HBP disclosed its 2026 semi-annual report. During the reporting period, the company achieved operating revenue of 730 million yuan, down 17.00% year on year. Net profit attributable to the parent company was a loss of 106 million yuan, compared with a profit of 44.3913 million yuan in the same period last year, turning from profit to loss. The sharp decline in net profit was mainly because overseas projects slowed execution due to geopolitical conditions and revenue recognition was delayed. In addition, fluctuations in the US dollar against the renminbi caused a surge in exchange losses. Financial expenses rose 197.55% year on year to 123 million yuan, with the sharp increase in exchange losses being the main driver, while interest expenses also rose. At the same time, in the same period last year there was a large recovery of accounts receivable that reversed impairments. In the current period, investment income under the equity method fell from 18.37 million yuan to 2.99 million yuan, and credit impairment losses changed from a positive reversal of 109 million yuan in the same period last year to a provision of 2.67 million yuan, further depressing profit. By product, oil and gas engineering and services achieved revenue of 467 million yuan, down 25.50% year on year. Oil and gas resource development and utilization business revenue was 232 million yuan, up 4.52% year on year. Environmental engineering and services revenue was 30.7075 million yuan. During the reporting period, control of the company changed. Share transfer was completed on May 7, 2026. The controlling shareholder changed to Tianjin Baili Machinery Equipment Group Co., Ltd., and the actual controller changed to the Tianjin State-owned Assets Supervision and Administration Commission.
China Oil HBP Science & Technology Co LtdOverseas projects slowed due to geopolitical conditions, causing revenue recognition delays and a swing to loss.
