Financial Performance - The net profit attributable to shareholders for the six months ended June 30, 2024, was RMB 451,807 thousand, a 38.6% increase compared to RMB 325,904 thousand for the same period in 2023[6]. - Operating revenue for the first half of 2024 was RMB 36,821,444 thousand, showing a slight decrease of 0.8% from RMB 37,133,528 thousand in the previous year[6]. - The basic earnings per share for the reporting period was RMB 0.024, reflecting a 41.2% increase from RMB 0.017 in the same period last year[8]. - The company reported a total profit of RMB 781,564 thousand for the first half of 2024, which is a 44.3% increase from RMB 541,574 thousand in the same period last year[6]. - The gross profit for the same period was RMB 3,098,792, representing an increase of 6.1% from RMB 2,920,575 in 2023[66]. - The company reported a net loss of RMB 752,950 thousand for the six months ended June 30, 2024, compared to a profit of RMB 649,120 thousand for the same period in 2023, indicating a significant decline in profitability[70]. - The company recorded a pre-tax profit of RMB 1,082,707 thousand, with tax expenses amounting to RMB 329,757 thousand[87]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 75,900,751 thousand, representing a 1.0% increase from RMB 75,162,974 thousand as of December 31, 2023[5]. - The total liabilities as of June 30, 2024, were RMB 67,176,619 thousand, a marginal increase of 0.1% from RMB 67,139,772 thousand at the end of 2023[5]. - The company's equity attributable to shareholders increased to RMB 8,724,132 thousand, up from RMB 8,023,202 thousand[68]. - The company's total liabilities increased to RMB 264,847 thousand as of June 30, 2024, compared to RMB 153,474 thousand in 2023, indicating a rise of approximately 72.6%[101]. - The total current assets increased to RMB 42,878,756 thousand from RMB 39,325,415 thousand, reflecting an increase of approximately 6.5%[161]. Cash Flow - The net cash flow from operating activities was negative RMB 190,066 thousand, a significant decline of 145.1% compared to a positive RMB 421,612 thousand in the previous year[6]. - The cash flow from operating activities for the six months ended June 30, 2024, was a net outflow of RMB 190,066 thousand, compared to an inflow of RMB 421,612 thousand in the same period of 2023, representing a change of approximately 145%[71]. - The financing activities generated a net cash inflow of RMB 1,508,206 thousand for the six months ended June 30, 2024, compared to RMB 1,100,090 thousand in the same period of 2023, reflecting an increase of approximately 37%[71]. Shareholder Information - The company had 110,819 shareholders as of June 30, 2024, with 110,496 being A-share shareholders and 323 being H-share registered shareholders[11]. - China Petroleum Group Company holds 10,727,896,364 A shares, representing 56.51% of the total issued share capital[12]. - The total shares held by China Petroleum Group Company (A and H shares combined) amount to 13,323,683,351, which is 70.18% of the total shares[12]. Contracts and Revenue - The company signed new contracts totaling RMB 61.68 billion in the first half of 2024, representing a year-on-year growth of 15.4%[22]. - The company signed new contracts worth RMB 177.9 billion, a year-on-year increase of 19.4%[28]. - The revenue breakdown includes Geophysical Engineering at RMB 2.15 billion, Drilling Engineering at RMB 2.02 billion, Logging Engineering at RMB 18.88 billion, Downhole Operations at RMB 1.60 billion, and Engineering Construction at RMB 7.26 billion[80]. Research and Development - Research and development expenses increased to RMB 1,115,981, up 37% from RMB 815,114 in the previous year[66]. - The company applied for 478 patents in the first half of 2024, including 292 invention patents[31]. Operational Segments - The drilling services segment generated revenue of RMB 18,880,289 thousand, a slight increase of 0.1% from RMB 18,867,990 thousand in the previous year[25]. - The underground special operations service business achieved a revenue of RMB 5,569,305 thousand, an increase of 18.5% compared to RMB 4,699,568 thousand in the same period last year[27]. - The international business generated revenue of RMB 8,890,871 thousand, up 14.0% from RMB 7,795,859 thousand in the previous year, accounting for 24.4% of total revenue[30]. Corporate Governance - The company adhered to the Corporate Governance Code during the reporting period, ensuring compliance with the relevant standards[177]. - The company confirmed that all directors and senior management complied with the standards set forth in the Code of Conduct during the reporting period[177]. Future Outlook - The company expects to achieve a new contract signing amount of over RMB 900 million for the full year 2024, supported by strong performance in the first half[40]. - The company plans to achieve an annual revenue of RMB 4 billion from new technology commercialization in 2024, focusing on core technologies such as automated drilling rigs and intelligent wellbore systems[48]. - The company plans to expand its market presence in the Middle East, particularly in Saudi Arabia and Kuwait, which are key growth areas for future revenue[93].
中石化油服(01033) - 2024 - 中期业绩