Stock Track | Shandong Molong Soars 6.96% Intraday on Strong Q1 Revenue and Oil Sector Tailwinds

Stock Track04-24

Shandong Molong's stock surged 6.96% intraday, continuing its positive momentum from the previous session.

The sharp rise follows the company's release of its first-quarter financial results, which showed revenue skyrocketing 128.53% year-over-year to RMB 666 million. Net profit attributable to shareholders also increased by 2.96% year-over-year to RMB 5.58 million.

The broader oil and gas equipment sector provided a favorable backdrop, with geopolitical tensions supporting crude oil prices. The company, which is controlled by Shouguang SASAC and benefits from energy security policy themes, has secured orders in over 50 countries, demonstrating robust demand for its high-grade corrosion-resistant tubing and specialty threaded products.

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