Investment Rating - The report maintains an "Overweight" rating for the transportation sector [2]. Core Insights - The aviation sector is expected to see improvements in both volume and pricing, with optimistic expectations continuing to develop. High passenger load factors are anticipated to drive ticket prices upward, supported by regulatory measures from the Civil Aviation Administration [4][5]. - The shipping industry is poised for a dual increase in volume and pricing due to multiple catalysts, including replenishment demand and seasonal peaks. The report highlights the potential for significant price increases in the shipping sector [5][6]. Summary by Sections Investment Highlights - Key companies recommended for investment include Spring Airlines, China Eastern Airlines, and China Southern Airlines, which are expected to show strong performance due to their operational resilience and market positioning [11]. - The report emphasizes the importance of infrastructure improvements and policy changes that could benefit the transportation sector, particularly in aviation and shipping [4][5]. Operational Tracking - Data from major airlines shows a positive trend in passenger traffic and load factors, with Southern Airlines reporting a 4.91% increase in available seat kilometers (ASK) in Q1 2025 compared to the previous year [14]. - The report tracks significant increases in cargo volumes across various transportation modes, indicating a robust recovery in logistics and freight services [5][6]. Aviation Data Tracking - The report provides detailed metrics on airline performance, including ASK and revenue passenger kilometers (RPK), showing growth across major carriers. For instance, China Eastern Airlines reported a 10.89% increase in RPK in Q1 2025 [14]. - The average ticket price for economy class during the Dragon Boat Festival is projected to rise, reflecting a strong demand environment [4]. Shipping Data Tracking - The report notes a 9.98% week-on-week increase in the SCFI index, indicating a positive trend in shipping rates, despite a year-on-year decline of 41.31% [5]. - The report highlights the impact of tariff changes on shipping demand, particularly in the US-China trade context, which is expected to stimulate replenishment and seasonal demand [5]. Logistics Data Tracking - The report tracks significant growth in express delivery volumes, with a 15.83% year-on-year increase in the number of packages collected during early May 2025 [5]. - The logistics sector is benefiting from improved cross-border trade conditions, which are expected to enhance the performance of logistics companies [5].

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

Core Viewpoint - The company is facing challenges in market recognition despite receiving awards for its ESG efforts, and it emphasizes long-term value over short-term stock price fluctuations [2][3]. Group 1: Stock Performance - As of April 30, 2025, the stock price of China Merchants Jinling (601975) closed at 2.67 yuan, down 0.37%, with a turnover rate of 1.09% and a trading volume of 521,800 shares, amounting to a total transaction value of 140 million yuan [1]. - The company has experienced a significant decline in stock price since its peak in 2022, attributed to various factors including macroeconomic conditions and market environment [16][18]. Group 2: Shareholder Communication - The company has been actively engaging with investors, addressing concerns about stock undervaluation and the lack of dividends, while highlighting its commitment to improving governance and transparency [3][6][12]. - The company’s major shareholder, China Changjiang Shipping Group, has increased its stake by acquiring 82,591,922 shares, representing 1.72% of the total share capital, with a total investment of approximately 258.78 million yuan [4][9]. Group 3: Dividend Policy - The company has not distributed dividends for several years due to historical losses, with the retained earnings of the parent company still negative at -1.57 billion yuan, although consolidated retained earnings have turned positive at 1.83 billion yuan as of the end of 2024 [12][17]. - The company has opted for share buybacks instead of cash dividends, having repurchased 222 million shares for a total of 550 million yuan in recent years [12]. Group 4: Business Operations - The company primarily operates in the transportation of crude oil, refined oil, chemicals, and gases, utilizing various leasing and operational strategies across domestic and international routes [10]. - The company is focused on enhancing its operational capabilities and risk management to drive long-term growth and shareholder value [6][11].

Group 1 - The core index of the shipping sector, the China Securities Index Shipping Index, closed at 2040.95 points, showing a decline of 3.38% over the past month, 4.74% over the past three months, and 6.18% year-to-date [1] - The index is composed of various industry companies classified into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The top ten weighted companies in the shipping index include COSCO Shipping Holdings (16.61%), China Merchants Energy Shipping (15.28%), COSCO Shipping Energy Transportation (12.87%), and others, indicating a concentration in a few key players [1] Group 2 - The shipping sector accounts for 100.00% of the index sample, highlighting its exclusive focus on this industry [2] - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring that the weight factors are updated accordingly [2] - Special events affecting sample companies, such as mergers or delistings, will lead to corresponding adjustments in the index sample, maintaining its relevance and accuracy [2]

Investment Rating - The investment rating for the company is "Accumulate" [7]. Core Views - The report highlights that the shipping rates are expected to return to normal levels in 2025, with a healthy supply-demand relationship supporting medium to long-term freight rates [4][5]. - The company disposed of four old MR vessels in 2024, generating asset disposal income of 267 million yuan, and currently has ten vessels on order [3][5]. - The management is exploring ways to use capital reserves to cover undistributed profits, aiming to create conditions for future dividends, which could enhance investor return expectations [5]. Financial Summary - The company achieved a total revenue of 64.75 billion yuan in 2024, representing a year-on-year increase of 4.5%, with a net profit attributable to shareholders of 1.921 billion yuan, up 23.4% [10]. - Forecasted net profits for 2025, 2026, and 2027 are 1.404 billion yuan, 1.562 billion yuan, and 1.732 billion yuan, respectively, indicating a decline in 2025 followed by growth in subsequent years [6][5]. - The earnings per share (EPS) for 2025 is projected to be 0.29 yuan, with a price-to-earnings (P/E) ratio of 9.44 [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601975 证券简称：招商南油 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人戴荣辉、主管会计工作负责人金敏及会计机构负责人（会计主管人员）蒋雪伟保证季度报告 中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生变动的情况、原因 □是√否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,373,619,775.09, a decrease of 25.29% compared to CNY 1,838,695,345.82 in the same period last year[4] - Net profit attributable to shareholders was CNY 284,627,896.90, down 57.59% from CNY 671,205,206.76 year-on-year[4] - Basic and diluted earnings per share were both CNY 0.0593, reflecting a decline of 57.28% from CNY 0.1388 in the same period last year[4] - The total comprehensive income attributable to the parent company for Q1 2025 is CNY 279,392,641.23, a decrease from CNY 678,060,557.58 in Q1 2024[25] - Net profit for Q1 2025 was ¥288,092,868.71, a decline of 57.3% from ¥674,620,490.47 in Q1 2024[24] - Operating profit for Q1 2025 was ¥209.39 million, down 46.4% from ¥390.68 million in Q1 2024[33] - Net profit for Q1 2025 was ¥157.04 million, a decline of 46.4% compared to ¥292.62 million in Q1 2024[34] Cash Flow - The net cash flow from operating activities decreased by 47.04%, amounting to CNY 405,847,703.61 compared to CNY 766,398,430.11 in the previous year[4] - The company's cash flow from operating activities showed a significant change, with a net cash outflow reported in Q1 2025[24] - Cash inflow from operating activities totaled CNY 1,346,725,816.35 in Q1 2025, down 20.1% from CNY 1,684,371,461.97 in Q1 2024[26] - Cash outflow from operating activities for Q1 2025 is CNY 940,878,112.74, slightly up from CNY 917,973,031.86 in Q1 2024[26] - The net cash flow from investing activities for Q1 2025 is -CNY 9,007,211.48, compared to CNY 241,394,371.41 in Q1 2024[27] - The net cash flow from financing activities for Q1 2025 is -CNY 225,668,331.28, worsening from -CNY 204,554,362.55 in Q1 2024[27] Assets and Liabilities - Total assets at the end of the reporting period were CNY 13,077,076,044.87, an increase of 1.16% from CNY 12,926,989,064.34 at the end of the previous year[5] - Total liabilities decreased to ¥1,811,105,149.64 in Q1 2025 from ¥1,949,747,894.26 in Q1 2024, a reduction of 7.1%[20] - Total assets as of March 31, 2025, amount to CNY 8,784,215,532.30, an increase from CNY 8,631,738,178.73 at the end of 2024[31] - Total liabilities as of March 31, 2025, are CNY 1,106,676,905.42, a slight decrease from CNY 1,116,868,021.06 at the end of 2024[31] Shareholder Information - Shareholders' equity attributable to the parent company increased by 2.63% to CNY 11,109,712,903.56 from CNY 10,824,521,965.38 at the end of the previous year[5] - The total number of common shareholders at the end of the reporting period was 129,373[9] - The controlling shareholder, China Yangtze Shipping Group, completed its share buyback plan, acquiring 82,591,922 shares, representing 1.72% of the total share capital, at a price range of RMB 2.97 to RMB 3.25 per share, totaling RMB 258,782,758.66[12] Market Conditions - The decrease in net profit was primarily due to a significant drop in international refined oil transportation rates, leading to reduced operating revenue[7] - The average Time Charter Equivalent (TCE) for the MR TC7 route (Singapore to Australia East Coast) decreased by 51.78% year-on-year, from approximately USD 38,037 per day in Q1 2024 to USD 18,342 per day in Q1 2025[14] - The domestic chemical transportation demand remains weak, with market rates returning to rational levels, while high-end fine chemical products in foreign trade maintain strong pricing[14] - The international shipping market has seen increased uncertainty and instability since 2025, impacting overall performance[14] - The overall market structure for domestic crude oil transportation remains stable, despite a slight increase in total water transport volume[14] Future Plans - The company plans to expand its market presence and explore new strategies in response to current market conditions[14] - The company plans to focus on market expansion and new product development in the upcoming quarters to drive growth[24] - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[24] - The company plans to continue exploring market expansion opportunities and new product development strategies[39]

重要内容提示： 证券代码：601975 证券简称：招商南油 公告编号：2025-012 招商局南京油运股份有限公司 2024 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。 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 | 1,501 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,879,707,932 | | 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 | 39.1454 | | 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。受公 司董事长丁磊先生的书面委托，董事、总经理戴荣辉先生主持会议，符合《公司 1 (一) 股东大会召开的时间：2025 年 04 月 22 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 ...

上海海复律师事务所 关于招商局南京油运股份有限公司 2024 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"）2024 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 2024 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 2024 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 2025 年 3 月 25 日在中国证券报、上海证券报、证券时报和上海 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 2024 年年度股东大会的通知》，将公司 2024 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。 2. 公司 2024 年年度股东大会采取现场投票和网络投票 ...

4月16日，招商局集团携手旗下招商轮船、招商南油、辽港股份、中国外运和招商证券等5家上市公司召 开集团沪市上市公司集体业绩说明会。招商局集团总经理石岱表示，将坚持向高攀、勇攀科技创新高 峰，向新进、加快发展新质生产力，向外拓、加大海外业务布局，积极打造"微笑曲线"和"马利克曲 线"，持续推动上市公司稳健经营、有效增长。 2024年，招商局集团旗下上市公司发展质量和效益持续提升，在沪市的5家上市公司合计实现营业收入 1698亿元、同比增长2.3%；净利润230亿元、同比增长8.8%；年度分红89亿元、同比增长33%，股东回 报能力持续增强。石岱表示，"招商系"上市公司已于2024年第四季度公告近50亿元的增持回购计划，并 于4月8日进一步公告提速实施回购股份。 "招商局坚定看好中国经济和资本市场，对旗下上市公司发展充满信心，将积极推进上市公司价值提 升、价值创造，提振投资者信心。"石岱透露，越是外部环境严峻复杂，越是要坚定信心决心、保持战 略定力，聚精会神"办好自己的事"。招商局集团高度重视、提前布局人工智能，将人工智能作为集团新 一轮高质量发展的核心引擎之一，加快推动人工智能与主营业务深度耦合，为集团业务插上 ...