Group 1 - The core point of the article is that China Merchants Energy Shipping Company (招商南油) held its 14th meeting of the 11th Board of Directors on October 24, 2025, to review the proposal for the Q3 2025 report [1] - For the year 2024, the revenue composition of China Merchants Energy Shipping is as follows: transportation industry accounts for 97.01%, crew leasing for 2.28%, other businesses for 0.67%, and ship management fees for 0.04% [1] - As of the report, the market capitalization of China Merchants Energy Shipping is 15.2 billion yuan [1]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [4][10][12]. Core Views - The transportation sector is experiencing a recovery in passenger and freight volumes, driven by the resumption of domestic and international travel, as well as a rebound in logistics demand [8][12]. - The report highlights the positive impact of government policies aimed at stimulating domestic demand, which is expected to further enhance the performance of airlines and logistics companies [12][9]. Summary by Sections Industry Performance Review - From October 20 to October 25, 2025, the transportation sector recorded a cumulative increase of +0.72%, ranking 24th among 31 SW primary industries, while the CSI 300 index rose by +3.24% [16][18]. - Sub-sectors within transportation showed varied performance, with public transport (+4.81%) and warehousing logistics (+2.88%) leading the gains, while shipping experienced a decline of -1.28% [18][19]. Aviation and Airports - In September 2025, major listed airlines in China showed significant recovery in domestic Available Seat Kilometers (ASK) compared to 2019, with China Southern Airlines at 116.42% and Spring Airlines at 176.49% [27]. - Major airports also reported recovery in passenger throughput, with Baiyun Airport and Shanghai Airport achieving recovery rates of 115.74% and 125.22% for domestic passengers, respectively [35]. Shipping and Ports - As of October 24, 2025, the Shanghai Containerized Freight Index (SCFI) was at 1403.46 points, reflecting a week-on-week increase of +7.11% but a year-on-year decrease of -35.78% [39]. - The China Containerized Freight Index (CCFI) reported a value of 992.74 points, with a week-on-week increase of +2.02% and a year-on-year decrease of -27.35% [39]. Road and Rail - In September 2025, railway passenger volume reached 341 million, showing a slight year-on-year decrease of -0.24%, while freight volume increased by +4.24% to 4.45 million tons [64]. - Road transport saw a significant decline in passenger volume, down -43.82% year-on-year, while freight volume increased by +5.20% to 38.91 million tons [70]. Express Delivery - The express delivery sector achieved a revenue of 127.37 billion yuan in September 2025, marking a year-on-year increase of +7.20%, with business volume rising by +12.70% to 16.88 billion parcels [12].

证券代码：601975 证券简称：招商南油 公告编号：临 2025-033 招商局南京油运股份有限公司 第十一届董事会第十四次会议决议公告 公司于 2025 年 10 月 20 日以电子邮件的方式发出召开第十一届董事会第十 四次会议的通知，会议于 2025 年 10 月 24 日以现场开会结合网络视频的方式召 开。会议应到董事 9 人，实到董事 9 人。会议由董事长丁磊先生主持，公司全体 高级管理人员列席了会议。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〈招商南油 2025 年第三季度报告〉的议案》 董事会同意公司 2025 年第三季度报告。 同意 9 票，反对 0 票，弃权 0 票。 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 本议案业经公司董事会审计与风险管理委员会 2025 年第四次会议审议通过。 （二）通过《关于使用公积金弥补亏损的议案》 具体内容详见同日披露的《招商南油关于使用公积金弥补亏损的 ...

每经AI快讯，招商南油（SH 601975，收盘价：3.17元）10月27日晚间发布三季度业绩公告称，2025年 前三季度营收约42.68亿元，同比减少14.77%；归属于上市公司股东的净利润约9.47亿元，同比减少 42.81%；基本每股收益0.1972元，同比减少42.67%。 截至发稿，招商南油市值为152亿元。 每经头条（nbdtoutiao）——拉1人入伙返1500元，投10万元成亿万富翁？这家公司大肆宣传将房产海外 代币化，有交了钱的人称是"牙签撬动地球" （记者 曾健辉） ...

证券代码：601975 证券简称：招商南油 公告编号：临 2025-034 招商局南京油运股份有限公司 关于使用公积金弥补亏损的公告 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。 为贯彻落实国务院《关于加强监管防范风险推动资本市场高质量发展的若干 意见》（国发〔2024〕10 号）和证监会《关于加强上市公司监管的意见（试行）》 等文件精神，积极推动公司高质量发展，增强投资者回报，招商局南京油运股份 有限公司（简称"招商南油""公司"）依据《公司法》、财政部《关于公司法、 外商投资法施行后有关财务处理问题的通知》（财资〔2025〕101 号）和《公司 章程》有关规定，拟使用公积金弥补亏损。具体情况如下： 一、亏损的情况 受金融危机及航运市场持续低迷等因素影响，公司自 2010 年起连续四年亏 损。2014 年 6 月 5 日，公司股票从上海证券交易所退市。2014 年 7 月 18 日，公 司进入破产重整程序。2014 年 11 月 28 日，南京市中级人民法院裁定批准重整 计划并终止重整程序。由于连续巨额经营亏损以及对船舶资 ...

证券代码：601975 证券简称：招商南油 公告编号：2025-035 招商局南京油运股份有限公司 关于与招商局国际财务有限公司 签订《金融服务协议》暨关联交易的公告 本公司董事会、全体董事及相关股东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： 本次交易简要内容 招商局南京油运股份有限公司（简称"招商南油""公司"）拟与招商局国 际财务有限公司（简称"招商国际财务"）签订《金融服务协议》，招商国际财 务为公司提供存款、结算、信贷、外汇及其他金融服务。 | 每日最高存款余额 | 5 亿等值港币 | | --- | --- | | 每日最高贷款余额 | 10 亿等值港币 | | 协议有效期 | 3 年 | | 存款利率范围 | 不低于招商南油及其附属公司在登记注册地、主要 营业地和中国香港主要商业银行同期同类型存款的 | | | 利率。 | | 贷款利率范围 | 不高于招商南油及其附属公司在登记注册地、主要 | | | 营业地和中国香港主要商业银行取得的同期同档次 | | | 贷款利率。 | 交易限额 本次交易构成关联交易 招商国际财 ...

证券代码：601975 证券简称：招商南油 公告编号：2025-036 关于对招商局国际财务有限公司风险评估报告的公告 本公司董事会、全体董事及相关股东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、财务公司基本情况 （一）财务公司基本信息 招商局国际财务有限公司（简称"招商国际财务"）于 1996 年 3 月 21 日在 香港注册成立，是招商局集团（香港）有限公司直接持股的境外全资子公司，负 责办理境外企业结算、现金管理等业务，同时开展存贷款业务。招商国际财务在 中国香港特别行政区的公司注册编号为 542740，商业登记证号码为 19755365， 持有香港特别行政区政府颁发的放债人牌照，放债人牌照号码为 MLR1983，董事 长为吴泊，注册地址为香港干诺道中 168-200 号信德中心－招商局大厦 39 楼。 （二）财务公司股东名称、出资金额和出资比例 | 序号 | | 股东名称 | 认缴金额（万港币） | 股权比例（%） | | --- | --- | --- | --- | --- | | 1 | | 招商局集团（香港）有限公司 | 1 ...

证券代码：601975 证券简称：招商南油 公告编号：2025-037 招商局南京油运股份有限公司 关于召开2025年第三次临时股东会的通知 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第三次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 12 日 9 点 30 分 召开地点：南京市中山北路 324 号油运大厦 16 楼会议室 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 (七)涉及公开征集股东投票权 (五)网络投票的系统、起止日期和投票时间。 1 股东会召开日期：2025年11月12日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东会网络投 ...

Financial Performance - The company's operating revenue for Q3 2025 was CNY 1,496,674,902.76, representing a year-on-year increase of 1.10%[3] - The total profit for the period was CNY 455,339,952.07, a decrease of 11.74% compared to the same period last year[3] - The net profit attributable to shareholders was CNY 376,862,011.50, down 13.47% year-on-year[3] - The net profit after deducting non-recurring gains and losses was CNY 368,692,871.47, an increase of 2.29% compared to the previous year[3] - The basic earnings per share for the period was CNY 0.0785, a decrease of 13.55% year-on-year[3] - Total operating revenue for the first three quarters of 2025 was CNY 4,268,420,384.68, a decrease of 14.74% compared to CNY 5,008,074,591.48 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was CNY 956,351,509.12, a decline of 42.53% from CNY 1,666,814,356.66 in 2024[20] - Earnings per share for the first three quarters of 2025 was CNY 0.1972, compared to CNY 0.3440 in the same period of 2024[21] - The net profit for the first three quarters of 2025 is CNY 509,483,002.13, a decrease of 28.5% compared to CNY 713,076,873.35 in the same period of 2024[33] - Operating profit for the first three quarters of 2025 is CNY 671,946,946.82, down from CNY 940,988,642.61 in 2024, reflecting a decline of 28.5%[33] Assets and Equity - Total assets at the end of the period were CNY 13,189,140,549.73, an increase of 2.03% from the end of the previous year[4] - The equity attributable to shareholders increased by 6.04% to CNY 11,478,146,099.35 compared to the end of the previous year[4] - As of September 30, 2025, the total assets of the company amounted to RMB 13,189,140,549.73, compared to RMB 12,926,989,064.34 at the end of 2024[15] - Total equity attributable to shareholders of the parent company increased to CNY 11,478,146,099.35 from CNY 10,824,521,965.38, reflecting a growth of 6.03%[18] - Total assets and equity amounted to CNY 13,189,140,549.73, up from CNY 12,926,989,064.34, indicating an increase of 2.03%[18] Cash Flow - The cash flow from operating activities for the year-to-date was CNY 1,506,424,819.34, a decrease of 27.69% year-on-year[3] - Cash received from sales of goods and services in the first three quarters of 2025 was CNY 4,391,624,073.90, a decrease of 14.43% from CNY 5,133,278,469.81 in 2024[23] - Operating cash inflow totaled CNY 4,487,902,200.41, a decrease from CNY 5,243,518,158.11 in the previous period[24] - Net cash flow from operating activities was CNY 1,506,424,819.34, down from CNY 2,083,152,778.03[24] - Cash flow from operating activities for the first three quarters of 2025 is CNY 879,453,815.94, a decrease of 11.3% compared to CNY 992,094,204.35 in 2024[36] - Total cash inflow from operating activities is CNY 2,230,206,464.12, down 10.3% from CNY 2,486,713,112.91 in the previous year[36] Share Repurchase - The company repurchased a total of 75,037,600 shares, accounting for 1.56% of the total share capital, with a total expenditure of RMB 250,043,007.43[14] - The highest purchase price during the repurchase was RMB 3.38 per share, while the lowest was RMB 3.27 per share[14] - The company plans to utilize between RMB 25 million and RMB 40 million for share repurchase within 12 months from the approval date[14] Liabilities - The company's total liabilities as of September 30, 2025, were RMB 1,548,979,624.10, down from RMB 1,949,747,894.26 at the end of 2024[17] Non-Recurring Gains and Losses - The company reported non-recurring gains totaling CNY 8,169,140.03 for the period[7] Research and Development - Research and development expenses were reported at CNY 94,339.62, indicating ongoing investment in innovation[32] Other Financial Metrics - The weighted average return on equity decreased by 8.68 percentage points to 8.40% year-to-date[3] - Other comprehensive income after tax for the first three quarters of 2025 was CNY -44,947,147.65, compared to CNY -37,351,047.61 in 2024[21] - The company reported a financial expense of CNY -41,859,257.70 in the first three quarters of 2025, compared to CNY -16,288,495.99 in 2024[19] Market Trends - The domestic crude oil water transport volume showed slight growth, indicating a trend towards larger vessels[13] - In the first three quarters of 2025, the average TCE for the MR TC7 route (Singapore to Australia East Coast) was approximately $20,027 per day, a year-on-year decrease of 37.18%[12] - In the third quarter of 2025, the average TCE increased to approximately $21,697 per day, reflecting a quarter-on-quarter growth of 9.18%[12] Accounting Standards - The company has not applied new accounting standards for the year 2025[38]

开展金融业务的风险处置预案 第一章 总则 第一条 为有效防范、及时控制和化解招商局南京油运股份有限 公司（以下简称"公司"）及下属公司在招商局国际财务有限公司（以 下简称"招商国际财务"）的金融业务风险，维护公司资金安全，根 据上海证券交易所的相关要求，特制订本预案。 第二章 风险处置组织机构及职责 第二条 公司成立风险处置领导小组（以下简称"领导小组"）， 由公司总经理任组长，为领导小组风险处置第一责任人，总会计师任 副组长，下设风险处置工作组（以下简称"工作组"），由财务部总经 理担任组长，成员包括财务部、风险管理部、企业规划管理部。工作 组负责财务公司日常监督，并及时向领导小组反映情况，以便领导小 组按本预案防范和处置风险。对金融业务风险，任何单位、个人不得 隐瞒、缓报、谎报或者授意他人隐瞒、缓报、谎报。 第三条 公司领导小组作为风险处置机构，一旦招商国际财务发 生风险，应立即启动应急预案，并按照规定程序开展工作。 第四条 对金融业务风险的应急处置应遵循以下原则： 招商局南京油运股份有限公司与招商局国际财务有限公司 第五条 公司建立金融业务风险报告制度，以定期或临时报告的 形式向董事会报告，并按有关法律 ...