**"Navigating Troubled Waters: Charkos Energy Shipping's Revenue Decline and Future Opportunities Amid Industry Challenges

Key Financial Data

TEN's operating revenue totaled RMB188.26 million as of December 31, 2024, a 14.51% decrease from RMB220.24 million as of December 31, 2023. This change indicates challenges in revenue generation. The specific analysis is as follows:

1. The Company's operating revenue in Q1 2024 was US$202 million, a YoY decrease of 22.83%, indicating a significant decline in operating revenue that may affect market confidence.

2. As of September 30, 2024, the Company's operating revenue was US$616 million, a YoY decrease of 8%, showing a continuing downward trend in overall revenue.

3. Changes in industry policies, including subsidies for new routes, may affect the Company's revenue structure and profitability.

Peer Comparison

1. Industry-wide analysis: The shipping industry faced economic slowdown and declining demand in 2024, leading to a general decline in operating revenue. This trend may be caused by factors such as reduced global trade and fluctuating freight rates.

2. Peer evaluation analysis: The Company's operating revenue decline was significant, reflecting a possible disadvantage in market competition. Compared with other companies in the industry, its market position and development potential may be constrained.

Summary

The Company's significant decline in operating revenue is closely related to weakened market demand, intensified competition, and operational efficiency issues, as well as affected by changes in industry policies. Overall, the Company's poor financial performance may have a negative impact on its future development.

Opportunities

1. The implementation of new industry policies, especially subsidies for new routes, may provide the Company with new revenue sources.

2. The potential for market recovery, especially in the context of global economic recovery, may bring opportunities for the Company.

3. Through improving operational efficiency and cost control, the Company may achieve revenue growth in the future.

Risks

1. Persistently weak market demand may lead to further revenue decline.

2. Intensified competition may reduce the Company's market share and profitability.

3. Uncertainty in industry policy changes may negatively affect the Company's business operations.

4. Natural disasters or epidemics, etc., may affect the Company's normal operations.