THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION 此乃要件 請即處理 If you are in any doubt as to any aspect of this document or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. 截至2025年6月30日止六個月之中期股息 股息貨幣選擇表格 NAME(S) AND ADDRESS OF REGISTERED SHAREHOLDER(S) 登記股東姓名╱名稱及地址 IMPORTANT NOTES: 重要提示： To the Directors of Kunlun Energy Company Limited 閣下如對本文件任何內容或應採取之行動有任何疑 ...

格隆汇9月10日丨平安电工(001359.SZ)在互动平台表示，公司主要从事电力电工电热云母耐温绝缘材 料、新能源安全防护复合零部件和玻璃纤维布及制品相关业务，雅下水电工程作为世界级的大型水电项 目，其对发电、输变电等设备的绝缘性能、可靠性和耐久性提出更高标准的要求，这为国内具备生产高 端云母绝缘材料实力的企业提供了良好的市场机遇，公司目前正积极关注并对接雅下水电工程相关供应 链机会。 ...

Core Viewpoint - The performance of the four major city gas companies in China faced pressure in the first half of the year, with only Honghua Smart Energy achieving a net profit growth of 2%, while the others experienced declines in net profit [1][3]. Financial Performance Summary - **Honghua Smart Energy**: Revenue of 10.437 billion HKD (approximately 9.555 billion RMB), a decrease of 0.6% year-on-year; net profit increased by 2% to 758 million HKD (approximately 694 million RMB) [2][3]. - **Kunlun Energy**: Revenue of 97.543 billion RMB, an increase of 4.97% year-on-year; net profit decreased by 4.36% to 3.161 billion RMB [2][3]. - **Xinao Energy**: Revenue of 55.673 billion RMB, an increase of 2% year-on-year; net profit decreased by 5.6% to 2.429 billion RMB [2][3]. - **China Resources Gas**: Revenue of 49.785 billion HKD (approximately 45.579 billion RMB), a decrease of 4.4% year-on-year; net profit decreased by 30.5% to 240.3 million HKD (approximately 220 million RMB), the largest decline among the four companies [2][3]. Market Conditions - The domestic natural gas market was affected by multiple factors, including high temperatures, slow recovery of manufacturing PMI, rising natural gas prices in Europe and the US, and US tariff issues, leading to overall weak performance [3]. - China's apparent natural gas consumption was 211.97 billion cubic meters, a decrease of 0.9% year-on-year, which directly impacted the gas sales revenue growth of city gas companies [3]. Business Segment Performance - **China Resources Gas**: All five business segments saw revenue declines, with the core gas sales and distribution segment generating revenue of 44.298 billion HKD, a decrease of 3.5% year-on-year [6]. - **Kunlun Energy**: Revenue from the natural gas sales segment increased by 6% to 80.078 billion RMB, while the exploration and production segment saw a significant decline of 15.9% to 0.74 billion RMB due to falling international oil prices [8]. - **Xinao Energy**: The company reported a 1.9% increase in natural gas retail sales volume to 12.953 billion cubic meters, but the wholesale business faced pressure with a 17.2% increase in revenue to 14.467 billion RMB, resulting in a loss in gross profit [9]. Strategic Developments - **Honghua Smart Energy**: The company attributed its profit growth to the continuous expansion of renewable energy business and stable gas business profits, with a 5% increase in net profit from renewable energy [10]. - **China Resources Gas**: The company signed 71 new distributed photovoltaic projects and 35 distributed energy projects, indicating a strategic shift towards renewable energy [7]. - **Xinao Energy**: The company advanced its electricity market business, adding significant capacity in solar and energy storage projects [9].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 昆侖能源有限公司 | | | | | | 呈交日期: | 2025年9月1日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 00135 | 說明 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 16,000,000,000 | HKD | | 0.01 HKD | | 160,000,000 | | 增加 / 減少 (-) | | | | | | ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1]. Core Insights - The report highlights a slight increase in raw gas demand leading to a minor rise in US gas prices, while European storage advancements have contributed to a decrease in gas prices [4][9]. - The overall supply-demand dynamics indicate a modest increase in raw gas demand, with US natural gas market prices rising by 3.3% week-on-week as of August 27, 2025 [16]. - The report emphasizes the ongoing integration of Jiufeng Energy and the gradual implementation of pricing reforms across the country, which are expected to enhance profitability and valuation recovery for city gas companies [35]. Price Tracking - As of August 29, 2025, the week-on-week changes in gas prices are as follows: US HH +3.3%, European TTF -6.6%, East Asia JKM -2.9%, China LNG ex-factory price 0%, and China LNG CIF price -6.2% [9][14]. - The average total supply of natural gas in the US increased by 0.1% week-on-week to 1,127 billion cubic feet per day, while total demand decreased by 3.5% to 1,025 billion cubic feet per day [16]. Supply and Demand Analysis - The report notes that the storage pace in Europe is slower than expected, leading to a week-on-week decrease in European gas prices by 6.6% [17]. - In China, the apparent consumption of natural gas from January to July 2025 increased by 0.3% year-on-year to 246.1 billion cubic meters, attributed to warmer winter conditions affecting heating gas demand [22][27]. Pricing Progress - The report states that 65% of cities have implemented residential pricing reforms, with an average price increase of 0.21 yuan per cubic meter [35]. - The introduction of a new pricing mechanism for provincial natural gas pipeline transportation is expected to lower costs for downstream users and promote industry growth [35]. Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing reforms, particularly highlighting New Energy, China Gas, and Kunlun Energy as key investment opportunities [4][35]. - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao [4].

Core Viewpoint - The company reported a mixed performance for the first half of 2025, with revenue growth but a decline in net profit, highlighting the challenges faced in the natural gas sector amidst a slight decrease in national consumption [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 97.543 billion yuan, a year-on-year increase of 4.97% [1] - Shareholder profit attributable to the company was 3.161 billion yuan, a decrease of 4.36% year-on-year [1] - The interim dividend was set at 0.1660 yuan per share, an increase of 0.0019 yuan per share compared to the previous year [1] Group 2: Natural Gas Sales - The company maintained a high growth rate in natural gas sales, with total sales volume reaching 29.095 billion cubic meters, a year-on-year increase of 10.0% [1] - Retail gas volume was 16.666 billion cubic meters, up 2.2% year-on-year, while distribution and trading gas volume increased by 22.6% to 12.429 billion cubic meters [1] - The average selling price of natural gas was 2.77 yuan per cubic meter, while the average purchase price was 2.33 yuan per cubic meter, resulting in a weighted average price difference of 0.44 yuan per cubic meter, a decrease of 0.01 yuan year-on-year [1] Group 3: LNG and LPG Business - LNG receiving station processing volume was 7.899 billion cubic meters, a year-on-year increase of 1.7%, with an average load factor of 86.8%, up 1.4 percentage points [2] - Revenue from LNG receiving stations was 2.382 billion yuan, a year-on-year increase of 2.3%, with a tax profit of 1.701 billion yuan, up 5.4% [2] - LPG sales volume reached 3.0684 million tons, a year-on-year increase of 4.9%, but revenue was 13.020 billion yuan, a slight increase of 1.0%, with tax profit decreasing by 3.0% to 544 million yuan [2] Group 4: Dividend and Investment Value - The company plans to distribute an interim dividend of 0.1660 yuan per share, with an expected annual payout ratio of 45% [3] - The anticipated dividend yield based on the current stock price is 4.92%, indicating stable investment value [3] - Projected earnings for 2025-2027 are 6.361 billion, 6.836 billion, and 7.366 billion yuan, with corresponding EPS of 0.73, 0.79, and 0.85 yuan, and PE ratios of 9.15, 8.51, and 7.90 respectively [3]

Core Viewpoint - Ping An Electric (001359.SZ) reported a strong performance in its 2025 mid-year report, showing continuous growth in revenue and net profit over the past three years, indicating a positive trend in the company's financial health [1][3]. Financial Performance - The total operating revenue for the company reached 570 million yuan, an increase of 79.71 million yuan compared to the same period last year, representing a year-on-year growth of 16.24% [1]. - The net profit attributable to shareholders was 135 million yuan, up by 31.09 million yuan from the same period last year, marking a year-on-year increase of 29.91% [1]. - The net cash inflow from operating activities was 93.13 million yuan, an increase of 110 million yuan compared to the same period last year [1]. Profitability Metrics - The latest asset-liability ratio stands at 16.20% [3]. - The gross profit margin is 37.16%, which is an increase of 0.53 percentage points from the previous quarter and an increase of 0.41 percentage points year-on-year, indicating three consecutive years of growth [3]. - The return on equity (ROE) is 7.08%, up by 1.05 percentage points compared to the same period last year [3]. - The diluted earnings per share (EPS) is 0.73 yuan, an increase of 0.09 yuan from the same period last year, reflecting a year-on-year growth of 13.68% [3]. Operational Efficiency - The total asset turnover ratio is 0.26 times [3]. - The inventory turnover ratio is 1.16 times [3]. Shareholder Structure - The number of shareholders is 15,500, with the top ten shareholders holding a total of 138 million shares, accounting for 74.51% of the total share capital [3]. - The largest shareholder is Hubei Zhonghui Industrial Co., Ltd., holding 39.8% of the shares [3].

Core Viewpoint - Ping An Electric (001359.SZ) reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 570 million yuan, representing a year-on-year growth of 16.24% [1] - The net profit attributable to shareholders was 135 million yuan, showing a year-on-year increase of 29.91% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 129 million yuan, reflecting a year-on-year growth of 31.52% [1] - Basic earnings per share were reported at 0.7281 yuan [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a natural gas sales volume of 29.095 billion cubic meters in the first half of 2025, representing a year-on-year growth of 10.0%, despite a 0.9% decline in national natural gas consumption [9]. - The company's natural gas sales revenue reached 80.078 billion yuan, an increase of 6.1% year-on-year, while the pre-tax profit was 4.477 billion yuan, a decrease of 10.6% [2][5]. - The average load factor of LNG receiving stations was 86.8%, up 1.4 percentage points year-on-year, with a pre-tax profit of 1.701 billion yuan, reflecting a 5.4% increase [2][9]. - The company plans to distribute an interim dividend of 0.1660 yuan per share, indicating a steady increase in shareholder returns [5][9]. - The expected earnings per share (EPS) for 2025-2027 are projected to be 0.73 yuan, 0.79 yuan, and 0.85 yuan, with corresponding price-to-earnings (PE) ratios of 9.15, 8.51, and 7.90 [9]. Summary by Sections Company Performance - In the first half of 2025, the company reported operating revenue of 97.543 billion yuan, a year-on-year increase of 4.97%, and a net profit attributable to shareholders of 3.161 billion yuan, down 4.36% year-on-year [5]. - The average selling price of natural gas was 2.77 yuan per cubic meter, while the average purchase price was 2.33 yuan per cubic meter, resulting in a weighted average price difference of 0.44 yuan per cubic meter, a slight decrease from the previous year [9]. LNG and LPG Business - The LNG receiving station processed 7.899 billion cubic meters, with a revenue of 2.382 billion yuan, while the LNG factory's processing volume was 1.752 billion cubic meters, generating a revenue of 1.989 billion yuan [9]. - LPG sales volume reached 3.0684 million tons, with a revenue of 13.020 billion yuan, reflecting a year-on-year increase of 1.0% [9]. Dividend and Investment Value - The company’s dividend payout ratio is expected to reach 45% for the year, with a current dividend yield of 4.92%, highlighting its stable investment value [2][9].

Group 1 - The core viewpoint of the news is that Ping An Electric (001359) has shown significant stock performance with a 10% increase in share price, indicating strong market interest and potential investor confidence [1] - As of August 25, 2025, Ping An Electric's stock closed at 56.55 yuan, with a trading volume of 10.89 million shares and a transaction amount of 581 million yuan [1] - The company reported a total operating revenue of 259 million yuan for Q1 2025, reflecting an 18% year-on-year growth, and a net profit attributable to shareholders of 52.37 million yuan, which is a 22.69% increase compared to the previous year [1] Group 2 - Ping An Electric has a current liquidity ratio of 5.637 and a quick ratio of 4.466, indicating strong short-term financial health [1] - The company has a low debt-to-asset ratio of 15.18%, suggesting a conservative approach to leveraging and financial stability [1] - Established in 2015, Ping An Electric is primarily engaged in the manufacturing of computers, communications, and other electronic devices, with a registered capital of approximately 1.855 billion yuan [1][2]