Investment Rating - The investment rating for Zhongman Petroleum (603619.SH) is "Buy" [1] Core Views - The report highlights that in Q3 2025, Zhongman Petroleum's revenue decreased by 2.18% year-on-year to 2.985 billion yuan, while the net profit attributable to shareholders fell by 32.18% to 453 million yuan. The basic earnings per share (EPS) was 0.98 yuan, down 41.32% year-on-year [1][2] - The report notes that Q3 profits improved sequentially compared to Q2, primarily due to a slight increase in oil prices and an increase in production from domestic and overseas projects [4] - The overseas projects are progressing steadily, with significant production increases expected to positively impact future operating performance [4] Financial Summary - For Q3 2025, the company reported a single-quarter revenue of 1.003 billion yuan, a year-on-year decrease of 11.44% and a sequential decrease of 3.31%. The net profit attributable to shareholders for the quarter was 153 million yuan, down 36.38% year-on-year but up 117% sequentially [2] - The report provides financial forecasts for 2025-2027, predicting net profits of 596 million yuan, 733 million yuan, and 987 million yuan, with year-on-year growth rates of -17.9%, +23.0%, and +34.6% respectively. The EPS for these years is projected to be 1.29 yuan, 1.59 yuan, and 2.13 yuan [4][5] - The report also includes key financial metrics such as a projected P/E ratio of 16.26 for 2025 and a P/B ratio of 2.17 [5][7]

Market Overview - The oil service engineering sector experienced a decline of 0.68% on October 31, with Renji Co. leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the oil service sector included: - Zhongman Petroleum (Code: 619809) with a closing price of 20.95, up 5.81% and a trading volume of 318,700 shares, totaling 665 million yuan [1] - Tongyuan Petroleum (Code: 300164) closed at 5.84, up 1.39% with a trading volume of 505,700 shares [1] - Conversely, Renji Co. (Code: 002629) saw a significant decline of 8.31%, closing at 8.61 with a trading volume of 891,800 shares, amounting to 832 million yuan [2] Capital Flow - The oil service sector saw a net outflow of 58.86 million yuan from institutional investors, while retail investors contributed a net inflow of 78.59 million yuan [2] - The capital flow for specific stocks indicated: - Zhongman Petroleum had a net inflow of 24.96 million yuan from institutional investors, while retail investors contributed a net inflow of 18.49 million yuan [3] - Renji Co. experienced a net outflow of 77.29 million yuan from institutional investors [3]

Investment Rating - The investment rating for Zhongman Petroleum (603619.SH) is "Outperform the Market" [5][15][19] Core Views - The company's revenue remained relatively stable year-on-year, but the decline in oil prices has negatively impacted net profit attributable to shareholders. For the first three quarters of 2024, the company reported revenue of 2.985 billion yuan, a decrease of 2.18% year-on-year, and a net profit of 453 million yuan, down 32.18% year-on-year [1][6] - Oil production reached a record high for a single quarter, with total production of 234,300 tons in Q3 2025, a year-on-year increase of 5.07%. However, international oil prices have shown a downward trend, with WTI and Brent crude oil prices decreasing by 13.64% and 14.76% year-on-year, respectively [2][12] - The Iraq projects are progressing steadily and are expected to contribute to long-term growth. The company has secured development rights for the EBN and MF blocks in Iraq and is in the process of developing these projects [3][14] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 1.003 billion yuan, a decline of 11.44% year-on-year, and a net profit of 153 million yuan, down 36.38% year-on-year. The gross margin was 45.80%, a decrease of 3.3 percentage points, and the net margin was 15.26%, down 5.99 percentage points [1][6] - The total expense ratio increased to 30.54%, up 2.69 percentage points from the previous year [1][6] Oil Production - The company produced 164,900 tons of oil from the Wensu project in Q3 2025, a decrease of 3.00% year-on-year, while the Gengke project produced 69,400 tons, an increase of 30.94% year-on-year. Cumulatively, the company produced 673,200 tons in the first three quarters of 2025, a year-on-year increase of 7.20% [2][8] Future Outlook - The company has adjusted its profit forecasts downward due to the oil price decline but maintains an "Outperform the Market" rating. The expected revenues for 2025-2027 are projected to be 3.741 billion, 4.143 billion, and 4.509 billion yuan, respectively, with net profits of 610 million, 671 million, and 810 million yuan [3][15][17]

Core Viewpoint - The company has announced its third-quarter financial results for 2025, highlighting changes in oil production and a new accounting policy regarding inventory valuation [6][14][27]. Financial Performance - In Q3 2025, the average WTI crude oil price was $66.47 per barrel, a decrease of 13.64% year-on-year, while the Brent crude oil price averaged $69.74 per barrel, down 14.76% year-on-year [6]. - The company produced a total of 234,300 tons of crude oil in Q3 2025, representing a year-on-year increase of 5.07% [6]. - For the first three quarters of 2025, total crude oil production reached 673,200 tons, up 7.20% compared to the same period last year [6]. Accounting Policy Change - The company has changed its inventory valuation method to a moving average method for all business segments, effective from September 1, 2025, to enhance accounting efficiency [9][11][14]. - This change is based on the implementation of a new digital information system (SAP) and aims to better reflect the company's financial status [9][14]. Employee Stock Ownership Plan - The company has extended the duration of its first employee stock ownership plan by 12 months, now set to expire on November 30, 2026 [17][27]. - The decision was made during a meeting attended by 53 participants, representing 53.96% of the total shares in the plan [18][19].

智通财经APP讯，中曼石油(603619.SH)披露2025年第三季度报告，公司前三季度实现营收29.85亿元， 同比下降2.18%;归母净利润4.53亿元，同比下降32.18%;扣非净利润4.32亿元，同比下降31.78%;基本每 股收益0.98元。 ...

Core Viewpoint - Zhongman Petroleum, established in 2003 and listed in 2017, is the first private enterprise in China with its own oil fields, showcasing significant investment value through its comprehensive business operations in exploration, oil service engineering, and petroleum equipment manufacturing [1] Business Performance - In Q3 2025, Zhongman Petroleum achieved a revenue of 2.985 billion yuan, ranking 4th in the industry, with the top competitor, Sinopec Oilfield Service, generating 55.163 billion yuan [2] - The company's net profit for the same period was 470 million yuan, also placing it 4th in the industry, while the industry leader, CNOOC Services, reported a net profit of 3.391 billion yuan [2] Financial Ratios - As of Q3 2025, Zhongman Petroleum's debt-to-asset ratio was 63.51%, higher than the industry average of 60.32% [3] - The gross profit margin stood at 44.60%, significantly above the industry average of 17.03% [3] Executive Compensation - Chairman Li Chundi's salary for 2024 is set at 2.03 million yuan, an increase of 419,500 yuan from 2023 [4] - President Li Shiguang's salary for 2024 is 1.1 million yuan, a decrease of 120,500 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 32.03% to 30,100 [5] - The average number of circulating A-shares held per shareholder increased by 47.13% to 15,400 [5] Growth Outlook - Longjiang Securities noted a 3.29% year-on-year revenue growth in the first half of 2025, but a 29.81% decline in net profit due to falling international oil prices and increased financial costs [5] - The company is expected to see net profits of 740 million yuan, 1.1 billion yuan, and 1.39 billion yuan from 2025 to 2027, maintaining a "buy" rating [5] International Operations - The overseas projects, particularly in the Kazakhstan and Iraq regions, are progressing well, contributing to production increases [6] - The company is actively involved in new projects, including the completion of planning for the Iraq project and successful test drilling in Kazakhstan [6]

Group 1 - The core point of the article is that Zhongman Petroleum (SH 603619) held its 14th board meeting on October 29, 2025, to discuss changes in accounting policies and other documents [1] - For the year 2024, Zhongman Petroleum's revenue composition is as follows: exploration and development accounts for 56.27%, auxiliary mining activities for 34.32%, specialized equipment manufacturing for 7.89%, other businesses for 1.18%, and trading for 0.35% [1] - As of the report, Zhongman Petroleum has a market capitalization of 9.2 billion yuan [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Zhongman Petroleum for the third quarter of 2025, indicating a decline in revenue and net profit compared to the previous year [1] Group 2 - Zhongman Petroleum reported a revenue of approximately 2.985 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 2.18% [1] - The net profit attributable to shareholders of the listed company was about 453 million yuan, showing a year-on-year decline of 32.18% [1] - The basic earnings per share were 0.98 yuan, which is a decrease of 41.32% compared to the same period last year [1] - As of the report date, Zhongman Petroleum's market capitalization stood at 9.2 billion yuan [2]

二、持有人会议审议情况 证券代码：603619 证券简称：中曼石油 公告编号：2025-065 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第二次持有人会议决议公告 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、持有人会议召开情况 中曼石油天然气集团股份有限公司（以下简称"公司"）第一期员工持股计划 第二次持有人会议于 2025 年 10 月 29 日以现场和通讯相结合的方式召开。本次出 席会议的持有人为 53 名，持有份额代表公司员工持股计划份额 21,390,355 份，占 公司第一期员工持股计划认购总份额的 53.96%。会议由第一期员工持股计划管理 委员会主任石明鑫先生主持，本次会议的召集、召开和表决程序符合相关法律法规 和公司第一期员工持股计划（以下简称"员工持股计划"）的相关规定。 特此公告。 中曼石油天然气集团股份有限公司董事会 2025 年 10 月 31 日 会议以记名投票表决方式审议并通过了以下议案： （一）审议通过《关于公司第一期员工持股计划存续期延长的议案》 本员工持股计划存续期将于 2 ...

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 ...