Core Viewpoint - The article discusses the complexities faced by investors and companies in the energy transition process due to increasing policy risks and geopolitical tensions, highlighting the strong momentum of clean energy technologies and the cost-competitive solutions that will drive global energy transition [1]. Group 1: Market Insights - The Bloomberg New Energy Finance report projects that electricity demand in Asia, the Middle East, and Africa will significantly contribute to global electricity consumption growth, with data center electricity demand expected to increase 6-16 times, reaching 260 TWh by 2035 [5]. - The report indicates that the total investment potential for renewable energy from 2025 to 2035 is nearly $6 trillion, and from 2025 to 2050, it is projected to be $10.55 trillion [6]. Group 2: Investment and Policy Implications - The report outlines that large-scale investments and rapid deployment of clean energy technologies are crucial for achieving transformative change, emphasizing the need for policymakers and investors to leverage existing solutions in renewable energy, storage, and electric vehicles [6]. - The economic transition scenario predicts widespread electrification of clean power and road transport, with a long-term decline in coal and oil usage, potentially leading to a 22% reduction in overall emissions by 2050 [7]. Group 3: Required Investments - The required investment for achieving the baseline economic transition scenario and the net-zero scenario is estimated at $185 trillion and $213 trillion, respectively, indicating a mere 15% difference between the two pathways [7].

Financial Data and Key Metrics Changes - Total sales volume grew by 38.1%, while revenue increased by 35.9% to USD 592.5 million, driven by higher demand and operational expansion [18][19] - Cash balance rose by 8.3% to USD 8 million, and operational cash flow surged by 80.6%, reflecting improved efficiency and cash management [18] - Net income fell from USD 1.13 million in 2023 to a loss of USD 3.87 million in 2024, primarily due to reduced gross profit and increased expenses [21][22] Business Line Data and Key Metrics Changes - Gross profit declined by 25.5% from USD 7.21 million to USD 5.37 million, attributed to strategic pricing adjustments and increased operational costs [20] - Operating expenses increased significantly by 56.8% from USD 5.55 million to USD 8.7 million, driven by business expansion and ESG-related expenses [21] - Non-container liner customers increased to 45% of the customer base, while container liner customers decreased to 55% [29] Market Data and Key Metrics Changes - China accounted for 56.3% of total revenue, followed by Hong Kong at 30.3% and Malaysia at 9.8% [22] - Revenue growth was highest in emerging markets, with Europe, Japan, Vietnam, and Thailand seeing a 291% increase [22] - The global green marine fuel market is projected to grow at a CAGR of 50.4%, presenting significant opportunities for the company [40][60] Company Strategy and Development Direction - The company aims to expand its service network, strengthen its presence in Asian and European markets, and explore emerging markets [40] - Focus on biofuel adoption and exploring other sustainable fuels like LNG and methanol to meet evolving sustainability regulations [32][41] - The company is committed to enhancing its ESG initiatives, embedding sustainability into its core business strategy [33][36] Management's Comments on Operating Environment and Future Outlook - Despite geopolitical tensions and disruptions in maritime trade, the company demonstrated resilience with total volumes increasing by 2% [15] - Management expects to optimize unit costs and improve gross margins over time as market conditions stabilize [50] - The company plans to enhance operational efficiency through automation and IT systems to streamline operations [42] Other Important Information - CBL expanded its global service network to over 60 ports across 14 countries, achieving over 70% growth in port coverage since its IPO [26] - The company achieved significant progress in its biofuel supply initiatives, with biofuel sales volume surging over 600% year-over-year [31] - CBL's cash accounts for 12% of current assets, ensuring immediate liquidity for future growth [23] Q&A Session Summary Question: What drives the shift to a loss despite impressive revenue growth in 2024? - The net loss was influenced by reduced gross margin, higher operating costs, ESG-related expenses, and increased interest expenses [46][47] Question: Can you discuss the significant increase in operational expenses in 2024? - The increase was primarily due to business expansion, biofuel operations, and enhanced ESG expenses [45][48] Question: How does the company assess its service network expansion and customer mix? - The service network expanded from 36 ports to over 60, diversifying the customer base to include bulk carriers and tankers [54][56] Question: How do you expect biofuels to develop in 2025? - Biofuel sales surged over 600% in 2024, and the company sees sustainable fuel as a focus point moving forward [60] Question: How does CBL's marketing emphasize its unique value proposition? - CBL's competitive advantage lies in its extensive global supply network, providing one-stop refueling solutions and ensuring service quality [62][63] Question: How does the company view ESG market development? - The rising demand for green fuels is seen as an opportunity, with the company expanding its biofuel supply network and exploring other sustainable fuels [66][67] Question: What are your sales volume and gross profit margin targets for 2025? - The company aims to increase sales volume and recover gross profit margins through network strengthening and sustainable fuel adoption [78][79] Question: What are the uses of proceeds from recent capital market transactions? - Proceeds will support network expansion, biofuel business development, and repayment of indebtedness [82][85] Question: How do you plan to allocate funds to sustain growth momentum? - The company will prioritize network expansion, biofuel development, and operational automation to enhance liquidity and support growth [88][91]