Core Viewpoint - The company held a semi-annual performance briefing for 2025, emphasizing its commitment to improving accounts receivable management and enhancing operational performance to benefit shareholders [1][2][3]. Accounts Receivable Management and Cash Flow - The company has implemented a specialized action plan for accounts receivable management from 2025 to 2027, focusing on reducing existing receivables, improving quality, and controlling new receivables [2]. - Cash received from sales and services increased by 530 million yuan year-on-year in the first half of 2025 [2]. Corporate Responsibility and Commitment to Shareholders - As a state-owned enterprise, the company emphasizes its responsibility towards national energy security and shareholder interests, aiming to enhance operational performance through advanced technology and integrated solutions [3]. - The company is committed to high-end, intelligent, green, and service-oriented development, particularly in drilling tools and equipment [3]. Orders and Business Development - In the first half of 2025, the company achieved an order volume of 4.94 billion yuan, a 14% increase year-on-year [4]. - Specific segments include 1.8 billion yuan for oil drilling equipment, 550 million yuan for drilling tools, 900 million yuan for steel pipes, and 350 million yuan for gathering equipment [4]. - The hydrogen energy equipment segment saw new orders of 75 million yuan, a 21% increase, reflecting the company's active participation in the hydrogen energy industry [4]. - International orders reached 1.21 billion yuan, marking a 15% increase, with significant orders from markets in Asia and Africa [4]. Other Key Points - The company is enhancing production capabilities by introducing robotic welding lines for manufacturing processes [5]. - The increase in accounts receivable is attributed to varying settlement cycles for different products, alongside strict credit management policies [5]. - The company aims to achieve its annual operational targets and is considering stock incentive goals based on peer comparisons [5]. - The company has won a bid for the Daye cavern hydrogen storage project, with the contract currently in the signing process [5].

Group 1: Accounts Receivable Management - The company has implemented a special action plan for accounts receivable management (2025-2027) to enhance collection efforts, involving multiple departments [1][2] - Cash received from sales and services increased by 530 million CNY in the first half of 2025 compared to the previous year [1][2] - The increase in accounts receivable is primarily due to normal business operations, with a focus on managing credit policies [5][6] Group 2: Business Performance and Orders - In the first half of 2025, the company achieved new orders totaling 4.94 billion CNY, a year-on-year increase of 14% [3] - The breakdown of orders includes 1.8 billion CNY for oil drilling equipment, 550 million CNY for drilling tools, 900 million CNY for steel pipes, and 350 million CNY for gathering equipment [3] - Hydrogen equipment business saw new orders of 75 million CNY, reflecting a 21% year-on-year growth [4] Group 3: Corporate Responsibility and Development Strategy - As a state-owned enterprise, the company emphasizes its responsibility towards national energy security and shareholder interests [2] - The company aims to enhance operational performance through a focus on core technology, key manufacturing, and integrated solutions, particularly in high-end, intelligent, and green development [2] - The company is committed to continuous R&D investment and market expansion to improve business performance and shareholder returns [2] Group 4: International Market and Technological Advancements - In the first half of 2025, international market orders reached 1.21 billion CNY, marking a 15% increase [5] - The company has successfully entered high-end markets in Kuwait and Africa with its drilling equipment and has implemented robotic welding and digital processing lines to enhance production capabilities [5]