Financial Performance - Sinopec Oilfield Service Corporation reported a revenue of RMB 20.5 billion for the first half of 2021, representing a year-on-year increase of 15%[8] - The company's net profit attributable to shareholders reached RMB 1.2 billion, a significant increase of 25% compared to the same period last year[8] - The company's operating revenue for the reporting period was RMB 31,570,061 thousand, a slight increase of 0.4% compared to RMB 31,432,437 thousand in the same period last year[15] - Net profit attributable to shareholders increased by 23.6% to RMB 368,558 thousand from RMB 298,277 thousand year-on-year[15] - The total comprehensive income for the first half of 2021 was RMB 368,568,000, an increase of 23.5% compared to RMB 298,277,000 in the same period last year[183] Assets and Liabilities - The total assets of the company as of June 30, 2021, amounted to RMB 85 billion, reflecting a growth of 10% year-on-year[8] - Total assets at the end of the reporting period reached RMB 63,979,713 thousand, reflecting a 4.7% increase from RMB 61,091,195 thousand at the end of the previous year[20] - The company's total liabilities reached RMB 56.56 billion, up RMB 2.19 billion from the end of 2020, with current liabilities increasing by RMB 2.36 billion[89] - The company's asset-liability ratio was 88.4% as of June 30, 2021, slightly down from 89.0% at the end of 2020[90] Cash Flow - The net cash flow from operating activities rose by 27.6% to RMB 358,861 thousand compared to RMB 281,258 thousand in the previous year[15] - The cash flow from investment activities was not detailed, indicating no significant changes in investment cash flows[190] - The net cash flow from financing activities for the first half of 2021 was RMB 9,267 thousand, a decrease of 98.23% compared to RMB 523,554 thousand in the same period last year[188] Research and Development - Sinopec plans to invest approximately RMB 3 billion in research and development for new technologies in the oilfield service sector over the next three years[8] - Research and development expenses decreased by 43.7% to RMB 349,034 thousand from RMB 619,803 thousand in the previous year[44] - The company applied for 369 domestic and international patents, with 315 patents granted during the first half of the year[40] Market Strategy and Expansion - The company aims to increase its market share in the Asia-Pacific region by 20% by 2023 through strategic partnerships and acquisitions[8] - The company will continue to expand its international business, focusing on key markets such as Saudi Arabia and Kuwait, and aims to resume operations in Mexico[78] - The company plans to sign new contracts worth RMB 26.2 billion in the second half of 2021, with RMB 17.7 billion from Sinopec Group[70] Operational Efficiency - Sinopec has initiated a new strategy focusing on digital transformation to improve operational efficiency and reduce costs[8] - The company continues to enhance its technical capabilities and has made breakthroughs in key technologies, contributing to improved service quality and operational efficiency[31] - The average fracturing speed for shale gas increased by 29.2% year-on-year, enhancing operational efficiency[35] Environmental and Safety Management - The company has implemented a strict HSE management system to mitigate health, safety, and environmental risks associated with its operations[85] - The company has established an environmental emergency management system and conducted regular training and drills for its emergency response team[127] - The company has implemented measures to promote the use of clean energy, particularly electricity and natural gas, in its drilling operations[127] Shareholder and Governance - The company will not distribute dividends for the first half of 2021, as it aims to reinvest profits into growth initiatives[8] - The company has appointed new auditors for the 2021 fiscal year, transitioning from Deloitte to Lixin Certified Public Accountants[131] - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[130] Related Party Transactions - The company engaged in significant related party transactions totaling RMB 29,118,868 thousand for borrowing and RMB 28,632,419 thousand for repayment, both representing 100% of the respective categories[137] - The company procured raw materials and equipment from Sinopec Group amounting to RMB 4,245,572 thousand, accounting for 24.6% of similar transactions[137] Legal and Compliance - There are no significant lawsuits or arbitration matters reported during the period[133] - The company and its executives have not faced any legal investigations or penalties during the reporting period[135]
中石化油服(01033) - 2021 - 中期财报