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: | 2026年2月28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: | 2026年3月2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 | | | 16 ...

Core Viewpoint - The company, as the only natural gas terminal sales platform under PetroChina, is transitioning from a cyclical stock to a growth-oriented entity, supported by strong cash flow and a strategic focus on downstream city gas business [1][4]. Financial Position - As of June 30, 2025, the company has cash and time deposits totaling 42.875 billion yuan, with a projected free cash flow exceeding 9 billion yuan in 2024, indicating potential for increased dividends [1]. - The company plans to distribute 45% of its profits as dividends in 2025, and the current stock price corresponds to a dividend yield of 4.3% [3][4]. Growth Potential - The company is expected to maintain high growth in gas sales, with retail gas volume growth rates projected at 3.7%, 4.4%, and 4.8% for 2025-2027 [4]. - The company is leading in the number of new city gas projects, which are anticipated to contribute significantly to gas sales growth [2]. Operational Advantages - The company operates two LNG receiving stations and is constructing a third in Fujian, expected to be operational by 2027, which will further enhance performance [3]. - The company benefits from strong resource support from its controlling shareholder, PetroChina, providing a competitive edge in the industrial user market [2]. Profitability Forecast - The company is projected to achieve net profits of 6.074 billion, 6.276 billion, and 6.606 billion yuan for 2025-2027, with corresponding EPS of 0.70, 0.72, and 0.76 yuan per share [3][4]. - The company’s price-to-earnings ratio is expected to be 11, 10, and 10 times for 2025-2027, respectively, indicating a favorable valuation compared to peers [3].

Investment Rating - The report assigns an initial investment rating of "Buy" for the company, highlighting its potential for resource empowerment and stable dividend growth [5][7]. Core Views - The company is positioned as the only natural gas terminal sales platform under PetroChina, having transitioned from exploration and development to focus on downstream natural gas sales and comprehensive utilization since 2008 [6][14]. - The company has a strong cash position with a total cash and deposits of 42.875 billion RMB as of June 2025, and a projected free cash flow exceeding 9 billion RMB in 2024, indicating potential for increased dividends [6][29]. - The company is expected to maintain high gas sales growth, with retail gas volume growth rates projected at 3.7%, 4.4%, and 4.8% for 2025-2027 [8][49]. Summary by Relevant Sections Financial Performance - Revenue projections for the company are as follows: 177.35 billion RMB in 2023, 187.05 billion RMB in 2024, and reaching 207.06 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 3.6% [5][6]. - The net profit attributable to shareholders is forecasted to be 5.68 billion RMB in 2023, increasing to 6.61 billion RMB by 2027, reflecting a steady growth trajectory [5][6]. - The earnings per share (EPS) are expected to rise from 0.66 RMB in 2023 to 0.76 RMB in 2027, with a price-to-earnings (P/E) ratio projected at 10-11 times [5][7]. Market Position and Strategy - The company has a leading position in acquiring new city gas projects, with 293 projects as of June 2025, despite a general slowdown in the industry [36][37]. - The company benefits from a strong resource guarantee from its parent company, PetroChina, which enhances its ability to supply industrial users and maintain competitive pricing [9][43]. - The company operates two LNG receiving stations and is constructing a third, which is expected to contribute to revenue growth upon completion in 2027 [77][80]. Risk Management and Stability - The company has a lower debt ratio of 35.3% as of June 2025, which is below that of its peers, indicating a strong financial position [23][29]. - The company’s gas sales structure is heavily weighted towards industrial users, which allows for better price transmission and stability in profit margins [56][62]. - The company has a robust dividend policy, planning a payout ratio of 45% in 2025, with a current dividend yield of 4.3% based on the latest stock price [7][29].

Core Viewpoint - Morgan Stanley maintains a cautious outlook on China's gas utility sector, expecting disappointing full-year performance for covered companies and limited improvement in this year's outlook due to weak gas sales growth, declining new residential connections, and stable gas profit margins [1] Industry Summary - The industry is anticipated to sustain low growth this year, influenced by weak gas sales and a decline in new residential connections [1] - Gas profit margins are expected to remain stable, contributing to the overall cautious outlook [1] Company Summaries - Kunlun Energy (00135) is the preferred choice in the industry, with an expected shareholder return rate of 6% (including dividends and buybacks). There is an opportunity to increase the dividend payout ratio in March, along with a new dividend plan. The rating is "Overweight," with a target price raised from HKD 7.8 to HKD 9 [1] - New Hope Energy (02688) also receives an "Overweight" rating due to a current discount of 33% on its A-shares and H-shares. If privatization progresses, the discount is expected to narrow. The target price for New Hope Energy's H-shares is raised from HKD 66.5 to HKD 72.5, while the target price for its A-shares is increased from RMB 17 to RMB 18.5, with a "Neutral" rating [1] - Hong Kong and China Gas (00003) has its rating downgraded from "Overweight" to "Neutral," with a target price raised from HKD 7.25 to HKD 7.6, as its stock price has risen since last year's second half, making its valuation relatively reasonable [1]

Group 1 - Morgan Stanley maintains a cautious outlook on the Chinese gas utility sector, expecting disappointing full-year performance and limited improvement this year due to weak gas sales growth, declining new residential connections, and stable gas profit margins [1] - The industry is anticipated to sustain low growth this year [1] Group 2 - Kunlun Energy (00135) is the preferred choice in the sector, with an expected shareholder return rate of 6% considering dividends and buybacks, and an opportunity to increase the dividend payout ratio in March along with a new dividend plan; the rating is "Overweight" with a target price raised from HKD 7.8 to HKD 9 [1] - New Hope Energy (02688) also receives an "Overweight" rating due to a 33% discount on its A-shares and H-shares; if privatization progresses, the discount is expected to narrow; the target price for New Hope Energy's H-shares is raised from HKD 66.5 to HKD 72.5, and the target price for its A-shares is raised from RMB 17 to RMB 18.5, with a "Neutral" rating [1] - Hong Kong and China Gas (00003) has its rating downgraded from "Overweight" to "Neutral," with a target price increased from HKD 7.25 to HKD 7.6, as its stock price has risen since last year's second half, making its valuation relatively reasonable [1]

Group 1 - The core viewpoint of the report is that JPMorgan maintains a cautious outlook on the Chinese gas utility sector, expecting disappointing full-year performance for the companies involved and limited improvement in the outlook for the year [1] - The firm anticipates that the Chinese gas utility industry will experience low growth this year, driven by weak gas sales growth, a continued decline in new residential connections, and stable gas profit margins [1] - JPMorgan's preferred choice in the industry is Kunlun Energy, which is expected to deliver a shareholder return rate of 6%, factoring in dividends and buybacks, with an opportunity to increase the dividend payout ratio and announce a new dividend plan in March [1] Group 2 - JPMorgan has upgraded the target price for Kunlun Energy from HKD 7.8 to HKD 9 and maintains an "Overweight" rating for the stock [1]

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: | 2026年1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: | 2026年2月2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 | | | 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 | 16,000,000,000 | HKD | 0.01 | HKD | 160,000,000 | 本月底法定/ ...

Core Viewpoint - Kunlun Energy (00135.HK) announced the resignation of Qian Zhijia as Executive Director and CEO, effective January 30, 2026, due to work arrangement changes [1] Group 1 - Qian Zhijia has resigned from his positions as Executive Director, CEO, and company authorized representative under the Hong Kong Stock Exchange Listing Rules [1] - He will be succeeded by He Yongli, who has been appointed as Executive Director, CEO, and company authorized representative under the same listing rules, effective January 30, 2026 [1]

Core Viewpoint - Kunlun Energy (00135) announced the resignation of Mr. Qian Zhijia as Executive Director and CEO, effective January 30, 2026, due to changes in work arrangements [1] - The board has appointed Mr. He Yongli as the new Executive Director, CEO, and authorized representative under the Hong Kong Stock Exchange Listing Rules, effective January 30, 2026 [1] Group 1 - Mr. Qian Zhijia has resigned from his positions within the company [1] - Mr. He Yongli will take over as Executive Director and CEO starting January 30, 2026 [1]

董事会欣然宣布，自2026年1月30日起，贺永利先生(贺先生)已获委任为执行董事、行政总裁及上市规 则第3.05条项下的本公司授权代表。 智通财经APP讯，昆仑能源(00135)发布公告，钱治家先生(钱先生)因工作安排变动，已辞任执行董事、 行政总裁及香港联合交易所有限公司证券上市规则(上市规则)第 3.05条项下的本公司授权代表职务，自 2026年1月30日起生效。 ...