Zhongman Petroleum and Natural Gas Group (603619) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 14.04% YoY to RMB 1.144bn; attributable net income increased 18.22% to RMB 181.1m. 9M revenue declined 4.50% and attributable net income fell 38.23%.

• 9M results faced pressure from Middle East conflict-related rig stoppages in Iraq, higher crude transport costs at Wensu and increased overseas exploration and development spending.

Financial highlights

• Q3 total profit was RMB 294.7m, up 22.67% YoY; attributable net income was RMB 181.1m, up 18.22%, and adjusted net income was RMB 180.2m, up 28.04%.

• 9M operating revenue was RMB 2.850bn, down 4.50%; total profit was RMB 548.2m, down 19.57%, and attributable net income was RMB 280.1m, down 38.23%.

• 9M adjusted attributable net income was RMB 275.9m, down 36.13%; basic and diluted EPS were RMB 0.61, each down 37.76%.

• 9M net income was RMB 300.5m versus RMB 470.4m a year earlier; operating profit was RMB 555.9m versus RMB 694.2m.

Outlook and guidance

• Timing of restart for the seven Iraqi rigs that remained idle at quarter-end was uncertain.