the end of 2019, which effectively reduced short-term repayment pressure and improved risk resilience [2] - The company expects revenues of 3.66 billion, 3.79 billion, and 4.45 billion RMB for 2020-2022, with net profits of 68 million, 128 million, and 207 million RMB respectively [2] - The target price for the company's stock has been adjusted from 1.23 HKD to 0.874 HKD, maintaining a "buy" rating despite downward adjustments in revenue and profit forecasts due to the impact of falling international oil prices [2]

机构：光大证券 ◆后续项目执行有望逐渐恢复，维持"买入"评级 我们下调公司20-22年盈利预测，以反映海外工程延误影响下的成本端等变化；预计20-22年EPS分别为-0.03/0.04/0.08 元人民币。公司业务竞争优势明显，待海外疫情得到控制，项目执行有望逐渐恢复正常，维持"买入"评级。 ◆海外业务短期受影响严重，继续坚定发挥油田管理业务优势 分业务板块来看，由于油价下跌影响，公司钻井技术/完井技术/采油服务板块收入分别同比下滑19.8%/12.3%/0.7%。 上半年公司在海外市场实现收入7.4亿，同比减少24%，其中作为经营重点的伊拉克市场营收5.5亿，同比减少26.4%。 海外疫情未得到控制，人员调动受到阻碍，公司无法按时启动伊拉克已经中标的订单，因此主动调减伊拉克在手订单 12亿元。在逆境之下，公司坚定发挥油田管理业务上的优势，保持了伊拉克、乍得管理项目的平稳运行，抵消了部分 业务下滑。伊拉克市场公司成功续订马基努油田管理项目的合同，为期一年。海外业务一直是公司的经营重点，2020 年上半年海外新增订单量并无明显下滑。我们预计在疫情恢复后，随着推迟订单的逐步执行，公司的海外业务营收将 会有明显好转 ...

Group 1 - The core viewpoint of the articles highlights the recovery of global economic activity and energy demand, leading to an increase in international oil prices and a positive outlook for the oilfield services market [1][2] Group 2 - In Q2, the company secured new orders amounting to approximately RMB 1.7763 billion, representing a 117.3% increase compared to the same period last year [1] - The breakdown of new orders shows that the Chinese market contributed approximately RMB 397.6 million, a decrease of 13.1% year-on-year, while the Iraqi market saw a significant increase of 230.9% with new orders of approximately RMB 1.1664 billion [1] - As of June 30, 2021, the company had a total order backlog of approximately RMB 7.1102 billion, with the Iraqi market accounting for 49.3% of this backlog [2] Group 3 - The company plans to leverage its technological advantages to pursue unconventional resource development opportunities in the Chinese market and enhance operational efficiency through new technology applications [2] - The focus will also be on expanding low-carbon and new energy technology businesses, as well as smart oil and gas technology services [2] - In overseas markets, particularly Iraq, the company aims to capitalize on the gradual market recovery and structural adjustments to gain market share [2]

Financial Performance - Revenue for the fiscal year 2024 reached RMB 4,753,934 thousand, representing a 7.2% increase from RMB 4,434,798 thousand in 2023[20] - Operating profit for 2024 was RMB 657,769 thousand, up from RMB 600,686 thousand in 2023, indicating an increase of 9.5%[20] - The net profit attributable to equity holders for 2024 was RMB 242,649 thousand, a 23.5% increase compared to RMB 196,513 thousand in 2023[20] - The company’s basic earnings per share for 2024 was RMB 0.0854, an increase from RMB 0.0675 in 2023[20] - Net profit attributable to shareholders was approximately RMB 240 million, reflecting a year-on-year growth of about 23.5%[32] - The company’s net profit for 2024 was approximately RMB 257.5 million, an increase of about RMB 36.9 million or 16.7% compared to RMB 220.6 million in 2023[98] - The profit attributable to equity holders of the company for 2024 was approximately RMB 242.6 million, an increase of about RMB 46.1 million or 23.5% compared to RMB 196.5 million in 2023[99] Revenue Sources - In 2024, the company achieved a total revenue of RMB 4.75 billion, with overseas business accounting for 65.0% of total revenue[32] - The overseas market revenue was approximately RMB 3,091.1 million, a growth of RMB 403.0 million or 15.0% compared to RMB 2,688.1 million in 2023, accounting for about 65.0% of total revenue[50][51] - Revenue from the Iraq market was approximately RMB 2,601.4 million, an increase of RMB 390.5 million or 17.7% from RMB 2,210.9 million in 2023, representing 54.7% of total revenue[50][52] - Revenue from the Chinese market in 2024 was approximately RMB 1,662.8 million, a decrease of about 4.8% compared to RMB 1,746.7 million in 2023[60] Orders and Backlog - The company secured new orders totaling RMB 9.01 billion, representing a 53.7% increase compared to 2023, with overseas market orders growing by 78.8%[32] - In 2024, the group achieved a historic high in new orders totaling approximately RMB 9,009.2 million, representing a year-on-year growth of about 53.7%[43] - New orders from overseas markets surged by approximately 78.8%, reaching RMB 5,802.6 million, accounting for about 64.4% of total new orders[43] - The company's total backlog of orders reached a historical high of approximately RMB 14,224.2 million, ensuring future growth[43] Cost and Expenses - The company reported a decrease in financial costs, with net financial expenses dropping to RMB 156,301 thousand in 2024 from RMB 195,129 thousand in 2023[20] - Operating costs rose from RMB 3,112.5 million in 2023 to approximately RMB 3,350.9 million in 2024, an increase of about 7.7% due to the corresponding rise in revenue[88] - The research and development expenditure was approximately RMB 115.7 million in 2024, an increase of 3.6% from RMB 111.7 million in the previous year[79] - The capital expenditure for 2024 was approximately RMB 186.3 million, a decrease of about RMB 90.7 million from RMB 277.0 million in 2023[77] Dividends and Shareholder Returns - The company introduced a new dividend policy, proposing a dividend of RMB 0.025 per share for the fiscal year 2024[20] - The company announced a final cash dividend of RMB 73 million for 2024, alongside a share buyback policy[33] - The company plans to distribute a final dividend of RMB 73.0 million, an increase of 87.2% compared to the previous year's total dividend payout[47] Strategic Initiatives - The company plans to enhance its service offerings through four key solutions: efficiency in oil and gas development, effective utilization of natural gas resources, AI-enabled oil and gas development, and collaborative platform development[8] - The company aims to expand its operations in over 30 countries and regions, focusing on emerging markets in oil and gas development[7] - The strategic focus has shifted to becoming a "company that enhances the efficiency of oil and gas resource development and utilization," leveraging AI and platform collaboration capabilities[36] - The company continues to invest in R&D for new technologies and products to enhance operational efficiency and reduce costs[8] Sustainability and Corporate Governance - The company is committed to sustainable development and aims to become a leading global green energy technology service provider[8] - The company was selected for the S&P Global "Sustainable Development Yearbook (China Edition) 2024," marking a significant achievement in sustainability efforts[48] - The company emphasizes internationalization and diversity in talent recruitment, creating an equal and inclusive workplace environment[200] - The company has maintained high standards of corporate governance since its listing on December 14, 2007, and has complied with all applicable code provisions as of December 31, 2024[199] Talent and Workforce - The company aims to build a new talent system suitable for rapid global development and implement a partner system to stimulate employee engagement[36] - The total number of employees as of December 31, 2024, was 6,754, an increase of 244 from the previous year, with overseas employees accounting for 62.8%[82] - The company continues to focus on international talent recruitment to support its global expansion strategy[46] - The company aims to enhance its global talent acquisition strategy and build a professional recruitment network to support its globalization efforts[81]

Financial Performance - The group's total revenue for the year ended December 31, 2024, was approximately RMB 4,753.9 million, an increase of about 7.2% compared to RMB 4,434.8 million in 2023[4]. - Net profit for the group was approximately RMB 257.5 million, representing a growth of about 16.7% from RMB 220.6 million in 2023[4]. - Profit attributable to equity holders of the company was approximately RMB 242.6 million, up about 23.5% from RMB 196.5 million in 2023[4]. - The total comprehensive income for the year was RMB 270.21 million, compared to RMB 222.49 million in 2023[8]. - The EBITDA for the same period was RMB 1,468,494,000, compared to RMB 1,413,283,000 in 2023, indicating a year-over-year increase of about 3.9%[24]. - The company reported a profit of RMB 257,504,000 for the fiscal year ending December 31, 2024, compared to RMB 220,560,000 in 2023, marking an increase of about 16.7%[24]. - Basic earnings per share for the year ended December 31, 2024, is RMB 0.0854, compared to RMB 0.0675 for the previous year[57]. - The company's net profit for 2024 was approximately RMB 257.5 million, an increase of RMB 36.9 million or 16.7% compared to RMB 220.6 million in 2023[116]. - The profit attributable to equity holders of the company for 2024 was approximately RMB 242.6 million, an increase of RMB 46.1 million or 23.5% compared to RMB 196.5 million in 2023[117]. Cash Flow and Dividends - Operating cash inflow was approximately RMB 1,325.1 million, an increase of about 44.5% compared to RMB 916.8 million in 2023; free cash flow was approximately RMB 979.7 million, up about 96.1% from RMB 499.5 million in 2023[4]. - The board proposed a final dividend of RMB 0.025 per share, totaling approximately RMB 73 million, an increase of about 87.2% compared to RMB 39 million in 2023[4]. - The year-end cash and cash equivalents stood at RMB 2,190,759 thousand, compared to RMB 1,585,886 thousand at the end of 2023, marking a growth of 38.2%[10]. - The net increase in cash and cash equivalents for the year was RMB 588,879 thousand, down from RMB 851,622 thousand in the previous year[10]. - The company paid income taxes amounting to RMB 185,385 thousand, an increase from RMB 130,983 thousand in 2023, reflecting a rise of 41.5%[10]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 10,217.98 million, compared to RMB 9,806.87 million in 2023[6]. - Total liabilities as of December 31, 2024, were RMB 6,609.64 million, compared to RMB 6,385.99 million in 2023[6]. - Accounts receivable from customer contracts stood at RMB 2,189,508,000 as of December 31, 2024, slightly down from RMB 2,192,156,000 in 2023[29]. - Total liabilities for accounts payable and notes payable reached RMB 1,959,260,000 in 2024, up from RMB 1,819,924,000 in 2023, indicating a growth of approximately 7.7%[34]. - The impairment of accounts receivable increased to RMB 366,857,000 in 2024 from RMB 314,310,000 in 2023, reflecting a rise in credit risk[32]. Revenue Segmentation - The oilfield technology services segment generated revenue of RMB 2,125,937,000, while the oilfield management services segment contributed RMB 1,848,066,000, reflecting strong performance in these areas[24]. - Revenue from service provision increased to RMB 4,343,596,000 in 2024 from RMB 3,998,123,000 in 2023, marking a growth of approximately 8.6%[36]. - The company’s revenue from contracts with customers totaled RMB 1,979,429,000 for the year ended December 31, 2024, compared to RMB 1,856,765,000 in 2023, reflecting an increase of about 6.6%[38]. - Oilfield management services revenue increased by approximately 14.2% to RMB 1,848.1 million, representing about 38.9% of total revenue[84][85]. - Oilfield technology services revenue grew by approximately 5.2% to RMB 2,125.9 million, accounting for about 44.7% of total revenue[84][85]. Market Performance - In 2024, the company's overseas market revenue reached approximately RMB 3,091.1 million, an increase of about RMB 403.0 million or 15.0% compared to RMB 2,688.1 million in 2023, accounting for approximately 65.0% of total revenue[72]. - The revenue from the Iraq market was approximately RMB 2,601.4 million, up RMB 390.5 million or 17.7% from RMB 2,210.9 million in 2023, representing 54.7% of the company's total revenue[72]. - The company recorded revenue of approximately RMB 489.7 million from other overseas markets, an increase of about 2.6% from RMB 477.2 million in 2023, accounting for approximately 10.3% of total revenue[78]. - In the Chinese market, revenue was approximately RMB 1,662.8 million, a decrease of RMB 83.9 million or 4.8% from RMB 1,746.7 million in 2023, representing 35.0% of total revenue[72]. Operational Highlights - The company secured new orders totaling approximately RMB 9,009.2 million in 2024, a year-on-year increase of about 53.7%, with overseas orders growing by approximately 78.8%[64]. - The company has successfully signed a development contract for the Dhufriyah oil field in Iraq, marking a significant milestone in its oil and gas development efforts[65]. - The company is actively promoting digital technology applications in Iraq, enhancing management efficiency for oilfield clients through automation projects[76]. - The company has made significant technological breakthroughs in China, including a new high in production for tight gas well enhancement services and a successful bid for a 300MW air storage project[80]. - The group received 16 software copyrights in the year, covering various innovative technologies including intelligent drilling and real-time leak point prediction[81]. Research and Development - Research and development investment for 2024 was approximately RMB 115.7 million, up 3.6% from RMB 111.7 million in the previous year[99]. - The group plans to spin off Tongao Testing for independent listing in the mainland capital market, although the timeline has been delayed due to current macroeconomic conditions[88]. Employee and Corporate Governance - The total number of employees as of December 31, 2024, was 6,754, an increase of 244 from the previous year, with overseas employees accounting for 62.8% of the total[100]. - The audit committee reviewed the group's audited financial statements for the year ending December 31, 2024[140].

Revenue Growth - In the first half of 2024, the company's revenue increased by 15.0% compared to the same period in 2023, with overseas business revenue reaching RMB 1,511.1 million, a growth of 23.0%, accounting for 69.4% of total revenue[4]. - The company achieved a revenue of RMB 2,176.3 million in the first half of 2024, an increase of RMB 283.9 million or 15.0% compared to the same period in 2023[7]. - The Chinese market's revenue was RMB 665.2 million, showing a slight increase of 0.2% year-on-year, accounting for 30.6% of total revenue[4]. - Revenue from the Iraq market was RMB 1,241.1 million, up 25.4% from RMB 990.0 million year-on-year, representing 57.0% of total revenue[9]. - Revenue from other overseas markets in the first half of 2024 was approximately RMB 270.0 million, up about 13.1% from RMB 238.8 million in the same period last year[12]. Profitability - Operating profit for the first half of 2024 was RMB 306.2 million, up RMB 28.3 million or 10.2% year-on-year[7]. - Net profit reached RMB 111.6 million, representing a growth of approximately 7.9% from RMB 103.4 million in the same period last year[7]. - The company's revenue attributable to equity holders for the first half of 2024 was RMB 105.9 million, an increase of RMB 8.0 million or 8.2% compared to RMB 97.9 million in the same period of 2023[38]. - Basic earnings per share rose to RMB 0.0368, up from RMB 0.0333, reflecting a growth of 10.53%[79]. Orders and Backlog - The company secured new orders totaling RMB 4,871.1 million in the first half of 2024, with overseas project orders significantly increasing to RMB 3,230.5 million, a growth of 94.3%[4]. - As of June 30, 2024, the company's backlog reached a historical high of RMB 12,690 million, laying a solid foundation for future growth[4]. - In the first half of 2024, the company recorded new orders in the Iraq market amounting to approximately RMB 2,834.5 million, a significant increase of 113.4% compared to the same period in 2023[10]. Market Expansion - The company continues to expand its market presence in emerging regions such as the Middle East, Southeast Asia, Central Asia, and Africa, while maintaining its traditional advantages in the Chinese market[4]. - The company is actively engaging in technology and cooperation exchanges with clients and partners globally to seize market opportunities[4]. - The company is focused on enhancing its global talent pool and optimizing its operational management system to support international business development[6]. Digital Transformation and Innovation - The company launched an AI-driven open model platform for the oil and gas industry, named Oil and Gas GPT Cloud Platform, to enhance digital transformation and provide AI solutions[5]. - The company emphasizes the acceleration of its digital and intelligent transformation in response to the rapid development of AI technologies in the industry[5]. - The integration of AI technology in oil and gas operations led to a 25% reduction in data processing time and a 15-20% increase in decision-making accuracy[14]. Financial Position - As of June 30, 2024, total assets amounted to RMB 9,612,892 thousand, a decrease from RMB 9,806,874 thousand as of December 31, 2023, representing a decline of approximately 2%[77][78]. - The company's cash and bank deposits were approximately RMB 2,216.0 million as of June 30, 2024, an increase of RMB 147.7 million from December 31, 2023[39]. - The capital debt ratio as of June 30, 2024, was 53.9%, a decrease of 1.8 percentage points from 55.7% on December 31, 2023[39]. Operational Efficiency - The average turnover days for accounts receivable decreased by 5 days to 184 days compared to the same period last year[7]. - The company maintained over 2,100 days of loss-free working hours in its integrated oilfield management projects in Iraq, achieving high standards in health, safety, security, and environment (HSSE) performance[10]. - The company aims to enhance its competitive edge in comprehensive solution services, focusing on cost reduction and efficiency improvement in oil and gas development[27]. Research and Development - Research and development investment amounted to RMB 49.3 million, up 13.9% from RMB 43.3 million year-on-year, focusing on technologies such as fracturing visualization monitoring and evaluation, ultra-high temperature oil-based drilling fluid, and non-destructive testing[24]. - The company continues to focus on technological innovation in the China market, providing customized integrated solutions to maximize asset efficiency[13]. Shareholder and Equity Information - The company resumed annual dividends with a total of approximately RMB 39 million approved for cash payment in May 2023[6]. - The stock option plan has a total share limit of 266,006,925 shares, with 76,373,333 options available for grant as of June 30, 2024[59]. - The company has a total of 5,200,000 stock options that are currently exercisable[59]. Compliance and Governance - The company maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange regulations throughout the reporting period[73]. - The audit committee, composed of three independent non-executive directors, reviewed the interim financial statements for the six months ending June 30, 2024[74].