# China Oilfield Services (601808.SHG)

Canonical: https://gigainvestors.com/s/601808.SHG

Analysis as of: 2026-10-16T07:36:07.420Z. Financial observations: FY2002–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 12.67 per share; close as of 2026-10-15.

Estimated value: low CNY 8.45 per share, central CNY 9.46 per share, high CNY 10.81 per share. Buy at or below the central value CNY 9.46 per share. Valuation as of 2026-10-16T07:36:07.420Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 39.76×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.76×

- FY2017: 0.01×

- FY2018: 0.03×

- FY2019: 0.11×

- FY2020: 0.11×

- FY2021: 0.03×

- FY2022: 0.08×

- FY2023: 0.10×

- FY2024: 0.10×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.7%

- ROIC, second-lowest year: 0.3%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 15.8%

- Recent gross margin (lower of latest and 3-year median): 15.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.7%

- ROIC including acquisitions, ten-year median: 4.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -14.6%

- FY2017: 0.3%

- FY2018: 0.7%

- FY2019: 4.6%

- FY2020: 4.9%

- FY2021: 1.1%

- FY2022: 4.8%

- FY2023: 6.6%

- FY2024: 8.3%

- FY2025: 9.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 13B

- Net income, five-year total: CNY 13B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 0.8 pp

- Working capital / revenue, final three-year average: 5.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.64×

- FY2022: 0.95×

- FY2023: 0.95×

- FY2024: 0.95×

- FY2025: 1.25×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.3% vs 8.3%

- Per-share earnings: 0.01 to 0.66 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.6%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: CNY 3.9B

- Cumulative retained earnings: CNY 12B

- Diluted shares, 10-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 69.6%

- Per-share value change: CNY 0.65

- Per-share value, starting three-year median: CNY 0.01

- Per-share value, ending three-year median: CNY 0.66

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 294M

- Cumulative net income, 10 years: CNY 6.5B

- ROIC, first three-year median: 0.3%

- ROIC, last three-year median: 8.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY -2.33

- FY2017: CNY 0.01

- FY2018: CNY 0.01

- FY2019: CNY 0.52

- FY2020: CNY 0.55

- FY2021: CNY 0.07

- FY2022: CNY 0.49

- FY2023: CNY 0.63

- FY2024: CNY 0.66

- FY2025: CNY 0.81

### accounting: pass

- Sloan accruals: -8.3%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.84×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -17.6%

- FY2017: -7.4%

- FY2018: -5.5%

- FY2019: -5.9%

- FY2020: -6.4%

- FY2021: -9.7%

- FY2022: -5.9%

- FY2023: -12.1%

- FY2024: -9.5%

- FY2025: -8.3%

## Holders

## Price story

Down 33% since Mar 2024 · sales +4.1%

Story as of 2026-10-16T10:00:06.868Z; price observation 2026-10-15.

Price needs cash profits to grow 5% a year for ten years

### Sales · FY2024–2025

sales +4.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 15B 

- FY2017: CNY 18B 

- FY2018: CNY 22B 

- FY2019: CNY 31B 

- FY2020: CNY 28B 

- FY2021: CNY 29B 

- FY2022: CNY 36B 

- FY2023: CNY 44B 

- FY2024: CNY 48B 

- FY2025: CNY 50B 

### Gross margin · FY2025

gross margin 16.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 14.3% 

- FY2018: 10.9% 

- FY2019: 18.7% 

- FY2020: 19.3% 

- FY2021: 16.4% 

- FY2022: 12.3% 

- FY2023: 15.9% 

- FY2024: 15.7% 

- FY2025: 16.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas equipment & services; annual sales are CNY 50.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.420Z); FY2025: revenue 50267128000; grossProfit 8348404000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601808.SHG: China Oilfield Services Limited, together with its subsidiaries, provides integrated oilfield services in China, Indonesia, Mexico, Norway, the Middle East, and internationally. The company operates through four divisions: Geophysical Services, Drilling Services, Well Services, and Marine and Transportation Services. It offers drilling services, including drilling lift boats and accommodation and rigs; well services, such as directional drilling, logging, drilling and completion fluids, cementing, workover, production and optimization, and well completion; and geophysics and geotechnical surveying, as well as marine support vessels comprising anchor handling, towing, cargo (passenger) transportation, stand-by, and oil lifting assisting services. The company was incorporated in 2001 and is based in Sanhe, China. China Oilfield Services Limited is a subsidiary of China National Offshore Oil Corporation.

### Why customers stay

Margins ranged from 15.7% to 16.6% during 2023–25; it earns 4.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.420Z); FY2023: grossProfit / revenue = 15.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.420Z); FY2024: grossProfit / revenue = 15.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.420Z); FY2025: grossProfit / revenue = 16.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.420Z); 10-year return on capital observations [[2016,-0.14634635838474308],[2017,0.0025867865109308248],[2018,0.007436946398838431],[2019,0.045723258550457876],[2020,0.048908913656581364],[2021,0.011287616948363399],[2022,0.04805805175225679],[2023,0.06583065923799625],[2024,0.0830341879844358],[2025,0.09547217716143716]]; median 0.04689065515135733. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.420Z); FY2017: growth capex 0; upkeep 3108286855; owner earnings 1034931070. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.420Z); FY2018: growth capex 0; upkeep 2520017844; owner earnings 1428913352. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.420Z); FY2019: growth capex 0; upkeep 3002293738; owner earnings 3489145968. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.420Z); FY2020: growth capex 0; upkeep 4181899316; owner earnings 2229090569. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.420Z); FY2021: growth capex 112333832; upkeep 3639643950; owner earnings 199559504.2. Growth capex / owner earnings = 0.5629089551526356.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.420Z); FY2022: growth capex 332917157; upkeep 3809368480; owner earnings 2244778725.8. Growth capex / owner earnings = 0.1483073379009123.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.420Z); FY2023: growth capex 5342561154; upkeep 4131202467; owner earnings 2864810900.8. Growth capex / owner earnings = 1.864891379919033.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.420Z); FY2024: growth capex 1501073000; upkeep 4529987000; owner earnings 2985767310.8. Growth capex / owner earnings = 0.5027427939780765.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.420Z); FY2025: growth capex 0; upkeep 5890283519; owner earnings 4790906979.6. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.420Z); Dividend observations: [[2016,1209998972],[2017,1328705400],[2018,1290418230],[2019,334011440],[2020,763454720],[2021,811170640],[2022,715738800],[2023,1901416151],[2024,1915517000],[2025,1100329115]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 82% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601808.SHG SharesStats.PercentInsiders = 82.029 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.420Z); Ten-year compound average after fade. Initial solved rate 0.05833672815182489. Price 12.67; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.18876340117587773 → FY2025 1.004047910969756. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 12.22 per share

- 2016-11: CNY 13.13 per share

- 2016-12: CNY 12.83 per share

- 2017-01: CNY 12.88 per share

- 2017-02: CNY 13.51 per share

- 2017-03: CNY 12.65 per share

- 2017-04: CNY 11.43 per share

- 2017-05: CNY 11.91 per share

- 2017-06: CNY 11.04 per share

- 2017-07: CNY 11.38 per share

- 2017-08: CNY 11.25 per share

- 2017-09: CNY 11.35 per share

- 2017-10: CNY 11.40 per share

- 2017-11: CNY 10.95 per share

- 2017-12: CNY 10.56 per share

- 2018-01: CNY 12.45 per share

- 2018-02: CNY 10.84 per share

- 2018-03: CNY 11.29 per share

- 2018-04: CNY 11.44 per share

- 2018-05: CNY 10.47 per share

- 2018-06: CNY 9.54 per share

- 2018-07: CNY 9.50 per share

- 2018-08: CNY 10.30 per share

- 2018-09: CNY 11.47 per share

- 2018-10: CNY 9.82 per share

- 2018-11: CNY 9.26 per share

- 2018-12: CNY 8.54 per share

- 2019-01: CNY 8.55 per share

- 2019-02: CNY 9.83 per share

- 2019-03: CNY 10.19 per share

- 2019-04: CNY 10.01 per share

- 2019-05: CNY 9.54 per share

- 2019-06: CNY 9.63 per share

- 2019-07: CNY 10.25 per share

- 2019-08: CNY 12.06 per share

- 2019-09: CNY 12.25 per share

- 2019-10: CNY 14.72 per share

- 2019-11: CNY 16.68 per share

- 2019-12: CNY 19.20 per share

- 2020-01: CNY 16.46 per share

- 2020-02: CNY 15.10 per share

- 2020-03: CNY 11.68 per share

- 2020-04: CNY 12.40 per share

- 2020-05: CNY 12.54 per share

- 2020-06: CNY 13.14 per share

- 2020-07: CNY 13.84 per share

- 2020-08: CNY 13.21 per share

- 2020-09: CNY 11.59 per share

- 2020-10: CNY 10.86 per share

- 2020-11: CNY 13.08 per share

- 2020-12: CNY 12.77 per share

- 2021-01: CNY 14.60 per share

- 2021-02: CNY 17.60 per share

- 2021-03: CNY 14.83 per share

- 2021-04: CNY 13.26 per share

- 2021-05: CNY 13.83 per share

- 2021-06: CNY 14.36 per share

- 2021-07: CNY 12.17 per share

- 2021-08: CNY 13.99 per share

- 2021-09: CNY 16.10 per share

- 2021-10: CNY 14.88 per share

- 2021-11: CNY 13.55 per share

- 2021-12: CNY 15.00 per share

- 2022-01: CNY 14.15 per share

- 2022-02: CNY 17.18 per share

- 2022-03: CNY 13.64 per share

- 2022-04: CNY 12.49 per share

- 2022-05: CNY 15.06 per share

- 2022-06: CNY 13.95 per share

- 2022-07: CNY 13.22 per share

- 2022-08: CNY 14.63 per share

- 2022-09: CNY 14.35 per share

- 2022-10: CNY 16.79 per share

- 2022-11: CNY 17.72 per share

- 2022-12: CNY 16.58 per share

- 2023-01: CNY 16.30 per share

- 2023-02: CNY 15.84 per share

- 2023-03: CNY 14.58 per share

- 2023-04: CNY 16.14 per share

- 2023-05: CNY 14.12 per share

- 2023-06: CNY 13.88 per share

- 2023-07: CNY 15.19 per share

- 2023-08: CNY 14.82 per share

- 2023-09: CNY 16.22 per share

- 2023-10: CNY 15.60 per share

- 2023-11: CNY 14.92 per share

- 2023-12: CNY 14.62 per share

- 2024-01: CNY 15.37 per share

- 2024-02: CNY 14.60 per share

- 2024-03: CNY 19.02 per share

- 2024-04: CNY 17.91 per share

- 2024-05: CNY 18.07 per share

- 2024-06: CNY 17.20 per share

- 2024-07: CNY 15.12 per share

- 2024-08: CNY 14.81 per share

- 2024-09: CNY 16.08 per share

- 2024-10: CNY 15.08 per share

- 2024-11: CNY 14.86 per share

- 2024-12: CNY 15.25 per share

- 2025-01: CNY 15.01 per share

- 2025-02: CNY 14.44 per share

- 2025-03: CNY 14.08 per share

- 2025-04: CNY 13.33 per share

- 2025-05: CNY 13.46 per share

- 2025-06: CNY 13.76 per share

- 2025-07: CNY 13.92 per share

- 2025-08: CNY 14.01 per share

- 2025-09: CNY 13.46 per share

- 2025-10: CNY 14.39 per share

- 2025-11: CNY 13.97 per share

- 2025-12: CNY 14.04 per share

- 2026-01: CNY 16.55 per share

- 2026-02: CNY 16.87 per share

- 2026-03: CNY 15.79 per share

- 2026-04: CNY 15.10 per share

- 2026-05: CNY 13.03 per share

- 2026-06: CNY 10.81 per share

- 2026-07: CNY 12.63 per share

- 2026-08: CNY 12.89 per share

- 2026-09: CNY 12.22 per share

- 2026-10: CNY 12.35 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 7.96 per share, central CNY 8.90 per share, high CNY 10.14 per share

- FY2017: low CNY 4.49 per share, central CNY 4.84 per share, high CNY 5.31 per share

- FY2018: low CNY 3.83 per share, central CNY 4.23 per share, high CNY 4.76 per share

- FY2019: low CNY 5.75 per share, central CNY 6.33 per share, high CNY 7.11 per share

- FY2020: low CNY 6.39 per share, central CNY 6.94 per share, high CNY 7.68 per share

- FY2021: low CNY 6.50 per share, central CNY 7.10 per share, high CNY 7.90 per share

- FY2022: low CNY 7.10 per share, central CNY 7.84 per share, high CNY 8.81 per share

- FY2023: low CNY 9.04 per share, central CNY 9.95 per share, high CNY 11.15 per share

- FY2024: low CNY 9.17 per share, central CNY 10.13 per share, high CNY 11.41 per share

- FY2025: low CNY 9.78 per share, central CNY 10.78 per share, high CNY 12.11 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:45.878Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations