Good morning, investors and analysts. Welcome to the 2025 annual results announcement of China Oilfield Services Limited. On behalf of the company, I would like to thank you all for taking the time to attend. [Non-English content]. First allow me to introduce the representatives from the Board of Directors and Management attending this event. They are Mr. Zhao Shunqiang, Chairman and CEO. [Non-English content]. Ms. Chiu Lai Kuen, Independent Non-Executive Director. [Non-English content]. Mr. Sun Weizhou, Executive Vice President and Board Secretary. [Non-English content]. Mr. Qie Ji, CFO. [Non-English content]. China Oilfield Services is one of the world's largest integrated oilfield service providers, boasting a comprehensive service chain and a robust fleet of offshore oilfield service equipment as well as a well-established R&D system and service support system. The company focuses on five key development strategies, technology-driven, cost leadership, integration, internationalization and regional development. During the 14th Five-Year Plan period, the company has achieved continuous breakthroughs in key core technologies, significantly enhanced the profitability of its large-scale equipment, and continuously strengthens its core competitiveness in oilfield services. The company remains committed to reestablishing its cost advantage and strengthening its cost control capabilities. It is dedicated to deepening its expertise in the marine energy resources sector, firmly upholding the philosophy of creating value for clients. COSL excels at integrating its operations into clients' value chains to generate added value, thereby enhancing clients' investment efficiency and returns. [Non-English content]. Today's event is divided into two parts. First, Mr. Qie Ji, CFO, will present the 2025 annual results and the company's future development outlook, followed by a Q&A session. We now invite Mr. Ji to take the floor. [Non-English content]. [Non-English content]. Thank you Mr. Ji. We will now move on to the Q&A session to ensure that as many investors as possible have the opportunity to ask questions. Please limit your questions to no more than two each. Before asking a question, please state your organization and your name. The consecutive interpreter will provide interpretation between Chinese and English for both questions and answers. Please allow sufficient time for the interpreter. Thank you. [Non-English content]. If you have a question, please raise your hand, our colleagues will pass microphone to you. Thank you. [Non-English content]. [Non-English content]. My question is about the Middle East. Right now, we are in the middle of the Middle East conflict. I would like to know how much impact or what kind of impact has there been on your technology segment and on your drilling segment? Before the conflict in the Middle East, how many rigs or platforms were operating in the Middle East, and how many of them have been suspended because of the conflict? Thank you. [Non-English content]. [Non-English content]. Let me talk about our current operation and equipment being used in the Middle East. We are now in basically three countries in the Middle East. First of all, in Iraq, we have 23 equipment for maintenance and also operations. In Saudi Arabia, we have three jackup rig or platform. In Kuwait, two jackup platforms. [Non-English content]. Regarding our five jackup rigs or platforms, there has been no impact on their operation. That means that there is no suspension or no termination of the operation of this equipment. As regards the landlord side, well, they are still making arrangement in relation to the work and operations, and they are also continuing their payments of fees as well. However, in Iraq, in relation to the repair and maintenance machines and equipment, because in Iraq basically the business is integrated business, and so there have been three equipment and machines being affected by the integrated equipment suspension. [Non-English content]. [Non-English content]. First of all, my question is, under the current situation about geopolitics, how do you see the oil price trend in the year 2026? Also, I would like to know, given these circumstances, so, what will be some adjustments or changes to your development plan? Thank you. [Non-English content]. I believe that the question or issue about oil price is a big issue, and in fact, we are not an expert in this area, but I can still share a couple of points in my opinion. First of all, in relation to the demand and supply situation, right now, there is still excess capacity, whereas demand is relatively weaker and softer. Under the influence of geopolitics, there is an imbalance or a lack of balance between demand and supply on a regional basis, and that had led to the volatility or changes in the oil price. The overall trend is not really changing. In the future, we are still cautiously optimistic, and we are not going to change our internationalization strategy as a result. We believe that we will continue to benefit from the insights and experience that we have already accumulated from the previous Five-Year Plan period. [Non-English content]. Despite all the geopolitical changes and also fluctuations. Actually, this year, because of that, oil price has been affected. Right now we are in the process of war. We don't know how long this war will last, and we don't know how intense or how severe this war is going to turn out. Of course, no country would like to see a war happening. We believe that this war may not really take a very long time, but we actually can't tell when it is going to end. Definitely our internationalization strategy as a whole will stay. The trend of our internationalization will be subject to some impact, especially during the short term. In the long term, the direction is going to remain the same. [Non-English content]. [Non-English content]. My question is about the drilling rigs. Actually, we have seen that there is an increase in profitability. I want to understand the reasons behind the profitability growth. Regarding the domestic as well as overseas profit in this segment, how much is the relative contribution from domestic and overseas business? In the future, in the coming one year, what kind of breakthroughs can we expect in this particular business segment? Thank you. [Non-English content]. Before I answer your question, I would like to share with you three big trends. First of all, we have seen acceleration of our internationalization strategy. This is reflected quite clearly if you refer to our revenue, our profit, and also our management work and efficiency. The second trend is that the increase in production within our country is continuing. We have already completed the previous seven-year action plan, and very soon we are going to see the coming ten-year plan, which is a new one. We can see that there is a strengthening of domestic supply and expansion. The third trend is that during the 14th Five-Year Plan period, our company has been increasing utilization of large-scale equipment. In fact, in the year 2025, all large-scale equipment has been put into use. [Non-English content]. In the year 2025, there were two M&A projects. The first one is between ADES and Shell, and the second one is Transocean and another company. In relation to the rig and platform operation, we can see that the overall integrated capability and also bargaining power for the larger companies have increased. It is getting more and more difficult for the smaller companies to survive well. [Non-English content]. For the large contractors and companies, we can see their profit margin is rising. However, for the smaller contractors, many of their recent platforms have been suspended. During the 15th Five-Year Plan period in relation to large-scale equipment, we believe that it is in a tight balance situation. We will put in more effort to acquire or integrate with the equipment of the smaller contractors. [Non-English content]. In the future, we believe that the oil companies will see quite a lot of difficulties in relation to technical development resources as well as spatial development. They really need the more competent contractors with more capabilities and expertise to be able to deliver professional and expert services to them. [Non-English content]. [Non-English content]. [Non-English content]. The first question is about the marine support segment in relation to the vessels. All along it has been based on market, or market rate pricing mechanism. Is there going to be any change to this pricing mechanism? And what will be the trend in the daily rates? The next question is under the current situation and concern regarding energy security, many big oil companies, including CNOOC, is expanding their work in terms of exploration. When it comes to offshore oil fields in the coming few years, how much will be your CapEx? And then the third question is, given the decline in your gearing ratio, in the future, are you going to increase dividend payout? [Non-English content]. OK. [Non-English content]. [Non-English content]. Actually starting from 2024 we have been making plans and preparation for debt optimization. Because in June to July 2025, there was the expiry of $1 billion debt. Then actually in mid March, we had already issued a CNY 5 billion debt at 1.95% interest rate for a tenor of three years. Overall speaking, we have decreased the scale of our debt and financing cost is also coming down. What we have to do is that we need to continue to reduce the scale of our debt and optimize the structure. [Non-English content]. 。 During the 15th Five-Year Plan period, we are going to increase our investment into equipment and we want to make sure that our gearing ratio will maintain stable and sustainable. In terms of our debts and liabilities, we are going to make arrangements by considering our overall long term development. Regarding dividend, we have to consider the operational needs of our company, the company's future cash position in making decision. We also want to make sure that we can seize future development opportunities. If you look at our dividend payout in 2025, in fact, it is in a very good position. [Non-English content]. [Non-English content]. My first question is concerning exchange rate gain and loss. In the second half of the year, there was quite a large impact arising from that. What are the reasons behind? My second question is about your technology segment. In terms of the profit from this segment, its share has been quite big all along. Last year in the first half of the year, there was some change to that trend. Is there going to be or was there some improvement in the second half of the year? In 2026, how much will be the profit margin? Thank you. [Non-English content]. [Non-English content]. During the 14th Five-Year Plan period, we have been continuously increasing our R&D expenses, and we have strengthened our R&D system as well. If you look at our R&D expenses every year, for example, in 2021, the amount was CNY 1.6 billion, and last year it had already risen to CNY 2.2 billion. It accounted for 4% of our total revenue. [Non-English content]. In fact, the input/output ratio in relation to our R&D expenses and investment has been increasing. In 2021, it was RMB 1 -RMB 2.5. In 2025 it was RMB 1 - RMB 3.1. [Non-English content]. Technology coverage, in 2021, it was 59%, in 2025, 86%. [Non-English content]. We are strengthening the overall strength of our technology segment. In the 14th Five-Year Plan period, our revenue strength and also the contribution to total revenue and profit is also big and increasing. In 2025, from the technology segment, it accounted for 55% of revenue and 72% of profit. [Non-English content]. For overseas business during the 14th Five-Year Plan, the strength of our technology segment has also been enhanced. The contribution to both revenue and profit has risen. In 2021, it accounted for 14% of total overseas revenue, and in 2025, 24%. [Non-English content]. If we look at the operating profit margin of the segment in 2025, it was 16%. We are better than other peers in the industry, even though there is some slight decline on a year-on-year basis. However, we also need to exclude the non-operating gains and losses. For actually most of the segments, we saw very stable, even slight increased trend, with only the exception of the cementing segment. [Non-English content]. At the end of last year, we won a contract with our Xuanji with PTTEP company. The total contract value was $8 million. This shows that our self-researched and developed technology has won international recognition. This is because of our R&D investment over the years, as well as the work that we have done to strengthen our overall R&D system. [Non-English content]. [Non-English content]. Recently, perhaps you are also aware that we have also won a contract from the Kuwait National Petroleum Company. Total contract value was actually for RMB 400 million in terms of contract value. You can see that we have achieved breakthrough in different regions and also different countries with our technology segment. The technology, our technology segment is such that our value has been released on a continuous basis and our strength has been improving. We have won more and more recognition from customers in the future with our 1+2+N market layout of our company. Right now, in terms of our overseas business, we are in the five major continents in 13 countries and we have 120 operation sites. In terms of both profitability and also revenue and shareholder return, we are seeing future improvements. [Non-English content]. In 2025, actually, we have seen fluctuations and volatility in the exchange rate of RMB. Last year, at the beginning of last year, it was in the range of around 7.1, and then in April it became 7.4. Towards the end of the year, it was at 6.8-6.9 roughly. All these fluctuations have caused much impact to our exchange rate loss or gain. [Non-English content]. During the 14th Five-Year Plan period, for our exchange rate loss, it was relatively flat in the year 2022 to 2023. In fact, there was a year when there was a big exchange rate gain, but then there was also another year with a big exchange rate loss. For our country, it is actually trying its best to maintain a reasonable range in relation to exchange rate fluctuations. In the short run, we believe that there are challenges in terms of exchange rate gain or loss. In the long run, we are going to put in more effort to strengthen management of our exchange rates loss and gain and also enhance the position overall, speaking. [Non-English content]. [Non-English content]. There's very limited time, so I can only briefly give some explanation to the technical dimension of this question. On one hand, within Mainland China, the expenses are mainly in RMB. When it comes to overseas business and also external payment, the usual habit is for USD to be used. That's why we will be subject to impact from the fluctuations and volatility. Just now we answered a question about debt structure optimization. Last year we increased our RMB debt, and we used them or used it to repay some of the high-interest rate USD debt. Because as a result, the interest rate has come down because of this swap, well, for USD debt, the interest rate was 4%, and we changed that into RMB debt at an interest rate of 2%. There is this interest rate differential. At the same time, there is also depreciation in interest rate. These two movements are offsetting each other. [Non-English content]. [Non-English content]. I have two questions. The first question is concerning your rig platforms utilization rate has been high. We know that there is a tight demand and supply situation concerning the semi-submersible rigs. Do you have any plan to build new semi-submersible rigs? My second question is related to the technology segment. We understand from the market that there is overseas development plan for this particular business segment. Now that there is the war and conflict in the Middle East region, will this plan about achieving breakthrough in the Middle East be affected? [Non-English content]. 。 [Non-English content]. First of all, in relation to large-scale equipment, during the 14th Five-Year Plan, we have seen a rapid development stage, and then we believe that in the 15th Five-Year Plan, it would be in a tight balance or tight equilibrium position. We are actually expediting our development and also R&D in this regard, hoping to achieve low-cost construction and highly efficient construction as well. Our principle is one of productization. We are going to capitalize on our self-developed design, our own R&D, our self-construction in our platform and rig construction work. We will make sure that we can come up with our own design and own research and development. We believe that there are a few characteristics of the rigs and platforms that we develop and construct. Namely, that they are reliable, they are highly efficient-intensive, and also there would be a high degree of integration. We believe that we are able to make quite a lot of improvement in such a way that all such equipment construction work can be replicated and can be further promoted, so that they would be enough to support our future development for the coming Five-Year Plan period. [Non-English content]. Let me comment on our technology segment. During the 14th Five-Year Plan period, we have seen changes in the overseas market. First of all, in terms of regions, we have newly added Uganda, Kuwait, Brazil, Canada and Thailand. In terms of customers that we serve, we have also quite new customers, including Kuwait National Petroleum Company, customer in Saudi Arabia, in France, and also in the U.S. As I mentioned earlier, we are operating in the five major continents in 13 countries, and we have 120 operation sites. We have already diversified our market and also our customer mix. This is also a good testimony that our technology and our management is well recognized by our customers. We are even better able to withstand and control risk. During the 14th Five-Year Plan period, especially at the beginning of that period, we have already established our five major strategies, of which the strategy about being technology-driven and also the strategy of integration have helped us enhance our overall competitiveness, especially in our overseas market and overseas development. These two strategies have already accounted for 40%-50% of our revenue in the 14th Five-Year Plan period. For these two strategies, integration and technology driven, we have also diversified our businesses. As a result, we have enhanced our overall competitiveness and we are able to balance out market risks as well. [Non-English content]. We are of the view that the war is going to be temporary in nature, and also it is rather local in nature. We will keep on diversifying our market as well as our customer base. Our development, our direction of technology development is already very clear. Competitiveness is improving, with the market foundation, technology foundation and management foundation that we have already built, we believe that our future development is going to get better and better. [Non-English content]. [Non-English content]. [Non-English content]. [Non-English content]. [Non-English content]. [Non-English content]. The first question is about the structure optimization of structure. Just now we heard from your answers that especially for overseas business there is now industrial integration, and during the 15th Five-Year Plan period, you are going to increase your equipment resources. Regarding this increase in equipment resources, I would like to know how you are going to do it. Are you going to consider new equipment resources within China or the mature equipment resources, or are you going to consider overseas M&A? I think this is related to the structure optimization between domestic and overseas that you have been talking about. My next question is that your current business model is already different from your old partners' business model. You have already got the long term agreement in place in the North Sea area, and the daily rates, daily fee rates are sort of fixed. Is there any mechanism for the passing on of the oil price increase back to for example the oil companies and other companies? Because in the past cost has been controllable, but now that there has been a big surge in oil price, is there any way that you can pass on such oil price increase impact? Thank you. [Non-English content]. During the 14th Five-Year Plan period, as we are increasing our large-scale equipment resources. Basically, there are four methods for us to do that, leasing, self-construction, transfer, and purchase or acquisition. Right now, we are increasing our development in our internationalization strategy. As mentioned earlier, the large-scale equipment capability within China is also rising. Earlier I mentioned the tight balance between resource demand and supply. We have already commented on the self-construction of equipment and for the buy or purchase strategy, we will consider that when we see resources with high value for money. For leasing, it has to be left for a later stage because right now, we believe that we are going to increase our self-owned vessel fleet in order to support our future development and growth. As regards the price pass-through mechanism for North Sea, if such mechanism can be put in place, it is good. Right now we believe that our customers also encounter much difficulty. We have got the long-term agreement signed for the North Sea region. It is actually because of the energy management system. We are able to lower costs for the operators, and at the same time we can enhance efficiency. It is actually a win-win situation for both the operators as well as ourselves. This is also one of our key competitiveness when we operate in this particular segment. [Non-English content]. Last year is the final year of the 14th Five-Year Plan period, and this year we will see the start of the 15th Five-Year Plan period. During the 14th Five-Year Plan period, our integrated overall capability, our innovation capability, and our management capabilities have improved significantly. We have the confidence that we will be developed into a global energy resources and technology company. We have a lot of courage and confidence in achieving this goal. [Non-English content]. During the 15th Five-Year Plan, we have actually got four main points in relation to our overall development. First of all, even though there has been some changes in our strategy, but then we have already consolidated and solidified many of our development strategies, so our future development is going to be centered around all these established strategies. Even though there is a lot of uncertainty in our development environment, but we will still be firmly adhering to our strategy. Secondly, we will rely on the drive from our technology and equipment, products and services to continue our business development. The third point is that there would be some solidification and changes in our development methods and approaches. In the past, we focused a lot on the major elements, input, and this is going to be changed into a knowledge-based approach. Finally, we will deepen our reform. Many of our reform initiatives started in the 14th Five-Year Plan periods. In the 15th Five-Year Plan period, we are going to refine them. Under the leadership of our board of directors, we believe that we will see many friendly customers with very close relationship. We will be focusing on our core strategies and business segments. We will also center around our efficiency improvement and value improvement. With all these, we believe that we can gradually develop ourselves into a first-rate global energy technology management company. Thank you all for spending time with us today. [Non-English content]. The company will continue to maintain communication with you through various channels. Today's session is now concluded. Should any investors wish to engage in further dialogue, please feel free to contact our IR team. We look forward to seeing you again next time. Thank you.