點靚人民美好生活 助力美麗中國建設

159,824 59,255 Natural gas sales business revenue(RMB million) Total natural gas sales volume(million cubic metres) 17,191,700 738,000 Cumulative users Number of new users 11 28 Acquired, Merged &Newly Established Gas Projects Covering provinces, cities &autonomous regions across the country 02Financial and Operational Highlights 89Independent Auditor’s Report 97Consolidated Statement ofComprehensive Income 08Locations of Natural Gas Business 10Locations of Crude OilExploration and Production Business 99Consolidated Statement ofFinancial Position 101Consolidated Statement ofChanges in Equity 12Chairman’s Statement 22Management Discussion and Analysis 103Consolidated Statement of Cash Flows 106Notes to the ConsolidatedFinancial Statements 32Corporate Governance Report 212Reserve Quantities Information 65Directors’ Report 218Other Corporate Information Financial and Operational Highlights財務及業務摘要 Financial and Operational Highlights財務及業務摘要 Financial and Operational Highlights財務及業務摘要 (1)2021(2)(3)(4) (1)Due to certain Group’s businesses are classified as discontinued operationsin 2021. The financial information of the Group has been restated.(2)The financial information of the Group has not been restated for thepotential disposal of discontinued operations as the directors consider thatthe unrestated financial information is more appropriate for year-on-yearcomparison of the change in the Group’s business operation.(3)Core profit before income tax expense is defined as profit before incometax expense excluding impairment losses on property, plant and equipment,intangible assets and exchange gains/losses.(4)Core profit attributable to shareholders of the Company is defined as profitattributable to shareholders of the Company excluding impairment losses onproperty, plant and equipment, intangible assets and exchange gains/lossesattributable to shareholders of the Company and its related tax effect. (1)(2)(3)(4)EBITDA(5)(6)(7)(8)(9) (1)Net profit margin is profit for the year divided by revenue.(2)Return on total assets is profit for the year divided by average total assets.(3)Return on capital employed is the ratio of profit before income tax expenseand interest divided by total assets less current liabilities.(4)Liabilities-to-Adjusted EBITDA ratio is the ratio of total liabilities divided byadjusted EBITDA.(5)Debts-to-net assets ratio is the ratio of the sum of interest-bearing borrowingsand lease liabilities divided by total equity.(6)Gearing ratio is the ratio of the sum of interest-bearing borrowings, and leaseliabilities divided by the sum of total equity, interest-bearing borrowings andlease liability.(7)Debts-to-assets ratio is the ratio of the sum of interest-bearing borrowingsand lease liabilities divided by total assets.(8)Average finance cost is the ratio of aggregated amount of each category ofborrowing multiply by its interest rate divided by the total borrowing.(9)Dividend payout ratio is dividend per share divided by core basic earnings pershare. Financial and Operational Highlights財務及業務摘要 Financial and Operational Highlights財務及業務摘要 Locations of Natural Gas Business天然氣業務分佈圖 Locations of Natural Gas Business天然氣業務分佈圖 Locations of Crude Oil Explorationand Production Business原油勘探及生產業務分佈圖 Locations Of Crude Oil Exploration And Production Business原油勘探及生產業務分佈圖 Project due dateOil field projectsKazakhstan Project due dateOil field projectsThailand Chairman’s Statement主席報告 Respected shareholders: In 2025, the international environment was complex and volatile,with rising geopolitical uncertainty and profound adjustmentsin the economic and trade landscape. Global energy industrychains and supply chains faced immense challenges, and energysecurity emerged as a core issue and strategic red line for allnations in maintaining economic stability, ensuring the functioningof people’s livelihoods, and safeguarding national sovereignty.Despite challenges posed by shifts in the external economic andtrade environment and constraints on certain industrial production,the Chinese economy demonstrated remarkable resilience. Grossdomestic product grew by 5%, and the green and low-carbontransition yielded significant results. The share of clean energyconsumption increased by 1.8 percentage points to 30.4%, whileapparent natural gas consumption for the year reached 426.55billion cubic meters, maintaining positive year-on-year growth. 20255%1.830.4%4,265.5 Chairman’s Statement主席報告 The Company actively aligns with and contributes to national strategies.Upholding our corporate vision – “Empowering China, Enriching Lives!”– and deeply committed to our service philosophy – “starting fromcustomer needs, achieving customer satisfaction, and exceedingcustomer expectations” – we have systematically advanced thecoordinated development of our diversified business portfolio,marketing systems, digital and intelligence infrastructure, andmodernized governance structure. Through these efforts,