中远海运能源运输股份有限公司2025年年度报告：业绩综述、市场分析与可持续发展战略

中远海运能源运输股份有限公司2025年年度报告要点解读

年度业绩与财务表现

中远海运能源运输股份有限公司（601872.SH, 01138.HK，简称“中远海能”）于2026年3月26日发布了2025年年度报告。年度报告显示，公司2025年实现营业收入238.92亿元，同比增长2.68%；归属于上市公司股东的净利润为40.37亿元，较2024年略有下降（-0.11%），但整体盈利能力保持稳定。基本每股收益为0.8262元，同比下降2.48%。加权平均净资产收益率为10.42%，同比下降0.69个百分点。

利润分配方案与分红

董事会建议2025年末向全体股东（A+H股）每10股派发现金红利人民币3.80元（含税），合计派发现金红利约20.77亿元，分红派息率达51.44%，连续三年现金分红比例累计达152.26%。该方案需提交股东大会审议通过。高比例分红显示公司对股东回报的重视，并有望成为二级市场关注的亮点。

募集资金与资本结构优化

025年10月，公司完成向特定对象发行A股694,444,444股，募集资金净额79.80亿元。发行完成后，公司总股本增至54.65亿股，净资产和总资产均有明显提升，资本结构进一步优化，资产负债率有所下降。此次增发获得控股股东中远海运集团的积极认购，持股比例由46.46%增至46.90%，展现出大股东对公司长期发展的信心。

业务整合与重大资产重组

报告期内，公司通过全资子公司以现金收购关联方持有的上海中远海运液化气运输有限公司100%股权，交易价格为5.98亿元，较账面价值溢价14.66%。此次整合有助于公司LPG运输业务板块的集中与扩张，降低潜在同业竞争和关联交易风险，对未来业绩具有积极影响。此外，公司根据船队结构优化需要，出售油轮5艘，处置事项交易价款约18.47亿元，占净资产3.98%，对业务连续性和管理层稳定性无重大影响。

主营业务客户与供应商集中度高

025年，前五大客户销售额合计140.65亿元，占年度销售总额58.87%；前五大供应商采购额合计131.92亿元，占年度采购总额63.88%，其中最大供应商（控股股东中远海运集团）采购额占比高达44.14%。客户和供应商集中度高说明公司与集团上下游协同紧密，也存在一定的业务依赖。

现金流与财务风险

025年经营活动产生的现金流量净额为73.89亿元，同比下降14.73%，主要系第四季度定载集中、运费付款期跨年度所致。投资活动现金流出显著减少，净流出30.07亿元，同比降66.28%，主要因LNG项目投资额减少。筹资活动现金流大幅净流入43亿元，反映定增资金到账和净债务下降的积极变化。

研发投入与战略转型

公司2025年研发投入总额1.09亿元，占营业收入0.46%，其中资本化研发投入占比54.79%。研发聚焦数字化、绿色低碳等前沿领域，为油气化一体化和绿色转型提供技术支撑。全年员工培训覆盖7464人次，研发团队122人，体现公司对创新和人才培养的重视。

公司治理与ESG表现突出

公司持续完善现代治理体系，取消监事会，强化董事会及专门委员会的监督职能。2025年公司获得多项ESG和投资者关系奖项，包括新财富最佳ESG信披奖、证券时报投资者关系管理奖、标普全球《可持续发展年鉴》“行业最佳进步企业”等，资本市场形象显著提升。

风险提示与未来展望

管理层在报告中提示，未来计划和预测并不构成对投资者的实质承诺，需警惕国际油运市场波动、汇率变动、行业政策风险等多重不确定性。公司将继续推进船队结构优化、绿色低碳转型和供应链整合，提升核心竞争力。

可能影响股价的敏感事项总结

高比例分红（51.44%）和持续派息政策，强化股东回报预期。
定增扩股完成，净资产大幅提升，资本结构优化，控股股东增持。
LPG运输业务整合，资产重组提升未来盈利能力。
主营客户、供应商集中度高，存在一定依赖及协同机会。
ESG表现突出，获得多项资本市场与可持续发展奖项。

免责声明

本文仅为信息摘要与解读，不构成任何投资建议。投资者请结合自身风险偏好和市场情况，谨慎决策。公司未来经营业绩可能受多种因素影响，实际结果或有重大差异。

COSCO Shipping Energy Transportation Co., Ltd. 2025 Annual Report Highlights

Annual Performance and Financial Results

COSCO Shipping Energy Transportation Co., Ltd. (601872.SH, 01138.HK, “COSCO Shipping Energy”) released its 2025 annual report on March 26, 2026. In 2025, the company achieved revenue of RMB 23.89 billion, up 2.68% year-on-year; net profit attributable to shareholders was RMB 4.04 billion, slightly down by 0.11% from 2024, but profitability remained stable. Basic EPS was RMB 0.8262, down 2.48% YoY. ROE (weighted average) was 10.42%, down 0.69 percentage points.

Dividend Proposal and Shareholder Return

The Board proposes a final cash dividend of RMB 3.80 (tax included) per 10 shares for 2025, totaling RMB 2.08 billion (dividend payout ratio: 51.44%). The three-year cumulative cash payout ratio reached 152.26%. This high payout ratio demonstrates the company’s focus on shareholder returns and may attract market attention.

Fund-raising and Capital Structure Optimization

In October 2025, the company completed a private placement of 694,444,444 A-shares, raising net proceeds of RMB 7.98 billion. Total share capital increased to 5.47 billion, net assets and total assets rose significantly, and leverage declined. The controlling shareholder, COSCO Shipping Group, subscribed for half of the new shares, raising its stake from 46.46% to 46.90%, underscoring confidence in the company’s outlook.

Business Integration and Major Asset Restructuring

The company acquired 100% equity in Shanghai COSCO Shipping LPG Transport Co., Ltd. from a related party for RMB 598 million (a 14.66% premium over book value). This consolidation strengthens the LPG transport segment and reduces peer competition and related-party transaction risks. The company also sold five oil tankers, bringing in RMB 1.85 billion (3.98% of net assets), with no material impact on business continuity or management stability.

Customer and Supplier Concentration

Top five customers accounted for 58.87% of 2025 revenue (RMB 14.07 billion), and top five suppliers for 63.88% of procurement (RMB 13.19 billion), with the largest supplier (COSCO Shipping Group) at 44.14%. This indicates strong group synergy, but also some business dependency.

Cash Flow and Financial Risk

Operating cash flow was RMB 7.39 billion (down 14.73% YoY), mainly due to freight settlement timing. Investment outflows dropped sharply (net outflow RMB 3.01 billion, down 66.28%). Financing cash flow turned positive (RMB 4.3 billion), reflecting capital raising and reduced net debt.

R&D Investment and Strategic Transformation

R&D spending reached RMB 109 million (0.46% of revenue), with over half capitalized. Focus areas included digitalization and green technologies, supporting the company’s integrated oil-gas-chemical strategy and low-carbon transition. 7,464 staff received training; R&D team numbered 122.

Corporate Governance and ESG

The company further modernized its governance, abolishing the supervisory board and strengthening board committee oversight. It won multiple ESG and IR awards in 2025, including New Fortune’s “Best ESG Disclosure”, S&P Global’s “Industry Best Progress Enterprise”, and others—reflecting a strong capital market image.

Risk Warnings and Outlook

Management cautions that forward-looking statements are not firm commitments. Investors should note risks from oil shipping market volatility, FX fluctuations, and policy changes. The company will continue to optimize its fleet, pursue green transition, and enhance supply chain integration for long-term competitiveness.

Market-Sensitive Highlights

High payout ratio (51.44%) and sustained dividend policy.
Completed capital increase, stronger balance sheet, controlling shareholder increased stake.
LPG business consolidation and asset restructuring to improve future returns.
High concentration of major customers and suppliers—both risk and synergy factor.
Outstanding ESG performance and multiple market recognition awards.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should make decisions based on their own circumstances and risk tolerance. Actual results may differ significantly from projections due to various factors.