据证券之星公开数据整理，近期中曼石油（603619）发布2025年中报。截至本报告期末，公司营业总收 入19.81亿元，同比上升3.29%，归母净利润3.0亿元，同比下降29.81%。按单季度数据看，第二季度营 业总收入10.38亿元，同比下降6.59%，第二季度归母净利润7046.3万元，同比下降72.36%。本报告期中 曼石油公司应收账款体量较大，当期应收账款占最新年报归母净利润比达96.99%。 本次财报公布的各项数据指标表现一般。其中，毛利率44.0%，同比减6.25%，净利率16.07%，同比减 30.16%，销售费用、管理费用、财务费用总计2.99亿元，三费占营收比15.08%，同比增29.19%，每股净 资产9.06元，同比增37.27%，每股经营性现金流0.93元，同比减23.83%，每股收益0.76元，同比减 30.28% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 19.18 Z | 19.81 Z | 3.29% | | 归母净利润(元) | 4.28亿 | 3亿 | -29.81% | ...

Group 1 - The core viewpoint of the report is that Minsheng Securities recommends Zhongman Petroleum (603619.SH, latest price: 19.09 yuan) based on several factors [1] - The report highlights that the gross profit showed stable performance on a month-on-month basis, while the initiation of the Iraq oilfield project and increased exchange losses led to a significant rise in period expenses [1] - It notes a decline in gross profit from crude oil operations, but a recovery in profitability from oil service operations [1] - The crude oil production has rapidly increased, and the company has made its first foray into the African exploration market [1]

Investment Rating - The investment rating for Zhongman Petroleum (603619.SH) is "Buy" [1] Core Views - The report highlights a year-on-year decline in profits for the first half of 2025, primarily due to a decrease in international oil prices, currency exchange losses, and increased management costs related to the startup of the Iraq oilfield project [4] - The report anticipates that the overseas projects will positively impact future operating performance, with a focus on the integration of business layouts to enhance oil and gas reserves [4] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 1.981 billion yuan, a year-on-year increase of 3.29%, and a net profit attributable to shareholders of 300 million yuan, a year-on-year decrease of 29.81% [1] - The average oil price realized was 48 USD/barrel, down approximately 6 USD/barrel year-on-year, while the average production cost was 15 USD/barrel, an increase of about 2 USD/barrel year-on-year [4] - The company’s cash flow from operations was 429 million yuan, a year-on-year decrease of 11.96% [1] Production and Project Development - The overseas projects, particularly in the Kenge oilfield, are expected to be the main drivers of production growth, with production volumes for the first half of 2025 showing significant increases [4] - The Iraq project has completed the exploration and development plan and is progressing well, with successful bids for new projects in Algeria [4] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 651 million, 850 million, and 1.147 billion yuan, with year-on-year growth rates of -10.3%, 30.5%, and 35.0% respectively [4] - The expected earnings per share (EPS) for the same period is projected to be 1.41, 1.84, and 2.48 yuan, with corresponding price-to-earnings (P/E) ratios of 14.23, 10.90, and 8.08 [4]

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company achieved a revenue of 1.981 billion yuan in the first half of 2025, representing a year-on-year growth of 3.29%. However, the net profit attributable to shareholders decreased by 29.81% to 300 million yuan [1][3]. - The gross profit margin showed resilience, but the operating expenses surged significantly due to the initiation of the Iraq oilfield project and increased foreign exchange losses [2][4]. - The company has successfully entered the African exploration market with a new project in Algeria, holding a 90% stake in a 38,700 square kilometer area with estimated natural gas reserves of 109.257 billion cubic meters [4]. Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.038 billion yuan, a year-on-year decline of 6.56% but a quarter-on-quarter increase of 10.02%. The net profit attributable to shareholders was 70 million yuan, down 72.44% year-on-year and 69.33% quarter-on-quarter [2]. - The gross profit for Q2 2025 was 438 million yuan, a year-on-year decrease of 17.17% but a slight quarter-on-quarter increase of 0.98%. Operating expenses reached 287 million yuan, a significant year-on-year increase of 71.38% and a quarter-on-quarter increase of 257.56% [2]. Business Segments - The oil sales segment generated 1.084 billion yuan in revenue, down 2.72% year-on-year, while the oil service segment saw a revenue increase of 15.75% to 761 million yuan [3]. - The gross profit from oil sales decreased by 11.96% to 734 million yuan, while the oil service segment's gross profit surged by 203.29% to 119 million yuan [3]. Production and Exploration - The company produced 438,900 tons of crude oil in the first half of 2025, an increase of 8.37% year-on-year. The production from the Wensu and Gengke blocks was 318,000 tons and 120,900 tons, respectively [4]. - The company has optimized its extraction plans in the Gengke block, showing significant production increases in Q1 and Q2 2025 [4]. Investment Outlook - The company is expected to have strong cost advantages and high growth potential in production. The projected net profits for 2025, 2026, and 2027 are 685 million yuan, 922 million yuan, and 1.041 billion yuan, respectively, with corresponding EPS of 1.48 yuan, 1.99 yuan, and 2.25 yuan [5][6].

Group 1 - The core point of the article is that Zhongman Petroleum (603619.SH) experienced a decline of 5.94%, with a current share price of 18.84 yuan and a total market capitalization of 8.71 billion yuan [1] - In the first half of 2025, the company reported an operating revenue of 1.981 billion yuan, representing a year-on-year growth of 3.29% [1] - The net profit for the same period was 300 million yuan, showing a year-on-year decrease of 29.81% [1] Group 2 - The company plans to distribute a cash dividend of 2 yuan (including tax) for every 10 shares to all shareholders [1] - The total share capital of the company is 462 million shares, and after deducting the shares held in the current repurchase account (3.9943 million shares), the base for the dividend distribution is 458 million shares [1] - The total cash dividend to be distributed amounts to 91.6688 million yuan (including tax) [1]

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ 每经AI快讯，中曼石油8月28日发布半年度业绩报告称，2025年上半年营业收入约19.81亿元，同比增加 3.29%；归属于上市公司股东的净利润约3亿元，同比减少29.81%；基本每股收益0.76元，同比减少 30.28%。 （记者 王晓波） ...

Core Viewpoint - Zhongman Petroleum (603619.SH) reported a slight increase in revenue but a significant decline in net profit for the first half of 2025 [1] Financial Performance - The company achieved an operating revenue of 1.981 billion yuan, representing a year-on-year growth of 3.29% [1] - The net profit attributable to shareholders of the listed company was 300 million yuan, showing a year-on-year decrease of 29.81% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 291 million yuan, down 30.38% year-on-year [1] - Basic earnings per share stood at 0.76 yuan [1]

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