智通财经APP获悉，中银国际发布研报称，昆仑能源(00135)去年核心盈利同比跌7%至59.23亿元人民 币，符合预期，盈利下滑主要归因于天然气销售业务表现疲软。该行预计，其核心盈利在2026年将保持 稳定。为回馈投资者，公司将于2025年将派息率提高至51%，并承诺在2026至28年派息率将不低于 50%，且每股股息不低于2025年水平。将公司2026年至2027年盈利预测下调5%至8%，其目标价由9.6港 元下调至8.87港元，其评级为"买入"。 ...

Core Viewpoint - UBS reports that Kunlun Energy (00135) experienced a 7% year-on-year decline in core profit to 5.92 billion RMB, while the dividend payout ratio increased by 8 percentage points to 51% [1] Financial Performance - The company has guided that the dividend payout ratio for 2026 to 2028 will not be less than 50%, with total annual dividends expected to be at least at the 2025 level [1] - UBS has adjusted the earnings per share forecast for the company down by 3% to 5% for the years 2023 to 2028, while raising the target price from 9.7 HKD to 10.7 HKD, maintaining a "Buy" rating, which corresponds to a projected price-to-earnings ratio of 13 times [1] Sales and Operations - Retail natural gas sales grew by 2.3% last year, with industrial user sales increasing by 6.2%, while residential user sales fell by 4.4% [1] - The utilization rate of liquefied natural gas (LNG) processing plants increased to 67.2%, with pre-tax profits doubling, and the utilization rate of LNG receiving stations rose to 90.8% [1] - The company expects retail natural gas sales to grow by approximately 3% this year, with LPG sales projected at 5.8 million tons, and the utilization rate for LNG receiving stations is guided to be between 85% and 90% [1]

Investment Rating - The report maintains a "Buy" rating for Kunlun Energy [1][6][4] Core Views - The company achieved a revenue of 193.979 billion RMB in 2025, a year-on-year increase of 3.71%, while the net profit attributable to shareholders decreased by 10.3% to 5.346 billion RMB [6][5] - Industrial gas sales and distribution trade volumes continue to grow significantly, with total natural gas sales reaching 59.255 billion cubic meters, up 9.4% year-on-year [6][5] - The company is expanding its city gas projects, adding 11 new projects and increasing its user base to 17.192 million by the end of 2025 [6][5] - The LNG processing and storage business saw a profit increase of 8.4% to 3.970 billion RMB, with a high average load rate of 90.8% for LNG receiving stations [6][5] - The LPG business also expanded, with sales volume increasing by 6.3% to 6.148 million tons, and profits expected to rise due to high oil prices [6][5] - A three-year dividend plan was announced, ensuring a minimum payout of 50% of net profit, enhancing investor returns [6][5] - The report forecasts net profits for 2026-2028 at 6.254 billion, 6.573 billion, and 6.733 billion RMB respectively, with corresponding EPS of 0.72, 0.76, and 0.78 RMB per share [6][5] Financial Data and Profit Forecast - Revenue projections for 2024 to 2028 are as follows: 187.046 billion, 193.979 billion, 206.720 billion, 207.128 billion, and 208.301 billion RMB [5][7] - Net profit attributable to shareholders is projected to be 5.960 billion, 5.346 billion, 6.254 billion, 6.573 billion, and 6.733 billion RMB for the same period [5][7] - The company’s PE ratios for 2026-2028 are estimated at 9.3, 8.8, and 8.6 times [6][5]

Group 1 - The core profit of Kunlun Energy decreased by 7% year-on-year to 5.923 billion yuan, which is in line with expectations, primarily due to weak performance in the natural gas sales business [1] - The company is expected to maintain stable core profits through 2026 [1] - To respond to investors, the company plans to increase its dividend payout ratio to 51% in 2025 and commits to maintaining a payout ratio of no less than 50% from 2026 to 2028, with dividends per share not lower than the 2025 level [1] Group 2 - The profit forecasts for the company for 2026 to 2027 have been revised down by 5% to 8% [1] - The target price has been adjusted from 9.6 HKD to 8.87 HKD [1] - The rating for the company remains "Buy" [1]

Group 1 - Russia believes Turkey can leverage its influence over Ukraine to prevent attacks on Russian gas pipeline facilities [1] - The risk of attacks on the "TurkStream" and "Blue Stream" gas pipelines has been increasing, prompting Russia to regularly express its concerns to Turkey [1] - Since February 24, Russian energy infrastructure in the southern region has faced over 10 attacks, which are critical for the operation of the "TurkStream" and "Blue Stream" pipelines [1] Group 2 - Russian Foreign Minister Lavrov and Turkish Foreign Minister Fidan emphasized the importance of ensuring the safety of energy pipelines between the two countries during a phone call [1] - Ukrainian armed forces, with Western tacit approval, have been accused of targeting the "TurkStream" and "Blue Stream" pipelines, indicating a lack of Western interest in resolving the Ukraine issue [1]

Group 1 - The report highlights concerns over global "stagflation," with market expectations shifting towards potential interest rate hikes within the year, leading to adjustments across various asset classes [2] - The analysis of 62 multinational companies operating in China indicates that 51% of them expect improved performance in Q4 2025, while 40% foresee potential declines [3] - Sectors such as finance, consumer goods, and healthcare show higher optimism regarding future performance, with notable growth in paint, food and beverage, and high-end beauty segments [3] Group 2 - The automotive sector report indicates that the economic viability of electric vehicles (EVs) compared to fuel vehicles is improving, particularly in Europe and Southeast Asia, which are expected to drive EV penetration [4] - The report on China Pacific Insurance shows a significant profit increase, with a net profit of HKD 27.1 billion in 2025, reflecting a 221% year-on-year growth, driven by improved investment performance [5] - China Telecom's revenue reached CNY 523.9 billion in 2025, with a net profit of CNY 33.2 billion, indicating a modest growth trajectory despite challenges in revenue acceleration [5] Group 3 - Yancoal Australia is positioned to benefit from a new cycle of coal prices, with production expected to reach historical highs in 2025, capitalizing on geopolitical tensions [6] - Kingsoft Office reported a revenue of CNY 5.929 billion in 2025, driven by successful AI strategy implementation, with a notable increase in active users [7] - Beijing Enterprises Water Group's revenue decreased to CNY 22.06 billion in 2025, but free cash flow significantly improved, indicating potential for future dividend increases [8] Group 4 - Yuyuan Group's revenue fell to CNY 36.37 billion in 2025, with a net loss of CNY 4.9 billion, attributed to asset impairment during its restructuring phase [9] - Kunlun Energy's revenue reached CNY 193.98 billion in 2025, with a proposed dividend of CNY 0.3198 per share, reflecting a commitment to shareholder returns despite a decline in net profit [9] - The report on 361 Degrees shows a revenue increase to CNY 11.15 billion in 2025, with a net profit of CNY 1.31 billion, supported by strong brand positioning and e-commerce growth [17] Group 5 - The report on China Chemical indicates a revenue of CNY 190.1 billion in 2025, with a net profit of CNY 6.44 billion, benefiting from successful execution of overseas projects and improved gross margins [32] - The analysis of Nongfu Spring reveals a revenue of CNY 52.55 billion in 2025, with a net profit of CNY 15.87 billion, driven by strong performance in packaged water and ready-to-drink tea segments [30] - The report on Ruifeng Power highlights a revenue of CNY 3.1 billion in 2025, with a net profit of CNY 410 million, reflecting growth in the clean energy sector [31]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 193.98 billion RMB in 2025, a year-on-year increase of 3.7%, while the net profit attributable to shareholders was 5.35 billion RMB, down 10.3% year-on-year [1] - The company plans to distribute a final dividend of 0.1498 RMB per share, resulting in a total annual dividend of 0.3158 RMB per share, corresponding to a payout ratio of 51%, exceeding the target of 45% [1] - The company commits to maintaining a payout ratio of no less than 50% from 2026 to 2028, with total annual dividends not lower than the 2025 level [1] Summary by Sections Revenue and Profitability - The company's retail gas volume increased by 2.3% year-on-year to 33.51 billion cubic meters in 2025, with industrial gas volume rising by 6.2% to 26.05 billion cubic meters, accounting for 77.7% of total volume [2] - The average load factor of LNG receiving stations was 90.8%, with a processing volume of 16.53 billion cubic meters, reflecting a 3.7% increase [3] - The company reported a tax-pre-profit of 3.97 billion RMB from the LNG processing and storage segment, an increase of 8.4% [3] Cash Flow and Financial Health - The company generated a free cash flow of 7.21 billion RMB in 2025, with a debt-to-asset ratio of 35.97%, indicating a stable financial condition [4] - The company had cash on hand of 44.6 billion RMB at the end of 2025, with interest-bearing debt reduced to 21.42 billion RMB [4] Earnings Forecast Adjustments - The earnings forecast for 2026 and 2027 has been adjusted downwards by 16% and 13% respectively, with net profit estimates of 5.45 billion RMB and 5.93 billion RMB [5] - The target price has been slightly raised to 8.63 HKD, based on a price-to-earnings ratio of 11 times the estimated earnings for 2025 [5]

Market Reactions to Oil Prices - The inverse correlation between Brent oil prices and the S&P 500 index has continued, with high oil prices persisting during the ongoing conflict [2] - Traders are betting on a potential asymmetry in oil prices, anticipating a gradual increase if the conflict continues, but a swift decline if a resolution occurs [3] Impact of Geopolitical Events - The market appears to be less concerned with the details of ongoing talks regarding de-escalation, indicating a level of optimism that the situation may not be as prolonged as previously feared [4][5] - The current geopolitical situation is unique due to the strategic importance of the Strait, which limits alternative options for oil supply [10] Market Dynamics and Trading Behavior - Short-term traders are influencing market movements, with day-to-day fluctuations driven by positioning rather than fundamental changes [7][8] - The market has shown resilience following social media posts from influential figures, indicating a psychological aspect to trading behavior [9] Economic Implications - The ongoing military crisis has significant implications for oil production and storage, affecting the broader economy, including food costs due to fertilizer supply issues [11][12] - The potential for dislocations in the market could extend beyond the immediate inverse relationship with Brent oil if a resolution is not reached [13]

Group 1: Energy Sector - The energy market is expected to experience varying impacts based on different scenarios, with oil prices potentially averaging around $80 per barrel in a mild scenario, and rising to $120 in a baseline scenario, leading to significant inflationary pressures [1][2][4] - Energy companies are projected to see their earnings per share (EPS) and valuations increase as the market adjusts to higher long-term oil price expectations, which are currently reflected below $80 per barrel [3][36] - In extreme scenarios where oil prices soar to $140-160 per barrel, the energy sector may face severe challenges, including economic recession and increased inflation, necessitating a shift towards defensive sectors [2][3][29] Group 2: Mining Sector - In a mild scenario, the mining sector may benefit moderately as the market returns to fundamental pricing, with aluminum and copper expected to see positive price movements due to improved demand expectations [27] - In a baseline scenario, rising costs from energy and raw materials will reshape pricing logic for aluminum and nickel, while gold may rise due to inflationary pressures [28] - In extreme scenarios, the mining sector could face significant downturns, with only gold likely to serve as a safe haven asset amidst a broader economic recession [29] Group 3: Pharmaceutical Sector - The pharmaceutical industry is considered a defensive sector, benefiting from a strong dollar and lower sensitivity to oil prices and inflation, making it a diversified investment option during uncertain times [3] Group 4: Semiconductor Sector - The semiconductor industry is expected to experience limited impact from rising oil prices, as the cost of raw materials and electricity constitutes a small portion of overall chip production costs [40] - However, if the geopolitical situation escalates, there may be indirect effects on demand due to macroeconomic downturns, potentially leading to revenue growth pressures [42] Group 5: Agricultural Sector - Agricultural products may face rising costs due to increased fertilizer prices linked to energy costs, with potential price increases for corn and soybeans if fertilizer prices rise significantly [37] - The geopolitical situation may also enhance expectations for biofuel alternatives, although the overall supply-demand balance for major crops remains relatively stable [38] Group 6: Chemical Sector - The chemical industry is experiencing structural disruptions due to rising energy prices and supply chain issues, with significant impacts on production costs and pricing across the entire value chain [31][34] - Regional disparities are evident, with Asia facing more direct risks due to high dependence on Middle Eastern oil and gas, while North America may benefit from higher self-sufficiency [32] Group 7: Industrial Sector - The industrial sector is under pressure from rising costs, but the overall impact is manageable, with a focus on demand-side influences that could affect profitability [50]

承董事會命 新天綠色能源股份有限公司 譚建鑫 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 海外監管公告 本公告乃由新天綠色能源股份有限公司（「本公司」）根據《香港聯合交易所有限公司證券上市規則》第 13.10B條作出。 茲載列本公司於上海證券交易所網站刊發之《新天綠色能源股份有限公司2025年年度報告摘要》《新 天綠色能源股份有限公司2025年年度報告》及《新天綠色能源股份有限公司2025年度已審財務報 表》，僅供參閱。 執行董事及總裁 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，概不對因本公告全部或任何部分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。 公司代码：600956 公司简称：新天绿能 新天绿色能源股份有限公司 2025 年年度报告摘要 新天绿色能源股份有限公司2025 年年度报告摘要 第一节 重要提示 1、 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 中國河北省石家莊市，2026年3月25日 於本公告日期，本公司非執行董事為曹欣博士、李連平博士 ...