Financial Performance - For the third quarter of 2025, the company's operating revenue was CNY 5,466,168,242.83, a decrease of 2.55% compared to the same period last year[6] - The total profit for the same period was CNY 1,101,158,644.41, reflecting a decline of 4.02% year-on-year[6] - Net profit attributable to shareholders was CNY 853,411,313.76, an increase of 4.37% compared to the previous year[6] - The basic earnings per share for the quarter was CNY 0.1788, up by 4.32% from CNY 0.1695 in the same period last year[6] - For the year-to-date period, total operating revenue reached CNY 17,107,904,130.42, down 2.55% from CNY 17,143,704,565.04 in the previous year[9] - The total profit for the year-to-date period was CNY 3,485,692,512.62, a significant decrease of 22.66% compared to CNY 4,449,995,407.91 last year[9] - Net profit attributable to shareholders for the year-to-date period was CNY 2,722,895,613.84, down 21.22% from CNY 3,415,078,828.91 in the previous year[9] - Total revenue for the first three quarters of 2025 was CNY 17,107,904,130.42, a decrease of 2.54% compared to CNY 17,555,281,417.45 in the same period of 2024[25] - Operating profit for the first three quarters of 2025 was CNY 3,494,393,152.56, down from CNY 4,516,918,395.71 in 2024, reflecting a decline of 22.6%[25] - Net profit attributable to the parent company for the first three quarters of 2025 was CNY 2,722,895,613.84, a decrease of 21.2% from CNY 3,456,539,450.83 in 2024[25] - Total comprehensive income for the first three quarters of 2025 was CNY 2,750,079,302.22, a decrease from CNY 3,517,401,781.40 in the same period of 2024, representing a decline of approximately 21.8%[26] - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 0.5707, compared to CNY 0.7245 in 2024, reflecting a decline of approximately 21.2%[26] Assets and Liabilities - The company's total assets as of the end of the reporting period were CNY 82,044,451,268.19, an increase of 1.24% from CNY 81,042,317,159.52 at the end of the previous year[9] - Total current assets increased to CNY 10,727,185,641.05 as of September 30, 2025, up from CNY 9,535,713,720.50 at the end of 2024, representing a growth of 12.5%[22] - Total non-current assets amounted to CNY 71,317,265,627.14 as of September 30, 2025, slightly down from CNY 71,506,603,439.02 at the end of 2024[23] - Total liabilities decreased to CNY 41,387,518,255.42 as of September 30, 2025, compared to CNY 42,057,159,780.00 at the end of 2024, a reduction of 1.6%[24] - The company’s total equity increased to CNY 40,656,933,012.77 as of September 30, 2025, up from CNY 38,985,157,379.52 at the end of 2024, reflecting a growth of 4.3%[24] Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 4,827,280,422.80, a decrease of 17.87% compared to CNY 5,762,047,703.06 last year[9] - Net cash flow from operating activities for the first three quarters of 2025 was CNY 4,827,280,422.80, down from CNY 5,877,489,308.75 in 2024, indicating a decrease of about 17.9%[28] - Cash inflow from operating activities totaled CNY 17,627,755,861.40 in 2025, down from CNY 18,527,271,735.08 in 2024, a decrease of about 4.9%[28] - The company’s cash flow from operating activities was impacted by an increase in cash payments for purchasing goods and services, which rose to CNY 9,149,646,363.82 in 2025 from CNY 8,739,495,179.96 in 2024, an increase of about 4.7%[28] - Cash inflow from financing activities totaled approximately ¥5.04 billion in the first three quarters of 2025, compared to ¥6.06 billion in the same period of 2024, representing a decrease of about 16.8%[29] - The net cash flow from financing activities was negative at approximately ¥2.77 billion for the first three quarters of 2025, compared to a negative cash flow of ¥1.90 billion in 2024, indicating a worsening financial position[29] - Cash inflow from investments received was approximately ¥131.19 million in 2025, with cash received from minority shareholders amounting to approximately ¥39.36 million[29] Operational Highlights - The company completed the acquisition of subsidiaries related to the chemical supply chain in the second half of 2024, which is considered a business combination under common control[10] - In Q3 2025, the net profit attributable to shareholders was RMB 850 million, an increase of 4.4% compared to Q3 2024[17] - The group’s tanker capacity input for the first nine months of 2025 was 66.56 million ton-days, an increase of 12.8% year-on-year[20] - The total transportation volume (excluding time charter) was 138.88 million tons, up 10.1% year-on-year[20] - The average TCE for VLCC TD3C route (Middle East to China) was USD 42,918 per day, a 16.5% increase compared to the same period last year[17] - In September 2025, the average TCE for VLCC TD3C route reached USD 76,197 per day, boosting financial performance expectations for the fourth quarter[18] - The group’s LPG transportation business achieved a gross profit of RMB 0.5 billion, while the chemical transportation business reported a gross profit of RMB 0.5 billion, representing a year-on-year increase of 22.5% and a decrease of 5.2%, respectively[20] - The tanker transportation segment generated a total operating revenue of RMB 14.74 billion, a year-on-year decrease of 4.9%[20] - The group’s operating costs for the tanker transportation segment amounted to RMB 11.93 billion, an increase of 6.3% year-on-year[20] - The gross profit from foreign trade tanker operations was RMB 1.79 billion, accounting for approximately 64% of the total gross profit from tanker operations[20] Investment and Research - Research and development expenses rose to CNY 23,007,853.84 in the first three quarters of 2025, compared to CNY 14,870,234.98 in 2024, marking a significant increase of 54.5%[25] - Cash outflow for investment activities in the first three quarters of 2025 was CNY 2,685,556,687.28, compared to CNY 6,673,336,354.94 in 2024, indicating a significant reduction in investment spending[28] - The company reported a total cash inflow from investment activities of CNY 559,616,583.37 in 2025, significantly lower than CNY 1,349,177,713.73 in 2024, indicating a decline of approximately 58.5%[28]

Investment Rating - The report maintains a positive outlook on the shipping, shipbuilding, and aviation sectors, indicating a fundamental improvement despite low fund holdings [3]. Core Insights - The shipbuilding sector has seen a reversal of negative factors, with second-hand ship prices stabilizing and surpassing 2024 highs, suggesting potential for new ship price increases [3]. - The oil tanker market is experiencing strong demand due to OPEC's production increases and ongoing sanctions on Russian and Iranian oil supplies, leading to a significant rise in freight rates [3]. - Fund holdings in the transportation sector have decreased to a historical low, with notable increases in the market value of shipping, ports, airports, and cross-border logistics [3][4]. Summary by Sections 1. Changes in Fund Holdings in the Transportation Sector - As of Q3 2025, the total market value of funds in the transportation sector reached 18 billion yuan, a 30% decrease from the previous quarter, ranking 17th among 31 sectors [4][5]. - The transportation sector's market value accounts for 2.68% of total A-share market value, with an underweight of 1.59% [4]. 2. Changes in Fund Holdings by Sub-sectors - The proportion of fund holdings in aviation, shipping, ports, airports, raw material supply chain services, and cross-border logistics has increased, with aviation transportation holding the largest share at 37.62% [10]. - The market value changes for various sectors include significant increases in shipping and raw material supply chain services, while express delivery and highways saw declines [10]. 3. Top Ten Fund Holdings in the Transportation Sector - The top ten fund holdings include SF Holding, YTO Express, Huaxia Airlines, and China Merchants Energy, with notable increases in holdings for YTO Express and China Merchants Energy [15]. - Stocks with total holdings exceeding 300 million yuan and growth rates above 10% include YTO Express and China Merchants Energy, with growth rates of 110% and 227% respectively [15]. 4. Valuation of Key Companies in the Transportation Sector - Key companies such as China National Aviation and SF Holding have been evaluated with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating potential growth [19].

证券代码：600026 证券简称：中远海能 公告编号：2025-061 中远海运能源运输股份有限公司 关于全资子公司光租六艘 VLCC 暨关联交易公告 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： 一、关联交易概述 （一） 本次交易基本情况 1 寰宇公司（本公司全资子公司）或本公司指定的境外子公司（作为承租人） 拟与海南中远海发（本公司关联人中远海发全资子公司）或中远海发指定的 其他子公司（作为出租人）签署光租合同，光租租入六艘 VLCC，租期自交 付日起计算最长为 240 个月±90 天。六艘 VLCC 的平均固定日租金为人民 币 134,871 元/艘（不含税）；其中三艘 VLCC 以"保底+分成"方式计算实 际租金，每日分成租金与波交所公布的 TD3C-TCE 挂钩，该三艘 VLCC 年 分成租金合计不超过人民币 1.31 亿元。 本次交易构成关联交易。 本次交易不构成重大资产重组。 本次交易需提交公司股东会审议，关联股东需回避表决。 截至本公告披露日，除本次交易外，过去 12 个月内本公司与同一关联 ...

证券代码：600026 证券简称：中远海能 公告编号：2025-062 （一）离任的基本情况 中远海运能源运输股份有限公司（以下简称"公司"）董事会于2025年10 月30日收到公司副总经理陈建荣先生的辞呈，陈建荣先生因工作岗位变动的原因， 自愿辞去公司副总经理职务。 具体情况如下： | | | | | | 是否继续在 | | 是否存在 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | 原定任期 | 离任原因 | 上市公司及 | 具体 | 未履行完 | | | | | 到期日 | | 其控股子公 | 职务 | 毕的公开 | | | | | | | 司任职 | | 承诺 | | 陈建荣 | 副总经理 | 2025-10-30 | 2028-4-28 | 工作岗位变动 | 否 | 不适用 | 否 | （二）离任对公司的影响 根据《中华人民共和国公司法》（以下简称"《公司法》"）及《公司章程》 等相关规定，陈建荣先生的辞任自其各自的辞任报告送达公司董事会之日起生效。 陈建荣先生的辞职不影响公司日常经营活动的开展，并已按公 ...

证券代码：600026 证券简称：中远海能 公告编号：2025-063 中远海运能源运输股份有限公司 关于参加 2025 年上海辖区上市公司 三季报集体业绩说明会的公告 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： 会议召开时间：2025 年 11 月 13 日（星期四）15:00-16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 06 日（星期四）至 11 月 12 日（星期三）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir.energy@coscoshipping.com 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 中远海运能源运输股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日晚发布公司 2025 年第三季度报告，为便于广大投资者更全面深 ...

中远海运能源运输股份有限公司 二〇二五年第十四次董事会会议决议公告 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。 证券代码：600026 证券简称：中远海能 公告编号：2025-060 一、审议并通过《关于公司 2025 年第三季度报告的议案》 经审议，董事会批准发布公司 2025 年第三季度报告。 表决情况：9 票赞成，0 票反对，0 票弃权。 本议案已经公司董事会审计委员会审议通过。 中远海运能源运输股份有限公司（以下简称"公司"）二〇二五年第十四次 董事会会议通知和材料分别于 2025 年 10 月 16 日、2025 年 10 月 23 日以电子邮 件/专人送达形式发出，会议于 2025 年 10 月 30 日在上海市虹口区东大名路 670 号以现场及视频会议的方式召开。会议由公司董事长任永强先生主持，公司应出 席会议董事 9 名，实到 9 名。公司高级管理人员列席了会议。会议的召开符合《中 华人民共和国公司法》和《公司章程》的有关规定。与会董事听取并审议通过了 以下议案： 二、审议并通过《关于以二手船转让方式处置 ...

国泰海通证券股份有限公司 关于中远海运能源运输股份有限公司 全资子公司光租六艘 VLCC 暨关联交易的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为中 远海运能源运输股份有限公司（以下简称"中远海能"或"公司"）2025 年度向 特定对象发行 A 股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上 海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号— —规范运作》《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交 易》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关法律、 法规和规范性文件的规定，对中远海能全资子公司寰宇船务企业有限公司（以下 简称"寰宇公司"）光租六艘 VLCC 暨关联交易事项进行了核查，具体情况如下： 一、关联交易概述 （一）本次交易基本情况 中远海能全资子公司寰宇公司或公司指定的境外子公司（作为承租人）计划 与中远海运发展股份有限公司（以下简称"中远海发"）全资子公司海南中远海 运发展有限公司（以下简称"海南中远海发"）或中远海发指定的其他子公司（作 为出租人）签署光租合同，拟采用经营性光租形式租入六 ...

重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，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。 中远海运能源运输股份有限公司 2025 年第三季度报告 证券代码：600026 证券简称：中远海能 中远海运能源运输股份有限公司 2025 年第三季度报告 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。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 1 / 13 中远海运能源运输股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 2 / 13 单位：元 币种：人民币 项目 本报告期 上年同期 本报告期比 上年同期增 减变动幅度 (%) 年初至报告期末 上年同期 年初至报告 期末比上年 同期增减变 动幅度(%) 调整前 调整后 调整后 调整前 调整后 调整后 营业收入 5,466,168,242.83 5,492,927,694.45 5,6 ...

Core Viewpoint - COSCO Shipping Energy announced that its wholly-owned subsidiary, Huan Yu Company, plans to sign a charter agreement with a related party, COSCO Shipping Hainan, to lease six VLCCs for a maximum period of 240 months ± 90 days [1] Summary by Categories Transaction Details - The average fixed daily rent for the six vessels is 134,871 yuan per vessel (excluding tax) [1] - Three of the vessels will operate under a "minimum + sharing" model, with annual shared rental income not exceeding 131 million yuan [1] Related Party Transactions - This transaction constitutes a related party transaction but does not qualify as a major asset restructuring [1] - The transaction requires approval from the shareholders' meeting, with related shareholders abstaining from voting [1] Historical Context - The cumulative amount of related transactions over the past 12 months is approximately 598 million yuan [1]

中远海能公告，公司全资子公司寰宇公司拟与中远海发全资子公司签署光租合同，以租赁六艘VLCC， 租期最长为240个月。六艘VLCC的平均固定日租金为人民币13.49万元/艘，其中三艘采用"保底+分 成"租金模式，年分成租金预计不超过人民币1.31亿元。截至公告披露日，过去12个月内，公司与同一 关联人进行的交易累计金额约为人民币5.98亿元。本次交易需提交公司股东会审议，关联股东需回避表 决。 ...