NJTC(SH:601975) Sou Hu Cai Jing·2025-08-24 13:15Company Performance - In the first half of 2025, the company reported operating revenue of 2.77 billion yuan, a year-on-year decrease of 21.43% [1][2] - The net profit attributable to shareholders was 570 million yuan, down 53.28% compared to the same period last year [1][2] - Basic earnings per share were 0.1187 yuan [1] - The total profit for the period was 685 million yuan, reflecting a decline of 51.19% year-on-year [2] - The net cash flow from operating activities was 1.00 billion yuan, a decrease of 33.84% compared to the previous year [2] - As of June 30, 2025, the company's total assets were 131.66 billion yuan, and the net assets attributable to shareholders were 113.91 billion yuan, showing increases of 1.85% and 5.23% respectively compared to the end of the previous year [3] Share Buyback Plan - The company announced a plan to repurchase shares using its own funds, with a total amount not less than 250 million yuan and not exceeding 400 million yuan [3] - The repurchase price will not exceed 4.32 yuan per share, and all repurchased shares will be canceled to reduce registered capital [3] - If the maximum repurchase amount of 400 million yuan is fully utilized, it would represent approximately 3.04% of total assets, 3.51% of net assets, and 8.25% of cash [3] Industry Context - The domestic refined oil transportation market is under pressure due to a slowdown in economic growth and accelerated substitution by new energy sources, leading to weak transportation demand and decreased cargo stability [4] - International oil price fluctuations and declining refinery profits have resulted in lower operating rates for domestic refineries, with an average operating load of 78.32%, down 0.93 percentage points year-on-year [4] - The average operating rate of independent refineries in Shandong has dropped to a near-term low of 53.87%, a decrease of 6.28 percentage points year-on-year [4] - There is a shift in demand structure towards smaller vessels, as refining and storage companies in provinces like Fujian and Jiangsu are reducing tank capacity, limiting unloading capabilities [4]