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Sino GeophysicalQianneng Hengxin posts first-half net profit of 118 million yuan, swinging to profit year-on-year
Earnings
Qianneng Hengxin disclosed its half-year report, with first-half operating revenue of 693 million yuan, up 200.49 percent year-on-year, and net profit attributable to shareholders of the listed company of 118 million yuan, compared with a loss of 27.81 million yuan in the same period last year, swinging to profit year-on-year. Basic earnings per share were 0.3675 yuan. During the reporting period, the Weizhou 5-3 oilfield commenced production in June 2025, leading to a substantial increase in oil and gas sales revenue. At the same time, rising oil prices and good cost control in oilfield development and production significantly improved the overall gross margin. Partial well-section costs for two exploration wells in the Bohai 09/17 contract area were expensed, resulting in an increase in exploration expenses within administrative costs.
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