证券代码：603619 证券简称：中曼石油 公告编号：2025-064 中曼石油天然气集团股份有限公司 关于会计政策变更的公告 本公司董事会及全体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。 本次变更后，公司装备制造板块、勘探开发板块、油服工程板块发出存货的成 本统一采用移动加权平均法。 4、变更日期 中曼石油天然气集团股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开第四届董事会第十四次会议和第四届董事会审计委员会第十次会议，审议通 过了《关于会计政策变更的议案》，本次会计政策变更事项对公司财务状况、经营 成果和现金流量无重大影响，不涉及以前年度的追溯调整，无需提交公司股东会审 议。现将有关事项公告如下： 一、本次会计政策变更情况概述 1、变更原因 随着公司数字化信息系统建设的深入推进，SAP 系统已全面上线运行，为规范 并优化财务及成本核算流程，更好地适配新系统的核算需求，同时鉴于公司业务主 体众多、存货型号繁多、收发频繁的经营特点，公司根据《企业会计准则第 1 号— —存货》等相关规定，决定将发出存货的计价方法予以 ...

证券代码：603619 证券简称：中曼石油 公告编号：2025-066 中曼石油天然气集团股份有限公司 关于第一期员工持股计划存续期延长的公告 本公司董事会及全体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。 公司分别于 2022 年 5 月 11 日和 2022 年 6 月 2 日召开第三届董事会第十九次 会议和 2022 年第一次临时股东大会，审议通过了《关于<中曼石油天然气集团股份 有限公司第一期员工持股计划（草案）>及其摘要的议案》《关于<中曼石油天然气 集团股份有限公司第一期员工持股计划管理办法>的议案》等相关议案，同意公司 实施本持股计划，具体内容详见公司于 2022 年 5 月 12 日、2022 年 6 月 3 日在上 海证券交易所网站（www.sse.com.cn）披露的相关公告。 公司于 2022 年 12 月 2 日披露了《中曼石油天然气集团股份有限公司关于第一 期员工持股计划非交易过户完成的公告》（公告编号：2022-108）。2022 年 12 月 1 日，公司收到中国证券登记结算有限责任公司出具的《过户登记确认书》， ...

表决情况：8 票同意，0 票反对，0 票弃权。 证券代码：603619 证券简称：中曼石油 公告编号：2025-063 中曼石油天然气集团股份有限公司 第四届董事会第十四次会议决议公告 本公司董事会及全体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、董事会会议召开情况 中曼石油天然气集团股份有限公司（以下简称"公司"）第四届董事会第十四 次会议的通知于2025年10月27日以电子邮件、电话等方式发出，会议于2025年10 月29日在上海市浦东新区江山路3998号公司会议室以现场与通讯结合方式召开。 本次会议应当出席的董事8名，实际出席会议的董事8名，会议由董事长李春第 先生主持，部分高管列席了会议。会议的通知、召开符合《公司法》、《公司章程》 及有关法律、法规的规定，会议决议有效。 二、董事会会议审议情况 （一）审议通过了《关于公司 2025 年第三季度报告的议案》 公司 2025 年第三季度报告已经公司董事会审计委员会审议通过，一致同意提 交公司董事会进行审议。 具体内容详见公司于同日披露的《中曼石油天然气集团股份有限公司 2025 年 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 1,003,442,861.42, a decrease of 11.44% compared to the same period last year[4] - The total profit for the quarter was CNY 240,279,787.12, down 28.63% year-on-year[4] - The net profit attributable to shareholders was CNY 153,167,198.21, reflecting a decline of 36.38% compared to the previous year[4] - The basic earnings per share for the quarter was CNY 0.33, a decrease of 43.10% year-on-year[5] - Total operating revenue for the first three quarters of 2025 was CNY 2,984,587,237.60, a decrease of 2.2% compared to CNY 3,051,055,887.38 in the same period of 2024[19] - Operating profit for the first three quarters of 2025 was CNY 694,170,491.04, down 21.4% from CNY 883,455,673.07 in the previous year[19] - Net profit for the first three quarters of 2025 was CNY 470,415,974.07, a decline of 31.5% compared to CNY 686,388,254.26 in 2024[20] - Earnings per share for the first three quarters of 2025 was CNY 0.98, down from CNY 1.67 in the same period of 2024[20] Assets and Liabilities - The total assets at the end of the reporting period were CNY 12,684,010,784.83, an increase of 6.10% from the end of the previous year[5] - The company’s total assets as of September 30, 2025, amounted to RMB 12.68 billion, an increase from RMB 11.96 billion at the end of 2024[15] - Current assets totaled RMB 4.75 billion, up from RMB 4.39 billion at the end of 2024, indicating a growth of approximately 8.09%[14] - The total non-current assets reached RMB 7.94 billion, an increase from RMB 7.56 billion at the end of 2024, showing a growth of 5.01%[15] - The company’s total liabilities were RMB 8.68 billion, reflecting a slight increase from RMB 8.29 billion at the end of 2024[15] - Total liabilities increased to CNY 8,055,886,276.53, compared to CNY 7,689,818,356.23 in the previous year, reflecting a growth of 4.8%[19] - Total equity increased to CNY 4,628,124,508.30, up from CNY 4,265,421,905.27, representing a growth of 8.5% year-over-year[19] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 1,014,045,952.20, an increase of 16.34%[4] - Operating cash flow for the first three quarters of 2025 reached ¥1,014,045,952.20, an increase of 16.3% compared to ¥871,594,124.89 in the same period of 2024[21] - Total cash inflow from operating activities was ¥4,812,918,271.31, up from ¥4,033,309,106.74, reflecting a growth of 19.3% year-over-year[21] - Cash outflow for purchasing goods and services increased to ¥2,486,800,169.89, compared to ¥1,830,010,492.06 in the previous year, marking a rise of 36%[22] - Net cash flow from investing activities was -¥1,060,980,647.18, worsening from -¥692,333,402.89 in the prior year, indicating increased investment expenditures[22] - Cash inflow from financing activities totaled ¥2,491,170,492.45, a decrease of 16.8% from ¥2,993,862,110.16 in the same period last year[22] - Cash outflow for debt repayment rose significantly to ¥2,096,696,710.00, compared to ¥1,218,193,796.24 in 2024, reflecting a 72% increase[22] - The ending cash and cash equivalents balance was ¥2,284,254,539.48, down from ¥2,087,589,803.79, showing a decrease of 11.5% year-over-year[22] - The company reported a net decrease in cash and cash equivalents of -¥59,336,240.48 for the period, contrasting with a net increase of ¥1,069,754,099.68 in the previous year[22] Production and Market Conditions - In Q3 2025, the company produced a total of 234,300 tons of crude oil, representing a year-on-year increase of 5.07%[13] - The WTI crude oil average price was $66.47 per barrel, down 13.64% compared to the same period in 2024[13] - The total revenue from the Wensu project in Q3 2025 was 164,900 tons, a decrease of 3.00% year-on-year[13] Expenses - Research and development expenses for the first three quarters of 2025 were CNY 99,787,687.27, an increase of 12.2% from CNY 88,638,480.21 in 2024[19] - Financial expenses rose to CNY 250,947,337.01, up 36.4% from CNY 184,113,280.36 in the previous year[19] Other Comprehensive Income - Other comprehensive income after tax was CNY -8,406,960.31, compared to CNY -66,445,750.59 in the same period of 2024[20] Accounting Standards - The company did not apply new accounting standards for the year, maintaining consistency in financial reporting[23]

Market Overview - The oil service engineering sector increased by 0.33% compared to the previous trading day, with Keli Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Keli Co., Ltd. (code: 920088) closed at 34.82, with a rise of 2.87% and a trading volume of 31,900 shares, amounting to a transaction value of 109 million yuan [1] - Huibo Yin (code: 002554) closed at 3.45, up 2.37%, with a trading volume of 852,700 shares, totaling 291 million yuan [1] - Zhongman Petroleum (code: 619609) closed at 20.10, increasing by 1.57% with a trading volume of 95,300 shares [1] - Other notable stocks include Beiken Energy (code: 002828) at 11.59 (+1.40%), Qianeng Hengxin (code: 300191) at 20.49 (+1.19%), and Tongyuan Petroleum (code: 300164) at 5.99 (+1.01%) [1] Capital Flow - The oil service engineering sector experienced a net outflow of 61.94 million yuan from institutional investors, while retail investors saw a net inflow of 58.92 million yuan [2][3] - The main capital inflow and outflow for specific stocks include: - Huibo Yin: net outflow of 46.79 million yuan from main capital [3] - Ren Zhi Co., Ltd. (code: 002629): net inflow of 13.97 million yuan from main capital [3] - Zhongman Petroleum: net inflow of 13.35 million yuan from main capital [3] - Tongyuan Petroleum: net inflow of 11.08 million yuan from main capital [3]

Market Overview - The oil service engineering sector experienced a decline of 0.82% on October 28, with Keli Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Notable stock performances included: - Renji Co., Ltd. (002629) rose by 10.01% to a closing price of 9.56, with a trading volume of 355,000 shares and a transaction value of 329 million [1] - Beiken Energy (002828) increased by 1.78% to 11.43, with a trading volume of 421,700 shares and a transaction value of 484 million [1] - Other stocks such as Huibo Yin (002554) and CNOOC Development (600968) saw declines of 0.30% and 0.76%, respectively [1] Capital Flow - The oil service engineering sector saw a net outflow of 33.92 million from institutional investors, while retail investors contributed a net inflow of 20.92 million [2][3] - The capital flow for individual stocks showed mixed results, with Renji Co., Ltd. experiencing a significant net outflow of 46.05 million from institutional investors [3] Individual Stock Analysis - Keli Co., Ltd. (920088) closed at 33.85, down 2.67%, with a trading volume of 31,000 shares and a transaction value of 106 million [2] - Zhongman Petroleum (603619) and Huo Ding Tian Station (600583) also faced declines of 2.08% and 1.61%, respectively [2] - The net inflow from retail investors for stocks like Renji Co., Ltd. was negative, indicating a potential shift in investor sentiment [3]

Core Viewpoint - Zhongman Petroleum's stock price has shown fluctuations, with a recent decline of 2.03% and a year-to-date increase of 4.97%, indicating mixed market sentiment towards the company [1]. Company Overview - Zhongman Petroleum and Natural Gas Group Co., Ltd. is based in Shanghai and was established on June 13, 2003, with its listing date on November 17, 2017. The company specializes in exploration and development, oilfield engineering, and petroleum equipment manufacturing [1]. - The main revenue sources for Zhongman Petroleum are crude oil and its derivatives (54.70%), drilling engineering services (38.43%), and sales and leasing of drilling rigs and accessories (5.97%) [1]. Financial Performance - For the first half of 2025, Zhongman Petroleum reported a revenue of 1.981 billion yuan, reflecting a year-on-year growth of 3.29%. However, the net profit attributable to shareholders decreased by 29.81% to 300 million yuan [2]. - The company has distributed a total of 979 million yuan in dividends since its A-share listing, with 771 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Zhongman Petroleum had 44,300 shareholders, an increase of 32.16% from the previous period. The average number of circulating shares per shareholder decreased by 24.33% to 10,440 shares [2]. - Among the top ten circulating shareholders, Dazhong New锐产业混合A (090018) is the fifth largest with 6.851 million shares, while Hong Kong Central Clearing Limited is the eighth largest with 4.395 million shares, having decreased its holdings by 787,200 shares [3].

Investment Strategy - Crude oil supply growth is slowing due to declining global oil and gas capital expenditure, which has decreased significantly since the Paris Agreement in 2015. In 2021, global oil and gas capital expenditure was $351 billion, down nearly 22% from the 2014 peak. Major energy companies are cautious about capital spending due to long-term low oil prices and increasing decarbonization pressures [9][27][28] - The Brent crude oil spot price was $63.48 per barrel, up 1.25% week-on-week, while WTI crude oil was $59.31 per barrel, up 1.75% week-on-week. The outlook suggests that oil prices will remain volatile due to geopolitical risks and OPEC+ production cuts [10][32] Crude Oil - The report indicates that the overall supply of crude oil is limited, with demand remaining resilient. The OPEC+ production cuts are expected to continue, leading to limited supply growth in the coming year [9][27] - The report suggests focusing on companies that benefit from mid-to-high oil price fluctuations, such as China National Offshore Oil Corporation (CNOOC), China National Petroleum Corporation (CNPC), and Sinopec [10][49][50] Coal - The average market price for thermal coal at Qinhuangdao Port was 757.9 yuan per ton, up 4.84% week-on-week. The increase in demand due to falling temperatures and the tightening of supply due to safety inspections at coal mines are driving coal prices higher [11][12] - The report highlights companies with strong resource endowments and integrated operations, such as China Shenhua Energy and Shaanxi Coal and Chemical Industry, as potential investment opportunities [12][13] Coking Coal - Coking coal prices are experiencing slight increases due to ongoing demand from steel companies, despite some resistance to high-priced coal. The price of main coking coal at Jing Tang Port was 1,760 yuan per ton, up 2.92% week-on-week [14] - The report emphasizes the structural scarcity of high-quality coking coal resources in China and suggests focusing on companies like Huabei Mining and Pingmei Shenma Group that have strong resource acquisition capabilities [14] Natural Gas - The European Union is expected to ban Russian natural gas by the end of 2027, which has led to an increase in natural gas prices. The average price of natural gas in the U.S. was $3.41 per million British thermal units, up 13.0% week-on-week [15][16] - The report notes that the EU's price cap agreement on natural gas could exacerbate liquidity issues in the market, potentially leading to supply shortages [16] Oilfield Services - The oilfield services industry is expected to maintain its prosperity due to government policies supporting energy security. In 2023, the total capital expenditure of the three major oil companies was 583.3 billion yuan, with CNOOC showing a compound growth rate of 13.1% [17][18] - The report indicates that the number of active drilling rigs globally was 1,812, with a slight increase in the U.S. and Middle East regions, suggesting a stable demand for oilfield services [18]

Core Insights - The article discusses the recent developments in the oil processing industry, highlighting a rebound in international oil prices due to easing trade tensions and supportive inventory data [1][2]. Oil Price Review - As of October 24, 2025, Brent crude oil futures settled at $65.20 per barrel, up $3.91 per barrel (+6.38%) from the previous week, while WTI crude oil futures settled at $61.50 per barrel, up $4.35 per barrel (+7.61%) [2]. - The Urals crude oil spot price remained stable at $65.49 per barrel, while the ESPO crude oil spot price increased by $2.62 per barrel (+4.54%) to $60.35 per barrel [2]. Offshore Drilling Services - As of October 20, 2025, the number of global offshore self-elevating drilling rigs decreased by 3 to 370, with reductions in Africa, the Middle East, North America, and other regions, while Europe saw an increase of 1 rig [2]. - The number of global offshore floating drilling rigs remained unchanged at 132, with decreases in Africa and Europe, and increases in Southeast Asia and other regions [2]. U.S. Crude Oil Supply - As of October 17, 2025, U.S. crude oil production was 13.629 million barrels per day, a decrease of 0.07 million barrels per day from the previous week [3]. - The number of active drilling rigs in the U.S. increased by 2 to 420 as of October 24, 2025, while the number of hydraulic fracturing fleets increased by 3 to 178 [3]. U.S. Crude Oil Demand - As of October 17, 2025, U.S. refinery crude oil processing volume was 15.730 million barrels per day, an increase of 0.600 million barrels per day, with a refinery utilization rate of 88.60%, up 2.9 percentage points from the previous week [3]. U.S. Crude Oil Inventory - As of October 17, 2025, total U.S. crude oil inventory was 831 million barrels, a decrease of 0.142 million barrels (-0.02%) from the previous week [3]. - Strategic crude oil inventory increased by 0.819 million barrels (+0.20%) to 409 million barrels, while commercial crude oil inventory decreased by 0.961 million barrels (-0.23%) to 423 million barrels [3]. U.S. Refined Oil Inventory - As of October 17, 2025, U.S. gasoline, diesel, and jet fuel inventories were 21,667.9 million barrels, 11,555.1 million barrels, and 4,292.9 million barrels, respectively, with changes of -0.2147 million barrels (-0.98%), +0.028 million barrels (+0.18%), and -0.1485 million barrels (-3.34%) [4]. Biofuel Prices - As of October 24, 2025, the FOB price for ester-based biodiesel was $1,190 per ton, while hydrocarbon-based biodiesel was $1,900 per ton, both unchanged from the previous week [4]. - The FOB price for biojet fuel in China was $2,400 per ton, and in Europe, it was $2,710 per ton, both remaining stable [4].

Core Viewpoint - The oil service engineering sector experienced a significant increase of 3.16% on October 22, with Keli Co., Ltd. leading the gains, while the overall market indices showed a slight decline [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3913.76, down 0.07% [1] - The Shenzhen Component Index closed at 12996.61, down 0.62% [1] Group 2: Individual Stock Performance - Keli Co., Ltd. (code: 920088) closed at 39.65, up 12.42% with a trading volume of 109,600 shares and a transaction value of 415 million yuan [1] - Zhunyou Co., Ltd. (code: 002207) closed at 9.86, up 10.04% with a trading volume of 920,500 shares and a transaction value of 875 million yuan [1] - Beiken Energy (code: 002828) closed at 12.42, up 10.01% with a trading volume of 630,200 shares and a transaction value of 755 million yuan [1] - PetroChina Oilfield Services (code: 600871) closed at 2.53, up 10.00% with a trading volume of 5,978,900 shares and a transaction value of 1.48 billion yuan [1] - Huibo Yin (code: 002554) closed at 3.87, up 9.94% with a trading volume of 2,002,400 shares and a transaction value of 735 million yuan [1] - Tongyuan Petroleum (code: 300164) closed at 6.83, up 7.05% with a trading volume of 2,523,500 shares and a transaction value of 1.66 billion yuan [1] - Qianeng Hengxin (code: 300191) closed at 22.35, up 6.33% with a trading volume of 308,600 shares and a transaction value of 681 million yuan [1] - Zhongman Petroleum (code: 603619) closed at 20.85, up 3.32% with a trading volume of 333,900 shares and a transaction value of 687 million yuan [1] - Zhongxiang Chaofeng (code: 601808) closed at 14.45, up 3.21% with a trading volume of 501,800 shares and a transaction value of 723 million yuan [1] - Bomai Ke (code: 603727) closed at 14.61, up 1.60% with a trading volume of 59,900 shares and a transaction value of 86.89 million yuan [1] Group 3: Capital Flow - The oil service engineering sector saw a net inflow of 375 million yuan from main funds, while retail funds experienced a net outflow of 196 million yuan and speculative funds saw a net outflow of 179 million yuan [1]