Earnings release
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- 1 - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. ʮ̡ (Incorporate d in Hong Kong with limited liability under the Companie s Ordinance) (Stock Codes: 00883 (HKD counter) and 80883 (RMB counter)) CNOOC Limited ANNOUNCEMENT Third Quarterly Report of 2025 This announcement is made by CNOOC Limited pursuant to the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The financial data of the Company for the third quarter of 2025 are unaudited and have been prepared in accordance with Chinese Accounting Standards for Business Enterprises (“CAS”). IMPORTANT NOTICE The board of directors (the “Board”), the directors, and senior management of CNOOC Limited (the “Company”) warrant that there are no material omissions from, or misrepresentation or misleading statements contained in the quarterly report, and jointly and severally assume full responsibility for the truthfulness, accuracy and completeness of the information contained in this quarterly report. Mr. Zhang Chuanjiang, Chairman, Ms. Mu Xiuping, Chief Financial Officer, and Ms. Wang Yufan, Manager of Financial Department of the Company, hereby warrant that the financial information contained in this quarterly report is true, accurate and complete. Whether the third quarterly financial statements were audited □ Yes ✓ No
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- 2 - I. KEY FINANCIAL DATA 1.1 Key Financial Data Prepared under CAS (I) Key Financial Data and Financial Indicators RMB Million Items The reporting period Increase/decrease as compared with the corresponding period of last year (%) From the beginning of the year to the end of the reporting period Increase/decrease for the beginning of the year to the end of the reporting period over the corresponding period of last year (%) Revenue 104,895 5.7 312,503 (4.1) Profit before income tax 44,470 (8.5) 139,129 (9.9) Net profit attributable to equity shareholders of the Company 32,438 (12.2) 101,971 (12.6) Net profit after deducting non-recurring profit/ loss items attributable to equity shareholders of the Company 31,562 (13.9) 100,915 (12.9) Net cash flows from operating activities / / 171,749 (6.0) Basic earnings per share (RMB Yuan/share) 0.68 (12.2) 2.14 (12.6) Diluted earnings per share (RMB Yuan/share) 0.68 (12.2) 2.14 (12.6) Weighted average return on net assets (%) 4.11 Decreased by 1.05 percentage points 13.01 Decreased by 3.42 percentage points At the end of the reporting period At the end of last year Increase/decrease at the end of the reporting period compared with the end of last year (%) Total assets 1,126,474 1,056,281 6.6 Equity attributable to equity shareholders of the Company 785,561 747,548 5.1 Note: “The reporting period” refers to the three-month period from the beginning of the quarter to the end of the quarter, the same applies to the below.
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- 3 - (II) Non-recurring Profit/loss Items ✓ Applicable □ Not applicable RMB Million Non-recurring profit/loss items Amount for the reporting period Amount for the beginning of the year to the end of the reporting period Gains on disposal of assets – 7 Fair value changes on financial assets 132 515 Losses from disposal of financial assets (56) (82) Donations expenses (14) (114) Other items of profit or loss conforming to the definition of non-recurring profit/loss items 1,073 1,049 Less: Effect of income tax 259 319 Effect of non-controlling interests – – Total 876 1,056 Reasons for the recognition of items with significant amount not yet listed in “Explanatory Announcement No. 1 on Disclosure of Information by Companies with Publicly Issued Securities – Non-recurring Profit or Loss” as non-recurring profit or loss and the classification of non-recurring profit or loss items listed in “Explanatory Announcement No. 1 on Disclosure of Information by Companies with Publicly Issued Securities – Non-recurring Profit or Loss” as recurring profit or loss items. □ Applicable ✓ Not applicable (III) Changes in Key Accounting Data and Financial Indicators and Reasons for Such Changes □ Applicable ✓ Not applicable 1.2 Differences between Domestic and Overseas Accounting Standards There is no difference between the key accounting data and financial indicators prepared under the International Financial Reporting Standards/Hong Kong Financial Reporting Standards and the data in 1.1(Ⅰ) Key Financial Data and Financial Indicators prepared under CAS.
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- 4 - 1.3 Income, Capital Expenditures and Realised Prices RMB Million The third quarter (July to September) First three quarters (January to September) (Unaudited) 2025 2024 Increase/decrease as compared with the corresponding period of last year (%) 2025 2024 Increase/decrease as compared with the corresponding period of last year (%) Revenue 104,895 99,254 5.7 312,503 326,024 (4.1) Oil and Gas Sales 83,737 86,320 (3.0) 255,482 271,432 (5.9) Including: Crude and liquids 69,953 74,126 (5.6) 213,951 235,382 (9.1) Natural gas 13,784 12,194 13.0 41,531 36,050 15.2 Capital Expenditures Exploration 5,260 4,607 14.2 14,355 13,847 3.7 Development 16,926 21,564 (21.5) 53,199 61,785 (13.9) Production Capitalization 5,874 5,463 7.5 17,505 17,974 (2.6) Others 374 580 (35.5) 976 1,733 (43.7) Total 28,434 32,213 (11.7) 86,034 95,339 (9.8) Average Realised Price Crude and liquids (US$/barrel) 66.62 76.41 (12.8) 68.29 79.03 (13.6) Natural gas (US$/mcf) 7.80 7.75 0.6 7.86 7.78 1.0
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- 5 - II. INFORMATION OF SHAREHOLDERS (I) Total Number of Ordinary Shareholders and Number of Preferred Shareholders with Restored Voting Rights and Shareholdings of the Top Ten Shareholders Share Total number of ordinary shareholders at the end of the reporting period 216,486 Total number of preferred shareholders with restored voting rights at the end of the reporting period (if any) N/A Shareholdings of the top ten shareholders (excluding lending shares through short selling and refinancing) Name of shareholders Nature of shareholder Number of shares held Percentage of shareholdings (%) Number of shares with selling restrictions Pledged, marked or frozen shares Condition of shares Number of shares CNOOC (BVI) Limited State-owned legal person 28,772,727,268 60.54 – None – HKSCC Nominees Limited Other 15,292,164,698 32.17 – Unknown – Holder A of Hong Kong shares 2 Other 280,340,000 0.59 – None – China National Petroleum Corporation State-owned legal person 185,185,185 0.39 – None – Sinopec International Energy Investment Co., Ltd. State-owned legal person 185,185,185 0.39 – None – Guoxin Investment Co., Ltd. State-owned legal person 153,136,247 0.32 – None – Guoxin Development Investment Management Company Limited State-owned legal person 138,888,888 0.29 – None – China National Aviation Fuel Group Limited State-owned legal person 81,985,292 0.17 – None – China Energy Capital Holdings Co., Ltd. State-owned legal person 73,148,148 0.15 – None – ICBC Financial Asset Investment Co., Ltd. State-owned legal person 55,555,555 0.12 – None –
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- 6 - Shareholdings of the top ten shareholders with non-restricted conditions of sale (excluding lending shares through short selling and refinancing) Name of shareholders Number of circulating shares without restricted conditions of sale held Class and number of shares Class of shares Number CNOOC (BVI) Limited 28,772,727,268 Overseas listed foreign shares 28,772,727,268 HKSCC Nominees Limited 15,292,164,698 Overseas listed foreign shares 15,292,164,698 Holder A of Hong Kong shares 2 280,340,000 Overseas listed foreign shares 280,340,000 China National Petroleum Corporation 185,185,185 RMB ordinary shares 185,185,185 Sinopec International Energy Investment Co., Ltd 185,185,185 RMB ordinary shares 185,185,185 Guoxin Investment Co., Ltd. 153,136,247 RMB ordinary shares 153,136,247 Guoxin Development Investment Management Company Limited 138,888,888 RMB ordinary shares 138,888,888 China National Aviation Fuel Group Limited 81,985,292 RMB ordinary shares 81,985,292 China Energy Capital Holdings Co., Ltd 73,148,148 RMB ordinary shares 73,148,148 ICBC Financial Asset Investment Co., Ltd. 55,555,555 RMB ordinary shares 55,555,555 Description of the connected relationship or action in concert between the above shareholders 1. Among the top ten shareholders and top ten shareholders with non-restricted conditions of sale, CNOOC (BVI) Limited is the controlling shareholder of the Company. Both Guoxin Development Investment Management Company Limited and Guoxin Investment Co., Ltd. are controlled by China Reform Holdings Corporation Ltd. Save as aforesaid, the Company is not aware of any connected relationship or acting-in-concert relationship among the other top ten shareholders and top ten shareholders with non-restricted conditions for sale. 2. The Personal Data (Privacy) Ordinance of Hong Kong, China stipulates that, for the purpose of collecting personal data, the data subject shall be informed as to whether such data collection is mandatory. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) do not require the disclosure of information of individual shareholders with a shareholding of less than 5%. Based on the aforementioned provisions of the Personal Data (Privacy) Ordinance, the Company did not disclose the information of the holder of Hong Kong shares with a shareholding of less than 5%, and only disclose the number of shares held. 3. HKSCC Nominees Limited is a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited. It holds Hong Kong shares of the Company on behalf of other corporate or individual shareholders as the nominee. Explanation of the top ten shareholders and the top ten shareholders not subject to trading moratorium engaging in the margin trading and short selling and refinancing business (if any) N/A. Note: As of the end of the reporting period, the 216,486 holders of ordinary shares comprise 214,763 holders of A shares and 1,723 holders of Hong Kong shares.
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- 7 - (II) Shareholders with a Shareholding of More Than 5%, the Top Ten Shareholders and the Top Ten Shareholders with Non-Restricted Tradable Shares Participating in the Lending of Shares for Short Selling and Refinancing Business □ Applicable ✓ Not applicable (III) Changes in the Top Ten Shareholders and the Top Ten Shareholders with Non-Restricted Tradable Shares from the Previous Period due to the Lending/Return for Short Selling and Refinancing □ Applicable ✓ Not applicable III. BUSINESS REVIEW Other important information on the Company’s operation during the reporting period that needs to be brought to the attention of investors ✓ Applicable □ Not applicable In the first three quarters of 2025, the global economy achieved moderate growth under a complex and challenging global macroeconomic environment. International oil prices exhibited a volatile downward trend, with the average price of Brent crude oil standing at US$69.91 per barrel, a year-over-year (“YoY”) decrease of 14.6%. The Company achieved positive results in reserves and production growth and quality and efficiency enhancement, sustained growth in its net oil and gas production. Its cost competitiveness was consolidated and its profitability resilience was maintained. In the first three quarters of 2025, net production reached 578.3 million barrels of oil equivalent (“BOE”), representing an increase of 6.7% YoY, with natural gas up 11.6% YoY. The net production from China increased by 8.6% YoY to 400.8 million BOE, mainly due to the production contribution from oil and gas fields such as Shenhai-1 Phase II Natural Gas Development Project and Bozhong 19-2. The net production from overseas increased by 2.6% YoY to 177.4 million BOE, mainly driven by production contribution from projects including the Mero3 project in Brazil. In the third quarter, the Company achieved net production of 193.7 million BOE, representing an increase of 7.9% YoY.
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- 8 - In the first three quarters of 2025, the Company made five new discoveries and successfully appraised 22 oil and gas bearing structures. In the third quarter, the Company successfully appraised four oil and gas bearing structures. Among them, the Company successfully appraised Kenli 10-6, which continuously expanded the reserve base and is expected to become a medium-sized oilfield; the Company also successfully appraised Lingshui 17-2, demonstrating the remarkable results in integrated rolling exploration. In terms of development and production, 14 new projects commenced production in the first three quarters of 2025. In the third quarter, 4 new projects including Kenli 10-2 Oilfields Development Project (Phase I), Dongfang 1-1 Gas Field 13-3 Block Development Project, Wenchang 16-2 Oilfield Development Project and Yellowtail Project in Guyana have been put into production, and other new projects progressed smoothly. The oil and gas sales revenue of the Company reached approximately RMB255.48 billion for the first three quarters of 2025, representing a decrease of 5.9% YoY, mainly due to lower realised oil prices. Net profits attributable to equity shareholders of the Company amounted to RMB101.97 billion, representing a decrease of 12.6% YoY. In the first three quarters, the Company’s average realised oil price decreased by 13.6% YoY to US$68.29 per barrel, and the average realised gas price was US$7.86 per thousand cubic feet, representing an increase of 1.0% YoY. All-in cost in the first three quarters was well controlled and decreased by 2.8% YoY to US$27.35. In the first three quarters of 2025, the Company’s capital expenditures amounted to approximately RMB86.0 billion, decreasing by 9.8% YoY as a result of decreased workloads of projects under construction. During the reporting period, the Company remained stable in health, safety, and environmental protection.
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- 9 - Net Production Summary of the Third Quarter and the First Three Quarters (Unaudited) 2025 2024 The third quarter (July to September) First three quarters (January to September) The third quarter (July to September) First three quarters (January to September) Crude & Liquids Natural Gas Total Crude & Liquids Natural Gas Total Crude & Liquids Natural Gas Total Crude & Liquids Natural Gas Total (mm bbls) (bcf) (mm BOE) (mm bbls) (bcf) (mm BOE) (mm bbls) (bcf) (mm BOE) (mm bbls) (bcf) (mm BOE) China Bohai 60.7 24.5 64.8 180.0 74.8 192.4 57.0 19.3 60.2 167.7 58.1 177.4 Western South China Sea 12.9 91.6 28.6 35.0 262.5 80.2 8.3 65.4 19.7 26.9 192.0 60.4 Eastern South China Sea 25.9 29.1 30.8 82.6 100.6 99.3 26.3 34.4 32.1 84.9 113.0 103.7 East China Sea 0.9 26.5 5.3 2.4 74.4 14.8 0.8 22.0 4.5 2.3 60.5 12.4 Onshore 0.01 29.2 4.9 0.04 84.0 14.0 0.02 30.7 5.1 0.04 91.8 15.3 Subtotal 100.4 201.0 134.4 300.0 596.3 400.8 92.4 171.8 121.5 281.9 515.4 369.2 Overseas Asia (excluding China) 6.9 21.8 10.8 19.5 66.9 31.5 5.2 21.9 9.1 16.1 61.6 27.1 Oceania 0.5 14.2 3.3 1.3 40.8 9.2 0.5 15.5 3.5 1.6 44.7 10.2 Africa 3.3 2.0 3.6 10.9 5.8 11.8 4.7 1.7 5.0 13.8 4.6 14.6 North America (excluding Canada) 2.8 6.7 3.9 10.7 22.5 14.5 5.8 8.7 7.2 15.7 25.0 19.8 Canada 7.8 – 7.8 25.1 – 25.1 7.6 – 7.6 24.2 – 24.2 South America 25.8 15.5 28.5 71.8 44.7 79.5 20.5 15.6 23.2 62.5 44.5 70.2 Europe 1.6 0.2 1.6 5.8 0.5 5.8 2.2 0.2 2.3 6.8 0.7 6.9 Subtotal 48.6 60.3 59.3 145.1 181.3 177.4 46.6 63.7 58.0 140.6 181.1 172.9 Total* 149.0 261.3 193.7 445.1 777.5 578.3 139.1 235.5 179.6 422.4 696.5 542.1 * Including our interest in equity-accounted investees, which is approximately 15.1 mm BOE for the first three quarters in 2025 and 15.2 mm BOE for the first three quarters in 2024, and approximately 5.1 mm BOE in 2025 Q3 and 5.2 mm BOE in 2024 Q3.
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- 10 - IV. QUARTERLY FINANCIAL STATEMENTS (I) Type of Audit Opinion □ Applicable ✓ Not applicable (II) Financial Statements Quarterly financial statements prepared in accordance with CAS Consolidated Balance Sheet 30 September 2025 Prepared by: CNOOC Limited RMB million Unaudited Item 30 September 2025 31 December 2024 Current assets: Cash at bank and on hand 242,029 154,196 Financial assets held for trading 30,013 45,771 Derivative financial instruments 27 4 Notes receivable 16 160 Trade receivables 39,093 32,918 Financing receivable 315 583 Prepayments 4,448 2,924 Other receivables 6,640 5,608 Including: Dividends receivable 350 206 Inventories 6,207 5,732 Assets held for sale – 12,408 Other current assets 3,890 4,305 Total current assets 332,678 264,609
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- 11 - Item 30 September 2025 31 December 2024 Non-current assets: Debt investments 9,389 8,504 Long-term equity investments 47,425 48,491 Other equity instruments investments 18 18 Fixed assets 6,591 6,739 Construction in progress 152,367 157,278 Oil and gas properties 497,759 468,393 Right-of-use assets 10,326 10,670 Intangible assets 3,455 3,762 Goodwill 15,109 15,285 Long-term prepaid expenses 637 767 Deferred tax assets 25,021 25,465 Other non-current assets 25,699 46,300 Total non-current assets 793,796 791,672 Total assets 1,126,474 1,056,281 Current liabilities: Short-term borrowings – 4,303 Derivative financial instruments 36 12 Trade payables 71,850 59,685 Contract liabilities 1,309 508 Employee benefits payable 4,248 2,302 Taxes payable 21,915 19,949 Other payables 40,737 8,905 Including: Dividends payable 31,666 – Liabilities held for sale – 5,166 Non-current liabilities due within one year 3,502 18,045 Total current liabilities 143,597 118,875
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- 12 - Item 30 September 2025 31 December 2024 Non-current liabilities: Long-term borrowings 5,173 5,786 Bond payable 54,368 55,457 Lease liabilities 8,060 8,296 Long-term payable 3,208 3,167 Provisions 108,199 99,740 Deferred tax liabilities 13,350 12,521 Other non-current liabilities 2,951 3,003 Total non-current liabilities 195,309 187,970 Total liabilities 338,906 306,845 Shareholders’ equity: Share capital 75,180 75,180 Capital reserve 2,856 2,851 Other comprehensive income 5,733 9,427 Special reserve 35 15 Surplus reserves 70,000 70,000 Retained earnings 631,757 590,075 Equity attributable to equity shareholders of the Company 785,561 747,548 Non-controlling interests 2,007 1,888 Total shareholders’ equity 787,568 749,436 Total liabilities and shareholders’ equity 1,126,474 1,056,281 Chairman: Zhang Chuanjiang Chief Financial Officer: Mu Xiuping Manager of Financial Department: Wang Yufan
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- 13 - Consolidated Income Statement January to September 2025 Prepared by: CNOOC Limited RMB million Unaudited Item First three quarters in 2025 (January to September) First three quarters in 2024 (January to September) I. Total revenue 312,503 326,024 Including: Revenue 312,503 326,024 II. Total costs of sales 172,593 174,181 Including: Costs of sales 149,256 148,498 Taxes and surcharges 13,581 15,408 Selling expenses 2,777 2,594 General and administrative expenses 5,400 5,033 Research and development expenses 1,112 1,222 Finance expenses 467 1,426 Including: Interest expenses 1,953 2,235 Interest income 3,667 3,849 Add: Other income 253 368 Investment income (“-” for losses) (1,196) 1,228 Including: In come from investment in associates and joint ventures (763) 1,231 Gains on fair value change (“-” for losses) 515 980 Credit reversal (“-” for losses) (9) (27) Asset impairment losses (“-” for losses) (65) (18) Gains on disposal of assets (“-” for losses) 7 25 III. Operating profit (“-” for losses) 139,415 154,399 Add: Non-operating income 120 162 Less: Non-operating expenses 406 176 IV. Profit before income tax (“-” for total losses) 139,129 154,385 Less: Income tax expenses 37,068 37,701
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- 14 - Item First three quarters in 2025 (January to September) First three quarters in 2024 (January to September) V. Net profit (“-” for net losses) 102,061 116,684 (I) Classification by the continuity of operation 1. Ne t profit from continuous operations (“-” for net losses) 102,061 116,684 2. Ne t profit from discontinued operations (“-” for net losses) – – (II) Classification by ownership 1. Ne t profit attributable to equity shareholders of the Company (“-” for net losses) 101,971 116,659 2. Non-controlling interests (“-” for net losses) 90 25 VI. Other comprehensive income, net of tax (3,694) (3,050) (I) Ot her comprehensive income attributable to equity shareholders of the Company, net of tax (3,694) (3,050) 1. Items that may not be reclassified to profit or loss 83 (188) (1) Ch ange on remeasurement of defined benefit plan 83 (45) (2) Ot her comprehensive income under equity method that may not be transferred to profit or loss – – (3) Ch ange in fair value of other equity instruments investments – (143) (4) Ch ange in fair value of enterprise’s own credit risk – –
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- 15 - Item First three quarters in 2025 (January to September) First three quarters in 2024 (January to September) 2. Items that will be reclassified to profit or loss (3,777) (2,862) (1) Ot her comprehensive income under equity method that may be transferred to profit or loss 60 (92) (2) Change in fair value of other debt investment – – (3) Am ount included in other comprehensive income upon reclassification of financial assets – – (4) Cr edit impairment provision for other debt investment – – (5) Cash flow hedge reserve (41) 32 (6) Ex change differences on translation of foreign operations (3,796) (2,802) (7) Others – – (II) Ot her comprehensive income attributable to non- controlling interests, net of tax – – VII. Total comprehensive income 98,367 113,634 (I) To tal comprehensive income attributable to equity shareholders of the Company 98,277 113,609 (II) To tal comprehensive income attributable to non-controlling interests 90 25 VIII. Earnings per share: (I) Basic earnings per share (RMB Yuan/share) 2.14 2.45 (II) Diluted earnings per share (RMB Yuan/share) 2.14 2.45 Chairman: Zhang Chuanjiang Chief Financial Officer: Mu Xiuping Manager of Financial Department: Wang Yufan
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- 16 - Consolidated Statement of Cash Flows January to September 2025 Prepared by: CNOOC Limited RMB million Unaudited Item First three quarters in 2025 (January to September) First three quarters in 2024 (January to September) I. Cash flows from operating activities: Cash received from the sales of goods or rendering of services 328,544 352,091 Refund of tax 1,100 328 Cash received from other operating activities 75 308 Subtotal of cash inflow from operating activities 329,719 352,727 Cash paid for goods and services (79,551) (82,417) Cash paid to and on behalf of employees (7,870) (7,364) Taxes paid (70,372) (80,007) Cash paid for other operating activities (177) (171) Subtotal of cash outflow from operating activities (157,970) (169,959) Net cash flow from operating activities 171,749 182,768 II. Cash flows from investing activities: Cash received from disposal of investments 99,420 52,326 Cash received from investment income 3,553 4,175 Net cash received from disposal of subsidiaries and other operating units 7,592 – Net cash recovered from disposal of fixed, intangible and other long-term assets 6 46 Subtotal of cash inflow from investing activities 110,571 56,547 Cash paid for acquisition of fixed assets, intangible assets and other long-term assets (77,793) (85,107) Cash paid for acquisition of investments (134,153) (89,757) Subtotal of cash outflow from investing activities (211,946) (174,864) Net cash flow from investing activities (101,375) (118,317)
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- 17 - Item First three quarters in 2025 (January to September) First three quarters in 2024 (January to September) III. Cash flows from financing activities: Cash received as capital contributions 104 197 Including: Ca sh received from non-controlling interests’ capital contribution to subsidiaries 104 197 Cash received from borrowings 51 1,757 Subtotal of cash inflow from financing activities 155 1,954 Cash paid for debt repayment (22,254) (33,639) Cash paid for distribution of dividends or profits and payment of interest (31,038) (31,809) Cash paid for other financing activities – (661) Subtotal of cash outflow from financing activities (53,292) (66,109) Net cash flow from financing activities (53,137) (64,155) IV. Effect of foreign exchange rate changes, net (256) (370) V. Net increase/(decrease) in cash and cash equivalents 16,981 (74) Add: Cash and cash equivalents at beginning of the period 81,284 133,439 VI. Cash and cash equivalents at the end of the period 98,265 133,365 Chairman: Zhang Chuanjiang Chief Financial Officer: Mu Xiuping Manager of Financial Department: Wang Yufan
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- 18 - (III) Opening Balance Adjustments of Financial Statements from the First Adoption of New Accounting Standards or Interpretations of Accounting Standards in 2025 □ Applicable ✓ Not applicable By Order of the Board of Directors CNOOC Limited Xu Yugao Joint Company Secretary Hong Kong, 30 October 2025 As at the date of this announcement, the Board comprises: Non-executive Directors Zhang Chuanjiang (Chairman) Wang Dehua Executive Directors Yan Hongtao Mu Xiuping Independent Non-executive Directors Qiu Zhi Zhong Lin Boqiang Li Shuk Yin Edwina Chan Chak Ming