Core Points - The company, Zhunyou Co., Ltd. (stock code: 002207), reported that as of November 10, 2025, the total number of shareholders is 39,125 [1] Summary by Category - **Company Information** - Zhunyou Co., Ltd. has a total of 39,125 shareholders as of the specified date [1]

Market Overview - The Shanghai Composite Index experienced weak fluctuations but managed to hold above 3900 points, closing at 3913.76, down 0.07% [1] - The Shenzhen Component Index fell 0.62% to 12996.61, while the ChiNext Index decreased by 0.79% to 3059.32 [1] - The Northbound 50 Index rose by 0.87%, with total trading volume across the three markets reaching 169.05 billion yuan, a decrease of over 20 billion yuan from the previous day [1] Banking Sector Performance - The banking sector showed strength, with Agricultural Bank of China rising over 2%, marking its 14th consecutive trading day of gains [2][4] - Other banks such as Jiangyin Bank and Industrial and Commercial Bank of China also saw increases, with Jiangyin Bank up 3.56% [2][3] Oil Sector Activity - The oil sector saw significant gains, with Keli Co. rising over 12% and several other companies hitting the daily limit [7][8] - The U.S. Department of Energy announced plans to purchase 1 million barrels of crude oil to replenish strategic reserves, which may influence market dynamics [9] Company-Specific Highlights - Cambricon Technologies (688256) experienced a notable surge, with its stock price rising over 7% during the day, closing up 4.42% with a trading volume of 19.8 billion yuan [10] - The company reported a substantial increase in revenue for the first three quarters, achieving 4.607 billion yuan, a year-on-year growth of 2386% [11] - The growth was attributed to the strong performance of its cloud products, particularly the Siyuan 590, amid increasing domestic demand for AI-related technologies [11]

Financial Performance - For the first half of 2025, the company's operating revenue was approximately 1.98 billion, an increase from 1.92 billion in the same period last year, reflecting a growth of about 3.3% [1] - The total profit for the same period was approximately 441 million, down from 546 million year-on-year, indicating a decline of about 19.1% [1] - The net profit attributable to shareholders was approximately 300 million, a decrease from 428 million in the previous year, representing a decline of about 29.8% [1] - The net cash flow from operating activities was approximately 429 million, down 11.96% from 487 million in the previous year [22] Asset and Liability Changes - As of the end of the first half of 2025, the company's net assets attributable to shareholders were approximately 4.19 billion, up from 4.00 billion at the end of the previous year [1] - The company's long-term borrowings increased by 22.96%, while short-term borrowings decreased by 8.98% compared to the end of the previous year [35] - The company's inventory increased by 32% compared to the end of the previous year, while cash and cash equivalents decreased by 3.16% [32][38] Shareholder Structure - The top ten shareholders as of the end of the first half of 2025 included new entrants such as Dachen New锐 Industrial Mixed Securities Investment Fund and Shanghai Gongrong Investment Center [47] - The largest shareholder, Shanghai Zhongman Investment Holding Co., Ltd., held approximately 19.01% of the total shares, with a slight increase in shareholding [48] - Notably, 14.02% of the company's shares were under pledge as of August 22, 2025, with significant portions pledged by the top two shareholders [47] Valuation Metrics - As of August 27, 2025, the company's price-to-earnings (P/E) ratio was approximately 15.48, the price-to-book (P/B) ratio was about 2.21, and the price-to-sales (P/S) ratio was also around 2.21 [1]

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]

Company Overview - Zhongman Petroleum's closing price on July 7 was 19.46 yuan, down 2.70%, with a rolling PE ratio of 11.49 times and a total market value of 8.997 billion yuan [1] - The company ranks 9th in the exploration and extraction industry, which has an average PE ratio of 28.09 times and a median of 36.08 times [1] Institutional Holdings - As of the first quarter of 2025, 20 institutions held shares in Zhongman Petroleum, including 11 funds, 3 social security funds, 3 others, 2 brokerages, and 1 insurance company, totaling 140.096 million shares with a market value of 2.518 billion yuan [1] Business Operations - Zhongman Petroleum's main business includes exploration and development, oil service engineering, and petroleum equipment manufacturing, with key products being equipment manufacturing, leasing and sales, drilling engineering services, and oil extraction and sales of oil and its derivatives [1] Financial Performance - In the latest quarterly report for Q1 2025, the company achieved operating revenue of 943 million yuan, a year-on-year increase of 16.90%, and a net profit of 230 million yuan, up 32.95%, with a gross profit margin of 45.97% [1] Industry Comparison - The industry average PE ratio is 28.09 times, while the median is 36.08 times, indicating that Zhongman Petroleum's valuation is below the industry average [2]

Core Viewpoint - The company, Zhunyou Co., has confirmed that its current operational situation is normal and there are no undisclosed significant matters that need to be reported [1] Group 1: Stock Performance - Zhunyou Co.'s stock has experienced a cumulative price deviation of 20% over two consecutive trading days, indicating abnormal trading fluctuations [1] - The company has verified that there are no corrections or supplements needed for previously disclosed information [1] Group 2: Operational Status - The company reports that its recent operational conditions are stable, with no significant changes in the internal or external business environment [1] - The controlling shareholder, Karamay City Urban Construction Investment Development Co., Ltd., stated that aside from the disclosed plan to fully subscribe to the company's issuance of shares to specific targets, there are no other undisclosed significant matters regarding the company [1]

Core Insights - Zhao Zengquan, a chief technician at China National Petroleum Corporation, has developed innovative tools to address challenges in oil extraction and pipe maintenance, significantly improving operational efficiency [2][3][5] - The "pumpable recyclable casing inner wall rust removal tool" and "turbine negative pressure local reverse circulation milling tool" are key inventions that have enhanced the safety and efficiency of oil well operations [2][3][4] Group 1: Innovations and Tools - The "pumpable recyclable casing inner wall rust removal tool" utilizes a closed-loop system to remove rust from oil pipes, achieving a 75% increase in efficiency and a 50% reduction in labor input compared to traditional methods [3][5] - The "turbine negative pressure local reverse circulation milling tool" improves the removal of debris and blockages in complex wells, achieving a 100% success rate in field applications and saving over 6 million yuan per single well maintenance [5][4] Group 2: Industry Challenges - Rust on oil pipes has been identified as a major cause of accidents in oil extraction, accounting for over 60% of engineering incident triggers [2][3] - Traditional rust removal methods are labor-intensive and inefficient, leading to safety risks and operational delays [2][3] Group 3: Achievements and Recognition - Zhao Zengquan has led a team that has obtained 39 national invention patents and 49 utility model patents, addressing 109 production challenges since the establishment of the expert studio in 2018 [5][6] - In 2025, Zhao was recognized as a national labor model for his contributions to the industry [2]