Core Viewpoint - The document outlines the decision-making system for related party transactions of China Merchants Nanjing Tanker Corporation, aiming to ensure compliance with relevant regulations and maintain transparency in transactions [1][2][3]. Group 1: Definition and Scope of Related Party Transactions - Related party transactions are defined as matters involving the transfer of resources or obligations between the company and its controlling subsidiaries with related parties, including but not limited to asset purchases, investments, financial assistance, and service provisions [1][2]. - Related parties include both legal entities and natural persons that meet specific criteria, such as holding more than 5% of shares or being in a close relationship with the company’s management [3][4]. Group 2: Decision-Making and Approval Process - The company’s board of directors must be informed of related parties and their relationships, ensuring proper registration and management of this information [4]. - Related transactions must adhere to principles of honesty, fair pricing, and proper decision-making procedures, with related parties abstaining from voting on relevant matters [4][5]. Group 3: Transaction Amounts and Approval Requirements - Transactions with related natural persons exceeding 300,000 yuan and those with related legal entities exceeding 3 million yuan or 0.5% of the latest audited net assets require board approval [5][6]. - Shareholder meetings must approve transactions exceeding 30 million yuan or 5% of the latest audited net assets, with related shareholders abstaining from voting [6][7]. Group 4: Cumulative Calculation and Disclosure - Related transactions are to be cumulatively calculated over a twelve-month period, and if they meet disclosure standards, they must be reported according to the Shanghai Stock Exchange requirements [7][8]. - The document emphasizes that previously completed transactions that did not meet disclosure standards are not included in cumulative calculations if proper procedures were followed [7]. Group 5: Implementation and Interpretation - The decision-making system will be enforced from the date of approval by the shareholders' meeting, with the board of directors responsible for its interpretation [8].

Core Points - The document outlines the independent director system of China Merchants Nanjing Tanker Corporation, emphasizing the importance of independent directors in corporate governance and their obligations to shareholders [1][2] - Independent directors must maintain independence and cannot have significant relationships with the company or its major shareholders [2][3] - The document specifies the qualifications, appointment, and responsibilities of independent directors, including their role in protecting minority shareholders' rights [4][5][6] Group 1: Independent Director Qualifications and Appointment - Independent directors must not hold any other positions within the company and should not have any direct or indirect interests that could affect their judgment [2][3] - The proportion of independent directors on the board must be at least one-third, including at least one accounting professional [2][4] - Independent directors should have relevant experience and knowledge, including at least five years in legal, accounting, or economic fields [6][7] Group 2: Responsibilities and Duties of Independent Directors - Independent directors are responsible for participating in board decisions, supervising potential conflicts of interest, and providing professional advice to enhance decision-making [7][8] - They have the authority to hire external consultants for audits or investigations and can propose meetings to address significant issues [8][9] - Independent directors must report their activities and decisions in an annual report to the shareholders, detailing their participation in meetings and any concerns raised [12][13] Group 3: Independent Director Support and Communication - The company must provide necessary resources and support for independent directors to fulfill their duties effectively [15][16] - Independent directors should have equal access to information as other board members and must be kept informed about the company's operations [15][17] - There should be mechanisms in place for independent directors to communicate with minority shareholders and address their concerns [17][19]

招商局南京油运股份有限公司 董事会审计与风险管理委员会工作规则 第一章 总则 第一条 为强化董事会决策和监督功能，及时识别、评估和控制 公司经营活动及运作过程中的重大风险，提高招商局南京油运股份有 限公司（以下简称公司）全面风险管理水平，完善公司内部控制，根 据《中华人民共和国公司法》《上市公司治理准则》《上市公司独立 董事管理办法》《上海证券交易所股票上市规则》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》（以下简称《规范运 作》）《企业内部控制基本规范》《招商局南京油运股份有限公司章 程》（以下简称《公司章程》）及其他有关规定，公司特设立董事会 审计与风险管理委员会，并制定本规则。 第二条 董事会审计与风险管理委员会负责审核公司财务信息 及其披露、监督及评估内外部审计工作、内部控制和风险、合规管理 及其有效性，对董事会负责，向董事会报告工作。 第三条 审计与风险管理委员会成员由三名不在公司担任高级 管理人员的董事组成，其中独立董事应当过半数并担任召集人，委员 中至少有一名独立董事为专业会计人士。 审计与风险管理委员会全部成员均应当具有能够胜任审计与风 险管理委员会工作职责的必要的商业经验及 ...

General Principles - The document outlines the management system for the shareholding and changes of shares held by directors and senior management of China Merchants Nanjing Tanker Corporation Limited, in accordance with relevant laws and regulations [2][12]. - This system applies to the company's directors and senior management, who must comply with the laws and regulations regarding shareholding changes and fulfill information disclosure obligations [2][3]. Prohibited Trading Situations - Directors and senior management are prohibited from selling shares within six months of purchase or buying shares within six months of sale, with any profits from such actions to be returned to the company [5][6]. - Specific circumstances under which shares cannot be transferred include within one year of the company's stock listing and within six months after leaving the company [6][7]. Reporting and Disclosure Requirements - Directors and senior management must report their shareholding information at specific times, including when they assume office or when there are changes in their personal information [9][10]. - A written notice of any planned share trading must be submitted to the board secretary, who will verify the company's information disclosure status before any trading can occur [12][13]. Transfer Limits - The maximum number of shares that directors and senior management can transfer in a year is limited to 25% of their total holdings, with exceptions for certain circumstances [8][9]. - Newly acquired shares are subject to different transfer limits based on their conditions, and any untransferred shares at the end of the year will be included in the next year's calculation [8][9]. Violations and Penalties - Any violations of the trading regulations will result in penalties from regulatory authorities, and the company may impose internal disciplinary actions based on the severity of the violation [11][12]. - The board is responsible for disclosing any violations related to share trading by directors and senior management [11][12].

Core Viewpoint - The company, China Merchants Energy Transportation Co., Ltd. (招商轮船), has approved a significant investment through its wholly-owned subsidiary, China Merchants Container Transportation Co., Ltd. (中外运集运), to acquire shares in Antong Holdings Co., Ltd. (安通控股) for up to 1.8 billion RMB [1][3]. Investment Details - The subsidiary plans to acquire a total of 333,742,322 shares of Antong Holdings, representing 7.89% of its total share capital [3]. - The acquisition includes shares purchased through bulk trading and agreements with various asset management companies, including: - 33,333,334 shares from China Orient Asset Management Co., Ltd. (0.79%) [3] - 82,908,988 shares from China National Chemical Corporation Asset Management Co., Ltd. (1.96%) [3] - 39,000,000 shares from China Merchants Port Group Co., Ltd. (0.92%) [3] - 178,500,000 shares from Guoxin Securities Co., Ltd. (4.22%) [3]. Additional Investment Plans - The subsidiary intends to further increase its stake in Antong Holdings with an additional investment ranging from 360 million RMB to 720 million RMB, with a maximum purchase price of 3.20 RMB per share [4]. - As of the announcement date, the subsidiary has already acquired 50,876,231 shares (1.20%) for approximately 159 million RMB [5]. - Due to the current market price exceeding 3.20 RMB per share, the company will adjust its investment strategy based on market conditions [5].

证券代码：601975 证券简称：招商南油 公告编号：临 2025-020 招商局南京油运股份有限公司 第十一届董事会第十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 公司于 2025 年 8 月 19 日以电子邮件的方式发出召开第十一届董事会第十二 次会议的通知，会议于 2025 年 8 月 22 日以现场开会结合网络视频的方式召开。 会议应到董事 9 人，实到董事 8 人，董事长丁磊先生因工作原因未能出席会议， 书面委托董事李增忠先生代为行使表决权，公司全体高级管理人员列席了会议。 经推举，会议由董事李增忠先生主持。本次会议的召开符合《公司法》和《公司 章程》的规定，会议决议合法、有效。 二、董事会会议审议情况 会议表决通过了如下决议： （一）通过《关于〈招商南油 2025 年半年度报告〉的议案》 同意 9 票，反对 0 票，弃权 0 票。 本议案业经公司董事会审计与风险管理委员会 2025 年第三次会议审议通过。 （二）通过《关于〈招商局集团财务有限公司 2025 年半年度风险 ...

Investment Rating - The report recommends investing in SF Holding, Hainan Airlines, and Southern Airlines due to their strong performance and market positioning [2][4]. Core Views - The express delivery sector is experiencing significant growth, with SF Express leading the way with a 34% increase in business volume in July. The overall express delivery market is expected to see price increases due to rising costs in grain-producing areas and the upcoming peak season [2]. - The logistics sector is focusing on smart logistics, with Hai Chen Co. launching AI and robotics research initiatives to enhance operational efficiency [3]. - The aviation sector shows a positive trend, with domestic flights increasing by 3.07% year-on-year. Airlines are expected to benefit from supply-demand optimization, leading to potential fare increases and profit elasticity [4]. - The shipping sector is witnessing a recovery in oil transportation indices, with expectations of increased demand due to OPEC+ production adjustments and sanctions on Iran and India [5]. - The road and rail sectors are showing stable growth, with highway truck traffic increasing by 3.06% week-on-week, indicating a robust logistics environment [6][78]. Summary by Sections Express Delivery - In July, SF Express achieved a business volume growth of 34%, leading the industry. The total express delivery volume for the week of August 11-17 was approximately 3.523 billion pieces, with a year-on-year increase of 11.81% [2]. - The market shares for major players in July 2025 are as follows: SF Express (8.4%), Yunda (13.2%), YTO (15.8%), and Shentong (13.3%) [2]. Logistics - The chemical product price index is at 4024 points, down 10.3% year-on-year. The domestic sea freight price for liquid chemicals is 158 RMB/ton, down 8.4% year-on-year [3]. - Hai Chen Co. is focusing on AI and robotics to enhance logistics efficiency, indicating a shift towards smart logistics solutions [3]. Aviation - The average daily flight operations increased to 17,321 flights, a year-on-year increase of 4.18%. Domestic flights saw a 3.07% increase, while international flights increased by 11.87% compared to 2019 [4]. - The Brent crude oil price is at $67.73/barrel, reflecting a 2.85% increase week-on-week, which may impact airline operational costs [4][65]. Shipping - The China Export Container Freight Index (CCFI) is at 1174.87 points, down 1.5% week-on-week and down 40.5% year-on-year. The Shanghai Export Container Freight Index (SCFI) is at 1415.36 points, down 3.1% week-on-week and down 52.2% year-on-year [5][21]. - The oil transportation index (BDTI) is at 1019 points, reflecting a 0.5% increase week-on-week and a 9.2% increase year-on-year [5][34]. Road and Rail - The national railway passenger volume in July was 455 million, a year-on-year increase of 6.6%. The railway freight volume was 452 million tons, up 4.5% year-on-year [78]. - The national highway freight traffic for the week of August 11-17 was 54.93 million vehicles, a week-on-week increase of 3.06% and a year-on-year increase of 4.65% [6][82].

Core Viewpoint - The company, China Merchants Nanjing Tanker Corporation, announced a share buyback plan with a total amount between 250 million and 400 million yuan, aiming to stabilize its stock price amid a 4.47% decline in share price this year [1][2]. Group 1: Share Buyback Details - The buyback will be conducted through centralized bidding, with a maximum repurchase price set at 4.32 yuan per share, which is 44.48% higher than the current price of 2.99 yuan [1]. - The funding for the buyback will come from the company's own funds, and the buyback period is set for 12 months [1]. Group 2: Company Financial Performance - For the first half of 2025, the company 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% year-on-year [2]. - As of July 31, the number of shareholders decreased by 10.37% to 147,700, while the average circulating shares per person increased by 11.56% to 32,509 shares [2]. Group 3: Shareholder Composition - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 64.1352 million shares, a decrease of 70.9247 million shares from the previous period [2]. - The Southern CSI 1000 ETF ranked as the ninth largest circulating shareholder, increasing its holdings by 6.8034 million shares to 35.8807 million shares [2].

北京商报讯（记者 马换换 王蔓蕾）8月24日晚间，招商南油（601975）发布2025年半年度报告显示，公 司上半年实现归属净利润约为5.7亿元，同比降超五成。 中报显示，招商南油主要从事内外贸油品、化学品和气体运输业务。 同日晚间，招商南油披露公告称，公司拟用自有资金，以集中竞价交易方式回购部分社会公众股份，本 次回购的股份将全部予以注销，以减少注册资本。回购股份金额不低于2.5亿元，不超过4亿元。 财报显示，2025年上半年，招商南油实现营业收入约为27.72亿元，同比下降21.43%；对应实现归属净 利润约为5.7亿元，同比下降53.28%。 ...

Group 1 - The company China Ocean Shipping (601598) plans to increase its stake in Antong Holdings (600179) within 12 months starting from July 31, 2025 [1] - The initial buyback price was set at no more than RMB 3.20 per share; as of the announcement date, the company has already acquired 11.546 million shares, representing approximately 0.27% of Antong Holdings' total share capital, with a total investment of about RMB 0.37 billion (excluding taxes) [1] - Due to the current market price of Antong Holdings exceeding RMB 3.20 per share, the company will conduct further buybacks at its discretion, without being bound by the original price limit, as authorized by the board of directors [1]