Core Insights - The company has adopted a "technology service operator" strategic positioning to enhance competitiveness and drive future value growth through technology investment and a revenue-sharing model [1][2][4] Group 1: Financial Performance - In Q3, the company secured new orders worth RMB 1.273 billion, a decrease of 14.4% year-on-year [1] - New orders from the Iraq market amounted to approximately RMB 542 million, reflecting an increase of 8.4% compared to the same period last year [1] - New orders from other overseas markets dropped by 54.4% year-on-year, totaling around RMB 160.6 million [1] - In the Chinese market, new orders were approximately RMB 570 million, down 10.2% year-on-year [1][2] Group 2: Market Strategy - The company is focusing on high-quality large project execution in the Chinese market, with various service projects being awarded [2] - The company is actively expanding its presence in the Middle East, particularly in Iraq, while also entering the South American market for the first time [2][3] - The company aims to strengthen its brand and market presence by managing early indicators and exploring opportunities in other regions such as Africa and Southeast Asia [4] Group 3: Global Operations and Management - The company inaugurated its Dubai Global Operations Center in September, which will serve as a strategic hub for resource integration and international business coordination [3] - The company is enhancing its internal management systems, focusing on optimizing human resources and financial management to support global business expansion [3][5] - The company is committed to building a diversified financing platform to improve capital allocation efficiency and support stable business growth [5] Group 4: Future Outlook - The global oil and gas market is expected to remain volatile due to supply dynamics and geopolitical factors, prompting the company to advance its globalization strategy [4] - The company plans to deepen its focus on technology solutions and innovation to maintain a competitive edge in the industry [5]

Core Insights - The company announced a strategic positioning as a "technology service operator" to enhance competitiveness and drive future value growth through technology investment and a revenue-sharing model [1][2] Group 1: Market Performance - In Q3, the company secured new orders amounting to RMB 1,272.9 million, a decrease of 14.4% year-on-year [1] - New orders from the Iraq market were approximately RMB 542.2 million, reflecting an increase of 8.4% compared to the same period last year [1] - New orders from other overseas markets totaled about RMB 160.6 million, showing a significant decline of 54.4% year-on-year [1] - New orders from the Chinese market were approximately RMB 570.1 million, down 10.2% year-on-year [1][2] Group 2: Strategic Developments - The company is focusing on high-quality large project execution in the Chinese market, with successful bids for various services including oil casing inspection and reservoir enhancement [2] - The company is advancing lean operations to achieve value realization, with successful management committee meetings for the Iraq Dufri oilfield development project [2] - The company has entered the South American market for chemical business, indicating a strategy to expand into new markets [2] Group 3: Order Backlog - As of September 30, 2025, the company has an order backlog of approximately RMB 16,372.1 million [2] - The Iraq market accounts for about RMB 7,053.4 million of the backlog, representing 43.1% of the total [2] - The Chinese market holds an order backlog of approximately RMB 7,765.0 million, making up 47.4% of the total [2]