9月4日，在招商南油（601975）(SH601975，股价3.06元，市值146.9亿元)与招商轮船（601872） (SH601872，股价6.82元，市值550.7亿元)2025年半年度联合业绩说明会上，一位投资者提出一个值得关 注的问题：招商南油和招商轮船是否计划推动油轮运营整合？ 针对新能源车对成品油市场的冲击，招商南油总会计师、董事会秘书金敏在业绩说明会上表示，公司将 集中优势资源打造以MR(中程运输)船型为主、LR(远程运输)船型为辅的全球化船队。为提振业绩，招 商南油将巩固远东基本盘，并升级船型、建设全球化运营基地，构建具备抗周期波动能力的全球运营体 系。 8月24日，招商南油披露回购股份预案。公司计划以不低于2.5亿元、不超过4亿元的资金回购公司股份 并注销，以此减少注册资本。对此，有投资者在业绩说明会上询问公司为何回购股份注销而不现金分 红。 金敏表示，公司在2014年曾经退市并实施破产重整，当时由于累计巨额亏损、重整时计提了大额船舶资 产减值，导致未分配利润为-75亿元。经过10余年来的持续盈利，未分配利润为负的情况大为改善。但 截至2025年6月末，母公司未分配利润仍然为-12.69亿 ...

Group 1 - The core viewpoint of the news is the performance and strategic direction of China Merchants Energy Shipping Company (招商南油) and China Merchants Industry Holdings (招商轮船) in the shipping industry, particularly in response to market challenges and operational strategies [1][2][3] Group 2 - In the first half of 2025, China Merchants Energy Shipping reported a revenue of 2.772 billion yuan, a year-on-year decrease of 21.43%, and a net profit attributable to shareholders of 570 million yuan, down 53.28% [1] - The decline in performance is attributed to a significant drop in international refined oil freight rates and a decrease in asset disposal income [1] - The company plans to focus on building a global fleet primarily with Medium Range (MR) vessels and supplementing with Long Range (LR) vessels to enhance performance [2] Group 3 - China Merchants Energy Shipping announced a share repurchase plan, intending to buy back shares worth between 250 million yuan and 400 million yuan to reduce registered capital [2] - The company has a history of significant losses leading to a negative retained earnings situation, which has improved but remains at -1.269 billion yuan as of June 2025, thus not meeting conditions for cash dividends [2] - The management has prioritized investor returns through share buybacks instead of cash dividends, having repurchased a total of 222 million shares using 550 million yuan over the years [2] Group 4 - In contrast, China Merchants Industry Holdings has mitigated the downturn in the oil tanker and dry bulk shipping markets through diversified business operations, showing improved performance in the second quarter [3]