ZPEC(SH:603619) Shang Hai Zheng Quan Bao·2025-10-31 05:07Core 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].