上海海复律师事务所 关于招商局南京油运股份有限公司 2023 年年度股东大会法律意见书 致：招商局南京油运股份有限公司 根据《中华人民共和国证券法》、《中华人民共和国公司法》以及中国证券监 督管理委员会的相关规定，本所接受贵公司的聘请，指派张建新、赵一帆律师出 席招商局南京油运股份有限公司（以下简称"公司"）2023 年年度股东大会，并 就公司本次股东大会出具法律意见书。为出具本法律意见书，本所律师出席了公 司 2023 年年度股东大会，并审查了公司提供的有关文件。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对公司 2023 年年度股东大会的召集及召开的相关法律问题提供如下意见： 一、本次股东大会的召集、召开程序 1、公司于 2024 年 3 月 26 日在中国证券报、上海证券报和上海证券交易所 网站(http://www.sse.com.cn/)上发布了《招商局南京油运股份有限公司关于召 开 2023 年年度股东大会的通知》，将公司 2023 年年度股东大会的通知的召开方 式、会议时间、地点、内容和程序予以公告、通知。 二、出席、列席本次股东大会人员的资格 出席、列席公司本次股东大会的人员 ...

证券代码：601975 证券简称：招商南油 公告编号：临 2024-021 招商局南京油运股份有限公司 公司于 2024 年 4 月 12 日以电子邮件的方式发出召开第十一届董事会第一次 会议的通知，会议于 2024 年 4 月 19 日以现场会议的方式召开。会议应到董事 9 人，实到董事 9 人。公司监事会成员及全体高级管理人员列席了会议。会议由董 事张翼先生主持，本次会议的召开符合《公司法》和《公司章程》的规定，会议 决议合法、有效。 二、董事会会议审议情况 会议表决通过了如下决议： （一）通过《关于选举公司董事长的议案》。 董事会选举张翼先生为公司第十一届董事会董事长。 同意 9 票，反对 0 票，弃权 0 票。 （二）通过《关于第十一届董事会各专门委员会组成人选的议案》。 第十一届董事会第一次会议决议公告 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。 一、董事会会议召开情况 1.战略委员会 主任委员：张翼 委员：丁磊、李增忠、梅向才、周德全 2.审计与风险管理委员会 主任委员：王建优 委员：祝默泉、杨少军 3.提名委 ...

证券代码：601975 证券简称：招商南油 公告编号：2024-020 招商局南京油运股份有限公司 2023 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 | 1、出席会议的股东和代理人人数 | 113 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,742,837,953 | | 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 | 36.2950 | | 份总数的比例（%） | | (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，采用现场会议和网络投票相结合的方式召开。公司 董事长张翼先生现场主持会议，符合《公司法》及《公司章程》的有关规定。 1 (一) 股东大会召开的时间：2024 年 04 月 19 日 (二) 股东大会召开的地点：南京市中山北路 324 号油运大厦 16 楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股 ...

Financial Performance - Net profit attributable to shareholders increased by 65.32% to CNY 671,205,206.76, driven by increased operating income and reduced financial expenses[9] - Basic earnings per share rose by 65.83% to CNY 0.1388 due to the increase in net profit and share buybacks[29] - The net profit for the period was ¥674,620,490.47, compared to ¥409,143,965.32 in the previous period, representing an increase of about 64.8%[44] - The company reported a net profit of CNY 580,350,367.19 in Q1 2024, a recovery from a loss of CNY 90,854,839.57 in Q1 2023[59] - The net profit attributable to shareholders of the parent company for Q1 2024 is approximately CNY 671.21 million, compared to CNY 406.01 million in Q1 2023, representing an increase of 65.5%[61] - The total comprehensive income for Q1 2024 is approximately CNY 681.48 million, up from CNY 379.60 million in Q1 2023, indicating a growth of 79.6%[61] Revenue and Income - Operating income for the quarter was CNY 1,838,695,345.82, reflecting a 13.65% year-on-year growth[29] - The total operating revenue for Q1 2024 was CNY 1,838,695,345.82, an increase of 13.6% compared to CNY 1,617,832,744.14 in Q1 2023[59] - Operating revenue for Q1 2024 is CNY 808.87 million, slightly down from CNY 830.76 million in Q1 2023, a decrease of 2.3%[67] Assets and Liabilities - Total assets increased by 6.62% to CNY 12,418,991,345.20 compared to the end of the previous year[8] - The total assets of the company reached 12,418,991,345.20 CNY, up from 11,647,545,698.50 CNY, marking an increase of approximately 6.6%[42] - The company’s total assets as of March 31, 2024, are CNY 3.88 billion, compared to CNY 2.16 billion as of March 31, 2023, reflecting a growth of 79.5%[63] - The company’s total liabilities increased to 1,106,815,909.41 CNY from 844,939,407.45 CNY, representing a rise of about 30.9%[42] - Total liabilities increased to CNY 2,732,652,786.43 in Q1 2024 from CNY 2,498,112,086.23 in Q1 2023, reflecting a growth of 9.4%[59] Cash Flow - The net cash flow from operating activities was CNY 766,398,430.11, an increase of 28.53% compared to the previous year[29] - Net cash flow from operating activities for Q1 2024 was CNY 351,070,580.36, down 17.9% from CNY 428,211,803.92 in Q1 2023[54] - The net cash flow from operating activities for Q1 2024 is CNY 1.65 billion, compared to CNY 1.60 billion in Q1 2023, an increase of 3.1%[63] - Cash inflow from investment activities in Q1 2024 was CNY 143,244,400.71, significantly higher than CNY 33,653,445.86 in Q1 2023[54] - The company reported a net cash outflow from financing activities of CNY 204.55 million in Q1 2024, compared to a net outflow of CNY 362.60 million in Q1 2023, indicating an improvement[63] Shareholder Information - The total number of common shareholders at the end of the reporting period is 124,754[34] - The largest shareholder, China Yangtze Shipping Group, holds 1,357,425,761 shares, representing 28.27% of total shares[34] - Share repurchase totaled 50,927,700 shares, accounting for 1.0495% of the total share capital[31] - The company completed a share buyback of 50,927,700 shares, accounting for 1.0495% of total share capital, with an average buyback price of 2.9453 CNY per share[37] Operational Efficiency - The weighted average return on equity increased by 1.87 percentage points to 7.22%[29] - The total operating costs increased to ¥1,191,798,066.65 from ¥1,156,796,471.88, reflecting a rise of approximately 3%[44] - Operating costs for Q1 2024 are CNY 483.09 million, down from CNY 559.90 million in Q1 2023, showing a reduction of 13.7%[69] Investment Activities - The company completed the disposal of two oil tankers, generating proceeds of USD 18.175 million (CNY 14,280,000) and USD 1.895 million respectively[16] - The company plans to dispose of four old MR oil tankers to optimize its operational structure and enhance market competitiveness[37] - Cash inflow from investment activities was ¥277,373,968.62, compared to ¥33,077,990.00 in the previous period, indicating a substantial increase[46] - Cash outflow for purchasing fixed assets decreased to ¥35,979,597.21 from ¥169,790,347.37, a reduction of about 78.8%[46]

（一）通过了《关于选举公司监事会主席的议案》。 证券代码：601975 证券简称：招商南油 公告编号：临 2024-022 招商局南京油运股份有限公司 第十一届监事会第一次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 公司于 2024 年 4 月 12 日以电子邮件的方式发出召开第十一届监事会第一次 会议的通知，会议于 2024 年 4 月 19 日在南京以现场开会的方式召开。会议应到 监事 3 人，实到监事 3 人。会议由监事张毅荣先生主持。本次会议的召开符合《公 司法》和《公司章程》的规定，会议决议合法、有效。 二、监事会会议审议情况 会议表决通过了如下决议： 公司监事会选举张毅荣先生为公司第十一届监事会主席。 同意 3 票，反对 0 票，弃权 0 票。 （二）通过了公司 2024 年第一季度报告，并同意公告。 同意3票，反对0票，弃权0票。 特此公告。 招商局南京油运股份有限公司监事会 2024 年 4 月 22 日 1 ...

证券代码：601975 证券简称：招商南油 公告编号：临 2024-019 招商局南京油运股份有限公司 关于副总经理辞职的公告 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。 招商局南京油运股份有限公司（以下简称"公司"）董事会于近日收到公司 副总经理张传清先生的书面辞职报告。因工作变动，张传清先生申请辞去公司副 总经理职务。根据《公司法》和《公司章程》的有关规定，其辞职报告自送达公 司董事会之日起生效。截至本公告日，张传清先生未持有公司股份，亦不存在应 当履行而未履行的承诺事项。 招商局南京油运股份有限公司董事会 2024 年 4 月 16 日 1 张传清先生在担任公司副总经理期间恪尽职守、勤勉尽责，公司董事会对张 传清先生表示衷心的感谢。 特此公告。 ...

招商局南京油运股份有限公司 2023 年年度股东大会会议资料 2024 年 4 月 19 日 时间：2024 年 4 月 19 日上午 9:30 地点：南京市中山北路 324 号油运大厦 16 楼会议室 主持人：张翼董事长 会议议程 一、审议议题 招商局南京油运股份有限公司 2023 年年度股东大会议程 1.2023 年年度报告全文和摘要； 2.2023 年度董事会工作报告； 3.2023 年度监事会工作报告； 4.2023 年度财务决算和 2024 年度财务预算报告； 5.2023 年度利润分配方案； 6.2023 年度独立董事述职报告； 7.关于修订《招商南油独立董事工作制度》的议案； 8.关于调整独立董事津贴的议案； 9.关于 2024 年度日常关联交易的议案； 10.关于续签《金融服务协议》的议案； 11.关于聘任 2024 年度审计机构的议案； 12.关于选举公司第十一届监事会由股东代表出任的监事的议案； 13.关于选举公司第十一届董事会非独立董事的议案； 14.关于选举公司第十一届董事会独立董事的议案。 二、股东发言及股东提问。 三、与会股东和股东代表对议案投票表决。 四、大会休会（统计现场投票表 ...

证券代码：601975 证券简称：招商南油 公告编号：临 2024-018 招商局南京油运股份有限公司 关于参加招商局集团有限公司上市公司 集体业绩说明会的公告 投资者可于 2024 年 4 月 11 日（星期四）至 4 月 15 日（星期一）16:00 前通过公司邮箱 irm@cmhk.com 进行提问。公司将在说明会上对投资者普遍 关注的问题进行解答。 招商局南京油运股份有限公司（以下简称"公司"或"本公司"）的实际控 制人招商局集团有限公司（以下简称"招商局集团"）将举办"'百年招商，创 享未来'招商局集团上市公司集体业绩说明会"，旨在加强与投资者沟通，推进 上市公司高质量发展。招商局集团旗下五家沪市上市公司（含本公司）将于 2024 年 4 月 16 日下午共同参加在上海证券交易所举办的集体业绩说明会。 一、说明会类型 本次集体业绩说明会以现场交流、视频直播、网络文字互动形式召开，公司 将针对 2023 年度的经营成果及财务指标的具体情况与投资者进行坦诚互动、交 流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行解答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 4 月 16 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating a positive outlook for the next six months with expected returns exceeding the Shanghai and Shenzhen 300 Index by more than 5% [10][21]. Core Insights - The company, China Merchants Energy Shipping Company (招商南油), is a specialized oil tanker transportation firm under China Merchants Group, focusing on global medium and small-sized liquid cargo transportation services. As of the end of 2023, it operates a fleet of 68 vessels with a total deadweight tonnage of 2.52 million [9]. - The core business of oil transportation contributed 98% to the company's gross profit in 2023, driven by increased domestic oil imports and processing volumes, which rose by 11.5% and 8.7% year-on-year, respectively. Global oil loading volumes also increased by approximately 5.7% [9]. - The report highlights a tight supply-demand situation in the oil transportation sector due to low levels of new oil tanker capacity and the implementation of environmental regulations, leading to fluctuating freight rates throughout the year [9]. Financial Summary - For the fiscal year 2023, the company reported total revenue of 6.2 billion yuan, a slight decrease of 1.1% year-on-year, while net profit increased by 8.6% to 1.56 billion yuan. The total cargo volume transported was 46.8 million tons [9][10]. - The financial forecasts indicate a revenue growth of 8.5% for 2024, with net profit expected to grow by 19.6% [11]. - The company's earnings per share (EPS) for 2023 was 0.32 yuan, with projections of 0.39 yuan for 2024 [11]. Market Outlook - The report anticipates a positive outlook for the refined oil transportation market in 2024, with stable conditions expected in the crude oil transportation market and a recovery in the chemical transportation sector [10].

Investment Rating - The investment rating for the company is "Buy" [1][18][25] Core Views - The company reported a 2023 revenue of 6.2 billion yuan, a year-on-year decrease of 1.1%, and a net profit attributable to shareholders of 1.56 billion yuan, an increase of 8.6% year-on-year [1][20] - The company demonstrated strong fleet management capabilities, achieving a revenue of 3.51 billion yuan from foreign trade business, a year-on-year increase of 1.9%, with a gross margin of 33.9%, up 2.9 percentage points [1][5] - The outlook for 2024 is positive, with expected improvements in supply and demand dynamics, leading to a projected increase in freight rates [24][25] Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 6.2 billion yuan, down 1.1% year-on-year, and a net profit of 1.56 billion yuan, up 8.6% year-on-year [1][20] - The non-recurring gains mainly came from the disposal of an old vessel, generating approximately 15.58 million yuan [1][20] Business Segments - The oil transportation segment generated 5.22 billion yuan in revenue, a year-on-year increase of 3.4%, with a gross margin of 36.3%, up 2.4 percentage points [22] - The chemical transportation segment reported revenue of 440 million yuan, a year-on-year increase of 3.8%, with a gross margin of 17.3%, down 3.5 percentage points [22] - The ethylene transportation segment achieved revenue of 180 million yuan, a year-on-year increase of 8.4%, with a gross margin of 28.3%, down 8.2 percentage points [7][22] Market Outlook - The global oil refining shift eastward and the impact of sanctions on Russian oil are expected to drive demand in the industry [24][25] - The projected growth in global refined oil transportation demand is approximately 7.3% in ton-miles for 2024, while effective supply growth is expected to be around 1.8%, resulting in a supply-demand gap of about 5.5% [24][25]