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Chinese oil and gas exploration, drilling and production company with operations in Central Asia and China.
Chinese oil and gas exploration, drilling and production company with operations in Central Asia and China.
Earns in two ways: selling crude oil from fields it operates, where income follows output and oil prices, and charging oil companies for drilling work with its own rigs, where it depends on their drilling budgets.
In one line: A China-based independent E&P/oilfield-services operator.
Moat: none. Commodity-exposed E&P business without a durable structural moat.
Headquarters: China · Employees: 2,861
Size Zhongman Petroleum and Natural Gas (603619.SS) is a China Energy company (Oil & Gas Production) with a market value of $1.30B, the 1843rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥19.64 on 6 Nov 2026.
Performance Over six months the shares fell 41.6%, against -16.9% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue fell 13.0% over the last twelve months (peer median +13.6%); the operating margin is 20.1% (peer median 20.6%).
Valuation It trades at 20.7× forward earnings against a peer median of 9.9× (3rd most expensive of 18).
Capital Return on invested capital runs 1.1 points above its cost of capital (5.8% WACC).
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.65B | CN¥3.91B | CN¥4.11B | CN¥3.72B | CN¥3.18B |
| Revenue growth | — | -5% | +11% | +17% | — |
| Gross profit | CN¥1.53B | CN¥1.69B | CN¥1.85B | CN¥1.66B | CN¥1.44B |
| EBITDA | CN¥1.44B | CN¥1.61B | CN¥1.83B | CN¥1.63B | CN¥1.23B |
| Net income | CN¥308M | CN¥510M | CN¥726M | CN¥812M | CN¥482M |
| Free cash flow | -CN¥135M | -CN¥168M | CN¥397M | CN¥318M | -CN¥310M |
| Capital expenditure | CN¥1.59B | CN¥1.47B | CN¥1.15B | CN¥1.26B | CN¥917M |
| Total debt | CN¥4.98B | CN¥5.69B | CN¥5.62B | CN¥4.07B | CN¥3.23B |
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| Measure | 603619.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.3% | -10.1% | 8th highest of 21 |
| 6-month return | -41.6% | -16.9% | lowest of 20 |
| Distance from 52-week high | -59.2% | -31.2% | lowest of 21 |
| Revenue growth (TTM) | -13.0% | +13.6% | 2nd lowest of 18 |
| Operating margin | 20.1% | 20.6% | 9th lowest of 18 |
| Forward P/E | 20.7× | 9.9× | 3rd most expensive of 18 |
| ROIC minus cost of capital | +1.1 pp | +0.8 pp | 11th highest of 21 |
| EV / EBITDA | 8.4× | 4.1× | 2nd most expensive of 17 |
| Net debt / EBITDA | 2.1× | 1.0× | 3rd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhongman Petroleum and Natural Gas 603619.SS | China | $1.30B | -42% | -13% | 20% | 20.7× | n/a | n/a |
| Vedanta Oil and Gas VOGL.NS | India | $1.27B | n/a | n/a | n/a | n/a | n/a | n/a |
| Advantage Energy AAV.TO | Canada | $1.26B | +6% | +14% | 20% | 16.0× | n/a | n/a |
| Parex Resources PXT.TO | Canada | $1.36B | -30% | +14% | 29% | 3.5× | -11.2% | +11.5% |
| Cardinal Energy CJ.TO | Canada | $1.40B | -8% | +18% | 31% | 11.8× | 5.3% | +17.9% |
| Serica Energy SER.L | United Kingdom | $1.20B | -17% | +64% | 23% | 12.6× | -13.0% | +29.4% |
| Beach Energy BPT.AX | Australia | $1.42B | -16% | -9% | 21% | 5.5× | -12.2% | +4.2% |
| Oriental Energy 002221.SZ | China | $1.17B | -36% | -22% | 3% | 15.2× | n/a | n/a |
| BlueNord BNOR.OL | Norway | $1.49B | -6% | +28% | 32% | 10.9× | -12.2% | +15.0% |
| Tenaz Energy TNZ.TO | Canada | $1.13B | -21% | +381% | 16% | 11.9× | 17.7% | +103.4% |
| NextDecade NEXT | United States | $1.56B | -23% | n/a | n/a | n/a | n/a | n/a |
| Etablissements Maurel & Prom MAU.PA | France | $1.57B | -29% | -11% | 31% | 5.4× | n/a | n/a |
| Valeura Energy VLE.TO | Canada | $1.07B | +11% | +6% | 17% | 9.9× | -17.3% | +141.2% |
| Vermilion Energy VET.TO | Canada | $1.61B | -9% | -2% | 14% | 4.3× | -0.8% | +9.1% |
| Spartan Delta SDE.TO | Canada | $1.63B | -11% | +93% | 32% | 7.6× | n/a | n/a |
| Energean ENOG.L | United Kingdom | $1.72B | -19% | +9% | 27% | 4.2× | -2.4% | +126.8% |
| Rockhopper Exploration RKH.L | United Kingdom | $937M | -18% | n/a | n/a | n/a | n/a | n/a |
| Meren Energy MER.TO | Canada | $921M | -19% | +388% | 22% | 5.8× | -16.4% | n/a |
| HighPeak Energy HPK | United States | $903M | +23% | -13% | 16% | 24.6× | n/a | n/a |
| Diversified Energy DEC | United States | $899M | -19% | +109% | 15% | 2.1× | -0.5% | +32.3% |
| Select Water Solutions WTTR | United States | $2.09B | -4% | -2% | 4% | 28.9× | n/a | n/a |