COSCO SHIPPING Energy(600026)2025-03-26 11:30Dividend and Financial Performance - The company plans to distribute a cash dividend of RMB 2.1 per 10 shares, totaling RMB 1,001,863,042.95, subject to shareholder approval [7]. - The total cash dividends for the year amount to RMB 4.3 per 10 shares, with a total payout of RMB 2,051,433,849.85, resulting in a dividend payout ratio of 50.82% [7]. - The company achieved a net profit attributable to shareholders of RMB 4.037 billion, marking the best performance since the merger in 2016 [38]. - The company's net profit attributable to shareholders was RMB 4.037 billion, an increase of 19.4% year-on-year [66]. - The company's operating revenue for the current period is RMB 23.24 billion, an increase of 2.25% compared to RMB 22.73 billion in the same period last year [68]. - The company’s EBITDA for the year was RMB 10.203 billion, reflecting a 7.6% increase compared to the previous year [66]. - The company reported a significant increase in revenue, achieving a total of $X million for the quarter, representing a Y% growth year-over-year [185]. Audit and Compliance - The company has received a standard unqualified audit report from the accounting firm Xin Yong Zhong He [6]. - The financial report is guaranteed to be true, accurate, and complete by the company's responsible personnel [6]. - The company is committed to maintaining transparency and compliance with regulatory requirements [9]. - The company has implemented an internal control system focusing on compliance and risk management, with a new investment management compliance guideline introduced [173]. - The company has not reported any ongoing litigation issues during the reporting period [126]. Risk Management and Future Outlook - The company emphasizes the importance of risk awareness regarding future plans and projections [8]. - The company faces risks from macroeconomic fluctuations, geopolitical uncertainties, and energy structure changes that could impact shipping demand [149][150][151]. - Fuel price volatility poses a significant risk to the company's operating costs, with fuel expenses being the largest component of its main business costs [152]. - The company is committed to low-carbon development and optimizing its fleet structure to align with global energy trends [158]. Operational Performance - The company's operating revenue for 2024 reached CNY 23,243,743,310.26, an increase of 2.25% compared to CNY 22,733,056,873.94 in 2023 [25]. - The net cash flow from operating activities for 2024 was CNY 8,625,286,208.29, a decrease of 3.85% compared to CNY 8,970,780,532.82 in 2023 [25]. - The company achieved a transportation volume of 180.48 million tons, a year-on-year increase of 3.8% [66]. - The company operates a fleet of 159 oil tankers with a total capacity of 23.74 million deadweight tons as of December 31, 2024 [66]. Investments and Acquisitions - The company completed the acquisition of equity in a chemical supply chain-related enterprise, leading to a restatement of financial data for 2023 and 2022 [26]. - The company plans to invest in the construction of 6 new VLCCs (Very Large Crude Carriers) in 2024 [195]. - The company has proposed to change its annual overseas audit institution for 2024 [200]. - The company plans to acquire two LPG vessels for a total consideration of approximately RMB 210.51 million [113]. Research and Development - Research and development expenses surged by 160.16% to RMB 52.01 million, compared to RMB 19.99 million in the previous year, indicating a significant increase in R&D investment [68]. - The number of R&D personnel is 105, representing 11.58% of the total workforce, with 35 holding master's degrees [94]. Corporate Governance - The board of directors held 15 meetings in 2024, ensuring effective governance and oversight [167]. - The supervisory board conducted 9 meetings in 2024, reviewing financial status and major investment projects [168]. - The company has a diverse board with members having extensive experience in various sectors, including shipping, finance, and law [184]. Market Trends and Projections - Global oil demand is projected to average 102.8 million barrels per day in 2024, an increase of 840,000 barrels per day compared to 2023 [42]. - The global LNG trade volume is anticipated to grow by 6.4% to 439 million tons in 2025, driven by increased liquefaction capacity and project approvals in the U.S. [141]. - The average age of the global chemical tanker fleet is projected to reach 13.8 years by the end of 2024, with an increase in scrapping activities expected in 2025 [145]. Strategic Initiatives - The company aims to become a global leader in energy transportation, focusing on high-quality development and digital empowerment [146]. - The company plans to enhance its competitiveness and innovation while optimizing management levels to adapt to market cycles [146]. - The company will implement a comprehensive safety management system to ensure high-quality development and risk control [160].