Offshore Oil Engineering (600583) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached RMB 12.38 billion, up 9.42% year-over-year; net profit attributable to shareholders was RMB 1.09 billion, nearly flat from last year.

• Total assets at June 30, 2026 were RMB 49.68 billion; net assets attributable to shareholders were RMB 28.86 billion, with an asset-liability ratio of 41.91%.

• Cash flow from operating activities was RMB 1.56 billion, down 30.11% year-over-year due to timing differences in project payments.

• The company continued to lead in domestic offshore oil and gas engineering, with strong international competitiveness and ongoing expansion in green and low-carbon business.

Financial highlights

• Operating income: RMB 12.38 billion, up 9.42% year-over-year.

• Net profit attributable to shareholders: RMB 1.09 billion, down 0.64% year-over-year.

• Basic and diluted EPS: RMB 0.25.

• Operating cash flow: RMB 1.56 billion, down 30.11% year-over-year.

• Gross margin and net margin remained stable; R&D expenses increased 15.82% to RMB 527.7 million.

Outlook and guidance

• The company will focus on high-quality completion of key projects, strengthen core competitiveness in subsea products, floating wind, and FPSO, and intensify overseas market development.

• Continued emphasis on cost reduction, efficiency improvement, and value creation for shareholders.