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? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ??Chairman of COOEC | Wang Zhangling

Dear Shareholders and Friends,

On behalf of the Board of Directors, I am pleased to present the 2025 Annual Report of Offshore Oil Engineering Co., Ltd. (COOEC)?for your review. I would also like to express my heartfelt gratitude to our shareholders and colleagues from all sectors of society who have shown?care and support for the development of COOEC.

The year 2025 marked the successful conclusion of the?14th Five-Year Plan?and served as a pivotal year for the strategic transition towards?the?15th Five-Year Plan.?In a dynamic landscape, the Company proactively identified, adapted to, and embraced changes. With high-quality development as our top priority, we have strived to gain?strategic initiative in international competition and gathered momentum as we chart?the course?for the future.?Over the past five years, we have significantly enhanced our core competitiveness, driving a leapfrog transformation in our market position. We have accelerated the cultivation of new quality productive forces, empowering high-level self-reliance and self-improvement?in science and technology. Furthermore, we have steadily built up?our sustainable growth capabilities, achieving systematic enhancements in operational and management efficiency. These achievements in high-quality development have yielded a series of new milestones, continuously creating exceptional value for our shareholders.

Leading transformations in development through strategic shifts to create a new horizon for high-quality development.?Strategy is the core element that steers?overall development. At the outset?of the 14th Five-Year Plan?period, the Company conducted a comprehensive and scientific assessment of?the?new opportunities and challenges arising from changes in the internal and external environments, leveraging?strategic vision, systematic?thinking, historical perspectives, and professional expertise. We systematically proposed an action plan?centered on the "1235" development strategy, integrating the "begin with the end in mind" philosophy throughout the entire strategic implementation?process. As a result, our development model has undergone a fundamental transformation from being "bottom-up business-driven" to "top-down strategy-driven",?and our operational logic has shifted?from being "opportunity-oriented" to "goal-oriented"?in a systematic manner.?During the?14th Five-Year Plan period, our annual sales revenue surpassed the RMB 30 billion mark, with a?cumulative total profit of?RMB 9.5 billion—a threefold increase compared to the?13th Five-Year Plan?period. This demonstrates?the significantly enhanced role of strategy in steering our direction.

Deepening governance transformations through reform?to unleash?new vitality for?high-efficiency governance.?Reform is an intrinsic requirement for enhancing governance effectiveness. During the?14th Five-Year Plan?period, the Company seized the opportunities presented by the initiatives to improve the performance?of listed companies and the action plans for state-owned enterprise (SOE) reform. We focused on three major tasks: reforming the?three internal systems,?reshaping?the institutional framework,?and?optimizing the organizational structure.?We have fully established?a new-type operational responsibility system centered on the "two systems and one contract"?model, covering contractual management and tenure-based systems. Furthermore, we systematically built?four major institutional frameworks covering corporate governance, Party building, internal control, and QHSE?(Quality, Health, Safety, and Environment). By striving to create?an organizational architecture that swiftly responds?to market changes, we have significantly boosted the Company’s operational vitality, decision-making efficiency, and management effectiveness.

Refining corporate identity?through competitive evolution?to forge new advantages in market-driven?competition.?Competitiveness is the cornerstone?for elevating market standing. By leveraging?historical and strategic foresight, the Company has remained committed to seeking survival through?market?engagement, growth through competition, and momentum through internal drivers. We have fully?implemented the?Belt and Road Initiative,?actively and steadily expanded our presence in overseas markets, and unswervingly pursued a path of localization and substantive operations?overseas, securing?a strong?foothold in the Middle East. During the?14th Five-Year Plan?period, the Company’s cumulative overseas contract value exceeded RMB 60 billion, a year-on-year increase of 225%. This robust growth has?driven the Company’s historic transformation from an engineering subcontractor to an international EPC contractor, and further into a?comprehensive provider of integrated international EPC solutions, while initially establishing a development pattern of "dual circulation" between domestic and international markets.

Driving technological transformations through innovation?to achieve new breakthroughs in key technologies.?Innovation is the primary engine driving scientific and technological progress. The Company has focused on deepening?reforms in scientific and technological systems and mechanisms, progressively?strengthening its?R&D centers and product incubation and manufacturing hubs. We have initially established a sustainable innovation ecosystem characterized by a phased approach of "promoting one generation, developing one next, and reserving another for the future".?During the?14th Five-Year Plan?period, the Company tackled more than 40 key core technologies, including?the design, construction, and installation of deep-water ultra-large jacket platforms. We achieved the commercialization?of 159 key scientific findings?and spearheaded the?industrial application of over 20 sets of domestically produced equipment, accelerating the development?of new quality productive forces in offshore oil and gas. We successfully delivered multiple large-scale deep-water units, including the Deep Sea No. 1?Energy Station and?Haikui No. 1,?initially developing oil and gas engineering capabilities for water depths of 1,500 meters. Currently, the Company has mastered over 500 key technologies in floating and underwater equipment, with the technical autonomy rate and the localization rate of key equipment both exceeding 80%. This has comprehensively enhanced?the resilience and security of the industrial chain.

Driving?industrial transformations through conceptual innovation?to foster?new momentum for sustainable development.?Concepts serve as?the ideological foundation?for advancing?transformation and upgrading. The Company has faithfully?implemented the New Development Philosophy, systematically formulating?the "1832" digital transformation blueprint. We are spearheading?digital and intelligent transformation across the entire EPCIM (Engineering, Procurement, Construction, Installation, and Management) value chain, steering?the industry towards?digital, intelligent, and green upgrades. During the?14th Five-Year Plan?period,?the Company’s business digitalization rate surged?from 18% at the end of the?13th Five-Year Plan?period to 60%. We were also recognized as the 177th organization?in China to achieve?Level 4 certification under?the Data Management Capability Maturity Model (DCMM). The Tianjin Intelligent Manufacturing Base has been fully completed and put into operation, delivering 39% higher?production efficiency?than traditional models, and it was successfully selected as one of China’s first "Superior Level" intelligent factories. Meanwhile, the Company has capitalized on?opportunities in emerging industries?through green and low-carbon energy transitions. We have implemented seven LNG EPC projects in Tianjin, Tangshan, Zhuhai, and other locations with high quality. Furthermore, we commissioned?China’s first deep-sea floating wind power platform, the first offshore carbon capture, utilization, and storage (CCUS)?project, and the largest offshore shore-to-ship power application project in the country. All three of the Company’s major yards have been rated as "Green Factories",?underscoring?the sustained?expansion of our emerging industries.

Addressing?evolving risks?through adaptations in mechanisms to fortify new barriers for systemic security. Mechanisms serve as?the fundamental guarantee for preventing and resolving risks. The Company attaches great importance to risk management and compliance, focusing on key risk areas such as fund management, compliant operations, and overseas projects. We have established a "full-hierarchy" corporate risk prevention and control?framework, a "full-lifecycle" project risk prevention and control?system, an?"all-encompassing" compliance risk prevention and control mechanism, and a "full-process" safety risk mitigation approach. We have also developed a comprehensive corporate risk repository?covering 356 risks and formulated?risk management manuals for the entire lifecycle of engineering projects and supply chains. Our "Three Lines of Defense" work in tandem: business departments prevent risks at the source, compliance departments strengthen professional supervision, and audit departments uphold the bottom line of oversight. Together, they form an organic and collaborative whole that builds a robust barrier for risk prevention and control. Our risk management capabilities in key areas have been?significantly?enhanced, ensuring steady support for?the Company’s high-quality development.

The?15th Five-Year Plan?period will be five years of international strategic expansion, market-driven?transformation, and historic?leaps for the Company. We will remain steadfast in pursuing our?strategic goals, continuously strengthen?our core capabilities, and enhance?our core competitiveness to fully evolve into an international EPC contractor capable of providing "all-inclusive" solutions. The performance?of corporate development in 2026, the inaugural year of the?15th Five-Year Plan,?will directly set the tone for the next five years and shape?the progress towards?our 2035 vision. The Company will focus on modern governance, market-oriented?transformation, lean management, digital and intelligent development, and systematic risk control. We will continue to foster?new quality productive forces to drive high-quality and sustainable development.

Strategically positioning for the future and steering development firmly with strategic vision.?In 2026, the Company will systematically formulate its?15th Five-Year Plan, ensuring continuity and operability?while adopting a development philosophy?centered on "creating new models, exploring?new business forms, forming new advantages, and advancing into new growth stages".?Rooted in the ocean and centered on energy, we will vigorously develop new quality productive forces, prioritize the development of "all-inclusive" EPC capabilities, and accelerate the cultivation of strategic emerging industries and future industries. By driving?technological innovation and digital-intelligent?empowerment, the Company?will lead its way?into a new phase of?international development.

Daring to make pioneering strategic moves?to expand market fundamentals.?Amidst the unstoppable wave of globalization in the offshore engineering industry, the Company will?spare no effort to drive?market breakthroughs and capacity building in key regions, including the Middle East, South America, and the Asia-Pacific. By adopting a regionalized and serialized approach to deploying global yard and vessel resources, we will effectively resolve the bottlenecks currently?restricting?our global asset allocation. Guided by?the philosophy of "global sourcing?for global supply" we will coordinate the development?of an integrated category system and a global resource pool, actively shaping a new development pattern of dual domestic-international circulation.

Mastering the “strategic game of control”?and optimize management with precision. Lean management serves as?the "golden key" to cost control and the "source of vitality" for unlocking internal growth momentum. By leveraging?internal control quota indicators?as a lever, the Company will integrate lean principles across?the entire process and lifecycle of design, production, and operations & maintenance (O&M). We will reshape our cost management and control systems at the organizational level and refine cost management and control capabilities at the project level. By transitioning from "passive energy conservation" to "proactive value creation",?we aim to achieve profound breakthroughs in "generating?benefits from management and efficiency from processes".

Making the strategic moves to break the deadlock and stimulate the vitality of innovation.?Amidst a?new round?of technological revolution and industrial transformation, the Company has elevated technological innovation to a strategic imperative for?survival and development. Centering on the integration of "technology + product",?we will foster?future-oriented new quality productive forces. Through tiered, targeted R&D initiatives, we will focus on addressing?technical gaps identified in our "technology roadmap"?to expedite?substantive technological breakthroughs in key areas such as floating equipment, underwater?products, and emerging businesses. Through continuous innovation that nurtures product incubation, we will establish a virtuous cycle where "products drive technological research, and technology supports product commercialization".

Securing the "first-mover advantage" to build a "driving engine" of digital intelligence.?It is widely acknowledged?that digital intelligence empowers the development of new quality productive forces. The Company will focus on a dual-engine strategy driven by "hardware upgrades + software empowerment" to progressively?cultivate?new intelligent manufacturing capabilities characterized by synergy, complementarity, and global responsiveness. Focusing on key areas?such as digital twins, collaborative design, intelligent simulation, and dual-delivery?models, we will progressively advance the industrialization of integrated digital intelligence services, explore commercializing?serialized digital products, and cultivate new drivers for revenue growth.

Adhering to?the?defensive strategy to closely?monitor the risk dashboard.?Risk prevention and control are integral to high-quality development. The Company remains committed to proactive risk prevention and control, integrating?risk control and management into every phase?of market development, project execution, and back-office?management. We will conduct comprehensive financial and tax planning and systematically advance the construction of "firewalls" to establish a full-coverage, high-precision risk prevention and control system. By driving a profound transformation?in?risk management from "passive response" to "proactive intervention",?we will effectively solidify the?foundation for sustainable development.

With wings nurtured for soaring?heights, we shall ascend?and strive for?excellence.?The Company will seize the pivotal?opportunity for global expansion?and navigate this critical period of transformation from quantitative to qualitative change. We will summon the determination to overcome difficulties, uphold a pragmatic and result-oriented approach, foster a pioneering spirit of innovation, and maintain the perseverance to see long-term endeavors through to fruition. Building on past achievements while?forging?ahead into the future, we are?embarking on a new journey of high-quality development?under the?15th Five-Year Plan!

? ?
Chairman of COOEC
Wang Zhangling