Core Viewpoint - *ST Xinchao reported a decline in stock price and faced regulatory penalties due to delayed financial disclosures, despite achieving significant revenue and profit growth in 2024 [1][2][3] Company Announcements - For the fiscal year 2024, *ST Xinchao achieved a revenue of 8.362 billion yuan and a net profit of 2.036 billion yuan, with a basic earnings per share of 0.2993 yuan [1][3] - The company produced 22.681 million barrels of oil equivalent, marking a year-on-year increase of 1.88%, with a 3.22% decrease in crude oil production and a 15.14% increase in natural gas production [1] - The company reported a year-end debt-to-asset ratio of 36.92%, a decrease of 3.20 percentage points from the previous year, and a reduction of 5.98 percentage points in the proportion of interest-bearing debt [1] - The company’s U.S. subsidiary completed a $750 million high-yield bond issuance to repay $999 million in existing debt, aimed at reducing interest-bearing debt levels [1] - The company received an audit report from Lixin Accounting Firm expressing an inability to provide an opinion on the 2024 financial statements, concerning oil and gas assets, employee compensation, and revenue matters [1][3] - The board proposed not to distribute profits for 2024 due to negative retained earnings at the parent company level [1][3] Regulatory Issues - On September 12, 2025, *ST Xinchao received a notice from the Shandong Regulatory Bureau of the China Securities Regulatory Commission regarding administrative penalties for failing to disclose the 2024 annual report within the legal timeframe, constituting a violation of the Securities Law [2] - The company had announced on April 28, 2025, that it would be unable to disclose the annual report on time, leading to a suspension of trading from May 6 until the report was finally disclosed on July 4 [2] - The regulatory authority proposed a fine of 3 million yuan for the company, along with individual fines of 1.2 million yuan for the chairman and general manager, and 800,000 yuan for the finance director [2]

Core Viewpoint - The delayed annual report of *ST Xinchao (New Energy) has resulted in significant penalties and highlighted internal governance issues amid a control dispute [2][4]. Group 1: Regulatory Actions - *ST Xinchao received an administrative penalty notice from the Shandong Securities Regulatory Bureau for failing to disclose the 2024 annual report on time, with total fines amounting to 5 million yuan [2]. - The company was found to have not disclosed the report by the legal deadline of April 30, 2025, leading to a stock suspension from May 6 [2]. - The penalties include a warning and a fine of 3 million yuan for *ST Xinchao, 1.2 million yuan for the former chairman and general manager Liu Bin, and 800,000 yuan for the former director and CFO Bing Zhou [3]. Group 2: Internal Governance Issues - The delay in the annual report was attributed to the recent change of the auditing firm, which the company claimed caused time constraints and complexity in material preparation [3]. - However, the Shandong Securities Regulatory Bureau revealed that the new auditing firm had completed its procedures before the company cited the need for more time, indicating a lack of effective management [3]. - The situation has exposed the intense internal control disputes and chaotic governance within *ST Xinchao, particularly in light of the ongoing power struggle between old and new factions [4].

Core Viewpoint - The delayed annual report of *ST Xinchao (New Energy) has resulted in significant penalties and highlighted internal governance issues amid a control dispute [1][3]. Group 1: Regulatory Actions - *ST Xinchao received an administrative penalty notice from the Shandong Securities Regulatory Bureau for failing to disclose its 2024 annual report on time, with total fines amounting to 5 million yuan [1]. - The company was found to have not disclosed the report by the legal deadline of April 30, 2025, leading to a suspension of its stock from May 6 [1]. - The penalties include a warning and a fine of 3 million yuan for *ST Xinchao, 1.2 million yuan for the former chairman and general manager Liu Bin, and 800,000 yuan for the former director and CFO Bing Zhou [2]. Group 2: Internal Governance Issues - The delay in the annual report and the subsequent "unable to express an opinion" audit report are seen as direct consequences of the ongoing power struggle within the company [3]. - The company attributed the delay to the recent change of auditing firms and the complexity of required materials, despite evidence that the new auditor had completed the audit process prior to the company's claims [2].

证券代码：600777 证券简称：*ST 新潮 公告编号：2025-093 山东新潮能源股份有限公司 关于收到中国证券监督管理委员会山东监管局 《行政处罚事先告知书》的公告 本公司第十三届董事会及第十三届董事会董事保证本公告内容 不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实 性、准确性和完整性承担法律责任。 一、基本情况 山东新潮能源股份有限公司因涉嫌未按期披露定期报告一案，于 2025 年 9 月 12 日收到中国证券监督管理委员会山东监管局下发的《行政处罚事先告知书》 （编号：[2025]8 号）（以下简称"《事先告知书》"），现将相关事项公告如 下： 山东新潮能源股份有限公司（以下简称*ST 新潮或公司）涉嫌未按期披露定 期报告一案，已由我局调查完毕，我局依法拟对你们作出行政处罚。现将我局拟 对你们作出行政处罚所根据的违法事实、理由、依据及你们享有的相关权利予以 告知。 二、《事先告知书》的主要内容 "山东新潮能源股份有限公司、刘斌先生、Bing Zhou 先生： 经查明，*ST 新潮涉嫌违法事实如下： 2025 年 4 月 28 日，公司披露《关于预计无法按期披露定期报告的风险提示 性 ...

Market Overview - On September 12, the oil and gas extraction sector rose by 0.09% compared to the previous trading day, with Intercontinental Oil leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Intercontinental Oil (600759) closed at 2.34, with an increase of 0.86% and a trading volume of 1.3983 million shares, totaling a transaction value of 3.26 billion [1] - China National Offshore Oil (600938) closed at 26.33, up 0.42%, with a trading volume of 302,700 shares and a transaction value of 7.951 billion [1] - Blue Flame Holdings (000968) closed at 7.03, down 0.42%, with a trading volume of 59,200 shares and a transaction value of 41.5965 million [1] - *ST Xinchao (600777) closed at 3.92, down 0.76%, with a trading volume of 126,800 shares and a transaction value of 49.8497 million [1] Capital Flow - The oil and gas extraction sector experienced a net outflow of 147 million from main funds, while retail investors saw a net inflow of 111 million [1] - The detailed capital flow for individual stocks shows that *ST Xinchao had a main fund net outflow of 4.5302 million, while retail investors had a net inflow of 5.7762 million [2] - Intercontinental Oil had a main fund net outflow of 24.4488 million, with retail investors contributing a net inflow of 25.3415 million [2] - China National Offshore Oil faced a main fund net outflow of 113 million, while retail investors had a net inflow of 73.5631 million [2]

Group 1 - The oil and gas extraction sector increased by 0.74% on September 10, with Intercontinental Oil & Gas leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] - Key stocks in the oil and gas extraction sector showed varied performance, with Intercontinental Oil & Gas closing at 2.33, up 2.19%, and Blue Flame Holdings at 7.12, up 1.57% [1] Group 2 - The net inflow of main funds in the oil and gas extraction sector was 42.14 million yuan, while retail funds saw a net inflow of 15.31 million yuan [1] - The main funds for Intercontinental Oil & Gas had a net inflow of 19.68 million yuan, representing 4.21% of the total, despite a net outflow from retail and speculative funds [2] - Blue Flame Holdings experienced a net inflow of 18.67 million yuan from main funds, accounting for 15.57% of the total, while also facing outflows from other fund types [2]

山东新潮能源股份有限公司 2024 年年度股东大会会议资料 2025 年 9 月 目录 | 山东新潮能源股份有限公司 | 年年度股东大会会议须知 2024 | 1 | | --- | --- | --- | | 山东新潮能源股份有限公司 | 2024 年年度股东大会会议议程 | 4 | | 山东新潮能源股份有限公司 | 2024 年年度股东大会会议议案 | 6 | | 议案一：关于 2024 | 年度董事会工作报告（修订）的议案 | 6 | | 议案二：关于 2024 | 年度监事会工作报告（修订）的议案 | 10 | | 议案三：关于 2024 | 年年度报告及摘要的议案 | 12 | | 议案四：关于 2024 | 年度财务决算报告（修订）的议案 | 13 | | 议案五：关于 2024 | 年度利润分配预案的议案 | 15 | | 听取事项：山东新潮能源股份有限公司独立董事 | 2024 年度述职报告 | 16 | 山东新潮能源股份有限公司 2024 年年度股东大会会议须知 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和 国证券法》（以下简称"《证券法》"）和《上市公司股东会规则》 ...

Core Insights - The oil and gas extraction sector saw a rise of 0.93% on September 5, with *ST Xinchao leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Sector Performance - The closing prices and percentage changes for key stocks in the oil and gas extraction sector are as follows: - *ST Xinchao: 4.02, up 2.81% - Blue Flame Holdings: 6.94, up 0.87% - Intercontinental Oil and Gas: 2.28, up 0.44% - China National Offshore Oil Corporation: 25.74, up 0.39% [1] Capital Flow - The oil and gas extraction sector experienced a net inflow of 225,500 yuan from main funds, while retail funds saw a net inflow of 3,815,040 yuan [1] - The detailed capital flow for specific stocks is as follows: - China National Offshore Oil: Main funds net inflow of 23,524,100 yuan, retail net inflow of 2,440,830 yuan - Blue Flame Holdings: Main funds net inflow of 6,253,300 yuan, retail net outflow of 664,700 yuan - *ST Xinchao: Main funds net outflow of 11,748,000 yuan, retail net inflow of 447,700 yuan - Intercontinental Oil and Gas: Main funds net outflow of 17,803,900 yuan, retail net inflow of 1,591,210 yuan [2]

Market Performance - The oil and gas extraction sector declined by 2.49% compared to the previous trading day, with *ST Xinchao leading the decline [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Capital Flow - The oil and gas extraction sector experienced a net outflow of 108 million yuan from main funds, while retail investors saw a net inflow of 100 million yuan [2] - Specific stock performances included: - Intercontinental Oil & Gas (600759) had a main fund net outflow of 965,800 yuan and a retail net inflow of 11,166,200 yuan [2] - Blue Flame Holdings (000968) saw a main fund net outflow of 9,456,700 yuan and a retail net inflow of 15,573,200 yuan [2] - *ST Xinchao (600777) faced a significant main fund net outflow of 42,062,900 yuan, with a retail net inflow of 18,607,300 yuan [2] - China National Offshore Oil Corporation (600938) had a main fund net outflow of 55,335,600 yuan, while retail investors contributed a net inflow of 54,872,500 yuan [2]

Core Viewpoint - The ongoing power struggle between the new and old management of *ST Xinchao revolves around the control of the company's overseas oil and gas assets, which constitute over 99% of its total assets, valued at approximately 36.2 billion yuan as of mid-2025 [4][10]. Group 1: Management Transition and Control - The new management of *ST Xinchao faced resistance during the handover of the Beijing office, with the previous management refusing to cooperate [4][10]. - The new management, backed by Yitai B, has attempted to take control of the company's U.S. subsidiary, Seewave Energy Holdings, by replacing its board members [3][11]. - A "status quo order" was issued by the Delaware Chancery Court, maintaining the current operational status of the U.S. subsidiary while the legitimacy of the new management is under review [16][20]. Group 2: Legal Proceedings - Multiple lawsuits have been filed in U.S. courts regarding the control of *ST Xinchao's assets, with key cases involving both the new management and the original management team [7][8]. - The original management, led by Liu Ke, has initiated legal actions to restore their positions on the board of the U.S. subsidiary [14][15]. - The outcomes of these legal disputes are critical as they will determine the control over the overseas oil and gas assets [20][21]. Group 3: Asset Valuation and Audit Issues - *ST Xinchao's overseas assets, primarily located in Texas, have been acquired through various transactions totaling approximately $1.06 billion from 2015 to 2019 [23][26]. - There have been significant discrepancies in the audit reports regarding the number of oil wells and their associated liabilities, raising concerns about the accuracy of the company's asset valuations [26][27]. - Previous auditors have raised issues regarding the internal controls of the overseas subsidiaries, which could impact the company's financial reporting and governance [27][28].