Group 1 - The core point of the article is that Kunlun Energy announced a share buyback plan, intending to repurchase 882,000 shares at a price range of HKD 7.43 to HKD 7.79 per share, totaling an expenditure of HKD 6.7151 million [1][2]. Group 2 - The share buyback is scheduled to take place on March 25, 2026 [1]. - The current stock price of Kunlun Energy shows a decrease of 2.11% [2].

Group 1 - The core point of the article is that Kunlun Energy announced a share buyback plan, intending to repurchase 900,000 shares at a total cost of HKD 6.7361 million, with a price range of HKD 7.39 to HKD 7.68 per share [1][2]. Group 2 - The share buyback is scheduled to take place on March 26, 2026, indicating the company's strategy to enhance shareholder value [1][2]. - The current stock price of Kunlun Energy shows a decrease of 2.11% [2].

2025 年核心利润基本符合市场预期 公司公布2025 年业绩：收入1,940 亿元，YoY+3.7%；归母净利润53.5 亿元，YoY-10.3%，核心利润59.2 亿元，YoY-6.9%，2025 年核心利润基本符合市场预期，我们认为公司核心利润下滑主因：1）2025 年 中国天然气市场供需宽松，天然气分销与贸易业务盈利有所下降；2）政府补贴和净利息收入同比有所 降低。 机构：中金公司 研究员：严蓓娜/李唐懿/裘孝锋 业绩回顾 2025 年公司天然气总销售量593 亿方，YoY+9.4%，其中零售气量335 亿方，YoY+2.3%，零售气价差 0.45 元/方，YoY-0.02 元/方；LNG 接收站平均负荷率90.8%，YoY+3.2 ppt。 公司拟派发末期股息0.1498 元/股，全年派息总额0.3158 元/股，同比持平。公司同步公告2026-2028 年 股息分配计划，2026-2028 年公司派息率将不低于50%且绝对股息额将不低于2025 年实际分配额。 发展趋势 勘探与生产业务有望支撑2026 年盈利表现。公司指引2026 年原油权益销售量800 万桶，据中金公司大 宗组，若中东原油贸易中 ...

Investment Rating - The investment rating for Kunlun Energy is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 193.98 billion yuan in 2025, representing a year-on-year growth of 3.71%. However, the net profit attributable to shareholders decreased by 10.3% to 5.35 billion yuan. The company declared a dividend of 0.1498 yuan per share, with a payout ratio of 51%, an increase of 8 percentage points year-on-year [1] - Retail gas volume showed steady growth, but the performance was pressured by the impact of subsidies for the renovation of old pipelines. The core profit, excluding one-off adjustments, was 5.92 billion yuan, down 6.86% year-on-year [1] - The company is a leader in urban gas distribution, with a strong presence in the Northeast and Northwest regions of China, benefiting from stable gas supply resources backed by PetroChina [1] Financial Summary - Total revenue forecast for 2024A is 187.05 billion yuan, with a projected increase to 215.44 billion yuan by 2028E, reflecting a compound annual growth rate of approximately 3.5% [1] - The net profit attributable to shareholders is expected to recover slightly, with forecasts of 5.35 billion yuan in 2025A, increasing to 6.19 billion yuan by 2028E [1] - The earnings per share (EPS) is projected to be 0.62 yuan in 2025A, with a gradual increase to 0.71 yuan by 2028E [1] Business Segments - Natural gas sales revenue increased by 5.1% to 159.82 billion yuan, but the pre-tax profit decreased by 17.6% to 6.76 billion yuan. Retail gas volume grew by 2.3% to 33.51 billion cubic meters [1] - LNG processing and storage revenue decreased by 2.9% to 8.92 billion yuan, while pre-tax profit increased by 8.4% to 3.97 billion yuan [1] - LPG sales revenue decreased by 2.0% to 2.51 billion yuan, but pre-tax profit increased by 8.3% to 0.84 billion yuan [1] - Exploration and production segment saw revenue decrease by 14.7% to 146 million yuan, while pre-tax profit increased by 49.5% to 33.4 million yuan [1] Cash Flow and Dividends - The company reported a free cash flow of 7.21 billion yuan in 2025, an increase of 2.7% year-on-year. The capital expenditure for 2025 was 6.26 billion yuan, a decrease of 4.6% [1] - The dividend payout ratio is expected to remain above 50% of the net profit attributable to shareholders for 2026-2028, with a total dividend amount not less than 2.699 billion yuan in 2025 [1]

上 市 公 司 公 司 研 究 / 公 司 点 评 公用事业 2026 年 03 月 26 日 昆仑能源 (00135) ——工业用气保持高增 新市场打开成长空间 报告原因：有业绩公布需要点评 买入（维持） 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com | 市场数据： | 2026 年 03 月 25 日 | | --- | --- | | 收盘价（港币） | 7.60 | | 恒生中国企业指数 | 8582.74 | | 52 周最高/最低（港币） | 8.83/6.80 | | H 股市值（亿港币） | 658.07 | | 流通 H 股（百万股） | 8,658.80 | | 汇率（港币/人民币） | 0.8809 | 一年内股价与基准指数对比走势： -16% -6% 4% 14% HSCEI 昆仑能源 资料来源：Bloomberg 投资要点： 财务数据及盈利预测 | | 2024 | 20 ...

智通财经APP讯，昆仑能源(00135)发布公告，于2026年3月26日该公司斥资673.61万港元回购90万股， 回购价格为每股7.39-7.68港元。 ...

格隆汇3月26日丨昆仑能源(00135.HK)公布，2026年3月26日，耗资673.61万港元回购90万股，每股回购 价格为7.39-7.68港元。 ...

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26日 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 | | | | | | ...

智通财经APP获悉，中银国际发布研报称，昆仑能源(00135)去年核心盈利同比跌7%至59.23亿元人民 币，符合预期，盈利下滑主要归因于天然气销售业务表现疲软。该行预计，其核心盈利在2026年将保持 稳定。为回馈投资者，公司将于2025年将派息率提高至51%，并承诺在2026至28年派息率将不低于 50%，且每股股息不低于2025年水平。将公司2026年至2027年盈利预测下调5%至8%，其目标价由9.6港 元下调至8.87港元，其评级为"买入"。 ...

Core Viewpoint - UBS reports that Kunlun Energy (00135) experienced a 7% year-on-year decline in core profit to 5.92 billion RMB, while the dividend payout ratio increased by 8 percentage points to 51% [1] Financial Performance - The company has guided that the dividend payout ratio for 2026 to 2028 will not be less than 50%, with total annual dividends expected to be at least at the 2025 level [1] - UBS has adjusted the earnings per share forecast for the company down by 3% to 5% for the years 2023 to 2028, while raising the target price from 9.7 HKD to 10.7 HKD, maintaining a "Buy" rating, which corresponds to a projected price-to-earnings ratio of 13 times [1] Sales and Operations - Retail natural gas sales grew by 2.3% last year, with industrial user sales increasing by 6.2%, while residential user sales fell by 4.4% [1] - The utilization rate of liquefied natural gas (LNG) processing plants increased to 67.2%, with pre-tax profits doubling, and the utilization rate of LNG receiving stations rose to 90.8% [1] - The company expects retail natural gas sales to grow by approximately 3% this year, with LPG sales projected at 5.8 million tons, and the utilization rate for LNG receiving stations is guided to be between 85% and 90% [1]