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]

Summary of Kunlun Energy Conference Call Industry and Company Overview - **Company**: Kunlun Energy - **Industry**: Natural Gas and Energy Sector Key Points and Arguments Natural Gas Demand and Sales Performance - In the first three quarters of 2025, industrial natural gas demand showed a high single-digit growth, while commercial and residential demand remained flat [2][3] - The annual growth guidance for natural gas sales has been adjusted to 5%, with a low single-digit growth achieved from January to September [3] - The company aims to add 600,000 to 700,000 new users by the end of the year, nearing completion of this target [3] LNG and Oil Sales - The LNG receiving station's load factor is expected to be between 85% and 90% for the year, with processing volumes showing low single-digit growth [3] - LP sales are projected to be 5.8 million tons, consistent with last year's figures, with a mid-high single-digit growth achieved in the first three quarters [3] - Oil equity sales are on track to meet the initial guidance of 8 million barrels, with operations in four projects across three countries [3] Margin and Pricing Strategy - The average price difference for gas in the first half of the year was 4.4 yuan per cubic meter, slightly down from the previous year due to external factors [6] - The company anticipates margin improvement in the fourth quarter due to a decrease in Northeast Asia's JKM spot prices, which will optimize costs [6] - A cold winter may significantly boost sales, but the reduction in contract linkage ratios is expected to support margin improvement [6] Cost Management and Expenses - The company has fully accounted for labor costs in the first half of 2025, with higher sales and administrative expenses expected in the second half due to project settlements [7][10] - Safety governance expenses for 2024 are estimated at 600 million yuan, expected to remain stable compared to the previous year [7][10] Dividend Policy and Shareholder Returns - Kunlun Energy is implementing a dividend plan for 2023-2025 with a mid-term payout ratio of 45.46% [8] - A new dividend policy is expected to be introduced in Q1 2026, focusing on competitive returns for shareholders while ensuring stable company performance [9] Cash Reserves and Investment Strategy - The company has over 20 billion yuan in net cash reserves, earmarked for gas sector investments and facility construction [4][15] - In selecting acquisition targets, the company prioritizes projects with an internal rate of return (IRR) of 8% without leverage [16] Future Development and Strategic Direction - The company aims for long-term, stable performance to reward investors, focusing on five strategic areas: innovation, green energy, resource market management, and cost control [21] - Plans to enhance its integrated energy supply system and leverage AI technology for new growth points in the energy sector [21] Gas Source Stability - Approximately 80%-90% of the company's gas supply comes from pipeline gas from its parent company, ensuring stable supply [4][12] - The company maintains a competitive pricing strategy without discrimination, with industrial users contributing nearly 70% of retail volume [14] External Environment and Market Position - Despite uncertainties in the external environment, industrial users have shown relatively good growth, supported by flexible pricing and sales strategies [14] - The company is optimistic about improving margins further in the fourth quarter due to declining LNG spot prices and ongoing sales optimization [14] Oil Field Projects and Future Plans - The company currently has four oil field projects, with expiration dates ranging from 2037 to 2047, and plans to maintain stable development in this area [19] Gas Franchise Rights - Most of the company's gas franchise rights have not yet reached their expiration, and historical experience suggests that renewals are likely to proceed smoothly [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].

Core Viewpoint - Kunlun Energy (00135.HK) announced a sale agreement involving its subsidiaries, transferring a total of 100% equity in Xinjiang XinJie Petroleum Co., Ltd. to PetroChina Xinjiang for a total consideration of RMB 13.5 million, aiming to enhance resource allocation and focus on core urban gas distribution and sales business [1]. Group 1 - The sale involves the transfer of 51% and 49% equity stakes by Xinjiang Hengsheng and Xinjiang XinJie, respectively, to PetroChina Xinjiang [1]. - The board believes that this transaction will allow the company to allocate and utilize its resources more effectively [1]. - The objective of the sale is to enhance the company's market share and operational efficiency [1].

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 ...