COOEC(SH:600583)2020-10-29 16:00Financial Performance - Operating revenue for the first nine months was ¥1,186,968.55 million, representing a year-on-year increase of 47.18%[5] - Net profit attributable to shareholders was ¥7,960.68 million, a significant recovery from a loss of ¥63,515.48 million in the same period last year[5] - The company reported a basic earnings per share of ¥0.02, recovering from a loss of ¥0.14 per share in the same period last year[5] - In Q3 2020, the company achieved revenue of RMB 5.383 billion and a net profit attributable to shareholders of RMB 323 million[11] - The company reported a total comprehensive income of ¥38,398.51 million for Q3 2020, compared to ¥8,091.81 million in Q3 2019[32] - The company achieved a total profit of ¥38,892.53 million in Q3 2020, compared to ¥10,404.90 million in Q3 2019, marking an increase of 273.5%[31] - The net profit for Q3 2020 was CNY 29,121.61 million, compared to CNY 14,157.52 million in Q3 2019, representing an increase of 105.5%[35] Cash Flow - The net cash flow from operating activities for the first nine months was ¥116,640.04 million, a substantial improvement from a negative cash flow of ¥1,571.31 million in the previous year[5] - The net cash flow from operating activities for Q3 2020 was ¥48,915.97 million, a significant improvement compared to a net outflow of ¥30,309.00 million in Q3 2019[40] - The company reported a net cash outflow from investing activities of CNY 132,992.80 million for the first three quarters of 2020, compared to a net inflow of CNY 25,204.56 million in the same period last year[38] - The cash flow from financing activities generated a net inflow of ¥102,191.02 million, compared to a net outflow of ¥22,155.56 million in Q3 2019[40] Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,303,800.28 million, an increase of 3.71% compared to the end of the previous year[5] - Total liabilities increased to RMB 1,048,399.97 million from RMB 918,370.71 million, marking a rise of approximately 14.2%[27] - The total current liabilities rose to RMB 963,288.93 million from RMB 849,014.31 million, indicating an increase of about 13.4%[27] - The company’s cash and cash equivalents decreased to RMB 167,939.61 million from RMB 173,220.47 million, a decline of approximately 3.5%[26] - The company reported a significant increase in accounts payable, rising to RMB 741,225.05 million from RMB 686,293.85 million, an increase of approximately 8.0%[27] Shareholder Information - The total number of shareholders at the end of the reporting period was 107,918[7] - The largest shareholder, China National Offshore Oil Corporation, holds 48.36% of the shares, totaling 2,138,328,954 shares[9] Research and Development - Research and development expenses increased by 96.23% year-on-year to RMB 54.55 million, reflecting the company's commitment to innovation[16] - Research and development expenses for Q3 2020 amounted to ¥19,740.20 million, an increase from ¥16,269.06 million in Q3 2019[30] - The company expects no significant increase in total annual R&D expenses compared to the previous year despite the substantial growth in the first three quarters[17] Operational Highlights - The company completed 134 kilometers of subsea pipeline laying and processed 70,000 structural tons of steel during the reporting period, with offshore operations increasing to 5,000 vessel days compared to the same period last year[11] - The company signed new contracts worth RMB 1.7 billion in Q3, bringing the total for the first three quarters to RMB 20.6 billion, a 13% increase from RMB 18.3 billion in the same period last year[14] - The company has a backlog of uncompleted orders totaling RMB 31.7 billion, providing strong support for future development[14] - The "10+1" key engineering projects saw significant progress, with 9 out of 10 projects mechanically completed by the end of the reporting period, and 8 projects were put into production ahead of schedule[11] Challenges and Risks - The company is facing a projected revenue impact of approximately RMB 1.3 billion due to delays in the Marjan oilfield project caused by the COVID-19 pandemic[15] - Operating costs for the first three quarters amounted to 10.936 billion RMB, a year-on-year increase of 38%, primarily due to increased workload and pandemic-related expenses[17] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability in the upcoming quarters[36]