证券代码：601975 证券简称：招商南油 公告编号：临 2025-015 招商局南京油运股份有限公司 关于修订《公司章程》及其附件的公告 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。 根据《中华人民共和国公司法（2023 年修订）》（以下简称《公司法》）、《上 市公司监管指引第 3 号——上市公司现金分红（2025 年修订）》《上市公司章程 指引（2025 年修订）》《上海证券交易所股票上市规则（2025 年 4 月修订）》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作（2025 年 5 月修订）》 等法律、法规、规范性文件的规定，公司对《招商局南京油运股份有限公司章程》 （以下简称《公司章程》）及其附件《招商局南京油运股份有限公司股东会议事 规则》《招商局南京油运股份有限公司董事会议事规则》进行修订，同时废止《招 商局南京油运股份有限公司监事会议事规则》。 | | 第八条 总经理为公司的法定代表人。总经理 | | --- | --- | | | 辞任的，视为同时辞去法定代表人。法定代表人辞 | | 第八条 ...

二、离任对公司的影响 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 2025 年 6 月 16 日收到公司董事梅向才先生的书面辞职报告。梅向才先生因工作变动，申请 辞去公司董事、董事会战略委员会委员和董事会薪酬与考核委员会委员职务，辞 职后将不再担任公司任何职务。 | 一、提前离任的基本情况 | | --- | | 姓名 | 离任职务 | 离任时间 | | 原定任期 到期日 | | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 股子公司任职 | （如适用） | 毕的公开 | | | | | | | | | | | 承诺 | | 梅向才 | 董事 | 2025 | 年 6 | 2027 | 年 4 月 | 工作变动 | 否 | 不适用 | 否 | | | | 月 16 | 日 | ...

证券代码：601975 证券简称：招商南油 告编号：2025-016 招商局南京油运股份有限公司 关于召开2025年第一次临时股东大会的通知 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)股东大会类型和届次 2025年第一次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大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 7 月 3 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 1 股东大会召开日期：2025年7月3日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约 ...

证券代码：601975 证券简称：招商南油 公告编号：临 2025-014 招商局南京油运股份有限公司 第十一届董事会第十一次会议决议公告 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 公司于 2025 年 6 月 12 日以电子邮件的方式发出召开第十一届董事会第十一 次会议的通知，会议于 2025 年 6 月 16 日以通讯表决的方式召开。会议应参与表 决董事 7 人，实际参与表决董事 7 人。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： 本议案业经公司董事会提名委员会 2025 年第一次会议审议通过，尚需提交 股东大会审议批准。 （三）通过《关于撤销监事会办公室的议案》。 1 同意 7 票，反对 0 票，弃权 0 票。 （一）通过《关于修订〈公司章程〉及其附件的议案》。 具体内容详见同日披露的《招商南油关于修订〈公司章程〉及其附件的公告》 （临 2025-015）。 同意 7 票，反对 0 票，弃权 0 票。 本议案尚需 ...

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]

Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, particularly highlighting opportunities in the shipping and port sectors [4]. Core Insights - The transportation industry is experiencing a mixed performance, with shipping and port sectors under pressure while the express delivery sector continues to grow [1][2]. - The shipping market is expected to recover gradually, with signs of improvement in oil transportation and a stable outlook for port operations despite recent challenges [1][25]. - The express delivery sector is projected to maintain robust growth, although average ticket prices are declining due to increased competition and a shift towards lower-value packages [1][3]. Summary by Sections Shipping and Port Sector - In Q1 2025, the oil transportation market started weakly, with VLCC market performance significantly lower than the same period last year. The overall revenue for 14 listed shipping companies in 2024 was CNY 364.97 billion, a 26.47% increase year-on-year, while net profit rose by 68.72% to CNY 66.79 billion [13][19]. - The port sector showed relative stability in performance, with 18 listed port companies reporting a total revenue of CNY 222.90 billion in 2024, a slight increase of 0.62%, but net profit decreased by 21.78% to CNY 32.22 billion [26][30]. Aviation and Airport Sector - The aviation industry is witnessing a divergence in performance, with traditional full-service airlines facing challenges while low-cost carriers are gaining market share. The overall passenger traffic is recovering, but ticket prices remain weak, impacting profitability [1][2]. - Airport non-aeronautical revenues are under pressure due to new tax agreements affecting profit margins. For instance, the new duty-free agreement at Shanghai Airport has reduced profit elasticity [1][2]. Express Delivery Sector - The express delivery industry in 2024 is expected to see a business volume of 174.5 billion packages, a 21% increase year-on-year, with total revenue reaching CNY 1.4 trillion, up 13% [1][2]. - The average ticket price for express delivery has decreased from CNY 9.1 to CNY 8.0 due to the increasing proportion of low-value packages and heightened competition among leading companies [1][2]. Road and Rail Sector - The railway passenger volume growth reached double digits in 2024, with a total of 4.31 billion passengers, a year-on-year increase of 11.9%. The total freight volume was 5.17 billion tons, up 2.8% [1][2]. - The road transport sector also showed growth, with freight volume reaching 41.88 billion tons, a 3.8% increase, and passenger transport volume at 11.78 billion, up 7% [1][2].

Group 1 - The National Petroleum and Natural Gas Index (399439) has shown a slight increase of 0.30% as of May 19, 2025, with notable gains in constituent stocks such as Huajin Co. (000059) up by 3.62% and Lansi Heavy Industry (603169) up by 2.22% [1] - The Oil and Gas ETF (159697) has risen by 0.52%, currently priced at 0.97 yuan, indicating a positive trend in the oil and gas sector [2] - Recent innovations in key technologies for oil and gas exploration and development have positioned shale gas as a significant area for sustainable resource development in China, with major shale gas demonstration zones established in the Sichuan Basin [2] Group 2 - The Sichuan Basin has identified eight shale gas fields with a total resource volume of 16.5 trillion cubic meters, contributing to national energy security through the localization of critical equipment and tools [2] - East China Securities anticipates a recovery in trade, which will positively impact oil demand, predicting that oil prices may bottom out in the second quarter and recover thereafter, benefiting upstream resource companies [2] - Guoxin Securities highlights the vast potential for deep-sea oil and gas development in China's northern and central southern South China Sea, supported by relevant technological policies [2][3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index account for 66.65% of the index, with major players including China National Petroleum (601857) and China Petroleum & Chemical (600028) [3]

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].

从指数持仓来看，中证全指航运指数十大权重分别为：中远海控（16.61%）、招商轮船（15.28%）、 中远海能（12.87%）、招商南油（9.23%）、中谷物流（8.03%）、安通控股（7.7%）、中远海特 （5.8%）、海航科技（4.52%）、海峡股份（3.51%）、凤凰航运（2.59%）。 从中证全指航运指数持仓的市场板块来看，上海主板占比92.01%、深圳主板占比7.99%。 金融界4月30日消息，A股三大指数收盘涨跌不一，中证全指航运指数 (航运指数，H30216)报2040.95 点。 数据统计显示，中证全指航运指数近一个月下跌3.38%，近三个月下跌4.74%，年至今下跌6.18%。 据了解，为反映中证全指指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将中证全 指指数样本按中证行业分类分为11个一级行业、35个二级行业、90余个三级行业及200余个四级行业， 再以进入各一、二、三、四级行业的全部证券作为样本编制指数，形成中证全指行业指数。该指数以 2004年12月31日为基日，以1000.0点为基点。 从中证全指航运指数持仓样本的行业来看，航运占比100.00%。 资料显示，指数样本 ...

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].