Research Brief | CITIC Offshore Helicopters (000099) Conducts Investor Performance Briefing. Annual Flight Hours Exceed 50,000. Revenue Target of 2.4 Billion Yuan by 2026.

Meeting Basic Information

On March 25, CITIC Ocean Helicopter Co., Ltd. (hereinafter referred to as “CITIC Ocean”) held its 2025 performance briefing via the Value Online interactive platform, with all online investors participating in this research. The company’s Vice Chairman and General Manager Yan Zengjun, Director and Chief Financial Officer Guan Yi, Independent Director Sun Jianhong, Vice General Manager Li Gang, and Board Secretary Ouyang Mingzhi attended the meeting to communicate with investors on issues related to the company’s operational data, business layout, and future planning.

Core Business Data Disclosure

Flight Scale and Fleet Situation

In response to investors’ concerns about flight time and the number of helicopters serving offshore oil and gas operations, the company disclosed that from 2023 to 2025, the annual flight time will exceed 50,000 hours, maintaining a growth trend. As of 2025, the company will operate a total of 87 helicopters, primarily focused on serving offshore oil and gas flights.

2026 Revenue Target

The company has set a business target for 2026 with operating revenue of 2.4 billion yuan, representing an approximate 7.4% year-on-year growth compared to the actual revenue in 2025. Regarding the basis for the target setting, the company stated that it mainly references the growth situation during the “14th Five-Year Plan” period and predictions of customer business operations and demands.

Low Altitude Economy Layout and Future Planning

Progress in Low Altitude Economy Business

In 2025, the company achieved multiple substantive advancements in the low-altitude economy field: completing trial flights for ton-class new aircraft in cross-sea and cross-city low-altitude logistics transportation; initiating artificial weather modification services with large drones, signing a comprehensive cooperation framework agreement with the Jiangxi Provincial Meteorological Bureau, and establishing long-term strategic partnerships with meteorological centers in provinces such as Xinjiang and Yunnan; adding 4 new take-off and landing points and 14 aerial sightseeing routes in the Shenzhen area, while also developing new low-altitude sightseeing routes in Zhanjiang and other locations.

eVTOL Application and Scenario Exploration

In accordance with the National Development and Reform Commission’s “Three Firsts and Three Afters” principle of “cargo first, then passengers; isolation first, then integration; suburban first, then urban,” the company is actively exploring eVTOL (electric Vertical Take-Off and Landing) application scenarios. Currently, multiple low-altitude sightseeing and short-distance transportation routes have been opened, and related businesses are steadily advancing in commercial layout. For low-altitude passenger scenarios, the company believes that as new aircraft applications mature, future development potential is promising.

Key Promotion Directions for 2026

The company stated that in 2026, under the guidance of the “15th Five-Year Plan,” it will continue to operate helicopter low-altitude scenario applications steadily, while exploring and applying mid-to-large drones in new scenarios such as emergency rescue, inspection, artificial weather modification, major project hoisting, and cross-city logistics, and actively promoting deep cooperation with local low-altitude economy businesses.

Factors Influencing Performance and Response Measures

Reasons for the Decline in Net Profit in Q4 2025

Regarding the significant year-on-year decline of 40.91% in net profit in the fourth quarter of 2025, the company explained that the main reasons were the provision for year-end performance bonuses and asset impairment. In the future, the company will enhance operational efficiency through internal potential digging and cost reduction measures.

Impact of Oil Price Fluctuations is Controllable

In response to market concerns about a potentially higher oil price center in 2026, the company stated that the cost of aviation fuel accounts for less than 10% of overall costs, which is within a reasonable and controllable range. In the future, measures will be taken to mitigate the impact of oil price fluctuations to ensure stable operations.

Offshore Oil and Gas Service Pattern

The company maintains a stable and leading market share in offshore oil and gas service scenarios, primarily focusing on manned operations. The company mentioned that in the future, new types of aircraft will leverage cost advantages to form new combinations with helicopters, playing a significant role in cross-sea logistics. Additionally, the company is orderly advancing the signing of a five-year agreement with CNOOC.

Business Structure and Customer Layout

The company has long focused on the core field of general aviation, accumulating rich operational experience in offshore oil and gas, emergency rescue, and aviation maintenance. Regarding the issue of regional income differentiation, the company stated that it is mainly related to the geographical distribution of customer businesses, and in the future, the business layout will be optimized in conjunction with the “15th Five-Year Plan.”

This performance briefing does not involve any undisclosed significant information. The company maintains a positive attitude toward the development prospects of general aviation and the low-altitude economy, and it is expected that future business volumes in offshore oil and gas and the low-altitude economy will steadily grow, continuously meeting customer needs through fleet updates and a “manned + unmanned” collaborative model.

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