Core Viewpoint - Jiufeng Energy announced its plan to invest in the second phase of the Xinjiang Qinghua coal-to-natural gas demonstration project, in collaboration with Xinjiang Qinghua and Henan Silk Road, with a total investment of 23.033 billion yuan [1] Investment Details - The total investment for the project is 23.033 billion yuan, with Jiufeng Energy contributing no more than 3.455 billion yuan, which will grant it a 50% stake in the second phase, corresponding to an annual production of 2 billion cubic meters of natural gas [1] - The project is located in the Yili Kazakh Autonomous Prefecture of Xinjiang and has completed energy-saving assessments and is actively conducting environmental impact evaluations and safety reviews [1] Resource Consumption - The second phase is expected to consume 11.796 million tons of raw coal annually, primarily sourced from the Yining No. 2 and No. 7 mines, with an estimated annual water usage of approximately 22.316 million cubic meters [1] - Relevant water extraction permits have been obtained for the project [1] Infrastructure Development - Xinjiang Qinghua has completed a 43-kilometer gas pipeline from the coal-to-gas base to the national pipeline network, allowing the coal-to-natural gas to be fed into the main pipeline of the West-to-East Gas Transmission project [1] Strategic Implications - The implementation of this project will address Jiufeng Energy's shortfall in equity gas resources, creating a diversified upstream resource pool consisting of "equity gas + long-term contract gas + spot gas" [1] - The future core resources will be a combination of equity gas and long-term contract gas, significantly enhancing cost advantages and self-control capabilities [1]

Group 1 - The company announced the listing and circulation of 659 shares generated from the conversion of locked-up convertible bonds, which will be available for trading on October 28, 2025 [1][3] - The convertible bonds were issued to acquire 100% equity of Sen Tai Energy, with a total issuance of 10,799,973 bonds, amounting to RMB 1,079,997,300 [2][11] - The lock-up period for the convertible bonds was 12 months, and as of October 17, 2025, all eligible shares have been released from lock-up [3][6] Group 2 - The company has returned RMB 40 million of temporarily used funds from the proceeds of the convertible bonds as of October 20, 2025 [10][13] - The total amount raised from the issuance of convertible bonds was RMB 1.2 billion, with a net amount of RMB 1,180,158,679.25 after deducting issuance costs [11][12] Group 3 - The company plans to repurchase and cancel 35,640 shares of restricted stock due to the departure of two incentive targets and the performance assessment of another [14][15] - The repurchase and cancellation process is in compliance with relevant laws and regulations, and the company has completed the necessary notifications to creditors [16][17]

Group 1 - The company has returned idle raised funds of RMB 40 million for temporary working capital as of October 20, 2025 [2][6] - The company issued 12 million convertible bonds at a face value of RMB 100 each, raising a total of RMB 1.2 billion, with a net amount of RMB 1,180,158,679.25 after deducting issuance costs [3][4] - The board approved the use of part of the idle raised funds for temporary working capital, with a maximum amount of RMB 40 million, to be returned within 12 months [4][5] Group 2 - The company plans to repurchase and cancel 35,640 shares of restricted stock due to the departure of two incentive targets and one target's performance being rated as "qualified" [8][10] - The decision for the repurchase and cancellation of restricted stock was approved in a board meeting held on July 18, 2025 [9][11] - After the repurchase, the remaining number of restricted stocks under the incentive plan will be 1,389,300 shares [11] Group 3 - The company announced that 659 shares from the conversion of convertible bonds will be listed for trading on October 28, 2025 [21][20] - The convertible bonds were issued to acquire 100% equity of a company, with a total issuance amount of RMB 1,079,997,300 [22][23] - The independent financial advisor confirmed that the listing of the restricted shares complies with relevant laws and regulations [26]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][9]. Core Views - The report highlights the adjustment of value-added tax policies for renewable energy, particularly wind and nuclear power, which is expected to support the profitability of these sectors [3][18][19]. - The report emphasizes the ongoing government support for renewable energy development, indicating a gradual stabilization in profitability for new energy generation [4][29]. - The report suggests that the decline in coal and electricity prices may allow thermal power companies to maintain reasonable profit levels [4][29]. Summary by Sections Market Review - The Shanghai Composite Index fell by 2.22%, while the public utility index decreased by 0.69% and the environmental index dropped by 1.11% [1][15]. - Among the sub-sectors, thermal power decreased by 0.82%, hydropower increased by 1.69%, and new energy generation fell by 1.85% [1][15]. Important Events - The National Development and Reform Commission released a draft on renewable energy consumption targets, which includes both electricity and non-electric consumption minimum ratios [2][16]. - The government announced support for green methanol and sustainable aviation fuel projects, with funding covering up to 80% of project costs in certain regions [17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][29]. - The report also suggests focusing on stable dividend-paying hydropower stocks like Yangtze Power and gas companies with trade capabilities like Jiufeng Energy [4][29]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, EPS forecast for 2024A at 0.49 and 2025E at 0.62 [9]. - Longyuan Power: Outperform, EPS forecast for 2024A at 0.76 and 2025E at 0.81 [9]. - China Nuclear Power: Outperform, EPS forecast for 2024A at 0.43 and 2025E at 0.50 [9]. Environmental Sector Insights - The water and waste incineration sectors are entering a mature phase, with improved free cash flow and lower risk preferences among investors [30]. - The domestic scientific instrument market presents significant opportunities for domestic replacements, with a market size exceeding $9 billion [30].

Core Points - JiuFeng Energy announced the repurchase and cancellation of 35,640 restricted stocks due to the departure of two incentive targets and one target's performance assessment being "qualified" [2] Group 1 - The company is implementing a stock repurchase plan as part of its 2024 restricted stock and stock option incentive plan [2] - The cancellation of the restricted stocks is scheduled for October 24, 2025 [2] - The decision follows the authorization from the company's second extraordinary general meeting of shareholders in 2024 [2]

Core Points - Jiufeng Energy announced the release of restricted shares from convertible bonds, allowing for the listing and circulation of 659 shares [2] - The shares will be available for trading starting from October 28, 2025 [2] - The method of stock subscription is offline, and the type of stock listing is categorized as other shares [2]

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 公告编号：2025-095 2022 年 11 月 10 日，中国证券监督管理委员会向江西九丰能源股份有限公司（以下 简称"公司"）下发了《关于核准江西九丰能源股份有限公司向 New Sources Investment Limited 等发行股份、可转换公司债券购买资产并募集配套资金的批复》（证监许可 [2022]2827 号）。 根据上述核准批复，公司向四川远丰森泰能源集团有限公司（前身为四川远丰森泰 能源集团股份有限公司）（以下简称"森泰能源"）原全体股东（以下简称"交易对方"） 发行股份、可转换公司债券及支付现金购买其持有的森泰能源 100%股权（以下简称"本 次购买资产"）。 2022 年 12 月 29 日，中国证券登记结算有限责任公司上海分公司向公司出具了《证 券登记证明》，公司本次购买资产向交易对方发行的 10,799,973 张可转债已完成登记。 可转债每张面值为人民币 100 元，发行总额为人民币 1,079,997,300 元，转债代码为 "110815"，转债简称为"九丰定 01"。 截至 2025 年 6 ...

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 公告编号：2025-096 江西九丰能源股份有限公司 关于 2024 年限制性股票与股票期权激励计划 部分限制性股票回购注销实施公告 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。 重要内容提示： 回购注销原因：根据江西九丰能源股份有限公司（以下简称"公司"）《2024 年限制性股票与股票期权激励计划（草案）》（以下简称"《激励计划（草案）》"） 的相关规定以及 2024 年第二次临时股东大会的授权，鉴于公司 2024 年限制性股票与股 票期权激励计划（以下简称"激励计划"）2 名激励对象已离职，1 名激励对象个人层 面绩效考核结果为"合格"，公司拟回购注销其已获授但不可解除限售的限制性股票共 计 35,640 股。 本次注销股份的有关情况： 期已满 45 天，期间未有债权人要求公司清偿债务或者提供相应的担保。本次回购注销 事宜按法定程序继续实施。 二、本次限制性股票回购注销情况 （一）本次回购注销限制性股票的原因及依据 根据《激励计划（草案）》的 ...

中信证券股份有限公司 关于江西九丰能源股份有限公司 部分可转债解除锁定前转股产生的限售股上市流通的 核查意见 中信证券股份有限公司（以下简称"独立财务顾问"）作为江西九丰能源股 份有限公司（以下简称"九丰能源"、"上市公司"或"公司"）发行股份、可 转换公司债券及支付现金购买资产并募集配套资金项目的独立财务顾问，根据 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司重大资产重组 管理办法》等法律法规的有关规定和要求，对九丰能源向特定对象发行的"九丰 定 01"部分可转债于解除锁定前转股产生的限售股上市流通事项进行了核查， 并出具本核查意见。 一、 "九丰定 01"可转债概况 2022 年 11 月 10 日，中国证券监督管理委员会向九丰能源发出了《关于核 准江西九丰能源股份有限公司向 New Sources Investment Limited 等发行股份、可 转换公司债券购买资产并募集配套资金的批复》（证监许可[2022]2827 号）。根 据上述核准批复，公司向四川远丰森泰能源集团有限公司（前身为四川远丰森泰 能源集团股份有限公司）（以下简称"森泰能源"）原全体股东（以下简称"交 易对方"）发行 ...

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 公告编号：2025-094 成为最具价值创造力的清洁能源服务商 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。 重要内容提示： 截至 2025 年 10 月 20 日，江西九丰能源股份有限公司（以下简称"公司"）已 归还暂时补充流动资金的闲置募集资金人民币 40,000.00 万元。 一、募集资金暂时补充流动资金情况 经中国证监会《关于核准江西九丰能源股份有限公司向 New Sources Investment Limited 等发行股份、可转换公司债券购买资产并募集配套资金的批复》（证监许可 [2022]2827 号）核准，公司向北京风炎投资管理有限公司-北京风炎增利二号私募证券 投资基金等六家机构投资者非公开发行可转换公司债券（以下简称"可转债"）募集配 套资金，合计发行可转债 1,200 万张，每张面值为人民币 100 元，按照面值发行，募集 资金总额为人民币 1,200,000,000.00 元，扣除发行费用后，公司本次募集资金净额为人 民 ...