COOEC(SH:600583)2025-10-24 09:50Financial Performance - The company's operating revenue for Q3 2025 was CNY 634,346.85 million, a decrease of 9.34% compared to the same period last year[2]. - The total profit for the period was CNY 59,636.76 million, down 2.40% year-on-year[2]. - The net profit attributable to shareholders was CNY 50,660.87 million, reflecting a decline of 7.55% compared to the previous year[2]. - The basic earnings per share for the quarter was CNY 0.11, down 8.33% year-on-year[3]. - The net profit for the first three quarters of 2025 is CNY 164,945.11 million, a decrease of 6.4% compared to CNY 176,221.32 million in the same period of 2024[24]. - The total profit for the first three quarters of 2025 is CNY 190,368.16 million, down from CNY 202,701.73 million in 2024, reflecting a decline of 6.1%[24]. - Operating profit for the first three quarters of 2025 is CNY 187,839.11 million, compared to CNY 200,169.45 million in 2024, indicating a decrease of 6.1%[24]. - The company reported a tax expense of CNY 25,423.05 million for the first three quarters of 2025, compared to CNY 26,480.41 million in 2024[24]. - The total comprehensive income for the first three quarters of 2025 is CNY 165,635.38 million, down from CNY 176,475.04 million in 2024, reflecting a decrease of 6.4%[24]. Cash Flow and Assets - The net cash flow from operating activities decreased by 40.66% in the current period, totaling CNY 29,592.28 million[7]. - Cash flow from operating activities for the first three quarters of 2025 is CNY 252,896.62 million, down 35.8% from CNY 394,441.61 million in 2024[27]. - Cash and cash equivalents as of September 30, 2025, were CNY 731,962.03 million, an increase of 20.6% from CNY 606,704.22 million at the end of 2024[19]. - The cash and cash equivalents at the end of the third quarter of 2025 amount to CNY 506,926.28 million, a decrease from CNY 627,464.42 million at the end of the same period in 2024[28]. - Total current assets reached CNY 3,003,817.03 million, a rise of 3.5% compared to CNY 2,901,965.23 million at the end of 2024[20]. - Total liabilities decreased to CNY 1,884,212.52 million as of September 30, 2025, down from CNY 1,995,570.48 million at the end of 2024, a reduction of 5.6%[21]. - Total assets amounted to CNY 4,788,250.10 million, slightly down from CNY 4,823,088.27 million at the end of 2024[22]. Market and Business Development - The company achieved a market contract amount of 37.24 billion RMB in the first three quarters, representing a year-on-year increase of 124.85%[12]. - The overseas business reached 29.34 billion RMB, marking a historical high, with significant contracts including approximately 4 billion USD for the Qatar Bul Hanine EPIC project[12]. - The total order backlog at the end of the reporting period was approximately 59.5 billion RMB, providing strong support for the company's healthy development[12]. - The company completed 75 large-scale engineering projects in the first three quarters, with 22 projects finished[13]. - The steel processing volume for construction business was 257,400 tons, a year-on-year decrease of 27.70%[13]. - The company is focusing on expanding its market presence and enhancing its product offerings through new technologies and strategies[17]. Research and Development - Research and development expenses increased to CNY 78,252.83 million in 2025, up from CNY 64,176.24 million in 2024, reflecting a growth of 22%[23]. - The company has made significant advancements in intelligent welding equipment for marine engineering, marking a key technological breakthrough[17]. Recognition and Achievements - The company was awarded the "Benchmark Enterprise" honor at the 2025 Carbon Peak and Carbon Neutrality Development Conference[15]. - The first set of ultra-deepwater wedge-type subsea pipeline emergency recovery devices was successfully applied, marking a significant breakthrough in marine oil and gas emergency equipment manufacturing[16]. - The Tianjin intelligent manufacturing base, as the first "smart factory" for marine oil and gas equipment manufacturing, passed customs clearance acceptance[16]. - The company has successfully achieved full localization of auxiliary devices for the Huizhou 25-8 oilfield platform, breaking the foreign monopoly on such equipment[16]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 78,886[8]. - The largest shareholder, China National Offshore Oil Corporation, holds 55.39% of the shares[9]. Overall Financial Summary - Total operating revenue for the first three quarters of 2025 was CNY 1,766,113.60 million, a decrease of 13.5% compared to CNY 2,042,601.30 million in the same period of 2024[23]. - Total operating costs for the first three quarters of 2025 were CNY 1,610,926.32 million, down 14.9% from CNY 1,893,482.50 million in 2024[23]. - The company’s cash flow remains abundant, and its capital structure is stable despite a decrease in revenue due to workload impacts[11].