Group 1: Company Operations and Performance - The restructuring progress with Antong Holdings is still under evaluation and auditing, with updates to be provided in company announcements [1] - The container business primarily operates in Northeast Asia, Australia, New Zealand, Southeast Asia, and the Indian Ocean, with expected strong earnings in Q4 [1] - The company is systematically updating its fleet capacity, with initiatives planned for both oil tankers and bulk carriers in 2024 [2] Group 2: Future Growth and Financial Planning - Future profit growth is anticipated from oil, gas, dry bulk, container, and automotive transportation businesses, with new digital initiatives expected to support the main shipping operations and achieve cash flow balance and profitability [2] - Detailed data and systematic descriptions regarding the company's three-year dividend and capital expenditure plans can be found in recent shareholder return announcements and periodic reports [2] - The impact of the U.S. election results on Q4 revenue is uncertain, with a focus on oil prices, spot market rates for VLCCs, and oil inventory changes being more relevant [2] Group 3: Market Environment and Strategic Considerations - The potential for future restructuring with Nanyou is acknowledged, considering the complex market environment and intensified industry competition, which may lead to resource integration and enhanced competitiveness [2] - Stakeholder engagement is encouraged, with shareholders invited to share their opinions and suggestions through various channels [3]

重要内容提示： 1、拟回购股份用途：本次回购的股份将全部予以注销并减少公 司注册资本。 2、拟回购金额：本次回购金额不低于人民币 22,200 万元（含）， 不超过人民币 44,300 万元（含）。 3、拟回购期限：自公司股东大会审议通过回购方案之日起 12 个 月内。 4、拟回购价格：不超过人民币 10.85 元/股（含），该价格不超 过董事会审议通过本次回购股份决议前 30 个交易日公司股票交易均 价的 150%。 5、回购资金来源：本次回购股份的资金来源为公司自有或自筹 资金。 证券代码：601872 证券简称：招商轮船 公告编号：2024[073] 招商局能源运输股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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。 6、相关股东是否存在减持计划： 截至本公告披露日，公司董事、监事、高级管理人员，控股股东、 1 实际控制人及其一致行动人在回购期间暂无减持计划。若未来上述主 体拟实施股份减持计划，公司将严格按照相关法律法规的规定及时履 行信息披露义务。截至本公告披露日，公司 ...

招商局能源运输股份有限公司（以下简称"公司"）于 2024 年 10 月 17 日召开第七届董事会第十四次临时会议，并于 2024 年 11 月 1 日召开 2024 年第二次临时股东大会，会议分别审议通过了《关于 公司以集中竞价交易方式回购公司股份的议案》，详请请参见公司于 2024 年 10 月 18 日、2024 年 11 月 2 日在上海证券交易所网站 （https://www.sse.com.cn）的披露的《第七届董事会第十四次会议决 议公告》（公告编号 2024[062]）《关于以集中竞价方式回购公司股份 方案的公告》（公告编号 2024[063]）和《2024 年第二次临时股东大 会决议公告》（公告编号 2024[071]）。 证券代码：601872 证券简称：招商轮船 公告编号：2024[072] 招商局能源运输股份有限公司 关于回购注销并减少注册资本暨通知债权人的公告 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。 一、通知债权人的原由 2 根据本次股份回购方案，基于对公司未来发展的信心，公司将通 过上海证券交 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][9]. Core Views - The company's Q3 performance was under pressure due to weak demand in foreign oil transportation, but there is optimism regarding price elasticity under rigid supply conditions [1][4]. - The oil transportation segment was the main drag on profits, with a significant decline in net profit attributed to falling oil transport prices [1][7]. - The dry bulk business showed continuous improvement, with a notable increase in net profit driven by high freight rates [1][7]. - The report highlights the impact of the USD exchange rate on both revenue and expenses, as well as a reduction in government subsidies affecting net profit [1][8]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 192.96 billion yuan, a year-on-year increase of 1.44%, while Q3 revenue was 60.61 billion yuan, up 0.48% year-on-year [1][4]. - The net profit attributable to shareholders for the first three quarters was 33.69 billion yuan, down 10.35% year-on-year, with Q3 net profit at 8.72 billion yuan, a decrease of 11.67% year-on-year [1][4]. Business Segments - The oil transportation segment reported a net profit of 3.9 billion yuan in Q3, a decline of 28% year-on-year, primarily due to a drop in oil transport prices [1][7]. - The dry bulk business saw a BDI index average of 1871 points in Q3, a 57% increase year-on-year, leading to a net profit of 3.7 billion yuan, up 75% year-on-year [1][7]. - The container shipping segment maintained high profitability, contributing a net profit of 2.3 billion yuan in Q3, a 33% increase year-on-year [1][7]. Outlook - The outlook for Q4 remains cautious due to weak crude oil demand, with attention on potential changes in global oil production post-U.S. elections [1][8]. - The report suggests that limited supply-side growth in the industry from 2024 to 2025 may support price recovery, particularly if Chinese fiscal policies shift to stimulate demand for bulk shipping [1][8].

Core Viewpoint - The global first methanol dual-fuel powered intelligent VLCC has commenced construction, marking a significant advancement in shipbuilding technology and environmental sustainability in the maritime industry [1] Group 1: Company Developments - China Shipbuilding Dalian Shipyard, in collaboration with China Ship Trading, has started the construction of the world's first methanol dual-fuel powered intelligent VLCC for China Merchants Energy Shipping [1] - The vessel is the eighth generation VLCC developed independently by Dalian Shipbuilding, showcasing the company's commitment to innovation and research in ship design [1] Group 2: Technical Specifications - The new VLCC measures approximately 333 meters in length and 60 meters in width, with a capacity to transport around 2.1 million barrels of crude oil [1]

证券代码：601872 证券简称：招商轮船 公告编号：2024-071 招商局能源运输股份有限公司 2024 年第二次临时股东大会决议公告 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 | 1、出席会议的股东和代理人人数 | 1,537 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 5,981,256,525 | | 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（%） | 73.4454 | (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。 审议结果：通过 表决情况： | 股东 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | 类型 | 票数 | 比例（%） | 票数 | 比例（%） | 票数 | 比例（%） | 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 ...

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 二〇二四年第二次临时股东大会的法律意见书 2、根据本所律师的核查，《股东大会通知》载明了本次股东大会的会议召集 人、会议时间、会议地点、会议召开方式、会议审议事项、股权登记日以及出席 会议的方式等内容，符合《公司法》第一百一十五条、《股东大会规则》第十五条、 第十六条和《公司章程》第六十一条、第六十二条的有关规定。 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第二次临时股东 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q3 performance was negatively impacted by the US dollar exchange rate, while the oil shipping sector shows positive cyclical value [2] - Revenue for 2023 is projected at 25,881.01 million RMB, with a year-on-year decrease of 12.88%, but is expected to recover with a growth of 4.62% in 2024 [2][3] - The company's net profit attributable to shareholders is forecasted to be 4,836.97 million RMB in 2023, with a slight decline of 4.89%, followed by a recovery to 5,078.62 million RMB in 2024 [2][3] Financial Summary - Revenue Forecast: - 2022: 29,708.41 million RMB - 2023: 25,881.01 million RMB - 2024E: 27,077.25 million RMB - 2025E: 28,147.76 million RMB - 2026E: 30,053.83 million RMB [2][3] - Net Profit Forecast: - 2022: 5,085.89 million RMB - 2023: 4,836.97 million RMB - 2024E: 5,078.62 million RMB - 2025E: 6,354.00 million RMB - 2026E: 7,888.36 million RMB [2][3] - Key Financial Ratios: - ROE for 2023 is 13.11%, expected to decrease to 12.58% in 2024E, then recover to 15.75% by 2026E [2][3] - P/E ratio is projected to be 11.31 for 2023, decreasing to 6.94 by 2026E [2][3] - Cash Flow: - Operating cash flow for 2023 is 8,917.30 million RMB, expected to decrease slightly to 8,460.58 million RMB in 2024E [3]

Investment Rating - The report maintains a "Buy" rating for the company [5][4]. Core Views - The company's diversified business layout ensures stable profitability across cycles. In Q3 2024, the dry bulk business profits offset fluctuations in oil transportation, with core profits remaining flat year-on-year, which is better than market expectations. The report anticipates an upward trend in oil transportation market conditions in the coming years, which will benefit the company [3][4]. Financial Performance Summary - In the first three quarters of 2024, the company achieved a net profit attributable to shareholders of 3.37 billion yuan, a year-on-year decrease of 10%. In Q3 2024 alone, the net profit was 870 million yuan, down 12% year-on-year. The main business profit remained stable, while exchange rate fluctuations and reduced government subsidies led to a decline in performance [4][5]. - The company’s dry bulk business saw a year-on-year profit increase of 75% in Q3 2024, while oil transportation profits were 390 million yuan, down 12% year-on-year. The container shipping segment benefited from market recovery, achieving a net profit of 230 million yuan, a 33% increase year-on-year [4][5]. Business Segments Overview - **Oil Transportation**: The oil transportation market faced pressure in Q3 2024 due to geopolitical oil prices, with a significant drop in freight rates. However, the company’s VLCC charter rates continued to outperform the industry [4]. - **Dry Bulk**: The dry bulk business showed resilience with a profit increase of 75% year-on-year in Q3 2024, reflecting a favorable market environment [4]. - **Container Shipping**: The segment benefited from the rerouting of shipping routes, leading to a profit increase of 33% year-on-year in Q3 2024 [4]. - **LNG & Roll-on/Roll-off**: This segment maintained stable profitability with a net profit of 230 million yuan in Q3 2024 [4]. Future Outlook - The report projects net profits of 6 billion yuan, 7.4 billion yuan, and 8.3 billion yuan for 2024, 2025, and 2026 respectively, maintaining a target price of 10.70 yuan [4][5].

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company's earnings performance is supported by the increase in dry bulk shipping profits, which offsets the volatility in oil shipping, while awaiting a recovery in the oil shipping market [2][8] - The company achieved total revenue of 19.3 billion yuan in the first three quarters of 2024, a year-on-year increase of 1.44%, with a net profit attributable to shareholders of 3.369 billion yuan, a year-on-year decrease of 10.35% [2][9] Revenue Performance - In Q3 2024, the company reported a revenue of 6.1 billion yuan, a year-on-year increase of 0.48% but a quarter-on-quarter decrease of 13.16% [2] - The oil shipping business generated a net profit of 2.06 billion yuan in the first three quarters, down 12.2% year-on-year, with Q3 alone showing a net profit of 386 million yuan, down 27.6% year-on-year and 52.1% quarter-on-quarter [3][9] Business Segments - The dry bulk shipping segment saw a significant year-on-year profit increase of 106.7%, with Q3 net profit reaching 370 million yuan, up 75.3% year-on-year [5] - The roll-on/roll-off business achieved a net profit of 249 million yuan in the first three quarters, up 14.7% year-on-year, while the container shipping segment reported a net profit of 472 million yuan, down 25.9% year-on-year [6][7] Market Outlook - The report anticipates a recovery in oil shipping demand in 2025, driven by improving macroeconomic conditions and an expected increase in OPEC+ production [8] - The company is positioned as a leader in both oil and dry bulk shipping, with ongoing fleet upgrades and capacity expansion to capture market opportunities [8][9] Financial Forecasts - The report revises the company's profit forecasts downward, projecting net profits of 4.811 billion yuan, 6.025 billion yuan, and 6.701 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.59, 0.74, and 0.82 yuan per share [9][11]