Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, indicating challenges in the oil transportation and shipping sectors, while also highlighting potential recovery in the VLCC market due to supply constraints and regulatory impacts on non-compliant trade [1][2][3][4] Financial Performance - Q1 2025 revenue was 5.6 billion yuan, down 10.5% year-on-year and 14% quarter-on-quarter [1] - Q1 2025 net profit attributable to shareholders was 870 million yuan, a decrease of 37.1% year-on-year and 50.2% quarter-on-quarter [1] - Q1 2025 non-recurring net profit was 850 million yuan, down 37.2% year-on-year and 50.6% quarter-on-quarter [2] Oil Transportation Sector - Q1 oil transportation revenue was 2.14 billion yuan, down 16.3% year-on-year, with net profit at 490 million yuan, a decline of 44% year-on-year and 15% quarter-on-quarter [2] - VLCC fleet performance outperformed indices, with 50% of operational days locked in for Q2, providing a solid foundation for future earnings [2] - The second quarter is expected to see strong fluctuations in VLCC rates due to OPEC+ production increases and tightening sanctions on Iranian oil [2][3] Market Dynamics - The impact of tariffs and the "301 port tax" on oil transportation fundamentals is limited, with U.S. crude exports to China representing only 0.4% of global oil shipping volume [3] - The ongoing tightening of sanctions on non-compliant trade is expected to benefit the formal market supply-demand dynamics [3] Shipping Segments Performance - Container shipping revenue for Q1 was 1.14 billion yuan, up 9.6% year-on-year, with net profit at 340 million yuan, a significant increase of 222% year-on-year [4] - Bulk shipping revenue for Q1 was 1.68 billion yuan, down 11.4% year-on-year, with net profit at 160 million yuan, a decrease of 55% year-on-year [4] - Roll-on/roll-off shipping revenue for Q1 was 400 million yuan, down 1.2% year-on-year, with net profit at 50 million yuan, a decline of 34% year-on-year [4] Investment Outlook - The company maintains profit forecasts for 2025-2027 at 6.48 billion, 7.66 billion, and 8.18 billion yuan, with corresponding PE ratios of 8, 6, and 6 times [4] - The current valuation is considered attractive, with a projected dividend yield of approximately 5.3% based on a 40% payout ratio [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's container shipping profits have significantly increased, demonstrating strong performance resilience, while the oil shipping business shows potential for flexibility [4][7] - The company is expected to benefit from a dual business resonance due to the upward fundamentals in oil and bulk shipping [5] Financial Summary - The projected net profits for the company from 2025 to 2027 are estimated at 6.437 billion, 7.450 billion, and 7.993 billion RMB, with year-on-year growth rates of 26.03%, 15.75%, and 7.28% respectively [5] - The current price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are projected to be 7.40, 6.39, and 5.96 respectively [5] - The company's revenue for Q1 2025 was 5.595 billion RMB, a year-on-year decrease of 10.53%, while the net profit was 0.865 billion RMB, down 37.07% year-on-year [7] - The container shipping segment saw a net profit increase of 222.12% year-on-year in Q1 2025, while the oil tanker segment experienced a net profit decline of 44.02% [7] Market Performance - The oil and bulk shipping markets are gradually recovering, with container shipping profits showing significant growth [7] - The company has expanded its container shipping capacity by 35% year-on-year in Q1 2025 and is developing high-value-added services [7] - The OPEC+ production increase is expected to positively impact oil shipping rates, while the dry bulk market is anticipated to see demand growth due to new mining projects [7]

Group 1 - The report presents the "Shenwan Hongyuan Top Ten Gold Stocks" as a monthly updated selection reflecting market trends and research capabilities, aiming to provide solid research support for investors [1][12] - The previous gold stock combination experienced a decline of 4.02% from April 1 to April 30, 2025, with the A-share average dropping by 3.56%, underperforming the Shanghai Composite Index and the CSI 300 Index by 1.86 and 0.56 percentage points respectively [7][16] - Since the first release on March 28, 2017, the gold stock combination has cumulatively increased by 251.26%, with the A-share combination rising by 194.10%, outperforming the Shanghai Composite Index and the CSI 300 Index by 193.73 and 185.68 percentage points respectively [7] Group 2 - The strategy judgment for the second quarter maintains a view of a fluctuating market, with recent political meetings emphasizing support for foreign trade, which is expected to stabilize market expectations [15] - The report recommends focusing on AI computing and applications, highlighting the importance of high dividend yields, and suggests a bottom-up selection of stocks with improving supply-demand dynamics [15] - The top three recommended stocks, referred to as the "Iron Triangle," are Newland, Chipbond, and Feilihua, each with specific growth drivers and market positioning [18][19] Group 3 - The current gold stock combination includes Newland, Chipbond, Feilihua, Sheneng Co., Junxin Co., Conch Cement, Binjiang Group, China Merchants Energy, Alibaba-W (Hong Kong), and CSPC Pharmaceutical (Hong Kong) [18] - Newland is focusing on localizing hardware in overseas markets, particularly in Latin America and Europe, while leveraging AI applications for customer operations [21] - Chipbond is advancing in the semiconductor field with strong demand for high-end equipment driven by AI computing, and Feilihua is positioned well in the military quartz fiber market with significant growth potential in semiconductor products [21][19]

Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Views - The demand for oil transportation is gradually being validated due to increased production in the Middle East, with expectations for improved performance in Q2 2025 [9] - The company reported a revenue of 5.595 billion yuan in Q1 2025, a year-on-year decrease of 10.53%, and a net profit of approximately 865 million yuan, down 37.07% year-on-year [5][6] - The report anticipates a recovery in oil tanker performance in Q2 2025, driven by rising average freight rates [6][9] Financial Data Summary - For Q1 2025, the oil tanker segment contributed a net profit of 487 million yuan, down 44.02% year-on-year, while the dry bulk segment saw a net profit of 159 million yuan, down 55.46% year-on-year [6] - The company expects a total revenue of 28.61 billion yuan for 2025, with a year-on-year growth rate of 10.9% [8] - The projected net profit for 2025 is 6.501 billion yuan, reflecting a year-on-year increase of 27.3% [8][11]

Group 1 - The core index of the shipping sector, the China Securities Index Shipping Index, closed at 2040.95 points, showing a decline of 3.38% over the past month, 4.74% over the past three months, and 6.18% year-to-date [1] - The index is composed of various industry companies classified into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The top ten weighted companies in the shipping index include COSCO Shipping Holdings (16.61%), China Merchants Energy Shipping (15.28%), COSCO Shipping Energy Transportation (12.87%), and others, indicating a concentration in a few key players [1] Group 2 - The shipping sector accounts for 100.00% of the index sample, highlighting its exclusive focus on this industry [2] - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring that the weight factors are updated accordingly [2] - Special events affecting sample companies, such as mergers or delistings, will lead to corresponding adjustments in the index sample, maintaining its relevance and accuracy [2]

从中证油气产业指数持仓的市场板块来看，上海证券交易所占比71.28%、深圳证券交易所占比 28.72%。 金融界4月30日消息，A股三大指数收盘涨跌不一，中证油气产业指数 (油气产业，H30198)下跌0.1%， 报1702.45点，成交额130.15亿元。 数据统计显示，中证油气产业指数近一个月下跌5.06%，近三个月下跌5.11%，年至今下跌7.93%。 据了解，中证油气产业指数从沪深市场中选取业务涉及石油与天然气的开采、设备制造、运输、销售、 炼制加工，以及初级石油化工产品生产等领域的上市公司证券作为指数样本，以反映油气产业相关上市 公司证券的整体表现。该指数以2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证油气产业指数十大权重分别为：中国石油（10.35%）、中国海油（10.1%）、中 国石化（9.56%）、广汇能源（5.06%）、招商轮船（3.78%）、杰瑞股份（3.67%）、恒力石化 （3.21%）、卫星化学（3.13%）、东方盛虹（2.8%）、中远海能（2.79%）。 来源：金融界 从中证油气产业指数持仓样本的行业来看，能源占比61.78%、原材料占比20.62%、工 ...

(三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 证券代码：601872 证券简称：招商轮船 公告编号：2025-018 招商局能源运输股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 29 日 (二)股东大会召开的地点：深圳市南山区太子路 1 号新时代广场 13 楼会议室 | 1、出席会议的股东和代理人人数 | 883 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 5,793,435,469 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 71.1391 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由公司董事会召集，采用现场会议、现场投票和网络投票相结合的方式 召开。公司董事长、副董事长因公务原因，无法现场参会，经董事会 ...

招商局能源运输股份有限公司 第七届董事会第十九次会议决议公告 本公司董事会及董事保证本公告内容不存在虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性负个别及连 带责任。 招商局能源运输股份有限公司（下称"公司"、"本公司"）2025 年 4 月 18 日及 2025 年 4 月 24 日以电子邮件、书面送达等方式向公 司全体董事、监事和高级管理人员书面发出《公司第七届董事会第十 九次会议通知》及《公司第七届董事会第十九次会议补充通知》。2025 年 4 月 29 日，公司第七届董事会第十九次会议（下称"本次会议"） 在深圳以现场结合视频会议方式召开。本次会议应出席董事 12 名， 实际出席董事 11 名，经超过半数的公司董事推举，董事总经理王永 新先生现场主持会议。独立董事王英波先生因公务时间冲突，无法出 席本次会议，会前已审阅会议材料、形成明确意见并书面委托独立董 事邓黄君先生代为出席会议并投票表决。董事会秘书孔康先生出席会 议。公司监事会全体监事、部分高级管理人员和相关职能部门负责人 列席会议。 本次会议召开的时间、地点、方式符合《公司法》等法律、行政 证券代码：601872 证券简 ...

广东省深圳市福田区中心四路 1-1 号 嘉里建设广场第三座第 28 层 2803-04 室 邮编：518048 电话：（86-755）2587-0765 传真：（86-755）2587-0780 junhesz@junhe.com 北京市君合（深圳）律师事务所 关于招商局能源运输股份有限公司 二〇二四年年度股东大会的法律意见书 致：招商局能源运输股份有限公司 北京市君合（深圳）律师事务所（以下简称"本所"）接受招商局能源运输股 份有限公司（以下简称"贵公司"）的委托，就贵公司二〇二四年年度股东大会（以 下简称"本次股东大会"）召开的有关事宜，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、中国证券监督管理委员会颁布的《上市公司股东大会规则》 （以下简称"《股东大会规则》"）等中华人民共和国（为出具本法律意见书之目的， 不包括香港特别行政区、澳门特别行政区及台湾地区，以下简称"中国"）现行法 律、法规、规章、规范性文件以及现行《招商局能源运输股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书之目的，本所委派律师（以下简称"本所律师"）列席了 贵公司本次股 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥5,595,174,511.35, a decrease of 10.53% compared to ¥6,253,796,627.12 in the same period last year[4] - Net profit attributable to shareholders was ¥865,440,837.28, down 37.07% from ¥1,375,236,215.25 year-on-year[4] - Basic and diluted earnings per share decreased by 35.29%, from ¥0.17 to ¥0.11[4] - The net cash flow from operating activities was ¥1,380,071,379.09, representing a decline of 23.46% compared to ¥1,803,018,671.22 in the previous year[4] - The net profit excluding non-recurring gains and losses was ¥853,180,501.11, a decrease of 37.20% from ¥1,358,642,572.78 year-on-year[4] - The total comprehensive income for Q1 2025 was approximately ¥835.25 million, down from ¥1.47 billion in Q1 2024[33] - Net profit for Q1 2025 was approximately ¥881.03 million, a decline of 37.0% compared to ¥1.40 billion in Q1 2024[33] - Earnings per share for Q1 2025 was ¥0.11, down from ¥0.17 in Q1 2024[33] Asset and Liability Overview - Total assets increased by 2.56% to ¥72,427,030,824.93 from ¥70,619,308,351.63 at the end of the previous year[5] - The company's total assets reached approximately CNY 72.43 billion as of March 31, 2025, compared to CNY 70.62 billion at the end of 2024[29] - The total liabilities increased to approximately CNY 30.97 billion as of March 31, 2025, compared to CNY 29.77 billion at the end of 2024[29] - The company's total current assets as of March 31, 2025, amounted to approximately CNY 10.86 billion, up from CNY 10.35 billion at the end of 2024[27] Market and Operational Insights - The decline in net profit was primarily due to significantly lower market freight rates for tankers and dry bulk shipping compared to the same period last year[8] - The BDI index averaged 1,118 points in Q1, representing a year-on-year decline of 39% due to oversupply in the dry bulk market[16] - The SCFI index stood at 1,356.88 as of March 28, 2025, reflecting a 22% year-on-year decrease in container shipping rates[19] - The dry bulk market saw a rebound in March, but overall performance in Q1 remained weak due to low demand[16] - The automotive roll-on/roll-off shipping market is gradually stabilizing, with the global supply and demand balance improving[19] - The oil tanker market is expected to see opportunities outweigh challenges in the short to medium term, with improved confidence among shipowners[13] Segment Performance - The company's tanker transportation revenue decreased by 16.29% year-on-year, with net profit down by 44.02%[24] - The dry bulk transportation segment reported a revenue decline of 11.39% year-on-year, with net profit decreasing by 55.46%[24] - The roll-on/roll-off transportation revenue slightly decreased by 1.24% year-on-year, with net profit down by 33.75%[24] - The container transportation segment achieved a revenue increase of 9.63% year-on-year, with net profit soaring by 222.12%[24] - The container segment's profit contribution saw a significant year-on-year increase, driven by new route expansions and enhanced profitability[23] Fleet and Operational Strategy - The company's container fleet increased by 11 vessels, with a capacity growth of 14,505 TEU, representing a 35% year-on-year increase[23] - The total container throughput reached 239,900 TEU, marking a 23.5% increase compared to the previous year[23] - The VLCC fleet achieved a significant recovery in TCE levels during February and March, with approximately half of the operational days for April to June locked in at relatively high rates[22] - The company is actively optimizing its route layout and prioritizing long-distance transport orders to enhance operational efficiency[22] - The company has strengthened its third-party chartering efforts, although this segment experienced significant losses during the reporting period[22]