Core Viewpoint - Bank of America Securities reports that China Merchants Energy Shipping Company (600026)(01138) performed in line with expectations in the first half of the year, with net profit exceeding expectations mainly due to one-time gains [1] Financial Performance - The company has adjusted its earnings forecasts for 2025 to 2027, reflecting the positive impact of OPEC+ production increases and tightening U.S. sanctions on the crude oil tanker market [1] - The target price for H-shares has been raised from HKD 7.5 to HKD 7.9, while the target price for A-shares (600026.SH) has been increased from RMB 13 to RMB 13.6 [1] Investment Outlook - The firm maintains a "Buy" rating, believing that the company will be a major beneficiary of the recovery in the tanker market [1] - The current valuation is seen as not fully reflecting the return on equity (ROE) prospects for shareholders in 2025 to 2026 [1]

智通财经APP获悉，美银证券发布研报称，中远海能(01138)上半年营运表现大致符合预期，当中纯利胜 预期，主要来自一次性收益。该行上调2025至27年盈利预测，以反映OPEC+增产及美国制裁收紧为原 油油轮市场带来的顺风。该行维持"买入"评级，认为集团将成为油轮市场复苏的主要受益者，并认为当 前估值并未充分反映2025至26年的股东权益回报率(ROE)前景;H股目标价由7.5港元上调至7.9港元，中 远海能A股(600026.SH)目标价由13元上调至13.6元人民币。 ...

Group 1 - The core viewpoint of the articles highlights that China Merchants Energy (中远海能) experienced a significant drop in profits for the first half of 2025, with a revenue of approximately RMB 11.573 billion, a year-on-year decrease of about 2.5% [1] - The net profit attributable to equity holders was approximately RMB 1.894 billion, reflecting a year-on-year decline of about 29.0%, with earnings per share at 39.71 cents [1] - The foreign trade oil tanker fleet generated transportation revenue of RMB 7.29 billion, down 5.5% year-on-year, while the transportation gross profit was RMB 1.3 billion, a decrease of 48.9% year-on-year [1] Group 2 - The gross profit margin for the foreign trade oil transportation segment was reported at 17.9%, which is a decrease of 15.2 percentage points year-on-year, although it showed a quarter-on-quarter increase of 5.7 percentage points in Q2 [1] - The domestic trade oil tanker fleet achieved transportation revenue of RMB 2.74 billion, also down 5.5% year-on-year, with a gross profit of RMB 670 million, reflecting a decrease of 6.9% year-on-year [1] - Zhejiang Securities noted that the foreign trade oil transportation segment's gross profit was RMB 1.289 billion, down 49.1% year-on-year, primarily due to last year's high base from the Red Sea crisis and increased capacity from new deliveries [2]

智通财经APP获悉，中远海能(01138)绩后涨超5%，截至发稿，涨5.02%，报7.32港元，成交额6730.96万 港元。 消息面上，8月29日，中远海能公布2025年中期业绩，营业额约为人民币115.73亿元，同比减少约 2.5%。归属于公司权益持有人的溢利约为人民币18.94亿元，同比下降约29.0%。每股收益39.71分。 2025年上半年，该集团外贸油轮船队完成外贸油运运输收入人民币72.9亿元，同比减少5.5%，二季度环 比一季度增长3.3%；运输毛利为人民币13.0亿元，同比减少48.9%，二季度环比一季度增长42.9%；毛利 率17.9%，同比减少15.2个百分点，二季度环比一季度增长5.7个百分点。 2025年上半年，该集团内贸油轮船队完成内贸油运运输收入人民币27.4亿元，同比减少5.5%；运输毛利 人民币6.7亿元，同比减少6.9%；毛利率24.4%，同比减少0.4个百分点。 浙商证券指出， 作为中远海能业绩核心弹性的外贸油运板块，受国际市场波动影响，上半年实现毛利 12.89亿元，同比下降49.1%。该行认为这主要由于去年同期红海危机推高成品油轮运价基数，以及今年 新交付运力增加所致 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a slight recovery in Q2, indicating challenges in the oil transportation sector but potential for improvement in the upcoming quarters [1][2][3]. Financial Performance - Revenue for H1 2025 was 11.64 billion yuan, down 2.5% year-on-year; Q2 revenue was 5.89 billion yuan, down 1.1% year-on-year but up 2.4% quarter-on-quarter [1]. - Net profit attributable to shareholders for H1 2025 was 1.87 billion yuan, down 29.2% year-on-year; Q2 net profit was 1.16 billion yuan, down 16.4% year-on-year but up 64.2% quarter-on-quarter [1]. - Non-recurring gains in Q2 amounted to 96 million yuan, primarily from the disposal of an old VLCC [1]. Business Segments - **Domestic Oil Transportation**: Q2 revenue was 1.37 billion yuan, down 6.3% year-on-year; gross margin was 24.0%, slightly up year-on-year [1][2]. - **LNG Transportation**: Q2 revenue was 630 million yuan, up 56.5% year-on-year; gross margin was 49.9%, down year-on-year [2]. - **Foreign Oil Transportation**: Q2 revenue was 3.73 billion yuan, down 5.4% year-on-year; gross margin was 20.2%, down year-on-year [2]. Market Dynamics - The oil transportation market is experiencing price fluctuations, with VLCC rates supported by OPEC's production increase and tightening sanctions on non-compliant trade [3]. - The supply side is constrained by limited new ship deliveries and the retirement of older vessels, while demand is expected to rise due to increased production from non-OPEC regions [3]. Profit Forecast and Investment Recommendation - The company maintains a positive outlook for the VLCC market, projecting net profits of 5.29 billion, 6.33 billion, and 7.08 billion yuan for 2025-2027, with corresponding PE ratios of 9, 8, and 7 [4]. - The current price suggests a dividend yield of approximately 5.4% for 2025, assuming a 50% payout ratio [4].

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025 compared to the same period last year [1] Financial Performance - The company's revenue for the first half of 2025 was 11.642 billion, representing a year-on-year decrease of 2.55% [1] - The net profit for the same period was 1.869 billion, showing a significant year-on-year decline of 29.16% [1]

格隆汇8月29日丨中远海能(600026.SH)披露半年报，公司上半年实现营业收入116.42亿元，同比下降 2.55%；归属于上市公司股东的净利润18.69亿元，同比下降29.16%；基本每股收益0.3919元。 ...

公司代码：600026 公司简称：中远海能 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 第二节 公司基本情况 2.1公司简介 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到http://www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 ■ 2.2主要财务数据 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 ■ □适用 √不适用 2.3前10名股东持股情况表 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 单位：元 币种：人民币 2.5控股股东或实际控制人变更情况 证券代码：600026 证券简称：中远海能 公告编号：2025-048 中远海运能源运输股份有限公司 二〇二五年第十一次董事会会议决议公告 本公司董事会及全体董事保 ...

Core Viewpoint - The report highlights the financial performance and operational status of COSCO SHIPPING Energy Transportation Co., Ltd. for the first half of 2025, indicating a decline in revenue and net profit compared to the previous year, while emphasizing the company's strong position in the energy transportation sector. Financial Performance - Total revenue for the first half of 2025 was approximately RMB 11.64 billion, a decrease of 2.55% compared to the same period last year [2][3] - Total profit amounted to approximately RMB 2.38 billion, reflecting a significant decline of 29.03% year-on-year [2][3] - Net profit attributable to shareholders was approximately RMB 1.77 billion, down 32.24% from the previous year [2][3] - Basic earnings per share decreased by 29.14% to RMB 0.3919 [3] Operational Overview - As of June 30, 2025, the company controlled a fleet of 157 oil tankers with a total deadweight tonnage of 23.45 million [7] - The company has invested in 87 LNG vessels, with 52 currently in operation, totaling 8.76 million cubic meters [5][7] - The LPG transportation segment operates 12 vessels with a capacity of 126,000 cubic meters [5][7] Industry Context - The global oil transportation market remains stable, with Middle Eastern oil exports dominating at 42% of global supply [9] - The LNG market is experiencing growth, with the company being a key player in both domestic and international LNG transportation [5][12] - The chemical transportation sector is expanding, with the company managing 8 chemical tankers [5][12] Strategic Positioning - The company maintains a leading position in China's oil and gas import transportation, leveraging strong relationships with major energy companies [7] - The operational strategy includes a diversified business model that encompasses oil, LNG, LPG, and chemical transportation, enhancing resilience against market fluctuations [7][12] - The company is focused on technological innovation and digital transformation to improve operational efficiency and service quality [8][12]

Core Viewpoint - COSCO Shipping Energy Transportation Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the energy transportation sector [1]. Financial Performance - Total assets increased to approximately 84.41 billion RMB, up 4.15% from the previous year [1]. - Operating revenue decreased to approximately 11.64 billion RMB, down 2.55% compared to the same period last year [1]. - Net profit attributable to shareholders fell by 32.24%, reflecting significant operational challenges [1]. - The total profit before tax was approximately 2.38 billion RMB, a decrease of 29.03% year-on-year [1]. Shareholder Information - As of the report date, the total number of shareholders was 116,510 [2]. - The largest shareholder, China Ocean Shipping Group Co., Ltd., holds 32.22% of the shares, amounting to approximately 1.54 billion shares [2]. - Other significant shareholders include HKSCC Nominees Limited and China Ocean Shipping Group Co., Ltd., with holdings of 27.02% and 14.24%, respectively [2].