CNOOC ENERGY TECHNOLOGY SERVICES (600968) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB 50.36 billion in 2025, down 4.10% year-over-year; net profit attributable to shareholders was RMB 3.88 billion, up 6.24% year-over-year.

• Gross margin improved to 16.09%, up 1.47 percentage points year-over-year, driven by cost control and efficiency initiatives.

• Maintained leading market position in offshore oilfield services, with significant advances in LNG, new energy, and digital transformation.

• Proposed cash dividend of RMB 1.47 per 10 shares, totaling RMB 1.49 billion, representing 38.47% payout of attributable net profit.

• Received an unqualified audit opinion; no material legal, compliance, or governance issues reported.

Financial highlights

• Revenue: RMB 50.36 billion, down 4.10% year-over-year; net profit: RMB 3.88 billion, up 6.24% year-over-year.

• Operating cash flow: RMB 5.08 billion, down 8.58% year-over-year; total assets: RMB 51.17 billion, up 3.36% year-over-year.

• Basic and diluted EPS: RMB 0.3821, up 6.24% year-over-year; ROE: 13.69%.

• Gross margin: 16.09%, up 1.47 percentage points; R&D expenses: RMB 1.25 billion, up 26.88% year-over-year.

• Dividend payout ratio: 38.47% of attributable net profit.

Outlook and guidance

• 2026 is the start of the “15th Five-Year Plan”; focus on high-quality growth, core capability building, and digital/green transformation.

• Plans to accelerate LNG, wind/solar/storage, and AI-driven management; expand domestic and international markets.

• Identifies risks from oil price volatility and health, safety, and environmental factors; strategies in place for risk mitigation.