来源：新浪证券-红岸工作室 2月24日，*ST新潮涨1.95%，成交额1.13亿元，换手率0.42%，总市值284.94亿元。 异动分析 天然气+俄乌冲突概念+页岩气+人民币贬值受益 2、俄乌冲突可能恶化俄罗斯油气出口前景，原油中枢或超预期。公司的主营业务为石油及天然气的勘 探、开采及销售。公司的主要产品为原油、天然气。 技术面：筹码平均交易成本为3.38元 3、2022年9月20日互动易：至2022年6月30日，公司已上线页岩油净井数达 638 口。至 2021 年度末，按 照美国 SEC 标准参数评估的已探明油气经济可采储量（P1）达 3.15亿桶油当量，其中已探明、已开 发、在生产油气储量 （PDP）占比约 52%。 4、根据2024年年报，公司海外营收占比为100.00%，受益于人民币贬值。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-23.79万，占比0%，行业排名4/4，连续3日被主力资金减仓；所属行业主力净流入6.02 亿，当前无连续增减仓现象，主力趋势不明显。 区间今日近3日近5日近10日近20日主力净流入-23.79万-230. ...

Core Insights - *ST Xinchao has experienced a significant stock performance, achieving three trading limit-ups within four trading days, resulting in a cumulative increase of 19.39% and a turnover rate of 2.21% [2] - As of 9:25 AM, the stock recorded a trading volume of 16.57 million shares and a transaction amount of 71.40 million yuan, with a turnover rate of 0.26% [2] - The total market capitalization of A-shares reached 29.31 billion yuan, while the circulating market capitalization was 27.44 billion yuan [2] Trading Performance - The stock's daily performance over recent trading days is as follows: - October 13, 2025: Increased by 5.13% with a turnover rate of 0.77% and a net inflow of 630.6 thousand yuan [2] - October 10, 2025: Increased by 2.90% with a turnover rate of 1.02% and a net outflow of 14.72 million yuan [2] - October 9, 2025: Increased by 4.99% with a turnover rate of 0.15% and a net inflow of 23.74 million yuan [2] - September 30, 2025: Increased by 1.40% with a turnover rate of 0.22% and a net outflow of 1.33 million yuan [2] - September 29, 2025: Decreased by 1.11% with a turnover rate of 0.20% and a net outflow of 524.5 thousand yuan [2] - September 26, 2025: Increased by 2.56% with a turnover rate of 0.26% and a net inflow of 677.98 thousand yuan [2] - September 25, 2025: Decreased by 2.23% with a turnover rate of 0.39% and a net outflow of 16.00 million yuan [2] - September 24, 2025: No change with a turnover rate of 0.22% and a net outflow of 687.56 thousand yuan [2] - September 23, 2025: Decreased by 2.45% with a turnover rate of 0.34% and a net outflow of 550.95 thousand yuan [2] - September 22, 2025: Decreased by 3.66% with a turnover rate of 0.35% and a net outflow of 1.02 million yuan [2] Market Activity - The stock has been listed on the Dragon and Tiger List due to a cumulative closing price deviation of 12% over three consecutive trading days, indicating significant trading activity [2] - The net selling by leading brokerage firms amounted to 109 million yuan [2] Company Background - Shandong Xinchao Energy Co., Ltd. was established on June 6, 1996, with a registered capital of 6.80 billion yuan [2]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - After the Fed cut interest rates in September, the U.S. Treasury yields have risen for two consecutive weeks. The better - than - expected economic growth and employment data have reduced the need for the Fed to cut interest rates significantly and decreased market expectations for subsequent rate cuts, pushing up the U.S. Treasury yields [1][2]. - The negotiation deadlock between the Republican and Democratic parties over the government financing legislation draft may lead to a U.S. government shutdown in October. However, the market has largely priced in this situation, and the impact on the bond market is expected to be minor [1][3]. - Although the U.S. dollar risk - free rate continued to rise last week, Chinese - funded U.S. dollar bonds were still supported by the narrowing spread and showed general stability. In the on - shore market, due to the approaching National Day holiday and the end of the quarter, the pressure on inter - bank liquidity increased, pushing up short - term interest rates. After the National Day holiday, the pressure on inter - bank funds is expected to ease, which will drive down short - term Treasury yields [1][3][4]. Summary by Related Catalogs Offshore Market - Last week, there were 6 new issuances of Chinese - funded U.S. dollar bonds exceeding $100 million, totaling approximately $1.4 billion, mainly financial bonds and urban investment bonds. Offshore RMB bonds had new issuances of about RMB 61 billion, mainly driven by the issuance of RMB 60 billion central bank bills by the People's Bank of China [2]. - The 10 - year and 2 - year U.S. Treasury yields rose 5 and 7 basis points respectively to 4.18% and 3.64% last week. The U.S. second - quarter real GDP annualized quarterly - on - quarter final value increased by 3.8%, the fastest growth rate in nearly two years. As of the week ending September 20, the number of initial jobless claims in the U.S. decreased by 14,000 to 218,000, the lowest level since July [2]. - The Bloomberg Barclays Chinese - funded U.S. dollar bond total return index fell slightly by 0.1% last week, with the spread narrowing by 2 basis points. Among them, the high - rating index fell 0.1%, and the spread narrowed by 3 basis points; the high - yield index remained flat, and the spread was basically unchanged [3]. On - shore Market - Last week, the People's Bank of China net - withdrew short - term liquidity of RMB 822.3 billion through reverse repurchase maturities and net - injected long - term funds of RMB 30 billion through MLF renewals. The 7 - day deposit - type institutional pledged repurchase weighted average rate and the 7 - day inter - bank pledged repurchase weighted average rate rose 5 and 12 basis points respectively to 1.56% and 1.64%. The 3 - year and 10 - year Treasury yields rose 2 basis points and remained flat respectively at 1.54% and 1.88% [4]. Recent New Issuances of Chinese - funded U.S. dollar Bonds - Newly issued bonds include those from companies such as New Metro Global Limited, Longkou Urban Construction Investment and Development Co., Ltd., and Ping An Insurance Overseas (Holding) Company Limited, with different coupon rates, issuance amounts, and ratings [6]. Appendix: List of Chinese - funded U.S. dollar Bonds - The appendix provides detailed information on a large number of Chinese - funded U.S. dollar bonds, including issuers, guarantors, coupon rates, issuance amounts, prices, ratings, etc. The issuers cover banks, state - owned enterprises, and urban investment companies [18][20].

Group 1 - The core viewpoint of the article highlights the financial performance of *ST Xinchao in the first half of 2025, showing a decline in revenue and profit compared to the previous year [1] - The company's operating revenue for the first half of 2025 was 3.973 billion yuan, a year-on-year decrease of 8.85% [1] - The net profit attributable to shareholders was 958 million yuan, down 18.22% year-on-year, while the net profit excluding non-recurring items also decreased by 25.51% [1] Group 2 - The basic earnings per share for the reporting period was 0.14 yuan, with a weighted average return on equity of 4.20% [1] - As of August 29, 2025, the company's price-to-earnings ratio (TTM) was approximately 14.96 times, the price-to-book ratio (LF) was about 1.31 times, and the price-to-sales ratio (TTM) was around 3.59 times [1] - The gross margin for the first half of 2025 was 45.72%, a decrease of 4.83 percentage points year-on-year, while the net margin was 24.11%, down 2.76 percentage points from the previous year [1] Group 3 - In the second quarter of 2025, the company's gross margin was 42.38%, a year-on-year decrease of 5.38 percentage points and a quarter-on-quarter decrease of 6.14 percentage points [1] - The net margin for the second quarter was 20.31%, down 4.81 percentage points year-on-year and 6.99 percentage points quarter-on-quarter [1] - The company's period expenses for the first half of 2025 were 361 million yuan, a decrease of 104 million yuan compared to the same period last year, with a period expense ratio of 9.08%, down 1.59 percentage points year-on-year [1] Group 4 - As of the end of the first half of 2025, the total number of shareholders was 59,300, a decrease of 21,100 or 26.25% from the end of the first quarter [2] - The average market value of shares held per account dropped from 196,200 yuan at the end of the first quarter to 0 yuan, indicating a 100% decline [2] - The company primarily engages in the oil exploration, extraction, and sales business, with oil-related revenue accounting for 99.97% of its total revenue [2]

Group 1 - The core viewpoint of the news highlights that *ST Xinchao has a shareholder pledge ratio of 2.08% of its total share capital, ranking 1756th in the market [1] - The total number of shares pledged by *ST Xinchao's shareholders is 141 million, with a total pledged market value of 527 million yuan [1] - The company, Shandong Xinchao Energy Co., Ltd., specializes in the exploration, development, and sales of oil and natural gas, with its main products being oil and associated natural gas [1] Group 2 - In 2024, the company's U.S. subsidiary was recognized as the only awarded oil and gas company on the Houston Business Journal's list of the 50 fastest-growing companies [1] - The company also achieved notable rankings, including 15th in the Houston Chronicle's best private companies and 9th among the top 20 private oil operators in the U.S. by Oil and Gas Investors [1] - *ST Xinchao has established itself among the medium to large independent oil and gas development companies in the U.S. [1] Group 3 - Over the past year, *ST Xinchao's stock has increased by 113.14% [2]

资料显示，山东新潮能源股份有限公司的主营业务是石油和天然气的勘探、开发及销售。公司的主要产 品是石油及伴生天然气。2024年，美国子公司作为唯一获奖的油气公司，上榜《Houston Business Journal》年度增长最快50家企业名单；并获得《Houston Chronicle》最佳私营企业第15名，《Oil and Gas Investors》美国前20家私营石油作业者第9名，荣登德州铁路委员会"Railroad Commission of Texas"前30家最佳石油作业者。公司已跻身美国大中型独立油气开发公司之列。公司董事长为张钧昱， 总经理为张钧昱。 从股票走势来看，*ST新潮近一年上涨 124.58%。 来源：金融界 金融界消息，根据中登公司数据显示，截至上周最后一个交易日（8月1日），*ST新潮股东质押比例占 总股本2.87%，位居两市第1654位。 数据显示，*ST新潮股东共质押1.95亿股，分为4笔，其中无限售股1.95亿股，质押总市值7.85亿元。 ...

7月8日，*ST新潮今日收盘3.37元，上涨4.98%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到11.38倍，创1801天以来新低，总市值229.18亿元。 从行业市盈率排名来看，公司所处的石油行业行业市盈率平均12.84倍，行业中值29.51倍，*ST新潮排 名第10位。 截至2025年一季报，共有9家机构持仓ST新潮，其中其他8家、信托1家，合计持股数201259.23万股，持 股市值46.69亿元。 本文源自：金融界 作者：行情君 山东新潮能源股份有限公司的主营业务是石油和天然气的勘探、开发及销售。公司的主要产品是石油及 伴生天然气。2024年，美国子公司作为唯一获奖的油气公司，上榜《HoustonBusinessJournal》年度增长 最快50家企业名单；并获得《HoustonChronicle》最佳私营企业第15名，《OilandGasInvestors》美国前 20家私营石油作业者第9名，荣登德州铁路委员会"RailroadCommissionofTexas"前30家最佳石油作业 者。公司已跻身美国大中型独立油气开发公司之列。 最新一期业绩显示，2025年一季报，公司实现营业 ...

Core Viewpoint - ST Xinchao faces significant challenges due to an audit report that issued a "disclaimer of opinion," leading to a change in its stock designation to "*ST Xinchao" and triggering delisting risk warnings [1][2] Financial Summary - For the fiscal year 2024, ST Xinchao reported a revenue of 8.362 billion yuan, a year-on-year decrease of 5.50% - The net profit attributable to shareholders was 2.036 billion yuan, down 21.57% year-on-year - The company has experienced negative growth in net profit for two consecutive years, raising concerns about its financial health due to the audit's "non-standard" opinion [2] Corporate Governance Issues - A power struggle among shareholders has emerged, with Yitai B acquiring 50.1% of ST Xinchao's shares on May 30, becoming the controlling shareholder - On June 19, six shareholders holding over 10% of the shares requested an extraordinary general meeting to discuss the early re-election of the board of directors and supervisory board [3][4] Board and Supervisory Actions - On June 28, the board of directors unanimously rejected the shareholders' request for a meeting - Following this, the same six shareholders submitted a request to the supervisory board for a general meeting, which was also denied on July 4 [4] Industry Implications - The situation surrounding ST Xinchao serves as a warning for the capital market, emphasizing the need for listed companies to balance short-term performance with long-term governance - After resuming trading on July 8, *ST Xinchao will be subject to a daily price fluctuation limit of 5%, highlighting the critical nature of its survival and transformation in the oil and gas sector [5]

Core Points - The company is Shandong Xinchao Energy Corporation Limited, established in 1988 and listed on the Shanghai Stock Exchange [2][3] - The registered capital of the company is RMB 6,800,495,825 [3] - The company's business scope includes oil and gas exploration, development, sales, and related technical consulting services [4] Chapter Summaries Chapter 1: General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws [2] - The company is a permanent joint-stock company [3] Chapter 2: Business Objectives and Scope - The company's business objective is to prioritize human resources, innovate continuously, and achieve first-class standards in production scale, capital operation, talent cultivation, management, and economic benefits [4] - The business scope includes oil and gas exploration, sales, energy industry development, and various product sales [4] Chapter 3: Shares - The company's shares are in the form of stocks, with equal rights for each share of the same category [5] - The total number of ordinary shares issued by the company is 51.34 million, with a total issued share capital of 6,800,495,825 shares [5][6] Chapter 4: Shareholders and Shareholders' Meeting - The company establishes a shareholder register based on the certificates provided by the securities registration and settlement institution [10] - Shareholders have rights to dividends, request meetings, supervise operations, and transfer shares [10][13] Chapter 5: Board of Directors - The board of directors is responsible for the company's operations and decision-making [15] - Independent directors are included in the board to ensure compliance and governance [15] Chapter 6: Senior Management - Senior management includes the general manager, deputy general managers, and other specified personnel [4] Chapter 7: Financial Accounting System, Profit Distribution, and Audit - The company has established a financial accounting system and internal audit procedures [4] Chapter 8: Notices and Announcements - The company is required to issue notices and announcements in accordance with legal and regulatory requirements [4] Chapter 9: Mergers, Divisions, Capital Increase, Decrease, Dissolution, and Liquidation - The company can merge, divide, increase or decrease capital, and dissolve according to legal procedures [4] Chapter 10: Amendment of Articles - The articles can be amended following the procedures outlined in the document [4] Chapter 11: Supplementary Provisions - The articles serve as a legally binding document for the company, shareholders, directors, and senior management [3][4]

山东新潮能源股份有限公司 本人吴羡严格按照《中华人民共和国公司法》 （以下简称"《公司法》"）、 《上 市公司独立董事管理办法》等法律法规，以及《公司章程》等公司制度，作为山 东新潮能源股份有限公司（以下简称"公司"）的独立董事，在 2024 年度任职 期间恪尽职守、勤勉尽责，充分发挥独立董事的作用，积极出席相关会议，积极 关注公司发展，认真审议董事会各项议案，对公司相关事项发表独立意见，切实 维护了公司和全体股东尤其是中小股东的合法利益。现将本人 2024 年度工作情 况汇报如下： 一、基本情况 （一）个人工作履历、专业背景及兼职情况 吴羡，女，1987 年出生，中国国籍，东北财经大学会计学本科，休斯顿大 学会计学硕士研究生，拥有美国永久居留权，美国注册会计师。曾任 Canady and Canady LLC 高级税务助理，BDO USA, LLP 高级税务助理、安永会计师事务所 高级税务助理-税务经理，先后参与多家上市公司季度和年度财务报表相关的税 务审计工作，现任 McDermott International, Inc.税务经理。2023 年 2 月 27 日至今， 任公司独立董事。 （二）是否存在影 ...