Core Viewpoint - The company reported its mid-year performance for 2025, showing a revenue of 97.543 billion yuan, a year-on-year increase of 5.0%, while the net profit attributable to shareholders decreased by 4.4% to 3.161 billion yuan, with a dividend of 0.166 yuan per share, reflecting a payout ratio of 45.5% [1] Group 1: Financial Performance - In H1 2025, the company's pre-tax profit was 6.737 billion yuan, a decrease of 7.1% year-on-year, and the net profit attributable to shareholders was 3.161 billion yuan, down 4.4%, which was below expectations [2] - The natural gas sales business saw a gross profit decline of 410 million yuan year-on-year, attributed to wholesale gas price adjustments and a narrowing price difference in the gas station business model [2] - Other income decreased to 381 million yuan from 746 million yuan in H1 2024, impacted by the progress of government subsidy projects [2] Group 2: Business Segmentation - Natural gas sales revenue increased by 6.1% to 80.078 billion yuan, but pre-tax profit fell by 10.5% to 4.477 billion yuan, with pre-tax profit accounting for 66.4% of total profit, down 2.6 percentage points year-on-year [2] - Exploration and production revenue and pre-tax profit decreased by 16.3% and 64.9% respectively, with crude oil sales volume at 4.12 million barrels, a year-on-year increase of 1.9%, but average selling price down by 7.2% to 62.9 USD per barrel [2] - LNG processing and storage revenue decreased by 1.6% to 4.371 billion yuan, while pre-tax profit increased by 11.4% to 1.836 billion yuan, with total processing volume up by 1.7% to 7.9 billion cubic meters [2] Group 3: Strategic Positioning - The company benefits from strong backing by PetroChina, which holds 56.05% of its shares, providing resource security for its city gas and LPG sales businesses [3] - The company is strategically positioned to capitalize on the transfer of manufacturing industries to the central and northeastern regions of China, achieving a year-on-year increase of 2.2% in retail gas volume in H1 2025 [3] - The company has adjusted its retail gas volume growth guidance for 2025 from 8% to 5%, leading to a downward revision of net profit forecasts for 2025-2027 [3]

Core Viewpoint - Jianyin International has downgraded Kunlun Energy's (00135) core profit forecast for 2025 to 2027 by 5% and slightly reduced the target price from HKD 8.7 to HKD 8.5 while maintaining an "outperform" rating [1] Financial Performance - Kunlun Energy's net profit for the first half of the year decreased by 4.4% to RMB 3.2 billion, primarily due to a 10.5% year-on-year decline in natural gas sales and a 3% drop in pre-tax profit from liquefied petroleum gas (LPG), which offset an 11% increase in pre-tax profit from LNG receiving and processing operations [1] - Despite the profit decline, the interim dividend increased by 1.2% year-on-year to RMB 0.166, with the payout ratio rising from 43% last year to 45.5% in the first half of this year [1] Sales and Market Conditions - The report indicates that warm winter and leasing gas stations to the parent company led to a slowdown in retail natural gas sales growth from 8.1% last year to 2.2% in the first half of this year [1] - The company aims for a 5% year-on-year increase in total retail natural gas sales for the year, with a projected 7.7% growth in the second half, considering normalization of vehicle natural gas sales base, accelerated contributions from new gas projects, and potentially favorable weather conditions [1] Profitability Outlook - The company expects unit gross margins to remain stable in the second half, supported by a recovery in natural gas sales structure and weak overall procurement costs, along with continuous improvement in LNG processing plant profits, which will help offset the impact of weak gas sales profits for the year [1]

Core Viewpoint - Jianyin International has downgraded Kunlun Energy's (00135) core profit forecast for 2025 to 2027 by 5% and slightly reduced the target price from HKD 8.7 to HKD 8.5 while maintaining an "outperform" rating [1] Financial Performance - Kunlun Energy's net profit for the first half of the year decreased by 4.4% to RMB 3.2 billion, primarily due to a 10.5% year-on-year decline in natural gas sales and a 3% drop in pre-tax profit from liquefied petroleum gas (LPG), which offset an 11% increase in pre-tax profit from LNG receiving and processing operations [1] - Despite the profit decline, the interim dividend increased by 1.2% year-on-year to RMB 0.166, with the payout ratio rising from 43% last year to 45.5% in the first half of this year [1] Sales and Market Conditions - The report indicates that warm winter and leasing gas stations to the parent company led to a slowdown in retail natural gas sales growth from 8.1% last year to 2.2% in the first half of this year [1] - The company aims for a 5% year-on-year increase in total retail natural gas sales for the year, with a projected 7.7% growth in the second half, considering normalization of vehicle natural gas sales and contributions from new gas projects [1] Profitability Outlook - The company expects unit gross margins to remain stable in the second half, supported by a recovery in the natural gas sales structure and weak overall procurement costs, along with continued improvement in LNG processing plant profits, which will help offset the impact of weak gas sales profits for the year [1]

证券研究报告·海外公司点评·公用事业Ⅱ(HS) 昆仑能源（00135.HK） 2025 年中报点评：售气价差回落&补贴确认 减少导致业绩承压，DPS 提升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 177,726 | 187,046 | 194,158 | 206,079 | 217,252 | | 同比(%) | 3.16 | 5.24 | 3.80 | 6.14 | 5.42 | | 归母净利润（百万元） | 5,682 | 5,960 | 6,061 | 6,341 | 6,635 | | 同比(%) | 8.68 | 4.89 | 1.70 | 4.61 | 4.63 | | EPS-最新摊薄（元/股） | 0.66 | 0.69 | 0.70 | 0.73 | 0.77 | | P/E（现价&最新摊薄） | 10.29 | 9.81 | 9.65 | 9.22 | 8.81 | [Table_Ta ...

Core Viewpoint - The company reported a mixed performance for the first half of 2025, with revenue growth but declines in profit metrics, alongside a notable increase in natural gas sales volume and stable LNG processing performance [1][2][3]. Revenue and Profitability - The company's revenue for H1 2025 was RMB 97.543 billion, an increase of RMB 4.621 billion or 4.97% year-on-year [1] - Profit before tax was RMB 6.737 billion, a decrease of RMB 0.512 billion or 7.06% year-on-year [1] - Net profit attributable to shareholders was RMB 3.161 billion, down RMB 0.144 billion or 4.36% year-on-year [1] - The interim dividend was set at RMB 0.166 per share, slightly up from RMB 0.164 per share in the same period last year [1] Natural Gas Sales Performance - The company achieved a natural gas sales volume of 29.095 billion cubic meters, a year-on-year increase of 10.05% [1] - Retail gas volume was 16.666 billion cubic meters, up 2.23% year-on-year [1] - The average natural gas sales price was RMB 2.77 per cubic meter, a decrease of RMB 0.1 per cubic meter year-on-year [1] LNG Processing and Storage - The LNG processing and storage segment generated revenue of RMB 4.371 billion, a decrease of 1.58% year-on-year [2] - Profit before tax for the LNG segment was RMB 1.836 billion, an increase of 11.41% year-on-year [2] - The average production load rate for 14 operational plants was 57.1%, indicating stable high-load operations [2] Oil and LPG Sales - The average selling price of crude oil fell from USD 67.77 per barrel to USD 62.88 per barrel, leading to a revenue decline of 15.91% to RMB 0.74 billion [3] - LPG sales volume increased by 4.87% to 3.0684 million tons, with revenue rising by 1.03% to RMB 13.02 billion [3] Cost Management and Capital Expenditure - The company reduced other sales, general, and administrative expenses to approximately RMB 1.121 billion, down 8.86% year-on-year [3] - Capital expenditure for H1 2025 was RMB 1.926 billion, a decrease of 31.6% year-on-year [3] Profit Forecast and Valuation - The profit forecasts for 2025, 2026, and 2027 have been revised down to RMB 6.229 billion, RMB 6.696 billion, and RMB 7.213 billion respectively [4]

Core Viewpoint - Kunlun Energy reported its mid-year performance for 2025, showing a slight increase in revenue but a decrease in net profit attributable to shareholders, leading to a proposed interim dividend of 0.1791 HKD per share [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 97.543 billion CNY, a year-on-year increase of 4.97%, while net profit attributable to shareholders was 3.161 billion CNY, a decrease of 4.36%, slightly below expectations [1] - The company's natural gas sales revenue reached 80.078 billion CNY, with a year-on-year growth of 6.06%, but the tax-pre profit from natural gas sales decreased by 10.55% to 4.477 billion CNY [2] - The company plans to increase its dividend payout ratio to 45% for 2025, with a current dividend yield of approximately 4.4% [4] Group 2: Natural Gas Sales - Total natural gas sales volume in the first half of 2025 was 29.095 billion m³, a year-on-year increase of 10.05%, with retail gas volume at 16.666 billion m³, up 2.23% [2] - The company added 5 new city gas projects and 398,800 new users, bringing the total user base to 16.8526 million by the end of the first half of 2025 [2] - The gross margin for natural gas sales was 0.44 CNY/m³, a decrease of 0.01 CNY/m³ year-on-year, attributed to a decline in sales volume from commercial and refueling stations [2] Group 3: LNG and LPG Performance - The average load factor of LNG receiving stations reached 86.8%, an increase of 1.4 percentage points year-on-year, with LNG loading volume increasing by 75.5% [3] - Tax-pre profit from LNG processing and storage grew by 11.4% to 1.836 billion CNY, with steady profit growth from both receiving stations and processing plants [3] - LPG sales volume increased by 4.9% to 3.0684 million tons, but tax-pre profit from LPG business decreased by 3.03% to 544 million CNY due to a decline in unit selling price [3]

Core Viewpoint - Kunlun Energy reported a revenue of 97.5 billion yuan for 1H25, representing a year-on-year increase of 5.0%, while the net profit attributable to shareholders was 3.16 billion yuan, down 4.4% year-on-year, which was below the forecast of 3.41 billion yuan by Huatai Securities [1] Group 1: Financial Performance - The retail gas volume for 1H25 increased by 2.2% year-on-year to 16.67 billion cubic meters, with industrial gas volume growing by 8.0%, while commercial and residential gas volumes decreased by 1.5% and 3.6% respectively [2] - The average selling price difference for 1H25 decreased by 1 cent year-on-year to 0.44 yuan, influenced by changes in sales gas structure and rising contract gas prices in Q2 [2] - The tax pre-profit for the natural gas sales segment decreased by 10.6% year-on-year, primarily due to a decline in distribution and connection gross profit [2] Group 2: LNG Segment - The LNG factory achieved a tax pre-profit of 140 million yuan in 1H25, marking a historical high, with an average processing load rate of 57.1% across 14 operational factories [3] - The average load rate for LNG receiving stations was 86.8% in 1H25, an increase of 1.4 percentage points year-on-year, with expectations for the load rate to remain around 90% from 2025 to 2027 [2][3] - The company is constructing a 3 million tons/year LNG receiving station in Fujian, expected to contribute profit increments post-2027, and the Jiangsu LNG receiving station's third phase is anticipated to add 6.25 million tons/year of unloading capacity by 2029 [3] Group 3: Future Projections and Valuation - The profit forecast for Kunlun Energy's net profit attributable to shareholders for 2025-2027 has been revised down by 8.0%, 10.4%, and 13.2% to 6.15 billion, 6.49 billion, and 6.84 billion yuan respectively, with corresponding EPS of 0.71, 0.75, and 0.79 yuan [3] - The target price has been adjusted to 8.58 HKD from a previous value of 9.21 HKD, based on an 11x PE for 2025E, which is higher than the three-year average of 7.6x PE [3]

分销与贸易业务盈利能力仍存下行压力。剔除补贴减少影响外，我们测算公司天然气销售业务盈利仍有 所下降，我们认为主因1H25 LNG 现货价格走弱导致天然气分销与贸易业务的盈利能力出现下行，向前 看，考虑到2026 年起国际LNG 供需关系或趋于宽松，我们认为部分对LNG 现货价格敏感度较高的分销 与贸易气量的盈利能力或仍存下行压力。 机构：中金公司 研究员：严蓓娜/李唐懿/裘孝锋 1H25 业绩低于我们预期 公司公布1H25 业绩：收入975.4 亿元，YoY+5%；归母净利润31.6 亿元，YoY-4%，低于我们预期，主 因部分老旧管网改造已于2024 年结束，应确认补贴减少导致1H25 其他收益净额同比减少49%至3.8 亿 元。 1H25 公司天然气销售量同比+10%至291 亿方，其中分销与贸易气量同比+22.6%至124 亿方，零售天然 气量同比+2.2%至167 亿方（工业气量+8.0% YoY），零售气价差0.44 元/方，YoY-0.01 元/方，新增用户 39.9 万户，YoY-11.2%，接收站平均负荷率86.8%，YoY+1.4ppt； LNG 工厂平均负荷率57.1%，YoY -1.3p ...

Core Viewpoint - The report from CMB International indicates a downward revision of Kunlun Energy's (00135) profit forecasts for the next two years by 8% and 10% due to a decline in retail gas sales growth predictions [1] Financial Performance - Kunlun Energy's profit for the first half of the year decreased by 4.4% to 3.16 billion RMB, achieving only 45% of the original annual forecast [1] - The company's core profit is expected to remain stable at approximately 6.4 billion RMB this year, with projected year-on-year growth of 5.5% and 6.3% for 2026 and 2027 respectively [1] - The interim dividend increased by 1.2% year-on-year, with a payout ratio of 45.46%, slightly above the annual payout guidance [1] Sales and Growth Projections - Despite low growth in retail gas volume, the company added five city gas projects in the first half and expects to acquire another five projects in the second half, which will enhance annual gas volume contributions [1] - The company anticipates that the retail gas volume growth rate in the second half will be higher than that of the first half, with an expected year-on-year increase of 4.5% for the year, compared to the company's guidance of 5% [1] - The expected gross margin for gas sales is projected to remain at 0.44 RMB per cubic meter, while LNG processing volume is expected to increase by 1.6% year-on-year [1] Profitability of LNG Segment - The tax-pre profit for the LNG segment is projected to double to 260 million RMB this year, with a year-on-year increase of 8.9% [1]

中银国际发布研报称，昆仑能源(00135)上半年净利润同比下跌4%至31.61亿元人民币，较该行预测低 7%，主要由于自天然气销售业务零售销量、单位毛利及其他收益均低于预期。由于下半年通常有较高 销售及行政开支入帐，中银国际预期昆仑能源下半年盈利较上半年再下跌17%，另将2025至2027年每立 方米单位毛利预测下调0.03元人民币，相应将2025至2027年盈利预测下调9%至13%，并将目标价从 10.08港元下调至9.6港元，维持"买入"评级。 ...