Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* ʮ̡ (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (Stock Code: 1138) FIRST QUARTERLY REPORT OF 2025 SUMMARY The Report for the three months ended 31 March 2025 of the Group has been prepared in accordance with the regulations on Formatting Guide in Quarterly Reports for Listed Companies issued by the Shanghai Stock Exchange. The Report is published simultaneously in Shanghai and Hong Kong. All financial information set out in the Report is unaudited and prepared in accordance with the CAS. This announcement is made pursuant to Rule 13.09(2 )(a) and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). §1 IMPORTANT 1.1 This first quarterly report (the “ Report ”) for the three months ended 31 March 2025 (the “ Reporting Period ” or “ First Quarter of 2025”) of COSCO SHIPPING Energy Transportation Co., Ltd. (the “ Company ”, together with its subsidiaries, the “ Group ”) has been prepared in accordance with the regulations on Formatting Guide in Quarterly Reports for Listed Companies issued by the Shanghai Stock Exchange. The Report is published simultaneously in Shanghai and the Hong Kong Special Administrative Region (“ Hong Kong ”) of the People’s Republic of China (the “ PRC”). All financial information set out in the Report is unaudited and prepared in accordance with the China Accounting Standards for Business Enterprises (the “ CAS”).
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– 2 – 1.2 The board of directors (the “ Board ”), the supervisory committee, the directors (the “Directors ”), supervisors and senior management of the Company hereby warrant that the contents contained in the Report are true, accurate and complete, and there are no false representations or misleading statements contained in, or material omissions from the Report, and individually and jointly accept legal responsibility. 1.3 Mr. REN Yongqiang, the Company’s legal representative, and Mr. TIAN Chao, the person in charge of accounting, and Mr. XU Yinsheng, the head of Accounting Office (accounting officer), guarantee the truthfulness, accuracy and completeness of the financial statement information in the Report. 1.4 The Company’s first quarterly report is unaudited. §2 MAJOR FINANCIAL DATA 2.1 Key Accounting Data and Financial Indicators Unit: RMB Items For the three months ended 31 March 2025 For the three months ended 31 March 2024 Increase/Decrease (%) as compared with the three months ended 31 March 2024 Before Adjustment After Adjustment After Adjustment Revenue from operation 5,753,004,599.20 5,837,973,993.47 5,993,141,250.70 –4.01 Net profit attributable to shareholders of the Company 707,702,522.84 1,235,674,062.54 1,248,404,587.85 –43.31 Net profit attributable to shareholders of the Company excluding non-recurring profit and loss 707,396,352.55 1,235,525,702.68 1,235,525,702.68 –42.75 Net cash flow from operating activities 1,028,994,836.35 1,426,295,384.68 1,469,134,552.85 –29.96 Basic earnings per share (RMB/share) 0.1483 0.2590 0.2617 –43.33 Diluted earnings per share (RMB/share) 0.1483 0.2590 0.2617 –43.33 Rate of returns on net assets (weighted average) (%) 1.9539 3.5194 3.4884 Decrease by 1.53 percent points
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– 3 – As at 31 March 2025 As at 31 December 2024 Increase/ Decrease (%) as compared with 31 December 2024 Total assets 81,746,381,969.46 81,042,317,159.52 0.87 Net assets attributable to shareholders of the Company 36,534,934,869.56 35,866,909,348.07 1.86 Explanation for Retrospective Adjustment or Restatement In 2024, the Company completed the acquisition of equity interests in chemical logistics supply chain-related enterprises from its controlling shareholder. The acquisition was regarded as a business combination involving entities under common control. Accordingly, the Company has retrospectively adjusted the comparative figures for 2024. 2.2 Non-recurring Items and Amounts Unit: RMB Items Amount for the three months ended 31 March 2025 Other non-operating income and expenses 1,179,746.24 Minus: Income tax effect 295,015.68 Minus: Minority interests effect (after tax) 578,560.27 Total 306,170.29 2.3 The Circumstances and Reasons for Changes in the Key Accounting Data and Financial Indicators Items Change (%) Main Reason Net profit attributable to shareholders of the Company –43.31 Mainly attributed to weaker earnings in the international oil tanker fleet amid market pressures Net profit attributable to shareholders of the Company excluding non- recurring profit and loss –42.75 Same as above Basic earnings per share (RMB/share) –43.33 Same as above Diluted earnings per share (RMB/share) –43.33 Same as above
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– 4 – §3 SHAREHOLDERS’ INFORMATION Total Number of Shareholders, the Shareholding of the Top 10 Shareholders and the Shareholding of the Top 10 Shareholders of Shares without any Selling Restrictions as at the End of the Reporting Period Unit: share Total number of shareholders 107,927 Shareholding of the top 10 shareholders Name of shareholders (Full name) Number of shares at the end of the Reporting Period Shareholding (%) Number of shares with selling restrictions Number of shares subject to pledge or lock up Type of shareholders China Shipping Group Company Limited* (1) (ʮ̡ ) 1,536,924,595 32.22 0 Nil State-owned entity HKSCC NOMINEES LIMITED (2) (ʮ̡) 1,289,172,928 27.02 0 Unknown Offshore entity China COSCO SHIPPING Corporation Limited* (1) (ʮ̡ ) 676,639,159 14.18 0 Nil State-owned entity Central Huijin Assets Management Company Limited (பʮ̡ ) 90,742,300 1.90 0 Nil State-owned entity Hong Kong Securities Clearing Company Limited (ʮ̡ ) 73,328,245 1.54 0 Nil Offshore entity GF Fund – Agricultural Bank of China – GF CSI Financial Asset Management Plan* (ፄ༟ପ ྌ) 23,654,300 0.50 0 Nil Others Industrial and Commercial Bank of China Limited – Huatai-PineBridge CSI 300 Traded Open-End Index Securities Investment Fund (လ ଉ300ږ22,847,542 0.48 0 Nil Others China Life Insurance Company Limited – Traditional – General Insurance Products – 005L-CT001 Shanghai (ʮ̡Ñෂ୕Ñ Ñ 005L-CT001 လ) 18,980,277 0.40 0 Nil Others Harvest Fund – Agricultural Bank of China – Harvest CSI Financial Asset Management Plan* (ږ ፄ༟ପ ྌ) 18,607,292 0.39 0 Nil Others China Construction Bank Corporation – E Fund CSI 300 Exchange-Traded Open-End Index Initiated Securities Investment Fund (ʮ̡Ñ ˙༺လଉ300ᅰ೯ৎό ږ15,979,400 0.33 0 Nil Others
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– 5 – Top ten holders of shares in circulation without any selling restrictions (3) Name of shareholders (Full name) Number of shares in circulation without any selling restrictions as at the end of the Reporting Period Type of shares China Shipping Group Company Limited* (1) (ʮ̡ ) 1,536,924,595 RMB ordinary shares HKSCC NOMINEES LIMITED (2) (ʮ̡) 1,289,172,928 Overseas listed foreign shares China COSCO SHIPPING Corporation Limited* (1) (ʮ̡ ) 676,639,159 RMB ordinary shares Central Huijin Assets Management Company Limited (பʮ̡ ) 90,742,300 RMB ordinary shares Hong Kong Securities Clearing Company Limited (ʮ̡ ) 73,328,245 RMB ordinary shares GF Fund – Agricultural Bank of China – GF CSI Financial Asset Management Plan* (ፄ༟ପ ྌ) 23,654,300 RMB ordinary shares Industrial and Commercial Bank of China Limited – Huatai-PineBridge CSI 300 Traded Open-End Index Securities Investment Fund (လଉ 300ږ22,847,542 RMB ordinary shares China Life Insurance Company Limited – Traditional – General Insurance Products – 005L-CT001 Shanghai (ʮ̡Ñෂ୕Ñ Ñ 005L-CT001 လ) 18,980,277 RMB ordinary shares Harvest Fund – Agricultural Bank of China – Harvest CSI Financial Asset Management Plan* (ፄ༟ପ၍ ྌ) 18,607,292 RMB ordinary shares China Construction Bank Corporation – E Fund CSI 300 Exchange-Traded Open-End Index Initiated Securities Investment Fund (˙༺လଉ 300 ږ15,979,400 RMB ordinary shares
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– 6 – Description of related party relationships or concerted actions of the above shareholders: (1) As at 31 March 2025, China COSCO SHIPPING Corporation Limited* (“ COSCO SHIPPING ”) directly holds 676,639,159 A shares of the Company. COSCO SHIPPING is the sole shareholder of China Shipping Group Company Limited (“ China Shipping ”) and therefore, COSCO SHIPPING, by itself and through its subsidiaries, is interested in 2,213,563,754 A shares of the Company in aggregate, representing approximately 46.40% of the total issued share capital of the Company as at 31 March 2025. (2) HKSCC NOMINEES LIMITED (ʮ̡) holds H shares of the Company on behalf of customers of various securities firms in Hong Kong and other CCASS participants. (3) Except for the disc losures mentioned above, it is unknown whether concerted action relationships exist among the other shareholders. (4) The top ten shareholders of the Company did not participate in the refinancing business (ᔷፄஷ) at the end of the Reporting Period. §4 SIGNIFICANT EVENTS Summary of Analysis of the Group’s Operating Activities in the First Quarter of 2025 From January to March 2025, the average Time Charter Equivalent (“ TCE”) for Very Large Crude Carriers (“ VLCCs ”) on the typical route from Middle East to China (TD3C) was USD39,404 per day, higher than the average level of first quarters in the past seven years, but about 10 percentage points lower as compared to the corresponding period of 2024. In terms of product oil tankers, the average TCE for Long Range 2 (LR2) tankers on the typical route from Middle East to Japan (TC1) was USD28,073 per day, representing a year-on-year decline of approximately 50 percentage points. The global market witnessed one VLCC delivered and two vessels scrapped, but recording no new ship orders. It is expected that five new vessels will be delivered from April to December 2025.
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– 7 – From January to March 2025, the Group realized a tanker utilization of 2,345.55 m illion tonne-days, representing a year-on-year increase of 16.3%. Transportation volume (excluding time charters) was 47.91 million tonnes with a year-on-year increase of 13.8%; transportation turnover (excluding time charters) was 174.7 billion tonne-miles, with a year-on-year increase of 16.2%. From January to March 2025, the Group’s oil tanker segment achieved operating revenue of RMB4.97 billion, remaining basi cally stable from the previous quarter but indicating a year-on-year decrease of 5.6%. Operating expense was RM B4.10 billion, remaining basically stable from the previous quarter and indicating a year-on-year increase of 11.3%, which was primarily attributable to increase in the number of chartered vessels as compared to the corresponding period of last year. Gross profit margin was about 17.5%, remaining basically stable from the previous quarter but 12.6 percentage points lower on a year-on-year basis. In particular, the international oil shipping business contributed a gross profit of RMB540 million, growing 22.1% from the previous quarter but indicating a year-on- year decline of 55.9% as the international freight charges dropped generally from the levels of the corresponding period of last year. The domestic oil shipping business contributed a gross profit of RM B330 million, decreasing slightly by 2.2% from the previous quarter and 9.3% year-on-year. From January to March 2025, the Group’s liquefied natural gas (LNG) shipping sector contributed RM B200 million to net profit attributable to shareholders of the Company, representing growth of 58.7% from the previous quarter and a year-on-year increase of 12.3%. §5 FINANCIAL STATEMENTS Consolidated Balance Sheet (31 March 2025) Unit: RMB Items 31 March 2025 31 December 2024 Current assets Cash and cash equivalents 5,212,227,245.21 5,662,517,039.09 Notes receivable 50,336,168.76 71,532,622.09 Accounts receivable 1,430,472,247.90 538,096,644.41 Prepayments 303,324,959.46 231,608,972.41 Other receivables 655,959,917.57 530,591,335.59 Including: Interests receivable Dividends receivable Inventory 1,237,767,063.09 1,333,724,155.69 Contract assets 1,102,977,215.46 883,802,491.60 Non-current assets maturing within one year 20,603,379.36 Other current assets 248,013,541.42 263,237,080.26 Total current assets 10,241,078,358.87 9,535,713,720.50
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– 8 – Items 31 March 2025 31 December 2024 Non-current assets Long-term receivables 1,254,955,791.50 1,296,446,236.24 Long-term equity investment 13,170,260,980.44 12,555,714,566.97 Other equity investments 451,469,125.05 412,123,040.94 Investment properties 2,401,703.71 2,050,300.00 Fixed assets 48,465,987,416.60 49,269,144,146.17 Construction in progress 5,518,957,238.47 5,217,488,632.88 Right-of-use assets 852,538,307.75 906,198,968.50 Intangible assets 46,906,408.91 49,462,768.55 Development expenditure 2,051,100.00 2,051,100.00 Including: Data resources Goodwill 85,850,273.86 85,850,273.86 Long-term deferred expenses 2,115,469.02 2,484,410.65 Deferred income tax assets 41,000,506.17 33,502,061.43 Other non-current assets 1,610,809,289.11 1,674,086,932.83 Total non-current assets 71,505,303,610.59 71,506,603,439.02 Total assets 81,746,381,969.46 81,042,317,159.52 Current liabilities Short-term borrowings 2,300,000,000.00 2,449,774,839.66 Accounts payable 1,985,152,278.73 1,977,008,131.09 Contract liabilities 27,745,656.75 102,615,455.81 Staff remuneration payable 601,257,680.58 547,655,936.36 Taxes payable 451,230,598.42 376,260,872.85 Other payables 978,501,427.20 934,315,831.11 Including: Interests payable Dividend payable Non-current liabilities maturing within one year 2,905,043,082.50 3,832,829,898.53 Total current liabilities 9,248,930,724.18 10,220,460,965.41
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– 9 – Items 31 March 2025 31 December 2024 Non-current liabilities Long-term borrowings 27,787,533,621.00 27,039,085,450.42 Leasing obligation 539,352,914.87 619,343,967.16 Long-term payables 2,211,517,591.10 2,224,590,401.10 Long-term staff remuneration payable 255,203,125.53 254,031,627.53 Estimated liabilities 72,133,731.80 72,236,231.60 Deferred income 196,798.66 196,798.66 Deferred income tax liabilities 1,692,790,637.60 1,627,214,338.12 Total non-current liabilities 32,558,728,420.56 31,836,698,814.59 Total liabilities 41,807,659,144.74 42,057,159,780.00 Owners’ equity (or shareholders’ equity) Paid in capital (or share capital) 4,770,776,395.00 4,770,776,395.00 Capital reserves 11,627,519,282.15 11,608,339,469.99 Other comprehensive income 1,295,013,995.92 1,372,171,623.35 Specific reserves 32,533,279.33 14,232,465.41 Surplus reserves 2,877,436,346.44 2,877,436,346.44 Undistributed profit 15,931,655,570.72 15,223,953,047.88 Total equity attributable to owners of the parent company (or shareholders’ equity) 36,534,934,869.56 35,866,909,348.07 Minority interests 3,403,787,955.16 3,118,248,031.45 Total owners’ equity (or shareholders’ equity) 39,938,722,824.72 38,985,157,379.52 Total liabilities and owners’ equity (or shareholders’ equity) 81,746,381,969.46 81,042,317,159.52 Company’s Legal Representative: REN Yongqiang Person in charge of accounting: TIAN Chao Head of Accounting Office: XU Yinsheng
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– 10 – Consolidated Income Statement Unit: RMB Items First Quarter of 2025 First Quarter of 2024 1. Total operating revenue 5,753,004,599.20 5,993,141,250.70 Including: Operating revenue 5,753,004,599.20 5,993,141,250.70 2. Total operating expense 5,152,944,253.13 4,694,538,787.99 Including: Operating expenses 4,540,851,840.05 4,123,993,383.16 Business taxes and other surcharges 31,926,097.48 39,662,931.54 Sales expenses 17,136,327.25 15,926,137.55 Administrative expenses 253,910,031.09 244,646,216.78 R&D expenses 3,171,329.34 6,441,994.14 Financial expenses 305,948,627.92 263,868,124.82 Including: Interest expenses 345,494,855.70 358,870,259.06 Interest income 40,716,243.60 49,291,752.80 Add: Other gains 74,997,502.05 3,318,483.77 Investment income (“–” for investment loss) 299,377,706.66 273,244,276.09 Including: Investment income from associates and joint ventures 299,377,706.66 273,244,276.09 Credit impairment losses (“–” for credit impairment loss) –1,665.12 Capital impairment losses (“–” for loss) 1,965.59 –3,137.17 3. Operating profit (“–” for operating loss) 974,437,520.37 1,575,160,420.28 Add: Non-operating revenue 1,180,735.24 Less: Non-operating expense 989.00 252,988.68 4. Gross profit (“–” for gross loss) 975,617,266.61 1,574,907,431.60 Less: Income tax 174,376,697.61 231,611,760.56 5. Net profit (“–” for net loss) 801,240,569.00 1,343,295,671.04 (1) Classified by sustainability a. Net profit from continuing operations (“–” for net loss) 801,240,569.00 1,343,295,671.04 (2) Classified by ownership a. Net profit attributable to owners of parent company (“–” for net loss) 707,702,522.84 1,248,404,587.85 b. Net profit attributable to minority shareholders (“–” for net loss) 93,538,046.16 94,891,083.19
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– 11 – Items First Quarter of 2025 First Quarter of 2024 6. Other comprehensive net income after tax –103,150,266.42 161,282,494.35 (1) Other comprehensive net income after tax attributable to owners of the parent company –77,157,627.43 76,286,350.61 a. Other comprehensive income not be re-classified into profit or loss 17,056,527.46 19,322,398.46 i. Changes in fair value on other equity investments 17,056,527.46 19,322,398.46 b. Other comprehensive income be reclassified to profit or loss –94,214,154.89 56,963,952.15 i. Reserves on cash flows hedges –34,900,746.81 74,207,012.61 ii. Exchange difference on translation of financial statements in foreign currency –59,313,408.08 –17,243,060.46 (2) Other comprehensive net income after tax attributable to minority shareholders, net –25,992,638.99 84,996,143.74 7. Total comprehensive income 698,090,302.58 1,504,578,165.39 (1) Total comprehensive income attributable to owners of parent company 630,544,895.41 1,324,690,938.46 (2) Total comprehensive income attributable to minority shareholders 67,545,407.17 179,887,226.93 8. Earnings per share (1) Basic earnings per share (RMB/share) 0.1483 0.2617 (2) Diluted earnings per share (RMB/share) 0.1483 0.2617 Company’s Legal Representative: REN Yongqiang Person in charge of accounting: TIAN Chao Head of Accounting Office: XU Yinsheng
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– 12 – Consolidated Cash Flow Statement Unit: RMB Items First Quarter of 2025 First Quarter of 2024 1. Cash flows from operating activities Cash received from sales of goods and services 4,803,126,057.76 5,421,937,025.31 Cash received from tax rebates 114,544,597.78 53,301,980.85 Cash received relating to other operating activities 264,395,513.64 122,768,347.87 Subtotal of cash inflow from operating activities 5,182,066,169.18 5,598,007,354.03 Cash paid for goods and services 3,402,495,359.33 3,232,504,275.00 Cash paid to and on behalf of employees 372,823,020.78 395,628,216.60 Taxes paid 151,681,873.14 258,012,730.89 Cash paid relating to other operating activities 226,071,079.58 242,727,578.69 Subtotal of cash outflow from operating activities 4,153,071,332.83 4,128,872,801.18 Net cash flows from operating activities 1,028,994,836.35 1,469,134,552.85 2. Cash flows from investing activities Cash received from disposal of investments 10,022,077.60 Cash received from gains in investments 26,125,608.39 156,695,146.90 Net cash inflow from disposal of fixed, intangible and other long-term assets investment 27,931,893.61 Other cash received relating to investing activities 83,535,730.01 Subtotal of cash inflow from investing activities 54,057,502.00 250,252,954.51 Cash paid for purchase of fixed, intangible and other long-term assets 656,079,577.49 651,308,315.61 Cash paid for investment 127,528,635.22 1,522,071,397.21 Other cash paid relating to investing activities 404,569,049.79 Subtotal of cash outflow from investing activities 783,608,212.71 2,577,948,762.61 Net cash flows from investing activities –729,550,710.71 –2,327,695,808.10
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– 13 – Items First Quarter of 2025 First Quarter of 2024 3. Cash flows from financing activities Cash received from borrowings 1,278,043,129.27 333,120,000.01 Cash received in connection with other financing activities 14,332,472.85 36,669,659.34 Subtotal of cash inflow from financing activities 1,292,375,602.12 369,789,659.35 Cash paid for payment of debts 1,544,792,492.57 1,104,224,316.73 Cash paid for distribution of dividends or profits and for interest expenses 340,438,396.55 325,843,959.47 Including: Dividend and earnings distributed by subsidiary to minority shareholders 717,760.00 Cash paid relating to other financing activities 159,817,855.09 130,987,265.86 Subtotal of cash outflow from financing activities 2,045,048,744.21 1,561,055,542.06 Net cash flows from financing activities –752,673,142.09 –1,191,265,882.71 4. Effect on cash and cash equivalents from changes of foreign exchange rates 3,762,598.77 32,200,442.00 5. Net increase in cash and cash equivalents –449,466,417.68 –2,017,626,695.96 Add: Balance of cash and cash equivalents at the beginning of the year 5,660,994,174.54 5,745,255,052.45 6. Balance of cash and cash equivalents at the end of the Reporting Period 5,211,527,756.86 3,727,628,356.49 Company’s Legal Representative: REN Yongqiang Person in charge of accounting: TIAN Chao Head of Accounting Office: XU Yinsheng
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– 14 – This announcement is made pursuant to Rule 13.09(2)(a) and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). The A shares of the Company are listed on the Shanghai Stock Exchange, and the Shanghai Stock Exchange requires the Company to make a similar announcement in Shanghai. By order of the Board COSCO SHIPPING Energy Transportation Co., Ltd. REN Yongqiang Chairman Shanghai, the PRC 29 April 2025 As at the date of this announcement, the Board comprises Mr. REN Yongqiang and Mr. ZHU Maijin as executive Directors, Mr. WANG Shuqing, Mr. WANG Wei and Ms. WANG Songwen as non-executive Directors, Mr. Victor HUANG, Mr. LI Runsheng, Mr. ZHAO Jinsong and Mr. WANG Zuwen as independent non-executive Directors. * For identification purposes only