Financial Performance - In 2024, the net profit attributable to shareholders was RMB 631,606 thousand according to Chinese accounting standards, and RMB 620,631 thousand according to international financial reporting standards[5]. - Operating revenue for 2024 reached RMB 81,096,178 thousand, a 1.4% increase from RMB 79,980,939 thousand in 2023[15]. - Net profit attributable to shareholders for 2024 was RMB 631,606 thousand, reflecting a 7.2% increase compared to RMB 589,216 thousand in 2023[15]. - The total profit for 2024 was RMB 1,132,523 thousand, marking a 22.0% increase from RMB 928,340 thousand in 2023[15]. - The net cash flow from operating activities decreased by 44.4% to RMB 3,100,854 thousand in 2024 from RMB 5,576,913 thousand in 2023[15]. - Basic earnings per share for 2024 were RMB 0.033, up 6.5% from RMB 0.031 in 2023[17]. - The total assets at the end of 2024 were RMB 77,340,105 thousand, a 2.9% increase from RMB 75,162,974 thousand at the end of 2023[15]. - The net assets attributable to shareholders increased by 7.8% to RMB 8,648,802 thousand at the end of 2024 from RMB 8,023,202 thousand at the end of 2023[15]. - The company reported a net loss of RMB 44,620 thousand in the fourth quarter of 2024, contrasting with profits in the previous three quarters[20]. Dividend Policy - The company's undistributed profits at the end of 2024 were negative RMB 1,820,779 thousand, leading to a recommendation of no cash dividend distribution for the year[5]. - The company has a cash dividend policy that mandates a minimum of 40% of the net profit attributable to shareholders of the parent company for cash dividends, contingent on positive retained earnings and cash flow[191]. - Due to negative retained earnings at the end of 2024, the board recommends no cash dividend distribution for that year[191]. Governance and Compliance - The annual report was audited by Lixin Certified Public Accountants and received standard unqualified opinions from both Chinese and Hong Kong auditors[6]. - The board of directors approved the annual report during the seventh meeting of the eleventh board, with six directors present[6]. - The company emphasizes the importance of accurate and complete financial reporting, with key executives affirming the report's integrity[6]. - The company is committed to enhancing its corporate governance structure and has implemented various measures to ensure compliance with regulatory requirements[144]. - The company has received an A-level rating for information disclosure from the Shanghai Stock Exchange, indicating high-quality information transparency[143]. - The independent directors did not raise any objections to the board proposals for the fiscal year 2024[179]. Strategic Initiatives - The report includes forward-looking statements regarding future plans and strategies, which carry inherent uncertainties[6]. - The company plans to sign new contracts worth RMB 83.5 billion in 2025, with a target to keep operating costs under RMB 92.4 per hundred revenue[31]. - The company aims to enhance its ESG initiatives, reducing carbon emissions by 165.6 thousand tons through electrification and low-carbon technology[30]. - The company is committed to developing green technologies in oil services to reduce carbon emissions during exploration and production[184]. - The company plans to expand its market presence and enhance operational efficiency through strategic leadership appointments[151][152]. Research and Development - Research and development expenditure amounted to RMB 2.25 billion, with a spending intensity of 2.8%[29]. - The company's R&D investment for 2024 was RMB 2,247,111 thousand, representing a 7.8% increase from RMB 2,083,796 thousand in the previous year, which is 2.8% of total revenue[74]. - The company applied for 1,034 patents in 2024, including 9 foreign patents, and was awarded 779 patents[46]. Market Performance - The company signed new contracts worth RMB 91.2 billion, a 10.7% increase year-on-year, with foreign market contracts increasing by 36.4% to RMB 44.2 billion[28]. - The international business generated a revenue of RMB 18.10 billion in 2024, an increase of 12.5% from RMB 16.09 billion in the previous year, accounting for 22.6% of the company's total revenue[45]. - The company achieved a historical high in oil and gas production equivalent, contributing to national energy security[27]. Human Resources - The total number of employees in the parent company is 111, while the main subsidiaries employ 60,051, resulting in a total of 60,162 employees[186]. - The workforce consists of 33,089 production personnel, 18,050 technical staff, and 3,207 research personnel, highlighting a strong emphasis on production and technology[186]. - The company has a structured training management system aimed at enhancing employee capabilities across various roles, including management and technical positions[188]. Risk Management - The company faces risks from oil price declines and market competition, with a supply-demand imbalance in the oilfield services market[107]. - The company has implemented a strict HSE management system to mitigate health, safety, and environmental risks associated with its operations[108]. - The company is exposed to foreign exchange risks due to its operations in multiple countries and holding of USD debt, which may impact operational costs[110]. Leadership and Compensation - The total pre-tax compensation for the chairman, Wu Baizhi, is RMB 518,650, while the general manager, Zhang Jiankuo, received RMB 1,011,427[147]. - The total pre-tax compensation for the vice general manager, Sun Bingxiang, is RMB 874,244, with no changes in shareholding[148]. - The total compensation for all directors, supervisors, and senior management during the reporting period amounted to RMB 9,851,394[168]. - The remuneration for directors and supervisors is approved by the shareholders' meeting after being reviewed by the board's remuneration committee[167].
中石化油服(01033) - 2024 - 年度财报