Rongsheng Chairman's 2024 New Year Address

Explore Chairman Su Shangwen's 2024 New Year Address at Rongsheng Company, highlighting remarkable achievements, outlining future strategies, and emphasizing innovation's role in global market expansion.

 

Chairman and General Manager of Rongsheng Corporation, Su Shangwen

(January 1, 2024)

 

As we bid farewell to the past and welcome the new, the days of diligent struggle seem fleeting, and here we are in the year 2024. On this occasion of ushering in the new year, I extend sincere thanks and heartfelt wishes on behalf of the Rongsheng's Party Committee and the entire staff, including their families and retired comrades, to all the friends from various sectors of society who have been supporting and caring for HBRS's development.

 

Looking back at the year 2023, we focused on improving quality and efficiency, rigorously implemented cost reduction and efficiency improvement measures, strengthened internal R&D, expanded our market presence, and steadily advanced in high-quality oil and gas innovation development. Our output in innovations in oil and gas drilling exceeded CNY 1 billion, and our operational achievements reached historical highs. Such achievements against the backdrop of an uncertain global economic recovery and a lack of oil and gas innovation highlight Rongsheng's extraordinary charm and strength.

 

In 2023, we unwaveringly executed our market expansion strategy, driving product exports to double in both Chinese domestic and international markets. The newly established product promotion team achieved remarkable success, securing nearly 50 million RMB in orders within six months. We enhanced customer satisfaction by expanding service coverage, establishing a Southwest branch, and setting up accessory warehouses in Dubai, Kuwait, and Oman. Our 31 global service centers deliver professional, efficient services to users worldwide.

 

Innovation drives development, and technology shapes the future. Our high-end blowout preventers have successfully safeguarded Asia's deepest vertical wells and China's deepest onshore natural gas horizontal wells, demonstrating resilience in highly challenging geological conditions. Pioneering technological achievements such as digital pressure control for well systems, high-temperature rubber components, and precise pressure drilling chokes and precise MPD control systems have been introduced to the market. The application of the first domestically produced subsea blowout preventer in deep-sea scenarios, coupled with the systematic progress of projects like the 175MPa ultra-high-pressure blowout preventer and the 48-140 ultra-high-temperature high-pressure blowout preventer, signifies the initiation of the engineering development of the first Chinese domestically produced deepwater blowout preventer and control system. This marks the beginning of a new journey for Rongsheng, heralding a promising future.

 

This year posed a challenging contract output task and numerous R&D projects. However, through collaborative efforts, meticulous planning, and precise execution, Rongsheng achieved bountiful results in both contract retention and R&D. With an investment exceeding 47 million RMB in digitization and intelligent production, we streamlined processes to enhance efficiency, addressed production vulnerabilities, and significantly increased capacity to meet the ever-growing demand.

 

We have navigated a rewarding and steadfast year, prioritizing employee well-being. Measures to reduce costs and enhance efficiency have significantly benefitted our workforce. Our asset structure has been optimized, management systems continuously refined, and incentive measures for remuneration more precisely tailored to ensure our employees' satisfaction. Modernization of governance systems and capabilities has been effectively advanced, fostering a workplace culture that prioritizes the safety, environmental protection, and overall well-being of our dedicated team. This commitment to our employees reflects a substantial improvement in Rongsheng's overall development quality.

 

Charting a course towards the future, Rongsheng embraces a dual focus on offshore and onshore.

 

In 2024, a pivotal year for executing the 'Advancing on Subsea and Land' strategy and expanding our market presence with the 'Dual-Center' approach, we emphasize a commitment to international markets, delivering efficient services, fostering innovation in oil and gas, and aspiring to join the ranks of globally recognized leaders in petroleum machinery manufacturing.

 

We wish all employees and friends from various sectors of society good health, smooth work, and happiness in their families!

 

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