Bank of America Securities: KUNLUN ENERGY (00135) performance last year fell short of expectations, maintaining a "neutral" rating.

16:26 25/03/2026

The management is committed to returning value to shareholders, pledging a minimum dividend payout ratio of 50% for the years 2026 to 2028, supported by the company's strong and clean cash position.

Bank of America Securities released a research report stating that KUNLUN ENERGY (00135) is expected to see a 10% decrease in its net profit after tax to 5.346 billion yuan in 2025, with a core net profit after tax decline of 7% to 5.923 billion yuan, slightly below the bank's expectations. The bank pointed out that the company may face challenges in the short term due to the growth of gas sales, as demand for CHINA GAS HOLD has slowed down due to tight maritime supply and high prices, leading to a shift from gas to coal. However, with strong net cash support from the company's management, they remain committed to returning value to shareholders, promising a minimum dividend payout ratio of 50% from 2026 to 2028. The bank maintains a "Neutral" rating with a target price of 8.5 Hong Kong dollars.

GILSTON GROUP (02011): Zhang Jiaqian appointed as authorized representative and legal process agent.

Emperor Watch & Jewellery (00887) announces its performance in 2025, with a net profit of HK$431 million, a year-on-year increase of 67.7%. The final dividend is 1.14 HK cents per share.

Anhui Conch Cement (00914) received an increase of 34.7556 million A shares from its controlling shareholder, increasing their shareholding to 37.05%.

GILSTON GROUP (02011): Zhang Jiaqian appointed as authorized representative and legal process agent.

Emperor Watch & Jewellery (00887) announces its performance in 2025, with a net profit of HK$431 million, a year-on-year increase of 67.7%. The final dividend is 1.14 HK cents per share.

Anhui Conch Cement (00914) received an increase of 34.7556 million A shares from its controlling shareholder, increasing their shareholding to 37.05%.