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].

半年度報告 目錄 管理層討論與分析 報告期內本集團所從事的主要業務、經營模式及行業情況說明 2 報告期內國際國內航運市場分析 4 報告期內經營業績回顧 7 成本及費用分析 12 合營公司及聯營公司經營情況 13 財務狀況分析 14 船隊發展 24 二零二三年下半年前景展望和工作重點 25 其他事項 29 財務報告 簡明綜合中期財務資料審閱報告 42 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何內容而產 生或因依賴該等內容而引致的任何損失承擔任何責任。 COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* 中遠海運能源運輸股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1138） 截至二零二三年六月三十日止六個月 二零二三年中期業績公告 財務摘要 • 本集團報告期內營業額增加約54% ，至相當約人民幣114.83億元 • 報告期內歸屬於本公司權益持有人的本期溢利上升約1,531% ，至相當約為人民幣 28.95億元 • 報告期內基本及攤薄每股收益分別為人民幣60.68分及60.60分 中遠海運能源運輸股份有限公司（「本公司」）董事會（「董事會」）欣然報告本公司及其附屬 公司（統稱為「本集團」）截至二零二三年六月三十日止六個月（「報告期內」）之未經審核中 ...

Financial Performance - Operating revenue for Q1 2023 reached RMB 5,630,759,524.57, a 61.91% increase compared to RMB 3,477,722,215.51 in the same period last year[6] - Net profit attributable to shareholders was RMB 1,095,888,082.06, a significant increase of 4,272.57% from RMB 25,027,949.60 in the previous year[6] - Net profit excluding non-recurring gains and losses was RMB 883,728,772.38, up 3,243.21% from RMB 26,398,691.65 year-on-year[6] - Basic and diluted earnings per share were both RMB 0.2297, compared to RMB 0.0053 in the previous year, marking a 4,265.16% increase[6] - Operating profit for Q1 2023 was ¥1,548,893,249.80, compared to ¥163,992,510.71 in Q1 2022, reflecting a substantial growth[20] - Net profit attributable to shareholders for Q1 2023 was ¥1,095,888,082.06, up from ¥25,062,817.57 in Q1 2022, indicating a strong performance[20] Cash Flow - Net cash flow from operating activities was RMB 1,842,207,664.70, a turnaround from a negative cash flow of RMB -327,897,846.48 in the same period last year, representing a 661.82% increase[6] - The total cash inflow from operating activities was ¥5,979,906,119.24, up from ¥3,347,925,953.31 in the same period last year, representing a year-over-year increase of approximately 78.5%[22] - The company’s cash flow from operating activities reflects a strong recovery and operational efficiency improvement compared to the previous year[22] - The ending cash and cash equivalents balance for Q1 2023 was ¥4,249,463,555.80, an increase from ¥2,715,026,560.78 in Q1 2022, representing a growth of approximately 56.5%[23] Assets and Liabilities - Total assets at the end of the reporting period were RMB 68,821,665,819.68, reflecting a 0.84% increase from RMB 68,250,082,337.87 at the end of the previous year[7] - Total liabilities decreased to ¥33,970,966,198.56 as of March 31, 2023, from ¥34,679,692,078.86 at the end of 2022, showing improved financial stability[19] - Total equity increased to ¥34,850,699,621.12 as of March 31, 2023, compared to ¥33,570,761,859.04 at the end of 2022, indicating growth in shareholder value[19] - The company's short-term borrowings decreased to RMB 4.04 billion as of March 31, 2023, down from RMB 5.42 billion at the end of 2022[18] Segment Performance - In Q1 2023, the company achieved a revenue of RMB 5.2 billion in the tanker segment, representing a year-on-year growth of 64.2%[16] - The gross profit margin for the tanker segment increased to 28.9%, up 27.7 percentage points year-on-year, with foreign trade oil transportation business gross profit rising to RMB 1.22 billion, a 428% increase[16] - The company's LNG transportation business contributed a net profit of RMB 198 million in Q1 2023, reflecting a year-on-year growth of 15%[16] Shareholder Information - The total number of shareholders at the end of the reporting period was 87,734[12] Investment and Expenses - Research and development expenses rose to ¥4,136,516.17 in Q1 2023, up from ¥1,707,214.98 in Q1 2022, highlighting a focus on innovation[20] - The company reported a significant increase in operating costs to ¥4,618,771,503.90 in Q1 2023, compared to ¥3,629,309,036.32 in Q1 2022, which may impact future profitability[20] Other Financial Metrics - The company reported a significant increase in accounts receivable, which rose to RMB 1.00 billion as of March 31, 2023, compared to RMB 539 million at the end of 2022[17] - The company reported a gain of RMB 249,313,665.01 from the disposal of two vessels during Q1 2023, contributing significantly to non-recurring profits[9] - Other comprehensive income attributable to the parent company showed a loss of ¥106,985,340.66 in Q1 2023, compared to a loss of ¥7,845,251.81 in Q1 2022, indicating challenges in this area[21]

2022 年度報告 ...

Financial Performance - The group's revenue increased from RMB 12.645 billion in 2021 to RMB 18.567 billion in 2022, representing a growth of approximately RMB 5.922 billion or 47%[2] - The profit attributable to equity holders for 2022 was RMB 1.461 billion, compared to a loss of RMB 4.985 billion in 2021[5] - Basic and diluted earnings per share for 2022 were RMB 0.3065 and RMB 0.3060, respectively, while both were losses of RMB 1.0468 in 2021[5] - The group's gross profit for 2022 was RMB 3.409 billion, a significant recovery from a gross loss of RMB 4.089 billion in 2021[3] - The company reported a total comprehensive income of RMB 3.646 billion for 2022, compared to a total comprehensive loss of RMB 4.582 billion in 2021[5] - The group reported a pre-tax profit of RMB 2.753 billion for the year ended December 31, 2022, compared to a loss of RMB 4.527 billion in 2021[18] - The net profit attributable to shareholders was RMB 1.46 billion, up 129.3% year-on-year[42] - The EBITDA for 2022 was RMB 6.63 billion, reflecting an increase of 862.6% compared to the previous year[42] Assets and Liabilities - The total assets as of December 31, 2022, amounted to RMB 68.250 billion, an increase from RMB 59.389 billion in 2021[6] - Non-current liabilities rose to RMB 24.089 billion in 2022 from RMB 16.129 billion in 2021, primarily due to an increase in bank and other interest-bearing loans[7] - Current liabilities decreased to RMB 10.591 billion in 2022 from RMB 13.338 billion in 2021, reflecting a reduction in short-term borrowings[7] - As of December 31, 2022, the group's current liabilities exceeded current assets by approximately RMB 2.208 billion[11] - The total liabilities for the LNG segment increased to RMB 10.506 billion in 2022 from RMB 8.325 billion in 2021[20] - The total debt, net of cash, was RMB 30,215,794,000, with cash and cash equivalents amounting to RMB 4,239,339,000, reflecting a 20% increase from RMB 3,523,889,000 at the end of the previous year[56] Revenue Segmentation - The LNG segment generated revenue of RMB 17.248 billion in 2022, compared to RMB 11.414 billion in 2021, marking a growth of approximately 50.8%[18] - The oil transportation segment reported revenue of RMB 15.745 billion in 2022, up from RMB 10.574 billion in 2021, reflecting an increase of approximately 49.5%[18] - Domestic revenue for the year ended December 31, 2022, was RMB 5,892,937,000, an increase from RMB 5,669,946,000 in 2021, representing a growth of 3.93%[21] - International revenue surged to RMB 12,673,858,000 in 2022 from RMB 6,974,754,000 in 2021, marking an increase of 81.35%[21] Operational Highlights - The company operates the world's largest oil tanker fleet with 159 vessels and a total deadweight tonnage of 23.34 million tons as of December 31, 2022[34] - The company is a leader in China's LNG transportation sector, participating in the investment of 62 LNG vessels, with 40 currently in operation and 22 awaiting delivery, totaling 6.77 million cubic meters[34] - In 2022, the group achieved a transportation volume of 17.436 million tons, an increase of 4.2% year-on-year[42] - The average daily earnings for VLCC on the TD3C route reached $61,364 in Q4 2022, reflecting a significant recovery from earlier lows[37] Cost and Expenses - Total financial expenses for the year amounted to RMB 993,999,000, an increase from RMB 826,672,000 in the previous year[26] - The company incurred a total income tax expense of RMB 964,255,000 for the year ended December 31, 2022, compared to RMB 139,800,000 in 2021[27] - Fuel costs for tanker transportation rose to RMB 5.57 billion, a 73.2% increase year-on-year, accounting for 38.4% of total costs[50] Future Outlook - The company plans to add 2 new LNG vessels with a capacity of 254,000 cubic meters in 2023, and expects to operate 159 oil tankers with a total deadweight tonnage of 23.34 million tons[87] - The company anticipates achieving operating revenue of RMB 19 billion and incurring operating costs of RMB 15.2 billion in 2023[87] - The global LNG trade volume is projected to reach 419 million tons in 2023, with a compound annual growth rate of 6.8% from 2022 to 2027[84] Governance and Compliance - The company has established five specialized committees within the board, including the Audit Committee and the Remuneration and Assessment Committee, to enhance governance and accountability[103] - The company maintained compliance with the corporate governance code throughout the year ending December 31, 2022[103] - The company’s board of directors is committed to enhancing shareholder value and has ensured that the roles of the chairman and CEO are held by different individuals to maintain independence[103]