1月8日晚间，招商局能源运输股份有限公司发布2025年度业绩预增公告。 根据公告，招商轮船预计2025年度实现归属于上市公司股东的净利润为人民币60亿元至66亿元，与上年同期相比预 计增加8.93亿元至14.93亿元，增幅17%-29%。2025 年四季度实现归属于上市公司股东的净利润与上年同期相比，预 计增加9.62亿元至15.62亿元，增幅55%-90%。 预计招商轮船2025年度实现归属于上市公司股东的扣除非经常性损益的净利润为50.05亿元至56.05亿元，与上年同 期相比，预计增加-1000万元至5.9亿元，同比增加-0.2%-12%。2025年四季度实现归属于上市公司股东的扣除非经常 性损益的净利润与上年同期相比，预计增加3.77亿元至9.77亿元，增幅22%-57%。 回顾2024年，招商轮船利润总额59.52亿元，实现归属于上市公司股东的净利润51.07亿元，归属于上市公司股东的 扣除非经常性损益的净利润50.15亿元，每股收益为0.63元。 招商轮船表示，2025年度业绩预计出现增长的主要原因包括：油船船队抓住市场复苏机遇，第四季度经营利润同比 预计增加200-230%；受益于多种因素，报告 ...

Summary of the Conference Call for 招商南油 Industry Overview - The international refined oil tanker market is experiencing a weak supply and demand situation due to multiple factors, including geopolitical risks and regulatory changes, which have increased market volatility [2][5] - The U.S. 301 investigation is gradually causing Chinese shipping companies to exit the U.S. market [2] - Despite a 4.5% year-on-year decline in refined oil shipping trade volume in the first half of the year, the MR market showed resilience in Q3, driven by strong gasoline demand in Asia-Pacific and the U.S. West Coast, along with a significant increase in China's export volume [2][5] - The VLCC and refined oil tanker markets have seen an upward trend since August, benefiting from increased refinery exports and delayed maintenance in Middle Eastern refineries [2][6] Company Performance - In the first three quarters of 2025, 招商南油 reported revenue of 4.268 billion yuan, a decrease of 14.77% year-on-year, and a net profit of 947 million yuan, down 42.87% year-on-year [3] - Q3 revenue was 1.497 billion yuan, an increase of 1.1% year-on-year, while net profit decreased by 13.47% to 377 million yuan [3] - The gross profit from crude oil transportation increased by 6.9% to 513 million yuan, while the gross profit from refined oil transportation decreased by 48.5% to 575 million yuan [3] Market Trends and Future Outlook - The refined oil shipping market is expected to maintain a steady performance in Q4, supported by seasonal demand in the U.S. and increased exports from China [8] - The VLCC market's soaring freight rates are expected to drive up the refined oil tanker market [9] - For 2026, a slight growth in refined oil trade demand is anticipated, but increased new capacity and aging fleets may lead to higher scrapping rates [11] Operational Efficiency - The company's refined oil team operates at a significantly higher efficiency than market levels, outperforming regional indices and achieving better operational results [4][12] - The company has a fleet of 303 vessels and has successfully capitalized on market opportunities through scaled operations [12] Shareholder Returns and Financial Strategy - The company plans to utilize capital reserves to offset previous losses, aiming for improved shareholder returns through share buybacks and future profit distributions [13][14] - A total of 250 million yuan has been allocated for share repurchases, with plans to increase this to 400 million yuan [13] - The company is committed to enhancing shareholder returns and maintaining stable profitability and cash flow [15] Recommendations for Investors - Investors are encouraged to monitor the company's operational performance and improvements in shareholder returns, as it is positioned as a key player in the shipping sector [17]