<p>[新加坡] 中国航油（CAO）在周一（4 月 20 日）重申，预计其母公司中国国家航空油料公司（CNAF）与中国石化的合并不会对其正常业务运营或其子公司的运营产生重大影响。</p>
<p>CAO 补充说，参与合并的各方正在按照规定进行必要的审批和备案程序。这是针对股东在定于周四举行的年度股东大会前的询问做出的回应。</p>
<p>该公司核心业务为航空燃料的供应和交易，补充说，它正在与母公司与中国国有石油和天然气公司之间的合并相关方面进行合作。</p>
<p>关于合并的讨论始于 2025 年 11 月，CAO 在 1 月确认了这一消息。据 BT 报道，如果合并顺利进行，中国石化预计将吸收 CNAF 的所有资产和运营。</p>
<p>针对合并将如何影响其上市状态的另一个询问，该公司强调，此次合并并不是 CAO 的重组。相反，合并是在集团控股股东 CNAF 的母公司层面进行的，CNAF 拥有 CAO 51.3% 的股份。</p>
<p>“公司将继续监测与重组相关的相关进展，并在适当时履行其披露义务，” CAO 表示。</p>
<h2>加强经常性收益的措施</h2>
<p>为了加强其核心航空燃料供应和交易业务的经常性收益，CAO 打算继续发展其全球航空燃料交易和航空市场中心的两个战略平台，同时优化其全球航空燃料供应链网络。</p>
<p>该集团指出，这两个战略平台增强了其全球资源配置能力，同时加强了供应链的韧性和安全性，为稳定运营和可持续增长提供了基础。</p>
<p>随着其向新能源业务领域的扩展，CAO 表示，正在优化可持续航空燃料的物理供应链，并扩展其碳信用和范围 1 及范围 3 排放的生成和交易框架。</p>
<p>这些举措将促进可持续航空燃料的物理交付协调，并提供相关的碳排放减少效益。它们还将优化强制性和自愿性框架之间的互动，以支持建立成熟和稳定的可持续航空燃料商业模式，该集团表示。</p>
<p>CAO 表示，将监测与其主要关联公司上海浦东国际机场航空燃料供应有限公司（SPIA）的运营、管理和深化业务合作的改进。</p>
<p>它补充说，作为其主要股东之一，CAO 持续积极贡献于 SPIA，并支持和监督各种 SPIA 倡议，以共同实现商业目标并推动互利增长。</p>
<p>CAO 指出，上海浦东国际机场作为国际航空枢纽的地位，以及中国民航业持续复苏和快速增长的潜在利好，使其对 2026 年的整体前景保持 “谨慎乐观”。</p>
<h2>可持续航空燃料业务利润率</h2>
<p>该公司表示，目前提供可持续航空燃料业务的交易利润前景为时尚早。</p>
<p>虽然计划在 2026 年发展该业务，并最终希望其成为利润增长的贡献者，但该业务的中期利润率可能仍会受到市场条件、政策、供应链和成本等不确定因素的 “显著影响”，CAO 表示。</p>
<p>“公司将继续寻求扩大其（可持续航空燃料）供应业务规模的机会，” CAO 表示。</p>
<p>它补充说，所有海外子公司已续签并获得必要的 2025 年认证，为进入全球绿色航空市场奠定基础。</p>

中国航油

中国石化

<p>中国航油（CAO）宣布，其母公司中国国家航空燃料（CNAF）与中国石化的合并预计不会对其业务运营产生重大影响。CAO 正在配合合并进程，并向股东保证这并不是对 CAO 的重组。该公司旨在加强其核心航空燃料供应和交易业务，同时扩展可持续航空燃料和碳信用交易。CAO 对中国民航行业的增长保持谨慎乐观，并专注于提升其运营和合作伙伴关系</p>

<p>[SINGAPORE] China Aviation Oil (CAO) reiterated on Monday (Apr 20) that it does not expect the merger of its parent China National Aviation Fuel (CNAF) with Sinopec to have material impact on its normal business operations or those of its subsidiaries.</p>
<div class="lb-trans"><p>[新加坡] 中国航油（CAO）在周一（4 月 20 日）重申，预计其母公司中国国家航空油料公司（CNAF）与中国石化的合并不会对其正常业务运营或其子公司的运营产生重大影响。</p>
</div><p>CAO added that the parties involved in the merger are carrying out necessary approval and filing procedures, in accordance with regulations. This was in response to shareholder queries ahead of its annual general meeting scheduled for Thursday.</p>
<div class="lb-trans"><p>CAO 补充说，参与合并的各方正在按照规定进行必要的审批和备案程序。这是针对股东在定于周四举行的年度股东大会前的询问做出的回应。</p>
</div><p>The company, whose core business is in jet fuel supply and trading, added that it is cooperating with relevant aspects of the merger between its parent and the Chinese state-owned oil and gas firm.</p>
<div class="lb-trans"><p>该公司核心业务为航空燃料的供应和交易，补充说，它正在与母公司与中国国有石油和天然气公司之间的合并相关方面进行合作。</p>
</div><p>Talk of the merger surfaced in November 2025, before it was confirmed by CAO in January. Sinopec is expected to absorb all of CNAF’s assets and operations if the exercise goes through, BT reported in January.</p>
<div class="lb-trans"><p>关于合并的讨论始于 2025 年 11 月，CAO 在 1 月确认了这一消息。据 BT 报道，如果合并顺利进行，中国石化预计将吸收 CNAF 的所有资产和运营。</p>
</div><p>In response to a separate query on how the merger will impact its listing status, the company stressed that the exercise is not a restructuring of CAO. Rather, the merger is being executed at the parent-entity level by the group’s controlling shareholder, CNAF, which owns 51.3 per cent of CAO.</p>
<div class="lb-trans"><p>针对合并将如何影响其上市状态的另一个询问，该公司强调，此次合并并不是 CAO 的重组。相反，合并是在集团控股股东 CNAF 的母公司层面进行的，CNAF 拥有 CAO 51.3% 的股份。</p>
</div><p>“The company will continue to monitor relevant developments in relation to the restructuring and fulfil its disclosure obligations as and when appropriate,” CAO said.</p>
<div class="lb-trans"><p>“公司将继续监测与重组相关的相关进展，并在适当时履行其披露义务，” CAO 表示。</p>
</div><h2>Measures to strengthen recurring earnings</h2>
<div class="lb-trans"><h2>加强经常性收益的措施</h2>
</div><p>To strengthen recurring earnings from its core jet fuel supply and trading business, CAO intends to continue developing the two strategic platforms of its global jet fuel trading and aviation marketing centres, while refining its global jet fuel supply chain network.</p>
<div class="lb-trans"><p>为了加强其核心航空燃料供应和交易业务的经常性收益，CAO 打算继续发展其全球航空燃料交易和航空市场中心的两个战略平台，同时优化其全球航空燃料供应链网络。</p>
</div><p>The group noted that the dual strategic platforms have enhanced its global resource allocation capabilities, as well as strengthened supply chain resilience and security, which provides a foundation for stable operations and sustainable growth.</p>
<div class="lb-trans"><p>该集团指出，这两个战略平台增强了其全球资源配置能力，同时加强了供应链的韧性和安全性，为稳定运营和可持续增长提供了基础。</p>
</div><p>As it expands into the new energy business sector, CAO said, it is optimising the physical supply chain for sustainable aviation fuel, as well as extending its generation and trading framework for carbon credits and scope 1 and scope 3 emissions.</p>
<div class="lb-trans"><p>随着其向新能源业务领域的扩展，CAO 表示，正在优化可持续航空燃料的物理供应链，并扩展其碳信用和范围 1 及范围 3 排放的生成和交易框架。</p>
</div><p>These moves will facilitate improved coordination for the physical delivery of sustainable aviation fuel and provide associated carbon emissions reduction benefits. They will also optimise interactions between mandatory and voluntary frameworks to support the establishment of a mature and stable sustainable aviation fuel business model, the group said.</p>
<div class="lb-trans"><p>这些举措将促进可持续航空燃料的物理交付协调，并提供相关的碳排放减少效益。它们还将优化强制性和自愿性框架之间的互动，以支持建立成熟和稳定的可持续航空燃料商业模式，该集团表示。</p>
</div><p>CAO said that it will monitor enhancements to the operations, management and deepening business cooperation with its key associate, Shanghai Pudong International Airport Aviation Fuel Supply Co (SPIA).</p>
<div class="lb-trans"><p>CAO 表示，将监测与其主要关联公司上海浦东国际机场航空燃料供应有限公司（SPIA）的运营、管理和深化业务合作的改进。</p>
</div><p>It added that it has continued to make active contributions to SPIA, as one of its main shareholders, and that it has supported and overseen various SPIA initiatives to jointly achieve business objectives and drive mutual growth.</p>
<div class="lb-trans"><p>它补充说，作为其主要股东之一，CAO 持续积极贡献于 SPIA，并支持和监督各种 SPIA 倡议，以共同实现商业目标并推动互利增长。</p>
</div><p>Noting Shanghai Pudong International Airport’s status as an international aviation hub and potential tailwinds from the sustained recovery and continued rapid growth of China’s civil aviation industry, CAO said it remains “cautiously optimistic” about the overall outlook for 2026.</p>
<div class="lb-trans"><p>CAO 指出，上海浦东国际机场作为国际航空枢纽的地位，以及中国民航业持续复苏和快速增长的潜在利好，使其对 2026 年的整体前景保持 “谨慎乐观”。</p>
</div><h2>Sustainable aviation fuel business profit margins</h2>
<div class="lb-trans"><h2>可持续航空燃料业务利润率</h2>
</div><p>The company said that it is premature to provide a definitive outlook on the trading margins of its sustainable aviation fuel business.</p>
<div class="lb-trans"><p>该公司表示，目前提供可持续航空燃料业务的交易利润前景为时尚早。</p>
</div><p>While it plans to grow the business in 2026, and eventually expects it to become a contributor to profit growth, the business’ medium-term profit margins could remain “significantly influenced by uncertainties such as market conditions, policies, supply chains and costs”, CAO said.</p>
<div class="lb-trans"><p>虽然计划在 2026 年发展该业务，并最终希望其成为利润增长的贡献者，但该业务的中期利润率可能仍会受到市场条件、政策、供应链和成本等不确定因素的 “显著影响”，CAO 表示。</p>
</div><p>“The company will continue to seek opportunities to expand the scale of its (sustainable aviation fuel) supply business,” said CAO.</p>
<div class="lb-trans"><p>“公司将继续寻求扩大其（可持续航空燃料）供应业务规模的机会，” CAO 表示。</p>
</div><p>It added that all its overseas subsidiaries have renewed and obtained the necessary 2025 certifications to lay a foundation for expansion into the global green aviation market.</p>
<div class="lb-trans"><p>它补充说，所有海外子公司已续签并获得必要的 2025 年认证，为进入全球绿色航空市场奠定基础。</p>
</div>

中国航油表示，母公司与中国石化的合并预计不会对其业务产生影响