Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][4][7]. Core Views - The report highlights the impact of US-China tariffs on shipping patterns, suggesting a focus on domestic demand and high-dividend sectors [1][3]. - The oil shipping market remains strong, but VLCC rates have declined due to tariff uncertainties, with potential recovery if US-China negotiations succeed [1][21]. - The air travel market is expected to stabilize in 2025, with domestic airlines showing signs of recovery in profitability [2][45]. - The express delivery sector shows resilience, with major players like SF Express and ZTO Express expected to maintain growth despite competitive pressures [3][55][59]. Summary by Sections Shipping Sector - Oil shipping rates have shown fluctuations, with VLCC rates impacted by tariff policies and global economic uncertainties [1][21]. - The report recommends companies like COSCO Shipping Energy and China Merchants Energy for their potential value amidst market volatility [1][25]. Aviation Sector - Domestic passenger flight volumes are stabilizing, with a year-on-year increase expected in 2025 [2][45]. - Major airlines like Air China and China Southern Airlines are projected to recover profitability as supply-demand gaps narrow [2][45]. Express Delivery Sector - The express delivery market is experiencing strong growth, particularly in Southeast Asia and China, with companies like SF Express and ZTO Express leading the way [3][55][59]. - The report emphasizes the importance of monitoring pricing trends in the express delivery sector due to competitive dynamics [3][59]. Investment Recommendations - The report suggests focusing on companies with stable operations and potential for steady returns, including SF Express, ZTO Express, and major airlines [3][2][45].

招商局南京油运股份有限公司 2024 年年度股东大会会议资料 2025 年 4 月 22 日 招商局南京油运股份有限公司 2024 年年度股东大会议程 时间：2025 年 4 月 22 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：丁磊董事长 会议议程 一、审议议题 1.2024 年年度报告全文和摘要 2.2024 年度董事会工作报告 3.2024 年度监事会工作报告 4.2024 年度财务决算和 2025 年度财务预算报告 5.2024 年度利润分配方案 6.2024 年度独立董事述职报告 7.关于与招行南京分行续签金融服务协议的议案 8.关于 2025 年度日常关联交易的议案 9.关于聘任 2025 年度审计机构的议案 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（统计现场投票表决结果）。 五、宣布现场表决结果。 招商局南京油运股份有限公司 2024 年年度股东大会会议资料 议案一：2024 年年度报告全文和摘要 各位股东： 根据《证券法》和《上海证券交易所股票上市规则》的规定，以及 中国证监会《公开发行证券的公司信息披露内容与格式准 ...

会议召开方式：现场交流、视频直播、网络文字互动 证券代码：601975 证券简称：招商南油 公告编号：临 2025-011 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 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： 会议召开时间：2025 年 4 月 16 日（星期三）14:30-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 投资者可于 2025 年 4 月 9 日（星期三）至 4 月 14 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 关注的问题进行回答。 一、说明会类型 本次集体业绩说明会以现场交流、视频直播、网络文字互动等形式召开，公 司将针对 2024 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回答。 招商局 ...

Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].

根据《公司法》和《公司章程》的有关规定，张翼先生的辞职报告自送达公 司董事会之日起生效。张翼先生的辞职不会影响公司董事会依法规范运作，也不 会影响公司正常的经营发展。 张翼先生任职期间恪尽职守、勤勉尽责，为公司的战略发展、规范治理等方 面做出了重要贡献，公司对其表示衷心的感谢。 特此公告。 招商局南京油运股份有限公司董事会 2025 年 4 月 3 日 证券代码：601975 证券简称：招商南油 公告编号：临 2025-009 招商局南京油运股份有限公司 关于公司董事长辞职的公告 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 董事长张翼先生的书面辞职报告。张翼先生因工作变动调整，申请辞去公司董事 长、董事及董事会战略委员会主任委员职务，辞职后将不再担任公司任何职务。 1 ...

证券代码：601975 证券简称：招商南油 公告编号：临 2025-010 招商局南京油运股份有限公司 第十一届董事会第九次会议决议公告 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 3 月 31 日以电子邮件的方式发出召开第十一届董事会第九次 会议的通知，会议于 2025 年 4 月 3 日以通讯表决的方式召开。会议应参与表决 董事 8 人，实际参与表决董事 8 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： （一）通过《关于选举公司董事长的议案》。 董事会选举丁磊先生为公司第十一届董事会董事长。 同意 8 票，反对 0 票，弃权 0 票。 （二）通过《关于选举董事会战略委员会主任委员的议案》。 董事会同意丁磊先生担任董事会战略委员会主任委员。调整后的战略委员会 成员如下： 主任委员：丁磊 委员：李增忠、梅向才、周德全 同意 8 票，反对 0 票，弃权 0 票。 招商局南京油运股份有限公司董事会 2 ...

证券代码：601975 证券简称：招商南油 公告编号：临 2025-008 招商局南京油运股份有限公司 关于控股股东增持公司股份计划完成的公告 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。 重要内容提示： 二、增持计划的主要内容 本次权益变动属于增持变动，不涉及要约收购，招商局南京油运股份有限公 司（以下简称"招商南油"或"公司"）控股股东、实际控制人未发生变化。 增持计划基本情况：公司于 2024 年 10 月 14 日披露了《关于控股股东增持 公司股份计划的公告》（临 2024-034），公司控股股东中国长江航运集团有限公 司（以下简称"长航集团"）拟于前述公告披露之日起 6 个月内，通过上海证券 交易所允许的方式（包括但不限于集中竞价交易、大宗交易等）增持公司 A 股股 份；本次拟增持股份不低于公司总股本的 1%，不超过公司总股本的 1.72%；本次 增持计划的价格上限为不超过 4.67 元/股（以下简称"本次增持计划"）。 增持计划实施结果：截至 2025 年 3 月 31 日，长航集团累计增持公司股份 82,591 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][11][13] Core Views - The company is experiencing pressure on performance due to fluctuations in freight rates, but its flexible operations are expected to stabilize performance [5][11] - In 2024, the company achieved operating revenue of 6.475 billion yuan, a year-on-year increase of 4.5%, and a net profit attributable to shareholders of 1.921 billion yuan, a year-on-year increase of 23.4% [5][11] - The company is a leader in the refined oil transportation market in the Far East, with a strong ability to withstand risks and navigate through cycles [5][11][13] Financial Performance Summary - In Q4 2024, the company reported operating revenue of 1.467 billion yuan, a year-on-year decrease of 5.3%, and a net profit of 265 million yuan, a year-on-year decrease of 25.0% [5][11] - The refined oil transportation business generated revenue of 3.751 billion yuan in 2024, with a gross margin of 32.8%, down 2.88 percentage points year-on-year [11][12] - The crude oil transportation business maintained stable revenue of 1.866 billion yuan, with a gross margin of 37.7% [11][12] Future Outlook - The company expects operating revenues for 2025, 2026, and 2027 to be 6.520 billion yuan, 7.006 billion yuan, and 7.536 billion yuan respectively, with year-on-year growth rates of 0.7%, 7.5%, and 7.6% [13][14] - Net profit attributable to shareholders is projected to be 1.630 billion yuan in 2025, reflecting a year-on-year decrease of 15.1%, followed by increases in subsequent years [13][14] - The company is anticipated to maintain a strong position in the market due to its flexible fleet operations [5][11][13]

Investment Rating - The investment rating for the company is Neutral, downgraded from Outperform [3][5][12]. Core Views - The company reported a rapid growth in annual performance for 2024, achieving a revenue of 6.475 billion yuan, a year-on-year increase of 4.5%, and a net profit attributable to shareholders of 1.921 billion yuan, up 23.38% year-on-year. However, Q4 showed a significant decline in performance, with revenue of 1.467 billion yuan, down 0.89% quarter-on-quarter, and a net profit of 265 million yuan, down 39.10% quarter-on-quarter [1][6]. - The transportation demand for refined oil in 2024 was highly volatile, with freight rates peaking and then declining. Despite strong performance in the first half of the year, the average freight rate for the year did not show significant increases due to geopolitical factors and competition from crude oil tankers [1][9]. - The outlook for 2025 suggests a return to normal demand for refined oil, supported by OPEC+ production increases and a long-term trend of "refining energy moving east," which is expected to bolster medium to long-term demand [2][11]. Summary by Sections Financial Performance - In 2024, the company's refined oil transportation revenue increased by 9.3% to 3.75 billion yuan, but the gross margin declined by 2.88 percentage points to 32.8% [1][9]. - The crude oil transportation business generated revenue of 1.87 billion yuan, a year-on-year increase of 4.1%, with a gross margin of 37.7% [2][9]. - Chemical transportation revenue reached 470 million yuan, up 6.4% year-on-year, with a gross margin of 18.7% [2][9]. - The company disposed of four old vessels in 2024, contributing 270 million yuan in asset disposal gains, which helped drive overall performance growth [3][12]. Earnings Forecast - The earnings forecast for 2025-2026 has been revised down from 2.26 billion yuan and 2.37 billion yuan to 1.57 billion yuan and 1.61 billion yuan, respectively, with a new forecast for 2027 set at 1.64 billion yuan [3][12]. - The corresponding PE ratios are projected at 9.3, 9.0, and 8.9 for 2025, 2026, and 2027, respectively [3][12]. Key Financial Metrics - The company’s revenue for 2024 is projected at 6.475 billion yuan, with a net profit of 1.921 billion yuan [4][13]. - The gross margin is expected to stabilize around 32% in the coming years, with a slight decline in ROE from 17.7% in 2024 to 10.5% by 2027 [4][13].

Core Viewpoint - The company reported its 2024 annual results, showing a modest increase in revenue and a significant rise in net profit, despite a decline in Q4 performance [1] Revenue and Profit Summary - In 2024, the company achieved operating revenue of 6.475 billion yuan, up 4.5% year-on-year; net profit attributable to shareholders was 1.921 billion yuan, up 23.4% year-on-year; and net profit excluding non-recurring items was 1.669 billion yuan, up 8.6% year-on-year [1] - In Q4 2024, the company reported operating revenue of 1.467 billion yuan, down 5.3% year-on-year; net profit attributable to shareholders was 265 million yuan, down 25.0% year-on-year; and net profit excluding non-recurring items was 281 million yuan, down 19.5% year-on-year [1] Business Segment Performance - The company's refined oil transportation business generated revenue of 3.751 billion yuan in 2024, up 9.3% year-on-year, with a gross margin of 32.8%, down 2.88 percentage points [2] - The average Time Charter Equivalent (TCE) for MR-TC7 routes dropped significantly from 37,717 USD/day in the first half to 18,061 USD/day in the second half, a decline of 52.1% [2] - The crude oil transportation business generated revenue of 1.866 billion yuan, up 4.1% year-on-year, with a gross margin of 37.7%, remaining stable [3] - The company’s chemical and ethylene transportation businesses reported revenues of 466 million yuan and 199 million yuan, up 6.4% and 10.6% year-on-year, respectively, with gross margins of 18.7% and 32.4% [4] Future Outlook and Investment Recommendations - The company forecasts operating revenues of 6.520 billion yuan, 7.006 billion yuan, and 7.536 billion yuan for 2025-2027, with year-on-year growth rates of 0.7%, 7.5%, and 7.6% respectively [5] - Net profits are expected to be 1.630 billion yuan, 1.729 billion yuan, and 2.046 billion yuan for the same period, with year-on-year changes of -15.1%, +6.1%, and +18.4% respectively [5] - The company is recognized as a leader in the refined oil transportation market in the Far East, with flexible fleet operations and strong risk resilience, maintaining a "buy" rating [5]