[Zhenzhuo HK Stock Market Update] Kunlun Energy (00135.HK) achieved revenue of RMB 1,939.79 billion in 2025, a year-on-year increase of 3.71%.
March 25, 2026, Kunlun Energy Company Limited (00135.HK) $KUNLUN ENERGY(00135.HK) today announced its audited annual results for the year ended December 31, 2025.
In 2025, the international environment was complex, and the global energy industry chain and supply chain faced significant challenges. Energy security has become a core issue and strategic bottom line for countries to maintain economic stability, ensure people's livelihood, and defend national sovereignty. Amid challenges such as changes in the external trade environment and restrictions on some industrial production, the Chinese economy demonstrated strong resilience, with GDP growing by 5%. The green and low-carbon transition achieved significant results, with the share of clean energy consumption increasing by 1.8 percentage points to 30.4%. The apparent consumption of natural gas for the year was 426.55 billion cubic meters, maintaining positive year-on-year growth.
The company actively integrated into and served the national strategic deployment, upholding the corporate vision of "contributing to building a beautiful China and illuminating people's better lives," and deeply practicing the service philosophy of "starting from customer needs, striving for customer satisfaction, and exceeding customer expectations." It comprehensively advanced the coordinated construction of a diversified business system, marketing system, digital intelligence support system, and modern governance system, striving to achieve steady growth in core business, continuous optimization of customer structure, and stable and orderly production and operation. It fulfilled its dividend plan to a high standard, ensuring the steady enhancement of shareholder value.
For the year, the Group achieved natural gas sales volume of 59.255 billion cubic meters, a year-on-year increase of 9.39%, and revenue of RMB 193.979 billion, a year-on-year increase of 3.71%. Profit before income tax was RMB 11.661 billion, and profit attributable to shareholders of the company was RMB 5.346 billion. Basic earnings per share were RMB 0.6174.
Natural Gas Sales
Deepening the market and optimizing the structure, the core business advanced under pressure. Adhering to both tapping the potential of the existing market and jointly developing the incremental market, leveraging nationwide customer scale and network stations, the company developed 11 new city gas projects in 8 provinces and cities including Inner Mongolia, Shandong, Guizhou, and Jiangsu, adding annual sales capacity of 780 million cubic meters. The customer base grew to 17.19 million households. It continued to promote the pass-through of terminal prices, with the pass-through rate for residential gas reaching 69%, an increase of 8.3 percentage points year-on-year. Continuously optimizing the sales structure, industrial gas volume maintained rapid growth, accounting for 77.7% of retail gas volume, an increase of 2.8 percentage points year-on-year. Total natural gas sales were 59.26 billion cubic meters, a year-on-year increase of 9.4%, of which retail gas volume reached 33.51 billion cubic meters.
LNG Storage, Transportation & Processing
Extending the industry chain and enhancing the value chain, it gradually grew into a second profit growth driver. LNG sales achieved a milestone breakthrough, with annual sales exceeding 10 billion cubic meters. The total output from the two receiving terminals in Jiangsu and Tangshan reached a new high of 16.53 billion cubic meters. LNG plant processing volume for the year was 3.74 billion cubic meters, a year-on-year increase of 5.3%, with an average load rate of 67.2%, reaching the best historical level. Offshore LNG bunkering business successively opened up markets in Guangdong and Hong Kong, achieving the normalization upgrade of LNG marine fuel bunkering in Hong Kong waters from offshore anchorage to terminal bunkering. Bunkering volume was 176.6 thousand tons, a year-on-year increase of 60.7%.
LPG Sales
Strengthening resource security and improving operational quality and efficiency, sales volume returned to the 6 million ton mark after five years. Continuously expanding resource channels and increasing procurement and sales efforts, annual LPG sales were 6.148 million tons, a year-on-year increase of 6.3%. It vigorously developed industrial direct supply customers, adding 8 new industrial direct supply users, with industrial direct supply sales volume increasing by 23.4% year-on-year. Optimizing resource allocation, it maintained a reasonable supply-demand balance in resource-rich regions such as Northeast and Northwest China, expanded the scale of bidding sales and online sales, and enhanced resource efficiency through market-oriented means.
Exploration & Production
Increasing development efforts and fully focusing on reserve addition and production increase, it continued to achieve steady returns. Crude oil equity sales volume was approximately 8.45 million barrels, an increase of 160 thousand barrels year-on-year, a growth of 2.0%, with an average sales price of USD 54.4 per barrel.
Business Outlook
Currently, international geopolitical conflicts are frequent, and the global energy trade landscape, price trends, and logistics channels continue to fluctuate. China's economic foundation is stable, with many advantages, strong resilience, and great potential. The energy consumption structure is accelerating its upgrade, and new scenarios, models, and formats for the integrated development of natural gas and new energy will continue to emerge. Comprehensive analysis suggests that during the "15th Five-Year Plan" period, the average annual growth rate of domestic natural gas consumption will be about 5%, and the natural gas industry is still in an important period of strategic opportunity. The company will adapt to changing circumstances, strengthen strategic preparedness, persist in recognizing, adapting to, and seeking change, actively plan for market development space, closely monitor the construction of national and provincial-level zero-carbon parks, accelerate the building of a green comprehensive energy supply system, and strive to continuously enhance value and provide stable returns for shareholders through high-quality development results.
2026 is the first year of the "15th Five-Year Plan," a pivotal year connecting the past and the future and seizing the momentum. The company will firmly grasp development opportunities, vigorously promote management quality improvement, industrial upgrading, innovation empowerment, and efficiency enhancement, striving to deliver higher quality, higher efficiency, and more sustainable development results to reward shareholders, empower the industry, and serve society, making new and greater contributions to promoting high-quality development.
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