招商轮船：预计2025年度净利润同比增17%~29%

Core 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 from asset disposals and investments [1] Financial Performance Summary - 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, reflecting a growth rate of 55% to 90% compared to the same period last year [1] - The net profit excluding non-recurring gains is expected to be between RMB 500.5 million and RMB 560.5 million, showing a slight decline of 0.2% to an increase of 12% year-on-year [1] - In the fourth quarter, the net profit excluding non-recurring gains is projected to rise by RMB 377 million to RMB 977 million, indicating an increase of 22% to 57% year-on-year [1] Growth Drivers - The anticipated growth in 2025 is primarily attributed to the oil tanker fleet capitalizing on market recovery, with expected operating profits in the fourth quarter increasing by 200% to 230% year-on-year [1] - The company expects a substantial increase in non-recurring gains during the reporting period, driven by the disposal of old vessels and gains from the acquisition of Antong Holdings stock, which will start being accounted for using the equity method in the fourth quarter [1] - The dry bulk and ro-ro (roll-on/roll-off) fleets are expected to experience a temporary decline in operating profits during the reporting period [1]