Dear ladies and gentlemen, investors and analysts, good afternoon. Thank you all for joining the 2025 third quarter earnings call of China Oilfield Services Ltd. today. COSL, guided by the goal of building a world-class energy service company with Chinese characteristics, continuously optimizes resource allocation and enhances the efficiency of capital operations. It focuses on five major development strategies: technology-driven, cost-oriented, integration, internationalization, and regional development. The company is committed to optimizing the structure of large-scale equipment, continuously improving profitability, constantly breaking through and perfecting key core technologies, and enhancing the core competitiveness of oilfield services. In the face of a complex and volatile external environment, the company adheres to the goal of world-class standards, deepens and broadens strategic planning, and intensifies and refines the implementation of strategies. It promotes the coordinated development of production and operations, as well as reform and development in an all-rounded way. Overall, the company presents a high-quality and sustainable development track. 今天出席会议的管理层是公司首席财务官切吉先生。今天发布会会分为两个部分。首先，切吉先生将带领大家了解公司在2025年第三季度的业绩情况，之后我们将开放提问环节。接下来让我们把时间交给切吉先生。 Please allow me to introduce Mr. Che Jie, the Chief Financial Officer of the company. Today's press conference is divided into two parts. First, Mr. Che will lead us to understand the company's performance in the third quarter of 2025. Afterwards, we will open the question and answer session. Now, allow me to give the floor to Mr. Che. 首先感谢各位关注中海油服的投资界朋友。下面由我给大家介绍一下中海油服2024年三季度业绩情况。在本业绩期内，全球能源服务市场不确定性和波动性增强，油价中枢震荡下行。面对复杂的外部环境，公司聚焦增储上产需求，为高价值勘探和高水平上产持续供给装备和技术双重保障，通过全程全方位体系化管控，有效增强公司抗风险能力，实现经营业绩稳健提升。2024年前三季度公司营业收入实现人民币348.54亿元，同比增幅3.5%；归母净利润实现人民币32.09亿元，同比增幅31.3%。 三大板块运营方面，2024年前三季度钻井板块持续深化精益管理，优化海内外市场资源配置，日历天使用率实现同比超两位数增长，板块收入显著提升。技术板块推动技术体系进一步向需求端和应用端延伸，主要业务线作业量实现同比增长，板块整体利润率保持稳定。船舶板块持续巩固国内市场份额领先优势，累计作业天数同比增加9,427天，板块营收同比增速达10%。物探板块聚焦高回报业务，优化调整产能布局，收入与利润均实现同比增长。 未来一段时间，公司将继续抓好国内油气增储上产资源保障、海外经营质量精益管理、科技创新、风险防控等重点工作，持续优化以价值创造为中心，推动公司生产经营再上新台阶，以良好业绩回馈全体股东和社会各界。谢谢大家，欢迎各位朋友投资者提问交流。 谢谢管理层的介绍。现在我们将进行提问环节。为了让更多投资者朋友有提问机会，请每位提问不超过两个问题。提问之前，请先告知您所在的公司和姓名。并请注意，我们将在问答环节提供交传，在您提出问题后留出一些时间来进行翻译。如需提问，请按星一键。 Thank you for the management's introduction. Now we will proceed to the Q&A session to give more investors the opportunity to ask questions. Please limit your questions to no more than two per person. Before asking your questions, please tell us who you are and what your company's name is. Please note that we will provide consecutive interpretation during the Q&A session, so we will allow some time for translation after you have asked your question as well. If you have a question, please press star one. 下面我们有请第一位提问者，他是来自美林证券的王一鸣。 We will now invite the first person to raise questions, who is Wang Yiming from Merrill Lynch. 杰总早上好，感谢您给我提问的机会，非常恭喜您在三季度给公司实现了这么好的业绩。我的第一个问题是关于这两天我们看到，其实中东的一些油服公司，他们有提出沙特阿美其实有通知他们将一些钻井重新开始启动，可能是之前也是像我们去年一样停止了一些合同的这样的一个状况。然后这两天我们听到大概是有6个钻井重新启动了，所以我们就想问一下，从咱们中海油服这边有没有听到相似的消息，我们有没有可能将我们一些钻井重新迁回沙特近海去进行作业，然后进一步提高我们的日费或者是钻井的利用率。我的第二个问题是更偏财务一些，我们留意到其实三季度我们的有效税率其实是有一个比较大的下降的，不管是同比来说还是环比来说。我想问一下，我们有效税率的这个下降主要是什么因素引起的，然后我们从四季度还有明年我们怎么看待这个有效税率的问题呢？谢谢。 First of all, I would like to congratulate the company for achieving very good results for the third quarter of the year. I have two questions. First of all, I have heard some news about certain drilling rigs which will restart their operations, and I have heard that would involve six projects in total. Has the company heard such news? If that is the case, if certain projects are about to be recommissioned, is it going to have a positive impact on your daily rate and also utilization rate overall? My second question is about the effective tax rate being reduced in the third quarter. I would like to understand the reasons behind that, and do you have any forward-looking projections into the fourth quarter, or what is your projection for the next year concerning effective tax rate? Thank you. 感谢你的提问，我先回答第一个问题，关于中东沙特阿美那边一些动向。其实这个市场的传闻，应该说在8月份开始，据我所知8月份开始就有所耳闻。这块，我觉得一方面，目前为止公司还没有接到明确的可落地的实际需求。我觉得我们需要做的就是一方面保持好现在钻井船的作业效率和质量，另外一方面，我们也会把我们的装备不局限于沙特阿美，在全球进行一个动态的调整，确保装备使用率能够在全球得到一个最优的配置。某种意义来讲，也并不是说一定要非要回归到沙特阿美才能证明我们的资产是得到了更好的应用。回答完毕请翻译。 Thank you very much for your questions. Allow me to first address the first question, which is relevant to the development in the Middle East. Actually, beginning from the month of August, we have started receiving some news about certain activities, but to date we do not have any well-established demand coming from that region. What we need to focus on at the moment is to ensure the high level of efficiency of our operations, and at the same time make effective dynamic adjustments to the use of our equipment on the global front, so as to optimize the utilization of our equipment instead of just focusing on one single region. 关于第二个问题，我主要是列几个数据，供大家去参考一下。首先一个，就是今年整体的公司的有效税率其实都是属于一个回归到正常的水平。我刚才看了看，半年的时候大概是19%不到20%，略多一点，然后现在累计到三季度，大概是也是20%左右多一点。应该说三季度并没有比上半年发生重大变化。 Now allow me to switch over to your second question and share some figures with you. This year, overall speaking, the effective tax rate has returned to a normal level. Previously it was between 19% and just below 20%, and now if we look at the level for the third quarter, it is slightly over 20%. So by comparing the figures from the third quarter to the previous time periods, I would not say there are any major fluctuations. 但是我们也可以看到2024年前三季度有效税率确实已经到了高达将近28%，所以确实跟今年有一个比较大的变化，应该说今年跟去年比，应该确实有一个比较大的降幅。刚才我也说了，降到一个我们认为公司比较正常的。具体的这个下降原因，我也愿意跟大家做一个分享。我们做了一个初步的分析，最主要的原因还是得益于我们挪威今年通过良好的作业，这个高日费的兑现，他的这个亏损基本上实现了一个大幅的减少，但是这个目前并没有相应的所得税费用的增加。所以这块，这是一个将近，将近可能如果要是把这个所得税率这个量化成，我们看了看同比如果减9个点的话，这里边他就将近占了3.5个点，将近占了小一半。另外，就是去年确实年终的时候，包括前三季度，受到了这个沙特停船的影响，我们有一些递延所得税资产，因为合同的终止，计入了当期的所得税费用，导致去年的所得税费用比较高。主要就是这几项因素的这种变化，属于这种应该说并不是说油服面临的全球的税率发生重大变化导致的这个变化，主要还是一些特殊事项，一次性因素导致的。 If you look at the figures for Q1 to Q3, which was around 28% in 2024, and compare that level with the level we see this year, yes, you may say there is a rather substantial change. What are the main reasons behind such a reduction in the effective tax rate? I can offer some of my own thinking and analysis. I believe the major reason is in relation to what happened to the operations in Norway. We have enjoyed very good performance there, with very high level of daily rate, and also the level of losses have been substantially reduced. At the same time, there was no increase in the profit tax, which is very good news. If you look at such situation, I can say that towards the if you compare the first three quarters of last year, and that is caused by the operations or special situation in Saudi Arabia, I would not say that these are generalized trends, but rather I think such change or movements have been caused by certain special events or special activities instead. 这个我刚才举的两个例子呢，加起来大概是能够对应上我们同比这两个因素，大概是降了5个点。我们是从大概28.9%降到20%嘛，这个有效税率一共是降了八九个点。我这块说的大概是5个点，应该说还是比较有代表性。展望四季度或者全年来看呢，我个人判断呢，第一呢这个因素一定还会在年内有所延续。另外一个呢，因为已经整体回归到了一个正常的有效税率这个水平啊，所以呢也不会有大幅的这种波动啊，目前看回答完毕。 So combining the two examples I have just given you, the impact would be a drive down of about five points. If you look at the actual levels, 28% to 29% dropping to around 20%, that is a drop of eight to nine points. Looking ahead into the fourth quarter and also the full year, I would say that such elements would continue to play a role. Since our effective tax rate has already returned to the normal level, I can tell you I do not expect any substantial changes. 好的，谢谢管理层的回答。下面我们接入下一位投资提问者，他是来自瑞银证券的胡一帆。Let's introduce the next questioner, which is 感谢管理层提问机会。我是瑞银证券顾一凡，我想请教两个问题，都是关于我们技术服务板块的。一个是我们看到上半年的时候，因为一些因素的影响，技术服务板块的收入和利润率的规模有一些下滑，请问这个在三季度是否有改善，能不能帮我们详细介绍一下三季度服务技术板块的表现，包括收入增长情况，还有利润率的情况。另外，如果我们再展望未来几年的话，能不能对我们技术服务的业务，国内和海外这边的增长空间，以及我们这个利润率的一些战略，进行一些展望，谢谢管理层。 Thank you for the opportunity to ask the questions. I actually want to ask about your well-surfaced segment. In the first half, I have examined the figures for the profit situation, so I would like to ask, can you explain why in the third quarter the profit trend has shown such a direction? What do you expect the future profit margin to be looking ahead into the final quarter of the year, and also what is the projection for the full year? 好，感谢你提问，先回答第一个问题。公司的技术板块近三年以来，应该说实现了一个无论是规模还是质量的大幅提升，迈入了高速发展的阶段，也已经达到了一定的高位。这是我想说的意思。第二个，转到今年，确实受到油价下行导致上游甲方投资意愿的减弱，我们也可以看到，全球海上技术服务的整个投资是呈现一个将近6%的下降。所以说，对于中海油服来讲，技术板块现在今年，其实从半年包括到三季度这种降幅，我们也还是依旧存在这种趋势。 Thank you very much for your question. Allow me to first answer your first question. I should say in relation to our well-serviced segment, if you look at what has happened in the past three years, I should say that we have seen very good improvement in terms of our scale of operations and also the quality of our operations. Actually, I should say that we have already entered a phase of rapid development. Focusing on this year, we have seen the drop in oil prices, and that has caused a lowering of investment sentiment in the upstream. Overall investment reduction is about 6%. To us, and particularly to the well-serviced segment, I think this trend will continue. 另外我想说的是，这种技术板块，我们还是得益于国内的巨大工作量的支撑。我们前三季度的营收大概是降了约3%，其实我们认为还是要好于世界全球的这个降幅。具体展开来讲，其实国内的降还是基本可控的，海外是做了一些业务调整，导致了一些降幅会比国内的要快一点，当然是局部的一些业务的调整。营利润方面是略降，但是我们的利润率仍然是保持在16%以上，这个同比略降，但是其实还是一个高位。此外，我们也拿到了斯伦贝谢、贝克休斯、哈里伯顿的三季报的情况，从他们的表现来看，这个前三季度收入基本上都是降3%，都是降4%以上，利润总额都是斯伦贝谢是降了21.87%，哈里伯顿是降了53.46%，贝克休斯是降了5%。应该说油服还是跟他们相比，还是至少是受控的。 When we talk about the technical settlement, we need to understand that it is still well supported by the huge amount of workload available on the domestic front. While we see a slight decrease of 3% comparing the first quarter to the third quarter, we can say such a mild drop is still outperforming the global trend or the global situation. When we talk about the drop in the domestic front, it is still well under control, and for the overseas performance, we do see a mild decline in our profit level, but still our margin is standing at a relatively high level, which is more than 16%. Basically, we are doing quite well compared to our peers, and we see that from Q1 to Q3 there was a drop of 3% to 4%, but it is comparatively speaking better than the global situation and also some of the other major players in the market. For example, we can see that Harry Bolton has also suffered a decline of their performance by 53.8%, and Baker Hughes dropped by 5%, and other peers are also suffering. You can draw a comparison here and see we are actually doing quite well. 关于这个未来的展望呢，我觉得第一呢，我们之前也跟投资人做过交流，就是对于油服来讲，油服未来的发展，我们还是希望加大海外的拓展。第二一个呢，就是海外的拓展，我们还是倾向于技术板块的，更深层次的跟全球IOC和NOC的这个合作，这个通过我们成熟技术和装备的输出，能够不断的扩大我们的市场份额，提高我们海外技术的盈利能力。当然这个会有波动，竞争很激烈，在油价下行这个投资减少情况下，毛利率的这种波动，或者说短时间的这种波动，我觉得油服也是会想一方面想办法去改善，另外一方面呢，我们也希望能够保持在一个高位吧。 Looking ahead into the future, when it comes to the well-surfaced segment, our future expectation is that we will expand our overseas operations. In particular, we will focus our efforts on the technical front. We will enhance our collaboration with the IOC and AOC, and with our sophisticated technologies and very outstanding equipment offering, we believe we can expand our market share and improve our profitability. Yes, we will continue to see fluctuations in the market, and yes, competition will continue to be fierce, and at the same time, we see a reduction in the sentiment of investment, but we will strive to improve ourselves and maintain all the operational indexes at a high level. 好的，谢谢管理层的回答。下面我们接入下一位提问者。下一位提问者是来自中银国际证券的刘志成。Thank you very much. Let's invite the next questioner from BOCI. 喂，K总听到吗？可以听到，请讲。好，谢谢，给我一个发问的机会。两个问题，首先我们留意到二季度、三季度虽然说收入是同比、环比略有下降，但是毛利率是有所上升的，那就能不能请切总分享一下这里面到底是有什么原因呢？另外想请教一下四季度我们是怎么看的，因为比如说去年四季度我们看见明显收入是增加，但是这个利润是环比大幅减少的，那我们比如说今年四季度会不会出现这种情况，或是公司认为今年四季度环比三季度的话还是能有一个持续上升的状态，谢谢。 Thank you for the opportunity to raise questions. I have two questions. First of all, I can see the revenue coming down in Q3, but the gross margin has gone up. Can you please explain why? Second question, if you look at the fourth quarter last year, the trend was a rising revenue, but a substantially dropping profit margin. So is that going to be the trend this year? What are your expectations? 感谢你的提问，这个应该说呢，目前公司收入的进度呢，我们觉得环比可能略略降，但是我们觉得整体应该是还是符合预期的。这个毛利的变化呢，我们觉得可能因为三季度虽然有一些天气的影响，但是没有像去年那么大，所以我们感觉呢，可能这块也是我们利润不断增长的一个原因吧。另外一个就是可能有一些财务费用的节约等等诸多原因吧，请翻译。 Thank you very much for your question. At the moment, if you look at the progress we are making with our revenue, yes, we do see a mild decline, but that is well within our expectation. When it comes to the growth margin level, certain activities or elements have created impact on us, especially in the third quarter, but the impact is not going to be as substantial as last year. So I would say together with some savings we have made on the portion of our financial expenses, I think things are well under control. 看第四季度，其实也就是一年，看全年了，因为首先呢，从油服的这个行业的惯例来看，一般是这个收入呢会到下半年，可能会受到一些天气的影响，但是呢一般到四季度呢，可能收入随着甲方结算的这种加快，可能这里边有些收入确实是会多一些，会多一些收入会涨一些，但是呢与此同时呢确实有一些相应的成本，比如说一些人工的成本，这块呢因为还是有这种工资总额的这种限制，所以呢这块在年底的时候可能会有一个比较大的一个，占全年比重比较大的一个这个人工成本的这个发生，公司呢也一直在努力这种做好年底成本费用翘尾的这种对我们财务均衡的这种影响，总体看我觉得一年下来，目前看我们还是有信心能够继续保持适度的这种增长的态势。回答完毕，谢谢。 If we are to look ahead into the fourth quarter, that means we are examining the situation for the full year. I would say this is a usual trend that happens in the well-surfaced industry. In the second half of the year, the revenue level would normally be affected by poor weather, but because of the speeding up of account settling in the final quarter, we expect a slight increase for our revenue level. In relation to our cost factor, because of certain salary and wages limitations stipulated by the state, the cost going into salaries would take up a rather big portion of our overall cost, and all along our company has been doing well this balancing act involving our different cost elements. At the moment, I can tell you we are still confident that the company will maintain a very good growth momentum. 好的，谢谢这位投资者的提问。下面我们接入下一位投资者，他是来自中金公司的严贝娜，请开始您的提问。 Let's invite the next questioner, which is Yan Beina. 观众朋友好，我有两个问题。第一个就是关于我们技术板块的上半年，有一些体系收费的变化，我们之前是希望能够这个体系来自于甲方这个社会变化之后，公司通过一些自身的努力或者结构的调整，然后把这个利润再重新修复起来。那么请问三季度的话，这块有什么新的变化，然后我们这块对利润的影响，是不是也逐步恢复到这个变化之前的情况。第二个呢，就是关于南海八号的，因为南海八号是今年上半年就逐步去巴西那边作业了，那么请问大概在巴西这边现在作业的情况怎么样，然后费率和他的这个服务业务在那边开展的情况，和利润的情况，大概是怎么样的一个水平。 Thank you very much for the opportunity. I have two questions in total. The first one is concerning the fees you have collected and any changes in such trends for the first half comparing it with the second half. Do you have any major fluctuations that you can share with us on this front? Secondly, it is about self-seed number eight. Concerning this vessel, I think it is supposed to be heading directly to Brazil in the first half of this year. So what is happening to the latest operations of this vessel? What is happening, especially considering the political upheaval in Brazil? Is it affecting our operations and services? Thank you. 好，感谢你的提问。我会先回答第一个，我想说的这几个点，第一呢，体系收费，某种意义上来讲，是未来国内给甲方提供服务的一个发展趋势，从今年看，体系收费占我们作业量的比重，由去年的大概个位数，已经提升到了将近大概50%左右，请翻译。 Allow me to answer your first question, which is the systemic charges and fees. I would say this is a new development trend in mainland China, and if you look at the performance on this front, comparing what happened last year, which was only a single digit, it has already increased to about 50% or so this year. 当然，这个未来体系收费的占比是否一定要达到很高的比例，这个可能还是要结合甲方作业的需求，包括具体工况情况来做一个界定。我们想说的是，第一就是体系收费对于我们技术板块产值的影响也不是很大，几个亿的规模；第二个，短期对我们的利润会有一些细微的影响，但绝对不是一比一的，跟产值规模一比一的这种影响。我们在千方百计通过优化原材料的构成配方去减少我们的成本。某种意义上来讲，上半年在这方面的工作还是取得，包括三季度，还是取得了很大的成效。但是说具体能够到一个什么程度，我觉得这种替换原材料的事情需要研究，需要开发，需要不断的调试，这个是一个有的材料有的重大材料变化，可能得需要一年多的时间去不断的调整。 In relation to what will happen in the future, we will maintain such a big portion; it really depends on the actual situation on the site of our operations. I would like to share a few points. First of all, concerning such fees or rates, they do not create any big impact on our technical segment; the extent is only about a few hundreds of millions. Secondly, the impact on the shorter term on our profit level is also quite small, what we'll be doing is to optimize our raw materials combination to reduce our cost, and actually we have achieved very good results on this front for the first three quarters of the year. When it comes to the actual extent of such endeavors, it really depends on what is happening to our raw materials. We will need to continuously do our homework and do further development and make necessary timely adjustments, and sometimes when there are changes to the raw materials side, we may need to make adjustments for about a year or so. 总的来说呢，就是这个体系收费，我稍微想一下。南巴，我回答你第二个问题，这个南巴呢，目前还处于这个巴西甲方的验船阶段，这个目前还没有开始作业，这个大部分整改项目已经整改完毕，但是有些整改项目呢还是要等待八方联合的这种验收组统筹完他们自己的工作安排，然后再进行推进。 So, let me move on to your second question, which is about self-seed number eight. The vessel is now currently in the stage of being inspected by the Brazilian party, so at this moment there is no operation for this vessel, and the overall adjustment project will be completed once the inspection team is ready to collaborate with us on the adjustment front. 好的，谢谢这位投资者的提问。下面我们接入下一位投资者，他是来自麦格理的苗华清。Let's invite the next questioner from Corey. 谢总您好，我是麦格理的分析师苗华清，我这边主要有两个问题。第一个问题的话就是，因为三季度我们看到我们整体的钻井板块，这个整体的盈利还在进一步的改善，那是不是意味着我们的二季度的时候，其实北海的这些项目还没有，作业是一个蛮复杂的作业，三季度的话是不是其实相对来说工作量会比较饱满，这个是关于这个项目的这个问题。那另外一个的话就是想问一下我们的财务费用，因为看到今年三季度财务费用和去年同期相比的话，也是有一个明显的这个改善，这个其实我想问一下，包括我们的美金债券之前的赎回，那之后我们是想怎么样的一个处理，因为这个对我们的财务费用的节省是一方面，另一方面的话就是说这个人民币的这个升值，那接下来我们怎么判断这个财务费用，包括在今年四季度，包括对于明年我们怎么样看我们财务费用的这样的一个趋势的变化，好，谢谢谢总。 Thank you for the opportunity to raise questions. I have two questions. The first question is about the drilling surfaces segment. I have heard that in the second quarter there are actually no real operations in the northern sea, so can you please update us on what is happening? Is there some sort of saturation happening there? My second question is about your finance cost. I can see some obvious improvements this year, so what is your plan for your USD debt? Also considering the recent appreciation of renminbi, what is the outlook for next year? 好，感谢你的提问。第一个问题，总体来说其实，钻井板块具体到挪威，其实二季度三季度呢，那边的船，应该说，各有这个，各有就是上半年有几天修理，三季度也有几天修理，但都是属于计划内的正常修理。这个都是，无论多或者无论变多或者变少呢，都是在预期范围之内的。回答完毕，请翻译。 Thank you for your question. Concerning the drilling surfaces segment, what happened in Norway in the second and third quarter? I think various vessels have gone under certain repair work, and overall speaking, such repair work is normal repair well within our plan, so whether the repair activities have gone up or come down, everything is well inside our plan. 具体补充一下，比如说我们的Innovator是在二季度有一个跨越的取证升级，我们的新王号Pro Pais Pro Paister在九月份有一个半个月短期的修理。预计目前看，未来四季度这四条船都是处于正常的作业安排。 I can give you some examples. For example, our Innovator in the second quarter is going through some repair work, and also the other vessel Protexta is a short period of repair in September. So for the fourth quarter, I would say all four vessels will go into normal operations. 嗯，对，包括在二季度的时候有一些这种日费的从低日费到高日费的切换，所以总体来看三季度的作业时间日费的平均水平应该还是比二季度要好，确实表现要好一点。关于，要不你先把这翻完吧，这个第一个问题就结束。 You can see if you compare the second quarter and the third quarter in relation to the fees, you may say that the performance in Q3 is much better compared to Q2. 第二个问题，我觉得应该总体来看，前三季度公司的财务费用是有一个同比的比较大的节约，这里边主要得益于我们积极的债务管理和优化，包括今年六七月份陆续偿还了十亿美元的债，包括去年开始就在积极的偿还高息的外债，所以目前看成效逐步有所体现。请翻译。 In relation to the second question, from the first quarter all the way into the third quarter, we have made substantial savings in terms of our finance cost because we have been actively managing our debt and optimizing our debt. For example, between June and July, we have repaid $1 billion debt, and we have also repaid other high interest bearing debt. 公司也正在持续的跟踪境外融资市场的变化，也正在安排我们择机在境外的融资市场能够获取或者置换更低融资成本的债务。至于说人民币升值也好，贬值也好，首先它的这个对利润的变化，确实是一个波动的，我们只能说这个国家的金融管控的策略，它也是允许在一定范围内有所波动。当然公司这块也会努力的管控好币种之间汇率风险的敞口，做到争取还是做到不让它对我们的正常经营业绩产生过大的影响。回答完毕。 In relation to our overseas market changes, we will continue to keep a close eye on that, and at the moment we are making arrangements to swap out high cost debt. Whether renminbi is appreciating or depreciating, its impact on our profit, well, I should say that there are real fluctuations involved, but based on the control mechanism of the state, a certain level or range of fluctuation is permitted, so we will make our best effort in managing exchange rate risk so that they will not create any major impact on our operations. 包括，尤福明年在半年的时候大概有一个¥30亿的国内的到期的这个债，我们也会到时候再跟踪是在国外还是在境内，贷或者不贷，全部或者是部分。总之呢一切的目标都是保持融资规模稳中有降，保持融资成本最优。总体来讲呢，这个高息变成低息，这个带来我们这种长久的这种收益获利，应该是可以覆盖我这个短期的这种币种贬值带来的影响，谢谢翻译。 In relation to the well surfaces segment, we are going to repay this mature debt of up to ¥3 billion next year. By that time we will decide, with more details in relation to repayment of all the debt, and we will have the purpose or ultimate objective of optimizing our financial scale and also reducing our finance cost. We are swapping out the high interest debt for lower interest debt, so the benefits in the longer term from that front should be sufficient to offset anything on the depreciation side for the short-term currency changes. 好的，谢谢这位投资者的提问，也谢谢管理层的详细回答。那我们由于时间的关系，下面我们接入最后一位投资者，他是来自长江证券的王岭峰。Thank you very much for the previous questions and our management answers. Due to time constraints, we are now going to bring in the final question from Changjiang Securities. 谢总您好，我是长江证券的王岭峰，感谢提问的机会。我这边有一个问题，就关于咱们的油田技术板块。海外的同行可能同期的收入都比咱们下降的要大得多，所以也想请您拆分一下咱们油田技术服务板块，咱们国内外大概的占比，以及分别是什么样的趋势，然后未来咱们会把重心放在哪些地区或者哪些区域，去继续实现超越行业平均水平的增长，谢谢。 Thank you very much for the opportunity. I only have one question, which is in relation to the well surfaces segment. I can see that our peers have a higher level of revenue, so I would like to ask for a breakdown in relation to our revenue comparing domestic operations with overseas operations, and can you tell me something about the future trends concerning such split, and what will be the regions or areas of your focus looking ahead? 感谢你的这个提问，你这个虽然只有一个问题，但是还是蛮综合的，我试着回答一下。这个确实这个技术板块，油服的，我先讲一讲油服技术板块的特点。它主要特点就是国内是为主，国内的占比还是应该是在80%多的这个样子。海外呢，大概就是十几成，50个亿左右，这么一个规模。从整体的盈利能力看，刚才我也说过，大概是16%到17%的这么一个水平。具体来说呢，就是国内的盈利能力是要好于国际的海外的这个盈利能力。 Thank you very much for that one question, but it's actually a very rich question, so I will do my best to answer that. In relation to the well surfaces segment, first of all, I would like to share a number of characteristics about this segment with you. It is focused on the domestic front. I think the portion here is over 80%, while the overseas operations, the scale, it is about $5 billion. Concerning profitability, it is around 16% to 17%, and overall speaking, profitability is stronger on the domestic front compared to the international operations. 第二我想说的呢，就是从我们目前的安排和发展的想法来看呢，还是刚才我回答别的问题也说了，就是油服的增长空间在海外，海外的增长空间在技术。所以呢，具体来讲呢，我觉得油服的技术板块呢，未来可能会继续进一步扩大，巩固在东南亚的市场占有率或者是优势。同时呢，也会新进入中东市场，提升技术板块在中东市场的话语权或者是竞争力。目前呢，我们也已经基本上在中东有所斩获。 Secondly, I would like to talk about our current arrangements and development. 就最后一点。 In relation to our well surfaces segment, I think our future growth will be focused on the overseas operations and also on the technical front. I believe we will expand further and solidify our market share in Southeast Asia and also increase our level of competitiveness in the Middle East market. We have already seen some real results inside Middle East. 我再补充一些，就是跟大家做一个分享。从我们一到九月份已经锁定的海外合同来看，我们的技术类的合同同比是实现了一个将近47%的增长。此外，我们捆绑了技术的这种所谓的一体化这种业务，我们的增幅达到了255%。当然了，整体来讲，我们的这个一到九月份的新签海外合同额是增长了36%。我想说的是，油服目前新签海外合同在总额上，在质量上，包括在抵御低油价风险的能力上，都较同期实现了比较大的改善，请翻译。 I also want to add some personal sharing. If you look at the first nine months, our locked overseas contract in relation to technical contract, there's a growth of 47%, and our bundled surfaces have improved by 255%, and we have also, 36% of new contracts signed. So if you look at the total sum or overall quality and also our ability of risk aversion, I can tell you we are making improvements on all fronts. 回答完毕，好，回答完毕，谢谢投资者。 Thank you, that's the end of my answers. 感谢各位的提问以及各位管理层的详细解答，感谢大家对中海油田服务股份有限公司的关注与支持。那由于时间的关系，此次业绩电话会就将结束。如果您还有更多的问题，欢迎随时联系公司。本次会议到此结束，谢谢大家。Thank you all for your questions and the detailed answers from our management. We appreciate your attention and support for the company. Due to time constraints, this call is coming to an end. If you have any further questions, please contact us at any time. This concludes our meeting. Thank you.