Investment Rating - The investment rating for the company is "Accumulate" [7]. Core Views - The report highlights that the shipping rates are expected to return to normal levels in 2025, with a healthy supply-demand relationship supporting medium to long-term freight rates [4][5]. - The company disposed of four old MR vessels in 2024, generating asset disposal income of 267 million yuan, and currently has ten vessels on order [3][5]. - The management is exploring ways to use capital reserves to cover undistributed profits, aiming to create conditions for future dividends, which could enhance investor return expectations [5]. Financial Summary - The company achieved a total revenue of 64.75 billion yuan in 2024, representing a year-on-year increase of 4.5%, with a net profit attributable to shareholders of 1.921 billion yuan, up 23.4% [10]. - Forecasted net profits for 2025, 2026, and 2027 are 1.404 billion yuan, 1.562 billion yuan, and 1.732 billion yuan, respectively, indicating a decline in 2025 followed by growth in subsequent years [6][5]. - The earnings per share (EPS) for 2025 is projected to be 0.29 yuan, with a price-to-earnings (P/E) ratio of 9.44 [6].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,373,619,775.09, a decrease of 25.29% compared to CNY 1,838,695,345.82 in the same period last year[4] - Net profit attributable to shareholders was CNY 284,627,896.90, down 57.59% from CNY 671,205,206.76 year-on-year[4] - Basic and diluted earnings per share were both CNY 0.0593, reflecting a decline of 57.28% from CNY 0.1388 in the same period last year[4] - The total comprehensive income attributable to the parent company for Q1 2025 is CNY 279,392,641.23, a decrease from CNY 678,060,557.58 in Q1 2024[25] - Net profit for Q1 2025 was ¥288,092,868.71, a decline of 57.3% from ¥674,620,490.47 in Q1 2024[24] - Operating profit for Q1 2025 was ¥209.39 million, down 46.4% from ¥390.68 million in Q1 2024[33] - Net profit for Q1 2025 was ¥157.04 million, a decline of 46.4% compared to ¥292.62 million in Q1 2024[34] Cash Flow - The net cash flow from operating activities decreased by 47.04%, amounting to CNY 405,847,703.61 compared to CNY 766,398,430.11 in the previous year[4] - The company's cash flow from operating activities showed a significant change, with a net cash outflow reported in Q1 2025[24] - Cash inflow from operating activities totaled CNY 1,346,725,816.35 in Q1 2025, down 20.1% from CNY 1,684,371,461.97 in Q1 2024[26] - Cash outflow from operating activities for Q1 2025 is CNY 940,878,112.74, slightly up from CNY 917,973,031.86 in Q1 2024[26] - The net cash flow from investing activities for Q1 2025 is -CNY 9,007,211.48, compared to CNY 241,394,371.41 in Q1 2024[27] - The net cash flow from financing activities for Q1 2025 is -CNY 225,668,331.28, worsening from -CNY 204,554,362.55 in Q1 2024[27] Assets and Liabilities - Total assets at the end of the reporting period were CNY 13,077,076,044.87, an increase of 1.16% from CNY 12,926,989,064.34 at the end of the previous year[5] - Total liabilities decreased to ¥1,811,105,149.64 in Q1 2025 from ¥1,949,747,894.26 in Q1 2024, a reduction of 7.1%[20] - Total assets as of March 31, 2025, amount to CNY 8,784,215,532.30, an increase from CNY 8,631,738,178.73 at the end of 2024[31] - Total liabilities as of March 31, 2025, are CNY 1,106,676,905.42, a slight decrease from CNY 1,116,868,021.06 at the end of 2024[31] Shareholder Information - Shareholders' equity attributable to the parent company increased by 2.63% to CNY 11,109,712,903.56 from CNY 10,824,521,965.38 at the end of the previous year[5] - The total number of common shareholders at the end of the reporting period was 129,373[9] - The controlling shareholder, China Yangtze Shipping Group, completed its share buyback plan, acquiring 82,591,922 shares, representing 1.72% of the total share capital, at a price range of RMB 2.97 to RMB 3.25 per share, totaling RMB 258,782,758.66[12] Market Conditions - The decrease in net profit was primarily due to a significant drop in international refined oil transportation rates, leading to reduced operating revenue[7] - The average Time Charter Equivalent (TCE) for the MR TC7 route (Singapore to Australia East Coast) decreased by 51.78% year-on-year, from approximately USD 38,037 per day in Q1 2024 to USD 18,342 per day in Q1 2025[14] - The domestic chemical transportation demand remains weak, with market rates returning to rational levels, while high-end fine chemical products in foreign trade maintain strong pricing[14] - The international shipping market has seen increased uncertainty and instability since 2025, impacting overall performance[14] - The overall market structure for domestic crude oil transportation remains stable, despite a slight increase in total water transport volume[14] Future Plans - The company plans to expand its market presence and explore new strategies in response to current market conditions[14] - The company plans to focus on market expansion and new product development in the upcoming quarters to drive growth[24] - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[24] - The company plans to continue exploring market expansion opportunities and new product development strategies[39]

重要内容提示： 证券代码：601975 证券简称：招商南油 公告编号：2025-012 招商局南京油运股份有限公司 2024 年年度股东大会决议公告 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。 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,501 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,879,707,932 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 39.1454 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由公司董事会召集，采用现场会议和网络投票相结合的方式召开。受公 司董事长丁磊先生的书面委托，董事、总经理戴荣辉先生主持会议，符合《公司 1 (一) 股东大会召开的时间：2025 年 04 月 22 日 (二) 股东大会召开的地点：南京市中山北路 324 号油运大厦 16 楼会议室 (三) 出席会议的普通股股东和恢复表决权的 ...

上海海复律师事务所 关于招商局南京油运股份有限公司 2024 年年度股东大会法律意见书 致：招商局南京油运股份有限公司 根据《中华人民共和国证券法》、《中华人民共和国公司法》以及中国证券监 督管理委员会的相关规定，本所接受贵公司的聘请，指派张建新、赵一帆律师出 席招商局南京油运股份有限公司（以下简称"公司"）2024 年年度股东大会，并 就公司本次股东大会出具法律意见书。为出具本法律意见书，本所律师出席了公 司 2024 年年度股东大会，并审查了公司提供的有关文件。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对公司 2024 年年度股东大会的召集及召开的相关法律问题提供如下意见： 一、本次股东大会的召集、召开程序 1. 公司于 2025 年 3 月 25 日在中国证券报、上海证券报、证券时报和上海 证券交易所网站(http://www.sse.com.cn/)上发布了《招商局南京油运股份有限 公司关于召开 2024 年年度股东大会的通知》，将公司 2024 年年度股东大会的通 知的召开方式、会议时间、地点、内容和程序予以公告、通知。 2. 公司 2024 年年度股东大会采取现场投票和网络投票 ...

Summary of Conference Call Records Company Overview - The company discussed its performance for the year 2024, highlighting a continuation of positive trends established since 2022, with significant improvements in quality, efficiency, and scale [1] - The total cargo volume reached 46.56 million tons, with a turnover of 100.6 billion ton-kilometers [1] - The company achieved a revenue of 6.475 billion yuan and a total profit of 2.247 billion yuan, with a net profit of 1.921 billion yuan, marking a historical high for the third consecutive year [1] Financial Performance - Total assets amounted to 12.927 billion yuan, with total liabilities at 1.95 billion yuan, resulting in a debt-to-asset ratio of 15.08%, a decrease of 6.36 percentage points from the beginning of the year [1] - The total profit increased by 390 million yuan year-on-year, with a growth rate of 20.99% [1] - Revenue from the transportation segment increased by 109 million yuan, attributed to favorable market conditions in 2024 [1][2] - The company disposed of old assets, generating a profit of 251 million yuan from the sale of four refined oil vessels [2] Market Dynamics - The refined oil transportation market has seen an increase in prices due to overall industry growth [2] - The Singapore subsidiary contributed approximately 950 million yuan to net profit, with the refined oil team generating 3.75 billion yuan in revenue, accounting for 57.92% of total revenue [3] - The average revenue per vessel in the international market has decreased significantly compared to the previous year, with a noted drop in freight rates in Q4 [6][7] Future Outlook - The international refined oil market is expected to experience fluctuations, with a gradual recovery anticipated in Q1 2025 [6][7] - The company plans to enhance its operational capacity by investing in new vessels, with a focus on MR (Medium Range) tankers [15] - The management emphasized the importance of adapting to geopolitical changes and market demands, particularly in light of sanctions affecting oil transportation [10][22] Strategic Initiatives - The company aims to modernize its fleet by retiring older vessels and investing in new builds, with a total investment of 3.5 billion yuan for 10 new vessels [16] - There is a strategic shift towards increasing operational efficiency and expanding into new markets, particularly in the western regions [15] - The management is committed to maintaining a healthy financial status while exploring new business opportunities in chemical and LNG transportation [18] Risks and Challenges - The company acknowledged potential challenges from increased supply in the refined oil market, which could impact pricing and profitability [20] - Geopolitical tensions, particularly sanctions against Russia and Iran, continue to pose risks to the transportation market [9][10] - The management expressed concerns about the aging global fleet and the need for compliance with evolving industry standards [23] Conclusion - Overall, the company demonstrated strong financial performance and strategic planning for future growth, while remaining vigilant about market risks and geopolitical factors that could influence operations [31][32]

招商局南京油运股份有限公司 2024 年年度股东大会会议资料 2025 年 4 月 22 日 招商局南京油运股份有限公司 2024 年年度股东大会议程 时间：2025 年 4 月 22 日上午 9:30 地点：南京市中山北路 324 号油运大厦 16 楼会议室 主持人：丁磊董事长 会议议程 一、审议议题 1.2024 年年度报告全文和摘要 2.2024 年度董事会工作报告 3.2024 年度监事会工作报告 4.2024 年度财务决算和 2025 年度财务预算报告 5.2024 年度利润分配方案 6.2024 年度独立董事述职报告 7.关于与招行南京分行续签金融服务协议的议案 8.关于 2025 年度日常关联交易的议案 9.关于聘任 2025 年度审计机构的议案 二、股东发言及股东提问。 三、与会股东和股东代表对议案投票表决。 四、大会休会（统计现场投票表决结果）。 五、宣布现场表决结果。 招商局南京油运股份有限公司 2024 年年度股东大会会议资料 议案一：2024 年年度报告全文和摘要 各位股东： 根据《证券法》和《上海证券交易所股票上市规则》的规定，以及 中国证监会《公开发行证券的公司信息披露内容与格式准 ...

会议召开方式：现场交流、视频直播、网络文字互动 证券代码：601975 证券简称：招商南油 公告编号：临 2025-011 招商局南京油运股份有限公司 关于参加招商局集团有限公司上市公司 集体业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 4 月 16 日（星期三）14:30-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 投资者可于 2025 年 4 月 9 日（星期三）至 4 月 14 日（星期一）16:00 前通过公司邮箱 irm@cmhk.com 进行提问。公司将在说明会上对投资者普遍 关注的问题进行回答。 一、说明会类型 本次集体业绩说明会以现场交流、视频直播、网络文字互动等形式召开，公 司将针对 2024 年度的经营成果及财务指标的具体情况与投资者进行坦诚互动、 交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 招商局 ...

根据《公司法》和《公司章程》的有关规定，张翼先生的辞职报告自送达公 司董事会之日起生效。张翼先生的辞职不会影响公司董事会依法规范运作，也不 会影响公司正常的经营发展。 张翼先生任职期间恪尽职守、勤勉尽责，为公司的战略发展、规范治理等方 面做出了重要贡献，公司对其表示衷心的感谢。 特此公告。 招商局南京油运股份有限公司董事会 2025 年 4 月 3 日 证券代码：601975 证券简称：招商南油 公告编号：临 2025-009 招商局南京油运股份有限公司 关于公司董事长辞职的公告 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。 招商局南京油运股份有限公司（以下简称"公司"）董事会于近日收到公司 董事长张翼先生的书面辞职报告。张翼先生因工作变动调整，申请辞去公司董事 长、董事及董事会战略委员会主任委员职务，辞职后将不再担任公司任何职务。 1 ...

证券代码：601975 证券简称：招商南油 公告编号：临 2025-010 招商局南京油运股份有限公司 第十一届董事会第九次会议决议公告 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 3 月 31 日以电子邮件的方式发出召开第十一届董事会第九次 会议的通知，会议于 2025 年 4 月 3 日以通讯表决的方式召开。会议应参与表决 董事 8 人，实际参与表决董事 8 人。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《关于选举公司董事长的议案》。 董事会选举丁磊先生为公司第十一届董事会董事长。 同意 8 票，反对 0 票，弃权 0 票。 （二）通过《关于选举董事会战略委员会主任委员的议案》。 董事会同意丁磊先生担任董事会战略委员会主任委员。调整后的战略委员会 成员如下： 主任委员：丁磊 委员：李增忠、梅向才、周德全 同意 8 票，反对 0 票，弃权 0 票。 招商局南京油运股份有限公司董事会 2 ...

证券代码：601975 证券简称：招商南油 公告编号：临 2025-008 招商局南京油运股份有限公司 关于控股股东增持公司股份计划完成的公告 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。 重要内容提示： 二、增持计划的主要内容 本次权益变动属于增持变动，不涉及要约收购，招商局南京油运股份有限公 司（以下简称"招商南油"或"公司"）控股股东、实际控制人未发生变化。 增持计划基本情况：公司于 2024 年 10 月 14 日披露了《关于控股股东增持 公司股份计划的公告》（临 2024-034），公司控股股东中国长江航运集团有限公 司（以下简称"长航集团"）拟于前述公告披露之日起 6 个月内，通过上海证券 交易所允许的方式（包括但不限于集中竞价交易、大宗交易等）增持公司 A 股股 份；本次拟增持股份不低于公司总股本的 1%，不超过公司总股本的 1.72%；本次 增持计划的价格上限为不超过 4.67 元/股（以下简称"本次增持计划"）。 增持计划实施结果：截至 2025 年 3 月 31 日，长航集团累计增持公司股份 82,591 ...