格隆汇3月10日丨昆仑能源(00135.HK)公布，公司将于2026年3月24日(星期二)举行董事会会议，藉以(其 中包括)审议公司及其附属公司截至2025年12月31日止年度的全年业绩，及考虑宣派股息(如有)。 ...

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) 承董事會命 昆侖能源有限公司 公司秘書 謝茂 香港，二零二六年三月十日 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、賀永利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。 （股份代號：00135.HK） 董事會會議通告 茲通告昆侖能源有限公司（「本公司」）將於二零二六年三月二十四日（星期二）舉行董事會（「董事會」） 會議，藉以（其中包括）審議本公司及其附屬公司截至二零二五年十二月三十一日止年度的全年業 績，及考慮宣派股息（如有）。 ...

本文源自：市场资讯 作者：情报员 天眼查工商信息显示，近日，昆仑能源有限公司出资34017万元成立聊城昆仑新能源技术有限公司，持 股51%，所属行业为科技推广和应用服务业。 资料显示，聊城昆仑新能源技术有限公司成立于2024年8月9日，法定代表人为刘大可，注册资本66700 万人民币，公司位于聊城市，新兴能源技术研发、新能源原动设备销售、机电耦合系统研发、生物质燃 料加工、新材料技术推广服务、电力行业高效节能技术研发、技术服务、技术开发、技术咨询、技术交 流、技术转让、技术推广、光伏设备及元器件销售、海上风电相关系统研发、太阳能发电技术服务、机 械设备研发。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：发电业务、 输电业务、供（配）电业务。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营 项目以相关部门批准文件或许可证件为准）。 ...

Group 1 - The core viewpoint of the report is that the situation in the Middle East is causing fluctuations in global oil and natural gas prices, with potential supply impacts exceeding 20% on the global LNG market if disruptions persist [1] - The short-term impact on Chinese gas utilities is limited, as spot LNG accounts for approximately 10% of their total natural gas resources, resulting in minimal immediate effects on procurement costs [1] - However, sustained high oil and gas prices may lead to increased procurement costs for pipeline gas and LNG, potentially affecting industrial gas demand, prompting a cautious outlook for the sector [1] Group 2 - The company prefers Kunlun Energy (00135) due to its limited exposure to spot LNG risks, expecting it to perform better than peers in a high energy price environment, with a target price of HKD 9 and a "Buy" rating [1] - New Hope Energy (02688) is also viewed positively for its stock price upside potential, as its parent company has seen a recent stock price increase, with a current A-share and H-share price difference of 40%, and its LNG contracts can hedge against rising spot LNG prices [1] - The target price for New Hope Energy is set at HKD 72.5 with a "Buy" rating, while the target price for its parent company is RMB 18.5 with a "Neutral" rating [1]

Core Viewpoint - The geopolitical situation in the Middle East is causing fluctuations in global oil and natural gas prices, with potential supply impacts exceeding 20% on the global LNG market if disruptions persist [1] Industry Summary - The short-term impact on Chinese gas utilities is limited, as spot LNG constitutes about 10% of their total gas resources, resulting in minimal immediate effects on procurement costs [1] - However, sustained high oil and gas prices may lead to increased procurement costs for pipeline gas and LNG, potentially affecting industrial gas demand [1] - The firm maintains a cautious outlook for the sector [1] Company Summary - The firm prefers Kunlun Energy (00135) due to its limited exposure to spot LNG risks, expecting it to perform better than peers in a high energy price environment, with a target price of HKD 9 and a "Buy" rating [1] - The firm is also optimistic about the upside potential for ENN Energy (02688), as its parent company ENN Group (600803.SH) has seen a recent stock price increase, with a current A-share and H-share price difference of 40%. The company's LNG contracts can hedge against rising spot LNG prices [1] - The target price for ENN Energy is set at HKD 72.5 with a "Buy" rating, while the target price for ENN Group is RMB 18.5 with a "Neutral" rating [1]

Group 1 - The core viewpoint of the article is that the situation in the Middle East is causing fluctuations in global oil and natural gas prices, with potential supply impacts exceeding 20% on the global LNG market if disruptions persist [1] - Morgan Stanley believes that the short-term impact on Chinese gas utilities is limited, as spot LNG accounts for about 10% of their total gas resources, resulting in minimal immediate effects on procurement costs [1] - However, sustained high oil and gas prices may lead to increased procurement costs for pipeline gas and LNG, potentially affecting industrial gas demand, prompting a cautious outlook for the sector [1] Group 2 - The company prefers Kunlun Energy (00135) due to its limited exposure to spot LNG risks, which is expected to perform better than peers in a high energy price environment, with a target price of HKD 9 and a "Buy" rating [1] - New Hope Energy (02688) is also viewed positively for its stock price upside potential, as its parent company has seen a recent stock price increase, with a current A-share and H-share price difference of 40% [1] - The company's LNG contracts can hedge against the risk of rising spot LNG prices, with a target price of HKD 72.5 for New Hope Energy and a "Buy" rating, while the target price for its parent company is RMB 18.5 with a "Neutral" rating [1]

Group 1 - The core viewpoint of the report indicates that the situation in the Middle East is causing fluctuations in global oil and natural gas prices, with potential supply impacts exceeding 20% on the global LNG market if disruptions persist [1] - The short-term impact on Chinese gas utilities is considered limited, as spot LNG accounts for approximately 10% of their total natural gas resources, resulting in minimal immediate effects on procurement costs [1] - However, sustained high oil and gas prices may lead to increased procurement costs for pipeline gas and LNG, potentially affecting industrial gas demand, prompting a cautious outlook for the sector [1] Group 2 - The report expresses a relative preference for Kunlun Energy due to its limited exposure to spot LNG risks, suggesting it may perform better than peers in a high energy price environment [1] - A target price of HKD 9 and an "Overweight" rating are currently assigned to Kunlun Energy [1]

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 | 截至月份: | 2026年2月28日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 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: | 2026年3月2日 | | | | I. 法定/註冊股本變動 | | | | | 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 ...

Core Viewpoint - The company, as the only natural gas terminal sales platform under PetroChina, is transitioning from a cyclical stock to a growth-oriented entity, supported by strong cash flow and a strategic focus on downstream city gas business [1][4]. Financial Position - As of June 30, 2025, the company has cash and time deposits totaling 42.875 billion yuan, with a projected free cash flow exceeding 9 billion yuan in 2024, indicating potential for increased dividends [1]. - The company plans to distribute 45% of its profits as dividends in 2025, and the current stock price corresponds to a dividend yield of 4.3% [3][4]. Growth Potential - The company is expected to maintain high growth in gas sales, with retail gas volume growth rates projected at 3.7%, 4.4%, and 4.8% for 2025-2027 [4]. - The company is leading in the number of new city gas projects, which are anticipated to contribute significantly to gas sales growth [2]. Operational Advantages - The company operates two LNG receiving stations and is constructing a third in Fujian, expected to be operational by 2027, which will further enhance performance [3]. - The company benefits from strong resource support from its controlling shareholder, PetroChina, providing a competitive edge in the industrial user market [2]. Profitability Forecast - The company is projected to achieve net profits of 6.074 billion, 6.276 billion, and 6.606 billion yuan for 2025-2027, with corresponding EPS of 0.70, 0.72, and 0.76 yuan per share [3][4]. - The company’s price-to-earnings ratio is expected to be 11, 10, and 10 times for 2025-2027, respectively, indicating a favorable valuation compared to peers [3].

Investment Rating - The report assigns an initial investment rating of "Buy" for the company, highlighting its potential for resource empowerment and stable dividend growth [5][7]. Core Views - The company is positioned as the only natural gas terminal sales platform under PetroChina, having transitioned from exploration and development to focus on downstream natural gas sales and comprehensive utilization since 2008 [6][14]. - The company has a strong cash position with a total cash and deposits of 42.875 billion RMB as of June 2025, and a projected free cash flow exceeding 9 billion RMB in 2024, indicating potential for increased dividends [6][29]. - The company is expected to maintain high gas sales growth, with retail gas volume growth rates projected at 3.7%, 4.4%, and 4.8% for 2025-2027 [8][49]. Summary by Relevant Sections Financial Performance - Revenue projections for the company are as follows: 177.35 billion RMB in 2023, 187.05 billion RMB in 2024, and reaching 207.06 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 3.6% [5][6]. - The net profit attributable to shareholders is forecasted to be 5.68 billion RMB in 2023, increasing to 6.61 billion RMB by 2027, reflecting a steady growth trajectory [5][6]. - The earnings per share (EPS) are expected to rise from 0.66 RMB in 2023 to 0.76 RMB in 2027, with a price-to-earnings (P/E) ratio projected at 10-11 times [5][7]. Market Position and Strategy - The company has a leading position in acquiring new city gas projects, with 293 projects as of June 2025, despite a general slowdown in the industry [36][37]. - The company benefits from a strong resource guarantee from its parent company, PetroChina, which enhances its ability to supply industrial users and maintain competitive pricing [9][43]. - The company operates two LNG receiving stations and is constructing a third, which is expected to contribute to revenue growth upon completion in 2027 [77][80]. Risk Management and Stability - The company has a lower debt ratio of 35.3% as of June 2025, which is below that of its peers, indicating a strong financial position [23][29]. - The company’s gas sales structure is heavily weighted towards industrial users, which allows for better price transmission and stability in profit margins [56][62]. - The company has a robust dividend policy, planning a payout ratio of 45% in 2025, with a current dividend yield of 4.3% based on the latest stock price [7][29].