PETROCHINA COMPANY LIMITED
857
(1)
(2)
(3)2020
2020 9 28 9 5
51 52
24 2020 9 27 9
2020 8 12
................................................................... 1
......................................................................... 3
................................................................... 7
..................................................................... 8
................................................................. 8
...................................................... 27
............................................................ 27
..................................................................... 28
...................................................... 29
............................ 30
....................................... 32
.................................................... 34
.......................................................... 44
2020 ................................................ 51
—i—
1933 27A 1934
21E
—1—
—2—
100 H
A
2019 12 31
2020 9 30
1999 11 5
H
A
—3—
2020 9 28 9
5 2020
51 52
2020 7 23
H 1.00
H
2020 7 23
2020 8 4
2020 7 23
—4—
2019 12 6
14
29.9%
571
A H
—5—
2020 7 23
2. (b)
%
—6—
PETROCHINA COMPANY LIMITED
857
16
100011
*
*
* 9
*
* 100007
*
(1)
(2)
(3)2020
—7—
2020 7 23
2020 6 11
1.
2020 7 23
(i) (ii)
2.
2020 7 23
(b)
(a)
2020 7 23
(i)
(ii)
LNG
—8—
2,687
2,687
(i) 1,495
4,800
1,495
29.9%
(ii)
(i) (ii)
2019 12 31
2020 10 15
90%
2020 10 1
2020 10 16
10
2020 10 1
—9—
200 5,000
29.9%
60
30
— 10 —
30
24
2020
10 20
2020
10 31
— 11 —
100
30
500
— 12 —
(1)
(2)
(3)
(4)
(5)
10
(6)
(7)
— 13 —
(8)
(9)
(10)
2021
9 30
30
2020 9 30 24
60
— 14 —
15
— 15 —
11 2
30%
(1)
(2)
— 16 —
(b)
2020 7 23
1,416.735 72.2616%
28.3347%
20.47 70%
0.4094%
10.44 70%
0.2088%
1.84 51%
0.0368%
6.15 60%
0.1230%
2.73 60%
0.0546%
— 17 —
9.065 50%
0.1813%
27.57 60%
0.5514%
582.04
51%
50%
50%
23%
LNG
(a)
— 18 —
2019 12 31
22,288,029.54 26,870,477.55
4,582,448.01 20.56%
(c)
2019 2018
12 31 12 31
2019 2018
12 31 12 31
378,081,628,050.46 351,782,007,029.58
94,625,252,160.07 93,388,905,133.08
283,456,375,890.39 258,393,101,896.50
222,880,295,431.80 197,629,443,310.86
60,518,500,865.55 60,490,041,573.51
26,591,286,308.02 28,971,773,865.02
21,160,189,612.85 22,946,411,454.03
15,654,778,440.42 17,248,284,329.13
(d)
100%
— 19 —
(e)
14.61
(i)
1.
2.
3.
— 20 —
(ii)
14.62(2) 2020
7 23
UBS AG
14.62(3)
2020 7 23
14.60A 14.62
— 21 —
3.
458.2
8
8 4
4.
(1) 2020
2020
(2)
(3)
2020 2020
5.
2025
2025
— 22 —
2021–2030
6.
25% 75%
5%
25%
14.24
14
12
— 23 —
7.
2020 7 23
LNG
1.
2.
3.
4.
— 24 —
5. LNG
6. 7–10
1.
LNG
2.
8.
(a)
1999 11 5
(b)
2019 12 6
— 25 —
5,000
%
29.90
12.87
12.87
10.00
9.42
9.00
4.58
4.46
2.90
2.00
2.00
100.00
LNG
LNG
2019 2020
12 31 3 31
2019 2020
12 31 3 31
990,249,770.26 989,628,446.06
978,933,870.26 978,757,977.11
(21,066,129.74) (175,893.15)
(21,066,129.74) (175,893.15)
— 26 —
9.
53 30
2018 1
2020 4
(i)
(ii)
(iii)
XV
13.51(2)(h) (v)
2020 9 28 9 5
— 27 —
51 52
A 2020 9 27
9
9
C 0610 100007 H
183 17M
2020 8 29 H
2020 8 29 2020 9 28
H H 2020 8 28
H
183 17
1712–1716
20
— 28 —
2020 8 12
— 29 —
2020 7 23
2020 7 23
2019 12
31
14.61
1
14.62(2)
— 30 —
3000
14.62(2)
2020 7 23
— 31 —
9
100007
2020 7 23
2020 7 23
2020 7 23
14.61
2020 7 23
— 32 —
14.62(3)
1
UBS AG
UBS AG
1
UBS AG
— 33 —
2019 12 31
16
18,302,097
1999 11 05
91110000710925462X
8 8 4
(1)
— 34 —
(2)
(3) 2014
(4)
1.
2.
3. 2019 12 31
4.
5.
— 35 —
22,288,029.54
26,870,477.55 4,582,448.01 20.56%
2019 12 31
%
1 3,307,551.12 3,571,632.90 264,081.78 7.98
2 25,907,695.11 30,219,981.09 4,312,285.98 16.64
3 15,739,664.78 18,220,610.63 2,480,945.85 15.76
4
5 8,170,218.14 10,020,564.47 1,850,346.33 22.65
6 6,323,576.67 7,603,125.78 1,279,549.11 20.23
7 1,573,319.11 1,569,580.48 -3,738.63 -0.24
8 10,105.07 8,422.23 -1,682.84 -16.65
9 1,358.08 200.59 -1,157.49 -85.23
10
11 151,703.91 262,542.30 110,838.39 73.06
12 116,061.06 195,704.18 79,643.12 68.62
13 138.26 138.26
14
15 106,596.46 106,596.46 0.00 0.00
16 3,778.66 3,778.66
17 123,179.62 -123,179.62 -100.00
18 27,633.03 27,547.03 -86.00 -0.31
19 29,215,246.23 33,791,613.99 4,576,367.76 15.66
20 1,366,511.76 1,366,511.76
21 5,560,704.93 5,554,624.68 -6,080.25 -0.11
22 6,927,216.69 6,921,136.44 -6,080.25 -0.09
23 22,288,029.54 26,870,477.55 4,582,448.01 20.56
— 36 —
1.
2.
3.
1.
2.
3.
4.
5.
— 37 —
6.
7.
8.
(1)
=
(2)
=
= + + +
+
— 38 —
A.
=
B.
C.
D.
E.
= + 100%
— 39 —
(3)
(4)
1.
(DCF)
— 40 —
2.
(1)
E=B–D (1)
E
B
B=P+I+C (2)
D
P
n Ri
P= (3)
i=1 (1 + r) i
Ri i
r
n
C
C = C1 + C2 (4)
C1
C2
I
— 41 —
(2)
R= + + – (5)
(3)
(WACC) r
r = rd w d + re we (6)
Wd
wd = D (7)
(E + D)
We
we = E (8)
(E + D)
rd
re (CAPM)
re
r e = rf + e (r m – rf ) + (9)
rf
rm
e
— 42 —
= (1 + (1 – t) D) (10)
e u
E
u
t
u = (11)
1 + (1 – t) D i
Ei
t
t = 34%K + 66% x (12)
K K=1
x
Di Ei
— 43 —
1.
2.
XV
XV 7 8
352
XV 2 3
— 44 —
XV 2 3
% %
A 146,882,339,136 90.71 80.25
H 291,518,000 1.38 0.16
(1)
BlackRock, Inc.(2) H 1,538,583,532 7.29 0.84
3,322,000 0.02 0.00
Citigroup Inc.(3) H 1,165,526,558 5.52 0.64
115,848,909 0.54 0.06
1,008,925,130 4.78 0.55
(1) Fairy King Investments Limited 291,518,000 H
Fairy King Investments Limited H
(2) BlackRock, Inc. H 1,538,583,532 H
3,322,000 H
(3) Citigroup Inc. H 156,601,428 H
115,848,909 H 1,008,925,130 H
3.
— 45 —
4.
(a)
(b)
5.
UBS AG
6.
7.
— 46 —
8.
1
4 5
6
9
UBS AG 1
4 6
7
9
1
6
UBS AG 473,216,807
0.26% 32,873,216 0.38%
2019 12 31
— 47 —
9.
2019 12 31
10.
11.
12.
2017 2018 2019 12 31
2017 12 31 95 234 2018 12 31
91 246 2019 12 31 88 255
https://www1.hkexnews.hk/listedco/listconews/sehk/2018/0416/ltn20180416393_c.pdf
https://www1.hkexnews.hk/listedco/listconews/sehk/2019/0416/ltn20190416288_c.pdf
https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0421/2020042100546_c.pdf
— 48 —
13.
2020 6 30
2020
6 30
4,086
2,623
91,222
6
1,530
243,513
8,000
177,511
135,580
664,071
2020 6 30
(a)
(b) (c)
(d) (e)
14.
2019
12 31
15.
12
— 49 —
16.
17.
(a)
(b) 16
9
(c)
183 17 1712–16
18.
89 2 3705
(a)
(b)
(c)
(d) 2017 2018 2019 12 31
(e)
(f)
(g)
(h)
(i)
— 50 —
2 0 2 0
PETROCHINA COMPANY LIMITED
857
2020
2020 9 28 9
5 2020
1.
2.
2020 8 12
— 51 —
2 0 2 0
1. 2020 8 29 2020 9 28 H
H 2020 8 28
183 17 1712–1716 2020 8 29
H
2. 2020 8 12
3.
4.
5.
A
2020 9 27
9 C 0610
100007 H
183 17M
6. 2020 9 8
7.
8.
9
C 0610
100007
(8610) 59986687
(8610) 62099557
9.
— 52 —