Investment Rating - The report maintains a "Buy" rating for Kunlun Energy [1][6][4] Core Views - The company achieved a revenue of 193.979 billion RMB in 2025, a year-on-year increase of 3.71%, while the net profit attributable to shareholders decreased by 10.3% to 5.346 billion RMB [6][5] - Industrial gas sales and distribution trade volumes continue to grow significantly, with total natural gas sales reaching 59.255 billion cubic meters, up 9.4% year-on-year [6][5] - The company is expanding its city gas projects, adding 11 new projects and increasing its user base to 17.192 million by the end of 2025 [6][5] - The LNG processing and storage business saw a profit increase of 8.4% to 3.970 billion RMB, with a high average load rate of 90.8% for LNG receiving stations [6][5] - The LPG business also expanded, with sales volume increasing by 6.3% to 6.148 million tons, and profits expected to rise due to high oil prices [6][5] - A three-year dividend plan was announced, ensuring a minimum payout of 50% of net profit, enhancing investor returns [6][5] - The report forecasts net profits for 2026-2028 at 6.254 billion, 6.573 billion, and 6.733 billion RMB respectively, with corresponding EPS of 0.72, 0.76, and 0.78 RMB per share [6][5] Financial Data and Profit Forecast - Revenue projections for 2024 to 2028 are as follows: 187.046 billion, 193.979 billion, 206.720 billion, 207.128 billion, and 208.301 billion RMB [5][7] - Net profit attributable to shareholders is projected to be 5.960 billion, 5.346 billion, 6.254 billion, 6.573 billion, and 6.733 billion RMB for the same period [5][7] - The company’s PE ratios for 2026-2028 are estimated at 9.3, 8.8, and 8.6 times [6][5]

Group 1 - The core profit of Kunlun Energy decreased by 7% year-on-year to 5.923 billion yuan, which is in line with expectations, primarily due to weak performance in the natural gas sales business [1] - The company is expected to maintain stable core profits through 2026 [1] - To respond to investors, the company plans to increase its dividend payout ratio to 51% in 2025 and commits to maintaining a payout ratio of no less than 50% from 2026 to 2028, with dividends per share not lower than the 2025 level [1] Group 2 - The profit forecasts for the company for 2026 to 2027 have been revised down by 5% to 8% [1] - The target price has been adjusted from 9.6 HKD to 8.87 HKD [1] - The rating for the company remains "Buy" [1]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 193.98 billion RMB in 2025, a year-on-year increase of 3.7%, while the net profit attributable to shareholders was 5.35 billion RMB, down 10.3% year-on-year [1] - The company plans to distribute a final dividend of 0.1498 RMB per share, resulting in a total annual dividend of 0.3158 RMB per share, corresponding to a payout ratio of 51%, exceeding the target of 45% [1] - The company commits to maintaining a payout ratio of no less than 50% from 2026 to 2028, with total annual dividends not lower than the 2025 level [1] Summary by Sections Revenue and Profitability - The company's retail gas volume increased by 2.3% year-on-year to 33.51 billion cubic meters in 2025, with industrial gas volume rising by 6.2% to 26.05 billion cubic meters, accounting for 77.7% of total volume [2] - The average load factor of LNG receiving stations was 90.8%, with a processing volume of 16.53 billion cubic meters, reflecting a 3.7% increase [3] - The company reported a tax-pre-profit of 3.97 billion RMB from the LNG processing and storage segment, an increase of 8.4% [3] Cash Flow and Financial Health - The company generated a free cash flow of 7.21 billion RMB in 2025, with a debt-to-asset ratio of 35.97%, indicating a stable financial condition [4] - The company had cash on hand of 44.6 billion RMB at the end of 2025, with interest-bearing debt reduced to 21.42 billion RMB [4] Earnings Forecast Adjustments - The earnings forecast for 2026 and 2027 has been adjusted downwards by 16% and 13% respectively, with net profit estimates of 5.45 billion RMB and 5.93 billion RMB [5] - The target price has been slightly raised to 8.63 HKD, based on a price-to-earnings ratio of 11 times the estimated earnings for 2025 [5]

智通财经APP讯，昆仑能源(00135)发布公告，于2026年3月25日该公司斥资671.51万港元回购88.2万股， 回购价格为每股7.43-7.79港元。 ...

格隆汇3月25日丨昆仑能源(00135.HK)公布，2026年3月25日，耗资671.51万港元回购88.2万股，每股回 购价格为7.43-7.79港元。 ...

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25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 | | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目 ...

智通财经APP获悉，美银证券发布研报称，昆仑能源(00135)2025年税后净利润同比跌10%至53.46亿元 人民币(下同)，核心税后净利润跌7%至59.23亿元，略低于该行预期。该行指，公司短期内可能面临燃 气销量增长的挑战，因中国燃气需求在海运供应趋紧及价格高企下出现气转煤情况而放缓，不过管理层 在公司强劲净现金状况支持下，仍致力回报股东，承诺2026至2028年最低派息比率为50%。该行维 持"中性"评级，目标价8.5港元。 ...

Group 1 - The core viewpoint of the report is that Citigroup maintains a "Buy" rating for Kunlun Energy (00135) with a target price of HKD 8.4 [1] - Kunlun Energy's net profit decreased by 10.3% year-on-year to RMB 5.346 billion, which is 12% lower than market expectations [1] - The core profit fell by 6.9% year-on-year to RMB 5.923 billion, while the annual dividend per share remained at 31.58 cents, with a payout ratio increasing by 5.2 percentage points to 51.1% [1] Group 2 - The pre-tax profit from natural gas sales dropped by 17.6% year-on-year to RMB 6.756 billion, with unit gross profit decreasing by RMB 0.02 to RMB 0.45 per cubic meter [1] - Natural gas sales volume increased by 9.4% year-on-year 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 [1] - The average selling price of natural gas fell by RMB 0.11 to RMB 2.73 per cubic meter, while the average procurement cost decreased by RMB 0.09 to RMB 2.28 per cubic meter [1] Group 3 - The total gasification and loading volume of two LNG receiving stations increased by 3.7% year-on-year to 16.527 billion cubic meters, with the average utilization rate rising by 3.2 percentage points to 90.8% [2] - The processing volume of 14 LNG plants grew by 5.3% to 3.737 billion cubic meters, but revenue fell by 11.8% to RMB 3.88 billion due to a decline in average selling prices [2] - Operating cash flow for Kunlun Energy was RMB 12.585 billion, a slight decrease of 1.2% year-on-year, while capital expenditure reduced by 4.6% to RMB 6.257 billion [2]

Core Viewpoint - Kunlun Energy reported a revenue of 193.979 billion yuan for 2025, representing a year-on-year increase of 3.71%, while the profit attributable to shareholders decreased by 10.3% to 5.346 billion yuan, with basic earnings per share at 0.6174 yuan and a proposed final dividend of 0.1684 HKD per share [3] Group 1: Natural Gas Sales - Revenue growth in the natural gas sales segment was driven by increased sales volume from industrial users and distribution and trading businesses [3] - The company developed 11 new urban gas projects across 8 provinces, increasing annual sales capacity by 780 million cubic meters, with the customer base growing to 17.19 million households [3] - The total natural gas sales volume reached 59.26 billion cubic meters, a year-on-year increase of 9.4%, with retail gas volume at 33.51 billion cubic meters [3] Group 2: LNG Processing and Storage - LNG sales achieved a milestone with annual sales surpassing 10 billion cubic meters, and total outbound volume from Jiangsu and Tangshan receiving stations reached a record high of 16.53 billion cubic meters [4] - The LNG processing volume was 3.74 billion cubic meters, reflecting a year-on-year growth of 5.3%, with an average load factor of 67.2%, the highest in history [4] - The offshore LNG refueling business expanded into the Guangdong and Hong Kong markets, with refueling volume increasing by 60.7% to 176,600 tons [4] Group 3: LPG Sales - LPG sales volume returned to over 6 million tons for the first time in five years, with a year-on-year increase of 6.3% to 6.148 million tons [4] - The company developed 8 new industrial direct supply customers, with sales volume from industrial direct supply increasing by 23.4% [4] - Resource allocation was optimized to maintain a reasonable supply-demand balance in resource-rich regions, enhancing market-driven sales [4] Group 4: Exploration and Production - The company increased development efforts in exploration and production, achieving stable revenue with crude oil sales volume of approximately 8.45 million barrels, a year-on-year increase of 160,000 barrels, or 2.0% [4] - The average selling price for crude oil was reported at 54.4 USD per barrel [4]

Group 1 - The company Kunlun Energy (00135) announced a final dividend of HKD 0.1498 per share for the year ending December 31, 2025, to be distributed on July 21, 2026 [2]