Zhongman Petroleum and Natural Gas Group (603619) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was RMB 1.00 billion, down 11.44% year-over-year; YTD revenue was RMB 2.98 billion, down 2.18% year-over-year.

• Net profit attributable to shareholders in Q3 was RMB 153.17 million, down 36.38% year-over-year; YTD net profit was RMB 453.38 million, down 32.18% year-over-year.

• Decline in net profit mainly due to lower international oil prices impacting the exploration and development segment.

Financial highlights

• Operating cash flow for the first nine months was RMB 1.01 billion, up 16.34% year-over-year.

• Basic and diluted EPS for Q3 were RMB 0.33, down 43.10% year-over-year; YTD EPS was RMB 0.98, down 41.32% year-over-year.

• Total assets at Q3-end were RMB 12.68 billion, up 6.10% from year-end 2024.

• Shareholders’ equity at Q3-end was RMB 4.35 billion, up 8.74% from year-end 2024.

Outlook and guidance

• International oil prices in the first three quarters of 2025 showed a downward trend, with WTI averaging $66.47/bbl (down 13.64% YoY) and Brent averaging $69.74/bbl (down 14.76% YoY).