Core Viewpoint - COSCO Shipping Energy aims to optimize its fleet by raising up to RMB 8 billion through a private placement to build new vessels, including VLCCs and LNG carriers, to enhance its competitive edge in oil transportation [1] Group 1: Fundraising and Investment Plans - COSCO Shipping Energy plans to issue A-shares to specific investors, including COSCO Shipping Group, to raise funds for constructing 6 VLCCs, 2 LNG carriers, and 3 Aframax tankers, with a total fundraising target of no more than RMB 8 billion [1] - The company’s financial officer stated that the new vessels will replace aging ships, with no current plans for fleet expansion, focusing on routes primarily from the Middle East to China and other third-party countries [1] Group 2: Market Environment and Trade Impact - Current U.S.-China trade tariffs have not significantly impacted oil and LNG transportation, with short-term effects on freight rates being minimal [2] - China’s crude oil imports are not heavily reliant on the U.S., with only about 2% of imports coming from American sources, indicating a stronger dependence on Middle Eastern and West African supplies [2] Group 3: Supply and Demand Dynamics - According to Clarksons, the global supply growth rate for crude oil tankers is projected at approximately 1.2% for 2025, while product tanker supply is expected to grow by about 5.6%, maintaining a healthy supply-demand balance [3] - The aging global fleet, tight shipyard capacity, and ongoing environmental regulations are creating a scenario where the rate of new vessel additions is outpaced by the rate of aging vessels, leading to a sustained positive market cycle for oil transportation [3] Group 4: Financial Performance and Market Trends - COSCO Shipping Energy reported a net profit of RMB 4.037 billion for 2024, a year-on-year increase of 19.37%, marking the best performance since the company’s merger in 2016 [4] - The international oil transportation market is experiencing a slowdown in demand growth, with freight rates under pressure due to OPEC+ production cuts and refinery maintenance periods, particularly in the second half of 2024 [4] - The average Time Charter Equivalent (TCE) for VLCCs on the Middle East to China route was approximately USD 34,900, reflecting a 3% decrease from 2023 but still above the average levels of the past five and ten years [4] Group 5: Operational Strategies and Market Factors - In Q1 2025, the average TCE for the VLCC TD3C route remained above USD 30,000, with stable freight rates influenced by vessel-to-cargo matching, regional oil price fluctuations, and the price spread of crude oil [5] - COSCO Shipping Energy has diversified its routes, operating transatlantic routes from Guyana and Brazil to Europe, with 45% of operations in the Atlantic and 53% in the Middle East [5] - Key factors affecting the tanker market include voyage distances rather than cargo volumes, with geopolitical events such as sanctions on Russian oil imports and rerouting away from high-risk areas positively impacting the market [5]

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于中远海运能源运输股份有限公司 2025 年第一次临时股东大会、2025 年第一次 A 股类别股东大 会及 2025 年第一次 H 股类别股东大会的法律意见书 致：中远海运能源运输股份有限公司 国浩律师（上海）事务所（以下简称"本所"），接受中远海运能源运输股份有 限公司（以下简称"公司"）的委托，指派本所律师出席公司 2025 年第一次临时 股东大会（以下简称"本次临时股东会"）、2025 年第一次 A 股类别股东大会（以 下简称"本次 A 股类别股东会"）及 2025 年第一次 H 股类别股东大会（以下简 称"本次 H 股类别股东会"，与"本次临时股东会"、"本次 A 股类别股东会"合称 "本次股东会"），并根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下 简称"《股东会规则》"）以及《中远海运能源运输股份有限公司章程》（以下简称 "《公司章程》"）的规定出具本法律意见书。 本所依据本法律意见书出具日之前已经发生或存在的事实及中国（为出具本 法律意见书之目 ...

智通财经4月9日电，香港交易所信息显示，贝莱德（BlackRock）在中远海能的持股比例于04月04日从 5.15%降至4.59%。 ...

记者从中国远洋海运集团了解到，中国远洋海运集团旗下部分控股上市公司中远海控（601919）、中远 海发（601866）、中远海能（600026）、中远海特（600428）、海峡股份（002320）、中远海科 （002401）等相继披露了业绩预增、股份增持和回购进展公告、利好公告。秉持对中国经济长期向好的 坚定信心，同时坚定看好中国资本市场发展前景，中国远洋海运集团积极支持控股上市公司加强股份增 持回购，强化内生增长和创新发展。(央视新闻) ...

二、 增持计划的主要内容 证券代码：600026 证券简称：中远海能 公告编号：2025-021 中远海运能源运输股份有限公司 关于控股股东增持计划进展的自愿性披露公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 重要内容提示： 自增持计划公布以来，本公司间接控股股东中国远洋海运集团有限公司（以 下简称"中远海运集团"）积极实施增持计划。现将有关情况公告如下： 一、 增持主体的基本情况 1. 增持主体：中远海运集团，为本公司间接控股股东。 2. 增持主体持股数量及持股比例：增持计划实施前，中远海运集团直接和 间接合计持有公司 2,156,350,790 股 A 股股份，占公司总股本的 45.20%。 基于对公司未来发展前景的坚定信心及中长期价值的认可，为增强投资者对 1 增持计划主要内容：本公司间接控股股东中远海运集团计划自 2024 年 10 月 21 日起 6 个月内，以专项贷款及自有资金通过上海证券交易所以集中竞价交 易方式增持公司 A 股股份，增持股份总金额不低于人民币 6.79 亿元，不超 过人民币 13.58 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 23.24 billion yuan (+2.3%) and a net profit attributable to shareholders of 4.037 billion yuan (+19.4%), marking a new high since the 2016 restructuring. The non-recurring net profit was 3.98 billion yuan (-3.8%) [1] - For Q4, the company reported a revenue of 6.1 billion yuan (-1.6%) and a net profit attributable to shareholders excluding non-recurring items of 630 million yuan (-22.4%). The total annual dividend was 2.05 billion yuan, with a payout ratio of 50.8%, distributing 4.3 yuan per 10 shares [1] Group 2: Oil Transportation and LNG Contribution - Foreign trade oil transportation generated revenue of 14.57 billion yuan (+4.1%), with the VLCC TD3C route's average TCE at approximately 34,900 USD (-3%). In Q4, TCE dropped to 28,800 USD, a year-on-year decline of 24% due to OPEC+ production cuts and slower replenishment in China [2] - Domestic oil transportation revenue was 5.91 billion yuan (-4.8%), with a gross margin of 25.5% (+1 percentage point). The company secured 91% of its base cargo sources and flexibly allocated 21 vessel trips, demonstrating stable profitability [2] - LNG transportation revenue increased to 2.23 billion yuan (+22.5%), with project vessel deliveries enhancing revenue certainty. The company participated in a joint bid for six 270,000 cubic meter QC-Max LNG carriers and completed several other LNG projects, expanding its fleet to 87 vessels by the end of 2024 [2] Group 3: Market Outlook and Fleet Management - For 2025, the oil transportation market is expected to maintain a high price level, driven by multiple factors. The nominal capacity of the VLCC fleet is projected to decrease, with effective supply likely reducing more significantly due to restrictions on "shadow fleets" and the aging fleet being less efficient [3] - The company plans to invest in constructing six VLCCs in November 2024, which will further modernize its fleet, currently averaging 11.9 years in age [3] Group 4: Profit Forecast and Investment Recommendation - The company forecasts net profits attributable to shareholders of 5.56 billion yuan, 5.54 billion yuan, and 5.77 billion yuan for 2025-2027. Given the anticipated sustained high demand in the global oil transportation market, the company is positioned to benefit and maintains a "buy" rating [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company achieved operating revenue of 23.244 billion yuan, a year-on-year increase of 2.25%, and a net profit attributable to shareholders of 4.037 billion yuan, representing a year-on-year growth of 19.37% [2][5]. - The LNG business has become a highlight, with significant contributions from the energy and chemical sectors following their consolidation into the company's financials [9]. Summary by Sections Business Performance - The company's internal and external oil transportation and LNG businesses reported gross profits of 1.47 billion yuan, 3.59 billion yuan, and 1.08 billion yuan, respectively, with year-on-year changes of -0.9%, -13.5%, and +25.2% [9]. - The LNG fleet expanded to 51 vessels in 2024, an increase of 8 vessels compared to the previous year [9]. - The energy and chemical business acquisition added stable profit sources, with gross profits from chemical and LPG shipping operations each at 50 million yuan [9]. Future Outlook - The company anticipates a 55% increase in stable profits from internal trade and LNG operations by 2028, reaching 4.35 billion yuan [9]. - The expected performance for 2025-2027 is projected at 5.32 billion yuan, 6.20 billion yuan, and 6.32 billion yuan, with corresponding price-to-earnings ratios of 10.1, 8.6, and 8.5 times [9].

Investment Rating - The report assigns a "Buy" rating to 中远海能 and 吉祥航空, and an "Outperform" rating to 南方航空, 中国东航, and 中国国航 [5][6]. Core Insights - The shipping sector is expected to see improved fundamentals in the medium to long term, driven by a shift in oil production policies from reduction to gradual increase, with VLCC demand projected to rise by 4.4% in 2025 and 6.9% in 2026 [3]. - The small container ship market is on an upward trend, supported by economic growth in Southeast Asia and changes in shipping alliances, leading to increased demand [3]. - The air travel market is experiencing a volume increase but a price decrease, with domestic passenger traffic expected to grow by 3% year-on-year in Q1 2025, while international markets are recovering steadily [3]. - The express delivery sector is seeing a recovery in direct logistics, with a year-on-year growth of 22.4% in the express industry for January-February 2025, although price competition remains intense [3]. - The road and rail sectors are expected to maintain growth in traffic volume, with a projected year-on-year increase in highway traffic and railway passenger volume [3]. Summary by Sections Shipping - The long-term supply logic remains stable, with a gradual increase in VLCC demand and a limited supply of new ships expected to be delivered [3]. - The average age of the global fleet is increasing, indicating a strong demand for replacing old ships [3]. Shipbuilding - The shipbuilding cycle is on an upward trend, with a continued supply-demand imbalance favoring shipbuilders [3]. - Ship prices are expected to rise again after absorbing the negative impacts of new capacity [3]. Aviation - The domestic air travel market is projected to see a volume increase but a price decrease due to high base effects from the previous year [3]. - International markets are recovering, with a 20% year-on-year increase in passenger traffic and flight numbers [3]. Express Delivery - The express delivery sector is expected to continue its recovery, with significant growth in logistics demand anticipated [3]. - Price competition remains fierce, impacting profitability for leading companies [3]. Road and Rail - Traffic volume on highways and railways is expected to grow, with specific companies projected to perform well [3].

Group 1: Company Financial Performance - In 2024, the company's revenue reached 23.24 billion RMB, a year-on-year increase of 2.2% (adjusted) [1] - The net profit attributable to shareholders for the year was 4.04 billion RMB, reflecting a year-on-year growth of 19.4% (adjusted) [1] - The company's cash dividend for 2024 is set at 4.3 RMB per 10 shares (including tax), with a payout ratio of 50.82% [1] Group 2: Trade and Transportation Performance - In Q4, domestic oil transportation revenue was 1.53 billion RMB, down 6% year-on-year, with a gross margin of 22.2% [2] - LNG transportation revenue in Q4 was 620 million RMB, up 31% year-on-year, with a gross margin of 42.7% [2] - Foreign trade oil transportation revenue in Q4 was 3.45 billion RMB, a slight increase of 0.2% year-on-year, but with a gross margin of 12.7%, down 6.4 percentage points [2] Group 3: Market Outlook and Demand - The demand for VLCC (Very Large Crude Carrier) in the second half of 2024 is expected to be subdued due to OPEC's production cuts and weak demand from Chinese refineries [3] - The narrowing price difference between regions is likely to negatively impact long-distance oil trade [3] - The outlook for VLCC remains optimistic due to strong supply constraints and a potential recovery in demand in 2025, with limited growth in effective capacity [3] Group 4: Regulatory Environment and Market Dynamics - The tightening of sanctions on non-compliant trade from Iran, Venezuela, and Russia may benefit the formal market by increasing demand [4] - The U.S. "maximum pressure" campaign is extending sanctions beyond traditional targets, affecting the entire supply chain [4] - The company maintains an optimistic mid-term outlook for VLCC profitability, with projected net profits for 2025-2026 at 5.29 billion and 6.33 billion RMB, respectively [4]

Investment Rating - The report maintains a "Recommendation" rating for COSCO Shipping Energy Transportation Co., Ltd. (600026) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 4 billion CNY in 2024, representing a year-on-year increase of 19% [1] - The oil transportation market is anticipated to improve in the medium term, with attention to variables such as sanctions and production increases [7] Financial Performance Summary - **2024 Financial Results**: - Revenue: 23.2 billion CNY, up 2% year-on-year - Net Profit: 4.04 billion CNY, up 19.4% year-on-year - Non-recurring Net Profit: 3.98 billion CNY, down 3.8% year-on-year - Q4 Revenue: 6.1 billion CNY, down 1.6% year-on-year - Q4 Net Profit: 620 million CNY, returning to profit [1][2] - **Business Segment Performance**: - Foreign trade oil transportation: Gross profit of 3.59 billion CNY, down 13.6% - Domestic trade oil transportation: Gross profit of 1.48 billion CNY, down 0.9%, with a gross margin of 25% - LNG business: Contributed a net profit of 810 million CNY, up 2.7% - LPG and chemical business: Gross profit of 52 million CNY and 53 million CNY, down 8.7% and up 47.9% respectively [1][2] Future Financial Projections - **Revenue Forecast**: - 2025E: 26.03 billion CNY, growth of 12% - 2026E: 27.77 billion CNY, growth of 6.7% - 2027E: 29.67 billion CNY, growth of 6.8% [3] - **Net Profit Forecast**: - 2025E: 5.04 billion CNY, growth of 24.9% - 2026E: 6.03 billion CNY, growth of 19.7% - 2027E: 6.89 billion CNY, growth of 14.2% [3] - **Earnings Per Share (EPS)**: - 2025E: 1.06 CNY - 2026E: 1.26 CNY - 2027E: 1.44 CNY [3] Valuation - The target price for the stock is set at 13.8 CNY, with a current price of 11.27 CNY, indicating a potential upside of 22% [3][7]