格隆汇8月19日丨昆仑能源(00135.HK)公布，2025年上半年，集团实现天然气销量290.95亿立方米，同 比增加26.57亿立方米或10.05%。集团实现收入人民币975.43亿元，同比增加人民币46.21亿元或4.97%； 除所得税前溢利人民币67.37亿元，同比减少人民币5.12亿元或7.06%；及公司股东应占溢利人民币31.61 亿元，同比减少人民币1.44亿元或4.36%。每股盈利（基本）为人民币36.51分。 董事会已向于2025年9月5日名列公司股东名册的股东宣派中期股息每股人民币16.60分（2024年：人民 币16.41分）或每股17.91港仙。 ...

免責聲明 | 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的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | 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的任何損失承擔任何責任。 | | --- | --- | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 昆侖能源有限公司 | | 股份代號 | 00135 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月之中期股息 | | 公告日期 | 2025年8月19日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.166 RMB | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.1791 HKD | | 匯率 | 1 RMB : 1.07 ...

[Financial Performance Summary](index=1&type=section&id=I.%20%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) This section provides a summary of key operational and financial indicators [Key Financial Indicators](index=1&type=section&id=1.1%20%E9%97%9C%E9%8D%B5%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) This chapter summarizes key operational and financial indicators for the six months ended June 30, 2025, showing increased natural gas sales volume and revenue, but decreased profit before income tax and profit attributable to equity holders Key Financial Performance Summary for the Six Months Ended June 30 | Indicator | 2025 | 2024 | Change % | | :--- | :--- | :--- | :--- | | Total Natural Gas Sales Volume (million cubic meters) | 29,095 | 26,438 | 10.05 | | Natural Gas Retail Volume (million cubic meters) | 16,666 | 16,302 | 2.23 | | Revenue (RMB million) | 97,543 | 92,922 | 4.97 | | Profit Before Income Tax Expense (RMB million) | 6,737 | 7,249 | (7.06) | | Profit for the Period Attributable to Equity Holders (RMB million) | 3,161 | 3,305 | (4.36) | | Earnings Before Interest, Tax, Depreciation and Amortization (RMB million) | 9,523 | 9,915 | (3.95) | | Earnings Per Share (Basic) (RMB cents) | 36.51 | 38.17 | (4.35) | | Dividend Per Share - Interim (RMB cents) | 16.60 | 16.41 | 1.16 | [Unaudited Consolidated Interim Financial Statements](index=2&type=section&id=II.%20%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the unaudited consolidated interim financial statements [Unaudited Consolidated Interim Statement of Comprehensive Income](index=2&type=section&id=2.1%20%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This chapter details the unaudited consolidated interim statement of comprehensive income for the six months ended June 30, 2025, outlining revenue, expenses, profit before tax, income tax, and profit for the period, allocated to equity holders and non-controlling interests Unaudited Consolidated Interim Statement of Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Revenue | 97,543 | 92,922 | | Other income, net | 381 | 746 | | Interest income | 337 | 499 | | Purchases, services and others | (84,778) | (79,752) | | Employee compensation costs | (2,850) | (3,169) | | Depreciation, depletion and amortization | (2,800) | (2,754) | | Other selling, general and administrative expenses | (1,121) | (1,230) | | Taxes other than income tax | (216) | (239) | | Interest expense | (323) | (411) | | Share of profit less loss: associates | 294 | 335 | | Share of profit less loss: joint ventures | 270 | 302 | | Profit before income tax expense | 6,737 | 7,249 | | Income tax expense | (1,735) | (1,929) | | Profit for the period | 5,002 | 5,320 | | Profit for the period attributable to equity holders of the Company | 3,161 | 3,305 | | Profit for the period attributable to non-controlling interests | 1,841 | 2,015 | | Total comprehensive income attributable to equity holders of the Company | 3,145 | 3,218 | | Total comprehensive income attributable to non-controlling interests | 1,825 | 2,013 | [Unaudited Consolidated Interim Statement of Financial Position](index=4&type=section&id=2.2%20%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This chapter presents the unaudited consolidated interim statement of financial position as of June 30, 2025, and December 31, 2024, detailing non-current assets, current assets, equity, current liabilities, and non-current liabilities, reflecting changes in total assets and liabilities Unaudited Consolidated Interim Statement of Financial Position (As of June 30 and December 31) | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | **ASSETS** | | | | Total non-current assets | 84,376 | 86,153 | | Total current assets | 56,449 | 57,237 | | **TOTAL ASSETS** | **140,825** | **143,390** | | **EQUITY** | | | | Capital and reserves attributable to equity holders of the Company | 66,988 | 65,149 | | Non-controlling interests | 24,080 | 23,686 | | **TOTAL EQUITY** | **91,068** | **88,835** | | **LIABILITIES** | | | | Total current liabilities | 29,800 | 35,676 | | Total non-current liabilities | 19,957 | 18,879 | | **TOTAL LIABILITIES** | **49,757** | **54,555** | | **TOTAL EQUITY AND LIABILITIES** | **140,825** | **143,390** | | Net current assets | 26,649 | 21,561 | | Total assets less current liabilities | 111,025 | 107,714 | [Notes to the Unaudited Consolidated Interim Financial Information](index=6&type=section&id=III.%20%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) This section provides detailed notes to the unaudited consolidated interim financial information [Basis of Preparation and Accounting Policies](index=6&type=section&id=3.1%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) This chapter explains the basis of preparation for the interim financial information, adhering to HKAS 34 and HKEX Listing Rules, noting that new and revised standards adopted this period, such as HKAS 21 amendments, had no significant impact on the Group's accounting policies - The Group's unaudited interim financial report is prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[9](index=9&type=chunk) - The Group first applied 'The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability – Amendments to HKAS 21' from **January 1, 2025**, but this amendment had no significant impact on the Group's accounting policies and required no retrospective adjustments[10](index=10&type=chunk)[11](index=11&type=chunk) [Segment Information](index=6&type=section&id=3.2%20%E6%9D%BF%E5%A1%8A%E8%B3%87%E6%96%99) This chapter details the Group's four operating segments by product and service: natural gas sales, LPG sales, LNG processing and storage, and exploration and production, providing revenue, results, and asset data for each segment to assess performance - The Group's business is divided into four operating segments: natural gas sales, LPG sales, LNG processing and storage, and exploration and production[13](index=13&type=chunk) Segment Revenue and Results for the Six Months Ended June 30, 2025 | Segment | Revenue from External Customers (RMB million) | Segment Results (RMB million) | Profit/(Loss) Before Income Tax Expense (RMB million) | | :--- | :--- | :--- | :--- | | Natural Gas Sales | 80,078 | 3,974 | 4,477 | | LPG Sales | 13,020 | 538 | 544 | | LNG Processing and Storage | 4,371 | 1,835 | 1,836 | | Exploration and Production | 74 | 18 | 61 | | Corporate Headquarters | – | (192) | (181) | | Total | 97,543 | 6,173 | 6,737 | Segment Revenue and Results for the Six Months Ended June 30, 2024 | Segment | Revenue from External Customers (RMB million) | Segment Results (RMB million) | Profit/(Loss) Before Income Tax Expense (RMB million) | | :--- | :--- | :--- | :--- | | Natural Gas Sales | 75,506 | 4,545 | 5,005 | | LPG Sales | 12,887 | 563 | 561 | | LNG Processing and Storage | 4,441 | 1,640 | 1,648 | | Exploration and Production | 88 | 14 | 174 | | Corporate Headquarters | – | (150) | (139) | | Total | 92,922 | 6,612 | 7,249 | [Revenue](index=9&type=section&id=3.3%20%E6%94%B6%E5%85%A5) This chapter clarifies that the Group's revenue primarily stems from natural gas sales, LPG sales, LNG processing and storage, and crude oil sales - Revenue primarily refers to income from natural gas sales, LPG sales, LNG processing and storage, and crude oil sales[19](index=19&type=chunk) [Interest Expense](index=9&type=section&id=3.4%20%E5%88%A9%E6%81%AF%E6%94%AF%E5%87%BA) This chapter discloses the composition of interest expense, including capitalized amounts, and notes a decrease in the average annual interest rate for capitalized borrowing costs during the period Interest Expense (For the Six Months Ended June 30) | Indicator | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Interest expense | 339 | 426 | | Less: Capitalized amount | (16) | (15) | | Total interest expense | 323 | 411 | - The average annual interest rate used for capitalized borrowing costs during the period was **3.13%** (2024: 3.40%), showing a decrease[20](index=20&type=chunk) [Profit Before Income Tax Expense](index=9&type=section&id=3.5%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E8%B2%BB%E7%94%A8%E5%89%8D%E6%BA%A2%E5%88%A9) This chapter lists the expenses deducted from profit before income tax expense, including amortization of intangible assets, depreciation of property, plant and equipment, depreciation of right-of-use assets, cost of inventories, and impairment (reversal)/loss on trade receivables Items Deducted from Profit Before Income Tax Expense (For the Six Months Ended June 30) | Item | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Amortization of intangible assets | 40 | 42 | | Depreciation and depletion of: | | | | – Owned property, plant and equipment | 2,495 | 2,447 | | – Right-of-use assets | 265 | 265 | | Cost of inventories recognized as expense | 84,816 | 79,793 | | Impairment (reversal)/loss on trade receivables | (29) | 51 | [Income Tax Expense](index=10&type=section&id=3.6%20%E6%89%80%E5%BE%97%E7%A8%85%E8%B2%BB%E7%94%A8) This chapter explains the calculation of income tax expense, including the corporate income tax rate for PRC subsidiaries (primarily 25%, with 15%-20% preferential rates in some regions) and overseas profit tax rates, noting no Hong Kong profits tax provision for the period Income Tax Expense (For the Six Months Ended June 30) | Item | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Current tax: China | 1,728 | 1,847 | | Current tax: Overseas | 11 | 19 | | Deferred tax | (4) | 63 | | Total | 1,735 | 1,929 | - The PRC corporate income tax rate for the Group's subsidiaries in mainland China is primarily **25%**, with certain regions enjoying preferential tax rates ranging from **15% to 20%** for eligible operations[22](index=22&type=chunk) - No provision for Hong Kong profits tax was made for the period as the Group had no assessable profits subject to Hong Kong profits tax[23](index=23&type=chunk) [Basic and Diluted Earnings Per Share](index=10&type=section&id=3.7%20%E6%AF%8F%E8%82%A1%E5%9F%BA%E6%9C%AC%E5%8F%8A%E6%94%A4%E8%96%84%E7%9B%88%E5%88%A9) This chapter calculates basic earnings per share and states that diluted earnings per share are the same as basic earnings per share for the current period and the corresponding period in 2024, as there are no potential dilutive ordinary shares Basic Earnings Per Share (For the Six Months Ended June 30) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic earnings per share | 36.51 | 38.17 | - Basic earnings per share is calculated based on profit attributable to equity holders of the Company of approximately **RMB 3,161 million** (2024: RMB 3,305 million) and the weighted average number of ordinary shares outstanding of approximately **8,659 million shares**[26](index=26&type=chunk) - Diluted earnings per share for the current period and the corresponding period in 2024 are the same as basic earnings per share, as there are no potential dilutive ordinary shares[26](index=26&type=chunk) [Dividends](index=11&type=section&id=3.8%20%E8%82%A1%E6%81%AF) This chapter lists the 2023 final dividend, 2024 final dividend, and the 2025 interim dividend declared by the Board, including per-share amounts, total amounts, and payment dates, noting shareholders' option to receive dividends in RMB or HKD Dividend Declaration Details | Dividend Type | Amount Per Share (RMB cents) | Total Amount (RMB million) | Approval Date | Payment Date | | :--- | :--- | :--- | :--- | :--- | | 2023 Final Dividend | 28.38 | 2,457 | 2024年5月30日 | 2024年7月18日 | | 2024 Final Dividend | 15.17 | 1,314 | 2025年5月29日 | 2025年7月18日 | | 2025 Interim Dividend | 16.60 | 1,437 | 2025年8月19日 | Expected October 23, 2025 | - Shareholders have the option to receive dividends in **RMB or HKD**[27](index=27&type=chunk) [Trade Receivables](index=11&type=section&id=3.9%20%E6%87%89%E6%94%B6%E8%B3%87%E6%AC%BE) This chapter provides an aging analysis of trade receivables (net of loss allowance) as of June 30, 2025, and December 31, 2024, and explains the collection periods for different businesses Aging Analysis of Trade Receivables (RMB million) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 1,834 | 1,713 | | 3 to 6 months | 705 | 58 | | 6 to 12 months | 333 | 252 | | Over 12 months | 532 | 521 | | **Total** | **3,404** | **2,544** | - Revenue from receiving station services and crude oil sales is generally collected within **30 to 90 days** from the invoice date, while natural gas sales have a credit period not exceeding **90 days**[28](index=28&type=chunk) [Trade and Other Payables and Accrued Liabilities](index=12&type=section&id=3.10%20%E6%87%89%E4%BB%98%E8%B3%87%E6%AC%BE%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%A0%E5%82%B5) This chapter details the composition of trade and other payables and accrued liabilities as of June 30, 2025, and December 31, 2024, and provides an aging analysis of trade payables Trade and Other Payables and Accrued Liabilities (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 3,197 | 3,106 | | Contract liabilities | 10,671 | 12,690 | | Salaries and welfare payable | 852 | 326 | | Accrued expenses | 230 | 22 | | Dividends payable | 1,505 | 158 | | Interest payable | 154 | 137 | | Construction and equipment costs payable | 4,611 | 5,541 | | Amounts due to related parties | 2 | 2 | | Other payables | 3,136 | 3,242 | | **Total** | **24,358** | **25,224** | Aging Analysis of Trade Payables (RMB million) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 2,575 | 2,576 | | 3 to 6 months | 251 | 116 | | Over 6 months | 371 | 414 | | **Total** | **3,197** | **3,106** | [Chairman's Report](index=13&type=section&id=IV.%20%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) This section presents the Chairman's report on the Group's performance and outlook [Performance Overview](index=13&type=section&id=4.1%20%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A7%88) The Chairman's report begins with an overview of the Group's H1 2025 performance, showing growth in natural gas sales and revenue, but a decline in profit before income tax and net profit attributable to equity holders due to various factors H1 2025 Key Performance Overview (Year-on-Year) | Indicator | H1 2025 | Change % | | :--- | :--- | :--- | | Natural Gas Sales Volume | 29.095 billion cubic meters | +

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) 有關轉讓於天津壓縮公司之股權的補充公告 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、錢治家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。 現向股東提供有關天津壓縮公司截至估值日期之經審核資產淨值的進一步背景資料，有關評估乃由 本公司獨立估值師於2024年12月方始作出，而本公司此後一直在尋求合適的時間進行出售事項。本 公司獨立估值師確認，自估值日期起直至出售事項日期，天津壓縮公司之估值並無任何重大變動。 出售事項之財務影響 茲提述昆侖能源有限公司（「本公司」）日期為2025年7月23日有關出售事項之公告（「該公告」）。除非 本公告中另有 ...

格隆汇8月6日丨昆仑能源(00135.HK)宣布，公司将于2025年8月19日（星期二）举行董事会会议，藉以 （其中包括）考虑公司及其附属公司截至2025年6月30日止六个月的中期业绩，及考虑宣派股息（如 有）。 ...

茲通告昆侖能源有限公司（「本公司」）將於2025年8月19日（星期二）舉行董事會（「董事會」）會議，藉 以（其中包括）考慮本公司及其附屬公司截至2025年6月30日止六個月的中期業績，及考慮宣派股息 （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) （股份代號：00135.HK） 董事會會議通告 承董事會命 昆侖能源有限公司 公司秘書 謝茂 香港，2025年8月6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、錢治家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7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8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 (-) | | | | | | | HKD | | | | 本月底結存 | ...

Group 1 - The Asia Value & Moat Stocks research service targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value, focusing on deep value balance sheet bargains and wide moat stocks [1] - The service emphasizes investment opportunities in the Hong Kong market, providing watch lists and monthly updates for investors [1] - The Value Pendulum specializes in the Asian equity market, with over a decade of experience on both buy and sell sides, indicating a strong expertise in the region [2] Group 2 - The analyst has a beneficial long position in KUNLUN ENERGY (0135.HK), suggesting a personal investment interest in this stock [2] - The article expresses the author's own opinions and does not involve compensation from any company mentioned, indicating an independent analysis [2]

Investment Rating - The report assigns an "Overweight" rating to Kunlun Energy (00135) [1] Core Views - Morgan Stanley slightly lowered the target price for Kunlun Energy by 2.2%, from HKD 9.1 to HKD 8.9 [1] - The update includes a new model incorporating 2024 performance and introduces forecasts for 2027 [1] - The earnings forecast for the company has been reduced to reflect a more conservative outlook on overall industry growth and a decrease in natural gas sales volume growth [1] - Given the increasing concerns about the macro environment, the market is expected to place more emphasis on the stock's defensive characteristics, leading to a slight premium in valuation [1]

Summary of Kunlun Energy Conference Call Company Overview - **Kunlun Energy** is a natural gas terminal company controlled by China National Petroleum Corporation (CNPC), benefiting from stable low-cost gas supply and growing domestic natural gas demand [2][3][23]. Key Financial Metrics - **Revenue Growth**: Expected revenue for 2024 is 187 billion yuan, a 5.5% increase year-on-year, with an average annual growth rate of 17.3% from 2014 to 2024 [2][8][26]. - **Profitability**: - EBITDA for 2024 is projected at 12.5 billion yuan, a 1.6% decrease year-on-year. - Net profit attributable to shareholders is expected to be 6 billion yuan, a 4.9% increase year-on-year [2][8][26]. - **Cash Flow**: Operating cash flow for 2024 is projected at 12.6 billion yuan, with free cash flow at 7 billion yuan [9][27]. Business Segments - **Natural Gas Sales**: This is the main business segment, with average revenue growth of 13.7% and pre-tax profit growth of 15.7% from 2016 to 2024 [10][30]. - **LNG Business**: - Expected to contribute 3.577 billion yuan in pre-tax profit for 2024, with a profit margin of 75% [4][35]. - Total processing volume for 2024 is projected at 15.94 billion cubic meters, with a compound growth rate of 87.6% [4][35]. Market Position and Strategy - **Geographical Focus**: Kunlun Energy has a strong presence in the western regions of China, with 28% of its city gas projects located there, aligning with the industrial shift towards the west [12][31]. - **Industrial User Growth**: The number of industrial users has grown at an average rate of 22.54% from 2018 to 2024, benefiting from the relocation of industries to the western regions [12][32]. Competitive Advantages - **Cost Control**: The company benefits from low gas procurement costs due to its relationship with CNPC, maintaining costs below industry peers [14][33]. - **LNG Supply Stability**: The LNG business is supported by stable overseas supply from CNPC, allowing for high operational efficiency [35]. Future Outlook - **Demand Growth**: The International Energy Agency (IEA) predicts a 6.8% growth in China's natural gas demand by 2025, making it one of the fastest-growing markets globally [4][19][36]. - **Profit Forecast**: Expected net profits for 2025, 2026, and 2027 are projected at 6.6 billion, 7.1 billion, and 7.6 billion yuan, respectively [4][22][38]. Dividend Policy - The company has announced a three-year dividend distribution plan, aiming to increase the payout ratio to 45% by 2025, with a current dividend of 0.3158 yuan per share [9][29]. Conclusion - Kunlun Energy is positioned for growth with a strong market presence, stable cash flows, and a focus on expanding its LNG and natural gas sales. The company is expected to benefit from favorable market conditions and strategic advantages in procurement and regional focus [2][4][22][38].