Core Viewpoint - The report highlights the current state and investment prospects of China's petroleum and petrochemical industry from 2025 to 2031, indicating a mixed performance in export values for the sector [1] Industry Summary - In September 2025, the export value of China's petroleum, coal, and other fuel processing industries reached 12.29 billion, reflecting a year-on-year growth of 12.3% [1] - For the period from January to September 2025, the cumulative export value for the same industries was 113.55 billion, showing a year-on-year decline of 17.7% [1] - A statistical chart from 2019 to September 2025 illustrates the export value trends in the petroleum, coal, and other fuel processing industries [1] Company Summary - The report mentions several listed companies in the petroleum and petrochemical sector, including Hengyi Petrochemical, Yueyang Xingchang, Daqing Huake, Donghua Energy, Guochuang Gaoxin, Qixiang Tengda, Baomo Co., Rongsheng Petrochemical, Yuxin Co., China Petroleum, Compton, Meijin Energy, Antai Group, and Shanxi Coking [1]

Core Insights - The refining and trading sector saw a slight increase of 0.12% on October 31, with Heshun Petroleum leading the gains [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] Sector Performance - Heshun Petroleum (603353) closed at 21.58, up 5.58% with a trading volume of 97,600 shares and a transaction value of 211 million yuan [1] - Hengtong Co. (603223) closed at 9.91, up 3.77% with a trading volume of 101,000 shares and a transaction value of 98.88 million yuan [1] - International Long (000819) closed at 18.07, up 3.26% with a trading volume of 96,800 shares and a transaction value of 173 million yuan [1] - Other notable performers included Runbei Aerospace (001316) up 2.57%, Bohai Chemical (600800) up 1.86%, and Wanbangda (300055) up 1.68% [1] Fund Flow Analysis - The refining and trading sector experienced a net inflow of 176 million yuan from main funds, while retail investors saw a net outflow of 85.98 million yuan [2] - Notable stocks with significant fund flow included Guanghui Energy (600256) which saw a net outflow of 2.23% [2]

Core Viewpoint - Daqing Huake's stock price has shown a slight increase this year, with recent trading activity indicating a modest net inflow of funds, despite a decline in revenue and profit compared to the previous year [1][2]. Financial Performance - As of September 30, 2025, Daqing Huake reported a revenue of 1.432 billion yuan, a year-on-year decrease of 4.88% [2]. - The net profit attributable to the parent company was 13.2253 million yuan, reflecting a significant year-on-year decline of 57.52% [2]. Stock Performance - On October 31, Daqing Huake's stock price rose by 2.07%, reaching 18.75 yuan per share, with a total market capitalization of 2.431 billion yuan [1]. - The stock has increased by 0.62% year-to-date, with a 7.63% increase over the past 20 trading days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 29.32% to 12,600, while the average circulating shares per person decreased by 22.67% to 10,270 shares [2]. - The company has cumulatively distributed 230 million yuan in dividends since its A-share listing, with 16.9828 million yuan distributed over the past three years [3]. Market Position - Daqing Huake operates in the petrochemical sector, specifically in the production and sales of fine chemical products and petroleum chemical products [1]. - The company's revenue composition includes polypropylene and modified products (38.08%), C9 fraction products (27.92%), C5 fraction products (22.62%), and others [1].

Core Viewpoint - The company has released its third-quarter financial report for 2025, ensuring the accuracy and completeness of the information disclosed, with no significant omissions or misleading statements [2][5][7]. Financial Data - The third-quarter financial report has not been audited [3][7]. - There are no adjustments or restatements of previous years' accounting data [3]. - The company reported no non-recurring gains or losses during the reporting period [3]. Shareholder Information - The total number of ordinary shareholders and the number of preferred shareholders with voting rights is not applicable [4]. - There were changes in the top ten shareholders and the company does not have any shareholders participating in the securities lending business [4]. Management Changes - The chairman and several board members have resigned due to work adjustments, including the chairman Wang Hongtao and directors Ben Tao and Li Songyan [5]. - Zhang Caihong has been elected as the new chairman of the board [5]. - The company held a staff representative meeting to elect Cui Fengling as an employee director [5]. Corporate Governance - The company held a temporary shareholders' meeting on September 9, 2025, to amend the Articles of Association and approved the addition of new business activities related to technology services and consulting [6].

Group 1 - Daqing Huake reported a revenue of approximately 1.432 billion yuan for the first three quarters of 2025, a year-on-year decrease of 4.88% [1] - The net profit attributable to shareholders of the listed company was approximately 13.23 million yuan, a year-on-year decrease of 57.52% [1] - The basic earnings per share were 0.102 yuan, reflecting a year-on-year decrease of 57.5% [1] Group 2 - As of the report, Daqing Huake's market capitalization stands at 2.4 billion yuan [2]

证券代码：000985 证券简称：大庆华科 公告编号：2025040 大庆华科股份有限公司 第九届董事会第七次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 二、董事会会议审议情况 经与会董事审议，以投票表决方式通过了如下议案： 1、大庆华科股份有限公司 2025 年第三季度报告。 内容详见公司 2025 年 10 月 30 日发布在《中国证券报》《上海证券 报》和巨潮资讯网（www.cninfo.com.cn）的《大庆华科股份有限公司 2025 年第三季度报告》（公告编号：2025041）。 表决结果：11 票同意，0 票反对，0 票弃权。 2、《落实董事会职权实施方案》。 表决结果：11 票同意，0 票反对，0 票弃权。 三、备查文件 1、会议通知于 2025 年 10 月 23 日以电子邮件形式发出。 2、会议于 2025 年 10 月 29 日 9：45 以通讯方式召开。 3、应参会董事 11 名，实际参会董事 11 名。 4、会议符合《中华人民共和国公司法》《中华人民共和国证券法》 及其他有关法律、行政法规和规范性文 ...

Financial Performance - The company's operating revenue for the third quarter was ¥472,475,691.31, a decrease of 12.12% compared to the same period last year[2] - The net profit attributable to shareholders was ¥4,161,312.51, down 81.99% year-on-year[2] - The net profit excluding non-recurring items was ¥3,595,166.81, reflecting an 84.10% decline compared to the previous year[2] - The basic earnings per share were ¥0.032, a decrease of 82.02% from the same quarter last year[2] - Total operating revenue for the current period was ¥1,431,885,061.55, a decrease of 4.9% from ¥1,505,292,752.07 in the previous period[17] - Net profit for the current period was ¥13,225,340.72, down 57.5% from ¥31,129,728.31 in the previous period[19] - Basic and diluted earnings per share were both ¥0.102, compared to ¥0.240 in the previous period, indicating a decline of 57.5%[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥729,378,170.08, an increase of 4.62% from the end of the previous year[2] - Total assets increased to ¥729,378,170.08 from ¥697,155,250.75, representing a growth of 4.6%[15] - Total liabilities rose to ¥114,383,822.09 from ¥93,102,602.50, an increase of 22.8%[15] - Current liabilities totaled ¥104,364,095.78, up from ¥81,083,988.68, marking a rise of 28.6%[15] - Non-current assets decreased to ¥287,964,941.56 from ¥302,552,852.10, a decline of 4.8%[15] Cash Flow - The company's cash flow from operating activities was ¥118,307,104.06, down 19.01% year-to-date[2] - Operating cash flow for the current period is ¥118,307,104.06, a decrease of 19.1% from ¥146,069,282.64 in the previous period[20] - Total cash inflow from operating activities is ¥1,721,679,841.34, down from ¥2,015,827,800.85, reflecting a decline of 14.6%[20] - Cash outflow from operating activities is ¥1,603,372,737.28, compared to ¥1,869,758,518.21, indicating a decrease of 14.2%[20] - The ending cash and cash equivalents balance is ¥405,083,142.78, down from ¥426,550,661.15, a decrease of 5.3%[21] - The company received cash from dividends and interest payments totaling ¥8,426,567.50, which is a significant increase from the previous period's ¥2,333,511.00[21] - The company reported a cash inflow from tax refunds of ¥629,350.29, down from ¥1,501,323.89, a decline of 58.1%[20] Inventory and Receivables - The company experienced a 40.30% decrease in inventory, which stood at ¥35,952,695.85 at the end of the reporting period[7] - The company’s inventory decreased to RMB 35,952,695.85 from RMB 60,218,122.50, indicating a reduction of about 40.4%[13] - The company held other receivables amounting to RMB 88,489.89, with no prior balance reported[13] - The company’s prepayments increased to RMB 288,900.00 from RMB 126,104.93, reflecting a growth of approximately 128.7%[13] Corporate Governance - The company’s board underwent significant changes, with the resignation of multiple directors and the election of new board members during the reporting period[9] - The company held a temporary shareholders' meeting on September 9, 2025, to approve amendments to the Articles of Association[10] - The company’s board of directors elected a new chairperson, Zhang Caihong, during the sixth meeting of the ninth board session[10] - The company reported no significant changes in the shareholding structure of its top 10 shareholders during the reporting period[8] Business Development - The company expanded its business scope to include "technical services, technical development, technical consulting, technical exchange, technical transfer, and technical promotion" as of September 26, 2025[10] - The company plans to hold a half-year performance briefing on September 10, 2025, to discuss its financial results and future strategies[11] Research and Development - Research and development expenses increased to ¥1,125,275.03 from ¥451,776.59, a significant rise of 149.5%[18] Contract Liabilities - The company reported a significant increase in contract liabilities, which rose by 92.34% to ¥23,950,720.99[7]

Core Insights - In September 2025, a total of 47 listed companies in Shanghai, Shenzhen, and Beijing announced changes to their auditing firms, indicating a significant shift in the auditing landscape [3][6]. Group 1: Changes in Auditing Firms - Notable changes include companies like Xiaoxin Environment switching from Xinyong Zhonghe to Deloitte, and Jian Tai Technology moving from Zhonghua to PwC Zhongtian [4][5]. - The audit fees for 2024 for these companies varied, with Xiaoxin Environment paying 4.96 million yuan and Jian Tai Technology paying 4.5 million yuan [4]. Group 2: Client Changes Among Audit Firms - The firm with the largest decrease in clients was Lixin, losing 7 clients, while Rongcheng gained the most clients, increasing by 6 [6][8]. - The detailed statistics show that Lixin and Rongcheng were the most affected firms in terms of client changes, reflecting a competitive shift in the auditing market [6][9].

Core Viewpoint - The report by Zhiyan Consulting highlights the growth trends in China's oil industry, with specific data on production levels and projections for the future [1]. Group 1: Industry Overview - As of August 2025, China's crude oil production reached 18.26 million tons, reflecting a year-on-year increase of 2.4% [1]. - Cumulatively, from January to August 2025, China's total crude oil production amounted to 144.858 million tons, showing a cumulative growth of 1.4% [1]. Group 2: Companies Involved - Listed companies in the oil sector include China National Petroleum Corporation (601857), China Petroleum & Chemical Corporation (600028), Daqing Huake (000985), Guanghui Energy (600256), Qianeng Huanxin (300191), and ST Haiyue (600387) [1]. Group 3: Research and Consulting - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1].

Core Viewpoint - The refining and trading sector experienced a decline of 0.75% on September 30, with Daqing Huake leading the drop, while the Shanghai Composite Index rose by 0.52% and the Shenzhen Component Index increased by 0.35% [1]. Group 1: Market Performance - The closing price of the Shanghai Composite Index was 3882.78, and the Shenzhen Component Index closed at 13526.51 [1]. - The refining and trading sector saw various individual stock performances, with Bohai Chemical leading with a rise of 4.49% to a closing price of 3.96 [1]. - Other notable performers included Bohui Co. (+2.04%), Guanghui Energy (+1.41%), and Runbei Hangke (+1.37%) [1]. Group 2: Trading Volume and Value - Bohai Chemical had a trading volume of 416,000 shares, with a transaction value of 165 million yuan [1]. - Guanghui Energy recorded a trading volume of 718,400 shares, with a transaction value of 360 million yuan [1]. - The total transaction values for other companies in the sector varied, with Runbei Hangke at approximately 31.02 million yuan and Dongfang Shenghong at around 131 million yuan [1]. Group 3: Capital Flow - The refining and trading sector experienced a net outflow of 241 million yuan from main funds, while retail funds saw a net inflow of approximately 29.64 million yuan [3]. - Speculative funds recorded a net inflow of 211 million yuan into the sector [3].