成为最具价值创造力的清洁能源服务商 二、董事会会议审议情况 经与会董事认真审议，本次会议表决通过了以下决议： （一）审议通过《关于<2025 年第三季度报告>的议案》 具体内容详见同日在上海证券交易所网站（www.sse.com.cn）披露的《2025 年第三 季度报告》。 证券代码：605090 证券简称：九丰能源 公告编号：2025-097 江西九丰能源股份有限公司 第三届董事会第十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 江西九丰能源股份有限公司（以下简称"公司"）第三届董事会第十六次会议于 2025 年 10 月 27 日（星期一）以现场结合通讯表决方式召开。会议通知于 2025 年 10 月 24 日（星期五）以电子邮件等方式送达全体董事。本次会议应出席董事八人，实际出席董 事八人，会议由董事长张建国先生召集并主持。公司全体监事及高级管理人员列席本次 会议。会议的召集、召开及表决程序符合有关法律法规和《公司章程》的相关规定。 本议案已经第三届董事会审计委员会第十二次会议 ...

Financial Performance - In Q3 2025, the company achieved operating revenue of CNY 518,034.73 million, a year-on-year decrease of 10.39%[6] - The net profit attributable to shareholders was CNY 38,032.77 million, down 11.29% year-on-year, while the net profit excluding non-recurring gains and losses was CNY 34,345.50 million, a decline of 18.26%[6] - The company's operating revenue for the year-to-date period decreased by 8.45%, primarily due to a decline in sales prices of clean energy products (LNG, LPG) compared to the same period last year[22] - The net profit attributable to shareholders for the year-to-date period decreased by 19.13%, reflecting overall market conditions[22] - The net profit attributable to shareholders after deducting non-recurring gains and losses for the year-to-date period decreased by 4.44%[22] - The net profit for the first three quarters of 2025 is CNY 1,253,564,248.51, a decrease of 18.96% compared to CNY 1,547,645,720.65 in the same period of 2024[44] - The operating profit for the first three quarters of 2025 is CNY 1,335,213,454.72, down from CNY 1,725,191,835.55 in 2024, reflecting a decline of 22.66%[42] - The total comprehensive income for the first three quarters of 2025 is CNY 1,235,943,329.06, compared to CNY 1,544,209,825.12 in 2024, a decrease of 20.00%[44] Business Segment Performance - The company's LNG business showed resilience with improved gross profit per ton, despite a decrease in spot trading volume[7] - The LPG business faced challenges due to extreme weather, impacting pre-tax profit by approximately CNY 82 million, while operational efficiency and brand influence improved significantly[7] - Planned dry-docking of LPG vessels reduced service income and increased operational costs, affecting pre-tax profit by about CNY 15 million[7] - For Q4 2025, LNG business profitability is expected to improve as domestic natural gas prices recover, with a good match between supply and downstream demand[10] - The completion of tank repairs at the Guangzhou Huakai receiving station is anticipated to boost LPG sales in Q4, with extreme weather impacts now resolved[10] - The energy logistics service business is expected to see a recovery in profitability in Q4 2025, following the resumption of capacity services after planned repairs[28] - The LPG sales are anticipated to increase steadily in Q4 2025 following the completion of tank repairs and the successful import of cross-period LPG resources[28] Project Development - The company is actively advancing key projects such as the Xinjiang coal-to-natural gas project and LNG factory, which incurred related expenses impacting current profits[8] - The company plans to accelerate the development of the Xinjiang coal-to-natural gas project and enhance the LPG storage base in Huizhou for normalized operations in 2026[11] - The company aims to advance LNG plant projects and specialty gas projects to support long-term high-quality development and performance growth[31] Cash Flow and Investments - The net cash flow from operating activities increased by 24.04% year-to-date, mainly due to the impact of sales and procurement settlement timing in the previous year[22] - The company's cash and cash equivalents as of September 30, 2025, were CNY 4.63 billion, down from CNY 5.86 billion at the end of 2024, a decline of approximately 21.0%[32] - The company's long-term equity investments increased to CNY 862.07 million from CNY 668.00 million, reflecting a growth of about 29.0%[34] - The company's total current assets as of September 30, 2025, were CNY 7.61 billion, a slight decrease from CNY 7.76 billion at the end of 2024, indicating a decline of approximately 1.9%[34] - The cash flow from operating activities netted CNY 1,015,438,353.69 in 2025, an increase of 24.06% from CNY 818,668,636.67 in 2024[49] - The investment income for the first three quarters of 2025 is CNY 111,903,411.75, significantly higher than CNY 50,326,140.77 in 2024, marking an increase of 122.00%[42] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,814[24] - The largest shareholder, Guangdong Jiufeng Investment Holdings Co., Ltd., holds 200,600,568 shares, accounting for 29.55% of total shares[24] Assets and Liabilities - As of September 30, 2025, the company's total assets amounted to CNY 16.11 billion, an increase from CNY 15.15 billion as of December 31, 2024, reflecting a growth of approximately 6.3%[38] - The company's total liabilities decreased to CNY 5.20 billion from CNY 5.54 billion, representing a reduction of about 6.1%[38] - The company's total equity attributable to shareholders increased to CNY 10.53 billion from CNY 9.26 billion, representing a growth of about 13.7%[38]

成为最具价值创造力的清洁能源服务商 证券代码：605090 证券简称：九丰能源 江西九丰能源股份有限公司 2025 年第一次临时股东大会会议资料 二〇二五年十月 1 | 2025 | 年第一次临时股东大会会议须知 | 3 | | --- | --- | --- | | 2025 | 年第一次临时股东大会会议议程 | 5 | | 2025 | 年第一次临时股东大会会议议案 | 7 | | | 议案一、关于拟对外投资建设新疆煤制天然气项目的议案 7 | | | | 议案二、关于《取消监事会、变更注册资本暨修订<公司章程>》的议案 17 | | | | 议案三、关于修订、制定相关制度的议案 | 48 | | | 附件 《股东大会议事规则》修订对照表 49 3-1 | | | | 附件 3-2 《董事会议事规则》修订对照表 | 54 | | | 附件 《关联交易管理制度》 3-3 | 59 | | | 附件 3-4 《融资与对外担保管理办法》 | 69 | | | 附件 《对外投资管理制度》 3-5 | 75 | | | 附件 3-6 《独立董事工作制度》 | 80 | | | 附件 《募集资金使用管理办法》 3-7 ...

九丰能源公告，第三季度营收为51.8亿元，同比下降10.39%；净利润为3.8亿元，同比下降11.29%。前 三季度营收为156.08亿元，同比下降8.45%；净利润为12.41亿元，同比下降19.13%。 ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights that colder weather has led to an increase in gas prices in the US and China, while Europe has entered the inventory withdrawal season with a slight price increase [1][9] - It emphasizes the ongoing adjustments in pricing mechanisms and the gradual recovery of demand, suggesting a positive outlook for gas companies [1][48] Price Tracking - As of October 24, 2025, gas prices have changed week-on-week as follows: US HH +25.4%, European TTF +1.2%, East Asia JKM +0.5%, China LNG ex-factory +6.5%, and China LNG CIF +0.4% [9][11] - The report notes that the price inversion between domestic and international markets has ended [9] Supply and Demand Analysis - The US natural gas market saw a week-on-week price increase of 25.4% due to colder weather, with storage levels rising by 870 billion cubic feet to 38,080 billion cubic feet, a year-on-year increase of 0.6% [14] - In Europe, gas prices increased by 1.2% as the region entered the inventory withdrawal phase, with gas consumption from January to July 2025 reaching 265.4 billion cubic meters, a year-on-year increase of 5% [15] - Domestic gas prices in China rose by 6.5% due to colder weather, with apparent consumption from January to September 2025 increasing by 0.7% to 318.8 billion cubic meters [21][24] Pricing Progress - Nationwide, 65% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [33] - The report indicates that there is still a 10% room for price adjustment in the gas distribution sector [33] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, highlighting key companies such as Xin'ao Energy, China Gas, and Kunlun Energy [49] - It suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Shares [49] - The report also emphasizes the importance of energy independence and suggests关注ing companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [49]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant price increases and dividend yields [1] Group 1: Stock Performance - Tianshan Aluminum (002532.SZ) leads with a year-to-date increase of 68.53% and a recent gain of 5.12%, along with a dividend yield of 3.07% [1] - Postal Savings Bank of China (601658.SH) shows a year-to-date increase of 10.83% and a recent gain of 4.71%, with a dividend yield of 3.60% [1] - DeYe Co., Ltd. (605117.SH) has a year-to-date increase of 30.95% and a recent gain of 4.61%, with a dividend yield of 3.52% [1] - Mercury Home Textiles (603365.SH) reports a year-to-date increase of 22.70% and a recent gain of 4.35%, with a dividend yield of 4.68% [1] - Action Education (605098.SH) has a year-to-date increase of 22.78% and a recent gain of 3.51%, with a dividend yield of 5.45% [1] Group 2: Additional Notable Stocks - China Petroleum (601857.SH) shows a year-to-date increase of 8.39% and a recent gain of 3.15%, with a dividend yield of 5.12% [1] - Shenhuo Co., Ltd. (000933.SZ) has a year-to-date increase of 45.92% and a recent gain of 2.97%, with a dividend yield of 3.33% [1] - Yutong Bus (600066.SH) reports a year-to-date increase of 18.44% and a recent gain of 2.82%, with a dividend yield of 6.77% [1] - Tunnel Engineering (600820.SH) has a year-to-date increase of 2.68% and a recent gain of 2.73%, with a dividend yield of 4.48% [1] - Jiangsu Guotai (002091.SZ) shows a year-to-date increase of 22.25% and a recent gain of 2.14%, with a dividend yield of 4.66% [1]

Core Insights - The gas sector experienced a 1.0% increase on October 23, with Dazhong Public Utilities leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Gas Sector Performance - Dazhong Public Utilities (600635) closed at 7.34, up 6.53% with a trading volume of 4.7849 million shares and a transaction value of 3.414 billion [1] - Shenzhen Gas (601139) closed at 7.10, up 4.41%, with a trading volume of 846,200 shares and a transaction value of 598 million [1] - Delong Huineng (000593) closed at 7.92, up 3.39%, with a trading volume of 206,700 shares and a transaction value of 163 million [1] - Other notable performers include Jiufeng Energy (605090) at 34.56, up 1.86%, and Anhui Natural Gas (603689) at 9.11, up 1.56% [1] Capital Flow Analysis - The gas sector saw a net inflow of 60.71 million from institutional investors, while retail investors experienced a net outflow of 543.95 million [2] - Dazhong Public Utilities had a net inflow of 24.8 million from institutional investors, representing 7.26% of its total trading [3] - Blue Sky Gas (605368) recorded a net inflow of 10.69 million from institutional investors, with a net outflow of 14.52 million from retail investors [3]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant daily and year-to-date gains along with dividend yields [1] Group 1: Stock Performance - The top stock, Su Yan Jing Shen (603299 SH), experienced a daily increase of 5.93% and a year-to-date increase of 15.78%, with a dividend yield of 3.60% [1] - Dai Mei Co., Ltd. (603730.SH) saw a daily rise of 4.43% and a year-to-date rise of 14.15%, with a dividend yield of 3.57% [1] - China Steel International (000928.SZ) reported a daily increase of 4.27% and a year-to-date increase of 12.30%, with a dividend yield of 4.38% [1] - Jiangyin Bank (002807.SZ) had a daily increase of 3.56% and a year-to-date increase of 25.93%, with a dividend yield of 3.82% [1] - China National Offshore Oil Corporation (600938.SH) increased by 3.51% daily but has a year-to-date decline of 3.50%, with a dividend yield of 4.69% [1] Group 2: Additional Notable Stocks - Agricultural Bank of China (601288.SH) showed a daily increase of 2.67% and a remarkable year-to-date increase of 58.31%, with a dividend yield of 2.99% [1] - Jiufeng Energy (605090 SH) had a daily rise of 2.60% and a year-to-date rise of 24.16%, with a dividend yield of 3.37% [1] - Youfa Group (601686.SH) reported a daily increase of 2.57% and a year-to-date increase of 31.09%, with a dividend yield of 4.25% [1] - Gujia Home Furnishing (603816.SH) increased by 2.36% daily and 16.31% year-to-date, with a dividend yield of 4.54% [1] - CITIC Bank (601998 SH) had a daily increase of 2.32% and a year-to-date increase of 15.81%, with a dividend yield of 4.41% [1]

Investment Rating - The report maintains a "Strong Buy" rating for Jiufeng Energy (605090) [1] Core Views - Jiufeng Energy is advancing into the Xinjiang Yili coal-to-gas project, marking a new journey as a comprehensive energy service provider. The project has received approval from the National Development and Reform Commission and is progressing well in environmental assessments and safety reviews [1][9] - The total investment for the project is RMB 23 billion, with Jiufeng Energy contributing RMB 3.45 billion and holding a 50% stake, which corresponds to an annual production capacity of 2 billion cubic meters of natural gas [1] - The coal-to-gas project is expected to benefit from low coal prices, enhancing profitability even if natural gas prices decline. The project is positioned favorably on the cost curve, with significant potential for returns exceeding market expectations [9] Financial Summary - Projected total revenue for Jiufeng Energy is expected to decline by 17.0% in 2024, followed by a slight decrease of 2.2% in 2025, before rebounding with growth rates of 22.1% in 2026 and 11.2% in 2027 [4] - The net profit attributable to the parent company is forecasted to be RMB 1.684 billion in 2024, with a growth of 28.9%, followed by a decrease of 5.4% in 2025, and then growth rates of 11.0% and 16.8% in 2026 and 2027, respectively [4] - The target price for Jiufeng Energy is set at RMB 45.72, with the current price at RMB 33.07, indicating significant upside potential [4]

Core Viewpoint - Jiufeng Energy's stock has shown a mixed performance in recent trading, with a year-to-date increase of 23.55% but a recent decline of 3.10% over the last five trading days [1] Group 1: Stock Performance - As of October 22, Jiufeng Energy's stock price rose by 2.06% to 33.75 CNY per share, with a trading volume of 210 million CNY and a turnover rate of 0.92%, resulting in a total market capitalization of 23.466 billion CNY [1] - The company has experienced a net outflow of main funds amounting to 17.1197 million CNY, with large orders showing a buy of 27.5151 million CNY and a sell of 36.0398 million CNY [1] - Over the past 60 days, the stock price has increased by 22.54% [1] Group 2: Financial Performance - For the first half of 2025, Jiufeng Energy reported a revenue of 10.428 billion CNY, a year-on-year decrease of 7.45%, and a net profit attributable to shareholders of 861 million CNY, down 22.17% year-on-year [2] - Since its A-share listing, the company has distributed a total of 1.856 billion CNY in dividends, with 1.666 billion CNY distributed over the past three years [3] Group 3: Business Overview - Jiufeng Energy, established on February 27, 2008, and listed on May 25, 2021, is primarily engaged in liquefied natural gas (LNG), liquefied petroleum gas (LPG), methanol, and dimethyl ether (DME) [1] - The company's revenue composition includes 48.09% from natural gas operations, 41.05% from liquefied petroleum gas, and 7.49% from other chemical products [1] - Jiufeng Energy is classified under the public utility sector, specifically in gas industries, and is associated with concepts such as hydrogen energy, specialty gases, lithium batteries, new materials, and oil and gas storage [1]