Financial Performance - The company's operating revenue for Q3 2022 was ¥2,476,837,095.82, representing a year-on-year increase of 99.15%[4] - The net profit attributable to shareholders for Q3 2022 was ¥1,029,680,587.49, reflecting a significant increase of 415.52% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2022 was ¥1,023,300,662.25, up 413.06% year-on-year[4] - Total operating revenue for the first three quarters of 2022 reached RMB 6,745,761,042.48, a significant increase from RMB 3,353,437,459.86 in the same period of 2021, representing a growth of approximately 101.6%[18] - Operating profit for the third quarter of 2022 was RMB 3,345,966,044.66, compared to RMB 625,885,278.20 in the third quarter of 2021, indicating a substantial increase of about 434.5%[19] - Net profit attributable to shareholders of the parent company for the third quarter of 2022 was RMB 2,643,762,169.45, up from RMB 502,485,769.11 in the same quarter of 2021, reflecting an increase of approximately 426.5%[20] - The company reported a total comprehensive income of RMB 4,894,534,410.25 for the third quarter of 2022, compared to a loss of RMB 64,040,759.52 in the same quarter of 2021[20] - Basic earnings per share for the third quarter of 2022 were RMB 0.3888, compared to RMB 0.0739 in the same quarter of 2021, representing an increase of approximately 426.5%[20] Assets and Liabilities - The total assets at the end of Q3 2022 amounted to ¥30,885,340,147.90, an increase of 17.90% compared to the end of the previous year[5] - Current assets totaled ¥2,672,583,123.54, compared to ¥2,448,418,993.68 in the previous year, indicating an increase of about 9.1%[15] - The company's cash and cash equivalents were reported at ¥674,811,402.35, down from ¥806,172,853.86, representing a decrease of approximately 16.3%[14] - Accounts receivable decreased to ¥1,010,318,349.91 from ¥1,163,469,387.85, a decline of about 13.1%[14] - Inventory increased to ¥229,130,224.37, up from ¥178,138,863.11, marking a rise of approximately 28.6%[15] - Total liabilities were reported at ¥13,783,892,661.04, slightly down from ¥13,989,739,540.15, indicating a decrease of about 1.5%[16] - The company's equity attributable to shareholders reached ¥17,101,447,486.86, up from ¥12,206,913,076.61, reflecting an increase of approximately 40.3%[17] - Non-current assets totaled ¥28,212,757,024.36, compared to ¥23,748,233,623.08 in the previous year, showing an increase of about 18.5%[15] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥5,716,639,846.28, representing an increase of 154.80%[5] - The net cash flow from operating activities for the first three quarters of 2022 was RMB 5,716,639,846.28, compared to RMB 2,243,611,813.71 in the same period of 2021, showing an increase of about 154.9%[21] - The cash inflow from operating activities totaled RMB 7,468,039,657.14 for the first three quarters of 2022, compared to RMB 3,596,418,423.35 in the same period of 2021, marking an increase of about 107.8%[22] - The net cash flow from financing activities was -3,258,571,691.56, compared to a positive cash flow of 1,742,665,857.68 in the previous period[23] - Cash and cash equivalents at the end of the period totaled 674,644,528.55, down from 796,123,355.08 at the beginning of the period[23] - The company repaid debts amounting to 2,663,042,154.87 during the quarter[23] - Dividend payments and interest paid totaled 584,403,672.92, compared to 553,900,142.32 in the previous period[23] - The total cash outflow from financing activities was 3,258,571,691.56, an increase from 812,668,142.32 in the previous period[23] - The net decrease in cash and cash equivalents was -131,362,046.77, compared to -17,842,911.08 in the previous period[23] Shareholder Information - The company has a total of 210,019 common shareholders at the end of the reporting period[9] Other Information - The company reported a significant increase in oil and gas production and sales prices, contributing to the revenue growth[8] - The total operating costs for the first three quarters of 2022 were RMB 3,404,901,849.91, up from RMB 2,723,957,654.45 in the same period of 2021, which is an increase of about 24.9%[18] - The company recorded a financial expense of RMB 316,048,579.76 in the first three quarters of 2022, a decrease from RMB 452,684,143.30 in the same period of 2021, indicating a reduction of approximately 30.1%[18] - The company reported a tax expense of RMB 718,632,071.30 for the third quarter of 2022, compared to RMB 124,321,273.62 in the same quarter of 2021, reflecting an increase of approximately 478.5%[19] - The impact of exchange rate changes on cash and cash equivalents was 78,395,893.56, compared to -4,909,696.33 in the previous period[23] - The company did not apply new accounting standards or interpretations for the first time in 2022[23] - The report was issued by the board of directors on October 28, 2022[24]

Financial Performance - The company's operating revenue for the first half of 2022 reached ¥4,268,923,946.66, a 102.35% increase compared to ¥2,109,723,236.65 in the same period last year[21]. - Net profit attributable to shareholders was ¥1,614,081,581.96, representing a 433.14% increase from ¥302,747,907.50 year-on-year[21]. - The company achieved a net cash flow from operating activities of ¥3,533,940,989.79, up 164.24% from ¥1,337,384,630.13 in the previous year[21]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in the first half of 2022, representing a 20% year-over-year growth[66]. - Total operating revenue for the first half of 2022 reached CNY 4,268,923,946.66, a significant increase of 102.5% compared to CNY 2,109,723,236.65 in the same period of 2021[124]. - Operating profit for the first half of 2022 was CNY 2,040,981,541.69, compared to CNY 377,567,391.77 in the first half of 2021, reflecting a substantial growth[125]. - The total comprehensive income for the first half of 2022 was ¥1,930,443,609.97, compared to -¥431,060,647.99 in the first half of 2021, showing a significant recovery[128]. Assets and Liabilities - The company's net assets attributable to shareholders increased by 15.81% to ¥14,137,356,686.58 from ¥12,206,913,076.61 at the end of the previous year[21]. - The total liabilities at the end of the period were ¥1,510,137,211.26, which is 5.21% of total assets, reflecting a 51.96% increase compared to the previous year[36]. - The total liabilities of the company reached CNY 14,832,313,075.54, up from CNY 13,989,739,540.15, which is an increase of approximately 6.0%[119]. - The company's long-term borrowings decreased by 45.06% to ¥1,201,997,117.81, primarily due to the repayment of revolving credit[36]. - The total current liabilities increased to CNY 3,729,266,572.63 from CNY 2,442,925,133.24, marking a significant rise of about 52.6%[118]. Legal and Regulatory Issues - The company is involved in a legal case where it may be liable for up to CNY 3.582 billion due to a trust default lawsuit[6]. - The company has appealed a court ruling that deemed a compensation agreement invalid, asserting that it does not violate any guarantee provision[7]. - The company is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, with no conclusive opinions received as of the report date[88]. - The company faced administrative penalties from the China Securities Regulatory Commission for information disclosure violations, resulting in warnings and fines for its executives[93]. - The company was publicly reprimanded by the Shanghai Stock Exchange due to inaccurate performance forecast disclosures[94]. Shareholder and Capital Management - The company did not distribute profits or increase capital reserves for the first half of 2022[4]. - The company has not declared any dividends or stock bonuses for the reporting period, indicating a focus on capital retention[51]. - The company reported a significant reduction in shareholding by major shareholders, with a decrease from 374,546,413 shares (5.51% of total shares) to 326,146,413 shares (4.80%) after the major asset restructuring[74]. - The company committed to maintaining a minimum of three non-independent directors on the board, ensuring active communication with other shareholders for support[75]. - The company has pledged not to transfer any shares or voting rights to the transaction counterparties or their affiliates for 36 months following the major asset restructuring[75]. Operational Highlights - The company added 33 new shale oil wells, bringing total shale oil net wells to 638, with oil production of 6,777,500 barrels, a 23.6% increase from the previous year[30]. - Natural gas production reached 15,573,100 Mcf, an increase of 19.51% compared to the previous year[30]. - The average WTI oil price for the first half of 2022 was $101.59 per barrel, an increase of $39.65 per barrel or 64.01% year-on-year[30]. - The company plans to continue expanding its oil and gas exploration and production operations, leveraging its competitive advantages in the Permian Basin[28]. Risk Management - The company faces various risks as outlined in the management discussion and analysis section of the report[9]. - The company continues to hedge against international oil price fluctuations to mitigate the impact on operations and cash flow[46]. - The company faces risks from currency exchange rates, particularly with the appreciation of the USD against the RMB affecting reported earnings and asset values[47]. - Macroeconomic pressures, including inflation and supply chain uncertainties, may lead to increased drilling and operational costs, potentially limiting oil and gas production growth[47]. Environmental and Social Responsibility - The company adheres to local environmental regulations and has not experienced any significant environmental incidents during the reporting period[52]. - The company is committed to reducing its carbon footprint and has implemented measures for energy conservation and emissions reduction[53]. Corporate Governance - The company has undergone a change in control, with no actual controller currently, and the board is fulfilling its duties within the legal framework[81]. - The company is focused on maintaining operational stability and protecting shareholder interests through the election of new directors and supervisors[80]. - The company has committed to ensuring that shareholder rights, including dividend requests and share transfers, are exercised in accordance with prior authorizations[82]. Financial Reporting and Compliance - The financial report is prepared based on the principle of going concern, indicating that the company has a good ability to continue its operations for the next 12 months[154]. - The company’s accounting policies are in accordance with the enterprise accounting standards, ensuring a true and complete reflection of its financial status and operating results[156]. - The company has not reported any significant changes in accounting policies or prior period error corrections that would impact the financial statements[143].

Financial Performance - The company's operating revenue for Q1 2022 was RMB 1,681,657,312.34, representing a year-on-year increase of 38.74%[4] - Net profit attributable to shareholders was RMB 526,684,158.96, reflecting a significant increase of 108.08% compared to the same period last year[4] - Basic earnings per share were RMB 0.0774, up 108.06% from the previous year[4] - Net profit for Q1 2022 reached 526,684,158.96 RMB, representing a 108.2% increase from 253,112,256.66 RMB in Q1 2021[16] - The net profit attributable to the parent company shareholders for Q1 2022 was approximately ¥526.68 million, compared to ¥253.11 million in Q1 2021, representing a year-over-year increase of 108.2%[17] - The total comprehensive income attributable to the parent company owners for Q1 2022 was approximately -¥56.55 million, a decrease from ¥64.08 million in Q1 2021[17] Cash Flow - The net cash flow from operating activities reached RMB 1,261,413,934.07, marking a 140.00% increase year-on-year[4] - The net cash flow from operating activities for Q1 2022 was approximately ¥1.26 billion, up from ¥525.59 million in Q1 2021, indicating a significant increase of 139.8%[19] - Cash inflows from operating activities totaled approximately ¥1.80 billion in Q1 2022, compared to ¥987.37 million in Q1 2021, marking an increase of 82.3%[18] - Cash outflows from operating activities amounted to approximately ¥542.22 million in Q1 2022, compared to ¥461.77 million in Q1 2021, reflecting an increase of 17.4%[19] - The net cash flow from investing activities for Q1 2022 was approximately -¥572.82 million, a decrease from -¥2.67 billion in Q1 2021[19] - The net cash flow from financing activities for Q1 2022 was approximately -¥831.25 million, compared to a positive cash flow of ¥2.16 billion in Q1 2021[19] - The ending balance of cash and cash equivalents as of the end of Q1 2022 was approximately ¥659.89 million, down from ¥771.01 million at the end of Q1 2021[20] Assets and Liabilities - Total assets as of March 31, 2022, were RMB 26,572,714,754.96, a slight increase of 1.44% from the end of the previous year[5] - Total assets as of March 31, 2022, amounted to 26,572,714,754.96 RMB, up from 26,196,652,616.76 RMB at the end of 2021[14] - Total liabilities increased to 14,422,347,023.82 RMB in Q1 2022, compared to 13,989,739,540.15 RMB in Q1 2021, indicating a rise of 3.1%[14] - The company’s equity attributable to shareholders decreased slightly to 12,150,367,731.14 RMB in Q1 2022 from 12,206,913,076.61 RMB at the end of 2021[14] Shareholder Information - The top ten shareholders held a total of 1,800,000,000 shares, with the largest shareholder owning 6.39% of the company[8] Operational Highlights - The increase in revenue and profit was primarily driven by a rise in oil and gas production and prices compared to the previous year[7] - Total operating costs for Q1 2022 were 1,016,071,100.48 RMB, up 15.0% from 884,227,581.72 RMB in Q1 2021[15] - Accounts receivable increased to 1,342,899,480.06 RMB in Q1 2022, compared to 1,163,469,387.85 RMB at the end of 2021, reflecting a growth of 15.4%[11] - The company reported non-recurring gains and losses totaling RMB 785,884.50 for the period[6] - Research and development expenses for Q1 2022 were not explicitly stated but are part of the overall operating costs[16] - The company reported a significant increase in financial liabilities, with derivative financial liabilities rising to 72,437,817.61 RMB from 41,195,562.66 RMB year-over-year[12] Foreign Exchange Impact - The company experienced a foreign exchange loss of approximately -¥3.46 million in Q1 2022, compared to a loss of -¥67.48 million in Q1 2021, indicating an improvement in foreign exchange impact[20] Strategic Developments - There were no significant new strategies or product developments mentioned in the report[10]

Financial Performance - The company achieved a consolidated net profit of ¥365,150,697.04 for the year 2021, with the net profit attributable to the parent company also being ¥365,150,697.04[4] - The company's operating revenue for 2021 was approximately CNY 4.82 billion, an increase of 16.36% compared to 2020[18] - The net profit attributable to shareholders for 2021 was CNY 365.15 million, a significant recovery from a loss of CNY 2.66 billion in 2020[18] - The net cash flow from operating activities reached CNY 3.43 billion, reflecting a 28.01% increase year-on-year[18] - The total assets at the end of 2021 amounted to CNY 26.20 billion, up 15.25% from the previous year[18] - The basic earnings per share for 2021 was CNY 0.0537, compared to a loss of CNY 0.3906 per share in 2020[19] - The company reported a weighted average return on equity of 2.896% for 2021, an increase of 20.854 percentage points from the previous year[19] - The company recorded a net profit of CNY 375.87 million in Q4 2021, marking a strong performance despite a loss in the previous quarter[21] - Non-recurring losses for 2021 totaled CNY 512.37 million, primarily due to provisions for pending litigation[22] - The company reported a significant reliance on a few customers, with over 50% of sales attributed to a single customer[42] Legal and Compliance Issues - The company is currently involved in a legal dispute regarding a trust default, with a potential liability of ¥3.582 billion[5] - The company has filed an appeal against a court ruling that determined its liability in the aforementioned case[6] - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties[5] - There are no violations of decision-making procedures regarding external guarantees[5] - The company has highlighted potential risks in its management discussion and analysis section, urging investors to be cautious[7] - The company emphasizes that future plans and strategic statements do not constitute substantive commitments to investors, highlighting investment risks[4] - The company faced regulatory scrutiny from the China Securities Regulatory Commission for information disclosure violations, resulting in penalties[132] Operational Highlights - In 2021, the company reported an oil production of 11.9656 million barrels, a decrease of 1.2838 million barrels or 9.69% compared to 2020, while natural gas production increased by 760,100 barrels of oil equivalent, an increase of 18.71%[25] - The company's proved reserves reached 314.686 million barrels of oil equivalent by the end of 2021, an increase of 144.874 million barrels or 85.31% year-over-year[25] - The company's leverage ratio improved to 2.5 times by the end of 2021, marking the best level in its history[25] - The average price of WTI crude oil for the year was $67.99 per barrel, up 73.31% from $39.23 per barrel in 2020[27] - The average price of Henry Hub natural gas for the year was $3.91 per MMBtu, an increase of 91.67% from $2.04 per MMBtu in 2020[25] - The company successfully completed the acquisition of Grenadier oil and gas assets in 2021, enhancing its resource reserves and ensuring stable production growth[25] - The company’s shale oil net well count reached 605 by the end of 2021, an increase of 191 wells compared to the previous year[25] Shareholder and Governance Matters - The board proposed no cash dividends or bonus shares for the 2021 profit distribution plan[4] - The total pre-tax remuneration for the board of directors and senior management during the reporting period amounted to CNY 5.65 million[69] - The company did not experience any changes in shareholding for its directors and supervisors during the reporting period[69] - The company has maintained a consistent board structure with no changes in shareholding among directors and supervisors[68] - The company emphasizes the importance of maintaining a robust governance structure and transparent information disclosure to protect investor interests[64] - The company has a diverse board with members holding various roles in different sectors, which may facilitate market expansion and strategic partnerships[73] Financial Position and Equity - As of December 31, 2021, the company's retained earnings were negative at ¥-1,765,579,654.10[4] - The capital reserve balance as of December 31, 2021, was ¥6,657,204,139.08, with ¥6,639,791,337.94 available for capital increase[4] - The company's net assets attributable to shareholders at the end of 2021 were CNY 12.21 billion, a slight decrease of 1.78% from 2020[18] - The company's total liabilities and equity amounted to ¥26,196,652,616.76 in 2021, compared to ¥22,729,928,962.75 in 2020, indicating an increase of approximately 15.5%[168] - The company's equity attributable to shareholders decreased to ¥12,206,913,076.61 in 2021 from ¥12,428,067,036.28 in 2020, a decline of about 1.8%[168] Future Outlook and Strategic Initiatives - The company plans to adjust its drilling strategy and development plans based on oil price forecasts and production history[32] - The company will explore strategic projects in the green economy and related technologies to enhance sustainable development capabilities[60] - The company anticipates continued reliance on oil in sectors like aviation and shipping, despite global shifts towards sustainable energy[58] - The company plans to focus on shale technology innovations and cost reduction measures to improve profitability and operational flexibility in 2022[60] - The company expects continued upward pressure on oil prices due to persistent supply-demand gaps and geopolitical tensions, as projected by the IEA[57] Environmental and Social Responsibility - The company is committed to environmental protection and has not experienced any major environmental incidents during the reporting period[95] - The company actively promotes a green low-carbon development strategy and complies with local environmental laws[96] Audit and Compliance - The financial statements are prepared based on the principle of going concern, reflecting the company's financial position, operating results, changes in equity, and cash flows accurately[198] - The company received an audit report with an emphasis on certain matters, indicating potential risks, which the board acknowledged and is cooperating with regulatory investigations[124] - The company has maintained compliance with relevant regulations regarding the payment of remuneration to its directors and supervisors[74]

Group 1: Event Details - The company will participate in the "2021 Annual Investor Online Reception Day" organized by the Shandong Securities Regulatory Bureau and the Shandong Listed Companies Association [2] - The event will be held on November 16, 2021, from 14:00 to 16:00 [2] - Investors can join the event through the "Panjing Roadshow" website [2] Group 2: Communication and Interaction - The company's Vice General Manager and Board Secretary, Mr. Zhang Yu, along with Securities Affairs Representative, Ms. Ding Siming, will engage in online Q&A with investors [2] - The purpose of the event is to enhance communication and relationship management with investors [2] Group 3: Company Assurance - The Board of Directors guarantees that the announcement contains no false records, misleading statements, or significant omissions [2] - The company assumes individual and joint responsibility for the truthfulness, accuracy, and completeness of the announcement [2]

Financial Performance - The company's operating revenue for Q3 2021 was ¥1,243,714,223.21, representing a year-on-year increase of 7.29%[4]. - The net profit attributable to shareholders for Q3 2021 was ¥199,737,861.61, with a significant increase of 446.88% year-to-date, totaling ¥502,485,769.11[4][5]. - The basic earnings per share for Q3 2021 was ¥0.0294, reflecting a year-to-date increase of 427.86%[5][7]. - The net profit attributable to shareholders for Q3 2021 was ¥502,485,769.11, a significant increase from ¥91,882,390.36 in Q3 2020, representing a growth of approximately 447%[19]. - The total profit for Q3 2021 reached ¥626,807,042.73, compared to ¥139,147,055.99 in the same period last year, indicating an increase of about 350%[19]. - The operating profit for Q3 2021 was ¥625,885,278.20, up from ¥138,453,552.19 in Q3 2020, reflecting a growth of approximately 352%[19]. - The total comprehensive income for Q3 2021 was -¥64,040,759.52, an improvement from -¥206,272,019.91 in Q3 2020[19]. - The company reported a net loss of CNY 281,325,010.04 for the first three quarters of 2021, compared to a net loss of CNY 783,810,779.15 in the same period of 2020, indicating an improvement in financial performance[15]. Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥26,762,016,228.71, an increase of 17.74% compared to the end of the previous year[5]. - The total assets as of September 30, 2021, amounted to CNY 26,762,016,228.71, an increase from CNY 22,729,928,962.75 at the end of 2020[15]. - Current assets totaled CNY 2,796,593,169.34 as of September 30, 2021, compared to CNY 2,008,976,663.10 at the end of 2020, indicating a growth of 39.19%[13]. - Non-current assets reached CNY 23,965,423,059.37, up from CNY 20,720,952,299.65, representing a growth of 10.81%[13]. - Total liabilities as of September 30, 2021, were CNY 14,397,989,951.95, compared to CNY 10,301,861,926.47 at the end of 2020, marking an increase of 39.67%[14]. - The company's equity attributable to shareholders was CNY 12,364,026,276.76, slightly down from CNY 12,428,067,036.28 at the end of 2020[15]. - The cash and cash equivalents decreased to CNY 796,275,229.21 from CNY 831,314,948.03, a decline of 4.21%[12]. - Accounts receivable increased significantly to CNY 1,404,918,370.65 from CNY 753,404,597.33, reflecting an increase of 86.39%[13]. Cash Flow - The net cash flow from operating activities year-to-date was ¥2,243,611,813.71, showing a decrease of 6.32% compared to the previous year[5]. - The cash flow from operating activities for the first nine months of 2021 was ¥2,243,611,813.71, slightly down from ¥2,395,001,472.17 in the same period of 2020[21]. - The company reported a decrease in cash received from sales and services, totaling ¥2,996,311,585.53 in the first nine months of 2021, compared to ¥3,844,041,190.04 in the previous year, a decline of about 22%[21]. - The cash flow from investing activities for Q3 2021 was -¥3,999,210,886.14, compared to -¥1,899,041,072.42 in Q3 2020, indicating a significant increase in cash outflow[22]. - The cash flow from financing activities for Q3 2021 was ¥1,742,665,857.68, contrasting with a negative cash flow of -¥576,157,245.86 in Q3 2020, showing a turnaround in financing activities[22]. Cost Management - Total operating revenue for the first three quarters of 2021 was CNY 3,353,437,459.86, a decrease of 7.48% compared to CNY 3,625,069,795.22 in the same period of 2020[16]. - Total operating costs for the first three quarters of 2021 were CNY 2,723,957,654.45, down from CNY 3,607,935,128.23 in 2020, reflecting a significant reduction in costs[16]. Other Information - The company reported non-recurring gains and losses totaling ¥288,887.70 for Q3 2021[6]. - The company experienced a rise in oil and gas prices, which contributed to the increase in net profit for the reporting period[7]. - The company has not disclosed any new product developments or market expansion strategies in the current report[10]. - The company implemented new leasing standards effective January 1, 2021, resulting in adjustments to various asset and liability accounts[26]. - The adjustment for "prepayments" was CNY -754,188.56, while "other current assets" saw an increase of CNY 3,992.53[26]. - The "right-of-use assets" increased by CNY 29,801,458.98, and "lease liabilities" also increased by CNY 29,051,262.95[26].

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥2.11 billion, a decrease of 14.44% compared to the same period last year [19]. - Net profit attributable to shareholders increased by 200.87% to approximately ¥302.75 million, compared to ¥100.62 million in the previous year [19]. - Basic earnings per share rose to ¥0.045, reflecting a 200% increase from ¥0.015 in the same period last year [20]. - The weighted average return on equity increased to 2.407%, up by 1.78 percentage points from 0.622% in the previous year [20]. - Total assets increased by 14.73% to approximately ¥26.08 billion compared to ¥22.73 billion at the end of the previous year [19]. - The company's net assets attributable to shareholders decreased by 3.47% to approximately ¥12 billion, primarily due to the decline in the USD reporting exchange rate [20]. - The company's operating revenue for the first half of the year was ¥2,109,723,236.65, a decrease of ¥35,615,080.45 year-on-year, with a decline of 14.44% [39]. - The company's operating costs for the first half of the year were ¥1,096,460,600.00, a decrease of ¥800,181,600.00 year-on-year, representing a decline of 42.19% [37]. - The company reported a net loss of CNY 481,062,871.65, compared to a loss of CNY 783,810,779.15 in the previous period, showing an improvement in financial performance [118]. Asset Acquisition and Operations - The company completed the acquisition of oil and gas assets in Howard County, Texas, for approximately $419.7 million [25]. - The company successfully acquired Grenadier oil and gas assets in the first quarter, enhancing resource reserves and optimizing asset structure for long-term development [35]. - The company employs a service outsourcing model for various operational needs, including drilling and completion services [27]. - The company has implemented enhanced oil recovery techniques to improve production efficiency in its oil fields [26]. - The company's crude oil net production for the first half of the year was 5.483 million barrels, a decrease of 1.624 million barrels year-on-year, representing a decline of approximately 22.74% [37]. - The company's natural gas net production was 2.172 million barrels of oil equivalent, an increase of 308,000 barrels of oil equivalent year-on-year, with a growth rate of approximately 16.53% [37]. - The company maintained a net well count of 848, an increase of 61 wells compared to the end of 2020, which supports future production growth [37]. Legal and Regulatory Matters - The company is currently involved in a lawsuit regarding a trust default, with a potential obligation of CNY 3.582 billion [6]. - The company has appointed legal counsel to actively respond to the ongoing lawsuit as of the report date [6]. - The company received a notice from the China Securities Regulatory Commission regarding an investigation into information disclosure violations, which is still ongoing [93]. - The company is currently involved in significant litigation and arbitration matters, including disputes related to debt issues and shareholder lawsuits [91]. Financial Position and Liabilities - The total amount of guarantees provided by the company, including those to subsidiaries, is 991.63 million RMB, representing 82.66% of the company's net assets [97]. - The amount of guarantees exceeding 50% of net assets is 391.78 million RMB [97]. - Total liabilities reached CNY 14,080,374,813.03, up from CNY 10,301,861,926.47, reflecting a growth of approximately 36.5% [118]. - Current liabilities totaled CNY 3,312,566,212.79, significantly higher than CNY 1,660,442,266.34, marking an increase of approximately 99.4% [117]. Shareholder and Governance Matters - The company reported a significant increase in accounts receivable, rising by 72.82% to CNY 1,302,057,468.56, attributed to increased uncollected payments from oil and gas sales [42]. - The total number of common shareholders at the end of the reporting period was 131,472 [100]. - The top ten shareholders held a total of 2,000,000,000 shares, representing 29.93% of the total shares [102]. - The company announced several board member resignations due to personal reasons, including the chairman and general manager [79]. - The company held a board meeting to re-elect Liu Ke as chairman and reappoint him as general manager [81]. Environmental and Social Responsibility - The company adheres to local environmental regulations and has not faced significant environmental incidents during the reporting period [64]. - The company is committed to reducing its carbon footprint and has implemented measures to promote clean production and environmental protection [65]. Related Party Transactions - The company committed to avoiding or reducing related party transactions with Xin Chao Industrial and its subsidiaries [70]. - All transactions between the company and Xin Chao Industrial will adhere to market principles and be conducted at fair market prices [70]. - The company guarantees not to obtain any improper benefits through related party transactions [70]. - The company will ensure that any related transactions are disclosed and conducted in accordance with legal requirements [69]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern principle, indicating a good ability to continue operations for the next 12 months [154]. - The company adheres to the accounting standards, ensuring that the financial statements accurately reflect its financial position and operating results [156]. - The company has established specific accounting policies for revenue recognition based on its operational characteristics [155]. - The company recognizes transactions involving the disposal of subsidiary equity as a single transaction if they are part of a package deal [174].

Financial Performance - The company reported a consolidated net profit of -2,656,256,623.80 RMB for the year 2020, with the net profit attributable to the parent company also being -2,656,256,623.80 RMB[4]. - The company's operating revenue for 2020 was approximately ¥4.14 billion, a decrease of 31.74% compared to ¥6.07 billion in 2019[16]. - The net profit attributable to shareholders for 2020 was approximately -¥2.66 billion, representing a decline of 346.50% from a profit of ¥1.08 billion in 2019[16]. - The net cash flow from operating activities decreased by 35.65% to approximately ¥2.68 billion in 2020, down from ¥4.16 billion in 2019[16]. - The total assets at the end of 2020 were approximately ¥22.73 billion, a decrease of 20.09% from ¥28.45 billion at the end of 2019[16]. - The basic earnings per share for 2020 were -¥0.3906, a decline of 346.44% compared to ¥0.1585 in 2019[17]. - The weighted average return on equity for 2020 was -17.958%, a decrease of 24.974 percentage points from 7.016% in 2019[17]. - The company reported a total of ¥15.75 million in non-recurring losses for 2020, compared to ¥4.11 million in 2019[20]. - The company reported a significant decrease in net profit in 2020 compared to previous years, indicating potential financial challenges[55]. - The company reported a net loss of CNY 2,656,256,623.80 for the year 2020, compared to a net profit of CNY 1,077,569,509.20 in 2019, indicating a significant decline in profitability[148]. - Total comprehensive income for the year was CNY -3,691,304,304.76, down from CNY 1,298,503,988.98 in the previous year, reflecting a substantial decrease in overall financial performance[149]. Dividends and Profit Distribution - The board proposed no cash dividends or bonus shares for the 2020 fiscal year[4]. - The company did not distribute any cash dividends or stock bonuses in 2020, 2019, or 2018, with net profits of -2,656,256,623.80 RMB, 1,077,569,509.20 RMB, and 600,746,057.36 RMB respectively[55]. - The company's profit distribution policy was approved by the board and shareholders, ensuring compliance with regulations regarding cash dividends[54]. Assets and Liabilities - The total assets as of December 31, 2020, were CNY 12,380,460,575.88, slightly down from CNY 12,394,902,008.85 in 2019[145]. - Total liabilities reached CNY 29,945,412.15, a significant increase from CNY 15,674,985.79 in the previous year[146]. - The company's equity attributable to shareholders totaled CNY 12,350,515,163.73, a decrease from CNY 12,379,227,023.06 in 2019[146]. - The total owner's equity at the end of 2020 was CNY 12,428,067,036.28, indicating a decline from the previous year's total[160]. Operational Performance - The company has focused on oil and gas exploration and production, primarily in the Permian Basin in Texas, USA[23]. - The company's oil and gas assets decreased by 21.54% due to an impairment provision of $450 million[25]. - The company adjusted its oil and gas development plans significantly, reducing capital expenditures and operating costs to protect financial and cash flow status[27]. - The company closed some production wells and reduced planned drilling operations to mitigate risks during the low oil price environment[29]. - The company’s oil production in the U.S. is nearly equal to its sales, resulting in negligible inventory levels[26]. - The company reported a significant increase in financial expenses, totaling CNY 603,486,512.20, compared to CNY 184,659,961.07 in 2019[147]. Legal and Compliance Issues - The company is under investigation by the China Securities Regulatory Commission for alleged violations of information disclosure laws, which may impact its operations[77]. - The company is involved in multiple significant lawsuits, including disputes with Zhejiang Beze Group and issues related to the debts of Heshengyuan Company, with various announcements made on the Shanghai Stock Exchange[75]. - The company has not reported any significant impact on its financial position, operating results, or cash flows due to the accounting policy changes[71]. Corporate Governance - The board of directors was re-elected, with Liu Ke appointed as chairman and general manager, ensuring continuity in leadership[67]. - The company has committed to maintaining a minimum of three non-independent directors to safeguard shareholder interests[66]. - The company has established a comprehensive corporate governance structure, complying with relevant laws and regulations[120]. - The company has no actual controller following changes in board composition, with decisions made within the framework of the company's articles of association and relevant laws[67]. Future Outlook and Strategy - The company aims to enhance profitability by focusing on innovative technology solutions and cost-reduction measures while maintaining cash flow balance[51]. - The company plans to focus on new product development and market expansion strategies in the upcoming year[147]. - The company is actively considering expansion through mergers and acquisitions, focusing on acquiring quality low-cost oil and gas assets to enhance resource reserve economics[27]. - The company will explore strategic projects in the green economy and related information technology sectors to enhance sustainable development capabilities[51]. Environmental and Social Responsibility - The company has complied with local environmental regulations and has not experienced any major environmental incidents during the reporting period[86]. - The company published its 2020 Social Responsibility Report, which is available on the Shanghai Stock Exchange website[85]. - The management team emphasized the importance of sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[109]. Financial Reporting and Audit - The report includes a standard unqualified audit opinion from Zhonghua Accounting Firm[3]. - The independent auditor issued a standard unqualified opinion on the company's financial statements for the year ended December 31, 2020[131]. - The company maintained effective internal controls over financial reporting, with no significant deficiencies identified as of December 31, 2020[128].

Financial Performance - Operating revenue decreased by 23.27% to CNY 1,212,116,457.69 year-on-year[4] - Net profit attributable to shareholders decreased by 66.20% to CNY 253,112,256.66 compared to the same period last year[4] - Basic earnings per share decreased by 66.21% to CNY 0.0372 compared to the same period last year[4] - Total operating revenue for Q1 2021 was CNY 1,212,116,457.69, a decrease of 23.2% compared to CNY 1,579,780,588.81 in Q1 2020[18] - The company's net profit for Q1 2021 was ¥253,112,256.66, a decrease of 66.3% compared to ¥748,922,463.25 in Q1 2020[19] - Total comprehensive income for Q1 2021 was ¥64,078,497.84, down from ¥1,299,684,797.90 in Q1 2020[20] - Operating profit for Q1 2021 was ¥317,192,742.35, a decline from ¥966,656,006.90 in Q1 2020[19] - The company reported a total profit of ¥317,365,206.37 for Q1 2021, down from ¥966,763,983.86 in the same period last year[19] Cash Flow - Net cash flow from operating activities decreased by 42.54% to CNY 525,591,515.17 year-on-year[4] - Cash inflow from operating activities totaled ¥987,365,739.07, a decrease from ¥2,103,742,712.86 in the previous year[24] - Cash outflow from operating activities amounted to ¥461,774,223.90, compared to ¥1,189,064,024.41 in the same period last year[24] - Cash outflow from investing activities reached ¥2,670,492,933.21, significantly higher than ¥1,071,437,185.62 in the prior year[25] - Cash inflow from financing activities was ¥2,341,620,000.00, up from ¥384,620,500.00 year-over-year[25] - Net cash flow from financing activities was ¥2,163,856,073.09, compared to ¥192,325,552.51 in the same quarter last year[25] Assets and Liabilities - Total assets increased by 14.99% to CNY 26,137,415,586.20 compared to the end of the previous year[4] - Accounts receivable increased by 69.36% compared to the end of the previous year, mainly due to sales from newly acquired assets[9] - Other receivables increased by 76.03% compared to the end of last year, mainly due to the increase in temporary receivables for electricity supply[10] - Long-term borrowings increased by 2,365,668,000.00 compared to the end of last year, due to the increase in revolving credit[10] - Total liabilities were CNY 14,462,177.01, significantly lower than CNY 29,945,412.15 in the previous year[17] - Total current liabilities were CNY 1,660,442,266.34, with accounts payable at CNY 594,398,803.71[30] Equity and Shareholder Information - The number of shareholders reached 134,683 at the end of the reporting period[6] - The company's equity attributable to shareholders was CNY 12,428,067,036.28, unchanged from the previous reporting period[31] - Shareholders' equity totaled approximately ¥12.35 billion, including paid-in capital of ¥6.80 billion and capital reserve of ¥6.66 billion[33] Operational Insights - Operating costs decreased by 34.42% year-on-year, mainly due to a decline in the depreciation of oil and gas assets[10] - The company expects that the cumulative net profit for the first half of the year will exceed the same period last year by more than 50% if WTI oil prices remain relatively stable[11] - The company reported a decrease in management expenses to ¥1,997,383.62 in Q1 2021 from ¥2,497,737.18 in Q1 2020[21] Research and Development - Research and development expenses for Q1 2021 were CNY 111,400,059.49, an increase from CNY 103,087,902.00 in Q1 2020[18] Other Financial Metrics - Non-operating income and expenses totaled CNY 196,158.02, with a breakdown including CNY 75,837.27 from disposal of non-current assets[5] - Derivative financial assets increased by 380.06% compared to the end of the previous year due to changes in the time value of certain cash flow hedging contracts[9] - Derivative financial liabilities decreased by 32.37% compared to the end of last year, due to changes in the time value of certain cash flow hedging contracts[10]