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 ...

Core Viewpoint - The company has faced continuous losses from 2010 to 2014 due to the financial crisis and a sluggish shipping market, leading to a restructuring process after delisting [1] Financial Summary - As of December 2024, the company's parent entity has an undistributed profit of -1.574 billion yuan [1] - The company plans to use a surplus reserve of 3.1939 million yuan to offset the losses, with the remaining 1.571 billion yuan to be covered by capital reserves [1] - Following this plan, the surplus reserve will be reduced to 0, capital reserves will decrease to 2.71 billion yuan, and undistributed profits will be adjusted to 0 [1] - The proposal has been approved by the board of directors but still requires shareholder meeting approval, indicating uncertainty [1]

Core Insights - The company reported a revenue of 42.684 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 14.77% [1] - The net profit attributable to shareholders was 0.947 billion yuan, down 42.81% year-on-year [1] - Basic earnings per share decreased to 0.1972 yuan, reflecting a decline of 42.67% compared to the previous year [1]

Core Insights - The shipping and port sector experienced a rise of 0.58% on October 27, with Bohai Ferry leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance Summary - Bohai Ferry (603167) closed at 10.37, up 4.85%, with a trading volume of 203,300 shares and a turnover of 209 million yuan [1] - China Ocean Shipping (601083) closed at 12.39, up 1.56%, with a trading volume of 143,800 shares and a turnover of 178 million yuan [1] - The overall performance of the shipping and port sector stocks showed mixed results, with some stocks experiencing declines [2] Capital Flow Analysis - The shipping and port sector saw a net outflow of 363 million yuan from institutional investors, while retail investors contributed a net inflow of 336 million yuan [2] - The data indicates that retail investors were more active in the market compared to institutional investors on that day [2] Individual Stock Capital Flow - China Ocean Shipping (601919) had a net inflow of 2.32 billion yuan from institutional investors, while it faced a net outflow of 1.78 billion yuan from speculative funds [3] - China Ocean Energy (600026) saw a net inflow of 30.53 million yuan from institutional investors, with a net outflow of 64.80 million yuan from retail investors [3] - The capital flow data highlights the varying levels of interest from different types of investors across the sector [3]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a year-on-year growth of 12.7% in September, indicating a steady expansion of the market [4][25] - The logistics sector is witnessing technological advancements, with JD Logistics planning to procure 3 million robots and 100,000 unmanned vehicles over the next five years, which may enhance supply chain efficiency [5] - The shipping market is expected to benefit from geopolitical factors and trade negotiations, potentially increasing demand for oil transportation and bulk shipping [6][10] - The aviation sector is experiencing growth, with a 10.8% increase in international flight volumes for the upcoming winter-spring season, reflecting a recovery in air travel [10][12] Summary by Sections Express Delivery - In September 2025, the express delivery business volume reached 16.88 billion pieces, a 12.7% year-on-year increase, with revenue of 127.37 billion yuan, up 7.2% [4][25] - Major players like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost control, with significant growth potential [14] Shipping and Ports - The VLCC market may benefit from U.S. sanctions on Russian oil, potentially increasing long-distance shipping demand [6] - The shipping market is expected to see a recovery driven by environmental regulations and geopolitical stability, with recommendations to focus on companies like China Shipping and COSCO [14][15] Aviation - The aviation industry is projected to maintain steady growth, with a 10.3% increase in total transport turnover and a 5.2% rise in passenger transport volume in the first three quarters of 2025 [10] - Airbus has opened a new A320 assembly line in Tianjin, marking a significant milestone in Sino-European cooperation [9] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.33% and highway freight truck traffic rising by 24.72% [13] - Strategic partnerships in the highway sector are being formed to enhance service offerings and operational efficiency [13] Overall Market Performance - From October 20 to October 24, 2025, the transportation sector index increased by 1.12%, underperforming the Shanghai Composite Index, which rose by 2.88% [20][23]

Core Viewpoint - The oil and gas ETF (159697) opened with a gain of 1.33%, indicating positive market sentiment towards the sector [1] Group 1: ETF Performance - The oil and gas ETF (159697) opened at 1.140 yuan [1] - Since its establishment on April 17, 2023, the ETF has achieved a return of 11.84% [1] - The ETF's performance over the past month has been a return of 6.81% [1] Group 2: Major Holdings - Major stocks within the ETF include: - China National Petroleum Corporation (down 0.22%) - China Petroleum & Chemical Corporation (up 0.36%) - China National Offshore Oil Corporation (down 0.07%) - Guanghui Energy (unchanged) - Jereh Oilfield Services (down 2.47%) - China Merchants Energy Shipping Company (up 2.97%) - XinAo Group (down 0.16%) - COSCO Shipping Energy Transportation (up 1.54%) - Offshore Oil Engineering Company (down 0.36%) - China Merchants Jinling Shipyard (up 0.31%) [1]

Core Points - The stock price of China Merchants Nanjing Tanker Corporation (招商南油) decreased by 2.15% on October 23, trading at 3.19 CNY per share with a total market capitalization of 15.318 billion CNY [1] - The company has seen a year-to-date stock price increase of 1.92%, with a 1.59% rise over the last five trading days, a 3.92% decline over the last 20 days, and a 10.38% increase over the last 60 days [1] - The company has been featured on the "龙虎榜" three times this year, with the most recent instance on September 8, where it recorded a net buy of 102 million CNY [1] Company Overview - China Merchants Nanjing Tanker Corporation, established on September 8, 1993, and listed on January 8, 2019, is based in Nanjing, Jiangsu Province, and specializes in coastal and international oil transportation [2] - The company's revenue composition includes: refined oil transportation (57.92%), crude oil transportation (28.82%), chemical transportation (7.20%), ethylene transportation (3.07%), crew leasing (2.28%), and other services (0.67%) [2] - As of September 30, the number of shareholders decreased by 9.83% to 127,700, while the average circulating shares per person increased by 10.91% to 37,599 shares [2] Financial Performance - For the first half of 2025, the company reported a revenue of 2.772 billion CNY, a year-on-year decrease of 21.43%, and a net profit attributable to shareholders of 570 million CNY, down 53.28% year-on-year [2] - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 64.1352 million shares, a decrease of 70.9247 million shares from the previous period [2]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [3] Core Views - The express logistics sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. The long-term outlook for e-commerce express logistics is positive due to healthy competition [3][13] - The shipping sector is expected to benefit from the OPEC+ production increase and the Federal Reserve's interest rate cuts, with a notable improvement in VLCC freight rates anticipated in Q4 2025 [13] - The aviation industry is seeing stable demand growth, with supply chain issues leading to increased costs for airlines. The overall passenger demand is projected to grow by 10.4% in 2024, outpacing capacity growth [9][14] Summary by Sections Express Logistics - In September 2025, major express companies reported improved performance, with YTO, Shentong, and Yunda achieving business volumes of 2.627 billion, 2.187 billion, and 2.110 billion pieces, respectively, representing year-on-year growth of 13.64%, 9.46%, and 3.63% [3][27] - The average revenue per piece for these companies also saw increases, indicating a trend of rising prices in the express delivery sector [3][27] Shipping and Ports - The implementation of new port fees between China and the US is expected to create a dual market structure, granting strategic pricing power to compliant shipping capacities [5] - China has secured pricing power for iron ore, marking a significant shift in global commodity trade dynamics [6] - The Shanghai Container Freight Index (SCFI) rose by 12.9% week-on-week, indicating a positive trend in shipping rates [7] Aviation - The International Air Transport Association (IATA) reported that supply chain bottlenecks are delaying aircraft production, leading to increased costs for airlines, estimated to exceed $11 billion in 2025 [9] - Chinese airlines collectively oppose the US Department of Transportation's proposed flight restrictions, highlighting concerns over operational impacts [10] Road and Rail - National logistics operations were reported to be running smoothly, with significant increases in highway freight traffic [12] - The National Development and Reform Commission plans to enhance electric vehicle charging infrastructure along highways by 2027 [12] Overall Market Performance - From October 13 to October 17, 2025, the transportation sector index increased by 0.73%, outperforming the Shanghai Composite Index, which fell by 1.47% [18]