Core Viewpoint - The company reported a strong performance in Q1 2025, with total revenue of 10.8 billion yuan, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 0.887 billion yuan, up 39.6% year-on-year [3][4]. Group 1: Financial Performance - In Q1 2025, the company achieved a total revenue of 10.8 billion yuan, reflecting a year-on-year growth of 6.4% but a quarter-on-quarter decline of 26.25% [3]. - The net profit attributable to shareholders reached 0.887 billion yuan, marking a significant year-on-year increase of 39.6% and a quarter-on-quarter increase of 28.16% [3]. - The gross profit margin for Q1 2025 was 17.64%, an increase of 1.24 percentage points year-on-year, while the annualized ROE was 8.02%, up 1.97 percentage points year-on-year [4]. Group 2: Operational Highlights - The company experienced a notable increase in drilling workload, with the number of drilling platform operating days reaching 4,889, a year-on-year increase of 11.4% [5]. - The utilization rates for self-elevating and semi-submersible platforms were 91.9% and 90.4%, respectively, showing increases of 7.6 percentage points and 4.2 percentage points year-on-year [5]. - The company’s vessel services recorded a total of 20,621 operating days, a year-on-year increase of 44.9% [5]. Group 3: Technological Advancements - The company is focused on market demand and has maintained a stable scale in the technical services market, continuously advancing key core technologies [6]. - The revenue from the technology segment increased from 13.3 billion yuan in 2020 to 27.7 billion yuan in 2024, with its revenue share rising from 46% to 57% during the same period [6]. - The company has integrated its technological advantages across the entire industry chain and has successfully secured overseas technical product orders, demonstrating its technological strength and market competitiveness [6]. Group 4: Industry Outlook - According to Rystad Energy, upstream investment is expected to slow down in 2025, with deepwater oilfield development remaining a hotspot, projected to grow by 3.0% [7]. - The company is well-positioned to benefit from the increasing complexity of oil and gas exploration and development, as well as the expansion of technical application scenarios [7]. - The company aims to build a comprehensive technology innovation system that covers the entire lifecycle of technical products and the entire industry chain, which is expected to capitalize on the improving industry conditions and expanding technical service market [7].