Core Viewpoint - The company plans to enhance its shipping capacity by applying for new capacity through the Ministry of Transport's evaluation and will replace old vessels with new ones to align with industry policies aimed at high-quality development [1] Group 1: Capacity Expansion Strategy - The company will continue to apply for new shipping capacity by participating in the Ministry of Transport's evaluations [1] - The strategy includes a "retire one, add one" approach to replace outdated vessels [1] Group 2: Fleet Optimization - The company aims to improve its fleet structure by building new ships and acquiring existing chemical tankers based on market conditions and potential trading opportunities [1] - This initiative is intended to enhance the company's core competitiveness in the shipping industry [1]

Group 1 - The company held its 13th meeting of the 11th Board of Directors on September 23, 2025, via electronic communication, with all 9 directors participating in the vote, ensuring the legality and validity of the resolutions [2][4]. - The Board approved the construction of two 65,000-ton PANAMAX oil tankers at a maximum investment of 976.06 million RMB (including tax) to enhance the company's operational capacity and competitiveness in the crude oil transportation market [3][5]. - The new tankers are designed to meet the IMO Tier III emission standards and will feature a dual-fuel methanol reserve design, with delivery expected in the second half of 2028 [3][5]. Group 2 - The company also approved the construction of a 9,500 cubic meter ethylene ship at a contract price of 365 million RMB (including tax) through its subsidiary, Shanghai Changshi Shipping Co., Ltd., from the related party, Jiangsu Dingheng Shipbuilding Co., Ltd. [12][13]. - This transaction is classified as a related party transaction and does not constitute a major asset restructuring as per the regulations [12][15]. - The new ethylene ship is expected to be delivered in the first half of 2028 and aims to optimize the company's ethylene fleet and strengthen its market position [13][25].