Company Overview - Zhongman Petroleum's closing price on July 7 was 19.46 yuan, down 2.70%, with a rolling PE ratio of 11.49 times and a total market value of 8.997 billion yuan [1] - The company ranks 9th in the exploration and extraction industry, which has an average PE ratio of 28.09 times and a median of 36.08 times [1] Institutional Holdings - As of the first quarter of 2025, 20 institutions held shares in Zhongman Petroleum, including 11 funds, 3 social security funds, 3 others, 2 brokerages, and 1 insurance company, totaling 140.096 million shares with a market value of 2.518 billion yuan [1] Business Operations - Zhongman Petroleum's main business includes exploration and development, oil service engineering, and petroleum equipment manufacturing, with key products being equipment manufacturing, leasing and sales, drilling engineering services, and oil extraction and sales of oil and its derivatives [1] Financial Performance - In the latest quarterly report for Q1 2025, the company achieved operating revenue of 943 million yuan, a year-on-year increase of 16.90%, and a net profit of 230 million yuan, up 32.95%, with a gross profit margin of 45.97% [1] Industry Comparison - The industry average PE ratio is 28.09 times, while the median is 36.08 times, indicating that Zhongman Petroleum's valuation is below the industry average [2]

Core Insights - The report predicts that Brent crude oil prices will fluctuate around $65-70 per barrel in the second half of 2025, driven by tight supply and slow demand growth, with potential short-term spikes due to geopolitical factors [4][9] - The petrochemical industry is expected to gradually recover from its bottoming out phase, returning to a normal capacity cycle constrained by credit boundaries, leading to a slow recovery in profitability in 2025 and beyond [4][10] - Investment opportunities are highlighted in high-quality growth stocks, coal chemical equipment investments, and high-dividend sectors, emphasizing a bottom-up investment approach [4][10] Oil Price Trends - Oil prices experienced a two-phase trend in 2025: a decline from $74.64 to $60.23 per barrel (down 19.31%) until May 3, followed by a recovery to $77.01 per barrel (up 27.86%) after May 3 due to seasonal demand and geopolitical tensions [7][25] - The report indicates that global oil supply remains tight, with non-OECD countries contributing to demand growth, which will limit the extent of price declines [9][27] Industry Performance - Global refining capacity is projected to grow by 440,000 barrels per day from 2022 to 2028, with China contributing significantly to this increase [27][33] - The report notes that domestic refined oil demand is nearing its peak, with a decline in consumption due to economic weakness and competition from electric vehicles [39][45] - The petrochemical sector is experiencing a weak recovery, with some chemical products showing improved profitability despite high raw material costs [8][45] Investment Themes - The report emphasizes four main investment themes: 1. Quality growth and leading companies in the industry experiencing volume and price increases [10] 2. Opportunities in high-end materials and technology import substitution [10] 3. Investments related to the upcoming coal chemical investment cycle [10] 4. High dividend yielding state-owned enterprises benefiting from economic recovery [10][11] Recommendations - Key investment targets include leading companies in ethylene production, coal chemical leaders, and high dividend stocks such as China National Offshore Oil Corporation and China Petroleum [11][10] - The report suggests focusing on companies that are positioned to benefit from the recovery in domestic demand and the transition to high-end materials [11][10]

Core Viewpoint - The company, Zhongman Petroleum and Natural Gas Group Co., Ltd., has provided guarantees for its subsidiaries to secure bank loans, ensuring their operational needs and business continuity [1][9][10]. Group 1: Guarantee Details - The company and its wholly-owned subsidiary, Zhongman Petroleum Equipment Group Co., Ltd., provided a joint liability guarantee for Zhongman Drilling's application for a bank credit of 18 million RMB [1]. - The company also provided guarantees for Akesu Zhongman's loans of 260 million RMB and 200 million RMB from two different banks [1][6][7]. - As of now, the total guarantee amount provided by the company is 2,000 million RMB for Zhongman Drilling and 1,874.3661 million RMB for Akesu Zhongman, excluding the current guarantees [1]. Group 2: Internal Decision-Making Process - The company held board meetings on April 23, 2025, and June 5, 2025, to approve the expected guarantee amount for 2025, which falls within the previously estimated limits [2]. - No additional board or shareholder meetings were required for the current guarantees as they are within the approved limits [2]. Group 3: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to support the subsidiaries' operational needs and ensure stable business development [9]. - The company maintains full control over the production and financial management of the subsidiaries, ensuring that the guarantee risks are manageable [9]. Group 4: Board Opinions - The board unanimously believes that the guarantees will facilitate the daily operations of the company's business segments and align with overall development needs [10]. - The operational conditions of the guaranteed entities are stable, and the risks associated with the guarantees are controllable, not affecting the company's normal operations or shareholder interests [10]. Group 5: Cumulative Guarantee Information - As of now, the total external guarantees amount to 2,312.2341 million RMB, accounting for 54.21% of the company's audited net assets for 2024 [11]. - All guaranteed entities are wholly-owned subsidiaries, and there are no overdue guarantees [11].

证券代码：603619 证券简称：中曼石油 公告编号：2025-045 中曼石油天然气集团股份有限公司 关于 2025 年 6 月对外担保的进展公告 担保对象及基本情况 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 231,223.41 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 54.21 | | | □对外担保总额超过最近一期经审计净资产 | | | 100% | | | 担保金额超过上市公司最近一期经审计净 | | 特别风险提示（如有请勾选） | 资产 50% | | | □对合并报表外单位担保金额达到或超过最 | | | 近一期经审计净资产 30%的情况下 | | | 对资产负债率超过 70%的单位提供担保 | | 其他风险提示（如有） | 无 | 一、担保情况概述 （一）担保的基本情况 中曼石油天然气集团股份有限公司（以下简称"公司"、"中曼石油"）及全 资子公司中曼石油装备集团有限公司本次为中曼钻井向中国银行股份有限公司 上海自贸试验区分行申请 1,80 ...

Core Viewpoint - Significant shareholding increases by major shareholders in listed companies reflect confidence in the market, with June 2025 seeing a record high in total share buybacks in the A-share market [1][2]. Group 1: Shareholder Buybacks - In June 2025, the total value of shares bought back by major shareholders in A-shares reached 104.83 billion yuan, the highest in nearly three years, significantly surpassing the 33.77 billion yuan in May and 69.85 billion yuan in the same month last year [2][4]. - The net buyback value in June was 49.72 billion yuan, marking the highest net buyback in nearly a year and nearly five times the second-highest month in the past year [4][5]. - A total of 211 listed companies had ongoing buyback plans, with the mechanical equipment sector leading with 17 companies, followed by public utilities and basic chemicals, each with 16 companies [5][6]. Group 2: Industry Performance - The industries with the most significant shareholder buybacks included mechanical equipment, public utilities, basic chemicals, pharmaceutical biology, and petroleum and petrochemicals [1][5]. - Notable companies with substantial buybacks included Tongfeng Electronics, Dahu Co., and China General Nuclear Power, with estimated buyback ratios leading the market [6][7]. Group 3: Individual Company Highlights - Copper Peak Electronics reported a 16.72% year-on-year increase in revenue for Q1 2025, with a net profit growth of 12.53% [8]. - Zhongman Petroleum saw a 15.51% increase in stock price in June, with its controlling shareholder planning to buy back shares worth 180 million to 360 million yuan [8]. - Debon Holdings experienced a significant drop of 22.08% in stock price despite a previous surge, indicating volatility in response to shareholder actions [9]. Group 4: New Buyback Plans - In June, 16 companies announced new buyback plans, with Huate Dain leading with a 3.70% buyback ratio, which was also the highest stock price increase among these companies at 17.47% [11][12]. - Qianhong Pharmaceutical's controlling shareholder completed a buyback of 1.72% of shares within a week of announcing the plan [12][13].

Group 1 - The State Intellectual Property Office of China has granted a patent for a "drilling platform manipulator" to Zhongman Petroleum Equipment Group Co., Ltd. and Zhongman Petroleum Natural Gas Group Co., Ltd. The patent was authorized under announcement number CN223048766U, with an application date of August 2024 [1] - The patent describes a new type of drilling platform manipulator that includes components such as tracks, pulley mechanisms, manipulators, racks, gears, and motors. The design aims to enhance the efficiency and safety of natural gas drilling operations [1] - The manipulator's design features a pulley mechanism that can rotate, with a motor driving the gear that engages with the rack, ensuring smooth operation and protection of the chain through guiding mechanisms [1] Group 2 - Zhongman Petroleum Equipment Group Co., Ltd. was established in 2010 in Shanghai, primarily engaged in the automotive manufacturing industry, with a registered capital of 39 million RMB. The company has made investments in 4 enterprises and participated in 32 bidding projects, holding 102 patents and 3 trademark registrations [2] - Zhongman Petroleum Natural Gas Group Co., Ltd. was founded in 2003 in Shanghai, focusing on oil and gas extraction, with a registered capital of approximately 46.23 million RMB. The company has invested in 10 enterprises, participated in 15 bidding projects, and holds 111 patents and 93 trademark registrations [2]

Core Viewpoint - The announcement highlights a change in the equity stake of the controlling shareholder, Shanghai Zhongman Investment Holdings Co., Ltd., in Zhongman Petroleum Natural Gas Group Co., Ltd., increasing from 18.08% to 19.01% [1][2] Group 1: Shareholder Equity Change - The controlling shareholder increased its stake by 0.93%, acquiring 4,322,828 shares during the period from April 8, 2025, to June 30, 2025 [1][2] - The total investment for this acquisition amounted to approximately 76.79 million yuan, excluding transaction fees [1][2] - The increase in equity does not violate any prior commitments or trigger mandatory tender offer obligations [1] Group 2: Investment Plan - The controlling shareholder's investment plan involves a total investment of between 180 million yuan and 360 million yuan, with a minimum of 25 million yuan to be invested by July 17, 2025 [1] - The investment is based on the controlling shareholder's recognition of the company's long-term value and future development prospects [1]

证券代码：603619 证券简称：中曼石油 公告编号：2025-044 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加☑ | | 比例减少□ | | --- | --- | --- | --- | | 权益变动前合计比例 | 18.08% | | | | 权益变动后合计比例 | 19.01% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否☑ | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 一、 信息披露义务人的基本信息 1.身份类别 投资者及其一致行动人的身份 ☑控股股东/实际控制人及其一致行动人 □其他 5%以上大股东及其一致行动人 □合并口径第一大股东及其一致行动人（仅适用 于无控股股东、实际控制人） □其他______________ 2.信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | | ☑ | 控股股东/实控人 | | | 上海中曼投资控股有 | □ | 控股股东/实控人的一致 | 913 ...

Core Points - The company has completed the cancellation of 911,000 stock options from the 2022 stock option incentive plan [1][2] - The cancellation was approved by the board of directors and aligns with the relevant regulations [1][2] - The cancellation will not impact the company's share capital or financial results significantly [2] Summary by Sections - **Stock Option Cancellation** The company announced the cancellation of 911,000 stock options that were granted but not exercised under the 2022 stock option incentive plan [1][2] - **Regulatory Compliance** The cancellation process was conducted in accordance with the "Management Measures for Equity Incentives of Listed Companies" and the company's own incentive plan [1][2] - **Impact on Company** The cancellation will not have a significant effect on the company's financial status or operational results, nor will it harm the interests of shareholders, especially minority shareholders [2]

公司根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）及《中 曼石油天然气集团股份有限公司 2022 年股票期权激励计划》（以下简称"《激励 计划》"、"本激励计划"）的相关规定和公司 2022 年第一次临时股东大会的授 权，结合公司的实际情况，公司董事会本次合计注销本激励计划已获授但尚未行权 的 91.10 万份股票期权，具体注销情况详见公司分别于 2023 年 8 月 16 日、2024 年 8 月 30 日、2025 年 6 月 7 日在上海证券交易所网站（www.sse.com.cn）披露的 《中曼石油天然气集团股份有限公司关于注销 2022 年股票期权激励计划部分已获 授但尚未行权的股票期权的公告》（公告编号：2023-084）、《中曼石油天然气集 团股份有限公司关于注销 2022 年股票期权激励计划部分已获授但尚未行权的股票 期权的公告》（公告编号：2024-074）、《中曼石油天然气集团股份有限公司关于 注销 2022 年股票期权激励计划部分已获授但尚未行权的股票期权的公告》（公告 编号：2025-032）。 公司已向中国证券登记结算有限责任公司上海分公司（以下简称"中国结算上 海分公 ...