2021-08-25 16:00Financial Performance - The company reported a total revenue of RMB 10.5 billion for the first half of 2021, representing a year-on-year increase of 15%[2]. - The net profit attributable to shareholders for the first half of 2021 was RMB 1.2 billion, up 20% compared to the same period last year[2]. - The company's operating revenue for the reporting period was RMB 31,570,061 thousand, a slight increase of 0.4% compared to the same period last year[11]. - The net profit attributable to shareholders was RMB 368,558 thousand, representing a significant increase of 23.6% year-on-year[11]. - The net cash flow from operating activities reached RMB 358,861 thousand, up 27.6% from the previous year[11]. - The total new contract amount signed reached RMB 437.9 billion, a year-on-year growth of 1.9%[19]. - The drilling services segment generated revenue of RMB 15,712,885 thousand, a decrease of 7.1% from RMB 16,917,552 thousand in the previous year[21]. - The engineering construction services segment achieved revenue of RMB 7,868,764 thousand, reflecting a 15.8% increase from RMB 6,792,317 thousand year-on-year[24]. - The international business revenue was RMB 4,356,273 thousand, down 29.7% from RMB 6,195,560 thousand in the same period last year, accounting for 14.0% of total revenue[25]. Strategic Initiatives - The company plans to invest RMB 500 million in new technology development and product innovation in the upcoming fiscal year[2]. - The company is exploring potential mergers and acquisitions to enhance its market position and service capabilities[2]. - The company has established a strategic partnership with a leading energy firm to expand its market presence in Southeast Asia[2]. - The company aims to expand its services from onshore to offshore and from domestic to international markets, focusing on both conventional and unconventional oil and gas services[15]. - The company is focusing on enhancing exploration and development capabilities while optimizing market layout and resource allocation[40]. - The company is committed to its internationalization strategy, focusing on contract renewals in key markets like Saudi Arabia and Kuwait, and aims to restart operations in Mexico[46]. Operational Efficiency - The company has successfully launched a new carbon capture technology, which is expected to reduce operational costs by 15%[2]. - The company has implemented a new employee incentive program aimed at increasing productivity by 30% over the next year[2]. - The average utilization rate of domestic drilling teams was 83.6%, an increase of 3.6 percentage points year-on-year[21]. - The company completed 16 wells with a total drilling footage of 8,171 meters as part of its key technology projects[26]. - The company is implementing internal reforms to optimize resource allocation and improve operational efficiency, including project management system enhancements[48]. Financial Position - The total assets at the end of the reporting period were RMB 63,979,713 thousand, reflecting a growth of 4.7% compared to the end of the previous year[14]. - The company's total liabilities included short-term borrowings of RMB 19,856,969 thousand, accounting for 31.0% of total assets[31]. - The company's equity attributable to shareholders was RMB 7.42 billion, an increase of RMB 694.26 million compared to the end of 2020[56]. - The company's total liabilities reached RMB 56.56 billion, reflecting an increase of RMB 2.19 billion from the previous year, with current liabilities accounting for RMB 54.83 billion[56]. - The company's cash and cash equivalents decreased by 3.2% to RMB 1,502,164 thousand from RMB 1,551,458 thousand at the end of the previous period[31]. Research and Development - The company applied for 369 domestic and international patents, with 315 patents granted during the first half of 2021[26]. - The company's research and development expenses decreased by 43.7% to RMB 349,034 thousand, down from RMB 619,803 thousand in the previous year[29]. - The company is focusing on technological research and development, particularly in areas such as shale gas and carbon capture, to enhance its service capabilities[47]. Environmental and Social Responsibility - The company reported a total of 92.1 million tons of general solid waste and 9.3 million tons of hazardous waste disposed of in compliance with regulations in the first half of 2021[77]. - The company achieved a 3.9% year-on-year reduction in comprehensive energy consumption per 10,000 yuan of industrial output, amounting to 0.223 tons of standard coal[77]. - The company has established an environmental emergency management system and regularly conducts training and drills for emergency response[78]. - The company has actively promoted the creation of green projects, with 585 teams passing the green grassroots creation evaluation in the first half of 2021[77]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[76]. Shareholder and Governance - The total number of shareholders as of June 30, 2021, is 116,013, with 115,676 holding A-shares and 337 holding H-shares[98]. - The company has no significant contracts to disclose other than those already mentioned in the report[93]. - The company confirmed that all related party transactions were conducted on normal commercial terms and in compliance with regulatory requirements[87]. - The company appointed Lixin Certified Public Accountants as its domestic and overseas auditors for the fiscal year 2021[81]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[109]. Risk Management - The company faces various risks, including market competition, health and safety, and foreign operational risks, which could impact its business performance[51][52][53]. - The company recognizes provisions for expected liabilities when there is a present obligation that is likely to result in an outflow of economic benefits and can be reliably measured[182]. Accounting and Financial Reporting - The company's financial report is prepared in accordance with Chinese accounting standards, with the balance sheet as of June 30, 2021, presented in thousands of RMB[110]. - The company recognizes revenue when control of goods or services is transferred to the customer, indicating the customer can dominate the use and obtain almost all economic benefits[187]. - The company employs a fair value measurement for share-based payments, recognizing costs based on the fair value of equity instruments granted[184]. - The company recognizes contract liabilities for obligations to transfer goods or services for which it has received or is entitled to receive consideration from customers[176].