Shandong Molong Petroleum Machinery Company Limited provided earnings guidance for the period ended January 1, 2020 to June 30, 2020. For the period the company expects Net loss attributable to shareholders of listed company to be RMB 95 million to RMB 120 million. Loss earnings per share to be RMB 0.1191 to RMB 0.1504. During the first half of 2020, in light of the impact of the COVID-19 pandemic and fluctuations in international oil prices, the Company's operating revenue and net profit both recorded significant decrease, primarily attributable to: COVID-19 pandemic and fluctuations in international oil prices have led to diminished utilization rate in respect of oilfield drillings in the PRC and overseas, reduction of demand from the upstream market and a significant decrease in number of orders. The Company's operating revenue has decreased by approximately 45% as compared to the same period last year, and the sales of oilfield pipes, a major product of the Company, has decreased by approximately 50%.