Zhi Tong Cai Jing·2026-03-24 23:44Core 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]