中新网香港11月17日电 (罗英杰)中国石油控股昆仑能源有限公司(简称"昆仑能源")16日首次在香港葵青 码头成功完成LNG(液化天然气)船用燃料码头加注作业。本次受注船"以星海蓝石号"途经香港加注以满 足后续前往终点土耳其的航船燃料需求。这是继今年2月完成香港首次锚地LNG船用燃料加注后的又一 重要里程碑。 11月16日，中国石油控股昆仑能源有限公司首次在香港葵青码头成功完成LNG(液化天然气)船用燃料码 头加注作业。(主办方供图) 中国石油亚太(香港)公司副总经理韩绍国表示，作为扎根香港的中央企业，中国石油将保障香港能源稳 定供应作为重中之重。未来，中国石油将继续深化与香港的合作，推动绿色航运标准与国际接轨。 香港特区政府运输及物流局副局长廖振新等各界代表现场观摩加注仪式。廖振新表示，昆仑能源于今年 初在香港首次完成液化天然气加注后，不但引起了海内外的巨大兴趣，亦有越来越多的内地和海外远洋 船选择到香港进行绿色燃料加注。(完)【编辑:于晓艳】 今年2月14日，昆仑能源LNG加注船成功为"以星海蓝石号"加注2200吨超低温液化天然气，完成香港首 次"船对船"海上超低温液化天然气(LNG)船用燃料加注作业。1 ...

Core Insights - The company presented its core business operations and significant developments at the 2026 Investment Summit, highlighting growth in retail gas volume, LNG supply chain synergy, LPG sales, and crude oil performance, while addressing investor concerns regarding gross margin trends, medium to long-term planning, non-gas business, and dividend policies [1] Business Performance - The company expects to achieve its annual guidance with retail gas growth projected to return to 5% for the year, driven by high single-digit growth from industrial users and efficient operation of LNG receiving stations with an expected annual load factor of 85%-90% [1] - LPG sales showed high single-digit growth in the first nine months, with a slight increase anticipated for the full year, while crude oil production is expected to stabilize at 8 million barrels [1] Gross Margin and Cost Trends - The gross margin for the first half of the year was 0.44 CNY per cubic meter, a slight year-on-year decrease, primarily due to gas station integration and promotional strategies for industrial users; however, a stable to slightly increasing trend is expected in the second half due to cost optimization in winter [2] - The company anticipates that gas demand will remain robust under the dual carbon goals, supported by industry pricing mechanisms, which will help maintain gross margins within a reasonable range [2] Medium to Long-term Strategy - The company has outlined a medium to long-term strategy focusing on "innovation, green, market, capital, and low cost," aiming to become a leading comprehensive energy supplier in China, with natural gas market share expected to align with upstream supply [2] - Non-gas business initiatives include a 380,000 kW onshore wind power project in Shandong set to be operational by Q3 2026, and the "Kunlun Huixiang+" value-added business showing good growth, albeit still at a small scale [2] Dividend Policy and Valuation - The interim dividend was set at 0.166 CNY per share, reflecting a year-on-year increase of 1.2%, with a payout ratio of 45.5%, up by 2.5 percentage points year-on-year; the current stock price corresponds to a projected dividend yield of 4.8% for 2025 [3] - The company maintains profit forecasts for 2025-2027 at 6.15 billion, 6.49 billion, and 6.84 billion CNY, respectively, with corresponding EPS of 0.71, 0.75, and 0.79 CNY, and a target price of 8.58 HKD based on an 11x 2025E PE ratio [3]

Investment Rating - The report maintains a "Buy" rating for Kunlun Energy [9] Core Views - The company is expected to achieve dual growth in profitability and dividends, leading to a revaluation of its long-term value [3] - The company has outlined its core business operational trends and significant progress, including retail gas volume growth, LNG industry chain synergy, LPG sales, and crude oil performance [3] Summary by Relevant Sections Business Performance - Retail gas volume growth for the first nine months is expected to return to 5%, driven by high single-digit growth from industrial users [4] - The LNG receiving station is projected to operate at an annual load factor of 85%-90% [4] - LPG sales showed high single-digit growth in the first nine months, with a slight increase expected for the full year [4] - Crude oil production is anticipated to stabilize at 8 million barrels for the year [4] Margin and Cost Trends - The gross margin for the first half was 0.44 RMB per cubic meter, a slight year-on-year decrease of 0.01 RMB, influenced by gas station integration and promotional strategies for industrial users [4] - A stable to slightly increasing gross margin is expected in the second half due to cost optimization in winter [4] - Long-term demand for gas is expected to remain robust, supported by the dual carbon goals and industry pricing mechanisms [4] Long-term Planning and Non-gas Business - The company has clarified its long-term focus on five strategies: innovation, green energy, market, capital, and low cost [5] - The company aims to become a leading comprehensive energy supplier in China, with a natural gas terminal market share expected to match upstream supply [5] - The Shandong 380,000 kW onshore wind power project is planned to be operational by Q3 2026 [5] Dividend Policy - The interim dividend is set at 0.166 RMB per share, reflecting a year-on-year increase of 1.2%, with a payout ratio of 45.5% [4] - The current stock price corresponds to a 2025 estimated dividend yield of 4.8% [4] - The dividend policy for 2023-2025 is expected to be steadily implemented, with a more positive outlook for 2026-2028 [4] Profit Forecast and Valuation - The report maintains the forecast for the company's net profit attributable to the parent company at 6.15 billion, 6.49 billion, and 6.84 billion RMB for 2025-2027, respectively [6] - The target price is set at 8.58 HKD, based on an 11x PE for 2025E and an exchange rate of 0.91 for HKD to RMB [6]

昆仑能源 20251106 摘要 昆仑能源前三季度工业端天然气需求保持较高单位数增长，商业和居民 端基本持平。全年新增用户目标接近完成，LNG 接收站负荷率预计在 85%-90%，LP 销售实现中高单位数增长，原油权益销售符合年初指引。 上半年每方气价差为 4.4 元，前三季度毛差水平保持稳定。合同期量价 格政策调整，如挂钩比例从 100%降至 90%，以及 CLD 挂钩指数调整 3%-7%，预计四季度东北亚 JKM 现货价格下降将优化成本，从而支撑 毛差改善。 冷冬可能显著带动销量增加，但合同挂钩比例下降预计对价差改善有一 定支撑作用。公司通过优化成本和管理措施，力争维持合理稳定的价差 水平，并有所改善。 2025 年上半年人工成本已充分计提，下半年集中结算项目费用，销管 费用通常较高。2024 年安全治理费用约为 6 亿元，今年预计基本持平。 昆仑能源正在实施 2023-2025 年度派息计划，中期派息比例为 45.46%。公司重视投资者回报，并计划在明年一季度推出新的分红政 策指引，覆盖 2026-2028 年度。 Q&A 昆仑能源在 2025 年前三季度的运营表现如何？各业务板块的具体情况怎样？ 20 ...

| 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 (-) | | | | | | | HKD | | | | 本月底結存 | | | 16,000,000,000 | HKD | | 0.01 | HKD | | 160,000,000 | 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 | | | 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11月3日 I. 法定/註冊股本變動 FF301 III.已發行股份及/或庫存股份變動詳情 ...

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） 自願公告 香 港，2025年10月30日 於 本 公 告 日 期，董 事 會 成 員 包 括 劉 國 海 先 生 為 主 席 兼 執 行 董 事、錢 治 家 先 生 為 行 政 總 裁 兼 執 行 董 事、呂 菁 女 士 及 戚 振 忠 先 生 為 非 執 行 董 事，及 辛 定 華 先 生、曾 鈺 成 先 生 及 郭 志 成 先 生 為 獨 立 非 執 行 董 事。 本 公 告 乃 由 昆 侖 能 源 ...

Core Viewpoint - Kunlun Energy (00135) has entered into a sale agreement to transfer 51% and 49% stakes in Xinjiang Xin Jie Petroleum Co., Ltd. to PetroChina Xinjiang for a total consideration of RMB 13.5035 million, aiming to enhance resource allocation and focus on core urban gas distribution and sales business [1]. Group 1 - The transaction involves Kunlun Energy's wholly-owned subsidiary Xinjiang Xin Jie, along with PetroChina Xinjiang and Xinjiang Heng Sheng, selling stakes in the target company [1]. - The target company primarily operates gas stations in northern Xinjiang and is managed by Xinjiang Xin Jie [1]. - The board believes that the sale will allow the group to allocate and utilize resources more effectively, with the goal of increasing market share and business efficiency [1].

Core Viewpoint - Kunlun Energy (00135) has entered into a sale agreement to transfer 51% and 49% stakes in Xinjiang Xin Jie Petroleum Co., Ltd. to PetroChina Xinjiang for a total consideration of RMB 13.5035 million, allowing the company to focus on its core business of urban gas distribution and sales [1]. Group 1 - The sale involves Kunlun Energy's wholly-owned subsidiary Xinjiang Xin Jie, PetroChina Xinjiang, and Xinjiang Heng Sheng, with the target company primarily operating gas stations in northern Xinjiang [1]. - The board believes that the sale will enable the group to allocate and utilize its resources more effectively, aiming to enhance market share and business efficiency [1]. - The transaction is viewed as beneficial for the company and its shareholders overall [1].

董事会认为出售事项将使集团能够更有效地分配及利用其资源，专注于城市燃气的分销及销售等主要业 务，并以提升集团的市场份额及业务效率为目标。因此，董事会认为，出售事项将公司及股东整体有 利。 格隆汇10月30日丨昆仑能源(00135.HK)宣布，于2025年10月30日，附属(新疆新捷、新疆恒晟)、中石油 新疆、与目标公司新疆新捷石油有限公司订立买卖协议，据此，新疆恒晟及新疆新捷分别同意向中石油 新疆转让新疆新捷石油有限公司的51%及49%股权，总代价为人民币1350万元。 ...

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） 關連交易 轉讓目標公司之股權 買賣協議 董事會欣然宣佈，於2025年10月30日，新疆新捷、中石油新疆、新疆恆晟與目標公司訂立買賣協 議，據此，新疆恆晟及新疆新捷分別同意向中石油新疆轉讓目標公司的51%及49%股權，總代價為 人民幣13,503,500元。 進行出售事項之理由及裨益 董事會認為出售事項將使本集團能夠更有效地分配及利用其資源，專注於城市燃氣的分銷及銷售 等主要業務，並以提升本集團的市場份額及業務效率為目標。因此，董事會認為，出售事項將對 本公司及股東整體有利。 上市規則之涵義 截至本公告日期，中石油香港有限公司持有本公司4,708,302,133股股份，佔本公司已發行股本的 ...