Welcome to our dedicated page for SNP news (Ticker: SNP), a resource for investors and traders seeking the latest updates and insights on SNP stock.
The news associated with Sinopec’s historical ticker SNP in the provided materials appears through its role as a major customer of Recon Technology, Ltd. Recon’s press releases repeatedly identify Sinopec as one of China’s largest oil exploration companies that receives oilfield automation technologies, gathering and transportation equipment, and reservoir stimulation measures from Recon.
News items from Recon describe how demand from large domestic oil companies affects its business performance. These companies include Sinopec and The China National Petroleum Corporation (CNPC). When Recon reports changes in revenue or margins in its oilfield services segments, the commentary often refers to the investment behavior and production intensity of such customers. As a result, Sinopec is indirectly present in discussions of oilfield automation, environmental protection services, and related equipment.
Readers following SNP-related context can use this news flow to see how Sinopec’s procurement and operating environment influence suppliers in the oilfield service chain. Recon’s announcements discuss revenue trends in automation products and software, equipment and accessories, and oilfield environmental protection, and they attribute some of these trends to the behavior of large oil exploration customers in China.
By monitoring these releases, investors and analysts can gain additional perspective on how Sinopec’s upstream activities may translate into demand for third-party technologies and services. This page therefore serves as a useful companion to Sinopec’s own disclosures, offering a view from the standpoint of an independent oilfield service provider that lists Sinopec as a key customer.
Recon Technology (NASDAQ: RCON) reported fiscal 2025 results for the year ended June 30, 2025: revenue RMB66.3M (down 3.7% vs. 2024), gross profit RMB15.2M and gross margin 23.0% (down from 30.3%). Net loss narrowed to RMB43.7M from RMB51.4M. Management highlighted client diversification into non-oilfield and overseas oilfield customers and started construction of a chemical recycling factory on April 28, 2025, expected complete by end of 2025. Cash was RMB98.9M and short-term investment was RMB3.6M as of June 30, 2025.
Recon Technology (NASDAQ: RCON) reported financial results for H1 FY2025, showing mixed performance. Total revenue decreased 7.0% to RMB42.1 million ($5.8 million), while gross profit increased to RMB13.4 million ($1.8 million). The company's gross margin improved to 31.7% from 26.7% year-over-year.
Notable segment performance included:
- Automation product revenue increased 19.2%
- Equipment and accessories revenue declined 12.2%
- Oilfield environmental protection revenue decreased 66.2%
- Platform outsourcing services revenue grew 53.7%
The company reported a net loss of RMB20.7 million ($2.8 million), an improvement from the previous year's loss of RMB23.1 million. As of December 31, 2024, RCON maintained a strong cash position of RMB145.3 million ($19.9 million).
Recon Technology (NASDAQ: RCON) reported its fiscal year 2024 financial results, showing a modest revenue increase of 2.6% to RMB68.8 million ($9.5 million) compared to FY2023. The company's gross profit improved to RMB20.9 million ($2.9 million), with gross margin increasing to 30.3%. Despite these improvements, RCON recorded a net loss of RMB51.4 million ($7.1 million), though this represents a decreased loss compared to the previous year's RMB61.4 million. The company maintains a strong cash position of RMB110.0 million ($15.1 million) and short-term investments of RMB88.1 million ($12.1 million) as of June 30, 2024.
Recon Technology, (NASDAQ: RCON) announced its financial results for the first six months of fiscal year 2024.
Total revenue was RMB45.3 million ($6.4 million), consistent with the same period in 2022. Gross profit decreased to RMB12.1 million ($1.7 million), and gross margin dropped to 26.7% from 28.8% in 2022.
The company reported a net loss of RMB23.1 million ($3.3 million), down from RMB29.9 million ($4.2 million) in the same period last year. Management highlighted recovery in the oilfield services business, development of new offshore customers, and ongoing construction of a chemical recycling plant, expected to generate substantial future returns.
Revenue from equipment and accessories rose by 83.6% to RMB8.1 million ($1.1 million), while revenue from oilfield environmental protection and platform outsourcing services saw declines of 37.0% and 55.3%, respectively.
Cost of revenues increased slightly to RMB33.2 million ($4.7 million). Gross profit from automation products and software decreased by 14.3%, while cost for equipment and accessories rose by 106.1%.
Recon Technology announced on May 23, 2024, that it has regained compliance with Nasdaq's listing standards. The company received a letter from Nasdaq's Listing Qualifications Hearings Department on May 22, 2024, confirming that the bid price deficiency had been resolved. As a result, the scheduled hearing was canceled, and Recon's ordinary shares will continue to be listed and traded on the Nasdaq Capital Market.
Recon Technology, (NASDAQ: RCON) has received a delisting determination from Nasdaq due to not meeting the Minimum Bid Price Rule. The company has appealed the decision, but if no appeal is made, trading will be suspended on May 2, 2024. The recent approval of the consolidation of its Class A ordinary shares is expected to take effect on May 1, 2024.
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