2021-03-24 16:00Financial Performance - The company achieved a net profit of RMB 2,718,315,604 for the year 2020, with a net profit attributable to shareholders of RMB 2,703,186,710[4]. - The company's operating revenue for 2020 was RMB 28,959.2 million, a decrease of 7.0% compared to RMB 31,135.1 million in 2019[20]. - The net profit attributable to shareholders for 2020 was RMB 2,703.2 million, representing an increase of 8.0% from RMB 2,502.2 million in 2019[20]. - The net cash flow from operating activities for 2020 was RMB 7,545.2 million, an increase of 8.3% compared to RMB 6,968.3 million in 2019[20]. - The company's total assets at the end of 2020 were RMB 75,942.3 million, a slight decrease of 0.2% from RMB 76,101.8 million at the end of 2019[20]. - The basic earnings per share for 2020 was RMB 0.57, an increase of 9.62% from RMB 0.52 in 2019[21]. - The weighted average return on equity for 2020 was 7.20%, an increase of 0.17 percentage points from 7.03% in 2019[21]. - The company reported a total of RMB 391.1 million in non-recurring gains and losses for 2020, compared to RMB 355.4 million in 2019[25]. - The company’s total revenue for 2020 was RMB 28,959.2 million, reflecting a year-on-year decrease of 7.0%[58]. - Net profit for 2020 was RMB 2,718.3 million, an increase of RMB 190.3 million compared to the previous year[58]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.17 per share, totaling RMB 811,170,640, based on a total share capital of 4,771,592,000 shares[4]. - In 2020, the company distributed a cash dividend of 1.70 RMB per 10 shares, amounting to 811.17 million RMB, which represents 30.01% of the net profit attributable to ordinary shareholders[90]. - The company is committed to maintaining a minimum annual dividend payout of 20% of its net profit, subject to board approval[89]. Risk Management - Major risks include market competition risks due to the incomplete recovery of the international oil and gas industry and health, safety, and environmental risks specific to offshore oilfield services[7]. - The company has implemented a risk emergency mechanism to enhance its risk resistance capabilities and improve governance efficiency[35]. - The company is focusing on risk management, including market competition, health and safety, and foreign exchange risks[85][86]. - The company has established a comprehensive risk management system to identify and respond to potential risks in its operations[87]. Operational Highlights - The company operates in various sectors including drilling services, oilfield technical services, and marine services, with a presence in regions such as Asia-Pacific, the Middle East, and Europe[27]. - The company has over 50 years of offshore operation experience and a complete service chain, enhancing its competitive edge in the oilfield services sector[31]. - The company aims to accelerate the transition to green and low-carbon equipment, responding to the dual challenges of the pandemic and low oil prices[34]. - The company has established a mature global service network and maintained stable relationships with major international and national oil companies, effectively expanding its international market presence[32]. Research and Development - The company obtained 84 authorized patents in 2020, including 38 invention patents[41]. - The company has implemented cost control measures, resulting in a gross margin increase despite a challenging market environment[62]. - Research and development expenses totaled RMB 1,311.8 million, accounting for 4.5% of total revenue, with 1,689 R&D personnel, representing 11.6% of the total workforce[67]. - The company achieved breakthroughs in several core technologies, including a self-developed rotary steering drilling and measurement system with a cumulative drilling footage exceeding 520,000 meters[69]. Corporate Governance - The company has maintained a long-term commitment to quality management in compliance with national regulations since its initial public offering[92]. - The company has not experienced any significant changes in accounting estimates during the reporting period[93]. - The company has engaged Deloitte as its domestic and overseas auditor for the 2020 fiscal year, with an audit period of 7 years[95]. - The company has established a comprehensive internal control system covering 14 major areas to ensure compliance and effectiveness, with no significant deficiencies reported in 2020[169]. Sustainability Initiatives - The company was recognized in multiple sustainability indices and awarded the "2020 China Top 100 Enterprises Award," reflecting its commitment to sustainable development[37]. - The company has implemented a Green Development Action Plan, focusing on low-carbon development and environmental protection measures[121]. - The company aims to achieve a 15% reduction in carbon emissions by 2025 as part of its sustainability strategy[142]. Market Outlook - For 2021, global upstream exploration and development investment is projected to increase to $320.5 billion, a 6.11% rise from 2020[77]. - The average Brent oil price is forecasted to exceed 50 USD per barrel, indicating a cautious investment climate in the upstream sector[84]. - The global economic growth rate is projected at 5.5% for 2021, with China's growth rate at 8.1%[84]. Employee and Community Engagement - The company recruited 337 individuals, including 92 graduates from impoverished areas, as part of its employment poverty alleviation initiative[119]. - A total of 203.1 million was allocated for internal employee assistance programs during the pandemic[119]. - The company donated 56,500 in cash and materials during the peak of the pandemic[119]. Shareholder Information - The total number of ordinary shares as of December 31, 2020, is 4,771,592,000, with China National Offshore Oil Corporation holding 2,410,849,300 shares, accounting for 50.53% of the total[124]. - The number of ordinary shareholders increased from 58,485 to 65,072 during the reporting period[128]. - The controlling shareholder is China National Offshore Oil Corporation, which holds 90% of the shares, while the National Social Security Fund holds 10%[134].