Financial Performance - Revenue increased by 15% from RMB 1,892.4 million in H1 2023 to RMB 2,176.3 million in H1 2024[9] - Profit attributable to equity holders increased by 8.2% from RMB 97.9 million in H1 2023 to RMB 105.9 million in H1 2024[9] - Free cash flow increased by 15.2% from RMB 171.2 million in H1 2023 to RMB 197.2 million in H1 2024[9] - New orders reached a record high of over RMB 4.8 billion in H1 2024[12] Business Operations - Revenue in China remained stable at approximately RMB 665.2 million in H1 2024 compared to RMB 663.6 million in H1 2023[14] - Revenue in Iraq surged to RMB 1,241.1 million in H1 2024 from RMB 990.0 million in H1 2023[16] - Revenue from new markets increased by 12.4% to RMB 270.0 million in H1 2024 from RMB 238.8 million in H1 2023[17] - Traditional services revenue increased by 24.0% from RMB 680.5 million in H1 2023 to RMB 844.0 million in H1 2024[23] - Innovative services revenue increased by 17.4% from RMB 1,029.6 million in H1 2023 to RMB 1,208.9 million in H1 2024[23] Strategic Initiatives - The company won the super project of Iraq Dhufriyah oilfield development, securing a 25-year development right[11, 30] - The company paid a 2023 annual dividend of RMB 39 million and resumed its dividend policy[34] - The company repurchased and cancelled 26.1 million shares from the secondary market[35]

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]

Financial Performance - In 1H 2022, the company achieved a total revenue of RMB 1,703 million and a net profit of RMB 56 million[11, 15] - Gross profit increased from RMB 422 million in 1H 2021 to RMB 457 million in 1H 2022, with a stable gross profit margin of 26.8%[15, 33] - Total cost increased from RMB 1,150 million in 1H 2021 to RMB 1,246 million in 1H 2022[35, 37] Business Segment Highlights - Oilfield Equipment Manufacturing & Services segment revenue reached RMB 1,003 million, driven by increased market demand and significant growth in drill pipe and OCTG coating services[18, 19] - Oilfield Services segment achieved stable growth with revenue of RMB 459 million, benefiting from increased capital expenditure in the upstream industry[21, 22] - Line Pipe Technology and Services segment experienced significant revenue growth, reaching RMB 177 million, with more contracts signed in line pipe coating and CWC businesses compared to 1H 2021[24, 25] - Offshore Engineering Services segment revenue declined to RMB 64 million due to the completion of the Bangladesh pipeline laying project[27, 28] Regional Revenue Breakdown - In 1H 2022, China accounted for 58.9% of the company's revenue, while North & South America contributed 10.4%, Russia, Central Asia & Europe 17.0%, Africa 6.2%, Middle East 13.6%, and South & Southeast Asia 25.7%[31] Capital Structure - Cash and cash equivalents decreased from RMB 629 million at the end of 2021 to RMB 519 million as of June 30, 2022[39] - Total assets increased from RMB 7,072 million at the end of 2021 to RMB 7,830 million as of June 30, 2022[39] - Total liabilities increased from RMB 4,029 million at the end of 2021 to RMB 4,410 million as of June 30, 2022[39]

Financial Highlights - Hilong achieved a revenue of approximately RMB 2,465.6 million, a 33.5% increase compared to 1H2023[11] - The company's net profit reached about RMB 46.0 million, representing a 70.4% increase compared to 1H2023[11] - Gross profit increased by 32.7% from RMB 436 million in 1H2023 to RMB 578 million in 1H2024[13] Segment Performance - Oilfield Equipment Manufacturing & Services segment revenue increased by 2.1% compared to 1H2023, reaching RMB 1,133 million[12, 17] - Oilfield Services segment revenue increased by 56.9%, reaching RMB 923 million due to the development of the High-tech Integrated Turnkey Project business model[12, 20] - Offshore Engineering Services segment revenue increased significantly by 175.6%, reaching RMB 410 million[12, 23] Business Development & Strategy - Hilong is transforming into a high-tech specialized integrated EPCIC turkey offshore services provider, actively exploring business opportunities in Southeast Asia, the Middle East, West Africa, and South America[12] - The company is focusing on high-end markets in the US/Canada and the Middle East, providing high value-added drilling tools and strengthening the development of differentiated high technology drilling tools[40] - Hilong is enhancing existing drilling and workover service businesses, integrated technical services, and oilfield trading services, with a significant increase in trading volume[12] Financial Position - Cash and cash equivalents stood at RMB 610 million as of June 30, 2024[31] - Total assets amounted to RMB 8,113 million as of June 30, 2024[31]

Financial Performance - In 2024, the company achieved a revenue of approximately RMB 4668 million, a 9.8% increase compared to 2023[9] - Net profit was about RMB 30 million, an 82.4% decrease compared to 2023[9] - Gross profit increased by 22.5% from RMB 915 million to RMB 1,122 million[11] - Revenue from oilfield equipment manufacturing & services accounted for 45.6% of total revenue in 2024[26] - Oilfield services contributed 27.5% to the total revenue in 2024[26] - Offshore engineering services accounted for 20.6% of the total revenue in 2024, with a revenue increase of 105.9%[9, 26] Business Segments - Oilfield equipment manufacturing & services segment revenue was RMB 1,133 million[15] - Oilfield services segment revenue was RMB 923 million, with a 35.2% increase[9, 19] - Offshore engineering services segment revenue increased to RMB 964 million[22] Business Development & Technology - The company is transforming into high-tech specialized integrated EPCIC turkey offshore services[9] - The company is focusing on high-end markets and customers with higher technology drilling tools[16] - The company is continuously developing High-tech Integrated Turnkey Project business model[9]

Group 1 - The company reported a revenue growth of 22.3% year-on-year to 3.59 billion RMB in 2019, with significant contributions from the Chinese market, which grew by 55.4% to 1.68 billion RMB, and the Iraqi market, which increased by 11.7% to 1.42 billion RMB [1] - The company's net profit attributable to shareholders rose by 20.8% year-on-year to 268 million RMB, and operating cash flow reached a historical high of 610 million RMB [1] - The company's backlog of orders reached a record high of 5.79 billion RMB by the end of 2019, with 1.97 billion RMB from the Chinese market and 3.275 billion RMB from the Iraqi market [1] Group 2 - The company issued a 300 million USD bond at a 7.5% interest rate at the end of 2019, which effectively reduced short-term repayment pressure and improved risk resilience [2] - The company expects revenues of 3.66 billion, 3.79 billion, and 4.45 billion RMB for 2020-2022, with net profits of 68 million, 128 million, and 207 million RMB respectively [2] - The target price for the company's stock has been adjusted from 1.23 HKD to 0.874 HKD, maintaining a "buy" rating despite downward adjustments in revenue and profit forecasts due to the impact of falling international oil prices [2]

机构：光大证券 ◆后续项目执行有望逐渐恢复，维持"买入"评级 我们下调公司20-22年盈利预测，以反映海外工程延误影响下的成本端等变化；预计20-22年EPS分别为-0.03/0.04/0.08 元人民币。公司业务竞争优势明显，待海外疫情得到控制，项目执行有望逐渐恢复正常，维持"买入"评级。 ◆海外业务短期受影响严重，继续坚定发挥油田管理业务优势 分业务板块来看，由于油价下跌影响，公司钻井技术/完井技术/采油服务板块收入分别同比下滑19.8%/12.3%/0.7%。 上半年公司在海外市场实现收入7.4亿，同比减少24%，其中作为经营重点的伊拉克市场营收5.5亿，同比减少26.4%。 海外疫情未得到控制，人员调动受到阻碍，公司无法按时启动伊拉克已经中标的订单，因此主动调减伊拉克在手订单 12亿元。在逆境之下，公司坚定发挥油田管理业务上的优势，保持了伊拉克、乍得管理项目的平稳运行，抵消了部分 业务下滑。伊拉克市场公司成功续订马基努油田管理项目的合同，为期一年。海外业务一直是公司的经营重点，2020 年上半年海外新增订单量并无明显下滑。我们预计在疫情恢复后，随着推迟订单的逐步执行，公司的海外业务营收将 会有明显好转 ...

Group 1 - The core viewpoint of the articles highlights the recovery of global economic activity and energy demand, leading to an increase in international oil prices and a positive outlook for the oilfield services market [1][2] Group 2 - In Q2, the company secured new orders amounting to approximately RMB 1.7763 billion, representing a 117.3% increase compared to the same period last year [1] - The breakdown of new orders shows that the Chinese market contributed approximately RMB 397.6 million, a decrease of 13.1% year-on-year, while the Iraqi market saw a significant increase of 230.9% with new orders of approximately RMB 1.1664 billion [1] - As of June 30, 2021, the company had a total order backlog of approximately RMB 7.1102 billion, with the Iraqi market accounting for 49.3% of this backlog [2] Group 3 - The company plans to leverage its technological advantages to pursue unconventional resource development opportunities in the Chinese market and enhance operational efficiency through new technology applications [2] - The focus will also be on expanding low-carbon and new energy technology businesses, as well as smart oil and gas technology services [2] - In overseas markets, particularly Iraq, the company aims to capitalize on the gradual market recovery and structural adjustments to gain market share [2]

Market Performance - The S&P 500 index rose by 0.4% on Thursday, marking four consecutive days of gains, driven by strong performance in value stocks, particularly high-dividend stocks [1][2] - The Nasdaq 100 index only slightly increased by 0.1%, primarily due to declines in major tech stocks, which had previously led the market recovery [1] Sector Performance - Utility, consumer staples, and real estate sectors, characterized by relatively low valuations and stable dividends, led the market gains, with American Water Works, Campbell Soup Company, and Invitation Homes Inc. seeing significant stock price increases [2] - The consumer staples sector surged nearly 3%, real estate rose by 1.8%, and utilities increased by 2.1%, while technology and communication services sectors experienced declines of 0.7% and 0.4%, respectively [9] Economic Indicators - Weak retail sales and producer price data in April reinforced expectations for at least two interest rate cuts by the Federal Reserve this year, leading to a decline in U.S. Treasury yields [5] - Despite solid sales and profit growth, Walmart reported a drop in operating profit and warned of upcoming price increases due to rising tariff costs, resulting in a 0.5% decline in its stock price [5] Corporate Developments - Foot Locker's stock surged by 86% following news of its acquisition by Dick's Sporting Goods for approximately $2.4 billion, marking the largest single-day increase since at least 1980 [10] - Cisco provided a strong quarterly earnings outlook, driven by robust demand for AI network systems infrastructure, leading to a nearly 5% increase in its stock price [13] Trade Relations - Recent trade discussions between the U.S. and China resulted in a significant reduction of tariffs, with the new rates for most goods dropping from 145% to 30% [8] - Despite the positive trade developments, the average tariff rate in the U.S. remains at its highest level since 1934, indicating ongoing trade tensions [8]

Core Viewpoint - The Shanghai Composite Index opened lower but rose throughout the day, while the CSI 300 Energy Index experienced a slight decline of 0.31%, closing at 2091.25 points with a trading volume of 3.741 billion yuan [1] Group 1: Index Performance - The CSI 300 Energy Index has increased by 5.18% over the past month, decreased by 5.26% over the last three months, and has fallen by 13.60% year-to-date [1] - The CSI 300 Industry Index series categorizes 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing analytical tools for investors [1] Group 2: Index Composition - The top ten weighted stocks in the CSI 300 Energy Index are: China Shenhua (24.96%), China Petroleum (17.91%), China Petrochemical (16.29%), Shaanxi Coal and Chemical Industry (14.81%), China National Offshore Oil Corporation (10.27%), Yanzhou Coal Mining (4.37%), China Coal Energy (3.64%), Shanxi Coking Coal (3.59%), Lu'an Environmental Energy (2.59%), and CNOOC Services (1.56%) [1] - In terms of industry composition, coal accounts for 50.37%, integrated oil and gas companies for 34.20%, fuel refining for 10.27%, coke for 3.59%, and oilfield services for 1.56% within the index [2] Group 3: Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, but can be modified in the event of temporary adjustments due to changes in the CSI 300 Index samples or special events affecting a sample company's industry classification [2]