CNOOC EnerTech(SH:600968)2021-04-19 16:00Financial Performance - The company achieved an operating revenue of 33.208 billion yuan in 2020, which remained basically flat year-on-year[2]. - Net profit for the year was 1.602 billion yuan, representing a year-on-year increase of 22.99%[2]. - The company's operating revenue for 2020 was approximately ¥33.21 billion, a decrease of 0.76% compared to ¥33.46 billion in 2019[21]. - Net profit attributable to shareholders for 2020 was approximately ¥1.52 billion, representing a 23.40% increase from ¥1.23 billion in 2019[21]. - The net cash flow from operating activities increased by 41.33% to approximately ¥4.14 billion in 2020, up from ¥2.93 billion in 2019[21]. - The total assets at the end of 2020 were approximately ¥32.58 billion, a 9.68% increase from ¥29.70 billion at the end of 2019[21]. - The net profit after deducting non-recurring gains and losses was approximately ¥1.30 billion, reflecting a 27.82% increase from ¥1.02 billion in 2019[21]. - Basic earnings per share for 2020 was CNY 0.1497, an increase of 12.05% compared to CNY 0.1336 in 2019[22]. - Diluted earnings per share for 2020 was also CNY 0.1497, reflecting the same percentage increase of 12.05% from the previous year[22]. - The profit margin for 2020 improved by 0.91 percentage points to 13.08%[56]. Dividend Policy - The proposed cash dividend is 0.45 yuan per 10 shares, totaling approximately 457 million yuan, which accounts for 30.06% of the net profit attributable to shareholders[5]. - The cash dividend per 10 shares for 2020 was set at 0.4500 RMB, representing 30.06% of the net profit attributable to ordinary shareholders[88]. - The company maintained a consistent dividend policy over the past three years, with cash dividends of 0.3700 RMB in 2019 and 0.3885 RMB in 2018[88]. - The board of directors is required to complete the distribution of dividends within two months after the shareholders' meeting[88]. - The company has a structured process for profit distribution, requiring independent directors to provide clear opinions on cash dividend proposals[87]. - The company emphasizes communication with minority shareholders regarding dividend proposals, ensuring their opinions are considered[87]. Strategic Initiatives - The company focused on enhancing technical service capabilities and innovating business models to address challenges posed by the COVID-19 pandemic and declining oil prices[2]. - The company plans to establish a clean energy subsidiary and explore new growth drivers in offshore wind power and distributed energy sectors[2]. - The company aims to enhance its core competitiveness and promote the development of the new energy industry as part of its "14th Five-Year Plan" strategy[2]. - The company is engaged in a seven-year action plan to strengthen domestic exploration and development from 2019 to 2025[12]. - The company is involved in the "Science and Technology Reform Demonstration Action" to enhance independent innovation capabilities[12]. - The company continues to focus on market expansion and technological innovation as part of its strategic initiatives[12]. - The company is actively developing new energy industries, particularly offshore wind power, as part of its strategic expansion[52]. Research and Development - Significant progress was made in core technology research, including the development of intelligent injection technology and new thermal recovery techniques for heavy oil[2]. - The company holds 1,630 authorized patents and has established 37 enterprise technology centers, showcasing its strong R&D and innovation capabilities[37]. - Research and development expenses increased by 6.26% to RMB 855.29 million, reflecting a commitment to innovation[53]. - The company is focused on expanding its core business segments, including energy technology services and FPSO production technology services, to enhance operational efficiency[30]. - The company is investing in research and development, with a budget increase of 10% to support new technology initiatives[175]. Environmental and Social Responsibility - The company has established a "carbon peak and carbon neutrality" working group to explore the path of collaborative development between traditional and clean energy[84]. - The company has actively engaged in social responsibility initiatives, particularly in poverty alleviation efforts in Gansu Province[128]. - The company reported a total hazardous waste disposal of 1.40 tons for HW06, 59.07 tons for HW08, 558.71 tons for HW09, 7.25 tons for HW34, and 70.12 tons for HW49[135]. - The company executed a total of 4,204.00 cubic meters of domestic sewage discharge and 355.07 cubic meters of oily wastewater disposal[136]. - The company has implemented strict pollution discharge standards, including the GB4914-2008 for offshore facilities and the DB12/356-2018 for wastewater[136]. Market Position and Competition - The company is focused on expanding its market presence and enhancing its operational capabilities through strategic appointments and management restructuring[174]. - The market for oil and gas services is becoming increasingly competitive with the entry of private and foreign companies, leading to a more open market environment[79]. - The company is actively developing new technologies and products, with a focus on integrated and intelligent solutions in water treatment and environmental services[49]. - The company aims to enhance its digital transformation strategy, allocating 500 million RMB for digital infrastructure upgrades[175]. Financial Management - The company reported a significant reduction in financial expenses by 50.01% to RMB 98.25 million, contributing to overall profitability[53]. - The company has a stable profit distribution policy, aiming for a minimum cash dividend of 10% of the net profit attributable to shareholders each year[86]. - The company has provided debt guarantees of ¥100,000.00 for subsidiaries with a debt-to-asset ratio exceeding 70%[122]. - The company has entrusted a total of ¥1,524,000,000 in financial management, with no overdue amounts reported[123][124]. Governance and Compliance - The company has established a long-term mechanism to prevent the controlling shareholder from occupying the company's funds and assets[189]. - The company strictly adheres to information disclosure obligations, ensuring transparency and fairness in its operations[189]. - The internal control audit report for 2020 received a standard unqualified opinion[199]. - The company has not faced any risks of suspension from listing during the reporting period[107]. Human Resources - The number of employees in the parent company is 6,093, while the total number of employees in major subsidiaries is 9,024, resulting in a combined total of 15,117 employees[184]. - The company invested a total of 35.119 million yuan in training in 2020, with an average training cost of 2,323.14 yuan per employee and a total of 86,663 training sessions conducted[186]. - The company has implemented a comprehensive compensation and benefits system, including corporate annuities and supplementary medical insurance[185].