Financial Performance - The company reported a half-year financial performance for 2024, with a focus on the authenticity, accuracy, and completeness of the financial report[3]. - Operating revenue for the reporting period was RMB 36,821,444 thousand, a decrease of 0.8% compared to the same period last year[11]. - Operating profit increased by 29.5% to RMB 692,652 thousand, up from RMB 534,827 thousand in the previous year[11]. - Net profit attributable to shareholders was RMB 451,807 thousand, representing a 38.6% increase from RMB 325,904 thousand year-on-year[11]. - The total operating revenue for the first half of 2024 was RMB 36,821,444 thousand, a decrease of 0.84% compared to RMB 37,133,528 thousand in the same period last year[129]. - The total profit for the first half of 2024 was RMB 781,564 thousand, up 44.3% from RMB 541,574 thousand in the same period last year[129]. Dividends and Shareholder Information - The board of directors decided not to distribute any cash dividends for the half-year period ending December 31, 2024[3]. - The company will not distribute interim dividends for the half-year ending December 31, 2024, nor will it increase share capital from capital reserves[76]. - As of June 30, 2024, the total number of shareholders is 110,819, with 110,496 being domestic A-share shareholders and 323 being overseas H-share shareholders[107]. - The largest shareholder, Sinopec Group, holds 10,727,896,364 A-shares, representing 56.51% of the total shares[110]. Compliance and Governance - The financial report has been prepared in accordance with both Chinese accounting standards and international financial reporting standards, with the latter reviewed by an external auditor[3]. - The company has maintained compliance with corporate governance regulations and has not encountered any insider trading violations[70]. - The company has confirmed compliance with the Corporate Governance Code and the Standard Code during the reporting period[78]. - The company has established an audit committee, which includes members with accounting qualifications and financial management experience, to oversee financial reporting and internal controls[79]. Risks and Transparency - The company has no significant risks that need to be disclosed to investors[3]. - There are no instances of non-operational fund occupation by controlling shareholders or related parties[3]. - The company emphasizes that forward-looking statements regarding future development strategies do not constitute a substantive commitment to investors[3]. - The company is committed to maintaining transparency in its financial disclosures through designated media and platforms[4]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 75,900,751 thousand, an increase of 1.0% from RMB 75,162,974 thousand at the end of the previous year[16]. - Total liabilities reached RMB 75,883,000 thousand, with short-term borrowings increasing by 11.0% to RMB 22,100,000 thousand, compared to RMB 19,907,435 thousand previously[36]. - The asset-liability ratio as of June 30, 2024, was 88.5%, a slight improvement from 89.3% at the end of 2023[64]. Cash Flow and Financing Activities - The net cash flow from operating activities was negative at RMB -190,066 thousand, a decline of 145.1% compared to RMB 421,612 thousand in the same period last year[11]. - The net cash inflow from financing activities in the first half of 2024 was RMB 1,508,206 thousand, an increase of RMB 408,116 thousand compared to the previous year, mainly due to an increase in loan scale[66]. - The company held cash and cash equivalents of RMB 2,978,118 thousand at the end of the first half of 2024, an increase from RMB 1,759,808 thousand at the end of the previous year[66]. Research and Development - Research and development expenses increased by 36.9% to RMB 1,115,981 thousand, reflecting accelerated project implementation[34]. - The company plans to continue focusing on R&D and market expansion strategies to enhance future growth prospects[129]. Environmental and Social Responsibility - The company has implemented an HSE management system to promote environmental protection and pollution prevention, adhering to energy-saving and environmental laws and regulations[81]. - The company reduced carbon emissions by 16.3 million tons in the first half of 2024, with total carbon emissions amounting to 1.021 million tons[85]. - The company donated 1 million yuan to a school in Sichuan Province for educational support and campus cultural construction[86]. Related Party Transactions - Major related party transactions for the first half of 2024 include procurement of raw materials and equipment totaling RMB 4.39 billion, accounting for 28.0% of similar transactions[96]. - The company emphasizes that related party transactions are necessary for operational needs and are conducted at market prices, ensuring fairness and transparency[96]. - The company has maintained its independence from China Petroleum Group, ensuring separation in assets, personnel, finance, and operations[88]. Future Outlook - The company anticipates signing new contracts worth over RMB 900 billion for the full year 2024, supported by strong performance in new contracts signed in the first half[46]. - The company plans to increase capital expenditure to RMB 2.99 billion in the second half of 2024, focusing on enhancing exploration and development service capabilities and updating essential equipment[58]. - The company aims to enhance its integrated service capabilities and expand its market presence both domestically and internationally, focusing on high-end business growth[19].
中石化油服(01033) - 2024 - 中期财报