COSCO SHIPPING Energy Transportation (01138) reported FY 2025 revenue of RMB 23.70 billion, up 2.34% year on year. Profit attributable to equity holders was broadly unchanged at RMB 4.04 billion, delivering basic earnings per share of RMB 0.8262.

Operating costs rose 4.08% to RMB 17.59 billion, trimming group gross margin to 25.8% (-1.2 ppt). Net cash from operating activities reached RMB 7.39 billion, 14.7% lower than 2024, while cash and bank balances surged 147% to RMB 14.42 billion. The net debt-to-equity ratio improved sharply to 42% from 77%, reflecting the October 2025 private placement of 694.44 million A shares that raised RMB 8 billion.

Segment performance • Oil transportation remained the core contributor, generating RMB 20.54 billion in revenue (+0.8%) and a 23.0% gross margin. VLCC strength offset weaker product-tanker earnings. • LNG shipping revenue increased 14.3% to RMB 2.55 billion, with a 49.3% gross margin; share of profits from LNG associates and JVs added RMB 0.86 billion. • LPG shipping revenue advanced 20.0% to RMB 0.28 billion, while chemical shipping rose 6.3% to RMB 0.33 billion.

Balance sheet and commitments Total assets stood at RMB 92.08 billion (+12.6%), with interest-bearing debt of RMB 32.48 billion and capital commitments of RMB 15.89 billion for vessels scheduled through 2028. The group held 155 owned/controlled oil tankers (22.58 million DWT), 63 operating LNG carriers (10.66 million m³) plus one bareboat vessel, 12 LPG carriers (0.13 million m³), and nine chemical tankers (0.08 million DWT).

Dividend The board recommends a final dividend of RMB 0.38 per share (total payout: RMB 2.08 billion), to be distributed by 30 September 2026 upon shareholder approval.

Post-balance-sheet event In December 2025 the company and subsidiaries ordered 19 new vessels (one ethylene carrier and 18 oil tankers) from yards under COSCO Shipping Heavy Industry for RMB 7.88 billion; shareholders approved the transactions in January 2026.

Outlook Management targets 2026 revenue of RMB 23.17 billion and operating costs of RMB 17.54 billion. Plans include taking delivery of four new oil tankers (0.29 million DWT), 10 LNG carriers (1.74 million m³) and five LPG carriers (0.19 million m³), alongside disposal of 20 older oil tankers (1.77 million DWT) to optimise the fleet profile.