Offshore Oil Engineering (600583) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was RMB 6.34 billion, down 9.34% year-over-year; YTD revenue was RMB 17.66 billion, down 13.54% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 506.6 million, down 7.55% year-over-year; YTD net profit was RMB 1.60 billion, down 8.01%.

• Despite revenue decline, gross margin improved and cash flow remained strong; capital structure is stable.

• Market development achieved record overseas contract wins, with total new contracts of RMB 37.24 billion YTD, up 124.85% year-over-year.

Financial highlights

• Operating cash flow for Q3 was RMB 295.9 million, down 40.66% year-over-year; YTD operating cash flow was RMB 2.53 billion, down 35.88%.

• Basic and diluted EPS for Q3 was RMB 0.11, down 8.33% year-over-year; YTD EPS was RMB 0.36, down 7.69%.

• Total assets at Q3-end were RMB 47.88 billion, down 0.72% from year-end 2024.

• Shareholders’ equity increased 2.74% to RMB 26.99 billion.

• Non-recurring gains YTD were RMB 200.6 million, mainly from government subsidies and investment returns.

Outlook and guidance

• Order backlog at Q3-end was approximately RMB 59.5 billion, providing strong support for future business.

• Overseas business reached a record RMB 29.34 billion in new contracts, with major wins in the Middle East.

• New energy business expanded with key LNG and wind power projects.