神开股份(002278) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides important notes, a clear table of contents, and definitions of key terms used throughout the report for clarity Important Notes The board and senior management ensure report accuracy, with the company planning no cash dividends or bonus shares, while an independent director was absent - The company's board of directors and senior management guarantee the truthfulness of the report and assume legal responsibility[5] - Independent director Zhao Ming did not personally attend the board meeting due to work reasons, delegating attendance to Zhong Guangfa[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Table of Contents This report's clear table of contents outlines nine main chapters, covering important notes, company profile, management discussion, governance, significant matters, share changes, bonds, financial reports, and other data for easy reference - The report is clearly structured into nine main chapters[9] Definitions This section defines common terms, including company names, key affiliates, industry giants, subsidiaries, exchanges, regulations, financial units, and the reporting period, ensuring accurate report understanding - The reporting period is defined as January 1, 2025, to June 30, 2025[13] - Full names and abbreviations of the company, its main subsidiaries, and related parties are listed, such as Shanghai Shenkai Petroleum Chemical Equipment Co Ltd (Shenkai Co) and China National Petroleum Corporation (CNPC)[13] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and key financial performance indicators for the reporting period Company Profile The company, listed on the Shenzhen Stock Exchange with stock code 002278, is represented by its legal representative Li Fangying - Company stock abbreviation: Shenkai Co, stock code: 002278[16] - Company legal representative: Li Fangying[16] Contact Person and Information The company's board secretary and securities affairs representative's contact details, including address, phone, fax, and email, are fully disclosed - Board Secretary: Wang Zhenfei, Securities Affairs Representative: Li Nan[17] - Contact address: No 1769, Puxing Road, Minhang District, Shanghai[17] Other Information During the reporting period, there were no changes to the company's contact information, disclosure channels, or other relevant details, as referenced in the 2024 annual report - The company's registered address, office address, website, and email contact information remained unchanged during the reporting period[18] - Information disclosure and storage locations remained unchanged during the reporting period[19] Key Accounting Data and Financial Indicators In H1 2025, revenue grew by 22.62%, net profit attributable to shareholders surged by 234.03%, and operating cash flow turned positive H1 2025 Key Accounting Data and Financial Indicators | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 406,070,646.24 | 331,171,343.73 | 22.62 | | Net Profit Attributable to Listed Company Shareholders | 35,375,692.19 | 10,590,610.75 | 234.03 | | Net Profit Attributable to Listed Company Shareholders After Non-Recurring Items | 31,079,673.50 | 6,781,522.47 | 358.30 | | Net Cash Flow from Operating Activities | 18,568,072.90 | -26,512,760.81 | 170.03 | | Basic EPS (RMB/share) | 0.0985 | 0.0297 | 231.65 | | Diluted EPS (RMB/share) | 0.0985 | 0.0297 | 231.65 | | Weighted Average ROE | 3.10% | 0.96% | Up 2.14 percentage points | | Period-End Indicator | Current Period-End (RMB) | Prior Year-End (RMB) | Period-End YoY Change (%) | | Total Assets | 1,868,232,541.95 | 1,893,648,187.11 | -1.34 | | Net Assets Attributable to Listed Company Shareholders | 1,173,265,472.31 | 1,124,521,672.47 | 4.33 | Differences in Accounting Data under Domestic and Overseas Accounting Standards During the reporting period, the company reported no differences in net profit or net assets between domestic and overseas accounting standards - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[22][23] Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled RMB 4,296,018.69, primarily from government grants, wealth management income, and asset disposals H1 2025 Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | 3,770.20 | Mainly gains from disposal of fixed assets and losses from scrapping | | Government grants recognized in current profit or loss | 4,411,586.33 | Mainly various government grants received and recognized in profit or loss during the reporting period | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 526,955.29 | Wealth management income during the reporting period | | Reversal of impairment provisions for individually impaired receivables | 380,400.00 | Recovered some individually impaired receivables during the reporting period | | Other non-operating income and expenses apart from the above | 37,936.60 | Mainly received liquidated damages and compensation | | Less: Income tax impact | 338,507.32 | | | Impact on minority interests (after tax) | 726,122.41 | | | Total | 4,296,018.69 | | - The company does not classify non-recurring gains and losses as recurring gains and losses[26] Management Discussion and Analysis This section provides management's perspective on the company's operations, financial condition, and future outlook during the reporting period Company's Main Business Activities During the Reporting Period The company specializes in R&D, manufacturing, and sales of high-end equipment for oil exploration, drilling, and refining, covering the entire oil and gas industry chain Overview of Company's Main Business Activities During the Reporting Period The company's core business involves high-end equipment for oil exploration, drilling, and refining, expanding into AI digital smart well sites and hydrogen energy through acquisitions and investments - The company's business covers the entire upstream and downstream oil and gas industry chain, with core product lines including oil and gas drilling equipment, oil and gas exploration instruments, and petroleum product specification analysis instruments[28] - The company enhanced its AI technology capabilities through the acquisition of Blue Ocean Smart, advancing its AI digital smart well site strategy[28] - The company invested in Hanqing Power to expand into hydrogen energy products and technologies, entering the new energy sector[28] Industry Overview The company operates in the oil and gas equipment and services sector, influenced by fluctuating oil prices and China's energy security and digital transformation initiatives International Oil Prices Fluctuated Widely, Central Price Under Short-Term Pressure International crude oil prices experienced high volatility in H1 2025, with Brent crude fluctuating by 38.4%, and are expected to stabilize at USD 60-70/barrel in H2 - In H1 2025, the international crude oil market experienced high volatility, with Brent crude price fluctuations reaching 38.4%[30] - Brent crude oil prices are expected to fluctuate within the USD 60-70/barrel range in H2[30] Diversified Energy Security, Green and Smart Dual-Track Development In H1 2025, China's crude oil and natural gas production increased, with the industry focusing on energy security, green transition, and digital transformation - In H1 2025, crude oil output from industrial enterprises above designated size was 108 million tons, a 1.3% year-on-year increase; natural gas output was 130.8 billion cubic meters, a 5.8% year-on-year increase[31] - Three major development directions for the oil industry: strengthening energy security (deep, ultra-deep, shale oil and gas, deep-sea exploration), accelerating green and low-carbon processes (integrated wind, solar, storage, hydrogen), and deepening full-chain digital transformation (smart oil and gas fields, smart pipelines)[32] International Majors Focus on Core Business, Capital Expenditure Remains Stable Global oil and gas investment is projected to remain stable in 2025, with international energy companies adopting a 'gradual synergy' strategy, balancing traditional and new energy investments - Global oil and gas investment in 2025 is expected to remain stable, with upstream total investment maintained at around USD 570 billion[33] - International major energy companies adopt a 'gradual synergy' strategy, strengthening upstream investment to ensure financial resilience and efficiently deploying new energy[33] - Natural gas's strategic position is strengthening, with IEA forecasting the global LNG market to experience its largest-ever capacity expansion from 2026-2028[34] - The company's sub-industry is 'Oil and Gas Equipment and Services', influenced by the prosperity of the oil and gas extraction industry and new energy development[29] - In H1 2025, the international crude oil market experienced high volatility, with Brent crude price fluctuations reaching 38.4%, and are expected to stabilize at USD 60-70/barrel in H2[30] - Three major development directions for the oil industry: strengthening energy security, accelerating green and low-carbon processes, and deepening full-chain digital transformation[32] Company's Industry Position As a key player in China's petrochemical equipment industry, the company offers full-chain oil and gas equipment and integrated engineering services, actively expanding into new energy and AI well site sectors - The company is a backbone enterprise in China's petrochemical equipment industry, specializing in R&D, manufacturing, sales, and engineering technical services for petroleum equipment[35] - The company is one of the few domestic providers with full-chain oil and gas equipment supply capabilities for exploration, drilling, and refining, offering integrated logging, well logging, and directional drilling engineering services[35] - The company actively expands into new energy and data AI well site sectors, achieving diversified business development[35] Key Operating Performance in H1 2025 In H1 2025, the company achieved technological advancements in drilling equipment, expanded international markets for logging and MWD services, broke through extreme environment logging technology, and upgraded oil analysis instruments - Petroleum drilling and production equipment: Continuously increased R&D investment, driving technological breakthroughs and intelligent upgrades for core products like large-bore BOP stacks, high-pressure BOP stacks, electronically controlled digital high-capacity shear BOP control systems, and ultra-high-pressure wellheads, securing bulk orders in Africa, the Middle East, and offshore platforms[36] - Logging and MWD equipment and services: Focused on AI technology, applied for an 'AI-based oil and gas exploration service platform' and launched the AI smart oil and gas well site central system project, expanding into international markets such as Kuwait, Turkmenistan, and Iraq[37][38] - Well logging instruments and services: Successfully broke through technical bottlenecks in extreme environments, independently developed a 'multi-functional oil and gas detection well logging system adaptable to extreme ultra-high temperature and pressure environments', and opened up the marine oil and gas sector[39] - Petroleum product specification analysis instruments: Accelerated deployment in high-value-added fields such as aviation fuel and high-end lubricants, completed iterative upgrades of full-chain automated oil product testing instruments, and independently developed products passed Sinopec and CNPC audits[40] Analysis of Core Competencies The company's core competencies remained unchanged during the reporting period, with details available in the 2024 annual report - During the reporting period, the company's core competencies did not undergo significant changes; details can be found in the 2024 Annual Report[41] Analysis of Main Business In H1 2025, operating revenue increased by 22.62%, driven by manufacturing and overseas sales, while financial expenses surged due to exchange losses H1 2025 Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 406,070,646.24 | 331,171,343.73 | 22.62 | | | Operating Cost | 256,455,830.82 | 216,209,905.31 | 18.61 | | | Selling Expenses | 25,433,891.78 | 26,065,483.77 | -2.42 | | | Administrative Expenses | 38,401,940.55 | 35,821,061.78 | 7.20 | | | Financial Expenses | 1,640,124.32 | 412,760.06 | 297.36 | Mainly due to higher exchange losses in the current period compared to the prior year | | Income Tax Expense | 3,781,310.53 | 4,804,645.27 | -21.30 | | | R&D Investment | 34,418,203.89 | 30,531,334.46 | 12.73 | | | Net Cash Flow from Operating Activities | 18,568,072.90 | -26,512,760.81 | 170.03 | Mainly due to increased recovery of deposits and cash received from sales in the current period compared to the prior year | | Net Cash Flow from Investing Activities | -25,298,600.97 | -2,110,123.01 | -1,098.92 | Mainly due to increased wealth management investments in the current period compared to the prior year | | Net Cash Flow from Financing Activities | 2,086,591.21 | 15,608,875.86 | -86.63 | Mainly due to increased repayment of bank loans in the current period compared to the prior year | H1 2025 Operating Revenue Composition | Category | Current Period Amount (RMB) | Share of Operating Revenue (%) | Prior Period Amount (RMB) | Share of Operating Revenue (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 406,070,646.24 | 100 | 331,171,343.73 | 100 | 22.62 | | By Industry | | | | | | | Manufacturing | 321,610,197.16 | 79.20 | 258,118,804.59 | 77.94 | 24.60 | | Other | 84,460,449.08 | 20.80 | 73,052,539.14 | 22.06 | 15.62 | | By Product | | | | | | | Oil Drilling and Production Equipment | 205,969,759.31 | 50.72 | 125,964,601.83 | 38.04 | 63.51 | | Logging and MWD Equipment and Services | 107,364,395.26 | 26.44 | 116,240,258.09 | 35.10 | -7.64 | | Well Logging Instruments and Services | 73,374,231.81 | 18.07 | 67,913,439.38 | 20.51 | 8.04 | | Petroleum Analysis Instruments | 16,908,428.15 | 4.16 | 17,918,778.46 | 5.41 | -5.64 | | Property Leasing and Management | 2,453,831.71 | 0.60 | 3,134,265.97 | 0.95 | -21.71 | | By Region | | | | | | | Domestic | 269,718,013.64 | 66.42 | 265,364,459.01 | 80.13 | 1.64 | | Overseas | 136,352,632.60 | 33.58 | 65,806,884.72 | 19.87 | 107.20 | H1 2025 Gross Profit Margin Changes for Products/Regions Accounting for Over 10% of Revenue or Profit | Category | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | | By Industry | | | | | Manufacturing | 24.61 | 18.37 | 3.01 | | Other | 1.78 | 7.73 | -4.99 | | By Product | | | | | Oil Drilling and Production Equipment | 55.80 | 39.18 | 7.93 | | Logging and MWD Equipment and Services | -7.67 | -5.40 | -1.70 | | Well Logging Instruments and Services | 6.02 | 3.39 | 1.14 | | Petroleum Analysis Instruments | 0.14 | -0.96 | 0.57 | | By Region | | | | | Domestic | -2.53 | -1.33 | -0.84 | | Overseas | 109.71 | 101.21 | 2.17 | Analysis of Non-Core Business Non-core operations impacted total profit, with investment income and government grants being sustainable, while asset impairment from credit loss provisions was non-recurring H1 2025 Non-Core Business Analysis | Item | Amount (RMB) | Share of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 391,790.52 | 0.84 | Wealth management income | Yes | | Asset Impairment | -4,150,427.26 | -8.93 | Credit impairment provisions made in the current period | No | | Non-Operating Income | 677,936.60 | 1.46 | Government grants recognized as non-operating income | Yes | | Other Income | 3,771,586.33 | 8.11 | Government grants recognized as other income | Yes | Analysis of Assets and Liabilities Total assets slightly decreased, while net assets attributable to shareholders increased, with changes in receivables, cash, inventory, and contract liabilities H1 2025 Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | Share of Total Assets (%) | Prior Year-End Amount (RMB) | Share of Total Assets (%) | Weight Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 282,921,894.46 | 15.14 | 310,237,277.95 | 16.38 | -1.24 | | Accounts Receivable | 516,794,988.78 | 27.66 | 492,661,419.45 | 26.02 | 1.64 | | Inventory | 448,143,309.53 | 23.99 | 455,014,445.92 | 24.03 | -0.04 | | Trading Financial Assets | 36,787,986.57 | 1.97 | 18,084,348.57 | 0.96 | 1.01 | | Contract Liabilities | 33,790,198.04 | 1.81 | 63,847,348.85 | 3.37 | -1.56 | H1 2025 Asset Rights Restriction Status | Item | Period-End Amount (RMB) | Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 35,515,027.05 | 35,515,027.05 | Restricted use | Bills, guarantees, bid bonds | | Fixed Assets | 27,333,172.12 | 18,251,667.03 | Restricted use | Mortgage | | Intangible Assets | 10,305,000.00 | 8,948,175.00 | Restricted use | Mortgage | | Investment Properties | 37,698,744.81 | 33,166,989.66 | Restricted use | Mortgage | | Total | 110,851,943.98 | 95,881,858.74 | | | Analysis of Investment Status Total investment increased by 110.81% due to higher wealth management investments, with no significant equity, non-equity, securities, or derivative investments H1 2025 Investment Amount Changes | Indicator | Investment Amount in Reporting Period (RMB) | Investment Amount in Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 7,800,000.00 | 3,700,000.00 | 110.81 | - The company reported no securities investment, derivative investment, or use of raised funds during the reporting period[59][60][61] Significant Asset and Equity Disposals During the reporting period, the company did not engage in any significant asset or equity disposals - The company reported no significant asset disposals during the reporting period[62] - The company reported no significant equity disposals during the reporting period[63] Analysis of Major Holding and Participating Companies The company's key subsidiaries, including Shanghai Shenkai Petroleum Equipment and Hangzhou Fenghe Petroleum, significantly contribute to net profit through R&D, manufacturing, and services in oilfield equipment and instruments H1 2025 Financial Data of Major Holding and Participating Companies | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Shenkai Petroleum Equipment Co Ltd | Subsidiary | R&D, production, and sales of oilfield measurement and control equipment, oil drilling well control equipment, oil production wellhead equipment, etc. Main products include integrated logging units, drilling instruments, MWD instruments, BOPs and BOP control devices, Christmas trees, kill and choke manifolds, etc. | 337,390,000.00 | 720,191,719.11 | 431,548,784.79 | 204,401,784.12 | 29,840,381.34 | 30,315,773.73 | | Shanghai Shenkai Petroleum Technology Co Ltd | Subsidiary | R&D, production, and sales of petroleum exploration instruments and accessories. Main products include integrated logging units, drilling instruments, and provision of engineering technical services such as integrated logging and directional drilling. | 113,000,000.00 | 392,825,746.87 | 195,475,198.32 | 114,689,262.07 | 13,629,547.52 | 12,478,288.73 | | Hangzhou Fenghe Petroleum Technology Co Ltd | Subsidiary | Manufacturing, processing: petroleum logging instruments (excluding metering). Services: technical development, technical services, technical consulting, technology transfer for petroleum logging technology, instrument and equipment leasing (excluding disassembly and assembly): wholesale, retail: petroleum logging instruments and accessories: import and export of goods, import and export of technology | 60,000,000.00 | 365,633,620.30 | 201,531,036.29 | 75,695,337.30 | 12,148,544.43 | 11,563,268.54 | - During the reporting period, the company did not acquire or dispose of any subsidiaries[66] Information on Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - The company reported no controlled structured entities during the reporting period[66] Company Risks and Countermeasures The company faces industry cyclicality, exchange rate, and force majeure risks, which it manages through market monitoring, hedging tools, and risk awareness - The company's oil equipment manufacturing and oilfield services industry is highly dependent on oil and gas exploration and development expenditures, facing cyclical industry risks due to oil and gas price fluctuations and economic cycles[66] - As the proportion of overseas business revenue increases, the company faces exchange rate risks from RMB fluctuations, actively managing them by regularly tracking market and policies and utilizing exchange rate management tools[67] - With a wide customer base, the company may face force majeure risks such as geopolitical events, natural disasters, military conflicts, and trade frictions; it will strengthen risk awareness and use hedging tools like Sinosure and bank guarantees[68] Implementation of Market Value Management System and Valuation Enhancement Plan The company has implemented a market value management system to protect investor interests but has not disclosed a valuation enhancement plan - The company has formulated and disclosed its 'Market Value Management System' on April 26, 2025[69] - The company has not disclosed a valuation enhancement plan[69] Implementation of 'Quality and Return Dual Enhancement' Action Plan The company actively implemented its 'Quality and Return Dual Enhancement' plan, achieving revenue and profit growth, increasing R&D, strategically acquiring Blue Ocean Smart, and distributing cash dividends - The company disclosed its 'Quality and Return Dual Enhancement' action plan, with key measures including strengthening core businesses, driving technological innovation, implementing strategic investment plans, prioritizing investors, conducting share buybacks, ensuring compliant operations, and improving information disclosure[71] - During the reporting period, the company actively implemented the action plan, achieving dual growth in main business revenue and profit, and continuously advancing in 'deep earth engineering', 'marine equipment', 'smart well sites', and 'scientific instruments'[72] - The company strategically acquired Blue Ocean Smart, building a smart well site solution centered on 'logging, testing, MWD, drilling + AI hub', and implemented a cash dividend of RMB 18.1245 million for 2024[72] [Corporate Governance, Environment, and Society](index=18&type=section&id=