Core Viewpoint - Victory Co., Ltd. is a diversified enterprise with strong market competitiveness in natural gas terminal application services, operating in sectors such as plastic pipelines and biotechnology [1]. Group 1: Business Overview - Established on May 11, 1994, and listed on the Shenzhen Stock Exchange on July 3, 1996, the company is headquartered in Jinan, Shandong Province [1]. - Main business segments include plastic pipelines, biotechnology, domestic and international trade, chemical pesticides, and natural gas terminal application services [1]. Group 2: Financial Performance - As of Q3 2025, Victory Co., Ltd. reported revenue of 3.042 billion yuan, ranking 15th among 31 companies in the industry [2]. - The industry leader, New Hope Co., Ltd., achieved revenue of 95.856 billion yuan, while the second-ranked Fuan Energy reported 23.501 billion yuan [2]. - Net profit for the same period was 151 million yuan, placing the company 16th in the industry [2]. - The industry leader in net profit, New Hope Co., Ltd., reported 7.057 billion yuan, and the second, Jiufeng Energy, reported 1.254 billion yuan [2]. Group 3: Financial Ratios - The company's debt-to-asset ratio as of Q3 2025 was 44.22%, lower than the previous year's 50.35% and below the industry average of 46.36%, indicating good solvency [3]. - The gross profit margin for Q3 2025 was 16.04%, an increase from 15.74% year-on-year, but still below the industry average of 16.52% [3]. Group 4: Leadership - The controlling shareholder is China Oil Gas Investment Group Co., Ltd., with Xu Tieliang as the actual controller and chairman [4]. - Xu Tieliang, born in September 1963, holds multiple degrees including a graduate degree from Tsinghua University and has qualifications as a CPA and lawyer [4]. - The president, Wang Wei, born in August 1981, has a university degree and has held positions in various gas companies [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 3.11% to 46,700 [5]. - The average number of circulating A-shares held per shareholder decreased by 3.02% to 18,800 [5]. - CITIC Prudential Multi-Strategy Mixed Fund (LOF) A exited the list of the top ten circulating shareholders [5].

Core Viewpoint - Kunlun Energy (00135) announced that China National Petroleum Corporation (CNPC) and Shandong Shengli Oil & Gas Co., Ltd. have signed a letter of intent for a potential transaction involving the sale of stakes in Nantong CNPC and Ganhe CNPC [1] Group 1: Transaction Details - CNPC intends to sell a 51% stake in Nantong CNPC and a 40% stake in Ganhe CNPC to Shengli Oil & Gas [1] - The payment for the stakes may be made through a combination of share issuance and cash [1] - Negotiations are still ongoing, and no legally binding agreement has been established yet, indicating that the transaction may not be finalized [1] Group 2: Business Operations - Nantong CNPC primarily engages in natural gas sales and gas pipeline construction [1] - Ganhe CNPC also focuses on natural gas sales and gas pipeline construction [1]

Core Viewpoint - The company Kunlun Energy (00135) announced that China National Petroleum Corporation (CNPC) and Shandong Shengli Oilfield Company have signed a letter of intent for the sale of stakes in Nantong CNPC and Ganhe CNPC, indicating potential strategic shifts in the natural gas sector [1] Group 1: Transaction Details - CNPC intends to sell a 51% stake in Nantong CNPC and a 40% stake in Ganhe CNPC to Shengli Oilfield [1] - The payment for the stakes can be made through a combination of share issuance and cash [1] - The negotiations are ongoing, and no legally binding agreement has been established yet, meaning the transaction may not be finalized [1] Group 2: Business Operations - Nantong CNPC primarily engages in natural gas sales and gas pipeline construction [1] - Ganhe CNPC also focuses on natural gas sales and gas pipeline construction [1]

Core Viewpoint - China Oil Gas (00603) saw a significant stock price increase of over 21% in early trading, currently up 18.44% at HKD 0.167, with a trading volume of HKD 2.9268 million [1] Group 1: Transaction Details - China Oil Gas announced a letter of intent for a share issuance and cash payment agreement with Shengli Shares (000407.SZ) involving the acquisition of stakes in several subsidiaries [1] - The proposed transaction includes Shengli Shares acquiring 100% of China Oil Zhuhai and Tianda Shengtong, 51% of Nantong Zhongyou, and 40% of Ganhe Zhongyou [1] - Upon completion of the proposed transaction, Shengli Shares is expected to hold or control 100% of China Oil Zhuhai, 100% of Tianda Shengtong, 80% of Ganhe Zhongyou, and 100% of Nantong Zhongyou [1] Group 2: Transaction Status - China Oil Gas indicated that the parties involved have not yet signed formal binding documents, and negotiations are still ongoing, meaning the proposed transaction may not necessarily be finalized [1]

Core Viewpoint - China Oil Gas (00603) saw a significant stock price increase of over 21% in early trading, attributed to a proposed asset acquisition agreement with Victory Shares (000407.SZ) [1] Group 1: Stock Performance - As of the report, China Oil Gas shares rose by 18.44%, trading at HKD 0.167, with a transaction volume of HKD 2.9268 million [1] Group 2: Proposed Transaction - China Oil Gas announced an intention agreement with China Oil Investment, Tianda Litong, and China Oil Zhongtai to sell stakes in several subsidiaries to Victory Shares [1] - The proposed transaction includes Victory Shares acquiring 100% of China Oil Zhuhai and Tianda Shengtong, 51% of Nantong Zhongyou, and 40% of Ganhe Zhongyou [1] - Upon completion of the proposed transaction, Victory Shares is expected to hold or control 100% of China Oil Zhuhai, 100% of Tianda Shengtong, 80% of Ganhe Zhongyou, and 100% of Nantong Zhongyou [1] - China Oil Gas noted that the proposed transaction is not guaranteed to proceed as formal binding documents have not yet been signed and negotiations are ongoing [1]

Core Viewpoint - The article highlights the significant interest of public funds in ST Huatuo, which has seen a remarkable stock price increase due to its strong performance in the gaming sector, particularly with the success of its mobile game "Whiteout Survival" [1][4][11]. Group 1: ST Huatuo's Performance - As of the end of Q3, ST Huatuo has been heavily invested in by multiple public funds, with a year-to-date increase of 265.18% and a market capitalization of approximately 139.4 billion yuan [1][4]. - The company's total revenue for the first half of the year exceeded 17.2 billion yuan, marking an 85.5% increase, while net profit reached 2.656 billion yuan, a 129.3% year-on-year growth [4][11]. - The mobile game "Whiteout Survival" is projected to generate over 3.3 billion USD in cumulative revenue by August 2025, establishing itself as a key growth driver for the company [3]. Group 2: Public Fund Investment Strategy - Public funds are cautious in their approach to ST stocks, with a rigorous selection process that emphasizes fundamental analysis and liquidity [6][8]. - The investment process involves multiple layers of stock classification, including core and risk stock pools, ensuring only stocks with strong fundamentals are considered for investment [8][9]. - Despite ST Huatuo's inclusion in core stock pools, actual investment decisions depend on fund managers' assessments and alignment with product styles [9]. Group 3: New Consumption Trends - Fund managers are shifting focus towards "new consumption" sectors, particularly in gaming and IP derivatives, moving away from traditional consumer stocks [11]. - The gaming sector has seen significant growth, with the China Gaming Index rising over 40% this year, driven by policy support and market expansion [12]. - The upcoming Double Eleven shopping festival is expected to heighten market interest in consumer sectors, particularly those aligned with innovative products and changing consumer demands [11].

Core Insights - The company reported a total operating revenue of 3.042 billion yuan, a decrease of 162 million yuan compared to the same period last year, representing a year-on-year decline of 5.07% [2] - The net profit attributable to shareholders was 120 million yuan, with a net cash inflow from operating activities of -44.7916 million yuan [2] Financial Performance - The latest debt-to-asset ratio stands at 44.22% [4] - The latest gross profit margin is 16.04% [4] - The return on equity (ROE) is 3.94% [4] - The diluted earnings per share (EPS) is 0.14 yuan [5] - The total asset turnover ratio is 0.48 times [5] - The inventory turnover ratio is 6.28 times, a decrease of 0.33 times compared to the same period last year, reflecting a year-on-year decline of 5.06% [5] Shareholder Structure - The number of shareholders is 46,700, with the top ten shareholders holding 296 million shares, accounting for 33.65% of the total share capital [5] - The largest shareholder is Zhongyou Gas Investment Group Co., Ltd., holding 22.16% [5] - Other significant shareholders include Sunshine Life Insurance Co., Ltd. with 4.22% and Shandong Shengli Investment Co., Ltd. with 3.00% [5]

Group 1 - The company Victory Holdings announced plans to issue shares and pay cash to acquire gas-related assets controlled by its controlling shareholder and related parties, along with raising matching funds [1][4] - This transaction constitutes a related party transaction and is expected to be a significant asset restructuring, with the company's securities suspended from trading starting October 28, 2025, and a transaction plan to be disclosed within 10 trading days [4] - The targeted assets for acquisition include 100% equity of Zhongyou Gas (Zhuhai Hengqin) Co., Ltd., 100% equity of Tianda Shengtong New Energy (Zhuhai) Co., Ltd., 51% equity of Nantong Zhongyou Gas Co., Ltd., and 40% equity of Qinghai Zhongyou Ganhe Industrial Park Gas Co., Ltd. [4] Group 2 - Following the transaction, Victory Holdings will directly hold 100% equity of Zhongyou Zhuhai and Tianda Shengtong, and will control 80% equity of Ganhe Zhongyou and 100% equity of Nantong Zhongyou, creating a multi-regional gas asset linkage [4] - The company reported a revenue of 3.042 billion yuan for the first three quarters, a decrease of 5.07% year-on-year, while net profit was 120 million yuan, an increase of 9.43% year-on-year [4][6] - As of October 27, 2025, the company's stock closed at 3.78 yuan per share, with a market capitalization of 3.327 billion yuan [7][8]

Core Viewpoint - The company is planning to issue shares and pay cash to acquire gas-related assets controlled by its controlling shareholder and related parties, which constitutes a significant asset restructuring [1][2] Group 1: Transaction Details - The transaction involves acquiring 100% equity of Zhongyou Gas (Zhuhai Hengqin) Co., Ltd. held by Zhongyou Gas Investment Group Co., Ltd., 100% equity of Tiandali Tong New Energy (Zhuhai) Co., Ltd. held by Tiandali Tong, and 51% equity of Nantong Zhongyou Gas Co., Ltd. and 40% equity of Qinghai Zhongyou Ganhe Industrial Park Gas Co., Ltd. held by Zhongyou Zhongtai Gas Investment Group Co., Ltd. [1] - After the completion of the transaction, the company will hold 100% equity of Zhongyou Zhuhai and Tiandali Tong, and will control 80% equity of Ganhe Zhongyou and 100% equity of Nantong Zhongyou [1] Group 2: Transaction Classification - This transaction is classified as a related party transaction and is expected to constitute a major asset restructuring [2] - The transaction will not lead to a change in the actual controller of the company and does not constitute a restructuring listing [2] Group 3: Trading Suspension - Due to uncertainties regarding the transaction, the company's securities will be suspended from trading starting October 28, 2025, and the company expects to disclose the transaction plan within no more than 10 trading days [2]

Core Viewpoint - Victory Holdings plans to acquire gas-related assets controlled by its controlling shareholder and related parties, which constitutes a significant asset restructuring and will involve issuing shares and cash payments [1] Group 1: Acquisition Details - The assets to be acquired include 100% equity of China Oil Gas (Zhuhai Hengqin) Co., Ltd., 100% equity of Tianda Shengtong New Energy (Zhuhai) Co., Ltd., 51% equity of Nantong China Oil Gas Co., Ltd., and 40% equity of Qinghai China Oil Ganhe Industrial Park Gas Co., Ltd. [1] - Upon completion of the transaction, Victory Holdings will directly hold 100% equity of China Oil Zhuhai and Tianda Shengtong, and will control 80% equity of Ganhe Zhongyou and 100% equity of Nantong Zhongyou, creating a multi-regional gas asset linkage [1] Group 2: Financial Performance - For the first three quarters, the company reported revenue of 3.042 billion yuan, a year-on-year decrease of 5.07%, while net profit was 120 million yuan, an increase of 9.43% [2][3] - The company also announced a mid-term profit distribution plan, proposing a cash dividend of 0.15 yuan per 10 shares, totaling 13.2 million yuan [3] Group 3: Market Position - As of October 27, the stock price of Victory Holdings was 3.78 yuan per share, with a market capitalization of 3.327 billion yuan [4]