Citi stated in a research note that CHINA OILFIELD (02883) reported a net profit of RMB 3.8 billion for the previous year, which aligned with the bank's projections. The company's fourth-quarter net profit declined by 9% year-on-year to RMB 632 million, primarily due to a one-time gain or loss of RMB 191 million. The bank maintained its target price of HKD 9.5 and a "Buy" rating on the stock. Citi noted that the group's capital expenditure for the last year was RMB 5.6 billion, representing 78% of its earlier forecast of RMB 7.17 billion, mainly because some vessel construction projects were postponed to 2026. Capital expenditure for 2026 is projected to be RMB 8.44 billion, with approximately RMB 3 billion allocated for the upgrade and renovation of conventional equipment.