THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION 此乃要件 請即處理 If you are in any doubt as to any aspect of this document or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. 截至2025年6月30日止六個月之中期股息 股息貨幣選擇表格 NAME(S) AND ADDRESS OF REGISTERED SHAREHOLDER(S) 登記股東姓名╱名稱及地址 IMPORTANT NOTES: 重要提示： To the Directors of Kunlun Energy Company Limited 閣下如對本文件任何內容或應採取之行動有任何疑 ...

格隆汇9月10日丨平安电工(001359.SZ)在互动平台表示，公司主要从事电力电工电热云母耐温绝缘材 料、新能源安全防护复合零部件和玻璃纤维布及制品相关业务，雅下水电工程作为世界级的大型水电项 目，其对发电、输变电等设备的绝缘性能、可靠性和耐久性提出更高标准的要求，这为国内具备生产高 端云母绝缘材料实力的企业提供了良好的市场机遇，公司目前正积极关注并对接雅下水电工程相关供应 链机会。 ...

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: | 2025年8月31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: | 2025年9月1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 (-) | | | | | | ...

Core Viewpoint - The company reported a mixed performance for the first half of 2025, with revenue growth but a decline in net profit, highlighting the challenges faced in the natural gas sector amidst a slight decrease in national consumption [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 97.543 billion yuan, a year-on-year increase of 4.97% [1] - Shareholder profit attributable to the company was 3.161 billion yuan, a decrease of 4.36% year-on-year [1] - The interim dividend was set at 0.1660 yuan per share, an increase of 0.0019 yuan per share compared to the previous year [1] Group 2: Natural Gas Sales - The company maintained a high growth rate in natural gas sales, with total sales volume reaching 29.095 billion cubic meters, a year-on-year increase of 10.0% [1] - Retail gas volume was 16.666 billion cubic meters, up 2.2% year-on-year, while distribution and trading gas volume increased by 22.6% to 12.429 billion cubic meters [1] - The average selling price of natural gas was 2.77 yuan per cubic meter, while the average purchase price was 2.33 yuan per cubic meter, resulting in a weighted average price difference of 0.44 yuan per cubic meter, a decrease of 0.01 yuan year-on-year [1] Group 3: LNG and LPG Business - LNG receiving station processing volume was 7.899 billion cubic meters, a year-on-year increase of 1.7%, with an average load factor of 86.8%, up 1.4 percentage points [2] - Revenue from LNG receiving stations was 2.382 billion yuan, a year-on-year increase of 2.3%, with a tax profit of 1.701 billion yuan, up 5.4% [2] - LPG sales volume reached 3.0684 million tons, a year-on-year increase of 4.9%, but revenue was 13.020 billion yuan, a slight increase of 1.0%, with tax profit decreasing by 3.0% to 544 million yuan [2] Group 4: Dividend and Investment Value - The company plans to distribute an interim dividend of 0.1660 yuan per share, with an expected annual payout ratio of 45% [3] - The anticipated dividend yield based on the current stock price is 4.92%, indicating stable investment value [3] - Projected earnings for 2025-2027 are 6.361 billion, 6.836 billion, and 7.366 billion yuan, with corresponding EPS of 0.73, 0.79, and 0.85 yuan, and PE ratios of 9.15, 8.51, and 7.90 respectively [3]

Core Viewpoint - Ping An Electric (001359.SZ) reported a strong performance in its 2025 mid-year report, showing continuous growth in revenue and net profit over the past three years, indicating a positive trend in the company's financial health [1][3]. Financial Performance - The total operating revenue for the company reached 570 million yuan, an increase of 79.71 million yuan compared to the same period last year, representing a year-on-year growth of 16.24% [1]. - The net profit attributable to shareholders was 135 million yuan, up by 31.09 million yuan from the same period last year, marking a year-on-year increase of 29.91% [1]. - The net cash inflow from operating activities was 93.13 million yuan, an increase of 110 million yuan compared to the same period last year [1]. Profitability Metrics - The latest asset-liability ratio stands at 16.20% [3]. - The gross profit margin is 37.16%, which is an increase of 0.53 percentage points from the previous quarter and an increase of 0.41 percentage points year-on-year, indicating three consecutive years of growth [3]. - The return on equity (ROE) is 7.08%, up by 1.05 percentage points compared to the same period last year [3]. - The diluted earnings per share (EPS) is 0.73 yuan, an increase of 0.09 yuan from the same period last year, reflecting a year-on-year growth of 13.68% [3]. Operational Efficiency - The total asset turnover ratio is 0.26 times [3]. - The inventory turnover ratio is 1.16 times [3]. Shareholder Structure - The number of shareholders is 15,500, with the top ten shareholders holding a total of 138 million shares, accounting for 74.51% of the total share capital [3]. - The largest shareholder is Hubei Zhonghui Industrial Co., Ltd., holding 39.8% of the shares [3].

Core Viewpoint - Ping An Electric (001359.SZ) reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 570 million yuan, representing a year-on-year growth of 16.24% [1] - The net profit attributable to shareholders was 135 million yuan, showing a year-on-year increase of 29.91% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 129 million yuan, reflecting a year-on-year growth of 31.52% [1] - Basic earnings per share were reported at 0.7281 yuan [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a natural gas sales volume of 29.095 billion cubic meters in the first half of 2025, representing a year-on-year growth of 10.0%, despite a 0.9% decline in national natural gas consumption [9]. - The company's natural gas sales revenue reached 80.078 billion yuan, an increase of 6.1% year-on-year, while the pre-tax profit was 4.477 billion yuan, a decrease of 10.6% [2][5]. - The average load factor of LNG receiving stations was 86.8%, up 1.4 percentage points year-on-year, with a pre-tax profit of 1.701 billion yuan, reflecting a 5.4% increase [2][9]. - The company plans to distribute an interim dividend of 0.1660 yuan per share, indicating a steady increase in shareholder returns [5][9]. - The expected earnings per share (EPS) for 2025-2027 are projected to be 0.73 yuan, 0.79 yuan, and 0.85 yuan, with corresponding price-to-earnings (PE) ratios of 9.15, 8.51, and 7.90 [9]. Summary by Sections Company Performance - In the first half of 2025, the company reported operating revenue of 97.543 billion yuan, a year-on-year increase of 4.97%, and a net profit attributable to shareholders of 3.161 billion yuan, down 4.36% year-on-year [5]. - The average selling price of natural gas was 2.77 yuan per cubic meter, while the average purchase price was 2.33 yuan per cubic meter, resulting in a weighted average price difference of 0.44 yuan per cubic meter, a slight decrease from the previous year [9]. LNG and LPG Business - The LNG receiving station processed 7.899 billion cubic meters, with a revenue of 2.382 billion yuan, while the LNG factory's processing volume was 1.752 billion cubic meters, generating a revenue of 1.989 billion yuan [9]. - LPG sales volume reached 3.0684 million tons, with a revenue of 13.020 billion yuan, reflecting a year-on-year increase of 1.0% [9]. Dividend and Investment Value - The company’s dividend payout ratio is expected to reach 45% for the year, with a current dividend yield of 4.92%, highlighting its stable investment value [2][9].

Group 1 - The core viewpoint of the news is that Ping An Electric (001359) has shown significant stock performance with a 10% increase in share price, indicating strong market interest and potential investor confidence [1] - As of August 25, 2025, Ping An Electric's stock closed at 56.55 yuan, with a trading volume of 10.89 million shares and a transaction amount of 581 million yuan [1] - The company reported a total operating revenue of 259 million yuan for Q1 2025, reflecting an 18% year-on-year growth, and a net profit attributable to shareholders of 52.37 million yuan, which is a 22.69% increase compared to the previous year [1] Group 2 - Ping An Electric has a current liquidity ratio of 5.637 and a quick ratio of 4.466, indicating strong short-term financial health [1] - The company has a low debt-to-asset ratio of 15.18%, suggesting a conservative approach to leveraging and financial stability [1] - Established in 2015, Ping An Electric is primarily engaged in the manufacturing of computers, communications, and other electronic devices, with a registered capital of approximately 1.855 billion yuan [1][2]

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]