Sino Geophysical

Potential Energy Trust announced the termination of its 2025 share issuance to specific parties, while simultaneously disclosing a 2026 private placement plan. It intends to issue shares to controlling shareholder and actual controller Zhou Jinming, raising total proceeds not exceeding 200 million yuan, all to be used for supplementing working capital and repaying bank loans. The company stated that the Weizhou 5-3 oilfield development project under the original plan officially commenced production on June 6, 2025, with cumulative crude oil production of 166,000 cubic meters. The company has already secured development investment through borrowings and project revenue sharing, rendering the original financing plan no longer suitable. At the end of 2025, the company's asset-liability ratio stood at 72.89%, a high level with an upward trend. This issuance will help strengthen financial capacity, optimize capital structure, reduce financial expenses, and consolidate the actual controller's control. In the first half of the year, the company's operating revenue reached 693 million yuan, up 200.49% year-on-year, and net profit attributable to shareholders of the listed company was 118 million yuan, turning from a loss to a profit, mainly due to the commencement of production at the Weizhou 5-3 oilfield and rising oil prices.