证券代码：601872 证券简称：招商轮船 公告编号：2025-029 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： ? 每股分配比例 A 股每股现金红利0.156元 ? 相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/6/18 － 2025/6/19 2025/6/19 ? 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经招商局能源运输股份有限公司（下称"公司"或"本公司"）司2025 年 4 月 29 日的2024年年度股东大会审议通过。 招商局轮船有限公司、中国石油化工集团有限公司、中国石化集团资产经营管理有限公 司。 (1) 对于持有公司无限售条件流通股的个人股东及证券投资基金，根据《关于实施上市 公司股息红利差别化个人所得税政策有关问题的通知（财税201285 号）》和《关于上市公司 股息红利差别化个人所得税政策有关问题的通知（财税2015101 号）》等相关规定，公司暂 不代扣代缴个人所得税，实际 ...

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： 每股分配比例 A 股每股现金红利0.156元 证券代码：601872 证券简称：招商轮船 公告编号：2025-029 招商局能源运输股份有限公司 2024年末期权益分派实施公告 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/18 | － | 2025/6/19 | 2025/6/19 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经招商局能源运输股份有限公司（下称"公司"或"本公司"）司2025 年 4 月 29 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 1. 发放年度：2024年末期 2. 分派对象： 3. 分配方案： 2025 年 ...

Group 1 - The core issue leading to the termination of major asset restructurings among listed companies is the inability to reach an agreement on key terms, particularly the transaction price [5][6][7] - Since 2025, over 20 listed companies have announced the failure of significant asset restructurings, including well-known firms such as Guozhong Water, China Merchants Energy, and Haier Biomedical [1][5] - Companies like Yuehongyuan A and *ST Shuangcheng have also faced similar issues, primarily due to disagreements on pricing [7][11] Group 2 - Market environment changes and prolonged negotiation periods have contributed to the abandonment of restructuring plans, as seen in cases like Xinno and Antong Holdings [9][10] - The complexity of transaction structures and the presence of asset ownership issues have also been significant factors in the failure of mergers and acquisitions [11][12] - The need for effective communication and coordination among parties involved in the transaction is crucial to avoid misunderstandings and ensure successful negotiations [17][19] Group 3 - Recent policy initiatives, such as the revised "Major Asset Restructuring Management Measures," aim to enhance the merger and acquisition market's activity and success rates [14][15] - Companies are encouraged to conduct thorough due diligence and risk assessments as foundational steps in the merger process [16] - Establishing a joint working group and regular communication mechanisms can help address disputes and facilitate smoother negotiations [18][19]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The shipping rates on the Asia-Brazil route have surged by 100% due to a shortage of available vessels and containers, with rates reaching $3,300 per container [2][12] - The global new ship order volume has dropped to a four-year low, with only 439 vessels ordered in the first four months of 2025, a significant decrease from 980 vessels in the same period of 2024 [2][13] - During the Dragon Boat Festival in 2025, civil aviation passenger volume reached 5.63 million, with a total of 101 new international air cargo routes opened in the first five months [2][14] - The express delivery industry saw a 15.4% year-on-year increase in package volume during the Dragon Boat Festival, with a total of 1.511 billion packages collected nationwide [2][21] Summary by Sections 1. Industry Hot Events - The Asia-Brazil shipping rates increased by 100% due to a shortage of vessels and containers, influenced by trade policies and seasonal demand [12] - The civil aviation passenger volume during the Dragon Boat Festival reached 5.63 million, with 101 new international air cargo routes opened [14] - The express delivery industry experienced a 15.4% year-on-year growth in package volume during the Dragon Boat Festival [21] 2. High-Frequency Data Tracking - In May 2025, domestic cargo flight operations decreased by 6.76%, while international flights increased by 26.98% [33] - The shipping price index for domestic trade decreased, while dry bulk freight rates increased [41] - The express delivery business volume in April 2025 rose by 19.10% year-on-year, with revenue increasing by 10.80% [52] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, China Southern Airlines, and Spring Airlines [4]

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][3][5] Core Views - The logistics sector is benefiting from the introduction of unmanned delivery vehicles, which are expected to reduce costs and improve efficiency in the last mile of delivery [2][47] - The shipping industry is experiencing a divergence in performance, with oil tanker rates rising significantly for smaller vessels while VLCC rates are under pressure due to geopolitical factors [1][20][68] - The air travel sector is entering a low season, but domestic passenger flight volumes remain above 2019 levels, indicating a potential for recovery in pricing and demand [2][40][42] - The express delivery market is seeing strong demand growth, with major players like SF Express and ZTO Express planning to scale up their fleets of unmanned delivery vehicles [2][51] Summary by Sections Shipping Sector - Oil tanker rates have shown significant divergence, with small vessel rates increasing while VLCC rates are under pressure due to geopolitical tensions [1][20] - The report anticipates a rise in shipping rates due to limited new capacity and potential demand recovery, recommending companies like COSCO Shipping Energy and China Merchants Energy [1][68] Air Travel Sector - The overall and domestic passenger flight volumes have decreased slightly, but remain above 2019 levels, indicating resilience in the market [2][40] - The report suggests that domestic airfares may stabilize and recover in 2025, with recommendations for airlines such as Air China and China Southern Airlines [2][42] Express Delivery Sector - The introduction of unmanned delivery vehicles is expected to significantly reduce costs for leading companies in the express delivery market [2][47] - SF Express is projected to maintain a strong growth rate of 15-20% over the next two years, with a PE ratio of approximately 20 times for 2025 [2][51] Investment Recommendations - The report recommends a focus on companies with stable operations and potential for steady returns, including SF Express, ZTO Express, and China Merchants Energy [5][27]

Summary of the Conference Call for China Merchants Energy Shipping Company Industry Overview - The international political and economic landscape is complex, with factors such as tariff changes, Iran nuclear negotiations, OPEC production increases, and conflicts in Ukraine and Israel affecting the shipping market [2][4] - OPEC's production increase and U.S. restrictions on Iranian and Russian oil exports are altering the oil market's supply-demand structure, potentially increasing short-term non-trade transportation opportunities [2][6][12] Key Points on Shipping Markets Oil Shipping Market - The oil shipping market is primarily influenced by OPEC's production increases and U.S. restrictions on Iranian and Russian oil exports, leading to significant changes in global oil supply [6][12] - Global oil demand remains relatively weak, and if OPEC continues to increase production, it may adjust the global oil supply structure and promote short-term non-trade transportation opportunities [2][6] Dry Bulk Market - The dry bulk market's dynamics are mainly driven by Cape-sized vessel demand, with coal and iron ore demand being relatively weak, while bauxite transportation has seen significant growth [7] - Factors such as coal and grain trade agreements in U.S.-China negotiations and the commissioning of West African iron ore projects may have a positive impact on the market [2][7] Container Shipping Market - The container shipping market is significantly affected by changes in U.S. tariff policies, with China Merchants Energy Shipping Company benefiting from its advantages in Northeast Asia, Southeast Asia, and South Asia routes [2][8][14] - Non-Northeast Asia routes now account for over 50% of the company's container shipping revenue, driven by local production and consumption in Southeast Asia [14] Roll-on/Roll-off (RoRo) Market - The RoRo market faces challenges from the transition between new and old capacities, with increasing environmental regulations and operational costs [9][15] - The influx of new vessels without the retirement of older ones has led to oversupply, causing a significant drop in rental indices [15][16] LNG Business - The LNG business is performing steadily, with ongoing growth in the joint venture with COSCO Shipping [5][11] - The company has signed long-term contracts for its LNG vessels with Qatar Energy, providing a safety net for profitability, with performance expected to be released starting in 2026 [5][11][17] Financial Performance and Strategic Outlook - The company has demonstrated resilience and good profitability through diversified business layouts over the past few years, actively returning value to shareholders [3][26] - The company plans to focus on leasing capacity to meet demand in the short term while considering future technological advancements in energy [23][26] Future Considerations - The company is preparing for potential changes in the shipping market due to ongoing geopolitical tensions and tariff negotiations, particularly in the context of U.S.-China relations [24][25][22] - The company is also considering the implications of environmental regulations on its fleet and the potential for older vessels to be phased out as part of a broader industry update [19][20][21] Conclusion - Overall, the company is positioned to navigate the complexities of the current shipping landscape, with a focus on maintaining profitability across its various business segments while adapting to changing market conditions and regulatory environments [26]

Core Viewpoint - The restructuring and spin-off plan of China Merchants Energy (招商轮船) has been terminated, leading to a slight increase in its stock price by 0.17%, while Antong Holdings (安通控股) saw a decline of 5.03% in its stock price [1][3]. Group 1 - The termination of the restructuring was due to a lack of consensus on transaction terms among the parties involved and changes in market conditions since the initial planning [1][3]. - Antong Holdings stated that the termination would not have a significant adverse impact on its operational and financial status, nor would it harm the interests of the company and minority shareholders [1][3]. - China Merchants Energy indicated that the termination is not expected to negatively affect shareholder interests or the company's existing operations and financial status [1][3]. Group 2 - Prior to the announcement of the termination, investors had inquired about the progress of the restructuring on the interactive platform, including questions about the valuation of the restructuring targets and market management post-failure [3]. - Antong Holdings had previously responded that it was actively advancing related work and would comply with relevant legal and regulatory disclosure requirements [3]. - The spin-off was intended to create a focused public platform for container shipping and logistics for China Merchants Energy [3]. Group 3 - Antong Holdings has established a business network covering "along the river, along the coast, and deep inland," with a total container throughput exceeding 13.7 million TEU in 2023 across national ports, ranking among the top three in several domestic ports [4]. - If the transaction had been completed, Antong Holdings would have had dual capital operation platforms for "irregular shipping (oil and gas transportation + dry bulk transportation)" and "liner shipping (container transportation + roll-on/roll-off)" [4].

Core Viewpoint - Antong Holdings has decided to terminate the proposed share issuance for asset acquisition and related transactions due to a lack of consensus on transaction terms and changes in market conditions since the initial planning [1] Group 1: Transaction Details - Antong Holdings planned to acquire 100% equity of China Foreign Transport and 70% equity of Guangzhou China Merchants Roll-on Roll-off from China Merchants Energy Transportation through a share issuance [2][9] - The share issuance price was set at 2.41 yuan per share, complying with regulations that require the price to be no less than 80% of the average trading price over specified periods [3][4] - The transaction was expected to constitute a major asset restructuring and related party transaction as per the regulations [1] Group 2: Financial Performance - For the year 2024, Antong Holdings reported a revenue of 7.549 billion yuan, a year-on-year increase of 2.80%, and a net profit of 610 million yuan, up 7.53% [11][12] - In the first quarter of 2025, the company achieved a revenue of 2.042 billion yuan, representing a 26.35% increase year-on-year, with a net profit of 241 million yuan, a significant rise of 371.53% [12][14] - The financial data of China Foreign Transport and Guangzhou China Merchants Roll-on Roll-off were also provided, indicating their operational scale and profitability [5][7][8]

Group 1 - The National Petroleum and Natural Gas Index (399439) has seen an increase of 0.43% as of May 28, 2025, with notable gains from companies such as Zhuoran Co. (688121) up 4.25% and Lansi Heavy Industry (603169) up 3.81% [1] - The oil and gas ETF (159697) rose by 0.31%, with the latest price reported at 0.97 yuan [2] - The development project of the Kenli 10-2 oilfield group, which is the largest lithologic oilfield discovered offshore China with proven geological reserves exceeding 100 million tons, has entered the offshore operation phase [2] Group 2 - The top ten weighted stocks in the National Petroleum and Natural Gas Index account for 66.65% of the index, including major companies like China National Petroleum (601857) and Sinopec (600028) [3] - Short-term pressures on international oil prices are expected due to tariff policies and OPEC+ production increases, but geopolitical risk premiums and global demand resilience may support oil price stability [2] - The oil and gas upstream capital expenditure is increasing, leading to a recovery in the oil service industry and enhanced competitiveness driven by technological advancements [2]

Core Viewpoint - The restructuring and spin-off plan of China Merchants Energy Shipping Company has been terminated, leading to a slight increase in its stock price by 0.17%, while the stock price of Antong Holdings dropped by 5.03% [1]. Group 1: Announcement Details - On May 27, both China Merchants Energy Shipping and Antong Holdings announced the termination of their restructuring plan, which involved the spin-off of subsidiaries China Merchants Jinling and China Merchants Roll-on Roll-off through a share issuance by Antong Holdings [2]. - The reason for the termination was attributed to the lack of consensus on transaction terms among the parties involved and changes in market conditions and the actual situation of the target companies since the initial planning [2]. - Antong Holdings stated that the termination would not have a significant adverse impact on its operational and financial status, nor would it harm the interests of the company and minority shareholders [2]. Group 2: Impact on Operations - China Merchants Energy Shipping indicated that the termination of the spin-off is not expected to negatively affect shareholder interests or the company's existing operations and financial status [2]. - Both companies affirmed that their strategic planning and operational activities would remain unaffected by the termination of the restructuring [2]. - A representative from Antong Holdings confirmed that the termination would not impact the cooperative relationship with China Merchants, which has been ongoing [3]. Group 3: Background Information - Prior to the termination announcement, investors had inquired about the restructuring progress, including issues related to valuation and market management [5]. - The spin-off was intended to create a focused public platform for container shipping logistics for China Merchants Energy Shipping [5]. - Antong Holdings has established a comprehensive business network covering coastal and inland areas, with a total container throughput exceeding 13.7 million TEU in 2023, ranking among the top in several domestic ports [5].