China Gas Utilities Global China Summit Takeaways: Cautious on lackluster core trends

研报英文原文证据摘录

China Gas Utilities Global China Summit Takeaways: Cautious on lackluster core trends

J P M O R G A N Asia Pacific Equity Research

25 May 2026

China Gas Utilities

Global China Summit Takeaways: Cautious on

lackluster core trends

We met with Kunlun and CR Gas during the Global China Summit and noted Power Equipment and Utilities

AClackluster operating trends. Retail gas volumes were largely flattish in 4M26, with Stephen Tsui, CFA

residential/commercial demand dragged by a warm winter and soft consumption, (852) 2800-8592

while industrial volumes improved in April, supported by selected sectors and stephen.tsui@jpmorgan.com

export-related demand. Dollar margins were broadly stable YTD, while winter gas Vento Suen

costs remain a key uncertainty. Elevated LNG prices also weighed on Kunlun’s (852) 2800-8546

LNG terminal utilization due to lower spot procurement. New connections stayed vento.suen@jpmorgan.com

weak, and CR Gas’s Comprehensive Services/Integrated Energy businesses are Alan Hon

still tracking below full-year guidance. Overall, given muted volume growth, (852) 2800-8573

alan.hon@jpmorgan.com

limited margin upside and continued weakness in new connections, we remain J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

cautious on the China Gas Utilities sector. Morgan Broking (Hong Kong) Limited

• Lukewarm gas volumes, with sequential improvement in April. Kunlun’s

retail gas volume was broadly flattish yoy in 4M26 (FY26E guidance : +3%),

mainly due to a warm winter and macro headwinds; industrial volume saw low-

single-digit growth, led by stronger steel demand, while glass and property-

related building materials remained weak. CR Gas’s volume was also muted,

with retail volume down 0.5% yoy in 4M (FY26E guidance: low-to-mid-