Summary of Key Points - The company, China Merchants Jinling (招商南油), announced that as of the end of October 2025, it has repurchased a total of 76.8638 million shares, which represents 1.60% of its total share capital [1] - The highest purchase price for the repurchased shares was 3.38 CNY per share, while the lowest was 3.19 CNY per share [1] - The total amount spent on the share repurchase, excluding transaction fees, is 256 million CNY [1]

格隆汇11月3日丨招商南油(601975.SH)公布，截至2025年10月底，公司已累计回购股份7686.38万股，占 公司总股本的比例为1.60%，购买的最高价为3.38元/股、最低价为3.19元/股，已支付的总金额为2.56亿 元（不含交易费用）。 ...

Core Insights - The National Petroleum and Natural Gas Index (399439) has seen a strong increase of 1.54%, with significant gains in constituent stocks such as Lanstone Heavy Industry (603169) up 9.99%, Intercontinental Oil and Gas (600759) up 9.70%, and China National Offshore Oil Corporation (600938) up 4.54% [1] - OPEC+ has agreed to maintain a production increase of 137,000 barrels per day in December, consistent with the planned increases for October and November, while pausing production increases from January to March due to expected seasonal demand slowdown [1] - Brent crude oil prices have surpassed $65 per barrel, marking the longest consecutive increase since late September, while WTI crude oil prices have crossed the $61 mark [1] Industry Analysis - Long-term, oil-producing countries prioritize "value over volume," and OPEC+ is expected to balance pressures that may lead to a new round of cooperation, supported by North American shale oil cost impacts [2] - The Brent crude oil price is anticipated to find long-term support around $60 per barrel before the influence of South American supply and global energy transition accelerates [2] - The top ten weighted stocks in the National Petroleum and Natural Gas Index, which includes major companies like China National Petroleum (601857) and Sinopec (600028), account for 65.09% of the index [2]

证券日报网讯招商南油10月31日在互动平台回答投资者提问时表示，公司未来的资本、资产运作，请关 注公司在指定信息披露媒体发布的公告。 （文章来源：证券日报） ...

Core Insights - The shipping and port sector experienced a rise of 1.15% on October 30, with China Merchants Energy leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - China Merchants Energy (601872) closed at 9.44, up 10.02% with a trading volume of 1.172 million shares and a transaction value of 1.098 billion [1] - COSCO Shipping Energy (600026) closed at 13.53, up 8.76% with a trading volume of 1.5405 million shares and a transaction value of 2.085 billion [1] - China Merchants South Oil (601975) closed at 3.37, up 4.66% with a trading volume of 4.2604 million shares and a transaction value of 1.451 billion [1] - Other notable performers include COSCO Shipping Specialized (600428) and Shenghang Co. (001205), with increases of 3.23% and 3.13% respectively [1] Capital Flow - The shipping and port sector saw a net inflow of 102 million in main funds, while speculative funds experienced a net outflow of 410 million [2] - Retail investors contributed a net inflow of 308 million [2] Individual Stock Capital Flow - COSCO Shipping Energy (600026) had a main fund net inflow of 306 million, representing 14.66% of its total [3] - China Merchants Energy (601872) saw a main fund net inflow of 160 million, accounting for 14.58% [3] - Nanjing Port (002040) had a main fund net inflow of 50.26 million, which is 5.47% of its total [3]

Core Viewpoint - The shipping selected index experienced a significant increase of 4.06% on October 30, indicating a positive trend in the shipping industry [1]. Company Performance - China Merchants Energy surged by 8.74%, showcasing strong performance among the index constituents [1]. - COSCO Shipping Energy rose by 5.47%, reflecting robust market conditions [1]. - China Merchants South Oil increased by 4.97%, contributing to the overall positive sentiment in the sector [1]. - COSCO Shipping Specialized Carriers saw a rise of 2.81%, indicating steady growth [1]. - Zhonggu Logistics experienced a modest increase of 0.78%, still aligning with the upward trend [1].

Group 1 - The core viewpoint of the news is that the National Petroleum and Natural Gas Index (399439) has shown a strong increase of 1.00%, driven by significant gains in constituent stocks such as Lanstone Heavy Industry (603169) up 9.98%, and China Merchants Energy Shipping (601872) up 7.81% [1] - The U.S. Energy Information Administration (EIA) reported a decrease in crude oil inventories by 6.86 million barrels last week, exceeding expectations, which contributed to the rise in oil prices [1] - Zhongyou Securities indicated that if there is a future premium on crude oil due to regional situations, it would benefit upstream assets, while improvements in demand and supply could favor midstream refining [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index (399439) include China National Petroleum (601857), China Petroleum & Chemical (600028), and China National Offshore Oil (600938), collectively accounting for 64.68% of the index [2] - The Oil and Gas ETF (159697) closely tracks the National Petroleum and Natural Gas Index, reflecting the price changes of publicly listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [1]

Summary of the Conference Call for 招商南油 Industry Overview - The international refined oil tanker market is experiencing a weak supply and demand situation due to multiple factors, including geopolitical risks and regulatory changes, which have increased market volatility [2][5] - The U.S. 301 investigation is gradually causing Chinese shipping companies to exit the U.S. market [2] - Despite a 4.5% year-on-year decline in refined oil shipping trade volume in the first half of the year, the MR market showed resilience in Q3, driven by strong gasoline demand in Asia-Pacific and the U.S. West Coast, along with a significant increase in China's export volume [2][5] - The VLCC and refined oil tanker markets have seen an upward trend since August, benefiting from increased refinery exports and delayed maintenance in Middle Eastern refineries [2][6] Company Performance - In the first three quarters of 2025, 招商南油 reported revenue of 4.268 billion yuan, a decrease of 14.77% year-on-year, and a net profit of 947 million yuan, down 42.87% year-on-year [3] - Q3 revenue was 1.497 billion yuan, an increase of 1.1% year-on-year, while net profit decreased by 13.47% to 377 million yuan [3] - The gross profit from crude oil transportation increased by 6.9% to 513 million yuan, while the gross profit from refined oil transportation decreased by 48.5% to 575 million yuan [3] Market Trends and Future Outlook - The refined oil shipping market is expected to maintain a steady performance in Q4, supported by seasonal demand in the U.S. and increased exports from China [8] - The VLCC market's soaring freight rates are expected to drive up the refined oil tanker market [9] - For 2026, a slight growth in refined oil trade demand is anticipated, but increased new capacity and aging fleets may lead to higher scrapping rates [11] Operational Efficiency - The company's refined oil team operates at a significantly higher efficiency than market levels, outperforming regional indices and achieving better operational results [4][12] - The company has a fleet of 303 vessels and has successfully capitalized on market opportunities through scaled operations [12] Shareholder Returns and Financial Strategy - The company plans to utilize capital reserves to offset previous losses, aiming for improved shareholder returns through share buybacks and future profit distributions [13][14] - A total of 250 million yuan has been allocated for share repurchases, with plans to increase this to 400 million yuan [13] - The company is committed to enhancing shareholder returns and maintaining stable profitability and cash flow [15] Recommendations for Investors - Investors are encouraged to monitor the company's operational performance and improvements in shareholder returns, as it is positioned as a key player in the shipping sector [17]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters, but the third quarter showed signs of recovery with improved profit margins due to rising shipping rates [1][2]. Financial Performance - For the first three quarters, the company achieved revenue of 4.268 billion yuan, a year-on-year decrease of 14.77%, and a net profit attributable to shareholders of 947 million yuan, corresponding to earnings per share of 0.20 yuan, down 42.81% year-on-year [1]. - In Q3 2025, the company reported revenue of 1.497 billion yuan, with a quarter-on-quarter increase of 1.10% and a year-on-year increase of 7.05%. The net profit attributable to shareholders was 377 million yuan, with a quarter-on-quarter decrease of 13.47% but a year-on-year increase of 31.97% [1]. - The net profit margin for Q3 2025 improved to 25.2%, reflecting a quarter-on-quarter increase of 4.8 percentage points, although it was down 4.2 percentage points year-on-year [1]. Market Trends - Since entering Q4, the shipping rates for refined oil in the Asia-Pacific region have decreased month-on-month but have shown significant year-on-year growth. In October, the TC7/Pacific route average rates fell by 12.8% and 13.2% compared to September, but increased by 18.1% and 8.7% compared to the same period in 2024 [2]. - The supply of MR vessels remains tight, with current orders accounting for 14.6% of capacity, and vessels over 20 years old making up 16% of the fleet. Stricter sanctions on shadow fleets by Europe and the U.S. are expected to further limit effective MR vessel capacity [2]. Corporate Actions - The company announced plans to use surplus reserves to offset losses on the parent company's balance sheet, pending approval from the shareholders' meeting. If approved, this will enable the company to improve its dividend capacity, which is viewed positively for valuation recovery [2]. - The company has been actively repurchasing shares, having bought back 1.56% of its shares by the end of September [2]. Profit Forecast and Valuation - The current profit forecast and valuation remain unchanged, with the stock price corresponding to 11.4 times and 10.0 times the earnings for 2025 and 2026, respectively. The company maintains an outperform rating and a target price of 3.7 yuan per share, suggesting a potential upside of 16.7% from the current stock price [3].

Core Insights - The company reported a significant decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year, indicating potential challenges in its operational performance [1][2] Financial Performance - The company's operating revenue for the first three quarters was 4.268 billion yuan, a year-on-year decrease of 14.77% [1] - The net profit attributable to shareholders was 0.947 billion yuan, down 42.81% year-on-year [1] - The net cash flow from operating activities was 1.506 billion yuan, a decrease of 0.577 billion yuan, or 27.69% year-on-year [1] - The gross margin for the first three quarters was 28.00%, down 6.58 percentage points year-on-year, while the net margin was 22.41%, a decline of 10.88 percentage points [1] Quarterly Performance - In Q3 2025, the gross margin was 31.35%, a decrease of 0.50 percentage points year-on-year, and the net margin was 25.34%, down 4.31 percentage points compared to the same quarter last year [1] Cost Management - Total period expenses for the first three quarters were 57.4674 million yuan, a reduction of 22.995 million yuan year-on-year [1] - Sales expenses decreased by 2.67% year-on-year, while management expenses increased by 4.60% [1] Market Overview - The international refined oil transportation market saw a high-level price drop in the first three quarters of 2025, but prices rebounded in Q3 [2] - Domestic crude oil water transport volume experienced slight growth, with an increasing trend towards larger vessels [2] - The foreign trade fuel oil market faced low-level fluctuations after a previous decline [2] - The domestic chemical transportation market is in a phase of weak recovery, with overall stable prices [2]