Core Viewpoint - Jianyin International has downgraded Kunlun Energy's (00135) core profit forecast for 2025 to 2027 by 5% and slightly reduced the target price from HKD 8.7 to HKD 8.5 while maintaining an "outperform" rating [1] Financial Performance - Kunlun Energy's net profit for the first half of the year decreased by 4.4% to RMB 3.2 billion, primarily due to a 10.5% year-on-year decline in natural gas sales and a 3% drop in pre-tax profit from liquefied petroleum gas (LPG), which offset an 11% increase in pre-tax profit from LNG receiving and processing operations [1] - Despite the profit decline, the interim dividend increased by 1.2% year-on-year to RMB 0.166, with the payout ratio rising from 43% last year to 45.5% in the first half of this year [1] Sales and Market Conditions - The report indicates that warm winter and leasing gas stations to the parent company led to a slowdown in retail natural gas sales growth from 8.1% last year to 2.2% in the first half of this year [1] - The company aims for a 5% year-on-year increase in total retail natural gas sales for the year, with a projected 7.7% growth in the second half, considering normalization of vehicle natural gas sales base, accelerated contributions from new gas projects, and potentially favorable weather conditions [1] Profitability Outlook - The company expects unit gross margins to remain stable in the second half, supported by a recovery in natural gas sales structure and weak overall procurement costs, along with continuous improvement in LNG processing plant profits, which will help offset the impact of weak gas sales profits for the year [1]

Core Viewpoint - Jianyin International has downgraded Kunlun Energy's (00135) core profit forecast for 2025 to 2027 by 5% and slightly reduced the target price from HKD 8.7 to HKD 8.5 while maintaining an "outperform" rating [1] Financial Performance - Kunlun Energy's net profit for the first half of the year decreased by 4.4% to RMB 3.2 billion, primarily due to a 10.5% year-on-year decline in natural gas sales and a 3% drop in pre-tax profit from liquefied petroleum gas (LPG), which offset an 11% increase in pre-tax profit from LNG receiving and processing operations [1] - Despite the profit decline, the interim dividend increased by 1.2% year-on-year to RMB 0.166, with the payout ratio rising from 43% last year to 45.5% in the first half of this year [1] Sales and Market Conditions - The report indicates that warm winter and leasing gas stations to the parent company led to a slowdown in retail natural gas sales growth from 8.1% last year to 2.2% in the first half of this year [1] - The company aims for a 5% year-on-year increase in total retail natural gas sales for the year, with a projected 7.7% growth in the second half, considering normalization of vehicle natural gas sales and contributions from new gas projects [1] Profitability Outlook - The company expects unit gross margins to remain stable in the second half, supported by a recovery in the natural gas sales structure and weak overall procurement costs, along with continued improvement in LNG processing plant profits, which will help offset the impact of weak gas sales profits for the year [1]

8月21日从中国石化新闻办获悉，江汉油田红星页岩气田1650.25亿立方米页岩气探明储量顺利通过自然 资源部审定，标志着湖北首个超千亿立方米大气田诞生，这也是我国首个二叠系大型页岩气田。利川市 作为该气田的核心区域，为保障国家能源安全再添湖北力量。 ...

Investment Rating - The investment rating for Kunlun Energy is "Buy" (maintained) [1] Core Views - The company's mid-year performance for 2025 showed a revenue of 97.543 billion yuan, a year-on-year increase of 5.0%, while the net profit attributable to shareholders decreased by 4.4% to 3.161 billion yuan. The decline in performance is attributed to a drop in gas sales price margins and reduced subsidy confirmations [7] - The company has adjusted its retail gas volume growth guidance for 2025 from +8% to +5%, leading to a downward revision of net profit forecasts for 2025-2027 [7] - The company benefits from strong backing from PetroChina, which holds 56.05% of its shares, providing resource security for its operations [7] Financial Summary - Total revenue forecast for 2023A is 177.726 billion yuan, with a projected increase to 194.158 billion yuan in 2025E, reflecting a growth rate of 3.80% [1] - The net profit attributable to shareholders is expected to grow from 5.682 billion yuan in 2023A to 6.061 billion yuan in 2025E, with a year-on-year growth rate of 1.70% [1] - The latest diluted EPS is projected to be 0.70 yuan per share in 2025E, with a P/E ratio of 9.65 [1] Business Performance - The gas sales segment reported a revenue of 80.078 billion yuan in H1 2025, with a year-on-year increase of 6.1%, but a decline in tax profit by 10.5% to 4.477 billion yuan [7] - Retail gas sales volume increased by 2.2% to 16.666 billion cubic meters, while wholesale gas sales volume rose by 22.6% to 12.429 billion cubic meters [7] - The exploration and production segment saw a revenue decline of 16.3% to 0.73 billion yuan, with a significant drop in tax profit by 64.9% [7]

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国家统计局，智研咨询整理 上市企业：中国石油（601857）,中国石化（600028）,广汇能源（600256）,新奥股份（600803）,申能股 份（600642）,深圳燃气（601139）,重庆燃气（600917） 相关报告：智研咨询发布的《2025-2031年中国液化天然气(LNG) 行业市场调查研究及发展前景规划报 告》 根据国家统计局数据显示：2025年6月中国液化天然气产量为246万吨，同比增长14.1%；2025年1-6月中 国液化天然气累计产量为1366.6万吨，累计增长16.9%。 ...

Group 1: Company Research - ZhongAn Online continues to lead the domestic internet property insurance sector, with expected profit growth driven by R&D investments, raising net profit forecasts for 2025-2027 to 0.82/0.85/0.97 billion RMB [2] - Jiufeng Energy's net profit forecasts for 2025-2027 have been slightly lowered to 1.732/1.978/2.245 billion RMB due to a decline in the natural gas industry's outlook, maintaining a "buy" rating [3] - Tongfei Co. anticipates a new growth phase driven by increased demand for liquid cooling in data centers, with net profit forecasts for 2025-2027 set at 0.33/0.45/0.60 billion RMB [4] - Fuyao Glass reported better-than-expected performance in 1H25, with net profit forecasts raised to approximately 10.14/11.97/13.94 billion RMB for 2025-2027, maintaining a "buy" rating [5] - Invt's net profit forecasts for 2025-2027 are set at 0.319/0.386/0.445 billion RMB, benefiting from the AIDC industry's growth, maintaining a "hold" rating [6] - Xinlitai's net profit forecasts for 2025-2027 are maintained at 0.708/0.822/0.979 billion RMB, focusing on cardiovascular drugs and innovation [9] - Thinker Education's net profit forecasts for 2025-2027 have been reduced to 0.159/0.209/0.271 billion RMB due to new campus investments impacting short-term profits, maintaining a "hold" rating [10] - China Resources Beer achieved revenue of 23.942 billion RMB in 1H25, with net profit rising by 23% to 5.789 billion RMB, raising profit forecasts for 2025-2027 to 5.887/5.968/6.334 billion RMB [11] - Xilinmen's net profit forecasts for 2025-2027 are raised to 0.46/0.51/0.57 billion RMB, driven by retail transformation and product innovation [12] Group 2: Industry Insights - The natural gas industry is experiencing a downturn, impacting Jiufeng Energy's sales growth expectations [3] - The demand for liquid cooling technology in data centers is increasing, indicating a shift towards greener solutions in high-performance computing [4] - The automotive glass and aluminum trim sectors are benefiting from industry-wide smart technology advancements, enhancing Fuyao Glass's profitability [5] - The beer market is seeing a rise in both volume and price, with high-end products performing particularly well amid adjustments in the liquor sector [11]

Group 1: Investment and Economic Development - Ningxia Yanqi County is focusing on attracting investment to promote high-quality economic development [1][3] - The Ningxia Helium Energy Technology Co., Ltd. is advancing its first phase project, which includes a daily production capacity of 200,000 cubic meters of liquefied natural gas and 600,000 cubic meters of high-purity helium gas annually [1] - The project is expected to generate an annual revenue of 1.8 billion yuan and tax revenue of 250 million yuan, creating over 300 jobs [1] Group 2: Renewable Energy Projects - The Ningguo Yun Salt Pool Gao Sha Wo Wind and Solar Project has a total planned capacity of 1.2 million kilowatts, with 920,000 kilowatts from photovoltaic and 280,000 kilowatts from wind power [2] - The wind power component began construction in July and is expected to be connected to the grid by the end of December [2] - The completed project will provide 2.25 billion kilowatt-hours of clean electricity annually, equivalent to saving 678,000 tons of standard coal and reducing carbon dioxide emissions by 1.872 million tons [2] Group 3: Industrial Development Strategy - Yanqi County is focusing on ten key industries, including modern chemicals and clean energy, and has planned 36 industrial projects for investment attraction [3] - A total of 25 investment projects have been implemented, with actual funds amounting to 4.016 billion yuan [3] - The county aims to deepen industrial chain investment and attract more enterprises through promotional activities [3]

据中国石油天然气股份有限公司天然气销售青海分公司（以下简称"青海公司"）消息，为支持西藏地区社会经济发展，提升藏区百姓生活品质，保护雪域高原生态环境，2010年3月，中国石油启 "天上无飞鸟，地上不长草，风吹石头跑"，"气化西藏"工程气源地格尔木 LNG 工厂就位于这样"寸草难生"的青藏高原柴达木盆地的茫茫戈壁中。青海公司相关负责人介绍：" 每天，约15辆满 格尔木与拉萨相隔千里，高原运输条件艰苦，给稳定供气带来重重考验。十五年来，青海公司在严寒缺氧中破冰开路，在复杂路况下保障运输，以"缺氧不缺精神"的韧劲攻克无数难题，为西藏地 转自：新华财经 八月的格尔木，地表温度直逼40℃，格尔木 LNG工厂的检修现场却比酷暑更"炽热"。作为保障青藏地区天然气供应的"心脏"，这里的MRC压缩机检修工作牵动着千万家庭的冷暖。在高原强紫外 站在"十四五"收官与"十五五"谋划的交汇点，青海公司用科技赋能产业升级、以创新激活发展动能，以新质生产力的培育成果，书写着高原能源保供的答卷，既守护着千家万户的"烟火气"，更 编辑：穆皓 ...

Core Viewpoint - The company reported a mixed performance for the first half of 2025, with revenue growth but declines in profit metrics, alongside a notable increase in natural gas sales volume and stable LNG processing performance [1][2][3]. Revenue and Profitability - The company's revenue for H1 2025 was RMB 97.543 billion, an increase of RMB 4.621 billion or 4.97% year-on-year [1] - Profit before tax was RMB 6.737 billion, a decrease of RMB 0.512 billion or 7.06% year-on-year [1] - Net profit attributable to shareholders was RMB 3.161 billion, down RMB 0.144 billion or 4.36% year-on-year [1] - The interim dividend was set at RMB 0.166 per share, slightly up from RMB 0.164 per share in the same period last year [1] Natural Gas Sales Performance - The company achieved a natural gas sales volume of 29.095 billion cubic meters, a year-on-year increase of 10.05% [1] - Retail gas volume was 16.666 billion cubic meters, up 2.23% year-on-year [1] - The average natural gas sales price was RMB 2.77 per cubic meter, a decrease of RMB 0.1 per cubic meter year-on-year [1] LNG Processing and Storage - The LNG processing and storage segment generated revenue of RMB 4.371 billion, a decrease of 1.58% year-on-year [2] - Profit before tax for the LNG segment was RMB 1.836 billion, an increase of 11.41% year-on-year [2] - The average production load rate for 14 operational plants was 57.1%, indicating stable high-load operations [2] Oil and LPG Sales - The average selling price of crude oil fell from USD 67.77 per barrel to USD 62.88 per barrel, leading to a revenue decline of 15.91% to RMB 0.74 billion [3] - LPG sales volume increased by 4.87% to 3.0684 million tons, with revenue rising by 1.03% to RMB 13.02 billion [3] Cost Management and Capital Expenditure - The company reduced other sales, general, and administrative expenses to approximately RMB 1.121 billion, down 8.86% year-on-year [3] - Capital expenditure for H1 2025 was RMB 1.926 billion, a decrease of 31.6% year-on-year [3] Profit Forecast and Valuation - The profit forecasts for 2025, 2026, and 2027 have been revised down to RMB 6.229 billion, RMB 6.696 billion, and RMB 7.213 billion respectively [4]

Core Viewpoint - Kunlun Energy reported a revenue of 97.5 billion yuan for 1H25, representing a year-on-year increase of 5.0%, while the net profit attributable to shareholders was 3.16 billion yuan, down 4.4% year-on-year, which was below the forecast of 3.41 billion yuan by Huatai Securities [1] Group 1: Financial Performance - The retail gas volume for 1H25 increased by 2.2% year-on-year to 16.67 billion cubic meters, with industrial gas volume growing by 8.0%, while commercial and residential gas volumes decreased by 1.5% and 3.6% respectively [2] - The average selling price difference for 1H25 decreased by 1 cent year-on-year to 0.44 yuan, influenced by changes in sales gas structure and rising contract gas prices in Q2 [2] - The tax pre-profit for the natural gas sales segment decreased by 10.6% year-on-year, primarily due to a decline in distribution and connection gross profit [2] Group 2: LNG Segment - The LNG factory achieved a tax pre-profit of 140 million yuan in 1H25, marking a historical high, with an average processing load rate of 57.1% across 14 operational factories [3] - The average load rate for LNG receiving stations was 86.8% in 1H25, an increase of 1.4 percentage points year-on-year, with expectations for the load rate to remain around 90% from 2025 to 2027 [2][3] - The company is constructing a 3 million tons/year LNG receiving station in Fujian, expected to contribute profit increments post-2027, and the Jiangsu LNG receiving station's third phase is anticipated to add 6.25 million tons/year of unloading capacity by 2029 [3] Group 3: Future Projections and Valuation - The profit forecast for Kunlun Energy's net profit attributable to shareholders for 2025-2027 has been revised down by 8.0%, 10.4%, and 13.2% to 6.15 billion, 6.49 billion, and 6.84 billion yuan respectively, with corresponding EPS of 0.71, 0.75, and 0.79 yuan [3] - The target price has been adjusted to 8.58 HKD from a previous value of 9.21 HKD, based on an 11x PE for 2025E, which is higher than the three-year average of 7.6x PE [3]