COSL(SH:601808)2024-08-27 11:05Financial Performance - The company's operating revenue for the first half of 2024 reached RMB 22,528.5 million, representing a 19.4% increase compared to RMB 18,873.6 million in the same period last year[18]. - The net profit attributable to shareholders of the listed company was RMB 1,592.4 million, an 18.9% increase from RMB 1,339.1 million year-on-year[18]. - The net cash flow from operating activities was RMB 1,714.5 million, showing a significant increase of 48.6% compared to RMB 1,153.5 million in the previous year[18]. - The basic earnings per share for the first half of 2024 was RMB 0.33, up 17.9% from RMB 0.28 in the same period last year[19]. - The total profit for the first half of 2024 was RMB 2,409.0 million, up by RMB 546.5 million, with a growth rate of 29.3% compared to the previous year[38]. - The net profit for the first half of 2024 was RMB 1,709.6 million, an increase of RMB 253.5 million, reflecting a growth of 17.4% year-on-year[38]. - The company's total assets at the end of the reporting period were RMB 83,764.9 million, a slight increase of 0.6% from RMB 83,245.8 million at the end of the previous year[18]. - The company reported a net asset attributable to shareholders of RMB 42,286.8 million, reflecting a 1.5% increase from RMB 41,643.0 million at the end of the previous year[18]. Market and Operational Risks - The company faces significant risks including market competition risks due to uncertainties in the international oil and gas industry[6]. - The company faces significant market competition risks due to global economic slowdown and pressure on traditional oil and gas resource development[62]. - Health, safety, and environmental risks are heightened due to increasing regulatory demands and the complexity of international operations[62]. - The company is exposed to operational risks in overseas markets, including political instability and tax disputes, which may affect business expansion[63]. Strategic Initiatives and Developments - The company is focusing on internationalization and regional development strategies, with an emphasis on expanding high-value, long-cycle projects in overseas markets[25]. - The company has fully launched its "Xuanji," "Haimai," and "Haihong" smart factories, marking a significant step in the transition to intangible products in oilfield services[25]. - The company aims to enhance its service quality evaluation system to reduce "wellbore time" and improve overall service efficiency[25]. - The company aims to enhance its core competitiveness by focusing on technological innovation, cost control, and international expansion strategies[29]. - The company is actively managing foreign exchange risks due to its USD debt and operations in multiple countries, conducting regular research and analysis on exchange rate trends[64]. - The company anticipates continued growth in upstream oil and gas exploration and development investments in the second half of 2024, driven by the "Seven-Year Action Plan" for increasing reserves and production[65]. Environmental and Social Responsibility - The company is committed to integrating ecological civilization into its operations, enhancing employee environmental awareness and skills[81]. - The company is actively pursuing carbon reduction measures, including the integration of photovoltaic power generation and the application of advanced carbon reduction technologies[82]. - The company has set specific carbon emission targets and developed a plan to achieve these goals in 2024[82]. - In the first half of 2024, the company invested RMB 20 million in four projects in Gansu Province to support poverty alleviation and rural revitalization efforts[83]. - The company completed nine educational assistance donation projects totaling RMB 1 million, benefiting 11 Hope Primary Schools in Hainan, Yunnan, Hubei, and Hebei[83]. Governance and Compliance - The board of directors confirmed that more than half of the directors can guarantee the authenticity, accuracy, and completeness of the semi-annual report[5]. - The company has a strong governance structure with designated secretaries for board and company affairs[14]. - The company operates under the legal representation of Zhao Shunqiang, ensuring accountability in management[13]. - The company has implemented measures to improve risk management and compliance, including training and risk identification to enhance its risk response capabilities[64]. Financial Management and Structure - The company reported a total deposit amount of RMB 53,126,615,065 with a maximum daily deposit limit of RMB 1,800,000,000 and interest rates ranging from 0.35% to 3.00%[93]. - The company provided guarantees totaling RMB 22,167,930,727.12, which accounts for 51.53% of the company's net assets[97]. - The company has a total share capital of 4,771,592,000 shares, with China National Offshore Oil Corporation holding 50.53% of the total shares[100]. - The company has not reported any changes in share capital structure during the reporting period[99]. - The company has not disclosed any performance commitments or significant related party transactions during the reporting period[92]. Research and Development - Research and development expenses increased by 24.7% to RMB 700.8 million, compared to RMB 561.8 million in the previous year, indicating a focus on enhancing technical services[50]. - The company plans to enhance its technological research and development capabilities, focusing on key core technology breakthroughs and the transformation of results to seize more service opportunities in the oilfield service market[66]. Shareholder Engagement - The company has approved a proposal to authorize the board to repurchase up to 10% of A-shares and H-shares, reflecting a commitment to shareholder value[68]. - The company distributed dividends totaling CNY 1,002,034,320 during the first half of 2024, which is a significant cash outflow impacting the overall equity[136].