CNOOC ENERGY TECHNOLOGY SERVICES (600968) Q2 2026 earnings summary

Executive summary

• Achieved revenue of RMB 23.08 billion, up 2.14% year-over-year; net profit attributable to shareholders reached RMB 1.87 billion, up 2.11% year-over-year.

• Operating cash flow was negative RMB 2.50 billion, mainly due to settlement cycle and cash collection delays.

• Maintained strong industry position in offshore oil and gas technical services, with continued expansion in low-carbon, digital, and logistics segments.

Financial highlights

• Operating income: RMB 23.08 billion (+2.14% YoY); net profit: RMB 1.87 billion (+2.11% YoY).

• Gross margin stable; R&D expenses increased 47.75% YoY, reflecting focus on innovation.

• Basic and diluted EPS: RMB 0.1838 (+2.11% YoY); net assets per share: RMB 2.93.

• Cash flow from operations: -RMB 2.50 billion; total assets: RMB 49.49 billion (-3.27% from year-end).

Outlook and guidance

• Focus on core business, digital transformation, and green transition; continued investment in R&D and new energy.

• No interim dividend or capital increase planned for the half-year.

• Plans to further enhance cost control, market expansion, and investor returns.