COSL is one of the world's largest oilfield services providers. Its services cover all stages of oil and gas exploration, development, and production, and its businesses are categorized into four major businesses: geophysical acquisition and surveying services, drilling services, technology services, and marine support services. Under the guidance of the company's five major development strategies, the company maintained a stable and positive development trend in 2024, and its comprehensive strength continued to rise, while its domestic and international brand influence and value continued to expand. [Foreign language] 今天的发布会分为两个部分。首先，首席财务官谢吉先生将为大家介绍公司2024年年度业绩情况，然后是QA交流环节。接下来我们有请首席财务官谢总为大家介绍业绩材料。 The event today is divided into two parts. First, Mr. Qie Ji, Chief Financial Officer, will introduce the company's annual results for 2024, followed by a Q&A session. Now I will pass the floor to Mr. Qie, please. [Foreign language] 好，好，那个代表中海油服给大家介绍2024年公司的经营业绩。那么在正式介绍前呢，还是提醒您留意本业关于本次会议材料的一个免责声明。今天展示的内容呢，主要有两部分，一个呢就是2024年的业绩回顾，另外一个呢就是公司未来发展的一个展望。 回顾2024年全年，布伦特的这个全年油价大概还是在$80/桶高位震荡。2024年全球海上勘探开发支出总量同比增长7.9%。国际油田服务行业方面，全球自升式平台的使用率基本保持稳定，半潜平台使用率先上升后回落至同期的一个水平。在这个背景下，公司2024年克服外界的一些因素影响，生产经营各项工作稳健推进，全年实现营业收入¥483亿元，净利润¥34亿元，同比分别增长10%和4%。公司各项经营业绩指标均有所提升。 从财务的整体表现来看，公司的一率五率指标整体稳中向好，盈利水平持续提升，盈利回报保持稳定，公司运营质量不断优化。与同行的业绩对标方面，公司收入规模增速、技术板块营业效率可以跟国内外国际同行比肩，资产结构均优于同行，公司大型装备的利用率居于国际平均水平之上。 那么分板块来看，2024年公司四大板块的营业收入均呈现一个平稳增长的态势，技术板块的营业利润保持10%以上的增速，物探船舶板块得益于装备规模的扩大，以及抓住海外这个机遇，盈利水平呢，同比实现一个翻番。 2024年在技术创新应用方面，公司牢牢把握科技创新战略先导地位和根本支撑作用，更加突出市场需求导向，技术创新建成体系，转化质效不断提升，公司整体技术覆盖度已由2023年的74%提升至80%以上，多项技术在国内外市场实现首次应用。 2024年公司举办COSL高端油气技术全球发布会，建成玄机技术展厅，海经海脉品牌展馆，公司核心技术正经历以玄机为代表的原创性高端技术破局，到多项创新性技术引领行业的跨越，近十项特色技术步入产业化、谱系化、品牌化发展新阶段，公司自有技术正在从中国产品向中国品牌升级。 公司大型装备技术体系以客户需求为导向，不断迭代升级，特别是技术产品的供应与市场转化增幅显著，公司各主营板块凭借逐渐建立的良好客户口碑，不断在国际市场实现业务拓展。同时，公司也清醒地认识到与国际同业之间仍然还有增长的空间。 在成本管控方面，公司持续推动结构性、系统性、长效性降本理念，全力推进经营成本与营运资本的精细管理，推动成本费用运营率等指标优化，压降带息负债规模，稳固成本优势，助力公司管理效能逐步提升。 在一体化创效方面，国内外市场发挥多业务线协同优势，全年国内一体化营收入和新增新签合同均创历史新高，海外则是连续三年实现一个收入的增长，多个一体化项目为客户整体提效明显，多业务线协同展现专业价值。 国际化拓展方面，公司海外收入逐步提升，营收突破¥100亿元大关，公司多条业务线首次实现国际版图突破，高端客户市场实现增量。 在区域发展战略方面，更加注重拓市增效与核心客户的需求，不断增强重点客户粘性，技术装备等业务持续扩容，以全业务链服务能力优势推动各区域市场运营质量不断实现突破。 在履行社会责任方面，公司始终坚持安全至上理念，履行社会责任，全力开展海上救助，同时积极投身公益事业，与公司员工共建安全文化活动。此外，公司在2024年资本市场也获得了多项荣誉。 那么第二部分呢，是公司2025年及未来一段时间的发展展望和前景。展望整个行业的前景，形势来看呢，国际油价呢还是处于持续高位，带动了一个全球上游勘探开发支出的一个增长。未来五年，全球海上新油田年均勘探开发投资将会上涨，热点主要集中在南美、中东和非洲等区域。 国内市场中海油有限是我们的重要客户，从其战略指引发布数据看，2025年资本开支预算为¥1,250亿到¥1,350亿元人民币，受益于此，预计公司2025年国内的工作量仍将维持高位。 2025年，公司将继续在技术驱动、成本领先、一体化、国际化、区域发展五大发展战略的指引下，聚焦国内海外市场协同提升，相互促进，持续推进科技创新，聚焦精细管理，持续聚焦全球能源服务需求，打造国际合作生态圈，加快世界一流能源服务公司的建设步伐。 公司将以十大核心场景需求为核心为导向，坚持技术创新的驱动力，充分发挥应用端对科研端的先导作用，促进研产用贯通，科技攻关模式高效循环，推动公司技术发展进入自主创新、迭代升级、软硬齐发的良性循环，不断构建系列化、差异化的技术和产品谱系，实现技术需求的全方位支撑，加快打造具有国际影响力的创新高地。 2025年，公司正全力巩固成本领先优势，以提高管理效率为突破口，推动降本增效升级，通过精准施策提升各项资源使用效率，为降本提质增效赋予新的内涵，增强企业成本竞争力。 未来公司一体化协同要实现专业新价值，多维度探索各业务线，横向联合、垂直整合、跨界融合，依托全球领先的大型装备集群和日臻完善的技术体系，深化拓展平台+、船舶+、技术+，优化业务组合，发挥全业务链资源优势。 国际业务拓展方面，公司将积极与国际客户建立近距离沟通渠道，持续强化资源整合能力，加快构建以当地资源为主体的供应链体系，打造国际合作生态圈，强化海外客户对公司自研高端产品的品牌认知，促进海外业务的规模化发展。 聚焦海外十大客户，未来公司会在全球市场中加大自研高端技术对行业领先的市场的推介，增强高端市场的客户粘性，通过提升客户多样性、订单的可持续性以及公司的战略布局，以多元化的本土服务构建起技术输出加本地化运营的双轮驱动模式，为客户创造穿越周期的价值增长。 区域发展战略仍将围绕1+2+N的市场格局，培育核心国别市场，增强全业链全产业链出海意识，加速形成市场规模不断扩容、客户结构持续向好、业务发展更加多元的高质量发展新态势。 2025年，公司将继续在技术驱动、成本领先、一体化、国际化、区域发展五大发展战略的指引下，聚焦主责主业，突出价值创造，坚持精细管理，为股东、客户、社会各方创造更高价值的回报。 再次感谢各位投资者、分析师朋友对公司长期的支持和理解，下面欢迎大家提问，谢谢。 [Foreign language] 好的，谢谢切总。接下来我们进入到问答环节，为了让更多的投资者朋友有提问的机会，请每位提问不超过两个问题。提问之前请先介绍您的所在机构以及姓名，问题和回答请交传人员进行中英传译，请注意表述时留给翻译时间，谢谢。 Thank you, Mr. Qie. We will now proceed to the Q&A session. In order to give more investors the opportunity to ask questions, each investor is requested to ask no more than two questions, and please state your organization and your name before asking questions. The questions and answers will be translated into Chinese and English by our interpreter, so please allow time for translation. [Foreign language] 好的，请我们的同事将麦克风给到第二排的这位女士。左手边，好，谢谢。 [Foreign language] 管理层好，我是中英国际的戴东云，我有两个问题。第一个问题是关于转型板块，这个板块2024年下半年的话，我们几乎是不盈利的，想问一下这其中一次性的损益大概有多少。第二个问题是，请问2024年我们海外部分的新签合同额是多少，同比变化如何，谢谢。 I have two questions. My first question is related to the drilling segments. In the second half of 2024, in this segment, you were not really profitable. I would like to know how much is the one-off profit and loss, and in 2024, how much is the newly signed contract value, and what is the change in the amount? Thank you. [Foreign language] 好，那么第一个问题呢，请我们CFO切吉先生来回答。第二个问题呢，请我们董事会秘书副总裁孙维洲先生来回答。 I will defer to Mr. Qie to take the first question. Second question will be answered by Mr. Sun Weizhou. [Foreign language] 感谢你的问题，我来回答你第一个问题，关于钻井板块的情况。应该说整体来讲，钻井板块去年全年的经营是逐步向好。这里边大家众所周知，就是去年上半年有一个沙特停船的影响，但是实际上目前全年看，公司基于国内比较核心的工作量的支撑，公司全年的工作量水平是在上涨的。下半年目前钻井船板块的表现，相比上半年有所回落，主要还是大家也都知道去年四季度的时候有不少台风，谢谢。 Thank you for your question. Now, let me take your question in relation to the drilling services segment. Well, last year, overall speaking, our operation has improved towards the more positive side. Last year, there was some sand control impact in the first half of the year. However, in mainland China, there was support from core supply, and actually, core supply has been improving. But comparing second half and first half of the year, there was some decline, especially in the fourth quarter when there were quite a number of typhoons. Thank you. [Foreign language] 然后呢，这个一方面呢，是这个台风刚才这个影响啊，这个确实一个是去年的台风级别比较大啊，另外一个呢，去年台风数量也比较多。这个台风的这个呢，对装备板块的这个影响还是比较大啊，然后另外一个呢，就是去年邮服呢，在这个挪威作业的这个星光号的这个改造啊，然后呢，也是因为他是十月份投入作业了嘛，所以基本上下半年的这个更新改造，这个支出相对会多一点啊，其他回答完毕。 As I mentioned just now, last year, there were quite a number of typhoons, and those typhoons were of rather severe grade. Besides, the number of typhoons was quite big, so as a result, there was quite big impact on the drilling services and equipment segment. Besides, last year, there was the overhaul or revamp of facilities in Norway, which started in October. As a result, in the second half of the year, expenses increased because of this reason. Thank you. [Foreign language] 好，谢谢您提问。我来回答您的第二个问题。2024年海外公司海外新签合同额大概是$13.6亿美元，那么同比有所下降。主要因素从四大板块的结构上来分析，那么是钻井板块，而在2024年集中的采办活动同比有所下降所造成的，这是一个主要的影响。那么对于技术板块，以及船舶不碳，包括我们的一体化，整体的合同额维持在一个比较稳定的一个水平。请发言。 Let me now take your second question concerning 2024. Your question was about contract signs overseas, new contract signs overseas. So, the contract value signed overseas amounted to $1.36 billion, so there was a year-on-year decrease. I would like to analyze this based on our four business segments. First of all, in the drilling segment in 2024, because there was a year-on-year decline in the overall centralized procurement work, so that's one reason. But if you look at the technology segment, the marine services support segment, geophysical acquisition and surveying service segments, and also integration sector, in terms of the contract value in these segments, it is rather stable. [Foreign language] 同时，展望一下，今年2025年，目前公司所掌握的海外市场的各种信息和一些商机，今年海外新签合同额有望大幅提高。 Looking into this year, 2025, when we look at the overseas market as a whole and also the business opportunities available, we believe that new contracts signed, the value of that is going to rise significantly. [Foreign language] 好的，谢谢，谢谢管理层的详细回答，也谢谢这位投资者的提问。我们现在接受下一条提问。好，请我们的同事将麦克风给到您身边那位女士吧，谢谢。 [Foreign language] 感谢管理层提问机会。我是瑞银证券的郭一凡，我想请问两个问题。第一个是关于我们技术服务板块，我们看到2024年技术服务板块还是有稳健的增长，实现了7%的收入增长和16%的经营利润率。我想来看展望2025年的话，在年初中海油也略微下调了今年的产量指引，所以对我们这个技术板块今年，就2025年的利润率，还有它的营收市场需求展望。 另外一个问题，还是想请问一下，就是我们沙特去年终止的这四个合同，有两个已经非常明确地公告了，就找到了新的业务，然后另外的话，是不是有一个项目已经在国内这边进行执行，如果执行的话，这样的费用和毛利情况。还有就是泰石油那边，就海外有一些媒体报道，就泰石油可能在我们跟我们还有一个项目的合作，除了去年底的，请问能不能帮我们披露一下有没有这样一些最新的合同，谢谢。 I have two questions. The first question is related to the technology segment. In 2024, I can see that revenue grew by 7% in this segment, and operating profit margin was up 16%. In 2025, CNOOC had announced that it is going to reduce its production volume guidance. So in that case, what will be your overall profit margin and revenue outlook? My second question is referring to the four suspended or terminated contracts. I understand that two of them are such that a new business had been identified, and then there was one that is being executed in mainland China. I would like to know the cost and gross profit of that. What about your cooperation overseas with Thai Oil? I know that there should be a cooperation in relation to a rig, so what will be the amounts of contracts signed under such cooperation? Thank you. [Foreign language] 好，谢谢你的问题。看来你对我们公司的这个业务研究得比较深入。第一个问题呢，还是请我们首席财务官切吉先生来回答。第二个呢，还是请我们副总裁孙维洲先生来回答。 Thank you very much for your questions. You have indeed very detailed observation into our company. I will ask Mr. Qie to take the first question and Mr. Sun to take the second question. [Foreign language] 好，感谢你的问题。第一个呢，就是我想说的是，技术板块对于邮服的重要性越来越强。从2024年来看，整个技术板块实现的收入是¥277亿，实现的经营利润是将近¥47亿。应该来说呢，收入是占了邮服整体收入的57%。利润呢，大概是占了将近90%。 Let me take your first question concerning the technology segment. Well, its importance to COSL is getting higher and higher. In 2024, its revenue amounted to $27.7 billion, and operating profit amounted to almost $4.7 billion. In terms of revenue, it accounted for 57% of the total, and profit was 90% of the total. [Foreign language] 嗯，同项来比呢，无论是收入规模增长7%，还是我们的营业利润率12.2%，呃，应该来说呢，都是处于一个行内行业的一个比较好的水平。2024年全球的技术板块的这个投资是5,000不到¥5,300亿，同比其实是只增长了2%。那么邮服做到7%，其实还是跑赢了我们的大势。 If you look at the scale of our revenue, it was up 7%, and our operating profit margin was up 16.2%. In the industry, we are at a positive level, or we are at a very satisfactory level in terms of such growth. In 2024, if you look at the overall investment globally into the technology segment, it did not reach $530 billion. The growth was only 2% year on year. But for us, our growth is 7% year on year. [Foreign language] 从盈利能力来看呢，维持在连续两年，维持在16%以上的一个毛利，这个盈利水平，应该我们也做了一个对比，就是其实比三大技术服务公司，斯伦贝谢、哈利伯顿、贝克休斯，还是要好于他们的这个一个整体水平。并且我们也看到我们主要的业务线，其实我们的这个海外的这个毛利水平的贡献也是在增长的。先翻译吧，然后最后我再说一说两句。 In terms of profitability, actually, we grew 16% in terms of our profitability. If you compare our company with the three major or largest technology service companies, we actually surpass them in terms of our profitability improvement. If you look at our major business lines, basically our overseas business contribution to our gross profit is also very good. [Foreign language] 最后，我想简单说一说这个展望，因为技术板块24年上半年增速还是比较快的，但是某种意义来讲，确实是因为同期的23年，那时候可能公司其实可能是经过近几年的积累，技术的优势和这种加速的态势，是从22年、23年开始加快。换句话说，24年是得到了一个比较好的体现。我们也看了数据，24年下半年比24年上半年总量规模还是在涨的。那么至于说今年的安排，我们会持续保持跟有限公司资本开支的一个对接，并且我们会通过加大海外市场投入，加大产品销售的能力，加大我们高温高压装备的投入，进一步扩大我们技术板块的规模优势和盈利能力。谢谢。 Now let me comment on our outlook of the technology segment. In the first half of 2024, we saw quite rapid growth. That was because this is a comparison with the same period in 2023. In terms of our technology segment, we possess certain strengths and advantages, and in fact, we have also expedited our development starting in 2022 and 2023. The outcome or the benefits from such work were realized in 2024. If you compare the second half and first half of 2024, the total volume has increased. This year, with our work to be tied in with our overall CapEx plan, we believe that we are going to increase investment in the overseas market. We are also going to enhance our capabilities of product sales, and we will make more investment into the high temperature, high pressure equipment, so that in terms of scale and also our profitability of the technology segment, we will continue to see improvement. Thank you. [Foreign language] 好，我来回答您的第二个问题，关于去年三月底收到沙特阿美的这四条平台停船的通知。那么四条平台先后于四月份、五月份、六月份、七月份暂停下来。那么公司在收到通知之后，就在积极的寻找这四条平台后续的合同和市场。应该说总的安排都比较顺利。那么振海六号在去年八月份，就在东海锁定了工作量。JIC平台的话呢，在今年一月份，我们已经启动了为泰国国油在泰国湾作业的项目。另外两条平台，国智和GIFT，目前在南海正在即将在近期为我们的客户提供服务。这是关于四条平台的情况。另外呢，您关心的日费方面，国内的平台总体上是按照我们平台的性能以及市场的原则和客户达成的，那么日费价格的水平，处于行业平均的水平。国外还在泰国湾的平台的话，是通过竞标也是有区域竞争力的价格。这是关于四条平台的情况。 At the end of March last year, it is true that there was suspension of four platforms, REGs, announced by Saudi Aramco, and they were suspended in April, May, June, and July of last year. After we received the notice from the company, we immediately tried to find subsequent contracts and markets for them, and the overall arrangement has been very smooth. Actually in August last year, for the Donghai platform or REG, we have already locked in the work value and also the workload. This year in January, we also started to work with the Thai National Oil contract. For the South Sea Zhujiang area, the operation also started to serve customers. In terms of the daily rate that you also mentioned, for mainland domestic platforms, the rate is set based on the functions and performance and also market principles. Basically, it is up to the industry average. For overseas, there is a tendering process, but basically it also reflects the regional average level. [Foreign language] 关于您提到的这个关于泰国市场这块，应该说进入十四五以来，公司在积极践行五大战略，尤其是国际化和区域发展战略。那么逐步形成了经过几年的发展，逐步构建起了一加二加N的格局。那么一呢，就是以国内市场为基本盘；二的话就是东南亚和中东为两翼；N的话是海外的我们这个其他的一些区域，这个发展的这么一个状况。那么东南亚这个区域在过去相当长的一段时间，近二十年的时间，主要是以印尼为主。那么在一加二加N的市场格局确定了之后，公司应该说不论是在组织能力的保障、市场的开拓，这个新产品的投入等等方面做了很多工作。那么泰国市场，在去年一方面我们成功中标了这个钻井平台的这个服务项目，另外很重要的我们的固定项目，海上固定项目，打破了西方一些头部企业这个几十年的垄断，成功进入了这个泰国海上的高端市场。那么目前的话，公司的不论是钻井板块，还是我们的无碳板块、油田技术板块，都在积极的与泰国石油我们的客户进行积极的沟通和推介。今年在泰国市场，我们期待有更多的突破和更多好的成果的出现。 You asked a question about our business in Thai market. Well, actually in the fourteenth five-year plan, we have put in place and formulated the five major strategies, which include regional development and internationalization. Under such strategies, we have formulated the initiative of one plus two plus N. One means our mainland domestic market being the core, and two refers to Southeast Asia and Middle East as the two wings, and N refers to overseas and other regions. If you talk about Southeast Asia, in the past, for a very long period of time, we focused a lot on the Indonesian market. With the formulation of one plus two plus N strategy, we have strengthened our organization capabilities, our market development capabilities, as well as our new product development capabilities. This year in Thailand, we have successfully won the tender of a certain REG platform. So if you look at our offshore drilling services, we have actually broken the monopoly by Western companies, Western top companies. We have already grabbed a share in the offshore high-end premium business segment. If you look at our drilling services, technology services, and geophysical surveying segment, we have been enhancing our communication with the Thai customers and the Thai market players. This year we have a lot of expectations in terms of the developments and breakthrough that we are going to achieve over there. [Foreign language] 好的，谢谢您的详细回答，也谢谢这位投资者的提问。我们下面接受下一条提问。 [Foreign language] 请我们的同事将麦克风给到这位男士，谢谢。 [Foreign language] 好，谢谢管理层。然后我这还有两个问题。第一个问题就是，集团在中东之前在战略指引的时候提到过，中东暂停过两个平台，那我想问他们的近况是如何？未来有什么相关的工作计划呢？第二个问题呢，我想问一下，集团去年八月份的时候提到有补交一些墨西哥的税款，那我想请问，接下来还会有一些相关的这样的补交税款的境外风险吗？谢谢。 I have two questions. First of all, concerning the Middle East, during your strategy review session or meeting, you informed us that two platforms were suspended in the Middle East. I would like to know what is the latest status of it and what is your future plan. The second question is, I understand that last year in August, you had made some payment of tax in Mexico. So that is some sort of deferred payment of tax to Mexico. So I want to know whether there is the same type of risk in the future concerning tax payment that you need to make up for. Thank you. 好，谢谢你的问题。那么我们第一个问题呢，请我们公司副总裁孙维洲先生来回答。第二个问题呢，请我们公司的CFO切机先生来回答。 Thank you for your questions. I will defer to Mr. Sun to take your first question and Mr. Ji to take your second question. [Foreign language] 我不知道您因为去年的话，那么四条暂停平台，刚才我已经做了解释，整体的都有了一个安排。对于后续目前的话，我们在中东，在运营，共七条平台，为两个客户进行服务。那么这个，总的来说，这些平台的合同的签署，如果出现了这个被暂停或提前终止的情况，那么甲方是否有义务要支付我的补偿费的？请翻译。 Last year, there were four suspended platforms. In fact, earlier on we have already explained and gave some details concerning such suspension. We have already made arrangement concerning them. In Middle East altogether, we run seven platforms, and we serve two customers. On the whole, after contracts are signed, if the platform operations are to be suspended, then party A will have to make compensation payments to us. [Foreign language] 那么如果出现了您说的那种情况，一方面我们会主张权利，另外一个的话呢，我们会依托目前公司已经形成的比较稳定的一加二加N的这个市场格局，能够在比较短的时间消化掉。谢谢。 If there is indeed such an incident, first of all, we would claim for compensation. At the same time, based on our established market layout and strategy of one plus two plus N, we will be able to face up to the situation and identify better solution to maintain our overall layout. Thank you. [Foreign language] 好，那现在我来给你回答第二个问题。我觉得，首先呢，油服其实是一个，无论是业务还是组织机构，在全球是一个比较广泛的公司。某种意义来讲，现在整个的世界经济环境的复苏还是比较慢。各国对于这种刺激经济的方法和手段，是各自有各自的研判。所以呢，目前在这种全世界范围的经营呢，确实面临着各方面的挑战。这是一个总体环境。请翻译。 If you look at our company in terms of our business as well as our organization structure, we are actually rather broad and extensive in the world. Right now, global economy is recovering rather slowly, and different countries have different ways to stimulate their economies. They will come to different judgments. So, as a result, we actually face different challenges when we operate globally. [Foreign language] 具体到墨西哥这个区域，现在公司与墨西哥的税务局还是有一些税务纠纷。基于专业机构的判断，我们审慎的在年底也做了一个小额的准备。但是我们也会继续积极的与所在国进行沟通互动，维护公司的合理利益。并且我们也希望通过我们的努力，把我们的结果向更好的方向去发展。谢谢。 In relation to Mexico, it is true that we have some tax disputes with them, and based on professional organization's judgments and advice, we are trying to resolve the matter. We have, at the end of last year, made a small amount of provision for that. When it comes to the future situation, it all depends on how we are able to defend our own reasonable interest out of the situation. Overall speaking, we will try our best to strive for a positive or favorable outcome from the incident. Thank you. 好的，谢谢管理层的回答，也谢谢投资者的提问。我们下面接受下一条提问。 谢谢给我提问机会。我是美英美玲的王一宁。我的第一个问题是关于我们的船舶板块，就是在去年中报的时候，我们提出我们这个船舶板块其实未来会有一些新的发展策略。然后今年下半，去年下半年我们果然也是看到这一块的收入是增长了20%多，是一个比较亮眼的增长。但是同时从经营利润的角度来说，因为我们增加了一些分包的费用，所以其实它的利润并没有跟收入有着同频的增长。所以想请教一下管理层，我们在船舶板块未来的发展计划是什么样的，公司能给我们什么样的指引？ 我的第二个问题是关于我们公司的分红的，就是感谢领导去年把我们的分红比率又往上提了两个点。但是我们算一下的话，去年的经营现金是一百多个亿，然后我们的资本开支是七十多个亿。其实自由现金流有三十多个，将近三十个亿吧，然后我们其实分红是可以提升到50%以上的，就是简单从数学的角度来说。所以不知道领导以后对于这个分红是怎么样看，以后我们都每年提两个点吗？还是说可以更进一步？ 另外也是今天，就是这周也是第二周，其实国企过来集中路演了，我们收到很多国企的央企的反馈，都是说现在国资委还是对这个央企市值管理非常的看重。所以我们想听听领导对于我们港股破净是什么想法。谢谢。 I have two questions. The first question is concerning the marine support and services segment. Last year during Instagram results announcement, you mentioned that there will be some new development strategies. In fact, in the second half of last year, we indeed saw revenue growth by 20%. However, there were some expenses related to outsourcing. As a result, profit growth was not as high in terms of the profit growth rate as in revenue growth rate. What is your future plan about this segment? Can you give some guidance? My second question is about dividend. We are happy that you have raised dividend payout by two points. We're looking at your overall cash position. Your operating cash flow was ¥ 10 billion, capex ¥ 7 billion. Free cash flow should amount to ¥ 3 billion. I believe that in that case, dividend payouts can go up to as high as 50%. What are you going to do regarding future subsequent dividend? Are you going to improve dividend payouts by two points every year? This is already the second week in relation to road shows to be conducted or organized by SOEs. We understand that the SEC still attaches much importance to market cap management. On this point, what are your views and plans about this? Thank you. [Foreign language] 好，谢谢你的问题。第一个问题呢，请我们副总裁孙维洲先生来回答。第二个问题请我们CFO切机先生来回答。 Thank you for your questions. I will defer to Mr. Sun to take your first question and Mr. Ji to take your second question. [Foreign language] 好，谢谢您的提问。船舶板块也感谢您注意到，船舶板块去年发生了一些变化。这个应该说，船舶板块是中海油服传统的一个板块，那么经过了几十年的发展，我们的管理水平专业化的水平和管理经验，应该说逐步在中国近海船舶业界得到了业界的认可，尤其是得到了我们这个重要的战略客户的认可，以及我们一些同行的认可。 Fine. In relation to your marine support services segment, last year indeed, there was some major change. This segment has been our traditional business segment for the company, and we have already been developing it for a few decades. We have accumulated very professional operation standards and management experience, which are well recognized by external parties in relation to near-shore operations. We are especially happy to get the recognition by our strategic customers and also our peers in the industry. [Foreign language] 那么去年的话，基于这个甲方对中海油服船舶运营能力安全管理的信任，那么通过市场化的原则，这个给了我们更多过去由一些其他同行来提供服务的工作量。那么在这种情况下应该说，也经过与我们的同行的谈判，最终这个中海油服管理类的船舶应该在去年增加了将近五十条。 Last year, because Party A, in terms of costs, vessel management capability, and also our safety management capabilities, Party A has a lot of trust in our capabilities as such, and based on the market orientation principle, gave us more business which used to be taken by our other peers in the industry. In other words, they transferred some workloads from other peers in the industry to us. We have also gone through negotiation with our counterparts. In terms of management type or management related vessels, there's an increase by 50 such vessels. [Foreign language] 那么现在中海油服运营总共245条船舶，自营的话大概占比40%，有60%是通过管理。这个一定程度上反映出了市场，刚才我提到市场对中海油服船舶运营能力、安全管理能力的一种认可。这也是大家看到去年船舶板块销售收入大幅增长，包括利润都有所改善的一个原因。 Altogether, we are running two hundred forty-five vessels. Among them, 40% are self-operated or self-owned vessels, 60% are on management basis. This shows that the market has a lot of recognition and acknowledgment of our vessel operation capabilities and our safety management capabilities. As a result, last year, sales revenue of this segment increased significantly, and there is also growth in our profit as well. [Foreign language] 另外，目前去年通过规模化的发展，在不论是收入和效益方面都有所体现。同时，通过规模化的管控，船舶整体的运营率同比2023年有了大概4个点的提高。这些都为公司船舶板块利润率的改善有了很大的支撑。 Last year, we underwent scale development. As a result, our revenue as well as our efficiency both improved. We also achieved overall management and control with a good scale. With all these improvements, last year on a year-on-year basis, there was an increase by four points in terms of the operation or utilization rates of our vessels. Profit margin was also given a lot of support because of all these benefits. [Foreign language] 展望未来，目前我们船舶板块在中国近海油田服务这个领域目前的市场占有率大概76%，处于主导地位。我们将会不断提升船舶运营的管理水平和安全的管理水平。在传统市场来维护住我们的这种主导地位。同时我们会根据海外市场以及国内对船舶业务发展的新的需求，在稳定传统市场的基础上发展有自身特色的一些高端的船舶。同时也会有针对性的进入国际市场，为国际客户提供我们专业的服务。谢谢。 In the future, we are going to make further improvements in terms of our near-shore oil field services, which we are already rather leading in this aspect. In the near-shore oil field services operation, our market share is 76%, which is rather dominating. In terms of vessel operation capabilities and safety management capabilities, we're going to do more to enhance them so that we can maintain our dominating position in the traditional markets. As regards overseas markets, we understand that there will be some new demands. While we are continuing to maintain our status in the traditional market and our traditional business, we will also look into new opportunities overseas, for instance, the higher-end marine support service operations with our own unique characteristics. In this way, we will try to grab or secure a share in the overseas market in a more targeted and focused manner. Thank you. [Foreign language] 好，我来回答第二个问题。关于分红，公司2024年，先报数字，2024年的分红总额从2023年的¥10亿增长到¥11亿。分红比率从33.25%增长到35.02%。每股的分红金额从¥0.21涨到了¥0.23。分红金额的增幅达到9.5%。应该来说这个增幅已经接近了我们利润总额的增幅，并且要好于我们规模净利润的增幅。 Let me share with you some data in relation to our dividend payment, comparing 2024 and 2023. Total amounts of dividend payment comparing 2024 and 2023 was an increase from ¥ 1 billion to ¥ 1.1 billion. In terms of the dividend payout, it is actually a rise from 33.25% to 35.02%. Dividend per share increased from ¥ 0.21 to ¥ 0.23. In terms of total dividend amount, there is an increase by 9.5%. This is very near to our profit growth, profit growth rate. In fact, it is also bigger than our net profit margin growth. [Foreign language] 后续公司的分红策略，我觉得主要还是要跟公司的债务管理进行紧密的结合。油服的资产负债率不到47%，同比实现了两个点的下降。应该说财务的资产结构还是很健康的。但是确实债务的整体规模目前依然比较大。我们去年也做过发债的安排，也希望能够在未来的两三年通过债务规模的下降，资金成本下降，能够带动公司经营业绩的持续增长。 Now let me comment on our dividend strategy. Basically, it should tie in with our overall debt and liabilities management. In terms of our gearing ratio, it did not reach 47%. In fact, there is a decline by two points. We have a rather healthy debt profile. For our total liabilities or debts, it is still big. Last year we had a plan to issue debts. In the coming two to three years, we're going to reduce the overall scale of our total debts so that cost of funds will also come down, and as a result, our operating profit can improve. [Foreign language] 接下来，关于市值管理方面，一方面，公司还是希望能够通过自己扎扎实实的经营回馈股东。并且，我们每年也都储备了，比如回购、增持等这种操作的通告。这个分红比例，当然也不太说我一定能确保说以后还每年2%、2%的涨，但是我相信，随着我们化债的妥善推进以后，我们能够按照稳中有进，好于预期，去安排我们的分红节奏。这也是我们积极响应国家关于稳定资本市场、履行央企职责、加大股东回报的这些倡导。谢谢。 In terms of market cap management, well, first of all, we want to solidify our own operations so that we are able to pay back to shareholders. In fact, we have regular ways in relation to market cap management that are also contained in our notices, including share buyback and increase of shareholding as well. As regards the dividend payout, we cannot surely tell that every year the dividend payout ratio will go up by two points. However, as I mentioned earlier, we have plans to control and reduce our total liabilities and debts. So in this way, we believe that we are able to make our dividend very close or even bigger, better than expectation, and that it is going to rise amidst stability. When we tie in our work with the central government's appeal to achieve better market cap management, we hope to deliver very stable performance in the market as well as discharging our responsibility as a central enterprise in managing market cap, and also improve our return and benefits to be shared with shareholders as well. Thank you. [Foreign language] 好，这个在我们两位先生回答完之后，就关于这两个问题，我再稍微补充一下。这两个问题都涉及到公司未来发展的方向问题。第一个呢，就是关于船舶，我们可以看，至少从资本市场上大概已经有好几年没人关注到船舶这个板块了。总体上来讲呢，运转比较平稳，但是也没有很大期待。 I would like to supplement the answers given just now to the two questions, because those two questions are related to our future development directions. First of all, in relation to the marine support service segment, in the capital market, there has been a few years in which nobody has paid much attention to this particular segment. So overall speaking, its operation is stable, and there seems to be nothing much to look forward to. [Foreign language] 可以说过去几年，公司管理层始终在考虑如何让一个营运了五十年左右的船舶，它的模式，它的船队，改造，加以改造，变成一个有希望和有竞争力的业务。请翻译。 In the past few years, we have been looking at and considering how, for this segment, which has been running for fifty-odd years already, we can enhance and transform the operation model and team, so that we can achieve something, or some results that are more hopeful and also things that you can look forward to. [Foreign language] 那么对比三年前和2024年，我觉得有这么八句话可以概括总结一下。三年前呢，三五年前吧，可以说船舶事业部的业务结构单一，竞争方式简单，行业地位不强，盈利能力走弱。 If you compare three to five years ago and 2024, I can say that for this marine support services segment, the major characteristics are as follows. First of all, the business operation is rather homogeneous, or rather singular in nature. And then in terms of competition, competitive landscape, it is simple. And the status in the industry is not good, is not high, and profitability is rather weak. [Foreign language] 那么去年呢，它总共运营管理了二百四十五条船，这是数量上的变化。那么如果说再说船舶也用四句话，啊，来形容它去年的能力和水平呢，我们叫竞争优势更牢，行业统治力更强，业务结构更优，盈利能力更好。 Last year we operated and managed altogether 245 vessels. If I am to summarize the characteristics of this particular segment based on last year's situation, I can say that the comparative advantages and strengths are stronger. Overall, structure is better. Business strengths and status is stronger, and profitability also improved. [Foreign language] 我们说创新的路呢，走起来很难，但是走上了就上瘾了。我们也希望这个未来船舶，虽然船队工具都比较传统，但是仍然以这个商业模式、服务方式、作业方式的创新，来增加传统业务的价值。 I would like to say that in this particular segment, innovation is indeed rather difficult. However, in the future, we would like to innovate based on the traditional vessels and tools that we have. We would like to innovate in terms of business model, service model, and our way of operation, so that we can achieve higher competitiveness in this particular segment. [Foreign language] 关于这个现金的使用问题，到底是分红还是投资，这个我们管理层也因为这个事儿特别为难。今年涨了两分钱，这个我们觉得既是公司管理层的希望和心愿，但同时呢，也确实怕给投资者产生过多的遐想。 In terms of use of cash, should it pay out dividends, or should we use the cash to make more investments? In fact, the management feels that we are in a rather difficult position. This year there is an increase by ¥ 0.02 in the dividend payments, but of course it is the management's hope to do it. At the same time, we are also worried that too much expectation is given to investors and shareholders. [Foreign language] 那么对于这个债务优化呢，公司总体上的策略是，以前的债务很难服务好公司未来的发展了。所以说我们用四句话来说，叫减少债务总量，留足发展空间，优化债务结构，蓄力巩固优势。这是未来债务管理的方向。 In terms of our strategy to optimize our overall debt and liability structure, if we use the past debt and liabilities, it would be very difficult for them to service our company in a good way for future development. So overall speaking, we would like to reduce the total amount of debt and leave some room in the overall debt structure to enhance the debt structure and profile, so that we are able to see better development opportunities and development strengths as a result of improvement in the debt structure. [Foreign language] 那么其中一个现金需求呢，就是大型装备板块的创新发展问题。 One need for cash is innovation and also transformation of the large-scale equipment segments. [Foreign language] 那么为了改变公司大型装备，呃，员工能替代、原位替代这种当前的这种受行业相关利益相关方左右的这种局面，那么我们着重在做发挥行业引领地位，激发定制需求导向，营造业态共生系统，依托产业链赋能，来促进大型装备板块的未来发展。 We are going to change our company's overall large-scale equipment segment model of operation. In the industry, we don't want to be influenced by stakeholders in the industry, so we want to achieve better replacement in terms of the overall manpower for large-scale equipment segment. At the same time, we want to maintain our industry-leading position. As a result, we want to enhance the overall degree of customization in this particular segment. We want to see better collaboration and building of an ecosystem, so that there would be better industrial strength empowerment or industrial resources empowerment as a whole. [Foreign language] 那么其中一个表现呢，以前，对于客户来讲，我们叫contractor，以前我们的供应方，对我们来讲呢，叫vendor，那么以后这两个名字可能也都要调整成为叫partner。 In the past, our customers were known as contractors, and in the past, our suppliers were known as vendors for us. But in the future, these parties should be renamed as partners. [Foreign language] 那么在这个共生系统当中，我们希望能够挖掘出更大的潜能，来给予股东最大更好的回报。 In this system where we coexist, which is a symbiotic system, we hope that we can dig up bigger potential from the business and from the segment to deliver better return to shareholders. [Foreign language] 那我们用两句话来总结就是重塑客户关系，重塑公司竞争优势。 To summarize the situation in two phrases or clauses, we want to reshape customer relationship, and we want to reshape our company's competitive strengths and advantages. [Foreign language] 好，谢谢。 Thank you. [Foreign language] 好的，谢谢管理层的详细回答，也谢谢投资者们的提问。那我们今天的问答环节就到此结束，也再次感谢各位投资者朋友今天来参加中海油服2024年年度业绩发布会。公司也将继续以多种形式和大家保持沟通。今天的交流就到此结束。如果各位投资者想与公司做进一步的交流，也欢迎与投资者关系部门或纵横财经团队联系。期待下次与大家的再次见面，谢谢。 Thank you once again to all investors and friends for attending COSL's 2024 annual results announcement today. The company will continue to maintain communication with you in various forms, and we will conclude the session here. If you would like to have further communication, please feel free to contact the investor relations department or the SPRG team. We look forward to meeting you next time. Thank you.