CMES(SH:601872) Ge Long Hui A P P·2026-01-08 09:24Core Viewpoint - The company, China Merchants Energy Shipping Company (招商轮船), expects a significant increase in its net profit for the fiscal year 2025, driven by market recovery and non-recurring gains [1] Financial Performance - The company anticipates a net profit attributable to shareholders of between RMB 600 million and RMB 660 million for 2025, representing a year-on-year growth of 17% to 29% [1] - For the fourth quarter of 2025, the expected net profit attributable to shareholders is projected to increase by RMB 962 million to RMB 1,562 million, with a growth rate of 55% to 90% [1] - The expected net profit excluding non-recurring gains for 2025 is estimated to be between RMB 500.5 million and RMB 560.5 million, showing a slight year-on-year change of -0.2% to 12% [1] - In the fourth quarter of 2025, the net profit excluding non-recurring gains is expected to rise by RMB 377 million to RMB 977 million, with an increase of 22% to 57% compared to the same period last year [1] Growth Drivers - The anticipated growth in 2025 is primarily attributed to the following factors: 1. The oil tanker fleet is expected to capitalize on market recovery opportunities, with operating profits in the fourth quarter projected to increase by 200% to 230% year-on-year [1] 2. Significant growth in non-recurring gains is expected due to various factors, including profitable disposal of old vessels and fair value changes from the acquisition of Antong shares, which will start being accounted for using the equity method in the fourth quarter [1] 3. The dry bulk and ro-ro fleets are expected to experience a temporary decline in operating profits during the reporting period [1]