Offshore Oil Engineering (600583) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was RMB 5.10 billion, down 10.15% year-over-year, while net profit attributable to shareholders rose 13.85% to RMB 540.8 million.

• Core domestic and international oil & gas projects advanced, with a strong order backlog of RMB 38.4 billion supporting future growth.

• The company emphasized cost control, quality management, and green engineering initiatives, including major offshore wind and clean energy projects.

• R&D efforts yielded breakthroughs in deepwater oil & gas equipment, enhancing technological competitiveness.

Financial highlights

• Operating cash flow was RMB 2.01 billion, down 21.45% year-over-year.

• Basic and diluted EPS both increased to RMB 0.12, up 9.09% year-over-year.

• Total assets grew 1.95% to RMB 49.17 billion; shareholders’ equity rose 2.06% to RMB 26.81 billion.

• Non-recurring gains totaled RMB 63.99 million, mainly from financial asset disposals and investment income.

Outlook and guidance

• Order intake reached RMB 3.56 billion in Q1, with a robust backlog of RMB 38.4 billion providing strong visibility for future performance.

• The company continues to focus on expanding domestic and international markets, and accelerating green energy transformation.