民生证券给予中曼石油推荐评级，2025年半年报点评：毛利环比表现稳健，期间费用环比大增

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]