本次交易旨在进一步优化资源配置，提高上市公司质量，将中远海运集团内优质资产进一步向上市公司 集聚。本次交易拟将上海液化气（主营业务为LPG运输）纳入上市公司主体范围，由大连海能（本公司 旗下从事LPG等化工品运输和氢基绿色能源综合物流业务的专业公司）实行统一运营与管理，有助于形 成规模效应，增强本上市主体在LPG业务板块的市场竞争力。本次交易将中远海运集团内已投产的、公 司正在托管的LPG运输核心资产正式注入上市公司，有助于规范本公司与控股股东及其关联方之间的业 务关系，有效排除潜在的同业竞争风险，提升公司治理规范性与透明度。 格隆汇10月28日丨中远海能(600026.SH)公布，为推进能源化工品和氢基绿色能源供应链业务的整合工 作，进一步减少关联交易和同业竞争，中远海能全资子公司大连海能计划与大连投资签署股权收购协 议，以现金约人民币5.98亿元收购大连投资持有的上海液化气100%股权。大连海能将以40%的自有资金 和60%的外部融资方式支付交易价格。公司将以自有资金向大连海能增资约人民币2.392亿元。 ...

Summary of COSCO Shipping Energy's Conference Call Company Overview - **Company**: COSCO Shipping Energy - **Period**: First half of 2025 Key Financial Metrics - **Net Profit**: CNY 1.869 billion, down 29% year-on-year, but up 64% quarter-on-quarter in Q2 [2][4] - **Foreign Trade Oil Transportation Gross Profit**: CNY 1.289 billion, down 49.1% year-on-year, but up 40.3% quarter-on-quarter in Q2 [5] - **LNG Transportation Contribution**: Net profit of CNY 424 million, up 5.7% year-on-year [5] Fleet Development and Strategy - **Fleet Size**: 157 operational vessels, with 18 awaiting delivery [4] - **New Orders**: Ordered methanol dual-fuel and chemical tankers, expected delivery in 2027-2028 [2][6] - **Old Vessel Disposal**: Disposed of a 31-year-old LR1 and a 20-year-old VLCC, generating net proceeds of CNY 1.18 million and CNY 72.98 million respectively [6] Capital Raising and Financial Strategy - **A-Share Private Placement**: Approved by the CSRC, aiming to raise up to CNY 8 billion for new VLCC, Aframax, and LNG vessels [2][7] - **Debt Structure Optimization**: COSCO Shipping Group committed to subscribe for 50% of the offering [7] Market Outlook - **VLCC Rates**: Currently at approximately USD 50,000 per day, expected to improve in Q4 due to OPEC+ production increases and seasonal demand [2][10] - **Supply Constraints**: Aging fleet with high proportion of old vessels, limited new deliveries expected [9] - **Geopolitical Factors**: U.S. sanctions on Iranian oil may tighten market supply, supporting industry fundamentals [9][11] Future Projections - **LNG Vessel Profit Contribution**: Expected to increase net profit by approximately 30% with new deliveries from 2025 to 2028 [3][22] - **TCE Expectations**: Anticipated to be better in H2 2025, with one-year charter rates projected between USD 45,000 and USD 50,000 [3][27] Industry Dynamics - **Trade Shifts**: Increased compliance oil demand from India due to U.S. tariffs, benefiting VLCC and Aframax transportation [11] - **Long-Distance Transport Demand**: Expected to rise due to increased market share from Atlantic oil-producing countries [12] Regulatory and Compliance Readiness - **Environmental Regulations**: All vessels compliant with EXI and CII standards, no additional costs expected [26] Investment Considerations - **Stock Performance**: Recent declines attributed to private placement and broader market trends, with a strong correlation to freight rates [35] - **Long-Term Contracts**: Majority of LNG vessels under long-term contracts, providing revenue stability [34] Conclusion - **Overall Outlook**: COSCO Shipping Energy is positioned for gradual recovery with strategic fleet updates, capital raising efforts, and favorable market conditions anticipated in the latter half of 2025. The company encourages investor engagement in upcoming financing activities [39]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's revenue for 1H25 was 11.64 billion RMB, a year-on-year decrease of 2.6%, with a net profit attributable to shareholders of 1.87 billion RMB, down 29.2% year-on-year. The decline in performance is primarily due to pressure on international oil transportation demand and a decrease in freight rates. However, there is an expectation for a seasonal demand boost in the second half of the year, which may lead to a recovery in freight rates [1][2] - The report suggests closely monitoring the US interest rate cut cycle and the recovery of domestic demand in China, which could benefit global oil transportation demand and support market freight rates [1] Summary by Sections Oil Transportation Business - The foreign trade oil transportation business generated revenue of 7.31 billion RMB in 1H25, down 5.7% year-on-year, with a gross profit of 1.29 billion RMB, a significant decline of 49.1%. The gross margin was 17.6%, down 15.1 percentage points year-on-year. The decline in freight rates was attributed to increased geopolitical uncertainties affecting production consumption and crude oil replenishment demand. The Baltic Dirty Tanker Index (BDTI) averaged a year-on-year decrease of 21.4% [2] - The domestic oil transportation segment reported revenue of 2.76 billion RMB, down 5.5% year-on-year, with a gross profit of 660 million RMB, down 6.8%. The gross margin was 24.0%, a slight decrease of 0.3 percentage points. The LNG transportation business contributed a net profit of 420 million RMB, up 5.7% year-on-year, supported by the expansion of the LNG fleet and long-term contracts [3] Business Structure - The company has established a diversified business structure, operating in oil transportation, LNG, LPG, and chemical logistics. This diversification allows for resource sharing and strategic synergy among different business segments. As of June, the company ranked first globally in oil tanker fleet size and fourth in LNG fleet size [4] Profit Forecast and Target Price - The profit forecasts for 2025, 2026, and 2027 have been revised downwards by 18%, 9%, and 9% to 4.43 billion RMB, 5.54 billion RMB, and 5.89 billion RMB, respectively. The target prices for A and H shares have been adjusted downwards by 18% and 3% to 13.20 RMB and 8.90 HKD, respectively, maintaining the "Buy" rating [5]

Core Insights - The company reported a revenue of approximately RMB 11.573 billion for the first half of 2025, representing a year-on-year decrease of about 2.5% [1] - The profit attributable to equity holders was approximately RMB 1.894 billion, down about 29.0% year-on-year, with earnings per share at 39.71 cents [1] Revenue Breakdown - The foreign trade tanker fleet generated transportation revenue of RMB 7.29 billion, a year-on-year decrease of 5.5%, with a quarter-on-quarter increase of 3.3% in Q2 [1] - The domestic trade tanker fleet achieved transportation revenue of RMB 2.74 billion, also down 5.5% year-on-year [1] - The LNG transportation segment contributed a profit of RMB 424 million, reflecting a year-on-year increase of 5.7% [1] - The LPG fleet completed transportation revenue of RMB 140 million, up 26.5% year-on-year, with a profit of RMB 30 million, an increase of 21.3% [1] Profitability Metrics - The gross profit from the foreign trade tanker fleet was RMB 1.3 billion, down 48.9% year-on-year, but showed a quarter-on-quarter increase of 42.9% in Q2 [1] - The gross profit margin for the foreign trade segment was 17.9%, a decrease of 15.2 percentage points year-on-year, but increased by 5.7 percentage points quarter-on-quarter [1] - The gross profit margin for the domestic trade segment was 24.4%, down 0.4 percentage points year-on-year [1] - The chemical tanker fleet generated transportation revenue of RMB 160 million, a year-on-year decrease of 13.1%, while gross profit was RMB 40 million, an increase of 7.0% [2] - The gross profit margin for the chemical segment was 26.7%, an increase of 5.0 percentage points year-on-year [2]