Financial Performance - Revenue increased to RMB 4,753.9 million in FY2024 [8], a 7.2% increase compared to RMB 4,434.8 million in FY2023 [8] - Profit attributable to equity holders reached RMB 196.5 million in FY2024 [8] - Free cash flow nearly doubled, reaching RMB 979.7 million in FY2024 [8], a 96.1% increase compared to RMB 499.5 million in FY2023 [8] - A dividend of RMB 73 million was declared for 2024 [37, 60], representing an 87.3% year-over-year increase [37] Market Expansion and Orders - Revenue from overseas reached 65% of total revenue [11, 17] - Total orders from overseas surged to RMB 5,802.6 million in FY2024 [19], a 78.8% increase compared to RMB 3,244.8 million in FY2023 [19] - Innovative business new orders increased by 19%, reaching RMB 4,235.3 million in FY2024 [21] from RMB 3,558.2 million in FY2023 [21] Strategic Initiatives - The company fully repaid its USD bond [10, 15] - The company won the bid for the Iraq Dulfriyah Oilfield Mega Project [13, 32] - Over 52 million shares were repurchased in 2024 [37]

Core Viewpoint - The global oil and gas market experienced significant fluctuations in the first quarter due to macroeconomic conditions, geopolitical factors, and supply-demand dynamics, yet the active development of oil and gas remains unaffected. The demand for natural gas continues to grow, particularly in emerging markets in Asia [1]. Group 1: Company Performance - In the first quarter, the company received new orders amounting to RMB 1,740.9 million, a decrease of 22.0% compared to the same period last year [1]. - New orders from the Iraq market were approximately RMB 700.2 million, down 47.4% year-on-year, while other overseas markets saw new orders of about RMB 325.2 million, an increase of 43.5% [1][2]. - The Chinese market contributed new orders of RMB 715.5 million, reflecting a growth of 6.0% compared to the previous year [1][2]. Group 2: Market Expansion and Projects - The company is focused on enhancing operational efficiency and has proposed four "efficiency improvement" solutions, including oil and gas field development, natural gas resource utilization, AI-enabled oil and gas development, and collaborative platform solutions [1]. - In Iraq, the company successfully bid for various projects, including fiber monitoring and oil field supervision services, despite a decline in new orders due to the completion of a large integrated oil field management service project [2]. - The company aims to establish the Defoy oil field as a benchmark for intelligent development in Iraq, with plans for digital innovation and collaboration recognized by the joint management committee [3]. Group 3: Operational Efficiency - The company is committed to lean operations and high-quality execution of orders, achieving smooth and efficient project operations in Iraq [3]. - In other overseas markets, the company completed an asset integrity management project in Indonesia, showcasing its technical coordination and execution capabilities [3]. - In China, the company is focused on providing comprehensive solutions and has successfully launched the expansion of the Southwest pressure decoupling project, increasing daily processing capacity to 3.2 million cubic meters [3].