Core Points - The document outlines the rules for the shareholders' meeting of China Merchants Energy Transportation Co., Ltd, ensuring compliance with relevant laws and regulations [1][2][3] - The shareholders' meeting is the company's authority body, and the board of directors is responsible for organizing it [1][2] - The document specifies the rights and responsibilities of shareholders and the board regarding the convening and conducting of meetings [4][5][6] Group 1: General Provisions - The company establishes rules to regulate its operations and ensure shareholders can exercise their rights according to the law [1] - The shareholders' meeting consists of all shareholders and is the company's power institution [1][2] - The board of directors must diligently organize the shareholders' meeting and ensure it is held in accordance with legal requirements [1][2][3] Group 2: Rights and Responsibilities - The shareholders' meeting has the authority to decide on various matters, including the company's operational policies, financial budgets, and director elections [4][5] - Shareholders holding more than 10% of the voting shares can request a temporary shareholders' meeting [5][6] - The board must respond to requests for a temporary meeting within 10 days and provide a written opinion [5][6] Group 3: Meeting Procedures - The annual shareholders' meeting must be held within six months after the end of the previous fiscal year, while temporary meetings can be called under specific circumstances [4][5] - The document outlines the procedures for notifying shareholders about meetings, including the timeline for announcements [10][11] - Voting procedures and requirements for proposals are detailed, ensuring transparency and compliance with regulations [16][17][18] Group 4: Voting and Decision-Making - The document specifies that each share has one vote, and shareholders must declare their voting intentions clearly [18][19] - The results of the voting must be announced promptly, and the decisions made during the meeting must be documented and disclosed [19][20] - Special provisions are made for cumulative voting in director elections, allowing shareholders to allocate their votes among candidates [42][43]

Core Viewpoint - The report highlights the financial performance and operational challenges faced by China Merchants Energy Shipping Co., Ltd. in the first half of 2025, emphasizing a decline in revenue and profits due to geopolitical risks and market volatility [1][3][4]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately CNY 12.58 billion, a decrease of 4.91% compared to the same period last year [3]. - Total profit for the period was CNY 2.48 billion, down 16.40% year-on-year [3]. - Net profit attributable to shareholders was CNY 2.12 billion, reflecting a 14.91% decline from the previous year [3]. - The company declared a cash dividend of CNY 0.7 per share, totaling CNY 565.22 million, which represents 41.22% of the net profit for the period [1]. Industry Overview - The international shipping market faced significant challenges due to geopolitical tensions, including the US tariff policy adjustments and conflicts in the Middle East and Ukraine, leading to increased complexity in global trade [4][5]. - The Clarkson shipping index fell by 5% year-on-year, with a more substantial decline of 31% when excluding the container shipping market [4]. - The global economic growth forecast for 2025 is only 2.8%, with the International Energy Agency (IEA) predicting a slowdown in global oil demand growth to 0.8% [4][5]. Shipping Market Dynamics - The average daily earnings for VLCC, Suezmax, and Aframax tankers decreased by 9.99%, 18.32%, and 31.00% respectively, indicating a challenging market environment [5]. - The global LNG trade volume is expected to grow by 6% in 2025, driven by increased exports from the US and rising imports in Europe [6]. - The global fleet of LNG carriers has grown to 829 vessels, with a high order backlog, although new orders have significantly declined [6]. Company Operations - The company operates a fleet of 52 VLCCs, maintaining its position as the world's largest operator in this segment [8]. - The dry bulk fleet consists of 37 VLOCs, also ranking first globally, with a focus on enhancing operational efficiency and safety [9]. - The company is actively pursuing long-term contracts with major oil companies and expanding its market presence in LNG transportation [10]. Strategic Focus - The company aims to enhance its core competitiveness by optimizing fleet structure and focusing on strategic partnerships with key clients [9][11]. - Efforts are being made to improve operational capabilities in the automotive and container shipping sectors, with a focus on customer-centric services [12].

Core Points - The company, China Merchants Energy Transportation Co., Ltd., reported a cash dividend of RMB 0.7 per share, totaling RMB 565,217,695.14, based on the total share capital as of June 30, 2025 [1] - The total amount of cash dividends and share repurchases in the first half of the year reached RMB 875,764,347.79, accounting for 41.22% of the net profit attributable to shareholders [2] Company Overview - The company’s total assets as of the end of the reporting period were RMB 77,880,338,240.88, an increase of 10.28% compared to the previous year [3] - The operating revenue for the reporting period was RMB 12,584,631,566.78, reflecting a decrease of 4.91% year-on-year [3] - The total profit for the period was RMB 2,478,941,836.85, down 16.40% from the previous year [3] - The net profit attributable to shareholders was RMB 1,906,183,512.83, a decrease of 22.03% compared to the same period last year [3] - The net cash flow from operating activities was not specified in the provided data [3] Shareholder Information - As of the reporting period, the total number of shareholders was 114,493 [4] - The largest shareholder, China Merchants Shipping Company Limited, holds 54.48% of the shares [4] - Other significant shareholders include Sinopec Group with 13.57% and Hong Kong Central Clearing and Settlement System with 2.93% [4]

证券代码：601872 证券简称：招商轮船 公告编号：2025[040] 招商局能源运输股份有限公司 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： 。截至 2025 年 6 月 30 日，公司总股本 8,074,538,502 股，以此计算合计拟派发现 金红利人民币 565,217,695.14 元（含税）。现金分红占当期归属上市 公司股东净利润（合并报表口径）的 26.60%。本报告期内实施股份 回购并全部注销，涉及金额 310,546,652.65 元，现金分红和股份回购 金额合计 875,764,347.79 元，占 2025 年上半年合并报表归属于上市 公司股东净利润的 41.22%。 利润分配方案发布后至实施前，公司股本如发生变动，将维持每 股分配金额不变，分配总额进行相应调整。 本次利润分配方案符合年度股东大会对中期分红的授权， ? 每股分配比例：每股派发现金红利 0.07 元（含税） ? 本次利润分配以实施权益分派股权登记日登记的总股本为基 数，具体日期将在权益分派实施公告中明确。 ? 如在实施 ...

Core Points - The company held the 17th meeting of the 7th Supervisory Board on August 26, 2025, to review various proposals [1] - The Supervisory Board approved the 2025 semi-annual report, confirming compliance with legal and regulatory requirements [1][2] - The board also reviewed the risk assessment report of China Merchants Group Finance Co., which accurately reflects the company's risk status [2] - The profit distribution plan for the first half of 2025 was approved, emphasizing reasonable returns for investors and long-term development [2] - The company decided to reduce its registered capital by 69,267,851 yuan due to the repurchase and cancellation of shares [2][3] - A proposal for purchasing domestic self-use office property was approved, adhering to fair pricing principles [3] - The board agreed to abolish the Supervisory Board and its rules, pending shareholder approval [4] - Amendments to the company's articles of association were also approved [4] Summary by Sections Meeting Overview - The meeting was convened in accordance with relevant laws and regulations, with all supervisory board members present [1] Financial Reports - The 2025 semi-annual report was reviewed and deemed compliant with regulatory standards, accurately reflecting the company's operational and financial status [1][2] Risk Assessment - The risk assessment report from China Merchants Group Finance Co. was approved, confirming the necessary procedures were followed [2] Profit Distribution - The profit distribution plan was approved, aligning with the company's three-year shareholder return plan and promoting sustainable development [2] Capital Changes - The registered capital was reduced by 69,267,851 yuan, resulting in a new total of 8,074,538,502 yuan [2][3] Related Transactions - The proposal for purchasing domestic office property was approved, ensuring compliance with fair pricing standards [3] Governance Changes - The decision to abolish the Supervisory Board and its rules was made, pending approval from the shareholders [4] - Amendments to the company's articles of association were approved [4]

Core Viewpoint - The board of directors of China Merchants Energy Transportation Co., Ltd. held its 23rd meeting to review and approve several key proposals, including the 2025 semi-annual report, profit distribution plan, and changes to the company's capital structure [1][2][3][4][5][6][7] Group 1: Meeting Overview - The meeting was held on August 26, 2025, in Shenzhen, combining in-person and video conferencing, with 9 out of 11 directors present [1] - The meeting adhered to legal and regulatory requirements, ensuring its validity [2] Group 2: Financial Reports and Proposals - The board approved the 2025 semi-annual report with unanimous support (11 votes in favor) [2] - A risk assessment report from China Merchants Group Financial Co., Ltd. was also approved, with 7 votes in favor [3] - The profit distribution plan proposed a cash dividend of RMB 0.7 per 10 shares, totaling approximately RMB 565.22 million [4] Group 3: Capital and Structural Changes - The company plans to reduce its registered capital by RMB 69.27 million due to share buybacks, resulting in a new registered capital of RMB 8.07 billion [4] - The board agreed to amend the company's articles of association and submit it for shareholder approval [5] Group 4: Governance and Operational Proposals - The board approved revisions to 24 governance documents, including rules for shareholder meetings and board meetings, which will also be submitted for shareholder approval [5] - A proposal for purchasing office property through a related party transaction was approved, with independent directors reviewing the agreement [6] Group 5: Strategic Initiatives - The board reviewed the progress of the "Quality Improvement and Efficiency Enhancement" initiative and the shareholder return plan for 2024-2026 [7] - The board approved the long-term charter of four Newcastle max bulk carriers and a long-term freight agreement [7]

Group 1 - The financial company was established on May 17, 2011, with a registered capital of RMB 5 billion, where China Merchants Group and China Ocean Shipping Group contributed RMB 2.55 billion and RMB 2.45 billion, respectively [1] - The financial company's business scope includes accepting deposits, providing loans, bill discounting, and offering financial advisory services among others [1] - As of June 30, 2025, the financial company reported total assets of RMB 47.784 billion, total equity of RMB 6.592 billion, and a net profit of RMB 116 million [11][12] Group 2 - The financial company has established a governance structure including a shareholders' meeting, board of directors, and supervisory board, with clear responsibilities for risk management [2] - A comprehensive risk management system is in place, including a risk management department and internal audit department to oversee business activities [2][9] - The financial company has implemented a three-tier monitoring system for settlement business, ensuring operational integrity and risk control [6][7] Group 3 - The financial company adheres to strict credit management, requiring a unified credit review process and risk assessment before granting loans [8] - Various risk control measures are in place for different types of loans, including collateral and guarantees based on the borrower's risk profile [8][9] - The financial company has a robust internal audit system that conducts regular evaluations of business activities and internal controls [9][11] Group 4 - The financial company meets regulatory requirements with a capital adequacy ratio of 19.12%, liquidity ratio of 52.97%, and a loan ratio of 56.52% as of June 30, 2025 [12] - The company has no external liabilities, indicating a strong financial position [12] - The financial company has established a comprehensive internal control system that effectively manages risks associated with its operations [11][14]

证券代码：601872 证券简称：招商轮船 公告编号：2025[041] 本公司董事会、全体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、准确性和完整性承担法 律责任。 招商局能源运输股份有限公司（以下简称"公司"或"本公司" ） 于 2025 年 8 月 26 日召开了公司第七届董事会第二十三次会议，审 议通过了《关于修订公司章程的议案》 。为进一步优化公司治理结构， 提升公司规范运作水平，公司根据最新修订并颁布的《公司法》《证 券法》 《上市公司章程指引》 《上海证券交易所股票上市规则》等法律 法规和规范性文件的规定以及相关部门要求，结合公司实际情况等， 对《公司章程》的相关条款进行修订，具体修订情况如下： 回购股份 69,267,851 股。公司股份总数从 8,143,806,353 股变更为 了上述股份总数及注册资本的变化。 条规定"股份有限公司可以按照公司章程的规定在董事会中设置由 董事组成的审计委员会，行使本法规定的监事会的职权，不设监事会 或者监事"，公司拟取消监事会，由董事会审计委员承接监事会的部 分职责，删除"监事""监事会"相关描述，相关条款进行修订。 程 ...

Core Viewpoint - The company has initiated a "Quality Improvement and Efficiency Enhancement" action plan for shareholder returns from 2024 to 2026, focusing on improving operational quality and shareholder returns through various strategic initiatives [1][2]. Group 1: Operational Performance and Growth - The company aims to become a world-class shipping enterprise with core competitiveness, currently owning the world's largest fleet of super oil tankers (VLCC) and very large ore carriers (VLOC), along with a leading LNG fleet and a unique roll-on/roll-off fleet [1]. - The company has made significant investments in digital transformation, enhancing its digital supply chain capabilities, which has led to stable and improving operational performance, with a record quarterly revenue of 6.503 billion yuan and a net profit of 1.738 billion yuan [2]. - The company has received 7 patents and 43 software copyrights, reflecting its commitment to innovation and technology [2]. Group 2: Shareholder Returns and Investor Relations - The company has consistently increased its dividend payouts, with a total dividend of 2.56 yuan per 10 shares in 2024, amounting to 2.079 billion yuan, and a dividend payout ratio of 40.70% [2]. - The company has initiated a share buyback program with a budget between 222 million yuan and 443 million yuan, successfully repurchasing shares at an average price of 6.40 yuan per share [3]. - The company emphasizes transparent communication with investors, participating in roadshows and quarterly earnings calls to enhance investor understanding of its strategies and market value [4]. Group 3: Environmental and Technological Initiatives - The company is committed to green shipping technologies, investing in environmentally friendly materials and clean energy technologies, and has launched the "Ship Carbon Intelligence" project for carbon management [4]. - The company has invested 329 million yuan in environmental initiatives in 2024, achieving a 4.8% increase in vessel turnover while reducing energy consumption and carbon emissions [5]. - The company is exploring new energy technologies, including the development of the world's first dual-wing powered super oil tanker and a methanol dual-fuel VLCC [5]. Group 4: Corporate Governance and Accountability - The company has revised its independent director system, ensuring over 60% representation in key committees to enhance decision-making quality [6]. - The company has updated 24 governance documents in accordance with new regulations, improving its governance framework [6]. - The company has established a multi-dimensional assessment mechanism linking executive compensation to performance, promoting high-quality development [6].

Core Viewpoint - The company plans to acquire 100% equity of Taiziwan Real Estate from China Merchants Shekou for 715.518 million RMB to obtain the entire ownership of the China Merchants Jiyu Building as self-use office property [1][2][3] Transaction Overview - The transaction price is based on an asset appraisal report by Guozhonglian, with the assessed value of the property being 715.518 million RMB as of December 31, 2024 [1][2][10] - The transaction constitutes a related party transaction as both the company and China Merchants Shekou are controlled by China Merchants Group [1][2][3] Financial Details - Taiziwan Real Estate has a net debt of approximately 200 million RMB as of the announcement date [2] - The assessed value of Taiziwan Real Estate shows an increase of 57.95011 million RMB compared to its book value, resulting in an appreciation rate of 426.05% [10][12] Property Details - The core asset involved in the transaction is the China Merchants Jiyu Building, located in Nanshan District, with a total area of 33,120.26 square meters [5][8] - The property has a land use period of 50 years, starting from August 8, 2016 [5] Assessment Methodology - The valuation was conducted using both the income approach and the asset-based approach, with the asset-based approach being deemed more suitable for this transaction [9][12] - The asset-based approach yielded a valuation of 715.518 million RMB, while the income approach yielded a lower valuation of 566.8114 million RMB [10][12] Purpose and Necessity of the Transaction - The acquisition aims to address the company's office space needs due to rapid growth, with employee numbers expected to reach 500 in the near future [15][16] - The company seeks to centralize its office operations to enhance efficiency and improve its corporate image [15][16] Approval Process - The transaction requires approval from the shareholders' meeting, with related parties abstaining from voting [17][18] - The board of directors has already reviewed and approved the transaction, with independent directors supporting the decision [17][18]