Core Viewpoint - The company reported a revenue of 193.979 billion yuan for 2025, representing a year-on-year growth of 3.71%, while the profit attributable to shareholders decreased by 10.30% to 5.346 billion yuan [1] Group 1: Natural Gas Sales Performance - Despite a challenging environment with a mere 0.1% year-on-year growth in national natural gas consumption, the company achieved a natural gas sales volume of 59.255 billion cubic meters, up 9.4% year-on-year, due to market expansion efforts [1] - The company developed 11 new city gas projects across eight provinces, contributing to a 2.3% increase in retail gas volume and a 20.2% increase in distribution and trading volume [1] - The average selling price of natural gas was 2.73 yuan per cubic meter, down 0.11 yuan, while the average purchase price was 2.28 yuan per cubic meter, down 0.09 yuan, leading to a weighted average price difference of 0.45 yuan per cubic meter, a decrease of 0.02 yuan from 2024 [1] Group 2: LNG and LPG Business Performance - The company processed a total of 16.527 billion cubic meters at its LNG receiving stations in 2025, a 3.7% increase, with an average load factor of 90.8%, up 3.2 percentage points [2] - Revenue from LNG receiving stations reached 5.039 billion yuan, a 5.3% increase, while tax profit was 3.765 billion yuan, up 5.2% [2] - The LPG sales volume increased by 6.3% to 6.1477 million tons, driven by a 23.4% growth in industrial direct supply sales, resulting in a tax profit of 0.837 billion yuan, an 8.3% increase [2] Group 3: Dividend and Future Earnings Estimates - The company plans to distribute a final dividend of 0.1498 yuan per share for 2025, with a payout ratio of 51%, corresponding to a dividend yield of 4.32% based on the closing price on March 24 [3] - Earnings estimates for 2025-2027 are projected at 5.626 billion yuan, 5.921 billion yuan, and 6.321 billion yuan, with corresponding EPS of 0.65 yuan, 0.68 yuan, and 0.73 yuan, and PE ratios of 10.09, 9.59, and 8.98 respectively [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In 2025, despite a challenging environment with a mere 0.1% year-on-year growth in national natural gas apparent consumption, the company's natural gas sales volume still achieved a robust growth of 9.4%. However, the gross margin continued to be under pressure, with the weighted average purchase and sales price difference decreasing by 0.02 CNY per cubic meter year-on-year to 0.45 CNY per cubic meter, which limited the performance of the segment. The pre-tax profit from the natural gas sales business decreased by 17.6% year-on-year [2][5]. - The LNG and LPG business operations showed continuous improvement, with pre-tax profits for LNG receiving stations, LNG plants, and LPG sales increasing by 5.3%, 144.7%, and 8.3% year-on-year, respectively. Overall, due to the pressure on the natural gas sales business, the company achieved a net profit attributable to shareholders of 5.346 billion CNY in 2025, a decrease of 10.30% year-on-year [2][5]. Summary by Sections Revenue and Profitability - In 2025, the company reported a revenue of 193.979 billion CNY, representing a year-on-year increase of 3.71%. The net profit attributable to shareholders was 5.346 billion CNY, down 10.30% year-on-year [5]. Natural Gas Sales Performance - The total natural gas sales volume reached 59.255 billion cubic meters, up 9.4% year-on-year, driven by the development of new city gas projects in various provinces. The average sales price was 2.73 CNY per cubic meter, down 0.11 CNY, while the average purchase price was 2.28 CNY per cubic meter, down 0.09 CNY. The gross margin continued to be under pressure, leading to a 17.6% decrease in pre-tax profit from the natural gas sales segment [2][8]. LNG and LPG Business - The LNG receiving stations processed a total of 16.527 billion cubic meters, a year-on-year increase of 3.7%, with a high average load rate of 90.8%. The LNG plant's processing volume also increased by 5.3%, and despite a decrease in revenue due to lower processing fees, the pre-tax profit surged by 144.7% year-on-year. The LPG sales volume reached 6.1477 million tons, up 6.3% year-on-year, contributing to an 8.3% increase in pre-tax profit [2][5]. Dividend and Valuation - The company plans to distribute a final dividend of 0.1498 CNY per share for 2025, with an annual payout ratio of 51%, resulting in a dividend yield of 4.32% based on the closing price on March 24. The projected earnings for 2025-2027 are 5.626 billion CNY, 5.921 billion CNY, and 6.321 billion CNY, with corresponding EPS of 0.65 CNY, 0.68 CNY, and 0.73 CNY, and PE ratios of 10.09, 9.59, and 8.98, respectively [2][5].

Group 1 - Kunlun Energy (00135) announced a share buyback of 950,000 shares at a cost of HKD 7.057 million [1] - The buyback is scheduled to take place on March 27, 2026 [1] - The current stock price is HKD 7.42, reflecting a decrease of 0.02 or 0.27% [1]

Core Viewpoint - Kunlun Energy reported a revenue of 193.98 billion yuan for 2025, representing a year-on-year increase of 3.7%, while net profit attributable to shareholders was 5.35 billion yuan, down 10.3% year-on-year, and core profit was 5.92 billion yuan, down 6.9% year-on-year, which was below the forecast of 6.15 billion yuan by Huatai Securities [1] Group 1: Financial Performance - The company plans to distribute a final dividend of 1.498 yuan per share, with a total annual dividend of 3.158 yuan per share, corresponding to a payout ratio of 51%, exceeding the target of 45% [1] - The company has committed to maintaining a payout ratio of no less than 50% from 2026 to 2028, with total annual dividends not lower than the level of 2025 [1] - Free cash flow for 2025 was 7.21 billion yuan, with a debt-to-asset ratio of 35.97%, indicating a stable financial condition [2] Group 2: Retail Gas Volume and Pricing - Retail gas volume increased by 2.3% year-on-year to 33.51 billion cubic meters, with industrial gas volume rising by 6.2% to 26.05 billion cubic meters, accounting for 77.7% of the total [1] - The average retail price difference was 0.45 yuan per cubic meter, down 0.02 yuan year-on-year, primarily due to the delayed implementation of the pricing mechanism and warmer winter [1] - The company expects retail gas volume to grow by 3% year-on-year in 2026, with price differences stabilizing [1] Group 3: LNG Operations and Efficiency - The average load factor of LNG receiving stations was 90.8%, with a processing volume of 16.53 billion cubic meters, an increase of 3.7% [2] - The operational efficiency of LNG plants improved, with an average processing load factor of 67.2% and a processing volume of 3.74 billion cubic meters, up 5.3% [2] - The pre-tax profit from the LNG processing and storage segment was 3.97 billion yuan, reflecting an increase of 8.4% [2] Group 4: Future Outlook and Adjustments - The company has lowered its profit forecast due to changes in exchange rates and has slightly raised its target price to 8.63 HKD, based on an 11x PE for 2025E [3] - The forecast for net profit attributable to shareholders for 2026-2027 has been reduced by 16% and 13% to 5.45 billion yuan and 5.93 billion yuan, respectively [3] - The company anticipates a long-term value reassessment due to dividend expansion, despite lower-than-expected profit growth [3]

Core Viewpoint - Kunlun Energy reported its 2025 annual performance, showing a slight increase in revenue but a decline in net profit, indicating challenges in profitability despite growth in gas sales and expansion in city gas projects [1][2]. Financial Performance - The company achieved an operating revenue of 193.979 billion yuan, a year-on-year increase of 3.71% [1]. - Net profit attributable to shareholders was 5.346 billion yuan, down 10.3% year-on-year [1]. - Core net profit attributable to shareholders was 5.923 billion yuan, a decrease of 6.86%, slightly below expectations [1]. - The proposed final dividend is 0.1498 yuan per share, with a total annual dividend of 0.3158 yuan per share, maintaining the same level as the previous year [1]. Gas Sales and Distribution - Total natural gas sales reached 59.255 billion cubic meters, an increase of 9.4% year-on-year, with retail gas volume at 33.509 billion cubic meters, up 2.3% [2]. - Industrial gas sales grew significantly, increasing by 6.2% to 26.052 billion cubic meters, compensating for declines in commercial and residential sectors [2]. - Distribution and trading gas volume grew by 20.2% to 25.746 billion cubic meters [2]. - The company added 11 new city gas projects and 738,000 new users, bringing the total user count to 17.192 million by the end of 2025 [2]. LNG and LPG Business - The average load factor of LNG receiving stations was 90.8%, up 3.2 percentage points year-on-year, while LNG plant load factor was 67.2%, also up 3.2 percentage points [3]. - LNG processing and storage business pre-tax profit increased by 8.4% to 3.970 billion yuan [3]. - LPG sales volume rose by 6.3% to 6.148 million tons, with retail sales growing by 15.2% [3]. - LPG pre-tax profit increased by 8.3% to 840 million yuan, benefiting from a high oil price environment [3]. Dividend Policy - The company announced a dividend plan for 2026-2028, committing to a minimum annual payout of 50% of net profit attributable to shareholders, enhancing investor returns and providing dividend certainty [4]. - The dividend policy aims to stabilize investor returns and reflects confidence in the company's growth trajectory [4].

Group 1 - The company, Kunlun Energy, announced a share buyback plan, intending to repurchase 950,000 shares at a cost of HKD 7.057 million [1] - The buyback is scheduled to take place on March 27, 2026 [1] - This move indicates the company's strategy to enhance shareholder value through capital management [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 昆侖能源有限公司 呈交日期： 2026年3月27日 第 1 頁 共 7 頁 v 1.3.0 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00135 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不 ...

Core Viewpoint - Kunlun Energy reported a 9.4% year-on-year increase in natural gas sales volume to 59.26 billion cubic meters, despite a decline in retail gas sales for residential and commercial use [2][3] Group 1: Natural Gas Sales Performance - Total natural gas sales volume increased by 9.4% to 59.26 billion cubic meters, with retail gas volume growing by 2.3% to 33.51 billion cubic meters and distribution and trading gas volume rising by 20.2% to 25.75 billion cubic meters [2] - Industrial gas sales increased by 6.2% to 26.05 billion cubic meters, while residential gas sales decreased by 4.4% to 3.45 billion cubic meters, commercial gas sales fell by 2.3% to 2.92 billion cubic meters, and gas station sales dropped by 33.5% to 1.09 billion cubic meters [2] Group 2: Financial Performance - The company reported a 10.3% year-on-year decline in net profit to 5.346 billion RMB, which was 12% lower than market expectations [3] - Core profit decreased by 6.9% to 5.923 billion RMB, with the pre-tax profit from the natural gas sales business falling by 17.6% to 6.756 billion RMB [3] - The average unit gross profit decreased by 0.02 RMB to 0.45 RMB per cubic meter, while competitors saw an increase in unit gross profit [3] Group 3: Operational Metrics - The total gasification and loading volume at two LNG receiving stations increased by 3.7% to 16.527 billion cubic meters, with average utilization rate rising by 3.2 percentage points to 90.8% [2] - Processing volume at 14 LNG plants grew by 5.3% to 3.737 billion cubic meters, with average utilization rate increasing by 3.2 percentage points to 67.2%, although revenue fell by 11.8% to 3.88 billion RMB [2] - LPG sales volume increased by 6.3% to 6.15 million tons, but revenue decreased by 2% to 25.091 billion RMB [2] Group 4: Cash Flow and Debt Metrics - Operating cash flow for the year was 12.585 billion RMB, a slight decline of 1.2% year-on-year [2] - Capital expenditure decreased by 4.6% to 6.257 billion RMB, while the net debt ratio fell by 2.7 percentage points to 18.8% [2] - Average debt cost decreased to 2.54% [2]

Group 1 - The core viewpoint of the article highlights Kunlun Energy's financial performance for the year 2025, showing a revenue of 193.979 billion yuan, which represents a year-on-year increase of 3.71% [2] - The company's net profit attributable to shareholders decreased to 5.346 billion yuan, reflecting a decline of 10.3% compared to the previous year [2] - Basic earnings per share were reported at 0.6174 yuan, with a proposed final dividend of 0.1498 yuan per share or 0.1684 Hong Kong dollars, down from 0.1517 yuan per share in the previous fiscal year [2] Group 2 - The geopolitical situation in the Middle East has shown signs of easing, contributing to a significant drop in international oil prices, with Brent crude oil falling below 95 dollars from the 100 dollar mark [2] - The stock price of Kunlun Energy experienced a decline, dropping over 10% at one point, and was reported at 7.58 Hong Kong dollars, down 8.67% with a trading volume of 144 million Hong Kong dollars [3]

Group 1 - The core viewpoint of the article indicates that Kunlun Energy's retail natural gas sales increased by 2.3% last year, with industrial user sales growing by 6.2%, while residential user sales declined by 4.4% [2] - The utilization rate of the liquefied natural gas (LNG) processing plant improved to 67.2%, and the pre-tax profit doubled, with the LNG receiving station utilization rate rising to 90.8% [2] - The company expects retail natural gas sales to grow by approximately 3% this year, with LPG sales projected at 5.8 million tons and LNG receiving station utilization guidance set at 85% to 90% [2] Group 2 - UBS reported that Kunlun Energy's core profit fell by 7% year-on-year to 5.92 billion RMB, but the dividend payout ratio increased by 8 percentage points to 51% [3] - The company indicated that the dividend payout ratio for 2026 to 2028 will not be less than 50%, with total annual dividends expected to be no less than the levels of 2025 [3] - UBS adjusted the company's earnings per share forecast down by 3% to 5% for this year to 2028, raising the target price from 9.7 HKD to 10.7 HKD, while maintaining a "buy" rating, equivalent to a forecasted price-to-earnings ratio of 13 times [3]