招商南油未来关注事件：分红、回购及船队扩张

Recent Events - The company will hold an extraordinary general meeting in November 2025 to approve a proposal to use reserves to cover losses, which, if completed, will turn the parent company's undistributed profits into positive numbers, paving the way for future dividends [1] Company Status - The company completed a share buyback in December 2025, with an actual repurchase amount of approximately 400 million, accounting for 2.53% of the total share capital. The repurchased shares will be canceled to reduce registered capital, with the cancellation process expected to be completed in the first quarter of 2026, potentially enhancing earnings per share [2] Business Progress - In September 2025, the company ordered two new LR2 oil tankers and a Panamax oil tanker to optimize its fleet structure, aiming to respond to the demand in the refined oil transportation market, which is expected to support future performance [3] Industry Policy and Environment - The oil tanker transportation market in 2026 is expected to remain resilient due to factors such as OPEC+ production increases and geopolitical influences. Additionally, the chemical transportation market is showing signs of recovery due to a rebound in China's chemical price index, which may provide opportunities for the company's related businesses [4]