2022-08-25 16:00Section I Definitions This section defines common terms, specialized oilfield service terminology, large equipment characteristics, and operational metrics like utilization rates - The report defines common terms such as COSL and CNOOC, along with specialized oilfield service terminology including 2D/3D seismic exploration, logging while drilling (LWD), cementing, completion, and workover9 - It also includes definitions and operational characteristics of large equipment like jack-up and semi-submersible drilling rigs, and operational metrics such as available day utilization and calendar day utilization910 Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and highlights its key financial performance and indicators I. Company Information This section provides basic information about China Oilfield Services Limited (COSL), including its Chinese and English names, legal representative, board secretary contact details, registered and office addresses, and stock profiles for A and H shares - Company Chinese Name: China Oilfield Services Limited, Abbreviation: COSL11 - Company Legal Representative: Zhao Shunqiang11 Company Stock Profile | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :------- | :--------------- | :----------- | :------- | | A-share | Shanghai Stock Exchange | COSL | 601808 | | H-share | The Stock Exchange of Hong Kong Limited | COSL | 02883 | VII. Key Accounting Data and Financial Indicators In the first half of 2022, the company demonstrated strong financial performance with a 19.5% increase in operating revenue, a 37.6% rise in net profit attributable to shareholders, a 35.3% growth in basic earnings per share, and a 0.8 percentage point increase in weighted average return on net assets Key Accounting Data for H1 2022 (Unit: RMB million) | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :----------------- | :----------------------- | :----------- | :--------------------------- | | Operating Revenue | 15,212.6 | 12,735.4 | 19.5 | | Net Profit Attributable to Shareholders of Listed Company | 1,102.5 | 801.5 | 37.6 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 1,026.6 | 723.1 | 42.0 | | Net Cash Flow from Operating Activities | -2,088.0 | -1,887.2 | N/A | | Net Assets Attributable to Shareholders of Listed Company (End of Current Period) | 38,287.0 | 38,032.8 | 0.7 | | Total Assets (End of Current Period) | 73,738.4 | 73,311.7 | 0.6 | Key Financial Indicators for H1 2022 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :----------------------- | :----------------------- | :----------- | :--------------------------- | | Basic Earnings Per Share (yuan/share) | 0.23 | 0.17 | 35.3 | | Diluted Earnings Per Share (yuan/share) | 0.23 | 0.17 | 35.3 | | Basic Earnings Per Share (Excluding Non-recurring Gains and Losses) (yuan/share) | 0.22 | 0.15 | 46.7 | | Weighted Average Return on Net Assets (%) | 2.87 | 2.07 | Increased by 0.8 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains and Losses) (%) | 2.67 | 1.86 | Increased by 0.8 percentage points | VIII. Differences in Accounting Data Under Domestic and International Accounting Standards The company believes there are no significant differences in net profit and net assets between financial reports prepared under Chinese Enterprise Accounting Standards and Hong Kong Financial Reporting Standards, thus no reconciliation is required - There are no significant differences in net profit or net assets between Chinese Enterprise Accounting Standards and Hong Kong Financial Reporting Standards, requiring no reconciliation21 IX. Non-recurring Gains and Losses Items and Amounts Total non-recurring gains and losses amounted to 75.92 million yuan, primarily from wealth management product income and government subsidies, partially offset by non-current asset disposal losses Non-recurring Gains and Losses Items and Amounts (Unit: yuan) | Non-recurring Gains and Losses Item | Amount | | :-------------------------------- | :--------- | | Gains and losses from disposal, scrapping, and early termination of leases of non-current assets | -3,888,201 | | Government subsidies recognized in current profit and loss | 10,386,489 | | Reversal of impairment provisions for receivables and contract assets subject to separate impairment testing | 295,622 | | Other non-operating income and expenses apart from the above | 23,577,432 | | Other gains and losses meeting the definition of non-recurring gains and losses (income from wealth management products recognized in current profit and loss) | 57,782,452 | | Less: Income tax impact | 12,236,934 | | Total | 75,916,860 | Section III Management Discussion and Analysis This section provides a comprehensive discussion and analysis of the company's operational performance, financial condition, and future outlook I. Description of Industry and Principal Business During the Reporting Period In the first half of 2022, the global oil and gas industry recovered, with international oil prices rising, driving continuous growth in the oilfield services market, where the company strengthened its position through resource optimization and technological innovation (I) Principal Businesses and Operating Model During the Reporting Period The company's operations span the entire oil and gas exploration, development, and production lifecycle, offering geophysical, drilling,