

Financial Data and Key Metrics Changes - The company reported a net profit growth of over 20% year on year for the first half of 2025 [3][5][35] - Operational efficiency has improved, and the company's value creation capabilities have strengthened both domestically and internationally [3][4] Business Line Data and Key Metrics Changes - In the Drilling Services segment, daily rates for jackup drilling rigs increased by 28% year on year [10][12] - The Well Services segment experienced a revenue decline of approximately $400 million and a profit decrease of about $110 million to $130 million [7][16] - The customer base for Well Services in China decreased, impacting revenue and profitability [8][16] Market Data and Key Metrics Changes - The company has 13 drilling rigs overseas, with contracts secured until 2029 or 2030 in regions like Norway and the Middle East [6][12] - The oil price is forecasted to remain stable at around USD 65 to USD 70, which is considered a reasonable medium level for the industry [6][12] Company Strategy and Development Direction - The company aims to become an internationally first-rate oilfield service provider, with a focus on technological leadership and innovation [35][36] - Plans include broadening the customer base and developing new products based on technological innovations [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining daily rates due to stable contracts and investments in key regions despite macroeconomic uncertainties [14][20] - The company is focused on cost management and efficiency improvements to navigate market volatility [20][23] Other Important Information - The company completed a loan repayment of $1 billion using self-owned capital and borrowed funds, optimizing its debt structure [17][18] - The company is actively working on designing and promoting made-in-China drilling rigs, with positive industry recognition [29][30] Q&A Session Summary Question: Concerns about Drilling Services segment and daily rate stability - Management indicated that overseas contracts are stable, and daily rates are expected to remain steady despite low oil prices [6][12] Question: Reasons for decline in Well Services segment - The decline was attributed to a decrease in the customer base in China and increased competition in the oilfield chemical industry [8][16] Question: Future CapEx adjustments and fund utilization - Management confirmed that the revenue decline was primarily from China, and they have optimized their debt structure to manage funding needs [17][18] Question: Impact of old vessel disposal and new vessel plans - The company is focusing on optimizing its vessel fleet and has made progress in this area [28] Question: Future prospects for new drilling rigs - Management is optimistic about the prospects for new drilling rigs and plans to move into concrete building works in the near future [29][30]