Performance Overview For the twelve months ended 31 December 2025, Jutal Offshore Oil Services Limited reported revenue of RMB 799.93 million, a year-on-year decline of 61.52%. Gross profit fell 67.97% to RMB 181.68 million, while profit attributable to shareholders contracted 75.23% to RMB 45.84 million. Basic earnings per share were RMB 0.0222. The board proposed no final dividend.
Segment Dynamics • Oil & Gas: Revenue plunged to RMB 593.87 million (-67.78% YoY) but delivered segment profit of RMB 246.97 million, reflecting a gross margin rebound to 41.59%. • New Energy, Refining & Chemical: Revenue slipped 12.61% to RMB 205.87 million and recorded a segment loss of RMB 65.29 million, translating into a gross loss margin of 31.71%. • Other Services contributed negligible revenue of RMB 0.20 million and a marginal loss.
Cost Structure & Margins Cost of sales decreased 59.11% to RMB 618.25 million. Indirect manufacturing costs remained largely fixed, compressing the overall gross margin to 22.71% (2024: 27.28%).
Cash Flow & Liquidity Operating activities used net cash of RMB 52.86 million. Capital expenditure, including facility upgrades and the Zhuhai Phase II quay project, drove investing cash outflows of RMB 134.91 million. Financing inflows of RMB 76.92 million mainly reflected higher bank borrowings.
As at period-end, cash and bank balances stood at RMB 665.68 million with pledged deposits of RMB 69.04 million. Undrawn banking facilities totalled RMB 643.07 million. The gearing ratio rose to 9.73% (2024: 4.92%) on increased borrowings and lease liabilities.
Balance-Sheet Highlights Total assets reached RMB 2.98 billion, supported by RMB 1.48 billion in non-current assets and net current assets of RMB 930.91 million. Net assets edged up to RMB 2.19 billion.
Contract Assets fell to RMB 426.73 million, while warranty provisions dropped to RMB 128.01 million. Order backlog at the announcement date stood at approximately RMB 4.70 billion.
Strategic Developments & Subsequent Events During the year the group secured a 28,000-tonne offshore wind HVDC converter station contract and won several EPC projects worth roughly USD 550 million, underpinning the backlog. Site expansion continued: Penglai facilities were upgraded, and construction began on a 50,000-tonne berth at the Zhuhai yard.
Post year-end, a one-for-six rights issue was completed on 20 March 2026, raising up to HKD 56.90 million for working capital.
Outlook Management expects intensified competition but anticipates sustained demand in both offshore wind and oil-and-gas EPC markets. Ongoing yard upgrades and a strengthened marketing team are aimed at improving execution capacity as large contracts move into construction from Q2 2026.
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