Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a strong performance in Q2 2025, with revenue of 12.59 billion yuan, exceeding expectations, and a significant recovery in profit margins [5][9] - The oil and bulk shipping sectors are expected to perform strongly in the upcoming peak season, driven by increased demand and favorable market conditions [9] Financial Performance Summary - For H1 2025, the company achieved a revenue of 12.585 billion yuan, a year-on-year decrease of 4.91%, while net profit attributable to shareholders was 2.125 billion yuan, down 14.91% [5][8] - Q2 2025 saw a revenue of 6.989 billion yuan, stable year-on-year, and a net profit of 1.259 billion yuan, up 12.25% year-on-year [5][6] - The company’s financial forecasts for 2025-2027 indicate a recovery in revenue and profit, with expected net profits of 6.501 billion yuan in 2025, 7.446 billion yuan in 2026, and 8.915 billion yuan in 2027 [8][11] Segment Performance - The oil tanker segment contributed a profit of 806 million yuan in Q2 2025, with a significant increase of 65.50% quarter-on-quarter [6] - The dry bulk shipping segment saw a profit of 263 million yuan, a decrease of 40.63% year-on-year but a recovery of 65.41% quarter-on-quarter [6] - The container shipping segment reported a profit of 293 million yuan, up 115.44% year-on-year, although it faced cost pressures due to rising charter rates [6] Market Outlook - The report anticipates a strong performance in the oil tanker market due to increased exports from the US and OPEC's production adjustments, with VLCC average rates expected to stabilize [9] - The dry bulk market is also projected to strengthen in the second half of the year, driven by increased shipments from major iron ore producers [9]