COOEC(SH:600583)2021-03-22 16:00Financial Performance - The company's operating revenue for 2020 was approximately CNY 17.86 billion, an increase of 21.43% compared to CNY 14.71 billion in 2019[13]. - The net profit attributable to shareholders for 2020 was CNY 363.30 million, a significant increase of 1,200.90% from CNY 27.93 million in 2019[13]. - The net cash flow from operating activities was CNY 2.02 billion, compared to a negative cash flow of CNY 74.81 million in 2019[13]. - The total assets at the end of 2020 were CNY 33.28 billion, reflecting a 4.47% increase from CNY 31.86 billion at the end of 2019[13]. - The basic earnings per share for 2020 were CNY 0.08, a 700% increase from CNY 0.01 in 2019[14]. - The weighted average return on net assets for 2020 was 1.61%, an increase of 1.49 percentage points from 0.12% in 2019[14]. - The company achieved an operating revenue of 17.863 billion yuan, a year-on-year increase of 21%[32]. - The net profit attributable to shareholders was 363 million yuan, showing significant improvement compared to the previous year[32]. - The company reported a net cash flow from operating activities of 2.02 billion RMB, a substantial recovery from a negative cash flow of 74.81 million RMB in the previous year[50]. - Operating costs amounted to 16.02 billion RMB, reflecting a year-on-year increase of 23.99% due to higher workload and increased costs from expedited project schedules impacted by the pandemic[50]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.70 per 10 shares, totaling approximately CNY 309 million, which represents 85.19% of the net profit for the year[3]. - The company maintained a "zero" target for COVID-19 cases among its employees, ensuring smooth production operations[33]. - The company proposed a cash dividend of 30,949.48 million RMB for the year 2020, which represents 85.19% of the net profit attributable to ordinary shareholders[107]. - The company has a commitment from its controlling shareholder to not engage in competing businesses, effective since August 15, 2001[110]. - The company maintains a stable cash dividend policy, distributing at least 10% of the net profit attributable to shareholders as dividends, ensuring a return to investors while supporting sustainable development[104]. Project and Operational Highlights - The company completed 51 projects in total, including 32 offshore oil and gas engineering projects, marking a record high in construction volume[36]. - The construction of the Lingshui 17-2 deepwater project was completed ahead of schedule, with a total weight of 53,000 tons for the oil storage platform[35]. - The company successfully completed 10 projects under the "10+1" initiative ahead of schedule, contributing significantly to China's offshore oil and gas production increase[34]. - The company has established a comprehensive marine engineering manufacturing base of over 1.2 million square meters in Qingdao and is expanding its facilities in Tianjin and Zhuhai[20]. - The company has made significant progress in the construction of LNG projects, with the Zhejiang Ningbo LNG receiving station project completed at 100%[37]. Market Position and Strategy - The company is the only large-scale marine oil and gas engineering contractor in China, holding a significant market position and brand advantage in the domestic industry[24]. - The company is focusing on transitioning to green low-carbon and high-value-added products, including LNG and underwater engineering, to enhance its core competitiveness[20]. - The company is actively expanding its business into new marine engineering sectors, leveraging innovation to enhance its technological capabilities in FPSO and deepwater projects[28]. - The company is positioned to benefit from the ongoing energy exploration and development efforts in China, with a target to exceed 80 million tons of oil and gas production by 2025[83]. - The company continues to strengthen its market position in domestic oil and gas engineering projects, including significant projects in the South China Sea[41]. Investment and R&D - The company’s investment in construction projects increased by 204.68% year-on-year, reaching CNY 2.044 billion, primarily due to the upgrade of the "Marine Oil 291 Vessel"[23]. - R&D investment totaled CNY 0.98 billion, representing 5.50% of operating revenue, an increase of CNY 0.10 billion from the previous year[58]. - The company has conducted 83 major research projects, including 7 national key projects, leading to over 100 research outcomes[59]. - The company is focusing on deepwater technology development, achieving breakthroughs in various deepwater engineering technologies[46]. Risk Management and Compliance - The company emphasizes the importance of risk management in overseas project operations and cost control measures[198]. - The company has implemented emergency response plans for environmental incidents, including specific plans for toxic substance leaks and oil spills at the dock[149]. - The company has acknowledged currency fluctuation risks as it expands its overseas business and plans to incorporate currency risk management into its cost control measures[100]. - The company has established a comprehensive internal control management system to ensure effective operations both domestically and internationally[189]. Environmental and Social Responsibility - The company reported a total of 153.04 million RMB invested in social responsibility activities, including poverty alleviation and educational support[137]. - The company has implemented various energy-saving and emission-reduction projects, achieving positive results in green development[145]. - The company has engaged in volunteer activities, raising 57,000 RMB and donating over 2,000 pieces of pandemic prevention supplies[138]. - The company has established a 3.5 million RMB fund to support charitable activities, contributing 105,000 RMB in 2020[138]. Governance and Management - The company has established a comprehensive governance framework in compliance with relevant laws and regulations[183]. - The board of directors consists of 7 members, including 3 independent directors, meeting the legal requirement of having more than one-third independent directors[185]. - The company appointed its first female director, reflecting a commitment to improving board diversity and governance[186]. - The total remuneration for all directors, supervisors, and senior management was 7.974 million RMB[174]. - The company has implemented a performance-based salary system to attract and retain talent[180].