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。 昆 侖 能 源 有 限 公 司 KUNLUN ENERGY COMPANY LIMITED (incorporated in Bermuda with limited liability) （股份代號：00135.HK） 委任首席獨立非執行董事 昆侖能源有限公司（「本公司」）董事會（「董事會」）欣然宣佈，獨立非執行董事（各為「獨立非執行董 事」，統稱「獨立非執行董事」）辛定華先生，即本公司審核委員會主席、薪酬委員會及提名委員會的 成員，已獲委任為首席獨立非執行董事（「首席獨立非執行董事」），自2026年3月24日起生效。 辛先生作為首席獨立非執行董事的主要職責為促進及加強溝通，讓股東了解獨立非執行董事履行其 職責時採取的行動，作為董事與股東之間的中介人，並加強獨立非執行董事之間以及獨立非執行董 事與董事會其他成員之間的溝通。首席獨立非執行董事並非本公司的行政職位，在本公司及其附屬 公司中並無任何管理角色 ...

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分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。 (i) 年度股息派付比率將不低於該年度本集團綜合財務報表所載本公司股東應佔年度溢利的50%， 且該年度股息總額將不低於截至2025年12月31日止財政年度實際向股東派付的股息總額；及 (ii) 就每個財政年度將宣派兩次股息，即中期股息及末期股息。 本集團實施該計劃，是響應股東訴求，以保持股息分派的穩定性、及時性和可預見性。該計劃將進 一步鞏固本集團與長期股東的緊密聯繫，增加對投資者的回報，同時也反映對公司未來發展的信心。 昆 侖 能 源 有 限 公 司 KUNLUN ENERGY COMPANY LIMITED (incorporated in Bermuda with limited liability) （股份代號：00135.HK） 內幕消息 截至2026年、2027年及2028年12月31日 止財政年度的股息分派計劃 本公告乃由昆侖能源有限公司（「本公司」，連同其附屬公司，統稱「本集團」）根據《 ...

| 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的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 昆侖能源有限公司 | | 股份代號 | 00135 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止之末期股息 | | 公告日期 | 2026年3月24日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.1498 RMB | | 股東批准日期 | 2026年5月28日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.1684 HKD | | 匯率 | 1 RMB : 1.1243 HKD | | 第一項可選擇貨幣之派息金額 | 每 股 0.1498 RMB ...

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。 昆 侖 能 源 有 限 公 司 KUNLUN ENERGY COMPANY LIMITED (incorporated in Bermuda with limited liability) （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 | | | | 2025年 | 2024年 | 變動% | | 天然氣總銷售量 （百萬立方米） | 59,255 | 54,170 | 9.39 | | 天然氣零售氣量 （百萬立方米） | 33,509 | 32,757 | 2.30 | | 人民幣百萬元 | | 人民幣百萬元 | | | 收入 | 193,979 | 187,046 | 3.71 | | 除所得稅費用前溢利 | 11,661 | 12,635 | (7.71) | ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The environmental protection industry is experiencing significant growth, with companies like Longjing Environmental and Guangda Environment showing substantial increases in revenue and profit [1][6]. - The report emphasizes the importance of cash flow and green value in the waste-to-energy sector, highlighting the potential for growth in overseas markets [1][6]. - The report outlines a strategic focus on energy-saving equipment and industrial green transformation, driven by government policies and market dynamics [9][10]. Industry Trends - The report notes a 34% increase in Longjing Environmental's profit, with a revenue of 11.1 billion yuan, reflecting a strong performance despite impairment losses [1][6]. - Guangda Environment's revenue structure is shifting, with operational income increasing to 72% of total revenue, while construction income has decreased significantly [1][6]. - The report highlights the rising prices of biofuels, particularly bio-jet fuel, which has seen a 24.4% increase in Europe and a 4.7% increase in China [19][20]. Company Performance - Longjing Environmental's revenue for 2025 is reported at 11.9 billion yuan, a 43% increase after accounting for impairment [1][6]. - Guangda Environment's financial expenses have decreased, contributing to a net profit increase of 16% [1][6]. - The report recommends several companies for investment, including Longjing Environmental, Guangda Environment, and others, based on their growth potential and market positioning [1][6]. Policy Tracking - The report discusses the "High-Quality Development Implementation Plan for Energy-Saving Equipment," which focuses on six key types of energy-saving equipment to support industrial green transformation [9][10]. - It emphasizes the need for optimizing energy systems and integrating artificial intelligence into energy-saving equipment to enhance efficiency and reduce carbon emissions [9][10]. Market Dynamics - The report indicates a significant increase in the sales of new energy sanitation vehicles, with a 70.9% year-on-year growth, reflecting a growing trend towards electrification in the sanitation sector [34][42]. - The report also notes a decline in lithium and cobalt prices, impacting profitability in the lithium battery recycling sector [48][49].

Investment Rating - The report assigns an "Outperform" rating to several companies in the power equipment sector, including China General Nuclear Power, Dongfang Electric, and Doosan Enerbility, among others, with specific target prices and projected P/E ratios for 2025 and 2026 [1]. Core Insights - The report analyzes the competitive landscape of power equipment manufacturers in China, Japan, and South Korea, highlighting their distinct strategies and market positions in response to varying modernization timelines and infrastructure needs [3][30]. - South Korean companies are noted for aggressive overseas penetration, while Japanese firms maintain a stronghold on high-end technology and quality. Chinese companies leverage scale and cost advantages but have lower internationalization levels [4][30]. - The report emphasizes the significant growth in overseas demand for power equipment, particularly driven by AI data centers in the U.S., which benefits South Korean and Japanese companies more directly than their Chinese counterparts [3][4]. Summary by Sections Power Generation Equipment - Japan's Mitsubishi Heavy Industries (MHI) leads in high-end technology with an EBITDA margin of approximately 12% in its energy systems business. South Korea's Doosan Enerbility shows strong execution with a year-on-year order growth of 106.5% in 2025, while China's Dongfang Electric has the largest scale but lower internationalization [4][30]. Transmission Equipment - South Korean companies excel in the transmission equipment sector, with firms like HD Hyundai Electric and LS Electric rapidly increasing their market share in North America. Japanese companies like Hitachi Energy maintain a strong brand and reliability, while Chinese firms lead in UHV AC/DC technology but have lower overseas market shares [4][39]. Investment Recommendations - From a valuation perspective, South Korean companies exhibit the highest valuations with significant volatility, while Japanese companies are seen as relatively reasonably valued. Chinese companies show a wide range of valuations, with some being notably high [5][30]. - The report suggests a preference for Japanese companies over South Korean and Chinese firms in the power generation and transmission equipment sectors based on valuation, market benefits, and product technology recognition [5].

Group 1 - BlackRock, Inc. increased its stake in Kunlun Energy (00135.HK) by purchasing 4.83237 million shares at an average price of HKD 8.2917 per share, totaling approximately HKD 40.0686 million [1] - Following this transaction, BlackRock's total holdings in Kunlun Energy rose to 434,681,051 shares, increasing its ownership percentage from 4.96% to 5.02% [1][3]

智通财经APP获悉，据香港联交所最新数据显示，3月11日，贝莱德增持昆仑能源(00135)483.237万股， 每股作价8.2917港元，总金额约为4006.86万港元。增持后最新持股数目约为4.35亿股，持股比例为 5.02%。 ...

Core Viewpoint - BlackRock increased its stake in Kunlun Energy (00135) by acquiring 4.83237 million shares at a price of HKD 8.2917 per share, totaling approximately HKD 40.0686 million, raising its ownership to about 435 million shares, which represents 5.02% of the company [1] Group 1 - BlackRock's acquisition of shares indicates a positive outlook on Kunlun Energy's future performance [1] - The total investment made by BlackRock amounts to approximately HKD 40.0686 million [1] - Following the purchase, BlackRock's total shareholding in Kunlun Energy is approximately 435 million shares [1]

Investment Rating - The report maintains a positive outlook on the public utility and environmental protection sectors, indicating a favorable investment environment for these industries [1]. Core Insights - The report highlights the implementation of the "14th Five-Year Plan" focusing on the construction of a new energy system, emphasizing the integration of various energy sources such as wind, solar, hydro, and nuclear power [3][6]. - It notes the recent slight decline in global gas prices due to geopolitical tensions affecting LNG supply, particularly from Qatar, while also mentioning the stable domestic supply in the U.S. [14][20]. - The report provides specific investment recommendations across various sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, reflecting a diversified approach to energy investments [12][34]. Summary by Sections 1. Electricity - The "14th Five-Year Plan" emphasizes the construction of a new energy system, promoting non-fossil energy sources and setting ambitious installation targets for nuclear, offshore wind, and pumped storage by 2030 [3][7]. - The plan aims to enhance the efficiency and resilience of the power system, optimize energy flow, and accelerate the development of smart grids and new energy storage solutions [6][8]. 2. Gas - The report discusses the impact of ongoing Middle Eastern tensions on global gas prices, with specific price data indicating fluctuations in various markets, including a 10.27% increase in U.S. Henry Hub spot prices [14][15]. - It highlights the current state of LNG prices in Northeast Asia, which have decreased by 13.33% recently, while also noting the overall supply constraints due to geopolitical factors [28][32]. 3. Weekly Market Review - The public utility, electricity, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the reporting period, while the gas sector lagged behind [36]. 4. Company and Industry Dynamics - The report mentions recent developments in energy safety and the approval of new energy storage projects in Inner Mongolia, indicating ongoing investments in energy infrastructure [39][42]. - It also highlights significant projects such as the completion of the first unit of the "Hualong One" nuclear power plant in Zhejiang, marking a milestone in China's nuclear energy development [45][46].