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EMPOWERING CHINA, ENRICHING LIVES!
· 事件:2026-10-15
KunLun Energy Company Limited
(incorporated in Bermuda with limited liability 於百慕達註冊之有限公司)
昆侖能源有限公司
(Stock Code 股份代號:00135.HK)
助力美麗中國建設
EMPOWERING CHINA, ENRICHING LIVES!
點靚人民美好生活
KUNLUN
2026
INTERIM REPORT 中期報告
---
## Contents
## 目錄
**3** Chairman's Statement
主席報告
11 Management Discussion and Analysis
管理層討論與分析
22 Report on Review of Interim Financial
Statement
中期財務報表的審閱報告
24 Unaudited Consolidated Interim
Statement of Comprehensive Income
未經審核綜合中期全面收益表
26 Unaudited Consolidated Inter
KunLun Energy Company Limited
(incorporated in Bermuda with limited liability 於百慕達註冊之有限公司)
昆侖能源有限公司
(Stock Code 股份代號:00135.HK)
助力美麗中國建設
EMPOWERING CHINA, ENRICHING LIVES!
點靚人民美好生活
KUNLUN
2026
INTERIM REPORT 中期報告
---
## Contents
## 目錄
**3** Chairman's Statement
主席報告
11 Management Discussion and Analysis
管理層討論與分析
22 Report on Review of Interim Financial
Statement
中期財務報表的審閱報告
24 Unaudited Consolidated Interim
Statement of Comprehensive Income
未經審核綜合中期全面收益表
26 Unaudited Consolidated Interim
Statement of Financial Position
未經審核綜合中期財務狀況表
28 Unaudited Consolidated Interim
Statement of Changes in Equity
未經審核綜合中期權益變動表
30 Unaudited Consolidated Interim
Condensed Statement of Cash Flows
未經審核綜合中期簡明現金流量表
31 Notes to the Unaudited Interim
Financial Statement
未經審核中期財務報表附註
54 Corporate Information
公司資料
KUNLUN
---
**The revenue for the**
**Period was approximately**
# RMB100,042 million,
**representing an increase of 2.56%.**
## 本期內之收入約為 Period was approximately
## 人民幣1,000.42億元, RMB100,042 million,
**本期內之收入約為**
**人民幣1,000.42億元,**
**增加2.56%。**
**Profit attributable to shareholders of the Company
was RMB3,306 million, representing an increase of 4.59%.**
**本公司股東應佔溢利人民幣33.06億元,增加4.59%。**
[Image: Im0]
## Natural Gas Sales 天然氣銷售
**The Group’s natural gas sales volume was**
**30,156 million cubic metres,
representing an increase of 3.65%.**
**天然氣零售量301.56億立方米,**
**增加3.65%。**
## LPG銷售 representing an increase of 3.65%.
## LNG Processing and Terminal LNG 加工與儲運
**LNG sales of self-operation, processing,
gasification and entrucking volume totally
was 9,483 million cubic metres,
maintaining high utilization rate.**
**LNG⾃產自銷、委託加工量和氣化裝車量共**
**94.83億立方米,維持高負荷率。**
## Sales of LPG LPG銷售
**The Group’s LPG sales volume was**
**2.74 million tonnes,
representing a decrease of 10.65%.**
**LPG 銷售量為2.74百萬噸,**
**減少10.65%。**
## Exploration and Production 勘探與生產
**The sales volume of crude oil in the**
**Exploration and Production business was**
**4.04 million barrels,**
**in line with the same period of last year.**
## Exploration and Production business was 維持高負荷率。
**勘探與生產業務銷售原油404萬桶,**
**同比相約。**
---
# Chairman’s Statement
# 主席報告
## Respected shareholders:
## 尊敬的各位股束:
Since the beginning of this year, the geopolitical situation in the Middle
East has continued to evolve amidst persistent turmoil, dealing a severe
blow to the global energy industry chain and supply chain. Suppressed
by the pass-through effect of high international gas prices, overall
demand in the domestic natural gas market remained weak. In the first
half of the year, national apparent natural gas consumption amounted
to 206.85 billion cubic metres, representing a year-on-year decline
of 2.4%, with city gas enterprises generally under pressure. Facing a
severe and complex external environment, the Company accurately
assessed the changes, responded scientifically, and proactively
sought adaptation. Leveraging our upstream-downstream integrated
advantages, we seized the opportunity of energy substitution in the
transportation sector, achieving counter-trend growth in LNG sales and
LNG plant processing volumes. We also achieved price pass-through
and enhanced efficiency in LPG and crude oil, effectively offsetting
the impact of weakening city gas demand. The Company’s core
businesses complemented and coordinated with one another, further
demonstrating our operational resilience. During the reporting period,
the Company’s four major business segments (natural gas sales, LNG
processing and terminal, LPG sales, and exploration and production)
complemented one another, delivered all-round profitability, and
steadily consolidated our foundation, achieving steady year-on-year
growth in overall operating results.
In the first half of the year, the Company recorded an operating revenue
of RMB100,042 million, representing a year-on-year increase of 2.56%.
Profit before income tax amounted to RMB6,782 million, representing a
year-on-year increase of 0.67%; profit attributable to shareholders was
RMB3,306 million, representing a year-on-year increase of 4.59%, with
basic earnings per share of RMB38.31 cents, representing a year-onyear increase of 4.93%. Operating cash flow amounted to RMB6,213
million, representing a year-on-year increase of 41.66%. The ample
and robust net cash flow laid a solid foundation for the Company’s
green and low-carbon transition, industrial upgrading and layout, and
sustained returns to investors.
今年以來,中東地緣局勢持續震盪演變,全球能源產業鏈供應鏈遭遇嚴重衝擊。受國際高氣價傳導壓制,國內天然氣市場整體需求偏弱,上半年,全國天然氣表觀消費量2,068.5億立方米,同比回落2.4%,城燃企業普遍承壓。面對嚴峻複雜的外部形勢,公司準確識變、科學應變、主動求變。依託上下游一體化優勢,搶抓交通能源替代機遇,LNG銷量及LNG工廠加工量實現逆勢增長,LPG及原油實現順價增效,有效對沖城燃需求下滑影響,企業主力業務協同互補,經營韌性進一步彰顯。報告期内,公司天然氣銷售、LNG加工與儲運、LPG銷售、勘探與生產四大板塊互補下、全面盈利,堅定不移鞏固基本盤,整體經營效益同比實現穩健増長。
上半年,公司實現營業收入人民幣1,000.42億元,同比增長2.56%。所得税前溢利人民幣67.82億元,同比增長0.67%;股東應佔溢利人民幣33.06億元,同比增長4.59%,每股基本盈利人民幣38.31分,同比增長4.93%。經營現金流人民幣62.13億元,同比增長 41.66%,充沛穩健的淨現金流為公司綠色低碳轉型、產業升級布局、持續回饋投資者築牢堅實基礎。
---
# Chairman’s Statement
# 主席報告
## BUSINESS REVIEW
**Natural Gas Sales Business:** Expanding markets, optimising structure
and enhancing efficiency, with operating performance outperforming
the general trend. In the first half of the year, the Company’s LNG
sales volume surged by 42.6% year-on-year, effectively addressing the
operating pressure arising from weakened gas demand from certain
industrial sectors. Facing the market environment of narrowing sales
spreads, the Company continuously optimised the business structure
and streamlined the terminal price pass-through mechanism. Six city
gas project companies in Hubei, Hunan, Yunnan and other provinces
implemented residential gas price pass-through, achieving a residential
gas price pass-through rate of 72% and further expanding the profit
margin from retail business spreads. The Company adhered to a
dual-pronged approach of tapping existing potential and expanding
incremental opportunities, adding 3 new city gas projects with an
additional sales capacity of 54.6 million cubic metres per annum.
New projects targeting industrial users are being actively developed
in Sichuan, Liaoning and other provinces and are expected to be
progressively commissioned in the second half of the year. End-user
development was advanced in depth, with 298,700 new households
added, bringing the cumulative scale to 17.4904 million households.
The Company intensified marketing efforts for our self-branded gas
appliance products, with sales of the Kunlunger series increasing by
15.2% year-on-year. The timely response rate and on-time completion
rate for customer services rose to 99.5% and 98.8%, respectively,
steadily reinforcing our capacity to safeguard services for people’s
livelihoods.
In the first half of the year, the Company’s total natural gas sales
volume reached 30.156 billion cubic metres, representing a year-onyear increase of 3.65%; of which retail gas sales volume amounted to
16.381 billion cubic metres, representing a year-on-year decrease of
1.71%, mainly due to reduced gas consumption from certain industrial
sectors. Revenue amounted to RMB82,679 million, representing a yearon-year increase of 3.25%; profit before income tax was RMB4,227
million, representing a year-on-year decrease of 5.58%.
**LNG Processing and Terminal Business:** Adjusting structure,
optimising operations and increasing utilisation, with the core business
position continuing to consolidate. The Company coordinated the
integrated and synergistic operation of the entire LNG sales, processing
and terminal industry chain, strengthening internal management
coordination, industrial resource linkages and downstream market
development. The scale of LNG external sales grew steadily, with full
capacity released from self-operated processing plants. The plants at
Huanggang, Tai’an, among others, completed technical upgrades and
equipment overhauls, significantly enhancing their capacity for long-
## 業績回顧
**天然氣銷售業務:**拓市場、優結構、提效益,經營表現跑贏行業大勢。上半年,公司LNG銷量同比大幅增長42.6%,著力破解部分工業行業用氣疲軟帶來的經營壓力。面對銷售價差收窄的市场環境,持續優化業務結構,理順終端順價傳導機制,湖北、湖南、雲南等6個城燃項目公司落地居民用氣順價,居民用氣順價比例達72%,持續擴大零售業務價差盈利空間。堅持存量挖潛與增量拓展雙向發力,新開發城燃項目3個,新增銷售能力5,460萬立方米/年,積極開發四川、遼寧等省份工業用戶新項目,預計下半年陸續投產。縱深推進終端用戶開發,新增29.87萬戶,累計規模達1,749.04萬戶。加大自營品牌燃氣具市場推廣力度,昆侖格爾系列產品銷量同比增長15.2%。客戶服務按時響應率和按時辦結率分别提升至99.5%和98.8%,民生服務保障能力穩步增强。
上半年,公司天然氣總銷量301.56億立方米,同比增長3.65%;其中零售氣量達163.81億立方米,主要受部分工業行業用氣减少影響,同比減少1.71%。實現收入人民幣826.79億元,同比增長3.25%;除所得税前溢利人民幣42.27億元,同比減少5.58%。
**LNG加工與儲運業務:**調結構、優運行、提負荷,主力業務地位持續鞏固。公司統籌推進LNG銷售與加工儲運全產業鏈一體化協同運營,強化內部管理統籌、產業資源聯動、下游市場開發,LNG外銷規模穩步攀升,自有加工廠產能充分釋放。黃岡、泰安等工廠完成技術改造與設備檢修,長週期安全穩定運行能力顯著增強。上半年,13座LNG工廠 term, safe and stable operation. In the first half of the year, a total of
13 LNG plants processed 2.273 billion cubic metres of natural gas,
representing a year-on-year increase of 29.74%, with an average
utilisation rate of 78.1%, setting a new operational record since
commissioning. Offshore refuelling volume hit a new record high, with a
total volume of 94,000 tonnes, representing a year-on-year increase of
26.0%. The LNG gasification and truck-loading volume at the Jiangsu
and Jingtang LNG terminals amounted to 7.210 billion cubic metres,
representing a year-on-year decrease of 8.72%, primarily due to a
temporary imbalance in the arrival schedule of overseas long-term
contract and spot LNG cargoes caused by geopolitical disruptions in
the Middle East.
In the first half of the year, the Company’s LNG processing and terminal
business recorded revenue of RMB4,873 million, representing a yearon-year increase of 11.48%; profit before income tax amounted to
RMB1,765 million, representing a year-on-year decrease of 3.87%.
共計加工天然氣22.73億立方米,同比提升 29.74%,平均負荷率達78.1%,創投產以來歷史運營新高。海上加注規模刷新歷史紀錄,加注總量9.4萬噸,同比增長26.0%。江蘇、京唐LNG接收站氣化和裝車量72.10億立方米,同比下降8.72%,主要系中東地緣擾動下海外長協、現貨LNG到港節奏階段性失衡所致。
**LPG Sales Business:** Securing resources, expanding direct supply
and improving spreads, with market-oriented resource value creation
capabilities steadily rising. Leveraging stable supporting resources from
our parent company, the Company spared no effort to mitigate the
impact of reduced overseas resource volumes caused by the Middle
East situation. The Company further tapped into the potential of LPG
procurement from oil and gas fields, recording a year-on-year increase
in acquisition volume of resources from oil and gas fields by 89,000
tonnes, or 21%. We strengthened market analysis, seized the upward
price window to implement price pass-through and drive sales growth,
and achieved a substantial year-on-year increase in comprehensive
purchase-sales spread. We continued to optimise cross-regional
resource allocation and seized opportunities from the diversified
development of chemical applications, adding 5 new industrial
direct-supply customers in the first half of the year with sales volume
increasing by 213,000 tonnes year-on-year. During the reporting
period, terminal sales volume increased by 129,000 tonnes year-onyear, with our share rising by 8.7%, further optimising the LPG sales
structure.
上半年,公司LNG加工與儲運業務實現收入人民幣48.73億元,同比增長11.48%;除所得税前溢利人民幣17.65億元,同比下降3.87%。
In the first half of the year, the Company achieved LPG sales volume
of 2.7415 million tonnes, representing a year-on-year decrease of
10.65%; revenue of RMB12,396 million, representing a year-on-year
decrease of 4.79%; and profit before income tax of RMB655 million,
representing a year-on-year increase of 20.40%.
**LPG銷售業務:**籌資源、拓直供、提價差,資源市場化創效能力穩步攀升。公司依託母公司穩定配套資源,努力消解中東局勢引發的海外資源減量影響。挖潛油氣田LPG採購規模,從油氣田採購資源量同比增加8.9萬噸,增幅21%。強化市場研判,搶抓市場價格上行窗口期落實順價增銷,實現綜合購銷價差同比大幅增長。持續優化跨區域資源配置,把握化工應用多元化發展機遇,上半年新增工業直供用戶5家,銷量同比增加21.3萬噸。報告期内,終端銷量同比增加12.9萬噸,佔比提高8.7%,LPG銷售結構進一步優化。
上半年,公司實現LPG銷量274.15萬噸,同比减少10.65%;實現收入人民幣123.96億元,同比減少4.79%;除所得税前溢利人民幣6.55億元,同比增長20.40%。
---
Chairman’s Statement
**主席報告**
**Exploration and Production Business:** Stabilising production
capacity, controlling operations and enhancing efficiency, with rising
oil prices driving performance growth. In the first half of the year, the
Company’s upstream oil and gas projects in Oman, Kazakhstan and
Thailand maintained stable production and operations, with overall
continued improvement in asset financial positions. The Company’s
equity crude oil sales volume was 4.043 million barrels, representing
a year-on-year decrease of 1.94%. Benefiting from the rise in the
international crude oil price pivot, the average composite export selling
price of crude oil increased to US$71.6/barrel from US$62.9/barrel
in the same period of last year. Profit before income tax amounted to
RMB331 million, representing a year-on-year increase of 442.62%.
## SUSTAINABLE DEVELOPMENT
**Implementing ESG concepts to build a solid foundation for
long-term, stable development:** The Company has continuously
improved its systematic ESG management framework, encompassing
strategic guidance, institutional safeguards, practical implementation,
and value demonstration. External recognition continued to rise, with
the WIND ESG rating successfully upgraded to AAA, making the
Company rank the first in the sector. The “Wenfeng Luyuan” project
won third place in the Golden Key SDG Roadshow organised by the
Ministry of Commerce’s Sustainable Development Economic Guide,
and will be presented at CBD COP17 of the United Nations. The
Company strengthened the top-level framework by issuing two special
ESG management measures, establishing an ESG Management
Working Committee and special working groups, and refining the
ESG management system. We appointed a Lead Independent Non-
Executive Director to strengthen the Board’s independent oversight
function, improved the internal control and risk prevention system,
and flexibly utilised market value management tools to safeguard the
medium- and long-term value of all shareholders. We published the
ESG Strategy White Paper, clarifying our medium- and long-term
ESG plans, and released our ESG report for the tenth consecutive
year, enhancing transparency in information disclosure. We deepened
our responsible practices by regularly advancing energy-saving and
technical retrofit projects at LNG terminals and various gas stations,
keeping total emissions of major pollutants within annual targets.
We proactively positioned ourselves in low-carbon sectors such
as biomass, natural gas, and green methanol, and systematically
researched carbon asset management and hydrogen blending
technology for natural gas pipelines. We intensified the special
campaign to manage city gas pipelines “operating with risks” and
the three-year action plan to tackle root causes of production safety
issues, effectively improving intrinsic safety levels. We also iteratively
upgraded the employee health management platform, organised major
disease screenings and comprehensive health education programmes,
effectively safeguarding employees’ wellbeing.
[... middle omitted — see footer ...]
(i) (續)
一 截至2026年6月30日止六個月,本集團向中油集團提供服務約人民幣3,743百萬元 (截至2025年6月30日止六個月:人民幣 3,530百萬元)。
(ii)
本集團訂立協議,向本集團若干聯營公司及合資企業銷售天然氣,於截至2026年 6月30日止六個月分別約為人民幣1,200百萬元及人民幣824百萬元(截至2025年 6月30日止六個月:人民幣 1,537百萬元及人民幣1,030百萬元)。
上述(i)及(ii)項之交易根據上市規則14A章構成關連交易。
(iii)
於2026年6月30日及2025年12月31日,應收及應付予中油集團、本集團之聯營公司及合資企業之款項(除借貸、貸款予一間聯營公司、貸款予合資企業及租賃負債外)為無抵押及免息,已計入下列會計項目內並概述如下:
---
## 22 RELATED PARTY TRANSACTIONS (CONTINUED)
(a) Transactions with CNPC Group, associates and
joint ventures (Continued)
(iii) (Continued)
## 22 關聯方交易(續)
(a) 與中油集團、聯營公司及合資企業之交易(續)
(iii) (續)
| | | 30 June 2026 2026年 6月30日 RMB million 人民幣百萬元 | 31 December 2025 2025年 12月31日 RMB million 人民幣百萬元 |
| --- | --- | --- | --- |
| Other non-current assets | 其他非流動資產 | 397 | 262 |
| Accounts receivable | 應收賬款 | 1,247 | 1,401 |
| Prepayments and other current assets | 預付款及其他流動資產 | 2,183 | 3,712 |
| Accounts payable and accrued liabilities | 應付賬款及應計負債 | 4,268 | 4,361 |
| Borrowings | 借貸 | 8,761 | 10,113 |
| Lease liabilities | 租賃負債 | 86 | 62 |
(b) Key management compensation
(b)
主要管理層之酬金
| | | Six months ended 30 June 截至6月30日止六個月 2026 2026年 RMB million 人民幣百萬元 | Six months ended 30 June 截至6月30日止六個月 2025 2025年 RMB million 人民幣百萬元 |
| --- | --- | --- | --- |
| Salaries and allowances | 薪金及酬金 | 3 | 2 |
| Retirement benefits | 退休福利 | | |
| - defined contribution scheme | 一界定供款計劃 | - | - |
| | | 3 | 2 |
## (c) Transactions with other state-controlled entities in the PRC
Apart from the aforementioned transactions with the CNPC
Group, associates and joint ventures of the Group, the
Group has transactions with other state-controlled entities
including but not limited to (i) sales and purchases of goods
and services; (ii) purchases of assets; (iii) lease of assets
and (iv) bank deposits and borrowings.
These transactions are conducted in the ordinary course of
the Group’s business.
## (c) 與中國其他國有實體之交易
除上述與中油集團、本集團聯營公司及合資企業之交易外,本集團與其他國有實體之交易包括(但不限於)(i)銷售及購買貨品及服務; (ii)購買資產;(iii)租賃資產及(iv)銀行存款及借貸。
該等交易乃於本集團之日常業務過程中進行。
---
# Corporate Information
# 公司資料
## BOARD OF DIRECTORS
## Executive Directors
Mr. Liu Guohai (Chairman)
Mr. He Yongli (Chief Executive Officer)
## Non-executive Directors
Ms. Lyu Jing
Mr. Qi Zhenzhong
## Independent Non-executive Directors
Mr. Sun Patrick (Appointed as Lead Independent
Non-Executive Director on 24 March 2026)
Mr. Tsang Yok Sing Jasper
Mr. Kwok Chi Shing
## COMPANY SECRETARY
## BERMUDA RESIDENT REPRESENTATIVE
Conyers Corporate Services (Bermuda) Limited
Richmond House
12 Par-la-Ville Road
Hamilton HM 08
Bermuda
## AUDITOR
## KPMG
Public Interest Entity Auditor registered in accordance
with the Accounting and Financial Reporting Council
Ordinance
## BANKERS
Industrial and Commercial Banking of China Limited
China Construction Bank Corporation
Bank of China Limited
Agricultural Bank of China Limited
Bank of China (Hong Kong) Limited
## 董事會
## 执行董事
劉國海先生(主席)
賀永利先生(行政總裁)
## 非執行董事
吕菁女士戚振忠先生
## 獨立非執行董事
辛定華先生(於2026年3月24日獲委任為首席獨立非執行董事)
曾鈺成先生郭志成先生
## 公司秘書
謝茂先生
## 駐百慕達代表
Conyers Corporate Services (Bermuda) Limited
Richmond House
12 Par-la-Ville Road
Hamilton HM 08
Bermuda
## 核數師
畢馬威會計師事務所於《會計及財務匯報局條例》下的註冊公眾利益實體核數師
## 往來銀行
中國工商銀行股份有限公司中國建設銀行股份有限公司中國銀行股份有限公司中國農業銀行股份有限公司中國銀行(香港)有限公司
---
## STOCK CODE
The Stock Exchange of Hong Kong Limited
00135.HK
## WEBSITE
http://www.kunlun.com.hk
## PRINCIPAL BOARD COMMITTEES
## Audit Committee
Mr. Sun Patrick (Chairman)
Mr. Tsang Yok Sing Jasper
Mr. Kwok Chi Shing
## Remuneration Committee
Mr. Tsang Yok Sing Jasper (Chairman)
Mr. Sun Patrick
Mr. Kwok Chi Shing
## Nomination Committee
Mr. Liu Guohai (Chairman)
Ms. Lyu Jing
Mr. Sun Patrick
Mr. Tsang Yok Sing Jasper
Mr. Kwok Chi Shing
## Sustainability Committee
Mr. He Yongli (Chairman)
Mr. Qi Zhenzhong
Mr. Tsang Yok Sing Jasper
Mr. Kwok Chi Shing
股份代號香港聯合交易所有限公司
00135.HK
**cg**
http://www.kunlun.com.hk
## 主要董事委員會
## 審核委員會
辛定華先生(主席)
曾鈺成先生郭志成先生
## 薪酬委員會
曾鈺成先生(主席)
辛定華先生郭志成先生
## 提名委員會
劉國海先生(主席)
呂菁女士辛定華先生曾鈺成先生郭志成先生
## 可持續發展委員會
賀永利先生(主席)
戚振忠先生曾鈺成先生郭志成先生
---
Corporate Information
**公司資料**
## SOLICITOR
## Clifford Chance
## REGISTERED OFFICE
Richmond House
12 Par-la-Ville Road
Hamilton HM 08
Bermuda
## PRINCIPAL OFFICE
39/F., 118 Connaught Road West
Hong Kong
Telephone: 2522 2282
E-mail: info@kunlun.com.hk
Fax: 2868 1741
## PRINCIPAL REGISTRARS
Conyers Corporate Services (Bermuda) Limited
Richmond House
12 Par-la-Ville Road
Hamilton HM 08
Bermuda
## REGISTRARS IN HONG KONG
Tricor Investor Services Limited
17/F
Far East Finance Centre
16 Harcourt Road
Hong Kong
律師
高偉紳律師行
## 註冊辦事處
Richmond House
12 Par-la-Ville Road
Hamilton HM 08
Bermuda
## 主要辦事處
香港
干諾道西118號39樓
電話:2522 2282
電子郵件:info@kunlun.com.hk
圖文傳真:2868 1741
## 主要股份過戶登記處
Conyers Corporate Services (Bermuda) Limited
Richmond House
12 Par-la-Ville Road
Hamilton HM 08
Bermuda
## 香港股份過戶登記處
卓佳證券登記有限公司
夏慤道16號
遠東金融中心
17}
---
# KunLun Energy Company Limited昆侖能源有限公司
http://www.kunlun.com.hk
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