8 Temasek Boulevard #31-02
Suntec Tower Three, Singapore 038988 Tel: (65) 6334 8979 Fax: (65) 6333 5283
Incorporated in the Republic of Singapore Co. Reg. No.: 199303293Z
NEWS RELEASE 新闻稿 CAO reported record-high net profit of US$110.64 million for FY2025, a s ignificant 41.69% increase driven by higher gross profit and share of results from associates得益于毛利提升和来自联营公司投资收益增加,中国航油新加坡 2025 财年净利润上涨 41.69%至 1.11 亿美元，创历史新高
FY2025 gross profit surged 73.94% to US$72.82 million on the back of improved profitability from trading activities. Despite an overall decline in oil prices, revenue rose 5.94% in FY2025 to US$16.44 billion attributable to higher business volumes. Share of results from associates leapt 31.21% to US$60.22 million.
公司 2025 财年毛利激增 73.94%至 7,282 万美 元，主要受益于贸易活动盈利提升；尽管 2025 年油价整体下行，2025 财年公司仍提利增量，实现收入同比增长 5.94%至 164.4 亿美元；同时，来自联营公司的投资收益激增 31.21%至 6,022 万美元。
Earnings per share soared 41.05% year-on-year to a record-high 12.85 US cents in FY2025.
2025 财年每股收益同比大幅上涨 41.05%至历 史新高 12.85 美分。
Maintains a robust debt-free position with NAV further enhancing to US$1.25 per share as at 31 December 2025.
中国航油新加坡保持了稳健的财务状况，无任何带息负债；截止 2025
年 12 月 31 日，每股净资产上升至 1.25 美元 。
Proposes a final ordinary dividend of 4.96 Singapore cents per share for FY2025, 33.33% increase from FY2024.
提议派发每股4.96 分新币的2025 财年单 层免税终期普通股息，较2024财年增加 33.33%。
SINGAPORE, 26 February 2026 - China Aviation Oil (Singapore) Corporation Ltd ("CAO" or "the Company"), the largest physical jet fuel buyer in the Asia Pacific region, announced today its record financial performance for the financial year ended 31 December 2025 ("FY2025") as net profit surged 41.69% to US$110.64 million.2026 年 2 月 26 日，新加坡讯-亚太地区最大的 航油实货采购商--中国航油（新加坡）股份有限公司（以下简称"中国航油新加坡"或"公司"）于
1
今日公告，公司截至 2025 年 12 月 31 日的财 年（以下简称"2025 财年"）业绩创历史新高，净利润同比激增 41.69%至 1.11 亿美元。
The stellar performance for the year was derived on the back of a strong surge in gross profits from operations, which jumped 73.94% to US$72.82 million as well as higher share of results from associates which increased 31.21% to US$60.22 million.
公司 2025 财年的亮眼业绩主要得益于经营业务贡献的毛利同比激增 73.94%
至 7,282 美元，以及来自联营公司的投资收益同比增长 31.21%至 6,022 万美元。
Total supply and trading volume increased by 4.00 million metric tonnes ("mt") (18.25%) to 25.92 million mt for FY2025 compared to 21.92 million mt for FY2024.
2025 财年累计总业务量为 2,592 万吨，较上年同 期的 2,192 万吨增加 400 万吨，增幅为 18.25%。
Other operating income dipped 6.45% to US$16.23 million for FY2025 compared to US$17.35 million for FY2024, mainly due to lower interest income as interest rates with financial institutions moderated.
2025 财年累计其他经营收入为 1,623 万美元，较上年同期的 1,735 万美元减少 6.45%，主要原因是受金融机构存款利率回落影响，利息收入相应减少。
The Company's associates delivered a strong performance in FY2025 led by a 29.12% increase in contributions to share of results from associates from Shanghai Pudong International Airport Aviation Fuel Supply Company Ltd of US$57.42 million compared to US$44.47 million in FY2024, driven by higher refuelling volumes and higher contributions of US$2.80 million in FY2025 from other associates compared to US$1.42 million in FY2024 mainly due to higher contributions from Oilhub Korea Yeosu Co. Ltd.
得益于加注量的增加，上海浦东国际机场航空油料供应有限公司取得显著的业绩增长，为中国航油新加坡带来 5,742 万美元的投资收益，较上年同期的 4,447 万美元增长了 29.12%。2025 财年累计来自其他联营公司的投资收益为
280 万美元（上年同期：142 万美元），主 要是因为来自于韩国丽水枢纽油库有限公司的投资收益较高。
In line with the higher gross profit and stronger share of results from associates, FY2025 net profit attributable to owners of the Company leapt 41.05% to US$110.53 million from US$78.36 million in FY2024. FY2025 earnings per share rose 41.05% to 12.85 US cents from 9.11 US cents for FY2024. Net Asset Value per share also grew from 114.66 US cents at the end of 2024 to 125.28 US cents as at 31 December 2025.
得益于公司毛利和来自联营公司的投资收益的强劲增长，归属于公司所有者的净利润从 2024 财年的 7,836 万美元同比上升 41.05%至 1.11 亿美元。2025
财年的每股净收益为 12.85 美分，较上年同 期的 9.11 美分上升了 41.05%。
截至 2025 年 12 月 31 日, 每股净资产也从 2024 年 末的 114.66 美分上涨至
125.28 美分。
The Company's financial strength continues to grow steadily with cash and cash equivalents as at 31 December 2025 rising to US$687.00 million from US$500.33 million as at 31 December 2024. The Group maintains zero net interest bearing debt.
公司的财务状况稳健提升，截至 2025 年 12 月 31 日，公司现金及现金等价物
从 2024 年 12 月 31 日的 5.00 亿美元上涨至 6.87 亿美 元，且无带息负债。
The Board of Directors of CAO has proposed a final one-tier, tax exempt, ordinary cash dividend of 4.96 Singapore cents per share, representing a consistent dividend payout of thirty percent (30%) of CAO's annual consolidated net profits attributable to shareholders.董事会拟议发放每股 4.96 分新币的单层免 税终期普通股息，展现了公司将归
属股东的合并净利润的百分之三十（30%）作为股息分配给股东的一贯政策。
Outlook 前景The CAO Group achieved record performance in FY2025 despite persistent geopolitical uncertainty and macroeconomic headwinds. By strengthening its core competencies and capitalising on the aviation industry's recovery, CAO successfully navigated these challenges. According to IATA 1 , the global civil aviation sector is set to reach new milestones in 2026, with passenger numbers projected to rise 4.9% to 5.2 billion. The Asia-Pacific region-led by China and India and supported by favourable visa policies-is expected to outpace global growth at 7.3%, accounting for over 33% of global air traffic.
尽管地缘政治局势持续存在不确定性，叠加宏观经济环境中的诸多不利因素，中国航油新加坡仍在 2025 财年实现了创纪录的业绩表现。公司在强化其核心竞争力的基础上，紧抓航空业复苏所带来的发展机遇，成功克服了上述挑战。国际航空运输协会预测 1，全球民航业将于 2026 年迎来新里程碑，客运量预计将上升 4.9%至 52 亿人次。在中国和印度的引领下，以及有利签证政策的加持，亚太地区预计将以 7.3%的增速超过全球平均水平，并占全球航空客运量的逾 33%。
Mr Lin Yi, Chief Executive Officer of CAO, said, "2025 was undoubtedly a year marked by significant external pressures, from geopolitical instability and trade tensions. Yet, through our strategic agility and the healthy recovery across global aviation in particular China2, which saw total passenger volumes grow 5.5% to 770.14 million and international
1 Source 信息来源:https://www.iata.org/en/publications/economics/reports/global-outlook-for-air-transport-december-2025/
2 Source 信息来源:
http://www.caac.gov.cn/English/Research/Data/KPIS/2025year/202601/P020260121504113419799.pdf
route passengers surge 21.6%, we have achieved record net profit for the year. We maintain a cautiously optimistic stance as we look toward 2026, supported by Civil Aviation Authority of China's3 projection of 810 million air travellers. CAO is primed to harness the dividends of this market expansion. By capitalising on rising demand in our key markets and actively pursuing the new opportunities within the low-carbon business, the Company is well-positioned to drive sustained growth to unlock greater value for shareholders."
中国航油新加坡首席执行官林奕先生表示："2025 年无疑是充满重大外部压力的一年，地缘政治动荡和贸易摩擦等因素持续影响全球环境。然而，凭借公司战略的灵活应对以及全球航空业的稳健复苏，尤其是中国市场 2 的强劲回暖（总旅客吞吐量增长 5.5%至 7.70 亿人次，国际旅客吞吐量也大幅增长 21.6%），我们成功刷新了公司年度净利润的历史纪录。展望 2026 年，我们继续保持审慎乐观态度。中国民航局预测3，2026 年总旅客吞吐量将达8.1 亿人次，这将为公司提供有利的市场发展基础。公司将充分把握主要市场需求回升的有利时机，积极拓展低碳业务领域的新机遇，推动公司业务的可持续发展，为股东创造更大价值。"
Commenting on the Company's strategic outlook, Mr Xu Guohong, Executive Chairman of CAO said, "In the period ahead, the global geopolitical landscape is likely to remain fluid, with trade conditions continuing to be complex and volatile. As our controlling shareholder's restructuring progresses in an orderly manner, CAO remains steadfast in its mission. While contributing to the resilience and recovery of the global aviation industry, we are confident in the steadfast growth momentum of the Chinese and international aviation markets. We continue to optimise business opportunities and fortify our supply chains against market uncertainties, ensuring operational excellence across our global network. Crucially, as we pivot toward a low-carbon future, we are transforming sustainable aviation fuels into a scalable and profitable engine of our business. Through innovation and disciplined risk management, we are securing a high-quality growth trajectory that aligns with the industry's net-zero ambitions."
在谈及公司战略前景时，中国航油新加坡执行董事长许国宏先生表示："今后一段时期内，全球地缘格局或将持续演变，贸易局势复杂波动。在控股股东重组有序推进之际，中国航油新加坡公司始终坚定履行其使命。在助力全球航空业的韧性增长与稳健复苏的过程中，我们对中国及国际航空市场持续稳健的增长势头有信心。我们将持续优化与深耕现有业务，加强供应链的抗风险能力，以应对市场不确定性，确保公司全球网络的卓越运营。尤为关键的是，随着公司向低碳未来转型，我们亦将可持续航空燃料打造为可规模化、可盈利的重点业务。我们希望借助持续创新与严谨的风控体系，稳步构建与行业净零愿景相契合的高质量增长轨迹。"
3 Source 信息来源: http://www.caac.gov.cn/XWZX/MHYW/202601/t20260107_229707.html
Key Financial Highlights 业绩概况
US$'000 美元（千元） | FY2025 2025 财年 | FY2024 2024 财年 | Change (y-o-y) 同比变动 |
Revenue 收入 | 16,439,557 | 15,518,512 | 5.94% |
Gross profit 毛利 | 72,818 | 41,865 | 73.94% |
Total expenses 费用总额 | 24,028 | 19,360 | 24.11% |
Share of results of associates 来自联营公司 的投资收益 | 60,219 | 45,894 | 31.21% |
Net profit 净利润 | 110,642 | 78,088 | 41.69% |
Earnings Per Share (US cents) 每股收益(美分) | 12.85 | 9.11 | 41.05% |
Net Asset Value per Share (US cents) 每股净资产 （ 美分） | 125.28 | 114.66 | 9.26% |
More information on CAO's consolidated unaudited results for the period ended 31 December 2025 can be accessed from its website https://www.caosco.com.
欲知更多有关中国航油新加坡截至 2025 年 12 月 31 日未经审计的财务业绩信息，请浏览公司网址： https://www.caosco.com。
For more information, please contact:
欲知更多详情，请联系：
Yim Jeng Yuh 严正裕
Senior Manager, Office of Board 高级经理，董事会办公室
China Aviation Oil (Singapore) Corporation Ltd 中国航油（新加坡） 股份有限公司
Email 电邮: jengyuh.yim@caosco.com