Taishan Petroleum (000554) is a listed company for the sale of refined oil products under Sinopec. It mainly sells refined oil products (mainly the purchase and sale of diesel, gasoline and lubricants), and has 180,000 cubic meters of oil depots and 128 gas stations. The policy forces the two major groups, CNPC and Sinopec, to reduce the profits of oil sales companies so as not to give subsistence to sales companies outside the system. 1. China's erroneous approach to dealing with high oil prices has led to a rigid pricing system for refined oil products. 2. Rigidity in the pricing system for refined oil products is the key to declining profits in the oil sales industry. The two major groups had to reduce the profits of oil sales companies in order to retain the profits of companies selling outside the system. 3. The rigid pricing system for refined oil products has led the two major groups to concentrate profits upstream in the industrial chain, leaving no profit margin for oil sales companies outside the system. The reform of the pricing system for refined oil products determines the fundamental fate of the company. As the reform progresses, the company's performance will gradually improve. Although Taishan Petroleum will not receive government subsidies due to the reform of the pricing system for refined oil products, only market-based prices will not allow the two major groups to concentrate profits upstream in the industrial chain, so that the sales segments of the two major groups can make normal profits, and Taishan Petroleum's performance can gradually improve. Restructuring value and optimal restructuring method 1. The company's liquidation value is 473.417,700 yuan 2. Reorganization method: Sinopec takes back petroleum assets and cash, a coal company goes public behind the shell 3. The target price is 7 yuan...