Group 1 - The core viewpoint of the report is that Citigroup maintains a "Buy" rating for Kunlun Energy (00135) with a target price of HKD 8.4 [1] - Kunlun Energy's net profit decreased by 10.3% year-on-year to RMB 5.346 billion, which is 12% lower than market expectations [1] - The core profit fell by 6.9% year-on-year to RMB 5.923 billion, while the annual dividend per share remained at 31.58 cents, with a payout ratio increasing by 5.2 percentage points to 51.1% [1] Group 2 - The pre-tax profit from natural gas sales dropped by 17.6% year-on-year to RMB 6.756 billion, with unit gross profit decreasing by RMB 0.02 to RMB 0.45 per cubic meter [1] - Natural gas sales volume increased by 9.4% year-on-year to 59.26 billion cubic meters, with retail gas volume growing by 2.3% to 33.51 billion cubic meters and distribution and trading gas volume rising by 20.2% to 25.75 billion cubic meters [1] - The average selling price of natural gas fell by RMB 0.11 to RMB 2.73 per cubic meter, while the average procurement cost decreased by RMB 0.09 to RMB 2.28 per cubic meter [1] Group 3 - The total gasification and loading volume of two LNG receiving stations increased by 3.7% year-on-year to 16.527 billion cubic meters, with the average utilization rate rising by 3.2 percentage points to 90.8% [2] - The processing volume of 14 LNG plants grew by 5.3% to 3.737 billion cubic meters, but revenue fell by 11.8% to RMB 3.88 billion due to a decline in average selling prices [2] - Operating cash flow for Kunlun Energy was RMB 12.585 billion, a slight decrease of 1.2% year-on-year, while capital expenditure reduced by 4.6% to RMB 6.257 billion [2]

Group 1: Company Performance - Xirui (02507) reported a revenue of $1.354 billion for 2025, a year-on-year increase of 13.13%, with a net profit of $139 million, up 15.02% [1] - Jiantao Laminates (01888) achieved a revenue of HKD 20.4 billion, a 10% increase year-on-year, and a profit attributable to shareholders of HKD 2.442 billion, up 84.16% [1] - H&H International Holdings (01112) reported a revenue of RMB 14.354 billion, a 10% year-on-year increase, with an adjusted net profit growth of 22.7% [2] - China Jinmao (00817) posted a gross profit of RMB 9.221 billion, a 7% increase year-on-year, with a gross margin improvement of 1 percentage point [3] - Kunlun Energy (00135) reported a revenue of RMB 193.979 billion, a 3.71% increase year-on-year, but a net profit decrease of 10.3% [3] - China Nonferrous Mining (01258) achieved a revenue of $3.42 billion, a decrease of 10.4% compared to 2024 [4] Group 2: Market Trends - Lithium stocks saw renewed activity, with Tianqi Lithium (09696) up 4.26% and Ganfeng Lithium (01772) up 1.61%, influenced by a rise in lithium carbonate prices [2] - The storage sector stocks showed gains, with companies like Lanke Technology (06809) and Zhaoyi Innovation (03986) experiencing increases [5] - The drone sector saw significant gains, with Swarmer (SWMR.US) up 34.22% following its IPO, highlighting the growing interest in drone technology [6] - Oil and gas stocks collectively rose, driven by a rebound in international crude oil prices, with Brent crude up over 3% [7] - The AI infrastructure expansion faces potential bottlenecks due to storage chip shortages and energy supply constraints [5]

Core Viewpoint - Kunlun Energy reported a revenue of 193.979 billion yuan for 2025, representing a year-on-year increase of 3.71%, while the profit attributable to shareholders decreased by 10.3% to 5.346 billion yuan, with basic earnings per share at 0.6174 yuan and a proposed final dividend of 0.1684 HKD per share [3] Group 1: Natural Gas Sales - Revenue growth in the natural gas sales segment was driven by increased sales volume from industrial users and distribution and trading businesses [3] - The company developed 11 new urban gas projects across 8 provinces, increasing annual sales capacity by 780 million cubic meters, with the customer base growing to 17.19 million households [3] - The total natural gas sales volume reached 59.26 billion cubic meters, a year-on-year increase of 9.4%, with retail gas volume at 33.51 billion cubic meters [3] Group 2: LNG Processing and Storage - LNG sales achieved a milestone with annual sales surpassing 10 billion cubic meters, and total outbound volume from Jiangsu and Tangshan receiving stations reached a record high of 16.53 billion cubic meters [4] - The LNG processing volume was 3.74 billion cubic meters, reflecting a year-on-year growth of 5.3%, with an average load factor of 67.2%, the highest in history [4] - The offshore LNG refueling business expanded into the Guangdong and Hong Kong markets, with refueling volume increasing by 60.7% to 176,600 tons [4] Group 3: LPG Sales - LPG sales volume returned to over 6 million tons for the first time in five years, with a year-on-year increase of 6.3% to 6.148 million tons [4] - The company developed 8 new industrial direct supply customers, with sales volume from industrial direct supply increasing by 23.4% [4] - Resource allocation was optimized to maintain a reasonable supply-demand balance in resource-rich regions, enhancing market-driven sales [4] Group 4: Exploration and Production - The company increased development efforts in exploration and production, achieving stable revenue with crude oil sales volume of approximately 8.45 million barrels, a year-on-year increase of 160,000 barrels, or 2.0% [4] - The average selling price for crude oil was reported at 54.4 USD per barrel [4]

Group 1 - The company Kunlun Energy (00135) announced a final dividend of HKD 0.1498 per share for the year ending December 31, 2025, to be distributed on July 21, 2026 [2]

Group 1 - The company Kunlun Energy (00135) announced the appointment of Mr. Xin Dinghua as the Chief Independent Non-Executive Director, effective from March 24, 2026 [2]

格隆汇3月24日丨昆仑能源(00135.HK)宣布，独立非执行董事辛定华，即公司审核委员会主席、薪酬委 员会及提名委员会的成员，已获委任为首席独立非执行董事，自2026年3月24日起生效。 ...

（原标题：昆仑能源(00135)将于7月21日派发末期股息每股0.1498元） 智通财经APP讯，昆仑能源(00135)发布公告，该公司将于2026年7月21日派发截至2025年12月31日止的 末期股息每股0.1498元。 ...

智通财经APP讯，昆仑能源(00135)公布，独立非执行董事辛定华先生，即公司审核委员会主席、薪酬委 员会及提名委员会的成员，已获委任为首席独立非执行董事，自2026年3月24日起生效。 （原标题：昆仑能源(00135)委任辛定华为首席独立非执行董事） ...

（原标题：昆仑能源(00135)公布2025年业绩 股东应占溢利53.46亿元 同比减少10.3%） 智通财经APP讯，昆仑能源(00135)公布2025年业绩，收入1939.79亿元，同比增长3.71%;公司股东应占 溢利53.46亿元，同比减少10.3%;每股基本盈利61.74分，拟派付末期股息每股16.84港仙。 公告称，收入增加主要由于工业用户与分销与贸易业务增长带动销售量增加，使天然气销售板块收入增 加。 天然气销售业务：深耕市场、优化结构，核心业务顶压前行。坚持存量市场挖潜与增量市场合作开发并 重，依托覆盖全国的客户规模和网络站点，在内蒙古、山东、贵州、江苏等8个省市新开发城燃项目11 个，新增年销售能力7.8亿立方米，客户规模增长到1,719万户。持续推进终端价格顺导，居民用气顺价 率69%，同比提高8.3个百分点。不断优化销售结构，工业气量保持较快增长，占零售气量比重77.7%， 同比提升2.8个百分点。天然气总销量592.6亿立方米、同比增长9.4%，其中零售气量达到335.1亿立方 米。 LNG加工与储运业务：延伸产业链、提升价值链，逐步成长为第二利润增长极。LNG销售取得里程碑 式跨越， ...

昆侖能源有限公司董事會（「董事會」）現共有七名董事。每名董事的姓名、角色和職能詳情如下： 執行董事 昆 侖 能 源 有 限 公 司 KUNLUN ENERGY COMPANY LIMITED (incorporated in Bermuda with limited liability) （股份代號：00135.HK） 董事名單及其角色和職能 非執行董事 香港，2026年3月24日 1) 劉國海先生 （主席） 2) 賀永利先生 （行政總裁） 獨立非執行董事 附註： C 委員會主席 M 委員會成員 董事會轄下設立四個委員會，委員會成員如下： | 成員 | 審核委員會 | 薪酬委員會 | 提名委員會 | 可持續發展 委員會 | | --- | --- | --- | --- | --- | | 劉國海先生 | | | C | | | 賀永利先生 | | | | C | | 呂菁女士 | | | M | | | 戚振忠先生 | | | | M | | 辛定華先生 | C | M | M | | | 曾鈺成先生 | M | C | M | M | | 郭志成先生 | M | M | M | M | 3) 呂菁女士 4 ...