Financial Performance - The group's revenue for the six months ended June 30, 2024, increased by approximately 1% year-on-year to approximately RMB 11.57 billion[2]. - Profit attributable to equity holders of the company decreased by approximately 9% year-on-year to approximately RMB 2.64 billion[2]. - Basic and diluted earnings per share were RMB 55.22[5]. - Gross profit for the period was RMB 3.77 billion, with a gross margin of approximately 32.5%[3]. - Other income and gains decreased significantly to RMB 238 million from RMB 704 million in the previous year[3]. - Total revenue for the six months ended June 30, 2024, was RMB 11,571,727,000, an increase from RMB 11,483,491,000 for the same period in 2023, representing a growth of 0.77%[22]. - The gross profit for the oil transportation segment was RMB 719,855,000, while the LNG transportation segment reported a gross profit of RMB 3,050,009,000 for the six months ended June 30, 2024[22]. - The company's net profit attributable to shareholders for the six months ended June 30, 2024, was RMB 2,634,620,000, a decrease of 8.95% compared to RMB 2,894,849,000 for the same period in 2023[30]. - Basic earnings per share for the six months ended June 30, 2024, was RMB 55.22, down from RMB 60.68 in the same period of 2023[30]. - Total income tax expense for the six months ended June 30, 2024, was RMB 545,703,000, a decrease of 36.1% from RMB 854,166,000 in the same period of 2023[28]. - The company declared a dividend of RMB 1,669,772,000 for the six months ended June 30, 2024, compared to RMB 715,616,000 for the same period in 2023[29]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 75.41 billion, an increase from RMB 72.08 billion as of December 31, 2023[6]. - Total liabilities increased to RMB 36.98 billion from RMB 34.98 billion as of December 31, 2023[7]. - Non-current assets, including property, plant, and equipment, rose to RMB 51.11 billion from RMB 50.05 billion[6]. - The total liabilities of the group as of June 30, 2024, were RMB 36,984,257,000, an increase from RMB 34,980,289,000 as of December 31, 2023, representing a growth of 5.7%[21]. - The net debt to equity ratio as of June 30, 2024, was 67%, up from 65% at the end of 2023[59]. - The group’s total liabilities amounted to RMB 29,958,445,000, with cash and cash equivalents of RMB 4,305,733,000, a decrease of 23% from the previous year-end[58]. Cash Flow and Operating Activities - The company reported a net cash flow from operating activities of RMB 4.31 billion, down from RMB 5.63 billion in the previous year[6]. - The group generated a net cash flow from operating activities of approximately RMB 3,586,631,000, a decrease of about 22% from RMB 4,607,220,000 in the previous year[55]. Business Operations and Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[2]. - The company operates primarily in investment holding, coastal and international oil transportation, ship leasing, and LNG transportation[1]. - The business segments include oil transportation and LNG transportation, with each segment representing a strategic operating unit[15][16]. - The company aims to progress towards becoming a "resource integrator" and "solution provider" in the energy transportation sector[36]. - The company is evaluating the potential impact of the upcoming legislation related to the Global Anti-Base Erosion Proposal, which may require payment of a top-up tax between the effective tax rate in each jurisdiction and a minimum rate of 15%[28]. - The company aims to deepen cooperation with major international oil companies to enhance global capacity deployment and capitalize on market opportunities[47]. Market Trends and Industry Insights - The global oil demand in the first half of 2024 was approximately 102 million barrels per day, an increase of about 850,000 barrels per day year-on-year, primarily driven by non-OECD countries[37]. - The global oil supply for the same period was also around 102 million barrels per day, with a year-on-year increase of approximately 630,000 barrels per day, led by non-OPEC countries[37]. - The LNG shipping sector is experiencing rapid growth, with a significant trend towards LNG transportation over pipeline transportation in recent years[33]. - The international oil transportation market is expected to maintain a healthy supply-demand balance in the second half of 2024, with oil demand projected to grow, primarily driven by China and India[75]. - Global LNG trade volume is expected to reach 424 million tons in 2024, a year-on-year increase of 3.9% driven by strong demand from China and other Asian countries[78]. Governance and Compliance - The company established five specialized committees within the board, including the Audit Committee, Compensation and Assessment Committee, Strategic Committee, Nomination Committee, and Risk and Compliance Management Committee[87]. - The company is committed to enhancing shareholder value and maintaining independence and accountability within its governance structure[87]. - The stock option incentive plan is subject to approval by the shareholders' meeting and related parties are required to abstain from voting[84]. - The Audit Committee reviewed the interim financial statements for the six months ending June 30, 2024, and met with the independent auditor[88]. Employee and Operational Metrics - The total number of employees as of June 30, 2024, is 7,711, a decrease from 8,339 employees on June 30, 2023[94]. - Employee costs for the reporting period amounted to RMB 1.697 billion, compared to RMB 1.736 billion in the same period of 2023[94]. Future Outlook and Strategic Initiatives - The company plans to strengthen its LNG shipping capabilities by closely tracking key LNG projects and optimizing shipbuilding management[81]. - The company will accelerate digital transformation and technology innovation, focusing on safety, cost control, and the development of intelligent management platforms[82]. - The company will continue to adapt its strategies in response to changes in international trade and geopolitical situations to ensure robust operational support for the global energy supply chain[80].

证 券 研 究 报 告 中远海能(01138.HK)深度研究报告 推荐(首次) 油运大周期,H 股弹性足 目标价:13.12 港元 如何看待油运大周期投资机会?1、强供给逻辑奠定大周期基石:1)未来 2~3 年内新增运力不足,截至 2024 年 6 月,整体油轮在手订单占比为 10%(原油 轮为 7.7%,VLCC 为 5.8%),仍处于近 28 年来较低水平;Clarksons 预计 2024、 2025 年原油轮运力增速分别为-0.1%、1.0%,远低于 2010~2023 年均值 3.1%。 2)存量有效运力面临潜在收缩,当前油轮船队存在较为严重的老龄化问题(预 计至 2026 年底,20 岁以上的油轮占比将进一步提升至 23%,15 岁以上占比 将接近 50%);日益趋严的环保政策(如 CII、EU ETS、FuelEU)将在较长时 间维度内对行业有效运力造成限制,如实际周转率下降、合规成本抬升等。3) 远期供给增量尚未打开,2023 年开始油轮新订单量有所增加,但在手订单占 比仍处于历史较低水平,交期和收益率考量仍压制 VLCC 下单意愿;无需过 度担忧油轮新订单的增加,油轮船队具有较为刚性的更新换 ...

Investment Rating - The investment rating for the company is "Buy" [1][6]. Core Views - The report maintains a positive outlook on the oil shipping sector, anticipating a super bull market in the coming years. The company is expected to see a significant increase in its profit center, with net profit forecasts for 2024-2026 set at 7.2 billion, 8.6 billion, and 9.4 billion RMB respectively [6][7]. - The company's Q1 2024 non-GAAP net profit increased by 40% year-on-year, aligning with expectations. The report highlights that the oil shipping industry's capacity utilization is at a high level, and demand is expected to remain robust, leading to a favorable supply-demand balance [6][7]. Summary by Sections Financial Performance - In Q1 2024, the company's net profit reached 1.2 billion RMB, a 13% increase year-on-year, while the non-GAAP profit surged by 40% [6][7]. - The report projects revenue growth from 18.57 billion RMB in 2022 to 28.08 billion RMB in 2024, reflecting a 28% increase [7]. Market Outlook - The oil shipping market is expected to see continued demand growth, particularly from traditional energy sources, with Asian demand potentially exceeding expectations. The report notes that the restructuring of oil trade will persist, particularly in the Atlantic region [6][7]. - The report emphasizes that the company's management has confidence in the market's upward trajectory, as evidenced by the implementation of a stock incentive plan for executives [6][7]. Valuation - The target price for the company's stock is set at 11.87 HKD, indicating potential upside from the current price of 9.74 HKD [1][6]. - The report suggests that the company's valuation has room for improvement due to the anticipated increase in earnings and market conditions [6][7].

Financial Performance - Operating revenue for the first quarter of 2024 was RMB 5,837,973,993.47, representing a year-on-year increase of 3.68%[5] - Net profit attributable to shareholders of the listed company reached RMB 1,235,674,062.54, up 12.76% compared to the same period last year[5] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1,235,525,702.68, showing a significant increase of 39.81% year-on-year[5][8] - Basic and diluted earnings per share were both RMB 0.2590, an increase of 12.76%[5] - Total revenue for Q1 2024 reached ¥5,837,973,993.47, an increase from ¥5,630,759,524.57 in Q1 2023, representing a growth of approximately 3.67%[20] - Operating profit for Q1 2024 was ¥1,557,541,847.84, compared to ¥1,549,278,821.88 in Q1 2023, indicating a slight increase[20] - Net profit attributable to shareholders for Q1 2024 was ¥1,235,674,062.54, up from ¥1,095,888,082.06 in Q1 2023, reflecting a growth of about 12.76%[20] - Total comprehensive income for Q1 2024 was ¥1,490,061,350.68, compared to ¥1,080,217,966.56 in Q1 2023, reflecting an increase of approximately 37.99%[21] Assets and Equity - Total assets at the end of the reporting period were RMB 72,798,641,287.47, a slight increase of 1.00% from the end of the previous year[6] - Equity attributable to shareholders of the listed company was RMB 35,728,391,767.86, up 4.00% from the previous year[6] - The group’s total assets as of March 31, 2024, amounted to RMB 72.799 billion, compared to RMB 72.084 billion as of December 31, 2023[17] - Total equity increased from ¥37,103,323,532.32 to ¥38,619,847,547.02, marking a growth of about 4.08%[20] Cash Flow - Net cash flow from operating activities was RMB 1,426,295,384.68, reflecting a decrease of 22.58% compared to the previous year[5] - In Q1 2024, the net cash flow from operating activities was CNY 1,426,295,384.68, a decrease of 22.6% compared to CNY 1,842,207,664.70 in Q1 2023[22] - Total cash inflow from investing activities was CNY 183,673,854.49, down from CNY 559,889,817.68 in the same period last year[22] - The net cash flow from financing activities was negative CNY 1,181,900,793.49, compared to a negative CNY 650,325,153.17 in Q1 2023, indicating increased cash outflows[23] - The company reported a total cash and cash equivalents balance of CNY 3,670,827,157.36 at the end of Q1 2024, down from CNY 4,249,463,555.80 at the end of Q1 2023[23] - Cash inflow from operating activities totaled CNY 5,458,365,317.44, while cash outflow was CNY 4,032,069,932.76, resulting in a net cash inflow of CNY 1,426,295,384.68[22] - The company’s cash and cash equivalents decreased by CNY 1,952,089,583.39 in Q1 2024, compared to an increase of CNY 11,097,875.58 in Q1 2023[23] Shareholder Information - The total number of shareholders at the end of the reporting period was 53,575[9] - The largest shareholder, China Shipping Group Co., Ltd., held 1,536,924,595 shares, accounting for 32.22% of the total shares[10] - As of March 31, 2024, China Ocean Shipping Group Co., Ltd. holds 619,426,195 A-shares, representing approximately 45.20% of the total issued share capital of the company[12] Operational Highlights - In Q1 2024, the average daily earnings for VLCC TD3C (Middle East to China) were $44,261, with rates peaking near $70,000 per day due to market conditions[13] - The group achieved an operating revenue of RMB 5.271 billion in Q1 2024, a year-on-year increase of 1.4%[15] - The group’s oil transportation segment reported a gross profit margin of approximately 30%, up by 1.1 percentage points year-on-year[15] - LNG transportation contributed a net profit of RMB 182 million in Q1 2024, reflecting a 5% increase compared to the previous quarter[15] - The total cargo volume transported (excluding time charter) was 42.09 million tons, a year-on-year decrease of 2.0%[14] Expenses - Research and development expenses for Q1 2024 were ¥5,442,441.44, up from ¥4,136,516.17 in Q1 2023, indicating a growth of about 31.69%[20] - The company reported a decrease in financial expenses from ¥409,409,798.73 in Q1 2023 to ¥261,353,440.68 in Q1 2024, a reduction of about 36.24%[20] - The company experienced a foreign exchange impact of CNY 32,184,590.89 on cash and cash equivalents in Q1 2024, contrasting with a negative impact of CNY 8,084,194.93 in Q1 2023[23]

Financial Performance - The total revenue for 2023 reached RMB 21,912,456, an increase of 18.9% compared to RMB 18,566,795 in 2022[7]. - The profit before tax for the year was RMB 4,740,196, up from RMB 2,752,847 in the previous year, representing a growth of 72.3%[7]. - The net profit attributable to the company for 2023 was RMB 3,348,717, a significant increase from RMB 1,460,862 in 2022, marking a growth of 129.5%[7]. - Earnings per share (basic) for the year stood at RMB 0.7019, compared to RMB 0.3064 in 2022, reflecting a growth of 129.5%[7]. - The company’s EBITDA for 2023 was RMB 9.35 billion, reflecting a year-on-year growth of 42.6%[20]. - The company’s main business revenue for 2023 was RMB 21.91 billion, an increase of 18.0% year-on-year, while net profit attributable to shareholders rose by 129.2% to RMB 3.35 billion[20]. - The company’s operating costs for the fiscal year 2023 were RMB 15,417,366 thousand, slightly higher than RMB 15,157,996 thousand in 2022, showing a marginal increase of 1.7%[121]. - The company’s financial expenses for the fiscal year 2023 amounted to RMB 1,453,793 thousand, compared to RMB 993,999 thousand in 2022, representing an increase of approximately 46.2%[121]. Assets and Liabilities - The total assets of the company as of December 31, 2023, amounted to RMB 72,083,612, an increase from RMB 68,250,453 in 2022[7]. - The total liabilities and non-controlling interests were RMB 37,692,108, compared to RMB 36,679,782 in the previous year[7]. - The equity attributable to the owners of the company increased to RMB 34,391,504 from RMB 31,570,671 in 2022, showing a growth of 5.8%[7]. - The total debt as of December 31, 2023, was RMB 29,720,403,000, compared to RMB 30,215,794,000 in the previous year[34]. - The group’s net debt to equity ratio decreased to 65% in 2023, down from 77% in 2022, primarily due to a significant reduction in borrowings during the reporting period[35]. Market Position and Strategy - The company plans to expand its market presence and enhance its operational efficiency through the development of VLCC POOL operational models[4]. - The company aims to leverage the "Belt and Road" initiative to enhance its global service capabilities and customer satisfaction[5]. - The company is committed to maintaining a leading position in LNG transportation, with significant investments in safety management and operational efficiency[4]. - The company maintains a leading position in China's LNG transportation market and is a significant player in the global LNG transportation sector[11]. - The company aims to expand its LNG capacity and enhance profitability through strategic market positioning and resource allocation[20]. Operational Highlights - As of December 31, 2023, the company operates a fleet of 156 oil tankers with a total deadweight tonnage of 23.06 million tons, making it the largest oil tanker operator globally[10]. - The company has invested in 83 LNG vessels, all of which are project vessels, providing stable revenue; 43 of these vessels are operational with a capacity of 7.2 million cubic meters, while 40 vessels are under construction with a capacity of 6.96 million cubic meters[11]. - The company’s operational model includes spot market charters, time charters, and contracts of affreightment (COA), allowing for flexible logistics solutions[12]. - The company established new high-revenue routes in regions such as the Americas and Oceania, enhancing its operational efficiency and market presence[24]. Risk Management and Compliance - The company faces risks from macroeconomic fluctuations, which significantly impact the demand for shipping of bulk resources like oil and LNG[126]. - Increased geopolitical uncertainties and trade frictions may affect the global energy transportation market, introducing further unpredictability[127]. - The ongoing global energy transition towards carbon neutrality poses challenges to the company's business planning and operational layout[128]. - The company has established compliance procedures to ensure adherence to relevant laws and regulations, which may incur additional operational costs[138]. - The company acknowledges the risks associated with international trade and compliance, which could significantly affect its international business operations[133]. Corporate Governance - The board of directors is responsible for overseeing the company's governance policies and ensuring compliance with legal and regulatory requirements[80]. - The board consists of executive directors, non-executive directors, and independent non-executive directors, all elected by the shareholders for a term of three years[82]. - The company emphasizes the importance of good corporate governance to enhance decision-making and risk management capabilities[64]. - The company has established a comprehensive internal control and risk management system, integrating compliance management and risk control, and has revised the "Company Risk and Internal Control Manual" in 2023[67]. - The company has received independence confirmation letters from all four independent non-executive directors, affirming their independence from the company and major shareholders[88]. Future Outlook - The group expects global oil demand to increase by 1.24 million barrels per day in 2024, with China and India being the main growth contributors[51]. - The group anticipates a 4.1% year-on-year increase in crude oil ton-mile trade demand and a 7.3% increase in refined oil ton-mile trade demand in 2024[51]. - The global LNG trade volume is projected to grow by 5.3% in 2024, with an average annual compound growth rate of 9.1% from 2023 to 2028[53]. - The company aims to enhance its global operations and marketing network to improve resource allocation and overall fleet revenue[57]. - The company plans to pursue green and low-carbon development paths, including the research and development of new energy-powered vessels[60].

Financial Performance - The group's revenue increased from RMB 18.567 billion in 2022 to RMB 21.912 billion in 2023, representing an increase of approximately RMB 3.345 billion or 18%[2] - The profit attributable to equity holders for 2023 was RMB 3.349 billion, compared to RMB 1.461 billion in 2022, marking a significant increase[4] - Basic and diluted earnings per share for 2023 were both RMB 0.7019, up from RMB 0.3064 and RMB 0.3060 in 2022[4] - The total comprehensive income for 2023 was RMB 3.837 billion, compared to RMB 3.645 billion in 2022, indicating a growth in overall profitability[4] - The gross profit for 2023 was RMB 6.495 billion, compared to RMB 3.409 billion in 2022, highlighting improved operational efficiency[3] - The company reported a pre-tax profit of RMB 4.740 billion for 2023, significantly higher than RMB 2.753 billion in 2022, indicating strong operational performance[3] - The company achieved a net profit attributable to equity holders of RMB 3,348,717,000 for the year ended December 31, 2023, compared to RMB 1,460,862,000 in 2022, marking an increase of approximately 129.5%[34] Assets and Liabilities - The total assets as of December 31, 2023, amounted to RMB 72.084 billion, an increase from RMB 68.250 billion in 2022[5] - Non-current liabilities increased to RMB 26.254 billion in 2023 from RMB 24.089 billion in 2022, reflecting a rise in financial obligations[6] - Current liabilities decreased from RMB 10.591 billion in 2022 to RMB 8.726 billion in 2023, indicating improved short-term financial health[7] - The total equity attributable to equity holders increased to RMB 34.392 billion in 2023 from RMB 31.571 billion in 2022, showing a strengthening of the company's financial position[8] - The total liabilities for the oil transportation segment decreased to RMB 21,842,913,000 in 2023 from RMB 24,162,945,000 in 2022, a reduction of approximately 9.3%[23] Revenue Segmentation - The company operates primarily in two business segments: oil transportation and LNG transportation, each representing a strategic business unit with distinct risks and returns[20] - The LNG segment generated revenue of RMB 20,091,575,000 with a profit of RMB 1,820,881,000, compared to RMB 17,247,983,000 and RMB 1,318,812,000 in 2022, indicating a revenue increase of 16.7%[21] - The company reported a 22.6% increase in foreign trade oil transportation revenue, totaling RMB 13.92 billion, with a gross profit margin of 29.8%, up 16.9 percentage points[47] Operational Efficiency - The company's net cash generated from operating activities for the reporting period was approximately RMB 8.66 billion, an increase of about 110% compared to RMB 4.13 billion for the previous year[55] - The company's gross profit margin improved by 11.2 percentage points year-on-year, reaching 29.6%[45] - The company actively developed high-revenue shipping routes, enhancing its operational efficiency and diversifying customer resources[48] Future Outlook - In 2024, global oil demand is expected to increase by 1.24 million barrels per day, primarily driven by China and India[76] - The company plans to add 6 LNG vessels with a total capacity of 104,100 cubic meters in 2024, while disposing of 4 oil tankers with a total deadweight tonnage of 729,000 tons[81] - The company anticipates achieving operating revenue of RMB 22.3 billion and operating costs of RMB 15.8 billion in 2024[81] Corporate Governance - The company has established five specialized committees within the board of directors to enhance governance and accountability[99] - The company maintains compliance with the corporate governance code as per the listing rules throughout the year ending December 31, 2023[99] - The company’s board of directors is committed to enhancing shareholder value and ensuring independent oversight by separating the roles of chairman and CEO[99] Environmental and Social Responsibility - The company implemented a green low-carbon transformation plan to strengthen its ESG governance[44] - The company is committed to green and intelligent transformation, developing new energy-powered vessels and applying low-carbon technologies[86] Employee and Talent Management - The total number of employees as of December 31, 2023, was 7,911, a decrease from 8,384 on February 28, 2023[103] - Employee costs for the reporting period were approximately RMB 3.599 billion, compared to approximately RMB 3.678 billion in the previous year[103] - The company will focus on building a high-quality talent pool and optimizing internal talent reserves to drive sustainable development[89]

Investment Rating - The report maintains a rating of "Buy" for the company [4]. Core Views - The VLCC freight rates have exceeded expectations during the off-season, confirming that the oil shipping capacity utilization is at a threshold level, indicating a strategic focus is necessary. The oil shipping industry is expected to see continued improvement in supply and demand over the next few years, with a sustained or even exceeding expected boom [3]. - The report forecasts the company's net profit for 2023-2025 to be 3.5 billion, 7.2 billion, and 8.6 billion RMB respectively, with a target price of HKD 11.87 [3]. - The recent surge in freight rates has validated that capacity utilization is near its threshold. The TCE for VLCC has recently surged to USD 70,000, showcasing unexpected elasticity in freight rates during the traditional off-season [3]. - The geopolitical situation in the Red Sea is gradually diminishing in impact, presenting a favorable opportunity for oil shipping [3]. Financial Summary - Revenue for 2021 was 12,699 million RMB, with projections of 18,658 million RMB for 2022, 22,912 million RMB for 2023, 28,704 million RMB for 2024, and 31,511 million RMB for 2025, reflecting a growth rate of 47% in 2022 and 23% in 2023 [2]. - The net profit is projected to recover from a loss of 4,975 million RMB in 2022 to 1,457 million RMB in 2023, and further to 3,538 million RMB in 2024, with a growth rate of 143% [2]. - The PE ratio is expected to improve significantly, with estimates of 22.98 for 2023, 9.47 for 2024, and 4.65 for 2025 [2]. Market Data - The current stock price is HKD 7.65, with a market capitalization of 36,496 million HKD and a 52-week price range of HKD 6.11 to 9.32 [4].

Financial Performance - Operating revenue for Q3 2023 reached RMB 4,959,218,430.74, a 1.52% increase compared to RMB 4,884,790,280.95 in the same period last year[5]. - Net profit attributable to shareholders for Q3 2023 was RMB 907,629,044.17, representing an 88.69% increase from RMB 481,049,794.56 in the previous year[5]. - Basic earnings per share for Q3 2023 increased to RMB 0.1903, up 88.75% from RMB 0.1008 in the same period last year[5]. - Year-to-date operating revenue as of September 30, 2023, was RMB 16,534,602,106.32, a 33.37% increase from RMB 12,397,423,788.50 in the previous year[6]. - Net profit attributable to shareholders for the year-to-date period was RMB 3,713,864,739.82, a significant increase of 480.49% compared to RMB 639,894,248.27 last year[6]. - Operating profit for the first nine months of 2023 was ¥4,965,622,292.51, compared to ¥1,062,874,279.37 in the previous year, reflecting a significant increase[17]. - Net profit attributable to the parent company for the first nine months of 2023 was ¥4,008,126,553.86, up from ¥883,524,383.51 in the same period of 2022, marking a growth of 353.5%[17]. Assets and Liabilities - Total assets as of September 30, 2023, amounted to RMB 72,339,219,200.50, reflecting a 5.99% increase from RMB 68,250,082,337.87 at the end of the previous year[7]. - Total liabilities as of September 30, 2023, amounted to ¥35,208,809,073.94, slightly up from ¥34,679,692,078.86 at the end of 2022[16]. - Total equity increased to ¥37,130,410,126.56 as of September 30, 2023, compared to ¥33,570,761,859.04 at the end of 2022, showing a growth of 10.5%[16]. - The company’s long-term equity investments increased to RMB 10.710 billion as of September 30, 2023, compared to RMB 9.770 billion at the end of 2022[15]. - The total assets as of September 30, 2023, were reported at ¥72,339,219,200.50, an increase from ¥68,250,453,937.90 at the end of 2022[16]. Cash Flow - The net cash flow from operating activities for the year-to-date period was RMB 6,535,299,505.96, a 252.50% increase from RMB 1,853,988,307.69 in the previous year[6]. - Operating cash flow for the period reached RMB 6,535,299,505.96, a significant increase from RMB 1,853,988,307.69 in the previous year, representing a growth of approximately 252%[19]. - Total cash inflow from operating activities amounted to RMB 17,275,866,857.88, compared to RMB 11,621,580,405.06 in the same period last year, indicating a year-over-year increase of about 48%[19]. - The total cash inflow from operating activities was significantly higher than cash outflow, resulting in a net cash flow of RMB 1,688,765,618.82 for the period, compared to RMB 1,269,263,814.40 last year, an increase of approximately 33%[20]. - Cash and cash equivalents stood at RMB 5.928 billion as of September 30, 2023, up from RMB 4.240 billion at the end of 2022[15]. Transportation Segment Performance - The company reported a significant increase in foreign trade tanker transportation market rates compared to the same period last year, contributing to the improved financial performance[10]. - The operating revenue for the tanker transportation segment reached RMB 15.139 billion in the first three quarters of 2023, representing a year-on-year growth of 33%[14]. - The gross profit for the tanker transportation segment was RMB 4.592 billion, a significant increase of 411% year-on-year[14]. - The net profit attributable to shareholders from LNG transportation business was RMB 617 million, reflecting a year-on-year growth of 7.39%[14]. - The company reported a 0.7% year-on-year decrease in transportation volume (excluding time charter) to 12.906 million tons in the first three quarters of 2023[14]. Shareholder Information - As of September 30, 2023, the total number of shareholders is 66,793, with the top ten shareholders holding a combined 45.20% of the total issued shares[11][12]. Research and Development - Research and development expenses increased to ¥16,711,414.30 in 2023 from ¥8,030,937.33 in 2022, indicating a focus on innovation[17].

Fleet and Operations - As of June 30, 2023, the company operates a fleet of 154 oil tankers with a total deadweight tonnage of 22.42 million tons, maintaining the world's largest oil tanker fleet[7]. - The company has invested in 68 LNG vessels, all of which are project vessels, providing stable revenue; 42 of these vessels are operational with a total capacity of 7.03 million cubic meters[7]. - The company’s coastal oil transportation business serves as a safety cushion for operational performance, while international oil transportation provides strong cyclical flexibility[8]. - The company leverages its extensive marketing and service network to provide high-quality energy transportation services, capitalizing on China's position as the largest oil and gas importer[7]. - The company’s operational model includes spot market charters, time charters, and COA contracts, allowing for flexible and efficient service delivery[8]. - The fleet composition includes 170 operating oil tankers with a total deadweight tonnage of 2,341,000 tons and an average age of 11.2 years[45]. - The fleet includes 42 LNG vessels with a total capacity of 702,700 cubic meters and an average age of 5.9 years[45]. Financial Performance - In the first half of 2023, the company's main business revenue reached RMB 11.483 billion, an increase of 53.6% year-on-year[13]. - The company’s net profit attributable to shareholders was RMB 2.895 billion, a substantial increase of 1,530.67% year-on-year[13]. - The company reported a profit before tax of approximately RMB 3.94 billion, compared to RMB 435.65 million in the previous year, marking a substantial increase[86]. - Net profit for the period was approximately RMB 3.09 billion, significantly higher than RMB 343.58 million in the same period of 2022[86]. - The company’s profit attributable to equity holders for the six months ended June 30, 2023, was RMB 2,894,849,000, a significant increase from RMB 177,525,000 in the same period of 2022, representing a growth of approximately 1,533%[87]. - Total comprehensive income attributable to equity holders for the same period was RMB 3,459,893,000, compared to RMB 794,474,000 in 2022, marking an increase of about 335%[87]. - Basic earnings per share for the period was RMB 60.68, up from RMB 3.73 in the previous year, reflecting a growth of approximately 1,525%[87]. Revenue Breakdown - The global oil demand reached 102 million barrels per day, an increase of 2.2 million barrels per day year-on-year, with China accounting for 73% of the demand increase[9]. - The company’s LNG transportation business has entered a stable revenue phase as new vessels are put into operation, contributing to overall business growth[7]. - The transportation volume (excluding time charter) was 86.1688 million tons, a decrease of 3.3% year-on-year, while the transportation turnover increased by 0.5% to 267.393 billion ton-miles[13]. - International transportation revenue was RMB 8,430.37 million, showing a significant year-on-year increase of 85.9%, with a gross profit margin of 39.0%, up 41.2 percentage points[16]. - The group's foreign trade oil transportation revenue for the first half of 2023 was RMB 7,560 million, a 92.8% increase year-on-year, with a gross profit of RMB 2,833 million and a gross profit margin of 37.5%, up 48.3 percentage points[17]. - The LNG transportation segment contributed a net profit of RMB 403 million, an increase of RMB 21 million year-on-year, with the fleet size reaching 68 vessels by the end of the reporting period[19]. Costs and Expenses - Total operating costs for the main business amounted to RMB 7,051.44 million, reflecting a year-on-year increase of 7.5%[20]. - Fuel costs increased by 9.4% year-on-year to RMB 2,579.25 million, driven by higher fuel prices and increased turnover[21]. - Employee costs for the reporting period amounted to approximately RMB 1.736 billion, compared to RMB 1.683 billion in the same period of 2022, representing an increase of 3.2%[15]. - The group reported a financial expense of RMB 754,807,000 for the first half of 2023, compared to RMB 462,745,000 in the same period of 2022, reflecting an increase in financial costs[123]. - Interest expenses for the period were RMB 774,611,000, significantly higher than RMB 464,965,000 in 2022, reflecting a 67% increase[130]. Strategic Initiatives - The company has established strong strategic partnerships with major oil companies and independent refineries, enhancing its market influence and operational capabilities[7]. - The company is actively exploring synergies with its parent company, COSCO Shipping Group, to enhance resource integration and service offerings[7]. - The company plans to deepen cooperation with major international oil companies and expand into third-country markets to enhance overall fleet efficiency[18]. - The company has implemented six strategic measures to optimize operations and enhance profitability amid market volatility[13]. - The company is focusing on achieving net-zero emissions in shipping by exploring low-carbon and zero-carbon energy consumption potential and expanding its industrial chain[51]. - The company is accelerating its digital transformation with a customer-centric approach, including the pilot operation of blockchain electronic bills in energy transportation and optimizing digital financial management frameworks[51]. Debt and Liabilities - The company's net debt to equity ratio improved to 65% as of June 30, 2023, down from 77% at the end of 2022[29]. - The total debt amounted to RMB 28,864,548,000, while cash and cash equivalents were RMB 5,254,932,000, reflecting a 24% increase from the previous year[29]. - The total bank and other interest-bearing loans amounted to RMB 21,549,602,000 as of June 30, 2023, compared to RMB 20,746,728,000 as of December 31, 2022[177]. - The group had bank loans of RMB 15,447,558,000 secured by vessels as of June 30, 2023, compared to RMB 15,090,234,000 as of December 31, 2022, reflecting an increase of approximately 2.37%[38]. - The total liabilities for the LNG transportation segment increased to RMB 12,152,423,000 as of June 30, 2023, from RMB 10,505,909,000 as of December 31, 2022[125]. Governance and Compliance - The company has established five specialized committees, including the Audit Committee, Compensation and Assessment Committee, Strategic Committee, Nomination Committee, and Risk Control Committee, to enhance governance[72]. - The company has adopted the Corporate Governance Code as per the Listing Rules to ensure compliance and enhance shareholder value[78]. - The Audit Committee has reviewed the interim results and agreed with the accounting treatment adopted by the company[73]. - The company confirms that all directors, supervisors, and senior management have complied with the Standard Code during the reporting period[78]. Market Outlook - The global oil demand is projected to reach 102.1 million barrels per day in 2023, with China contributing 70% of the demand increase[46]. - The demand for crude oil shipping is forecasted to grow by 6.6% in 2023, while refined oil shipping demand is expected to increase by 11.9%[46]. - The global LNG trade volume is anticipated to reach 417 million tons in 2023, representing a 4% year-on-year growth[48]. - The group plans to focus on enhancing operational efficiency and optimizing global vessel positioning in the international oil transportation sector[49]. Shareholder Information - As of June 30, 2023, China Shipping Group holds approximately 44.23% of the company's shares, while COSCO Shipping holds about 62.06%[57]. - Citigroup Inc. holds 94,546,310 shares (7.29%) and BlackRock, Inc. holds 69,587,895 shares (5.37%) of the company as of June 30, 2023[57]. Employee and Management - The total employee count as of June 30, 2023, was 8,339, up from 7,821 a year earlier, indicating a growth in workforce[15]. - Key management personnel compensation totaled RMB 5,892,000, a slight decrease from RMB 6,009,000 in the previous year[198]. - The company has appointed a new Chief Legal Counsel effective June 30, 2023, following the resignation of the previous counsel[53].

Financial Performance - The company's revenue increased by approximately 54% to about RMB 11.483 billion during the reporting period[2] - Net profit attributable to equity holders rose by approximately 1,531% to about RMB 2.895 billion[2] - Basic and diluted earnings per share were RMB 60.68 and RMB 60.60, respectively[4] - Gross profit for the period was RMB 4.018 billion, compared to RMB 623.849 million in the previous year[3] - The company reported a pre-tax profit of RMB 3.943 billion, significantly higher than RMB 435.647 million in the previous year[3] - For the six months ended June 30, 2023, the group recorded a profit of approximately RMB 3.089 billion, with net cash generated from operating activities amounting to approximately RMB 4.607 billion[11] - The company reported a significant increase in net profit attributable to equity holders, reaching RMB 2,894,849 thousand in the first half of 2023, compared to RMB 177,525 thousand in the same period of 2022, reflecting a growth of approximately 1530%[35] - The total income tax expense for the first half of 2023 was RMB 854,166 thousand, a significant increase from RMB 92,072 thousand in the same period of 2022, marking an increase of approximately 826%[32] Assets and Liabilities - The total assets of the company as of June 30, 2023, amounted to RMB 71.256 billion, up from RMB 68.250 billion at the end of 2022[5] - Total liabilities increased slightly to RMB 34.818 billion from RMB 34.680 billion year-over-year[7] - Cash and cash equivalents reached RMB 5.255 billion, compared to RMB 4.239 billion at the end of 2022[5] - As of June 30, 2023, the group's current liabilities exceeded current assets by approximately RMB 102 million, indicating a potential liquidity concern[11] - The net debt-to-equity ratio as of June 30, 2023, was 65%, a decrease of 12% from 77% on December 31, 2022[63] - The total amount of bank loans as of June 30, 2023, was RMB 4,989,535,000, down from RMB 7,018,242,000 as of December 31, 2022, reflecting a reduction of approximately 29%[72] Revenue Segmentation - The oil transportation segment generated revenue of RMB 9,324,770,000 with a profit of RMB 1,288,278,000, while the LNG transportation segment reported revenue of RMB 10,613,048,000 and a profit of RMB 870,443,000[24] - The foreign trade oil transportation segment generated revenue of RMB 7.56 billion, a 92.8% increase year-on-year, with a gross profit margin of 37.5%, up 48.3 percentage points[50] - The domestic oil transportation revenue was RMB 3.05 billion, a 3.8% increase year-on-year, with a gross profit margin of 23.9%, down 0.7 percentage points[51] - The LNG transportation segment contributed a net profit of RMB 403 million, an increase of RMB 21 million year-on-year, with the fleet size reaching 68 vessels by the end of the reporting period[52] Operational Efficiency - The company has focused on optimizing global route layouts and enhancing operational efficiency through strategic partnerships and customer base expansion[47] - The company achieved a transportation volume of 86.17 million tons in the first half of 2023, a year-on-year decrease of 3.3%, while the transportation turnover increased by 0.5% to 267.39 billion ton-miles[47] - The average daily earnings for VLCC on the Middle East to China route surged to $43,039, reflecting a 561% increase compared to the same period last year[43] Strategic Initiatives - The company is actively developing new LNG projects and enhancing its core capabilities in LNG ship management[47] - The company will focus on high-quality construction and upgrading of its "Four Global Leading" strategic goals in the second half of 2023[86] - The company plans to leverage its domestic oil transportation leadership to solidify fleet efficiency and explore new customer growth points in the domestic trade market[88] Corporate Governance and Compliance - The company has established various committees to enhance corporate governance and ensure accountability, including an Audit Committee and a Strategic Committee[92][97] - The risk control committee consists of three directors, including one executive director and two independent non-executive directors, overseeing risk management effectiveness[98] - The company actively manages investor relations and adheres to timely and accurate information disclosure principles[102] Employee and Operational Costs - Employee costs for the reporting period amounted to approximately RMB 1.736 billion, compared to approximately RMB 1.683 billion in the same period of 2022, reflecting a year-on-year increase[101] - The total operating costs for the first half of 2023 amounted to RMB 7,465,501,000, representing a year-on-year increase of 9.0% compared to RMB 6,851,133,000 in the same period of 2022[53] Market Outlook - Global oil demand reached 102 million barrels per day by June 2023, an increase of 2.2 million barrels per day year-on-year, with China accounting for 73% of this increase[41] - The global LNG trade volume is expected to reach 417 million tons in 2023, a 4% increase year-on-year, driven by Europe's shift away from Russian gas and China's economic recovery[85]