ZPEC(SH:603619) Chang Jiang Shang Bao·2025-09-28 23:06Core Viewpoint - Zhongman Petroleum (603619.SH) is initiating a significant acquisition plan to enhance its oil and gas resource volume and production rights by acquiring a 49% stake in Rising Energy International Middle East FZCO (referred to as "Xinhua Dubai") for 563 million yuan [1][2]. Group 1: Acquisition Details - The acquisition will allow Zhongman Petroleum's wholly-owned subsidiary, Zhongman Haiwan, to increase its ownership in Xinhua Dubai from 51% to 100%, thereby gaining full control over the key oil and gas assets in the Kengey block in Kazakhstan [2][3]. - The transaction is classified as a related party transaction, as the ultimate controlling party of the target is Li Chundi, the actual controller of Zhongman Petroleum [2][3]. - The Kengey block has a geological oil reserve of 64.41 million tons and an economically recoverable oil reserve of 5.9753 million tons, with natural gas reserves of 21.8 billion cubic meters, although gas extraction requires approval from Kazakhstan's energy department [3]. Group 2: Financial Performance - Zhongman Petroleum's total assets reached 12.48 billion yuan as of June 30, 2025, marking a 27.3% increase from the previous year, achieving a historical high [1][5]. - The company's revenue for 2022, 2023, and 2024 was 3.199 billion yuan, 3.732 billion yuan, and 4.135 billion yuan, reflecting growth rates of 81.56%, 16.67%, and 10.79% respectively [4]. - In the first half of 2025, the company reported a revenue of 1.981 billion yuan, a year-on-year increase of 3.29%, while net profit decreased by 29.81% to 300 million yuan [4][5]. Group 3: Business Expansion - Zhongman Petroleum has established a business model of "domestic foundation and overseas breakthroughs," with significant projects in both domestic and international markets [5]. - The company’s exploration and development segment generated 1.094 billion yuan in revenue, accounting for 55.22% of total revenue in the first half of 2025 [5]. - The company is actively expanding its overseas operations, with successful projects in Iraq, Kazakhstan, and Algeria, contributing to its growing international footprint [5].