COSL(SH:601808)2024-03-26 16:00Financial Performance - The company achieved a net profit of RMB 3,282,628,207 for the year 2023, with a net profit attributable to shareholders of RMB 3,013,254,837[4]. - The company's operating revenue for 2023 reached RMB 44,108.6 million, representing a 23.7% increase compared to RMB 35,658.9 million in 2022[20]. - The net profit attributable to shareholders for 2023 was RMB 3,013.3 million, up 27.8% from RMB 2,358.7 million in 2022[20]. - The net cash flow from operating activities for 2023 was RMB 13,095.9 million, an increase of 89.8% compared to RMB 6,899.9 million in 2022[20]. - The total assets of the company at the end of 2023 amounted to RMB 83,245.8 million, reflecting a 7.9% increase from RMB 77,160.7 million at the end of 2022[20]. - The basic earnings per share for 2023 was RMB 0.63, a 28.6% increase from RMB 0.49 in 2022[21]. - The weighted average return on equity for 2023 was 7.45%, an increase of 1.35 percentage points from 6.10% in 2022[21]. - The net assets attributable to shareholders at the end of 2023 were RMB 41,643.0 million, a 5.7% increase from RMB 39,409.2 million at the end of 2022[20]. - The company achieved a comprehensive gross profit margin of 15.9%, which is an increase of 3.6 percentage points year-on-year[59]. - The company reported a total of RMB 83.3 million in income from financial products and government subsidies during the period[75]. Dividend and Profit Distribution - The total undistributed profits available for distribution as of the end of 2023 amounted to RMB 22,586,454,270 after distributing RMB 763,454,720 in dividends for the year 2022[4]. - The company plans to distribute a cash dividend of RMB 0.21 per share, totaling RMB 1,002,034,320, based on a total share capital of 4,771,592,000 shares[4]. - The total cash dividend amount for the year is CNY 1,002,034,320, which represents 33.25% of the net profit attributable to ordinary shareholders in the consolidated financial statements[181]. - The company’s cash dividend policy stipulates that the annual dividend level should not be less than 20% of the net profit for the year, provided that the company has positive retained earnings[179]. Risk Management and Compliance - The company faces significant risks including market competition risks due to uncertainties in the international oil and gas industry[8]. - The company has implemented a comprehensive risk management framework, including the revision of key internal control documents and the establishment of a multi-channel risk reporting mechanism[95]. - The company has strengthened its governance structure, ensuring compliance with the Hong Kong Stock Exchange's corporate governance code and enhancing the effectiveness of the board of directors[96]. - The company has emphasized risk assessment related to international projects, particularly in light of geopolitical factors, to improve control over overseas service projects[97]. - The company has maintained compliance with all requirements of the shareholders' meeting resolutions, with no issues in execution reported[110]. - The company’s related party transactions were conducted in accordance with relevant regulations and were deemed fair[191]. Operational Efficiency and Growth Strategies - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[23]. - The company is committed to a cost leadership strategy, implementing various management measures that have significantly improved cost control and operational efficiency[29]. - The company is focused on five strategic development areas: "technology-driven," "cost leadership," "integration," "internationalization," and "regional development" to optimize its service capabilities[51]. - The company plans to enhance oil and gas exploration and development efforts, particularly in ultra-deepwater and unconventional oil and gas sectors[83]. - The company is committed to a "technology-driven" strategy, enhancing its core technological competitiveness to drive growth[89]. - The company aims to transition towards a green and low-carbon model, diversifying into renewable energy sectors such as wind and solar[88]. Research and Development - The company has emphasized a technology-driven strategy, enhancing its R&D capabilities and achieving a continuous increase in the ratio of R&D investment to output[28]. - Research and development expenses rose to RMB 1,253.9 million, an increase of 28.2% compared to the previous year[56]. - The total R&D investment was 1,644.2 million RMB, which is 3.7% of total operating income[68]. - The company employed 1,730 R&D personnel, making up 11.2% of the total workforce[69]. - The company is investing in R&D, allocating $G million towards the development of new technologies and products[146]. Governance and Board Structure - The board of directors has been restructured, with new appointments made in 2023, ensuring compliance with securities trading standards and enhancing oversight functions[99]. - The board has established several committees, including an audit committee, to oversee specific company affairs effectively[111]. - The independent directors effectively fulfilled their responsibilities, providing professional opinions on financial reporting, related party transactions, and risk management[105]. - The company has established clear divisions of responsibility between the board and management to ensure effective governance and internal controls[102]. - The company has implemented training programs for directors and senior management to enhance professional development throughout 2023[123]. Environmental and Social Responsibility - The company is committed to continuous improvement in its environmental management practices and compliance with regulations[197]. - The company invested CNY 9,780,000 in environmental protection during the reporting period[195]. - The company reduced carbon emissions by 46,311 tons through various decarbonization measures[198]. - The company achieved fuel savings of 8,865.38 tons by enhancing fuel consumption assessment mechanisms[198]. - The company has disclosed a sustainability report, indicating its commitment to social responsibility and ESG practices[200].