Zhi Tong Cai Jing·2025-08-21 09:13Core Viewpoint - The report from CMB International indicates a downward revision of Kunlun Energy's (00135) profit forecasts for the next two years by 8% and 10% due to a decline in retail gas sales growth predictions [1] Financial Performance - Kunlun Energy's profit for the first half of the year decreased by 4.4% to 3.16 billion RMB, achieving only 45% of the original annual forecast [1] - The company's core profit is expected to remain stable at approximately 6.4 billion RMB this year, with projected year-on-year growth of 5.5% and 6.3% for 2026 and 2027 respectively [1] - The interim dividend increased by 1.2% year-on-year, with a payout ratio of 45.46%, slightly above the annual payout guidance [1] Sales and Growth Projections - Despite low growth in retail gas volume, the company added five city gas projects in the first half and expects to acquire another five projects in the second half, which will enhance annual gas volume contributions [1] - The company anticipates that the retail gas volume growth rate in the second half will be higher than that of the first half, with an expected year-on-year increase of 4.5% for the year, compared to the company's guidance of 5% [1] - The expected gross margin for gas sales is projected to remain at 0.44 RMB per cubic meter, while LNG processing volume is expected to increase by 1.6% year-on-year [1] Profitability of LNG Segment - The tax-pre profit for the LNG segment is projected to double to 260 million RMB this year, with a year-on-year increase of 8.9% [1]