Anton Oilfield Services Group (03337) reported a solid 2025 performance, underpinned by expanded overseas operations—especially in Iraq—and a broader shift into higher-margin service lines.

Revenue and earnings • 2025 consolidated revenue rose 17.2% to RMB5.57 billion, fuelled by record order intake of RMB8.11 billion (64.7% from overseas customers). • Net profit jumped 48.8% year on year to RMB383.20 million; profit attributable to equity holders climbed 53.8% to RMB373.10 million. • Basic EPS increased 60.4% to RMB0.1370.

Margins and cash generation • Gross profit improved 13.6% to RMB1.59 billion; gross margin slipped to 28.6% (2024: 29.5%) as raw-material costs rose. • Operating profit advanced 8.2% to RMB712.07 million; net finance costs fell 19.8% after full repayment of a USD150 million bond in January 2025. • Net operating cash inflow grew 3.4% to RMB1.37 billion; free cash flow reached a record RMB1.04 billion (+6.5%). Cash and bank deposits stood at RMB3.18 billion at year-end.

Segment performance • Intelligent Management Services became the largest contributor, up 20.6% to RMB2.82 billion (50.6% of group revenue), with EBITDA up 25.3% to RMB722.38 million and margin at 25.6%. • Integrated Oilfield Technical Services delivered RMB2.48 billion (+14.6%), representing 44.6% of revenue; EBITDA edged down 2.6% to RMB662.70 million amid higher input costs. • Energy Asset Operation Business added RMB268.03 million (+8.2%); EBITDA slipped 5.4% to RMB199.81 million.

Geographical mix • Iraq remained the growth engine: revenue rose 21.0% to RMB3.15 billion, 56.5% of the total. • Mainland China contributed RMB1.87 billion (+12.7%), while other overseas markets delivered RMB549.46 million (+12.2%).

Balance sheet and leverage • Total assets increased 13.5% to RMB11.60 billion; equity attributable to shareholders rose to RMB3.68 billion. • Net gearing edged up to 56.0% (2024: 55.1%). Short-term borrowings stood at RMB1.21 billion, with RMB1.23 billion of undrawn credit facilities. Capital expenditure was RMB207.75 million, aligned with the group’s asset-light strategy.

Shareholder returns • The board proposes a final dividend of RMB0.0373 per share, up 49.2% and equivalent to a 30% payout of attributable profit, totalling RMB112.0 million. • During 2025 Anton Oilfield repurchased 83.74 million shares for HKD85.45 million; an additional 101.14 million shares were bought for the restricted stock incentive scheme.

Outlook Management will focus on deepening penetration in emerging markets—including North Africa, new Middle East geographies, Central Asia and Southeast Asia—while advancing its first operated oilfield project, Dhufriyah in Iraq, and scaling digital and intelligent service offerings. Cash-flow discipline, continued R&D investment (RMB117.0 million in 2025), and a strengthened global talent platform are positioned to support further growth amid geopolitical uncertainties in the Middle East.