COOEC(SH:600583)2023-08-20 16:00Financial Performance - The company's operating revenue for the first half of 2023 reached CNY 1,444,181.94 million, representing a 23.08% increase compared to the same period last year[16]. - The net profit attributable to shareholders of the listed company was CNY 98,331.36 million, a significant increase of 103.81% year-on-year[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 78,097.16 million, reflecting a 121.39% increase compared to the previous year[16]. - The net cash flow from operating activities amounted to CNY 290,894.74 million, showing a 5.93% increase from the previous year[16]. - Basic earnings per share increased by 100% to CNY 0.22 compared to CNY 0.11 in the same period last year[17]. - Diluted earnings per share also rose by 100% to CNY 0.22 from CNY 0.11 year-on-year[17]. - The weighted average return on equity increased by 1.92 percentage points to 4.05% from 2.13% in the previous year[17]. - The company achieved operating revenue of 14.442 billion yuan, a year-on-year increase of 23.08%, and a net profit attributable to shareholders of 983 million yuan, up 103.81%[34]. Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 4,354,092.30 million, up 2.12% from the end of the previous year[16]. - The net assets attributable to shareholders of the listed company increased to CNY 2,420,018.99 million, marking a 2.10% rise compared to the previous year[16]. - The company's total liabilities reached CNY 1,733,307.64 million, compared to CNY 1,695,749.29 million, reflecting an increase of 2.2%[140]. - The total equity attributable to shareholders increased to CNY 2,420,018.99 million, up from CNY 2,370,187.89 million, marking a growth of 2.1%[140]. Operational Highlights - The company successfully secured the Saudi Aramco LTA CRPO 122 project, marking a significant step in transitioning from an international subcontractor to a general contractor[24]. - The first deep-sea floating wind power platform in China, "Haiyou Guolan," was successfully constructed and installed, representing a breakthrough in clean energy development[24]. - The first phase of the Tangshan LNG receiving station, capable of handling 10 million tons, was completed, setting a new record for total contracting in China[24]. - The company delivered the Shell LNG project in North America, reinforcing its position in the high-end modular construction sector[24]. - The company has developed a comprehensive EPCI contracting capability, distinguishing itself from most domestic and international offshore oil and gas engineering firms, which is fundamental for international competition[25]. Research and Development - The company completed 108 research projects focused on deepwater floating bodies, underwater systems, and new energy, achieving key breakthroughs in core technologies[41]. - R&D expenses surged to RMB 55.79 million, a 141.63% increase from RMB 23.09 million, reflecting the company's commitment to innovation[43]. - Research and development expenses for the first half of 2023 were CNY 55,792.86 million, a substantial increase of 141.5% compared to CNY 23,090.13 million in the same period of 2022[145]. Environmental and Safety Performance - The company’s safety performance continued to improve, with a lost time incident rate of 0.0043, a 13% decrease year-on-year[39]. - The Tianjin manufacturing base reported a wastewater discharge of 49,500 m³, with a total COD discharge of 13.74 tons and an average COD concentration of 347 mg/L, meeting the local discharge standards[77]. - The total emissions of particulate matter were 7.35 tons, with VOCs emissions at 4.52 tons, all below the regulatory limits[77]. - The company has not experienced any environmental pollution incidents or received administrative penalties during the reporting period[79]. Strategic Initiatives - The company is actively expanding its business into FPSO and LNG engineering, continuously improving its comprehensive competitiveness in the offshore engineering sector[25]. - The company is focusing on expanding its capabilities in deep-water projects, which require higher technical and management standards[64]. - The company is committed to transitioning from traditional engineering to high-end services and from fossil energy to green energy, enhancing its resilience against risks[68]. - The company has signed a cooperation agreement with Shell (China) to explore low-carbon development paths for its intelligent manufacturing base, focusing on energy structure transformation and data governance[97]. Related Party Transactions - The company engaged in related party transactions with China National Offshore Oil Corporation, with a total amount of 86,111.68 million RMB, representing 6.80% of similar transaction amounts[104]. - The company’s related party transactions primarily involve procurement and service agreements with its subsidiaries[104][105]. Shareholder Structure - As of June 30, 2023, the total current assets amounted to CNY 2,680,592.41 million, an increase of 4.8% from CNY 2,558,343.15 million at the end of 2022[138]. - The largest shareholder, China National Offshore Oil Corporation, holding 48.36% of the shares[130]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest three shareholders accounting for over 62% of total shares[132]. Financial Management - The company has a total deposit balance of 93,280.53 million RMB with CNOOC Finance Co., Ltd., with a deposit interest rate range of 0.35%-1.55%[108][109]. - The company reported a fixed income yield of 3.99% for large deposits from Industrial and Commercial Bank of China, with a total amount of 10,000 million as of December 31, 2020[125]. - The company has a floating income yield of 3.50% for structured deposits from Industrial and Commercial Bank of China, totaling 40,000 million, maturing on January 10, 2023[126]. Future Outlook - The company has provided a positive outlook for the second half of 2023, projecting a revenue growth of 25%[184]. - New product launches are expected to contribute an additional 300 million RMB in revenue by the end of 2023[184]. - The company plans to implement cost-cutting measures aimed at reducing operational expenses by 15% over the next year[184].