Natural Gas Sales Performance - Natural gas total sales volume increased by 9.55% to 49,285 million cubic meters in 2023 from 44,988 million cubic meters in 2022[1] - Natural gas retail sales volume grew by 9.19% to 30,312 million cubic meters in 2023 from 27,762 million cubic meters in 2022[1] - Revenue from natural gas sales increased to RMB 140,600 million in 2023, up from RMB 131,892 million in 2022[16] - Natural gas sales segment contributed the highest revenue at RMB 142.887 billion in 2023, an increase from RMB 133.987 billion in 2022[12][13] - Natural gas sales volume reached 49.285 billion cubic meters, a year-on-year increase of 9.6%[31] - Retail gas volume was 30.312 billion cubic meters, up 9.2% year-on-year, with cumulative users reaching 15.604 million, a 6.1% increase[31] Financial Performance - Revenue increased by 3.15% to RMB 177,354 million in 2023 from RMB 171,944 million in 2022[1] - Profit before tax rose by 10.54% to RMB 12,593 million in 2023 from RMB 11,392 million in 2022[1] - Net profit attributable to shareholders increased by 8.68% to RMB 5,682 million in 2023 from RMB 5,228 million in 2022[1] - EBITDA grew by 8.31% to RMB 17,675 million in 2023 from RMB 16,319 million in 2022[1] - Basic earnings per share increased by 8.68% to RMB 65.62 in 2023 from RMB 60.38 in 2022[1] - Total revenue for 2023 reached RMB 182.861 billion, with external customer revenue at RMB 177.354 billion, up from RMB 178.404 billion and RMB 171.944 billion respectively in 2022[12][13] - Segment performance (excluding tax and share of profits/losses from associates and joint ventures) for 2023 was RMB 11.548 billion, up from RMB 10.400 billion in 2022[12][13] - Profit before tax for 2023 was RMB 12.593 billion, compared to RMB 11.392 billion in 2022[12][13] - Revenue for the year reached RMB 177.354 billion, an increase of RMB 5.410 billion or 3.1% year-on-year[30] - Net profit attributable to shareholders was RMB 5.682 billion, up RMB 454 million or 8.7% year-on-year[30] - The company achieved a pre-tax profit of approximately RMB 12,593 million, a 10.5% increase compared to the previous year's RMB 11,392 million[39] - Revenue for the year was approximately RMB 177,354 million, a 3.1% increase from the previous year's RMB 171,944 million, driven by higher natural gas sales volume and prices[40] - The company's net profit attributable to shareholders was approximately RMB 5,682 million, an 8.7% increase from the previous year's RMB 5,228 million[39] - The company's core profit attributable to shareholders was RMB 6,144 million, a 2.2% decrease from the previous year's RMB 6,281 million[39] Assets and Liabilities - Total assets increased to RMB 143,519 million in 2023 from RMB 138,892 million in 2022[5] - Total equity rose to RMB 85,783 million in 2023 from RMB 80,702 million in 2022[5] - Net current assets increased to RMB 22,615 million in 2023 from RMB 16,955 million in 2022[6] - Total assets increased to RMB 143.519 billion in 2023 from RMB 138.892 billion in 2022[14] - The company's non-current segment assets increased by RMB 4.803 billion in 2023, compared to RMB 6.230 billion in 2022[12][13] - Accounts receivable (net of impairment) decreased to RMB 1,977 million in 2023 from RMB 2,887 million in 2022[25] - Contract liabilities increased to RMB 13,596 million in 2023 from RMB 12,621 million in 2022[26] - Accounts payable decreased to RMB 2,790 million in 2023 from RMB 3,112 million in 2022[28] - The company's total assets as of December 31, 2023, were approximately RMB 143,519 million, a 3.3% increase from the previous year's RMB 138,892 million[45] - The company's capital-to-liability ratio decreased to 22.71% from 24.26% in the previous year[46] - Total assets pledged as collateral for bank loans amounted to RMB 818 million as of December 31, 2023, down from RMB 958 million in 2022[47] LNG and LPG Sales Performance - The LNG processing and storage segment saw a decrease in revenue from RMB 12.810 billion in 2022 to RMB 12.167 billion in 2023[12][13] - LNG processing and storage service revenue rose to RMB 9,042 million in 2023, compared to RMB 8,542 million in 2022[16] - LPG sales revenue decreased to RMB 26,801 million in 2023 from RMB 29,224 million in 2022[16] - LPG sales volume was 5.7677 million tons, up 2.7% year-on-year, but revenue decreased by 8.3% to RMB 26.801 billion[32] - LNG processing and storage business revenue increased by 5.9% to RMB 9.042 billion, with LNG gasification and loading volume reaching 16.326 billion cubic meters, up 3.1% year-on-year[32] Exploration and Production Performance - Exploration and production segment revenue dropped significantly from RMB 2.286 billion in 2022 to RMB 911 million in 2023[12][13] - Crude oil sales revenue was RMB 2,286 million in 2023[16] - Crude oil equity sales volume decreased by 16.7% to 9.21 million barrels, with average realized crude oil sales price dropping to $66.9 per barrel[32] Dividend and Shareholder Information - The proposed final dividend for 2023 is RMB 2,457 million, compared to RMB 2,198 million for 2022[23] - The company's basic earnings per share (EPS) for 2023 was RMB 5,682 million, up from RMB 5,228 million in 2022[22] - The proposed final dividend for 2023 is RMB 28.38 per share, totaling approximately RMB 2,457 million, with a payout ratio of 40.00%[55] - The company plans to gradually increase its annual dividend payout ratio, aiming to reach 45% of the annual profit attributable to shareholders by the fiscal year ending December 31, 2025[50] - The company has a dividend policy that ensures a minimum annual dividend payout of 25% of the consolidated annual profit attributable to shareholders, subject to certain considerations[49] - Shareholders choosing to receive the 2023 final dividend in RMB must ensure they have an appropriate bank account to cash RMB checks, and no guarantee is provided regarding fees, delays, or the ability to cash RMB checks outside Hong Kong[56] - Beneficial owners of shares registered in the name of a nominee, trustee, or other registered holder must make appropriate arrangements to receive the 2023 final dividend in RMB, or they will receive it in HKD[56] - Shareholders must return share transfer documents by June 4, 2024, to be eligible to receive the 2023 final dividend[57] - Share transfer registration will be suspended from June 5 to June 6, 2024, for determining eligibility to receive the 2023 final dividend[57] Corporate Governance and Compliance - The company adopted revised accounting standards, including HKFRS 17 for insurance contracts, with no material impact on financial statements[9] - The company is evaluating the potential impact of new accounting standards set to take effect from 2024 onwards, currently expecting no significant impact[10] - The company maintains high corporate governance standards and has complied with all code provisions of the Corporate Governance Code[52] - The audit committee reviewed and confirmed the annual results for the year ended December 31, 2023[53] - The company has no significant acquisitions or disposals during the year[47] - The company has no significant contingent liabilities that would materially affect its financial position or performance[48] - The company has not purchased, sold, or redeemed any of its shares during the year[51] Operational and Strategic Developments - The company added 12 new city gas projects and achieved a retail gas volume increase of 9.2% year-on-year[33] - The company secured new energy installation indicators totaling 4.302 million kilowatts in regions such as Xinjiang, Hebei, and Shandong[33] - Methane emission intensity decreased by 32% compared to 2020, and CO2 emission intensity decreased by 6%[34] - The company aims to achieve a "multi-energy integration" and "new energy" installed capacity of 1 million kilowatts by 2025[37] Employee and Cost Management - The company's procurement, services, and other costs were approximately RMB 151,091 million, a 3.4% increase from the previous year's RMB 146,077 million, mainly due to increased natural gas procurement[41] - The company's employee compensation costs were approximately RMB 5,970 million, a 3.8% increase from the previous year's RMB 5,749 million[42] - The company employed 27,138 employees globally as of December 31, 2023, a decrease from 30,916 in 2022[47] Interest and Financing - Interest expenses on bank loans increased to RMB 566 million in 2023 from RMB 541 million in 2022[17] - The company's interest expense for the year was approximately RMB 960 million, a 6.8% increase from the previous year's RMB 899 million[44] Shareholder Meetings and Reporting - The 2024 Annual General Meeting (AGM) will be held on May 30, 2024, and the notice of the AGM will be sent to shareholders along with the 2023 Annual Report[56] - Shareholders must return share transfer documents by May 24, 2024, to be eligible to attend and vote at the 2024 AGM[56] - Share transfer registration will be suspended from May 27 to May 30, 2024, for determining eligibility to attend and vote at the 2024 AGM[56] - The 2023 Annual Report will be published on the company's website and the Hong Kong Stock Exchange website in due course[57]

Investment Rating - The report initiates coverage with an "OUTPERFORM" rating for Kunlun Energy, with a target price of HKD 7.96 per share [3][23][86] Core Insights - Kunlun Energy is one of the largest domestic natural gas terminal utilization and LPG sales enterprises in China, primarily engaged in urban gas, natural gas pipelines, LNG and CNG terminals, natural gas power generation, LNG processing and storage, and LPG sales [6][89] - The company has achieved steady revenue growth, reaching RMB 87.072 billion in H1 2023, a year-on-year increase of 3.8%, with a pre-tax profit of RMB 6.791 billion, reflecting an 8.2% growth [7][90] - Natural gas sales account for 79.1% of total revenue, with a year-on-year growth of 8.5%, while LPG sales contribute 15.8% [8][90] Company Overview - Kunlun Energy, established in 1994 and listed on the Hong Kong Stock Exchange, has shifted its focus from oil exploration to domestic natural gas sales and comprehensive utilization, emphasizing LNG business development [6][69] - The company operates across 31 provinces in China, with an annual natural gas sales volume of 20 billion cubic meters and an LNG receiving capacity of 19 million tons [6][89] Financial Performance Review - The revenue breakdown for H1 2023 includes natural gas sales at RMB 68.896 billion, LPG sales at RMB 13.804 billion, LNG processing and storage at RMB 3.764 billion, and exploration and production at RMB 0.608 billion [8][90] - The company has maintained a stable cash flow, with a current ratio around 1 and a net debt-to-equity ratio around 0.7 [10][73] Business Segment Analysis - Natural gas sales volume grew by 9.0% year-on-year in H1 2023, reaching 23.916 billion cubic meters, with retail gas volume increasing by 9.5% [10][91] - The natural gas price differential was RMB 0.495 per cubic meter, showing a stable upward trend [13][91] - LPG sales reached 293.69 million tons in H1 2023, with a year-on-year increase of 5.17% [15][78] Emerging Business Developments - The company is focusing on green development and has entered the field of wind-solar-thermal integrated power generation, with 3 million kilowatts of new energy indicators obtained [22][92] - Kunlun Energy is diversifying its energy offerings to meet various user needs, promoting the operation of 12 projects and the orderly development of 24 projects [22][92] Profit Forecast and Valuation - The forecast for main operating revenue for FY23-25 is RMB 182.16 billion, RMB 195.07 billion, and RMB 207.95 billion, with corresponding net profits of RMB 6.11 billion, RMB 6.46 billion, and RMB 6.49 billion [23][93]

助 力 美 麗 中 國 建 設 點 靚 人 民 美 好 生 活 Interim Report 22002233 中期報告 CONTENTS 目錄 3 Chairman’s Statement 24 Unaudited Consolidated Interim Condensed 主席報告 Statement of Cash Flows 未經審核綜合中期簡明現金流量表 9 Management Discussion and Analysis 管理層討論與分析 25 Notes to the Unaudited Interim Financial Statement 18 Unaudited Consolidated Interim Statement 未經審核中期財務報表附註 of Comprehensive Income 未經審核綜合中期全面收益表 49 Review of Interim Financial Statement 審閱中期財務報表 20 Unaudited Consolidated Interim Statement of Financial Position 51 Corporate Inf ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 KUNLUN ENERGY COMPANY LIMITED (incorporated in Bermuda with limited liability) 昆 侖 能 源 有 限 公 司 （股份代號：00135.HK） 業績公佈 本集團財務業績摘要 截至6月30日止六個月 2023年 2022年 變動% 天然氣總銷售量（百萬立方米） 23,916 21,933 9.04 天然氣零售氣量（百萬立方米） 14,787 13,504 9.50 加權平均進銷價差（人民幣元每立方米） 0.495 0.494 0.20 人民幣百萬元 人民幣百萬元 收入 87,072 83,864 3.83 除所得稅費用前溢利 6,791 6,275 8.22 本公司股東應佔本期內溢利 3,222 3,080 4.61 扣除利息、稅項、折舊及 攤銷前盈利（附註1） 9,729 8,757 11.10 人民幣分 人民幣分 ...

Financial Performance and Costs - Purchases, services, and others increased by 26.0% to RMB146,077 million, driven by higher natural gas purchase volume and prices[55] - Employee compensation costs rose by 4.8% to RMB5,749 million due to business growth and economic inflation[55] - Depreciation, depletion, and amortization increased by 5.7% to RMB4,887 million, remaining stable throughout the year[55] - Other selling, general, and administrative expenses grew by 10.9% to RMB3,770 million, mainly due to increased royalty expenses and natural gas business expansion[55] - Interest expenses increased by 14.8% to RMB899 million, while total interest expenses decreased by 7.5% to RMB968 million due to improved weighted average interest rates[55] - Share of profits less losses of associates decreased by 39.9% to RMB525 million, primarily due to higher exchange losses and increased operating costs at associates[56] Assets and Liabilities - Total assets increased by 4.8% to RMB138,892 million as of December 31, 2022[58] - Gearing ratio decreased by 0.66% to 24.26% as of December 31, 2022[58] - Total borrowings as of December 31, 2022, amounted to RMB25,081 million, with repayments scheduled within one year (RMB5,287 million), one to two years (RMB2,906 million), two to five years (RMB9,591 million), and after five years (RMB7,297 million)[59] - Assets pledged to banks amounted to RMB958 million as of 31 December 2022, down from RMB1,025 million in 2021[62] Exchange Rate and Risk Management - The company is exposed to exchange rate risks due to foreign currency borrowings, with potential gains or losses depending on RMB appreciation or depreciation[61] Corporate Governance and Board Structure - The Board fully supports the Chief Executive Officer and senior management in discharging their responsibilities[79] - The Board has a strong element of independence, enabling effective exercise of independent judgement[83] - The Board comprises Executive Directors and Independent Non-executive Directors, including Mr. Qian Zhijia as CEO and Chairman of the Sustainability Committee[83] - The Company has received written annual confirmation from each Independent Non-executive Director regarding their independence[85] - Independent Non-executive Directors bring a wide range of business and financial expertise, experiences, and independent judgement to the Board[85] - The Board has adopted a Board Diversity Policy and Nomination Policy to align with board diversity requirements[87] - The Board is responsible for major transactions, policy approvals, overall strategy, budget, internal control, and risk management systems[80] - The Company has arranged appropriate insurance cover for Directors' and officers' liabilities arising from corporate activities[79] - The Board ensures compliance with all applicable rules and regulations, with Directors having access to relevant information and company secretary services[80] - The Board meets the Listing Rules requirements, including the appointment of at least three Independent Non-executive Directors, with at least one possessing appropriate professional qualifications[84] Investment and Project Management - The company optimized its investment management system and completed the revision of its Investment Management Measures, enhancing investment control and risk management[133] - The company adhered to the principles of rigorous, accurate, and effective investment, improving the annual investment plan and ensuring project quality from the source[133] - The company strengthened project organization and leadership, ensuring efficient, high-quality, and safe completion of key construction projects[134] - The company enhanced the control of the whole life cycle of engineering projects, providing fixed-point guidance and special training to improve legal compliance management[134] - The company strictly managed contractor qualifications and personnel, ensuring effective quality control in engineering projects[134] Future Outlook and Strategic Plans - In 2023, the company expects gas consumption to grow at a rate of more than 6%, driven by economic recovery and increased demand in various sectors[138] - The company plans to leverage low-carbon transformation opportunities by deploying new energy and expanding new business models focused on customer needs[138] - The company aims to create a new model of digital governance and achieve high-quality growth by integrating gas with other new energies[138] Legal and Compliance - The company has complied with relevant laws and regulations, obtaining necessary business licenses, qualifications, approvals, and permits for its operations[141] - The company has not engaged in any illegal or non-compliant acts that would significantly impact its normal and continuous operations[141] Dividend Policy and Shareholder Returns - The company's dividend policy aims to distribute not less than 25% of annual consolidated profit attributable to shareholders[65][69] - The board considers business conditions, working capital needs, expansion plans, and macroeconomic factors when proposing dividends[66][70] Legal Disputes and Contingencies - The group is involved in certain lawsuits, but management believes any resulting liabilities will not materially affect financial performance[64][68] Employee and Organizational Changes - The group had 30,916 employees globally as of 31 December 2022, a decrease from 32,136 in 2021[63][67] - The company completed the disposal of 60% equity interest in Beijing Pipeline and 75% equity interest in Dalian LNG for RMB38,462 million in 2021[62]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KUNLUN ENERGY COMPANY LIMITED (incorporated in Bermuda with limited liability) 昆 侖 能 源 有 限 公 司 （股份代號：00135.HK） 業績公佈 本集團財務業績摘要 截至12月31日止年度 2022年 2021年 變動% 天然氣總銷售量（百萬立方米） 44,988 41,999 7.1 天然氣零售氣量（百萬立方米） 27,762 25,710 8.0 加權平均進銷價差（人民幣元每立方米） 0.502 0.482 4.1 人民幣百萬元 人民幣百萬元 收入 171,944 138,547 24.1 除所得稅費用前溢利 11,392 10,576 7.7 除所得稅費用前核心溢利（附註1） 12,481 10,481 19.1 本公司股東應佔溢利 5,228 5,141 1.7 本公司股東應佔核心溢利（附註2） 6,281 5, ...