nftgameslikezedrun| China-Manchu Petroleum's net profit of 800 million yuan is still under financial pressure, stock price rose 50% Zhu Fengxue cashed in more than 700 million yuan

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Source: Changjiang Business Daily

Shen Yourong, reporter of Changjiang Business Daily.

Zhu Fengxue once again spoke to Zhongman Petroleum (603619NftgameslikezedrunSH) to reduce holdings.

On the evening of May 7, Zhongman Petroleum announced that the company's controlling shareholder, Shanghai Zhongman Investment Holdings Co., Ltd. (hereinafter referred to as "Zhongman Holdings") and its concerted actors plan to reduce their shares by no more than 3%.

Zhongman Holdings is controlled by Zhu Fengxue, who uses it to control Zhongman Oil. The funds obtained from this reduction will be used to repay debts and their own capital needs.

In the secondary market, Sinopec's share price has nearly doubled since February 2024. Based on the price of about 25 yuan per share of the company on May 8, it has also increased by 50%.

A reporter from the Yangtze River Business Daily noted that Zhu Fengxue has cashed out more than 700 million yuan through agreement transfer and reduction of holdings in the secondary market. In fact, shareholders of PetroChina have repeatedly reduced their holdings since 2019. According to a rough estimate, through the reduction of holdings in the secondary market, in addition to Zhu Fengxue and his concerted actors, shareholders have accumulated about 2 billion yuan.

In recent years, thanks to the rising prosperity of the oil industry, the operating performance of Zhongman Petroleum has increased significantly. In 2023, the company achieved operating income of 37%.Nftgameslikezedrun32 billion yuan, an increase of 16.67% over the same period last yearNftgameslikezedrunThe net profit belonging to the shareholders of the parent company (hereinafter referred to as "net profit") was 810 million yuan, an increase of 67.88% over the same period last year, while the net profit after deducting non-recurrent profit and loss (hereinafter referred to as "non-net profit") was 846 million yuan, an increase of 60.70% over the same period last year.

Despite the substantial increase in operating results, Zhongman Oil is still under financial pressure. At the end of 2023, the company's asset-liability ratio reached 68.66%, the highest level since the end of 2015.

The actual controller plans to implement a new round of reduction.

In order to alleviate the financial pressure, Zhu Fengxue decided to implement a new round of holdings reduction plan.

According to the announcement At present, Zhongman Holdings, Zhu Fengxue, Shanghai Gongxing Investment Center (Limited Partnership) (hereinafter referred to as "Gongxing Investment"), Shanghai Gongrong Investment Center (Limited Partnership) (hereinafter referred to as "Gongrong Investment"), Shanghai Gongyuan Investment Center (Limited Partnership) (hereinafter referred to as "Gongyuan Investment") respectively owns 21.59%, 8.54%, 1.13% and 2.06% of CNPC, respectively. 1.12% of the shares (34.44% of the total share capital of the company) All the above shares are derived from the shares already held by the company before the initial public offering, which were lifted and listed on November 18, 2020.

Zhongman Holdings is controlled by Zhu Fengxue, the actual controller of the company. Zhu Fengxue serves as the executive partner of Gongxing Investment, Co-Prosperity Investment and Gongyuan Investment. Zhu Fengxue and Li Yuchi are the joint actual controllers of Zhongman Petroleum.

This reduction plan is that Zhongman Holdings, Zhu Fengxue, Gongxing Investment, Gongrong Investment, and Gongyuan Investment will reduce their holdings of no more than 3% of the company's shares.

Zhongman's share price has performed well since February 2024. The share price of the company rose from 16.16 yuan per share to 30.24 yuan per share, nearly doubling. Even at the company's price of about 25 yuan per share on May 8, it rose by 50%.

As of May 8, the market capitalization of CNPC was about 10 billion yuan. If the above reduction is implemented, Zhu Fengxue and his concerted actors will cash out 300 million yuan.

A reporter from the Changjiang Business Daily found that since May 2021, Zhu Fengxue has frequently reduced his holdings and cashed out. For example, on January 11, 2023, Zhongman Holdings reduced its stake in 4 million shares and cashed out about 70.35 million yuan. On May 23 of that year, Xing Investment reduced its holdings of 3.8 million shares and cashed out about 58.9 million yuan.

ExceptNftgameslikezedrunThrough the reduction of holdings in the secondary market, Zhu Fengxue also carried out an agreement transfer. In December 2022, Zhu Fengxue transferred 11 million shares of the company to Qingdao Haoyun Asset Management Co., Ltd., and the price was 143 million yuan to repay his pledge financing debt in Shenwan Hongyuan.

In the same month, Li Yuchi transferred his 5.01% stake in the company to Chongqing Lanhai Enterprise Management Consulting Partnership (limited partnership) with a transaction price of 401 million yuan.

Rough estimate, through the agreement transfer and secondary market reduction, Zhu Fengxue cumulative cash amount of more than 700 million yuan.

Zhongman Petroleum has been sought after by capital, Sequoia Capital, innovation investment and so on have become important shareholders. However, by the end of the first quarter of 2024, they all disappeared from the shareholder list.

Changjiang Business Daily reporter according to Wind system data rough statistics, these shareholders through the reduction of cumulative cash of about 2 billion yuan.

Revenue and net profit fell both in the first quarter

Zhu Fengxue is busy reducing his holdings and cashing out, which is directly related to his own financial pressure. As the main body of the listing, Zhongman Oil is also under pressure.

Zhongman Petroleum was founded in 2003 and listed on the Shanghai Stock Exchange in 2017. Headquartered in Lingang New area of Shanghai Free Trade Experimental Zone, the company is an international well-known comprehensive oil and gas company specializing in the field of oil and gas. Since 2011, the company has implemented the internationalization strategy of "going global", deeply ploughing "Belt and Road Initiative" countries, providing oil and gas engineering services and petroleum equipment products.

In 2023, the company has 56 drilling and workover rigs in operation, with an operating rate of more than 90%, distributed in 13 projects at home and abroad, with a total footage of 796500 meters. In that year, the company signed a total of 41 contracts, the contract amount reached 3.399 billion yuan, an increase of 26.50% over the same period last year, and the amount of newly signed orders reached an all-time high.

In that year, Zhongman Oil realized operating income of 3.732 billion yuan, an increase of 16.67% over the same period last year, net profit of 810 million yuan, an increase of 67.88% over the same period last year, and 846 million yuan of non-net profit, an increase of 60.70% over the same period last year.

In view of the substantial increase in operating performance in 2023, Zhongman Petroleum explained that the company actively gave full play to the advantage of integration and achieved multiple breakthroughs in new strata and new fields by increasing exploration and key evaluation. the oil and gas reserves on the upper wall of F1 fault zone in Kekeya oilfield have been basically proved. At the same time, by strengthening the implementation of horizontal wells, Wensu Oilfield reached a new level on the basis of accumulating crude oil production of more than 1 million tons, achieving crude oil output of 580800 tons that year, an increase of 146800 tons over the same period last year, and an increase of 33.82 percent over the same period last year.

In 2022, the company's operating income and net profit were 3.065 billion yuan and 503 million yuan respectively, an increase of 73.98% and 580.35% over the same period last year, and 504 million yuan after deducting non-net profit, an increase of 609.98% over the same period last year. This is mainly due to the rising price of crude oil and the company's increased reserves and production.

However, in the first quarter of 2024, China-Manchu Petroleum's performance turned. In the current period, the company achieved operating income of 807 million yuan, a year-on-year decrease of 10.745; net profit was 172 million yuan, a year-on-year decrease of 19.85%. In the current period, the company's Wensu project achieved crude oil output of 154,500 tons, an increase of 24,300 tons over the same period last year, a year-on-year increase of 18.66%; the company's Tenge project achieved crude oil output of 43,300 tons, an increase of 25,800 tons over the same period last year, a year-on-year increase of 147.43%.

At the same time, China-Manchu Petroleum has obvious financial pressure. As of the end of 2023, the company's asset-liability ratio was 68.66%, the highest level since the end of 2015. At the end of the period, the company's monetary funds were 1.250 billion yuan, interest-bearing liabilities were 3.211 billion yuan, and the financial expenses for the year were 149 million yuan, the highest level in nearly 10 years.

Of course, global crude oil prices are still at a high level, and China-Manchu Petroleum's downstream demand is still not weak. The company is expected to use its own blood-making capabilities to cope with financial pressure.