olivLaw · US equity research
Recon Technology, Ltd RCON
Oil & Gas Field Services, NEC · SIC 1389 · Vertical: Oil & Gas Field Services, NEC (SIC 1389)
Recon Technology supplies oilfield equipment, automation systems, tools and field services to petroleum companies, mainly in China. Since 2023 it has also built a chemical recycling business for waste plastic, which its annual report says has entered trial production, a notable change of direction for a small oilfield services provider.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Recon Technology, Ltd (RCON) stock was 0.84 USD (−5.11% on the day), with market capitalisation 8.9 m USD, beta 0.71, 52-week range 0.84–344.00 USD. Latest reported quarter (Q1 2017): revenue of 1.2 m USD (+106.8% YoY), net income of -818.7 k USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 24.3
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.83 – 1.13
- in the lower half of the band · %B 0.03 · band width 31.3%
- SMA 50 / 200
- 1.21 / 123.74
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.86 / -1.22
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −33.2% | −1.1% | −32.1 pp | — |
| 3 months | −93.0% | −0.5% | −92.6 pp | — |
| 6 months | −99.5% | +4.4% | −103.9 pp | — |
| Year to date | −99.7% | +12.3% | −112.1 pp | — |
| 1 year | −99.7% | +13.5% | −113.3 pp | +10.9% |
| 3 years | −99.9% | +76.4% | −176.3 pp | −29.5% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2017 · 30 Sept 2016
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '15 | Q3 '15 | Q4 '15 | Q1 '16 | Q2 '16 | Q3 '16 | Q4 '16 | Q1 '17 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.5 m | 3.3 m | 987.5 k | 565.6 k | 4.4 m | 703.8 k | 697.6 k | 1.2 m |
| Cost of revenue | 2.0 m | 2.3 m | 1.9 m | 502.4 k | 3.6 m | 440.2 k | 826.3 k | 1.0 m |
| Gross profit | 1.5 m | 1.0 m | -932.4 k | 63.2 k | 887.8 k | 263.6 k | -128.7 k | 163.8 k |
| Research & development | 202.5 k | 89.1 k | 284.6 k | 282.2 k | 421.5 k | 190.4 k | 139.3 k | 92.8 k |
| Operating income | 388.8 k | 66.1 k | -5.6 m | -1.4 m | -504.5 k | -1.3 m | -2.9 m | -822.1 k |
| Depreciation & amortisation | 25.0 k | 15.5 k | 25.9 k | 40.9 k | 36.4 k | 36.0 k | 30.9 k | 30.8 k |
| Interest expense | 37.0 k | 55.5 k | 50.1 k | 43.7 k | 30.3 k | 30.8 k | 31.6 k | 19.9 k |
| Pre-tax income | 1.0 m | -261.4 k | -5.7 m | -1.4 m | -519.3 k | -1.3 m | -2.9 m | -821.7 k |
| Income tax | 100.8 k | -29.6 k | -495.8 k | -2.6 k | -131.2 k | 219.1 k | -2.3 k | -3.0 k |
| Net income | 867.5 k | -250.0 k | -4.7 m | -1.4 m | -388.1 k | -1.5 m | -2.9 m | -818.7 k |
| Diluted EPS | 0.18 | -0.05 | -0.90 ≈ | -0.26 | -0.07 | -0.26 | -0.50 ≈ | — |
| Capex | 68.1 k ≈ | 403 ≈ | 257.2 k | 74.0 k | 2.8 k ≈ | 1.1 k ≈ | -50.7 k | 4.4 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14.9 m | 9.3 m | 7.4 m | 12.5 m | 9.3 m | 9.5 m | 9.3 m | 16.2 m |
| Revenue YoY | +16.5% | −37.6% | −20.2% | +68.5% | −26.0% | +2.4% | −2.3% | +75.0% |
| Net income | -3.7 m | -2.7 m | -3.5 m | 14.3 m | -8.2 m | -6.9 m | -5.9 m | -4.4 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −157.2% | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | 0.48 | -3.78 | -1.36 | -0.65 | -39.28 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −887.5% | unavailable | unavailable | unavailable |
| net % | -24.8% | -29.3% | -47.6% | 114.1% | -88.2% | -72.4% | -64.3% | -27.0% |
| Free cash flow | -11.0 m | -4.6 m | -5.8 m | -4.9 m | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 4.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 81.4 m USD
- Total assets
- 94.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.73x
- ROE
- -5.9%
- ROA
- -5.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 7.4 m | 12.5 m | 9.3 m | 9.5 m | 9.3 m | 16.2 m | SEC (XBRL)· 30 Sept 2026verified |
| Cost of revenue | 6.3 m | 9.6 m | 6.7 m | 6.6 m | 7.1 m | 10.8 m | SEC (XBRL)· 30 Sept 2026verified |
| Gross profit | 1.1 m | 2.9 m | 2.6 m | 2.9 m | 2.1 m | 5.4 m | SEC (XBRL)· 30 Sept 2026verified |
| Research & development | 905.3 k | 1.3 m | 1.2 m | 2.0 m | 2.3 m | 1.9 m | SEC (XBRL)· 30 Sept 2026verified |
| Operating income | -9.5 m | -12.3 m | -9.6 m | -9.9 m | -8.0 m | -6.1 m | SEC (XBRL)· 30 Sept 2026verified |
| Depreciation & amortisation | 487.9 k | 498.7 k | 508.0 k | 391.4 k | 439.4 k | 423.0 k | SEC (XBRL)· 30 Sept 2026verified |
| EBITDA | -9.0 m ≈ | -11.8 m ≈ | -9.1 m ≈ | -9.5 m ≈ | -7.6 m ≈ | -5.7 m ≈ | SEC (XBRL)· 30 Sept 2026derived |
| Interest expense | 342.2 k | 227.3 k | 346.8 k | 147.3 k | 155.1 k | 153.5 k | SEC (XBRL)· 30 Sept 2026verified |
| Pre-tax income | -4.1 m | 14.0 m | -8.5 m | -7.1 m | — | — | SEC (XBRL)· 30 Oct 2024verified |
| Income tax | -81.2 k | -91.7 k | 2.5 k | 4 | 221 | -237 | SEC (XBRL)· 30 Sept 2026verified |
| Net income | -3.5 m | 14.3 m | -8.2 m | -6.9 m | -5.9 m | -4.4 m | SEC (XBRL)· 30 Sept 2026verified |
| Diluted EPS | — | 0.48 | -3.78 | -1.36 | -0.65 | -39.28 | SEC (XBRL)· 30 Sept 2026verified |
| Weighted average diluted shares | 760.1 k | 1.7 m | 2.2 m | 25.3 k | 45.5 k | 111.3 k | SEC (XBRL)· 30 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 53.3 m | 47.3 m | 14.4 m | 15.1 m | 13.8 m | 4.4 m | SEC (XBRL)· 30 Sept 2026verified |
| Receivables | 4.1 m | 3.4 m | 3.8 m | 5.3 m | 5.0 m | 6.8 m | SEC (XBRL)· 30 Sept 2026verified |
| Inventories | 564.4 k | 581.4 k | 873.0 k | 155.3 k | 187.7 k | 196.1 k | SEC (XBRL)· 30 Sept 2026verified |
| Current assets | 75.6 m | 66.5 m | 69.6 m | 69.7 m | 49.7 m | 33.7 m | SEC (XBRL)· 30 Sept 2026verified |
| Property, plant & equipment, net | 4.2 m | 3.8 m | 3.4 m | — | — | — | SEC (XBRL)· 30 Oct 2023verified |
| Goodwill | 1.1 m | 706.2 k | — | — | — | — | SEC (XBRL)· 28 Oct 2022verified |
| Intangibles (excl. goodwill) | 1.0 m | 888.4 k | — | — | — | — | SEC (XBRL)· 28 Oct 2022verified |
| Total assets | 87.7 m | 73.2 m | 73.3 m | 76.0 m | 73.4 m | 94.2 m | SEC (XBRL)· 30 Sept 2026verified |
| Accounts payable | — | — | 1.5 m | 1.4 m | 2.7 m | 5.4 m | SEC (XBRL)· 30 Sept 2026verified |
| Current liabilities | 11.8 m | 7.9 m | 8.4 m | 6.5 m | 8.5 m | 12.3 m | SEC (XBRL)· 30 Sept 2026verified |
| Total liabilities | 43.2 m | 11.5 m | 12.8 m | 8.5 m | 10.0 m | 12.8 m | SEC (XBRL)· 30 Sept 2026verified |
| Equity | 39.6 m | 57.6 m | 64.7 m | 72.4 m | 66.9 m | 81.4 m | SEC (XBRL)· 30 Sept 2026verified |
| Shares outstanding at year end | 26.9 m | 26.9 m | 2.3 m | 8.0 m | 10.6 m | — | SEC (XBRL)· 15 Oct 2025verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -5.3 m | -3.9 m | -7.1 m | -6.0 m | -4.7 m | -8.7 m | SEC (XBRL)· 30 Sept 2026verified |
| Capex | 522.4 k | 999.7 k | — | — | — | — | SEC (XBRL)· 28 Oct 2022verified |
| Free cash flow | -5.8 m ≈ | -4.9 m ≈ | — | — | — | — | SEC (XBRL)· 28 Oct 2022derived |
| Investing cash flow | -7.2 m | -49.1 k | -33.8 m | 410.7 k | 4.7 m | -19.0 m | SEC (XBRL)· 30 Sept 2026verified |
| Financing cash flow | 61.0 m | -1.5 m | 7.8 m | 6.2 m | -456.9 k | 17.6 m | SEC (XBRL)· 30 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.9 m USD
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -27.0% | 0 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 20.5% | 100 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -39.6x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RECON TECHNOLOGY, LTD (RCON). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 16.2 m USD in 2026; YoY growth 75.0%; net margin -27.0%; ROE -5.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 20.5%
- Current ratio: 2.7x
What contradicts it
- Net margin: -27.0%
- Interest coverage: -39.6x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Oil & Gas Field Services, NEC (SIC 1389) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SLBSlb Limited | 76.1 bn | 25.1 | 12.0% | 8.4% | −1.6% | +42% / −1% |
| HALHalliburton Company | 27.3 bn | 13.8 | 18.8% | 8.9% | −3.3% | +26% / −11% |
| OIIOceaneering International Inc | 3.6 bn | 11.0 | 31.1% | 11.4% | +4.6% | +49% / +76% |
| NESRNational Energy Services Reunited Corp. | 2.2 bn | 23.2 | 9.4% | 5.8% | +1.7% | +54% / unavailable |
| RESRpc, Inc. | 1.3 bn | — | -3.0% | -1.8% | +15.0% | +11% / −19% |
| HOSHornbeck Offshore Services, Inc. | 904.9 m | 23.0 | 2.5% | 3.0% | −4.9% | −8% / −34% |
| PUMPProPetro Holding Corp. | 788.8 m | — | 0.2% | 0.2% | −12.1% | −33% / −30% |
| ACDCProFrac Holding Corp. | 723.0 m | — | -57.4% | -22.8% | −11.4% | +12% / −51% |
| WTTRSelect Water Solutions, Inc. | 681.6 m | 21.3 | 3.5% | 2.2% | −3.1% | +67% / +127% |
| CLBCore Laboratories Inc. | 442.2 m | 28.6 | 5.7% | 3.0% | +0.5% | −36% / −46% |
| NGSNatural Gas Services Group, Inc. | 373.4 m | 18.0 | 7.3% | 10.8% | +9.9% | −7% / +89% |
| TUSKMammoth Energy Services, Inc. | 145.3 m | 10.3 | 5.3% | 17.1% | −2.9% | +64% / −32% |
| NINENine Energy Service, Inc. | 101.3 m | — | -214.6% | -9.1% | +1.4% | unavailable / unavailable |
| KLXEKLX Energy Services Holdings, Inc. | 21.5 m | — | — | -9.7% | −10.2% | −39% / −89% |
| RCONRecon Technology, Ltd | 8.9 m | — | -5.9% | -27.0% | +75.0% | −100% / −100% |
| WBIWaterBridge Infrastructure LLC | — | 434.0 | 0.5% | 0.5% | +66.2% | +14% / unavailable |
| NOANorth American Construction Group Ltd. | — | — | 8.0% | 2.6% | +10.2% | −20% / −45% |
| LBRTLiberty Energy Inc. | — | 54.2 | 2.0% | 0.9% | −7.2% | −26% / −34% |
| RNGRRanger Energy Services, Inc. | — | 21.6 | 5.1% | 2.6% | −4.2% | +0% / +39% |
1- and 3-year price returns: for RCON from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Sept 2026; since then the company filed 6-K (29 Oct 2026).
In brief
Recon Technology supplies oilfield equipment, automation systems, tools and field services to petroleum companies, mainly in China. Since 2023 it has also built a chemical recycling business for waste plastic, which its annual report says has entered trial production, a notable change of direction for a small oilfield services provider.
SWOT
Strengths
- The company has an established operating base in China with a long record in oilfield automation and a portfolio of copyrights and patents reported in its filings. 1
- Long-standing ties with national oil companies and contractor qualifications are active relationships. 12
- The company has shown adaptability by extending into energy, heating and recycling. 1
Weaknesses
- The company depends heavily on one group of products for the Chinese petroleum industry. 1
- Results are sensitive to customers' investment cycles and price pressure. 12
- Financing relies on share sales and market instruments, and the company has had to address a minimum bid price listing compliance issue. 1
Opportunities
- The chemical recycling project could open a new revenue line if stable production and pyrolysis oil sales are confirmed. 1
- Extending offshore and international activity could reduce dependence on the Chinese market. 1
- Demand for digital, efficiency and lower-emission solutions from energy customers could grow. 1
Risks
- Recycling project ramp-uphigh
The chemical recycling project is only at the start of trial production, and a move to stable commercial output is not assured. 1
- Concentration of investment in one planthigh
A large part of the investment sits in a single Shandong facility, and construction or operating problems could affect the whole project. 1
- Dependence on one segmentmedium
Revenue comes essentially from technology for the Chinese petroleum industry, and falling demand could significantly reduce sales. 1
- VIE structuremedium
Control over the consolidated entities rests on contractual arrangements rather than direct ownership, which could make enforcement difficult. 1
- Listing compliance and financingmedium
The company received a Nasdaq notice on its minimum bid price and funds operations through share sales, which could dilute existing shareholders. 1
Investment thesis
What would need to be true (bull case)
- If the chemical recycling project reaches stable production and sells pyrolysis oil, the company could diversify revenue into a new market.
- Long experience in oilfields and ties with major customers could support demand even in a low-price environment.
- Demand for automation and lower-emission solutions could grow as the industry changes its strategies.
What would break the thesis
- The recycling project is at an early stage and could face yield, feedstock or approval difficulties.
- Oil price pressure and tighter customer budgets could keep weighing on revenue from the core segment.
- Equity financing and listing compliance issues could lead to dilution and pressure on shareholders.
What to watch
- Stability of trial production and start of commercial output at the Weifang plant2027
- Actual pyrolysis oil sales and ISCC certificationnext 10-K
- Trend in revenue from the core oilfield services segmentnext 10-K
- Effect of the at-the-market share sale program on the capital structure2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Sept 2026; since then the company filed 6-K (29 Oct 2026).
The business
The company, incorporated in the Cayman Islands in 2007 and headquartered in Beijing, provides specialized oilfield equipment, automation systems, tools, chemicals and field services to petroleum companies mainly in China. Its core activity runs through PRC entities consolidated as variable interest entities, namely Beijing BHD and Nanjing Recon, controlled by contractual arrangements. Since 2018 the business has extended into downstream energy, and since 2023 into chemical recycling of waste plastic. 1
Revenue comes from automation products and projects, heating furnace equipment and energy saving solutions, chemicals for wastewater and oily sludge treatment, downhole and engineering services, and platform services for gas stations. 1
According to the annual report, the company aims to reduce reliance on a single segment and market by extending its activity offshore and internationally. The report also describes a change in share structure through a share consolidation that reduced shares outstanding. 1
Segments
Oilfield equipment and services
The traditional segment supplies automation, tools and services for oil extraction, the core activity since the company was founded. 1
Energy and industrial heating
From 2018 the company extended its automation systems and heating furnaces to downstream energy, electric power, coal chemical and civil markets. 1
Chemical recycling of waste plastic
The Weifang, Shandong project is designed to process 40,000 tons of waste plastic per year, with planned pyrolysis oil output. The report states trial production began on September 28, 2026, but the project is at an early stage with technical and feedstock risks. 1
Market context
The report describes the 2025-2026 oil market as under pressure from oversupply, weak demand and fading geopolitical premiums, which pushed prices lower. In China, faster substitution by new energy and petrochemical fuels reduced refined product consumption. 1
Management says demand from oilfield customers for green, digital and intelligent solutions could keep rising, and plastic circular economy creates a new market. The company's earlier results under price pressure, as shown in its fiscal 2015 release, illustrate how sensitive revenue has been. 12
Trends
- Oil price pressureheadwind
Lower oil prices and oversupply could reduce customers' capital budgets for oilfield work, directly affecting demand for services. The fiscal 2015 release shows how cut budgets led to falling revenue. 12
- Green energy and digitalizationtailwind
Demand for automation, smart solutions and lower-emission technologies could support the business if customers keep investing in efficiency and recovery. 1
- Circular plastic economymixed
Rising ESG focus among chemical companies could create demand for recycled materials, and the recycling project could become a new revenue source if commercialized successfully. 1
- Share consolidation and financingheadwind
The 2026 1-for-200 consolidation and at-the-market share sales show reliance on capital markets, which could constrain flexibility if results stay weak. 1
Competitive position
The report says international oilfield automation companies have been qualified in China since the 1990s and have far greater financial and marketing resources, and that at least five domestic private competitors also operate in the market, with more entrants possible as oil companies seek lower costs. 1
In plastic chemical recycling the company faces established petrochemical, environmental and chemical companies with greater technical and financial resources. 1
- International oilfield automation companies
Foreign companies qualified in China since the 1990s with greater financial and marketing resources, described in the report without names. 1
- Domestic private competitors in China
At least five private Chinese companies competing directly in the field services market. 1
- Petrochemical and chemical recycling companies
Established competitors in plastic recycling with greater technical and financial resources, described in the report. 1
- China Petroleum & Chemical Corporation (Sinopec)
Large Chinese oil company; through a subsidiary the company obtained a subcontractor qualification in 2015. 2
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Russian recon units modify captured Ukrainian equipment for their own use — commanderTASS (RU, EN) · 05 Nov 2026 · EN
- NATO recon aircraft spotted again over Black SeaTASS (RU, EN) · 13 Oct 2026 · EN
- NATO recon aircraft flies around Kaliningrad Region for second time this weekTASS (RU, EN) · 09 Oct 2026 · EN
- Swedish recon aircraft spends more than four hours over Black SeaTASS (RU, EN) · 05 Oct 2026 · EN
- Russia’s Supercam S180 recon UAV successfully operates under attacks — companyTASS (RU, EN) · 01 Oct 2026 · EN
- Several countries show interest in Russia’s Supercam S180 recon UAV — developerTASS (RU, EN) · 01 Oct 2026 · EN
- Russian army integrating AI for automatic UAV detection into recon equipment — commanderTASS (RU, EN) · 01 Oct 2026 · EN
- Upgraded Supercam S180 recon UAV to be showcased at ADEX 2026 in BakuTASS (RU, EN) · 28 Sept 2026 · EN
- NATO recon aircraft spotted operating over Black Sea since morningTASS (RU, EN) · 24 Sept 2026 · EN
- NATO recon aircraft flying over Poland parallel to Kaliningrad Region borderTASS (RU, EN) · 17 Sept 2026 · EN
- NATO recon aircraft spotted over Black Sea for first time since beginning of monthTASS (RU, EN) · 10 Sept 2026 · EN
- NEW: Japan scrambled fighter jets for five straight days following Chinese recon…Telegram — Insider Paper (EN, defense leaks) · 07 Sept 2026 · EN
- Battlegroup Center recon teams spend month deep behind Ukrainian lines undetectedTASS (RU, EN) · 13 Aug 2026 · EN
- Air Force commander highlights importance of recon and strike systemsTASS (RU, EN) · 12 Aug 2026 · EN
- NATO recon aircraft detected over Black Sea for second time this monthTASS (RU, EN) · 05 Aug 2026 · RO
- Russian Forces intercept rare Portuguese Tekever AR3 recon droneTASS (RU, EN) · 03 Aug 2026 · RO
- Ukraine Downs Russian ZALA Recon Drone at Record Altitude of 21,000 FeetKyiv Post · 31 Jul 2026 · RO
- NATO recon aircraft performing flight near Russia’s Kaliningrad RegionTASS (RU, EN) · 28 Jul 2026 · RO
- NATO recon aircraft performs unusually long flight over Black SeaTASS (RU, EN) · 27 Jul 2026 · RO
- NATO recon aircraft circling in Kaliningrad Region areaTASS (RU, EN) · 23 Jul 2026 · RO
SEC filings
- Current report (foreign issuer)29 Oct 2026
- Annual report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)18 Sept 2026
- Current report (foreign issuer)13 Aug 2026
- Current report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)06 May 2026
- Current report (foreign issuer)16 Apr 2026
- Current report (foreign issuer)13 Mar 2026
- Current report (foreign issuer)18 Feb 2026
- Current report (foreign issuer)30 Dec 2025
Sources
- [1] Form 20-F, fiscal year ended 2026-06-30 · SEC / Recon Technology, Ltd · 30 Sept 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Recon Technology, Ltd · 25 Sept 2015
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.