CN Stock MarketDetailed Quotes

Xiangpiaopiao Food (603711)

Watchlist

15.59
+0.31+2.03%

Market Closed May 20 15:00 CST

6.44BMarket Cap31.06P/E (TTM)

Earnings

Revenue Breakdown

Financial Indicators

Income Statement

Balance Sheet

Cash Flow

Xiangpiaopiao Food (603711) Balance Sheet

All

YOY

Hide blank lines

(Q1)Mar 31, 2026

(FY)Dec 31, 2025

(Q9)Sep 30, 2025

(Q6)Jun 30, 2025

(Q1)Mar 31, 2025

(FY)Dec 31, 2024

(Q9)Sep 30, 2024

(Q6)Jun 30, 2024

(Q1)Mar 31, 2024

(FY)Dec 31, 2023

Assets

Current assets

Money funds

1.95%2.25B

-2.31%2.43B

-16.37%2.1B

4.93%2.15B

-5.95%2.21B

-8.33%2.49B

6.72%2.51B

-5.19%2.05B

9.47%2.35B

9.88%2.71B

Transactional financial assets

430.02%946.85M

309.01%733.78M

202.09%424.12M

195.53%277.88M

82.21%178.65M

-22.61%179.4M

-52.51%140.39M

-53.89%94.03M

-59.21%98.04M

24.97%231.82M

Notes receivable and accounts receivable

112.80%67.09M

37.72%76.1M

59.76%33.98M

59.21%39M

-4.24%31.53M

-4.28%55.26M

-25.06%21.27M

2.07%24.5M

-19.87%32.92M

6.99%57.73M

-Accounts receivable

112.80%67.09M

37.72%76.1M

59.76%33.98M

59.21%39M

-4.24%31.53M

-4.28%55.26M

-25.06%21.27M

2.07%24.5M

-19.87%32.92M

6.99%57.73M

Other receivables (including interest and dividends)

-14.39%5.1M

-70.23%4.63M

13.74%6.31M

6.26%5.46M

0.82%5.96M

49.68%15.56M

15.66%5.54M

18.81%5.14M

-52.12%5.91M

-44.04%10.4M

-Other receivable

----

-70.23%4.63M

----

6.26%5.46M

----

49.68%15.56M

----

18.81%5.14M

----

-44.04%10.4M

Advance payment

-0.92%43.72M

12.08%48.6M

24.92%64.32M

62.08%63.17M

25.47%44.13M

16.44%43.36M

4.01%51.49M

0.61%38.98M

-3.06%35.17M

-17.20%37.24M

Inventories

17.91%160.37M

-14.47%159.24M

7.64%184.26M

-0.37%120.55M

0.38%136.02M

14.99%186.18M

3.80%171.19M

1.16%121M

0.92%135.5M

-5.65%161.92M

Other current assets

-23.08%27.37M

-47.58%15.61M

-51.89%19.34M

-22.43%43.51M

-44.16%35.59M

-54.15%29.77M

94.30%40.19M

76.52%56.09M

197.30%63.73M

172.38%64.93M

Total current assets

32.67%3.5B

15.73%3.47B

-3.71%2.83B

13.01%2.7B

-2.91%2.64B

-8.56%3B

0.84%2.94B

-7.54%2.39B

3.36%2.72B

10.43%3.28B

Non Current assets

Other equity investment

0.00%28.8M

Other non-current financial assets

--40M

----

Investment real estate

-6.38%53.27M

-6.30%54.18M

-6.28%55.06M

-5.67%55.99M

-4.98%56.9M

-5.55%57.83M

-23.90%58.75M

-24.30%59.35M

-24.49%59.88M

-31.12%61.23M

Long-term equity investment

-11.58%26.45M

-11.41%26.51M

-15.81%28.64M

-13.96%29.25M

-12.72%29.92M

65.93%34.02M

65.55%33.99M

60.90%34.28M

104.44%34.28M

Fixed assets

----

-5.92%1.26B

----

-9.41%1.28B

----

-9.06%1.34B

----

-6.73%1.42B

----

-6.11%1.48B

Constru in process

----

-35.94%34.53M

----

56.98%65.12M

----

-0.04%53.9M

----

-24.02%41.48M

----

-21.84%53.92M

Intangible assets

-6.62%164.33M

-6.60%165.35M

-6.00%174.96M

-5.95%176.02M

-6.54%175.98M

-6.56%177.04M

-2.29%186.13M

-2.39%187.16M

-2.44%188.29M

-2.46%189.47M

Long deferred expense

43.07%1.74M

73.07%2M

18.67%1.46M

62.03%1.41M

39.16%1.22M

12.88%1.16M

21.99%1.23M

-28.47%869.17K

-57.12%876.06K

-63.49%1.02M

Deferred tax assets

-26.90%89M

3.27%108.24M

22.25%166.66M

20.29%162.9M

16.30%121.75M

7.32%104.82M

-11.13%136.32M

-9.13%135.43M

-4.88%104.69M

3.00%97.66M

Usufruct assets

-69.43%2.97M

-62.29%4.33M

-55.44%6.17M

-37.95%8M

-33.22%9.71M

-30.79%11.49M

-25.87%13.84M

422.33%12.9M

219.85%14.54M

150.73%16.61M

Other non current assets

-28.44%62.32M

-5.73%66.63M

-2.69%67.99M

549.91%70.86M

1,559.97%87.09M

8,064.80%70.68M

1,163.32%69.87M

34.88%10.9M

3.36%5.25M

-76.75%865.64K

Total non current assets

-7.14%1.74B

-4.50%1.79B

-3.10%1.89B

-2.37%1.88B

-3.09%1.87B

-4.18%1.88B

-4.38%1.95B

-6.14%1.93B

-5.99%1.93B

-5.67%1.96B

Total assets

16.15%5.24B

7.93%5.26B

-3.47%4.72B

6.14%4.58B

-2.99%4.51B

-6.92%4.87B

-1.31%4.89B

-6.92%4.31B

-0.74%4.65B

3.80%5.24B

Liabilities

Current liabilities

Short term loan

119.86%1.09B

53.78%1.04B

-19.47%754.2M

19.70%730.2M

-28.84%493.5M

-33.07%674M

-8.63%936.5M

-44.14%610M

-28.58%693.5M

9.34%1.01B

Notes payable and accounts payable

39.04%236.24M

29.87%352.73M

1.87%294.56M

-28.73%124.75M

-13.08%169.91M

-34.36%271.61M

-21.56%289.15M

-22.28%175.04M

-13.01%195.47M

-16.19%413.79M

-Accounts payable

39.04%236.24M

29.87%352.73M

1.87%294.56M

-28.73%124.75M

-13.08%169.91M

-34.36%271.61M

-21.56%289.15M

-22.28%175.04M

-13.01%195.47M

-2.34%413.79M

Contract liabilities

-1.24%148.8M

0.41%186.05M

-6.78%173.16M

5.37%129.65M

-2.28%150.66M

10.19%185.29M

-21.28%185.75M

19.46%123.04M

13.92%154.18M

-10.86%168.17M

Salaries payable

-4.98%61.57M

-7.40%63.85M

-9.80%56.1M

7.28%71.13M

12.50%64.79M

-14.81%68.95M

-2.88%62.19M

-5.60%66.3M

-3.94%57.59M

-2.02%80.93M

Taxs payable

-33.66%23.57M

-62.04%22.35M

-17.06%31.23M

-7.22%18.55M

16.81%35.53M

-14.58%58.86M

-15.70%37.65M

29.72%20M

-16.46%30.42M

-40.55%68.91M

Other payable (including interest and dividends)

-2.46%22.55M

-2.10%22.78M

-4.71%23.06M

-4.23%24.09M

-12.75%23.11M

-28.10%23.26M

31.35%24.2M

20.70%25.16M

-17.87%26.49M

56.24%32.36M

-Other payable

----

-2.10%22.78M

----

-4.23%24.09M

----

-28.10%23.26M

----

20.70%25.16M

----

56.24%32.36M

Non current liabilities due within one year

-61.66%757.83K

-47.09%1.03M

-78.78%1.58M

-64.64%2.09M

-70.82%1.98M

-73.09%1.95M

-12.00%7.43M

128.20%5.9M

174.66%6.77M

181.83%7.23M

Other current liabilities

17.32%6.42M

27.44%10.74M

-25.28%11.28M

-2.71%3.11M

-13.56%5.47M

15.13%8.42M

-34.93%15.1M

-32.38%3.2M

-17.35%6.33M

-50.91%7.32M

Total current liabilities

67.72%1.58B

31.23%1.7B

-13.66%1.35B

7.29%1.1B

-19.29%944.94M

-27.63%1.29B

-12.88%1.56B

-32.95%1.03B

-20.35%1.17B

-2.95%1.79B

Current liabilities

Deferred tax liabilities

-9.59%10.51M

-4.59%13.26M

5.18%10.91M

13.69%11.35M

-14.36%11.62M

-1.89%13.9M

-33.43%10.37M

-41.93%9.98M

33.74%13.57M

139.44%14.16M

Long term deferred income

-10.68%62.61M

-10.27%65.01M

-8.15%65.4M

-7.57%67.75M

-3.79%70.1M

-2.14%72.45M

-4.45%71.21M

5.29%73.3M

2.72%72.86M

2.49%74.03M

Lease liabilities

-65.00%209.74K

----

-99.23%61.6K

-93.03%599.19K

-89.71%1.04M

-33.70%7.63M

10,202.74%7.99M

539.42%8.6M

622.61%10.14M

Total non current liabilities

-10.92%73.33M

-10.44%78.27M

-14.46%76.31M

-13.27%79.16M

-13.37%82.33M

-11.13%87.39M

-12.21%89.21M

5.05%91.27M

15.29%95.03M

23.60%98.33M

Total liabilities

61.42%1.66B

28.60%1.77B

-13.70%1.42B

5.61%1.18B

-18.84%1.03B

-26.77%1.38B

-12.85%1.65B

-30.91%1.12B

-18.45%1.27B

-1.85%1.88B

Shareholders equity

Paid-in capital

0.05%412.87M

0.15%412.87M

0.52%412.87M

0.47%412.68M

0.37%412.26M

0.00%410.75M

Capital reserve funds

-0.94%680.21M

0.00%680.21M

1.77%680.21M

2.68%680.21M

5.43%686.68M

5.28%680.2M

4.68%668.39M

4.64%662.46M

2.88%651.3M

2.06%646.08M

Surplus reserve funds

0.00%207.56M

Retained profit

4.79%2.28B

-0.36%2.19B

2.20%2B

9.69%2.1B

3.10%2.18B

5.25%2.19B

8.34%1.96B

8.58%1.91B

12.47%2.11B

11.47%2.09B

Shareholders equity without minority interests

2.81%3.58B

-0.21%3.49B

1.76%3.3B

6.43%3.4B

3.04%3.48B

4.33%3.49B

5.89%3.25B

5.99%3.19B

8.06%3.38B

7.29%3.35B

Minority interests

-93.11%-1.79M

-79.90%-1.67M

-308.93%-1.34M

-164.45%-1.17M

-144.67%-927.07K

-146.12%-926.89K

-114.62%-327.71K

-18.00%1.82M

-17.76%2.08M

-20.48%2.01M

Total shareholder equity

2.79%3.58B

-0.23%3.49B

1.72%3.3B

6.33%3.4B

2.95%3.48B

4.24%3.49B

5.81%3.25B

5.97%3.19B

8.04%3.38B

7.27%3.35B

Total liabilityies and equity

16.15%5.24B

7.93%5.26B

-3.47%4.72B

6.14%4.58B

-2.99%4.51B

-6.92%4.87B

-1.31%4.89B

-6.92%4.31B

-0.74%4.65B

3.80%5.24B

Currency Unit

CNY

Accounting Standards

CAS (2007)

Audit Opinions

Unqualified opinion

Auditor

Lixin Certified Public Accountants (Special General Partnership)

	(Q1)Mar 31, 2026	(FY)Dec 31, 2025	(Q9)Sep 30, 2025	(Q6)Jun 30, 2025	(Q1)Mar 31, 2025	(FY)Dec 31, 2024	(Q9)Sep 30, 2024	(Q6)Jun 30, 2024	(Q1)Mar 31, 2024	(FY)Dec 31, 2023
Assets
Current assets
Money funds	1.95%2.25B	-2.31%2.43B	-16.37%2.1B	4.93%2.15B	-5.95%2.21B	-8.33%2.49B	6.72%2.51B	-5.19%2.05B	9.47%2.35B	9.88%2.71B
Transactional financial assets	430.02%946.85M	309.01%733.78M	202.09%424.12M	195.53%277.88M	82.21%178.65M	-22.61%179.4M	-52.51%140.39M	-53.89%94.03M	-59.21%98.04M	24.97%231.82M
Notes receivable and accounts receivable	112.80%67.09M	37.72%76.1M	59.76%33.98M	59.21%39M	-4.24%31.53M	-4.28%55.26M	-25.06%21.27M	2.07%24.5M	-19.87%32.92M	6.99%57.73M
-Accounts receivable	112.80%67.09M	37.72%76.1M	59.76%33.98M	59.21%39M	-4.24%31.53M	-4.28%55.26M	-25.06%21.27M	2.07%24.5M	-19.87%32.92M	6.99%57.73M
Other receivables (including interest and dividends)	-14.39%5.1M	-70.23%4.63M	13.74%6.31M	6.26%5.46M	0.82%5.96M	49.68%15.56M	15.66%5.54M	18.81%5.14M	-52.12%5.91M	-44.04%10.4M
-Other receivable	----	-70.23%4.63M	----	6.26%5.46M	----	49.68%15.56M	----	18.81%5.14M	----	-44.04%10.4M
Advance payment	-0.92%43.72M	12.08%48.6M	24.92%64.32M	62.08%63.17M	25.47%44.13M	16.44%43.36M	4.01%51.49M	0.61%38.98M	-3.06%35.17M	-17.20%37.24M
Inventories	17.91%160.37M	-14.47%159.24M	7.64%184.26M	-0.37%120.55M	0.38%136.02M	14.99%186.18M	3.80%171.19M	1.16%121M	0.92%135.5M	-5.65%161.92M
Other current assets	-23.08%27.37M	-47.58%15.61M	-51.89%19.34M	-22.43%43.51M	-44.16%35.59M	-54.15%29.77M	94.30%40.19M	76.52%56.09M	197.30%63.73M	172.38%64.93M
Total current assets	32.67%3.5B	15.73%3.47B	-3.71%2.83B	13.01%2.7B	-2.91%2.64B	-8.56%3B	0.84%2.94B	-7.54%2.39B	3.36%2.72B	10.43%3.28B
Non Current assets
Other equity investment	0.00%28.8M	0.00%28.8M	0.00%28.8M	0.00%28.8M	0.00%28.8M	0.00%28.8M	0.00%28.8M	0.00%28.8M	0.00%28.8M	0.00%28.8M
Other non-current financial assets	--40M	--40M	--40M	----	----	----	----	----	----	----
Investment real estate	-6.38%53.27M	-6.30%54.18M	-6.28%55.06M	-5.67%55.99M	-4.98%56.9M	-5.55%57.83M	-23.90%58.75M	-24.30%59.35M	-24.49%59.88M	-31.12%61.23M
Long-term equity investment	-11.58%26.45M	-11.41%26.51M	-15.81%28.64M	-13.96%29.25M	-12.72%29.92M	-12.72%29.92M	65.93%34.02M	65.55%33.99M	60.90%34.28M	104.44%34.28M
Fixed assets	----	-5.92%1.26B	----	-9.41%1.28B	----	-9.06%1.34B	----	-6.73%1.42B	----	-6.11%1.48B
Constru in process	----	-35.94%34.53M	----	56.98%65.12M	----	-0.04%53.9M	----	-24.02%41.48M	----	-21.84%53.92M
Intangible assets	-6.62%164.33M	-6.60%165.35M	-6.00%174.96M	-5.95%176.02M	-6.54%175.98M	-6.56%177.04M	-2.29%186.13M	-2.39%187.16M	-2.44%188.29M	-2.46%189.47M
Long deferred expense	43.07%1.74M	73.07%2M	18.67%1.46M	62.03%1.41M	39.16%1.22M	12.88%1.16M	21.99%1.23M	-28.47%869.17K	-57.12%876.06K	-63.49%1.02M
Deferred tax assets	-26.90%89M	3.27%108.24M	22.25%166.66M	20.29%162.9M	16.30%121.75M	7.32%104.82M	-11.13%136.32M	-9.13%135.43M	-4.88%104.69M	3.00%97.66M
Usufruct assets	-69.43%2.97M	-62.29%4.33M	-55.44%6.17M	-37.95%8M	-33.22%9.71M	-30.79%11.49M	-25.87%13.84M	422.33%12.9M	219.85%14.54M	150.73%16.61M
Other non current assets	-28.44%62.32M	-5.73%66.63M	-2.69%67.99M	549.91%70.86M	1,559.97%87.09M	8,064.80%70.68M	1,163.32%69.87M	34.88%10.9M	3.36%5.25M	-76.75%865.64K
Total non current assets	-7.14%1.74B	-4.50%1.79B	-3.10%1.89B	-2.37%1.88B	-3.09%1.87B	-4.18%1.88B	-4.38%1.95B	-6.14%1.93B	-5.99%1.93B	-5.67%1.96B
Total assets	16.15%5.24B	7.93%5.26B	-3.47%4.72B	6.14%4.58B	-2.99%4.51B	-6.92%4.87B	-1.31%4.89B	-6.92%4.31B	-0.74%4.65B	3.80%5.24B
Liabilities
Current liabilities
Short term loan	119.86%1.09B	53.78%1.04B	-19.47%754.2M	19.70%730.2M	-28.84%493.5M	-33.07%674M	-8.63%936.5M	-44.14%610M	-28.58%693.5M	9.34%1.01B
Notes payable and accounts payable	39.04%236.24M	29.87%352.73M	1.87%294.56M	-28.73%124.75M	-13.08%169.91M	-34.36%271.61M	-21.56%289.15M	-22.28%175.04M	-13.01%195.47M	-16.19%413.79M
-Accounts payable	39.04%236.24M	29.87%352.73M	1.87%294.56M	-28.73%124.75M	-13.08%169.91M	-34.36%271.61M	-21.56%289.15M	-22.28%175.04M	-13.01%195.47M	-2.34%413.79M
Contract liabilities	-1.24%148.8M	0.41%186.05M	-6.78%173.16M	5.37%129.65M	-2.28%150.66M	10.19%185.29M	-21.28%185.75M	19.46%123.04M	13.92%154.18M	-10.86%168.17M
Salaries payable	-4.98%61.57M	-7.40%63.85M	-9.80%56.1M	7.28%71.13M	12.50%64.79M	-14.81%68.95M	-2.88%62.19M	-5.60%66.3M	-3.94%57.59M	-2.02%80.93M
Taxs payable	-33.66%23.57M	-62.04%22.35M	-17.06%31.23M	-7.22%18.55M	16.81%35.53M	-14.58%58.86M	-15.70%37.65M	29.72%20M	-16.46%30.42M	-40.55%68.91M
Other payable (including interest and dividends)	-2.46%22.55M	-2.10%22.78M	-4.71%23.06M	-4.23%24.09M	-12.75%23.11M	-28.10%23.26M	31.35%24.2M	20.70%25.16M	-17.87%26.49M	56.24%32.36M
-Other payable	----	-2.10%22.78M	----	-4.23%24.09M	----	-28.10%23.26M	----	20.70%25.16M	----	56.24%32.36M
Non current liabilities due within one year	-61.66%757.83K	-47.09%1.03M	-78.78%1.58M	-64.64%2.09M	-70.82%1.98M	-73.09%1.95M	-12.00%7.43M	128.20%5.9M	174.66%6.77M	181.83%7.23M
Other current liabilities	17.32%6.42M	27.44%10.74M	-25.28%11.28M	-2.71%3.11M	-13.56%5.47M	15.13%8.42M	-34.93%15.1M	-32.38%3.2M	-17.35%6.33M	-50.91%7.32M
Total current liabilities	67.72%1.58B	31.23%1.7B	-13.66%1.35B	7.29%1.1B	-19.29%944.94M	-27.63%1.29B	-12.88%1.56B	-32.95%1.03B	-20.35%1.17B	-2.95%1.79B
Current liabilities
Deferred tax liabilities	-9.59%10.51M	-4.59%13.26M	5.18%10.91M	13.69%11.35M	-14.36%11.62M	-1.89%13.9M	-33.43%10.37M	-41.93%9.98M	33.74%13.57M	139.44%14.16M
Long term deferred income	-10.68%62.61M	-10.27%65.01M	-8.15%65.4M	-7.57%67.75M	-3.79%70.1M	-2.14%72.45M	-4.45%71.21M	5.29%73.3M	2.72%72.86M	2.49%74.03M
Lease liabilities	-65.00%209.74K	----	----	-99.23%61.6K	-93.03%599.19K	-89.71%1.04M	-33.70%7.63M	10,202.74%7.99M	539.42%8.6M	622.61%10.14M
Total non current liabilities	-10.92%73.33M	-10.44%78.27M	-14.46%76.31M	-13.27%79.16M	-13.37%82.33M	-11.13%87.39M	-12.21%89.21M	5.05%91.27M	15.29%95.03M	23.60%98.33M
Total liabilities	61.42%1.66B	28.60%1.77B	-13.70%1.42B	5.61%1.18B	-18.84%1.03B	-26.77%1.38B	-12.85%1.65B	-30.91%1.12B	-18.45%1.27B	-1.85%1.88B
Shareholders equity
Paid-in capital	0.05%412.87M	0.15%412.87M	0.52%412.87M	0.52%412.87M	0.47%412.68M	0.37%412.26M	0.00%410.75M	0.00%410.75M	0.00%410.75M	0.00%410.75M
Capital reserve funds	-0.94%680.21M	0.00%680.21M	1.77%680.21M	2.68%680.21M	5.43%686.68M	5.28%680.2M	4.68%668.39M	4.64%662.46M	2.88%651.3M	2.06%646.08M
Surplus reserve funds	0.00%207.56M	0.00%207.56M	0.00%207.56M	0.00%207.56M	0.00%207.56M	0.00%207.56M	0.00%207.56M	0.00%207.56M	0.00%207.56M	0.00%207.56M
Retained profit	4.79%2.28B	-0.36%2.19B	2.20%2B	9.69%2.1B	3.10%2.18B	5.25%2.19B	8.34%1.96B	8.58%1.91B	12.47%2.11B	11.47%2.09B
Shareholders equity without minority interests	2.81%3.58B	-0.21%3.49B	1.76%3.3B	6.43%3.4B	3.04%3.48B	4.33%3.49B	5.89%3.25B	5.99%3.19B	8.06%3.38B	7.29%3.35B
Minority interests	-93.11%-1.79M	-79.90%-1.67M	-308.93%-1.34M	-164.45%-1.17M	-144.67%-927.07K	-146.12%-926.89K	-114.62%-327.71K	-18.00%1.82M	-17.76%2.08M	-20.48%2.01M
Total shareholder equity	2.79%3.58B	-0.23%3.49B	1.72%3.3B	6.33%3.4B	2.95%3.48B	4.24%3.49B	5.81%3.25B	5.97%3.19B	8.04%3.38B	7.27%3.35B
Total liabilityies and equity	16.15%5.24B	7.93%5.26B	-3.47%4.72B	6.14%4.58B	-2.99%4.51B	-6.92%4.87B	-1.31%4.89B	-6.92%4.31B	-0.74%4.65B	3.80%5.24B
Currency Unit	CNY	CNY	CNY	CNY	CNY	CNY	CNY	CNY	CNY	CNY
Accounting Standards	CAS (2007)	CAS (2007)	CAS (2007)	CAS (2007)	CAS (2007)	CAS (2007)	CAS (2007)	CAS (2007)	CAS (2007)	CAS (2007)
Audit Opinions	--	Unqualified opinion	--	--	--	Unqualified opinion	--	--	--	Unqualified opinion
Auditor	--	Lixin Certified Public Accountants (Special General Partnership)	--	--	--	Lixin Certified Public Accountants (Special General Partnership)	--	--	--	Lixin Certified Public Accountants (Special General Partnership)

FY: Financial Year. Refers to the 10-K file disclosed by the listed company to the SEC.

Q: Quarter. Refers to the 10-Q file disclosed by the listed company to the SEC. Q1, Q2, Q3, and Q4 are quarterly reports each with a span of 3 months; Q6 and Q9 are cumulative reports, with Q6 including 6 months and Q9 9 months.

Middle East conflict spreads to the stock market! How should investors respond?

On May 19, Eastern Time, Trump issued a clear countdown: 'in two or three days—maybe Friday, Saturday, Sunday, or early next week'—the U.S. Show More

牛牛課堂

Mar 4 17:09

Long-term answers | Your account on the left shrinks, while your right hand is chased by the times — Be the person that no bombardment can ever wipe out.

牛牛課堂

Mar 18 18:18

Hormuz, Term Structure and USO: Navigating the Energy Storm