Core Viewpoint - The control dispute over *ST Xinchao (Xinchao Energy SH600777) may be nearing its conclusion as the company announced the termination of three lawsuits in the U.S. related to its overseas assets, indicating a potential resolution of the control struggle between the new controlling shareholder "Yitai System" and the former management [1][2][6]. Group 1: Lawsuit Developments - On October 12, *ST Xinchao announced that three lawsuits in the U.S. have been terminated due to the withdrawal of the plaintiffs and counter-plaintiffs, with no negative impact on the company's financial performance [3][5]. - The lawsuits were initiated by former directors after a board reshuffle in July 2025, which saw the new management attempt to assert control over the U.S. subsidiary [4][6]. - The rapid resolution of these lawsuits, from initiation in early August to termination in early October, suggests a significant shift in control dynamics within the company [6][8]. Group 2: Control of Overseas Assets - The new board of directors convened on October 9, the same day the lawsuits were withdrawn, to approve the replacement of directors at the U.S. subsidiary, indicating a swift consolidation of control over core assets [7][8]. - With 99.99% of *ST Xinchao's assets located in the U.S., controlling the U.S. subsidiary is crucial for the company's operational integrity and future prospects [8][9]. - The transition of control from the previous management to the new board has been marked by a stark contrast in cooperation, with the former management reportedly uncooperative during the handover process [7][9]. Group 3: Future Outlook - Despite the resolution of the control dispute, *ST Xinchao faces ongoing challenges, including a risk of delisting due to an audit report that could not express an opinion on the company's financial statements for 2024 [8][9]. - The new management has committed to improving internal governance and addressing issues highlighted in previous audit reports to enhance the quality of financial reporting [9].

Core Viewpoint - The company has successfully resolved three lawsuits in the United States, with all cases being withdrawn by the plaintiffs, resulting in no negative impact on the company's financial performance [2][4][11]. Group 1: Lawsuit Overview - The company was involved in three lawsuits in the U.S., all of which have been terminated following the withdrawal of the plaintiffs and counterclaimants [2][4]. - In the first case, the plaintiff, Inner Mongolia Yitai Coal Co., Ltd., sought a temporary restraining order to protect the company's assets in the U.S. before a board reshuffle, but the company was removed from the defendant list after the reshuffle [3][5]. - The second and third cases involved the company's subsidiaries as defendants, initiated by former directors who disputed their removal [3][7]. Group 2: Financial Impact - The lawsuits did not involve any monetary claims against the company [4]. - The termination of all three lawsuits will not adversely affect the company's current or future profits [11]. Group 3: Corporate Governance - Following the termination of the lawsuits, the company held a board meeting on October 9, 2025, where the board unanimously approved the replacement of directors for its U.S. subsidiaries [13]. - The company has completed the director replacement process for all U.S. subsidiaries, and the newly appointed directors are fulfilling their duties [13].

Core Points - *ST Xinchao announced on October 13 that three lawsuits in the United States have been withdrawn by the plaintiffs and counter-plaintiffs, resulting in the termination of the cases without negative impact on the company's financial performance [1][2] - The lawsuits involved the protection of the company's assets in the U.S. and were initiated by former directors of its subsidiaries after being dismissed [1][2] Summary by Sections - **Lawsuit Details** - The first case was filed on June 30, 2025, in Texas, with the plaintiff being Yitai Co., and the defendants including Xinchao Energy and 12 subsidiaries [1] - The second and third cases were filed on August 4 and August 8, 2025, in Delaware and Nevada, respectively, involving former directors of U.S. subsidiaries [1] - **Resolution of Lawsuits** - All three lawsuits were officially withdrawn and confirmed by the courts on October 9, 2025 [2] - The company held its 13th Board of Directors' fourth meeting on the same day to address the replacement of directors in its U.S. subsidiaries [2] - **Governance Improvements** - The company has completed the director replacement process for all U.S. subsidiaries and the new directors have assumed their roles [2] - The company aims to enhance internal governance for its domestic and overseas subsidiaries and will fulfill its information disclosure obligations in a timely manner [2]

证券代码：600777 证券简称：*ST 新潮 公告编号：2025-095 山东新潮能源股份有限公司 关于涉及诉讼的进展公告 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。 重要内容提示： 案件所处的诉讼阶段：上市公司在美国涉及的三起诉讼案件，经各案原 告及反诉原告撤诉，均已终止。 上市公司所处的当事人地位： 案件一中，原告内蒙古伊泰煤炭股份有限公司（以下简称"伊泰股份"）为 保全和保护上市公司位于美国的资产，申请临时限制令，在董事会换届之前将上 市公司及其12家附属企业和原任董事列为被告，董事会换届后，上市公司已被从 被告名单中撤消； 一、本次重大诉讼的基本情况 案件一： 受理时间：2025 年 6 月 30 日 受理法院：德克萨斯州商事法院 原告：伊泰股份 被告：刘珂、刘斌、李鸣、新潮能源、宁波鼎亮企业管理合伙企业（有限合 1 伙）（以下简称"宁波鼎亮"）、浙江犇宝企业管理有限公司（以下简称"浙江 犇宝"）、Xinchao US Holdings Company、Surge Energy US Hold ...

Group 1 - The oil and gas extraction sector increased by 1.52% on October 10, with *ST Xinchao leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] - The closing prices and percentage changes for key stocks in the oil and gas extraction sector are as follows: *ST Xinchao at 3.90 (+2.90%), Blue Flame Holdings at 7.16 (+1.99%), and China National Offshore Oil at 26.77 (+1.13%) [1] Group 2 - The net capital flow in the oil and gas extraction sector showed a net outflow of 66.62 million yuan from main funds, while retail funds saw a net inflow of 8.75 million yuan [1] - Detailed capital flow for specific stocks indicates that *ST Xinchao experienced a main fund net outflow of 17.53 million yuan, while retail funds had a net inflow of 5.51 million yuan [2] - Other stocks like Blue Flame Holdings and Intercontinental Oil & Gas also reported net outflows from main and speculative funds, with varying net inflows from retail investors [2]

Core Insights - The oil and gas extraction sector saw a 2.14% increase on October 9, with *ST Xinchao leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Sector Performance - The closing prices and percentage changes for key stocks in the oil and gas extraction sector are as follows: - *ST Xinchao: 3.79, up 4.99%, with a trading volume of 98,500 shares and a turnover of 37.35 million yuan - Blue Flame Holdings: 7.02, up 2.63%, with a trading volume of 123,200 shares and a turnover of 85.89 million yuan - Intercontinental Oil and Gas: 2.31, up 1.76%, with a trading volume of 1,428,600 shares and a turnover of 32.6 million yuan - China National Offshore Oil Corporation: 26.47, up 1.30%, with a trading volume of 443,400 shares and a turnover of 1.164 billion yuan [1] Fund Flow Analysis - The oil and gas extraction sector experienced a net outflow of 33.51 million yuan from institutional investors and 41.71 million yuan from retail investors, while there was a net inflow of 75.21 million yuan from individual investors [1] - Detailed fund flow for key stocks: - *ST Xinchao: Net inflow of 19.55 million yuan from institutional investors, with a 52.35% share; net outflow of 16.04 million yuan from retail investors - Blue Flame Holdings: Net inflow of 1.27 million yuan from institutional investors, with a 1.48% share; net outflow of 2.03 million yuan from retail investors - Intercontinental Oil and Gas: Net outflow of 13.14 million yuan from institutional investors, with a -4.03% share; net inflow of 0.96 million yuan from retail investors - China National Offshore Oil Corporation: Net outflow of 41.19 million yuan from institutional investors, with a -3.54% share; net inflow of 77.23 million yuan from retail investors [2]

Core Viewpoint - The oil and gas extraction sector experienced a decline of 0.43% on September 29, with *ST Xinchao leading the drop, while the overall market indices showed positive performance with the Shanghai Composite Index rising by 0.9% and the Shenzhen Component Index increasing by 2.05% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3862.53, up by 0.9% [1]. - The Shenzhen Component Index closed at 13479.43, up by 2.05% [1]. - The oil and gas extraction sector's decline was led by *ST Xinchao, which fell by 1.11% to a closing price of 3.56 [1]. Group 2: Individual Stock Performance - Intercontinental Oil & Gas (600759) closed at 2.28, with a slight increase of 0.44% and a trading volume of 1.2146 million shares, amounting to a transaction value of 274 million [1]. - Blue Flame Holdings (000968) remained unchanged at 6.89, with a trading volume of 70,100 shares and a transaction value of 47.996 million [1]. - China National Offshore Oil Corporation (600938) closed at 26.40, down by 0.38%, with a trading volume of 315,400 shares and a transaction value of 831 million [1]. Group 3: Fund Flow Analysis - The oil and gas extraction sector saw a net outflow of 5.5946 million from institutional investors and a net outflow of 10.2858 million from retail investors, while retail investors had a net inflow of 15.8804 million [1]. - China National Offshore Oil Corporation (600938) experienced a net inflow of 5.2561 million from institutional investors, while retail investors had a net inflow of 9.1706 million [2]. - *ST Xinchao (600777) had a net inflow of 88,900 from institutional investors, but a significant net outflow of 273.11 million from retail investors [2].

Group 1 - The oil and gas extraction sector increased by 0.23% compared to the previous trading day, with *ST Xinchao leading the gains [1] - On the same day, the Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - The closing prices and performance of key stocks in the oil and gas extraction sector are as follows: *ST Xinchao at 3.60 with a rise of 2.56%, Blue Flame Holdings at 6.89 with a rise of 0.58%, Yao Tu Chu at 26.50 with a decline of 0.38%, and Intercontinental Oil and Gas at 2.27 with a decline of 0.44% [1] Group 2 - The net inflow of main funds in the oil and gas extraction sector was 21.2255 million yuan, while retail investors experienced a net outflow of 33.945 million yuan [2] - The net inflow from speculative funds was 12.7195 million yuan [2]

Core Viewpoint - The oil and gas extraction sector experienced a slight increase of 0.18% on September 25, with China National Offshore Oil Corporation (CNOOC) leading the gains, while the overall Shanghai Composite Index fell by 0.01% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3853.3, down 0.01% [1] - The Shenzhen Component Index closed at 13445.9, up 0.67% [1] - The oil and gas extraction sector's individual stock performance varied, with notable movements in several companies [1] Group 2: Individual Stock Performance - CNOOC (600938) closed at 26.60, up 1.03% with a trading volume of 445,600 shares and a transaction value of 1.183 billion yuan [1] - Intercontinental Oil and Gas (600759) closed at 2.28, unchanged with a trading volume of 1,391,900 shares and a transaction value of 319 million yuan [1] - Blue Flame Holdings (000968) closed at 6.85, down 1.30% with a trading volume of 59,700 shares and a transaction value of 41.0497 million yuan [1] - *ST Xinchao (600777) closed at 3.51, down 2.23% with a trading volume of 245,300 shares and a transaction value of 86.9957 million yuan [1] Group 3: Capital Flow Analysis - The oil and gas extraction sector saw a net outflow of 92.6336 million yuan from main funds, while speculative funds had a net inflow of 55.2169 million yuan and retail investors had a net inflow of 37.4167 million yuan [1] - CNOOC experienced a significant net outflow of 95.4241 million yuan from main funds, while speculative funds had a net inflow of 39.6109 million yuan and retail investors had a net inflow of 55.8132 million yuan [2] - Intercontinental Oil and Gas had a net inflow of 21.7484 million yuan from main funds, but a net outflow of 31.1439 million yuan from retail investors [2]

Group 1 - The oil and gas extraction sector experienced a decline of 1.56% on September 22, with *ST Xinchao leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] - Major stocks in the oil and gas extraction sector showed varied performance, with *ST Xinchao down 3.66% and China Haikang down 0.91% [1] Group 2 - The net outflow of main funds in the oil and gas extraction sector was 60.73 million yuan, while retail investors saw a net inflow of 50.24 million yuan [1] - Detailed fund flow data indicated that *ST Xinchao had a main fund net outflow of 9.43 million yuan, with retail inflow of 6.08 million yuan [2] - Other companies like Blue Flame Holdings and Intercontinental Oil & Gas also reported significant net outflows from main funds [2]