昆仑能源2025 中期报告

INTERIM REPORT中期報告2025 Contents目錄 28Unaudited Consolidated InterimStatement of Changes in Equity 3Chairman’s Statement 30Unaudited Consolidated InterimCondensed Statement of Cash Flows 12Management Discussion and Analysis 22Report on Review of Interim FinancialStatement 31Notes to the Unaudited InterimFinancial Statement 24Unaudited Consolidated InterimStatement of Comprehensive Income 54Corporate Information 26Unaudited Consolidated InterimStatement of Financial Position 本期內之收入約為人民幣975.43億元，增加4.97%。 Profit attributable to shareholders of the Companywas RMB3,161 million, representing a decrease of 4.36%.本公司股東應佔溢利人民幣31.61億元，減少4.36%。 Natural Gas Retail Sales天然氣零售 Sales of LPGLPG銷售 The Group’s natural gas retail sales volume was16,666 million cubic metres,representing an increase of 2.23%.天然氣零售量166.66億立方米，增加2.23%。 The Group’s LPG sales volume was3.0684 million tonnes,representing an increase of 4.87%.LPG銷售量為306.84萬噸，增加4.87%。 LNG Processing and TerminalLNG加工與儲運 Exploration and Production勘探與生產 The sales volume of crude oil in theExploration and Production business was4.12 million barrels,representing an increase of 1.98%.勘探與生產業務銷售原油412萬桶，增加1.98%。 LNG sales of self-operation, processing,gasification and entrucking volume totally was9,651 million cubic metres,representing an increase of 1.13%.LNG自產自銷、委託加工量和氣化裝車量共96.51億立方米，增加1.13%。 Chairman’s Statement主席報告 290.9526.5710.05%975.4346.214.97%67.375.127.06%31.611.444.36%36.51 In the first half of the year, the Group recorded a natural gas salesvolume of 29,095 million cubic metres, representing a year-on-yearincrease of 2,657 million cubic metres or 10.05%. The Group recordeda revenue of RMB97,543 million, representing a year-on-year increaseof RMB4,621 million or 4.97%; the profit before income tax wasRMB6,737 million, representing a year-on-year decrease of RMB512million or 7.06%; and the profit attributable to shareholders of theCompany was RMB3,161 million, representing a year-on-year decreaseof RMB144 million or 4.36%. Earnings per share (basic) was RMB36.51cents. BUSINESS REVIEW 2025LNG In the first half of 2025, the global landscape of gas trade experiencedsubstantial adjustments. A year-on-year increase in price was seen in allthree major international markets, and structural shifts were witnessedin the flow of regional trade. Domestic supply grew steadily, whileLNG imports declined year-on-year. Given the higher temperaturesrecorded in last winter and this spring, as well as adjustments in theindustry’s consumption structure, the growth of domestic natural gasconsumption was under temporary pressure, thus resulting in a shiftin the structure of demand and intensifying the competition in theend-market. In general, the domestic supply and demand of naturalgas remained relaxed in the first half of the year, with the apparentconsumption declining slightly year-on-year. With the extremely complex and volatile macroeconomic and industrylandscape, we took challenges directly, identified and adapted tochanges, addressed difficulties and persisted in expanding businessscale, increasing the number of users, optimizing the structure andcontrolling the costs. We further advanced the modernization ofmarketing activities and corporate governance, actively optimizedresource allocations, developed existing markets and capitalized onopportunities for business development. All these efforts combinedto enable stable and controlled production operations, steadyimprovement in operating performance and remarkable profitability. Chairman’s Statement主席報告 主業進中提質，核心競爭力不斷增強。1,685.3290.9510.05%LNGLNG75.5%LNG25%1.4LPG8.9%975.44.97%31.630.6 Our primary business continued to progress with improvedquality and our core competitiveness was strengthenedcontinuously.We kept on focusing on the development of ourcore urban gas business, maintaining steady growth in the terminalmarket. Total users exceeded 16.853 million, and total natural gassales reached 29.095 billion cubic meters, representing a year-on-year increase of 10.05%, further solidifying its leading position in theindustry. Synergies within the LNG industry chain were fully realized,with LNG entrucking volume increasing by 75.5% year-on-year. Theentire maintenance cycle at LNG plants was shortened by 25% andthe profit before taxation was RMB140 million, marking a record highfor the same period. The sales structure of LPG continued to optimize,with direct industrial sales increasing by 8.9% year-on-year. The totalrevenue of the Company reached RMB97.54 billion, representing ayear-on-year increase of 4.97%, and the net profit attributable to theparent company was RMB3.16 billion. Free cash flow was strong,reaching RMB3.06 billion, and the sufficient net cash on hand enabledlong-term value growth accordingly. 戰略性、數智化項目取得重大進展，高質量發展基礎不斷夯實。LNGLNGLNG2029625LPGLPGERPAI+18% Considerable progress was made in strategic and digitalprojects, thus solidifying the foundation for high-qualitydevelopment continuously.Th