COOEC(SH:600583)2018-08-20 16:00Financial Performance - The company's operating revenue for the first half of 2018 was ¥3,575,719,177.21, a decrease of 14.42% compared to ¥4,178,337,240.72 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was -¥182,410,322.88, representing a decline of 191.27% from ¥199,850,430.99 in the previous year[19]. - The net cash flow from operating activities was -¥1,630,748,043.48, compared to -¥980,548,144.08 in the same period last year, indicating a worsening cash flow situation[19]. - Basic earnings per share for the first half of 2018 were -¥0.04, a decrease of 180.00% compared to ¥0.05 in the same period last year[20]. - The company reported a total comprehensive loss of CNY 257,430,269.48 for the first half of 2018, contrasting with a comprehensive income of CNY 154,548,526.63 in the same period last year[151]. - The company reported a significant increase in prepayments to CNY 398,720,015.67 from CNY 177,224,220.64, reflecting a growth of approximately 125%[141]. - The company achieved a market contract value of 9.964 billion CNY in the first half of 2018, an increase of 87.58% compared to 5.312 billion CNY in the same period last year[39]. Assets and Liabilities - The total assets at the end of the reporting period were ¥26,632,312,358.61, down 6.21% from ¥28,395,956,227.87 at the end of the previous year[19]. - The net assets attributable to shareholders decreased by 2.03% to ¥22,647,353,401.57 from ¥23,117,079,340.91 at the end of the previous year[19]. - Total liabilities decreased to CNY 4,998,586,089.80 from CNY 5,147,636,304.10, a reduction of 2.9%[147]. - The company's total equity at the end of the period was 4,421,354,800, with a significant increase in retained earnings to 18,244,490[173]. Operational Capabilities - The company has established a strong engineering capability in offshore oil and gas resource development, with a focus on EPCI services[24]. - The company operates large manufacturing bases in Tianjin and Qingdao, covering over 1.4 million square meters, and has a joint venture in Zhuhai with a manufacturing base of 207,000 square meters[24]. - The company possesses a diverse fleet of 22 offshore construction vessels, enhancing its operational capabilities in both deep and shallow waters[24]. - The company has significantly enhanced its international operations, successfully undertaking influential overseas projects such as the Yamal project in Russia and FPSO in Brazil, leading to a notable improvement in international operational capabilities[26]. - The company has developed a comprehensive set of engineering technologies, including the design, construction, and installation of 30,000-ton ultra-large jacket structures, and has achieved deepwater pipeline laying capabilities up to 1,500 meters[26]. International Expansion - The company is focusing on international market development in regions such as the Middle East, Southeast Asia, Africa, Brazil, and North America, with ongoing project tracking in countries like Thailand, Brunei, and Canada[50]. - The company has established long-term strategic partnerships with 13 oil and gas companies and is a qualified supplier for 11 major oil companies, including Shell and Saudi Aramco[50]. - The company is actively pursuing international expansion and has strengthened its risk management processes to mitigate business and legal risks[40]. Research and Development - Research and development expenses decreased by 63.06% to CNY 116.89 million, down from CNY 316.42 million in the same period last year[58]. - The company has over 1,300 design personnel and is actively developing deepwater design capabilities, focusing on key technologies for deepwater floating platforms and underwater systems[31]. - The company successfully developed key welding technologies for deepwater steel risers, breaking foreign technology monopolies and enhancing capabilities for deepwater oilfield development[54]. Environmental and Social Responsibility - The total wastewater discharge was 296,000 tons, with a COD discharge of 129.9 tons[114]. - The company has not experienced any environmental pollution incidents during the reporting period[117]. - The company has established a fund of 3.5 million RMB for charitable donations, with an annual donation of 10.5 million RMB planned for educational purposes[105]. - The company provided assistance of 25.9 million RMB to 45 underprivileged employees during the Spring Festival[104]. Related Party Transactions - The total amount of related party transactions reached CNY 2,966,858,208.08, accounting for 83.25% of similar transactions[93]. - The company provided engineering subcontracting services to related parties, with a total revenue of CNY 2,218,627,121.98, representing 62.05% of related party transactions[93]. - The company has established long-term service agreements with related parties to ensure fair pricing through open bidding[94]. Corporate Governance - The largest shareholder, China National Offshore Oil Corporation, holds 2,270,969,554 shares, representing 51.36% of the total shares[129]. - Key management personnel changes included the election of Jin Xiaojian as chairman and Wu Hanming as chairman of the supervisory board[136]. - The company has a good integrity record and has not been issued any untrustworthy records by regulatory authorities[89].