Investment Rating - The investment rating for Zhongman Petroleum (603619.SH) is "Buy" [1] Core Views - The report highlights that in Q1 2025, Zhongman Petroleum achieved a significant year-on-year revenue increase of 17%, reaching 943 million yuan, while the net profit attributable to shareholders rose by 34% to 230 million yuan [1][3] - The increase in profits is primarily attributed to the engineering segment, which saw a substantial recovery compared to the previous year [3] - The company’s oil and gas production increased by 28.51% year-on-year, totaling 277,200 tons, with crude oil production at 218,800 tons, reflecting a 10.62% increase [3] - The report anticipates continued strong performance for the company, projecting net profits of 903 million yuan, 1.181 billion yuan, and 1.697 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 24.5%, 30.8%, and 43.6% [3][4] Financial Summary - For Q1 2025, the company reported a gross margin of 45.98% and a net margin of 26.17%, with financial expenses turning negative at -22.63 million yuan compared to 39.27 million yuan in the same period last year [3] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.95 yuan, 2.56 yuan, and 3.67 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 8.03, 6.14, and 4.28 [3][4] - The report indicates that the company’s total revenue is expected to grow from 4.485 billion yuan in 2025 to 6.766 billion yuan in 2027, with a compound annual growth rate of 27.1% [4]

Investment Rating - The investment rating for Zhongman Petroleum (603619.SH) is "Buy" [1] Core Views - The report highlights that in Q1 2025, Zhongman Petroleum achieved a revenue of 943 million yuan, representing a year-on-year increase of 17% but a quarter-on-quarter decrease of 12.96%. The net profit attributable to the parent company was 230 million yuan, up 34% year-on-year and 301% quarter-on-quarter [1][3] - The report indicates that the increase in net profit is primarily driven by the engineering segment, which saw significant profit growth compared to the previous year when it faced challenges due to rig relocations [3] - The company’s oil and gas production totaled 277,200 tons in Q1 2025, reflecting a year-on-year increase of 28.51%, with crude oil production at 218,800 tons, up 10.62% year-on-year [3] - The report notes that the development of the Iraq oil and gas blocks is progressing steadily, with the first joint management meeting for the EBN and MF projects completed, which is expected to positively impact future operational performance [3] Financial Summary - For the fiscal years 2023 to 2027, the total revenue is projected to grow from 3,732 million yuan in 2023 to 6,766 million yuan in 2027, with year-on-year growth rates of 16.7%, 10.8%, 8.5%, 18.7%, and 27.1% respectively [4] - The net profit attributable to the parent company is forecasted to increase from 812 million yuan in 2023 to 1,697 million yuan in 2027, with year-on-year growth rates of 68.3%, -10.6%, 24.5%, 30.8%, and 43.6% [4] - The report projects the earnings per share (EPS) to rise from 1.76 yuan in 2023 to 3.67 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 8.94 to 4.28 [4][3]

证券代码：603619 股票简称：中曼石油 公告编号：2025-025 本次会议应当出席的董事8名，实际出席会议的董事8名，会议由董事长李春第 先生主持，监事、部分高管列席了会议。会议的通知、召开符合《公司法》、《公司 章程》及有关法律、法规的规定，会议决议有效。 中曼石油天然气集团股份有限公司 第四届董事会第九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 二、董事会会议审议情况 （一）审议并通过《关于公司 2025 年第一季度报告的议案》 中曼石油天然气集团股份有限公司（以下简称"公司"）第四届董事会第九次 会议的通知于2025年4月27日以电话和专人送达方式发出，会议于2025年4月29日在 上海市浦东新区江山路3998号公司会议室以现场结合通讯方式召开。 公司 2025 年第一季度报告已经公司董事会审计委员会审议通过，一致同意提 交公司董事会进行审议。 表决情况：8票同意，0票反对，0票弃权。 此议案需提交公司2024年年度股东大会审议。 修订后的《中曼石油天然气集团股份有限公司 ...

国金证券股份有限公司 关于中曼石油天然气集团股份有限公司 2024年持续督导年度报告书 国金证券股份有限公司（以下简称"国金证券"、"保荐人"或"保荐机构"）作 为中曼石油天然气集团股份有限公司（以下简称"中曼石油"、"上市公司"或"公 司"）2023 年度向特定对象发行股票及持续督导的保荐机构，根据《证券发行上 市保荐业务管理办法》《上海证券交易所股票上市规则》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所上市公司 自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关法律、法规和规范性文件的相关规定，对中曼石油 进行持续督导，持续督导期限为 2024 年 8 月 14 日至 2025 年 12 月 31 日。现就 2024 年持续督导工作总结如下： | 序号 | 工作内容 | 完成或督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针 对具体的持续督导工作制定相应的工作计划。 | 保荐机构已建立健全并有效执行持 续督导工作制度，已根据公司的具 | | | | 体情 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 943.30 million, representing a 16.90% increase compared to CNY 807.23 million in the same period last year[4] - Net profit attributable to shareholders for the same period was CNY 229.75 million, a 32.95% increase from CNY 172.04 million year-on-year[4] - Basic and diluted earnings per share were both CNY 0.50, reflecting a 16.28% increase from CNY 0.43 in the prior year[5] - Operating profit for Q1 2025 was CNY 321.09 million, up 40.7% from CNY 228.09 million in Q1 2024[24] - Net profit attributable to shareholders for Q1 2025 was CNY 229.75 million, representing a 33.0% increase compared to CNY 172.81 million in Q1 2024[24] Cash Flow and Assets - The net cash flow from operating activities increased by 45.72% to CNY 214.53 million, up from CNY 148.10 million in the previous year[5] - The company’s cash and cash equivalents as of March 31, 2025, amounted to RMB 2,570,753,800.99, up from RMB 2,541,797,763.96 as of December 31, 2024[18] - The company’s total current assets increased to RMB 4,493,538,705.90 as of March 31, 2025, compared to RMB 4,393,072,858.73 at the end of 2024[18] - Cash flow from operating activities for Q1 2025 was $214,530,109.37, an increase of 45.6% compared to $147,216,788.74 in Q1 2024[28] - The ending cash and cash equivalents balance for Q1 2025 was $2,339,520,929.91, down from $851,937,467.06 in Q1 2024[29] Production and Operations - In Q1 2025, the company produced 218,800 tons of crude oil, a year-on-year increase of 10.62%, and 73.3769 million cubic meters of associated gas[15] - The total oil and gas equivalent production reached 277,200 tons, representing a year-on-year growth of 28.51%[15] - The company achieved a crude oil production of 161,800 tons from the Wensu oilfield, an increase of 4.72% year-on-year[15] - The company’s drilling rigs operated a total of 56 units, completing a cumulative footage of 187,600 meters during the reporting period[16] Assets and Liabilities - Total assets at the end of the reporting period were CNY 12.23 billion, a 2.31% increase from CNY 11.96 billion at the end of the previous year[5] - The equity attributable to shareholders increased by 6.30% to CNY 4.25 billion from CNY 4.00 billion at the end of the last fiscal year[5] - Non-current liabilities totaled CNY 3.19 billion in 2025, slightly up from CNY 3.14 billion in 2024, indicating a 1.2% increase[20] - The total liabilities of the company remained stable at CNY 7.70 billion in 2025, compared to CNY 7.69 billion in 2024[20] Research and Development - Research and development expenses increased to CNY 27.13 million in Q1 2025, up from CNY 17.69 million in Q1 2024, marking a 53.2% rise[23] - The company showcased several self-developed technologies at the China International Petroleum and Petrochemical Technology Equipment Exhibition, highlighting its innovation capabilities[16] Strategic Initiatives - The company completed the acquisition of 87% equity in Toghi Trading F.Z.C, enhancing its control over the entity[5] - The first joint management committee meeting for the Iraq EBN and MF projects was successfully held, with work plans and budgets approved for further project development[15] - The company is committed to becoming a world-class energy company, focusing on core strategies including cost leadership and innovation[14] Market Conditions - The average WTI crude oil price in Q1 2025 was USD 71.24 per barrel, down 6.86% year-on-year, while the Brent crude oil price averaged USD 74.82 per barrel, down 8.49% year-on-year[14] Non-Recurring Items - Non-recurring gains and losses for the period totaled CNY 7.43 million, with government subsidies contributing CNY 6.52 million[8]

中曼石油天然气集团股份有限公司 第一章 总 则 第一条 为规范公司关联交易行为，提高公司规范运作水平，使公司的关联 交易符合公平、公正、公开的原则，保护公司和全体股东的合法权益，根据《中 华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以 下简称《证券法》）、《上海证券交易所股票上市规则》（以下简称《上市规则》） 《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》等有关法 律、法规以及《中曼石油天然气集团股份有限公司章程》（以下简称《公司章程》） 的有关规定，结合公司实际情况，制定本制度。 第二条 关联交易活动应遵循公平、公正、公开的原则，关联交易的价格原 则上不能偏离市场独立第三方的价格或收费的标准。 中曼石油天然气集团股份有限公司 关联交易管理制度 二〇二五年四月 1 中曼石油天然气集团股份有限公司 第三条 公司应当采取措施规范关联交易，减少和避免关联交易。 第二章 关联人及关联交易 第四条 本公司关联人包括关联法人（或者其他组织）和关联自然人。 第五条 具有以下情形之一的法人（或者其他组织），为公司关联法人（或 其他组织）： （一）直接或者间接控制上市公司的法人（或 ...

中曼石油天然气集团股份有限公司 中曼石油天然气集团股份有限公司 对外担保管理制度 二〇二五年四月 1 中曼石油天然气集团股份有限公司 第一章 总 则 第一条 为了规范中曼石油天然气集团股份有限公司（以下简称"公司"） 对外担保行为，有效防范对外担保风险，确保公司资产安全，根据《中华人民共 和国民法典》、《中华人民共和国公司法》（以下简称"《公司法》"）、《上 市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》、《上海 证券交易所股票上市规则》（以下简称"《上市规则》"）、《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等法律、法规及《中曼石油天然气 集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，特制定本 制度。 第二条 本制度所称对外担保（以下简称"担保"）是指公司为他人提供的 担保，包括公司对控股子公司的担保。 公司控股子公司对于向公司合并报表范围之外的主体提供担保的，应视同公 司提供担保。 第三条 本制度所称担保合同包括保证合同、抵押合同、质押合同等，可以 是单独订立的书面合同（包括当事人之间具有担保性质的信函、传真等），也可 以是主合同中的担保条款。 第四条 ...

中曼石油天然气集团股份有限公司 中曼石油天然气集团股份有限公司 对外投资管理制度 二〇二五年四月 1 中曼石油天然气集团股份有限公司 第一章 总 则 第一条 为规范公司的投资行为，降低投资风险，有效合理的使用资金，提高 投资效益，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上海证券 交易所股票上市规则》（以下简称"《上市规则》"）等法律法规和《中曼石油天然 气集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，结合公司的 具体情况，制定本制度。 第二条 本制度所指对外投资是指公司为获取未来收益而将一定数量的货币 资金、股权、以及经评估后的房屋、机器、设备、物资等实物，以及专利权、商 标权、土地使用权等无形资产作价出资，进行各种形式的对外投资活动。具体包 括： （一）金融投资包括买卖其他上市公司发行的股票、权证、可转换公司债券、 基金、期货、衍生品等。 （二）委托理财是指委托他人进行现金资产管理的行为。 （三）权益投资主要指对外股权投资，包括全资子公司、控股子公司和参股 公司的设立、投资、增资、股权收购、减资、清算、解散； （四）法律、法规允许且公司业务发展需要的其他对外投资。 重大资本 ...

Core Insights - The stock price of Zhongman Petroleum (603619) closed at 16.12 yuan on April 25, 2025, down by 2.13% with a turnover rate of 2.3% and a trading volume of 106,600 shares, amounting to a transaction value of 171 million yuan [1] Trading Information Summary - On April 25, 2025, the net outflow of main funds was 8.746 million yuan, while the net inflow of speculative funds was 12.579 million yuan. Retail investors experienced a net outflow of 3.833 million yuan [2][4] Shareholder Changes - As of March 31, 2025, the number of shareholders of Zhongman Petroleum was 33,500, an increase of 8,199 from December 31, 2024, representing a growth rate of 32.4%. The average number of shares held per account decreased from 18,300 to 13,800, with an average market value of 247,900 yuan per account [2][4] Performance Disclosure Highlights - According to Zhongman Petroleum's 2024 annual report, the total revenue reached 4.135 billion yuan, a year-on-year increase of 10.79%. However, the net profit attributable to shareholders was 726 million yuan, a year-on-year decrease of 10.58%. The net profit excluding non-recurring items was 692 million yuan, down 18.44% year-on-year. In Q4 2024, the quarterly revenue was 1.084 billion yuan, up 23.58% year-on-year, while the quarterly net profit attributable to shareholders was 57.33 million yuan, down 73.74% year-on-year. The debt ratio stood at 64.32%, with financial expenses amounting to 366 million yuan and a gross profit margin of 46.0% [3][4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 4.135 billion yuan for 2024, representing a year-on-year increase of 10.79%. However, the net profit attributable to shareholders decreased by 10.58% to 726 million yuan, and the net profit excluding non-recurring items fell by 18.44% to 692 million yuan [2][6] - In Q4 2024, the company achieved a revenue of 1.084 billion yuan, a year-on-year increase of 47.41%, but a quarter-on-quarter decrease of 4.36%. The net profit attributable to shareholders was 57 million yuan, down 52.27% year-on-year and down 76.19% quarter-on-quarter [2][6] - The company’s oil and gas production reached a historical high, with crude oil production of 854,600 tons, an increase of 25.42% year-on-year, and total oil and gas equivalent production exceeding 1 million tons for the first time [11] - The company has significant oil reserves, with new proven geological reserves of 13.2342 million tons of oil and 1.402 billion cubic meters of natural gas reported from various oil fields [11] - The company is expected to achieve net profits of 840 million yuan, 1.26 billion yuan, and 1.46 billion yuan for the years 2025 to 2027, assuming a Brent crude oil price of approximately 63 USD per barrel [11] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 4.135 billion yuan, with a gross profit of 1.902 billion yuan, resulting in a gross margin of 46% [16] - The company’s operating profit was 968 million yuan, representing 23% of total revenue [16] - The projected revenues for 2025, 2026, and 2027 are 4.460 billion yuan, 5.454 billion yuan, and 6.258 billion yuan respectively [16] Production and Reserves - The company’s oil production from the Wensu project was 654,600 tons, and from the Jiange project was 200,000 tons, contributing significantly to the overall production [11] - The EBN block in Iraq has an estimated original oil geological reserve of approximately 12.365 billion barrels, while the MF block has about 2.813 billion barrels [11] Market Position - As the first private enterprise in China to own oil fields, the company is positioned for future growth, supported by its low-cost production advantage [11]