China Merchants Energy Shipping (601872) H2 2025 earnings summary

Executive summary

• Achieved revenue of RMB 28.18 billion in 2025, up 9.22% year-over-year, with net profit attributable to shareholders of RMB 6.01 billion, up 17.71% year-over-year.

• Oil tanker, dry bulk, and container shipping segments all reported revenue growth; oil tanker segment net profit surged 59.06% year-over-year.

• Board approved a total cash dividend of RMB 2.58 billion for 2025, representing 42.98% payout ratio; combined with share repurchases, total shareholder return reached 48.14% of net profit.

• Received an unqualified audit opinion from KPMG Huazhen.

Financial highlights

• Revenue: RMB 28.18 billion, up 9.22% year-over-year; net profit attributable to shareholders: RMB 6.01 billion, up 17.71%.

• Operating cash flow: RMB 9.05 billion, up 6.83% year-over-year.

• Basic and diluted EPS: RMB 0.74, up 17.46% year-over-year.

• Gross margin for oil tanker segment: 39.91%; dry bulk: 16.74%; container: 22.42%.

• Net assets attributable to shareholders: RMB 43.01 billion at year-end, up 7.40%.

Outlook and guidance

• 2026 will focus on balanced growth in quality, efficiency, and scale, with 28 new vessels scheduled for delivery.

• Strategic focus on oil/gas and dry bulk as dual cores, with LNG, ro-ro, and container as growth drivers.

• Plans to maintain high dividend payout and further enhance shareholder returns.