Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The easing of Middle East tensions has led to a decline in European gas prices, while high temperatures have driven up US gas prices, with domestic prices remaining stable [4][9] - The supply-demand dynamics indicate a slight increase in US gas supply and demand, with total supply rising by 0.2% week-on-week to 1,125 billion cubic feet per day, and total demand increasing by 6.3% to 1,047 billion cubic feet per day [16][24] - The report highlights the ongoing price adjustments in the domestic market, with a gradual implementation of pricing reforms across various cities [40] Price Tracking - As of June 27, 2025, US HH gas prices increased by 4.1% week-on-week, while European TTF prices decreased by 17.8% [9][14] - The domestic LNG ex-factory price was reported at 4,416 CNY per ton, with a slight week-on-week increase of 0.2% [14][29] Supply and Demand Analysis - The report notes that the average total supply of natural gas in the US has increased by 4.0% year-on-year, while total demand has grown by 1.6% year-on-year [16][24] - European gas consumption for the first quarter of 2025 was 160 billion cubic meters, reflecting an 8.9% year-on-year increase [19] Pricing Mechanism Progress - The report indicates that 64% of cities have implemented residential pricing adjustments, with an average increase of 0.21 CNY per cubic meter [40] Important Events - The US gas import tariff has been reduced from 140% to 25%, enhancing the economic viability of US gas imports [47][49] - The European Parliament has agreed to provide greater flexibility regarding gas storage targets, allowing for a deviation of 10% from the 90% storage goal [52] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from pricing reforms, highlighting New Energy, China Gas, and Kunlun Energy as key investment opportunities [53][54] - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and New Energy [54]

Core Viewpoint - The company, Zhizheng Co., has received an arbitration notice from the Shenzhen International Arbitration Court regarding a dispute over equity transfer with SUCCESS FACTORS LIMITED, which has requested approximately 144 million RMB in compensation and related fees [1][2]. Group 1: Arbitration Details - The arbitration request includes claims for overdue payment fees, attorney fees, preservation fees, and property preservation liability insurance fees [1]. - The arbitration case is still pending, and its impact on the company's current or future profits remains uncertain until a ruling is made [1][2]. Group 2: Background of the Dispute - The dispute originated from Zhizheng Co.'s acquisition of a 51% stake in Suzhou Juyun Technology Co., a semiconductor equipment manufacturer, in 2023 [1]. - In April 2025, Zhizheng Co. began preparations to acquire an additional 49% stake in Suzhou Juyun after receiving a notification from SUCCESS FACTORS, and has been in negotiations regarding the acquisition terms [1][2]. Group 3: Financial Performance and Commitments - According to the asset purchase agreement, the original shareholders of Suzhou Juyun, SUCCESS FACTORS, committed to net profits (excluding non-recurring gains and losses) of at least 13.5 million RMB, 18.9 million RMB, and 26.46 million RMB for the years 2022, 2023, and 2024, respectively [2]. - The actual net profit for Suzhou Juyun in 2024 was reported at 26.1345 million RMB, falling short of the performance commitment, resulting in a compensation obligation of 660,000 RMB from SUCCESS FACTORS to Zhizheng Co. [2]. Group 4: Company Response - Zhizheng Co. has stated that it will take effective measures to protect the rights of the company and its minority shareholders, asserting that the arbitration will not significantly impact its normal business operations, and that Suzhou Juyun's production activities are currently running normally [2].

向特定对象发行可转换公司债券挂牌转让事项的核查意见 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（以下简称"本次交 易"）的独立财务顾问，根据《公司法》《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可转债"九 丰定 01"本次部分解除锁定并挂牌转让进行了核查，并出具本核查意见。 一、本次解除锁定并挂牌转让的定向可转债概况 （一）可转债发行核准及发行登记情况 中信证券股份有限公司 关于江西九丰能源股份有限公司 1 | 序 | 名称 | 法定锁定 | 持有可转债 | 持有可转债 | | --- | --- | --- | --- | --- | | 号 | | 期（月） | （张） | 金额（元） | | 1 | New Sources Investment Limited | 12 | 1,840,308 | 184,030,800 | | 2 | 李婉玲 | 12 | 1,076,663 | 107,666,300 ...

具有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：2025-050 江西九丰能源股份有限公司 关于公司及子公司为子公司提供担保的公告 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： （一）本次担保基本情况 被担保人名称：广东九丰能源集团有限公司（以下简称"九丰集团"）、东莞 市九丰能源有限公司（以下简称"东九能源"）、东莞市九丰天然气储运有限公司 （以下简称"九丰天然气"）、新加坡碳氢能源有限公司（以下简称"碳氢能 源"）、香港怡丰天然气有限公司（以下简称"香港怡丰"）、海南九丰能源有限公 司（以下简称"海南九丰能源"），均为江西九丰能源股份有限公司（以下简称"公 司"、"上市公司"或"九丰能源"）合并报表范围内子公司。 本次担保金额：合计人民币 115,452.50 万元（人民币 79,400.00 万元，美元 5,000.00 万元；其中人民币 45,000.00 万元纳入已有的担保额度内，不会增加公司新增 担保发生额及总担保金额；涉及外币按 2025 年 6 月 19 ...

具有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：2025-049 | | --- | --- | --- | --- | | 转债代码：110815 | 转债简称：九丰定 | 01 | | | 转债代码：110816 | 转债简称：九丰定 | 02 | | 江西九丰能源股份有限公司 关于向特定对象发行的部分可转换公司债券 解除锁定并挂牌转让的进展公告 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： 本次部分解除锁定并挂牌转让的定向可转换公司债券（以下简称"可转债"或 "转债"）简称为"九丰定 01"，转债代码为"110815"，挂牌转让日期为 2025 年 6 月 23 日。 本次部分解除锁定并挂牌转让的定向可转债为江西九丰能源股份有限公司（以 下简称"公司"、"上市公司"或"九丰能源"）购买资产所发行的部分定向可转债， 解除锁定的定向可转债数量为 3,759,410 张，面值为 100 元/张。 本次可转债解除锁定并挂牌转让后，公司剩余未达到解锁条件的定向 ...

Financial Performance - In Q1 2025, the company's operating revenue was 5.48 billion yuan, a decrease of 13.41% year-on-year [1] - The net profit attributable to shareholders was 506 million yuan, an increase of 5.40% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 468 million yuan, a year-on-year increase of 1.38% [1] - Basic earnings per share were 0.80 yuan, up 3.90% from the previous year [1] - The company's total assets at the end of the reporting period were 15.16 billion yuan, a slight increase of 0.06% from the end of the previous year [1] - Shareholders' equity attributable to the parent company was 9.85 billion yuan, an increase of 6.46% year-on-year [1] Profitability Metrics - The gross profit margin for the company was 11.72%, an increase of 2.22% year-on-year [2] - The net profit margin was 9.21%, up 1.55% from the same period last year [2] Expense Analysis - Total operating expenses for the period were 129 million yuan, an increase of 6.30 million yuan year-on-year [2] - The expense ratio was 2.36%, an increase of 0.42% compared to the previous year [2] - Sales expenses decreased by 0.39% year-on-year, while management expenses decreased by 8.51% [2] - Research and development expenses increased by 42.81%, and financial expenses surged by 476.23% [2] Company Background - Jiufeng Energy, founded on February 27, 2008, is based in Guangzhou, Guangdong Province, and was listed on May 25, 2021 [4] - The company specializes in liquefied natural gas (LNG), liquefied petroleum gas (LPG), methanol, and dimethyl ether (DME) [4]

| 母公司在职员工的数量 | | | --- | --- | | 主要子公司在职员工的数量 | 1.777 | | 在职员工的数量合计 | 1.784 | 报告显示，九丰能源公司2024年营业收入为220.47亿元，同比下降17.01%；归母净利润为16.84亿元，同比增长28.93%； 扣非归母净利润为13.50亿元，同比增长1.12%；基本每股收益2.71元。 2024年，九丰能源公司毛利率为9.33%，同比上升1.51%；净利率为7.65%，较上年同期上升2.70%。 九丰能源2024年期间费用为5.44亿元，较上年同期增加5464.92万元；期间费用率为2.47%，较上年同期上升0.63%。其 中，销售费用同比增长12.21%，管理费用同比增长5.81%，研发费用同比增长133.08%，财务费用同比增长38.81%。 瑞财经 钟鸣辰近日，九丰能源(SH605090)发布2024年年度报告，同比增利不增收。 | 主要会计数据 | 2024年 | 2023年 | 本期比上年 同期增减(%) | 2022年 | | --- | --- | --- | --- | --- | | 归属于上市公司股东的扣除非 ...

部分可转债解除锁定前转股产生的限售股上市流通的 关于江西九丰能源股份有限公司 中信证券股份有限公司 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（以下简称"本次交易"） 的独立财务顾问，根据《公司法》《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、本次限售股解除锁定情况 杨斌 赵巍 张天亮 中信证券股份有限公司 （本页无正文，为《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》之签章页） 财务顾问主办人： | 已用于转股的 | | | 限售可转债转股 | 本次解除限售 | | | --- | --- | --- | --- | --- | --- | | | | | | 剩余限售股 | | | 序号 | 可转债持有人/股东名称 | 限售可转债 | ...

具有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：2025-048 | | --- | --- | --- | --- | | 转债代码：110815 | 转债简称：九丰定 | 01 | | | 转债代码：110816 | 转债简称：九丰定 | 02 | | 江西九丰能源股份有限公司 关于向特定对象发行的部分可转换公司债券 解除锁定并挂牌转让的公告 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： 本次部分解除锁定并挂牌转让的定向可转换公司债券（以下简称"可转债"或 "转债"）简称为"九丰定 01"，转债代码为"110815"，挂牌转让日期为 2025 年 6 月 23 日。 本次部分解除锁定并挂牌转让的定向可转债为江西九丰能源股份有限公司（以 下简称"公司"、"上市公司"或"九丰能源"）购买资产所发行的部分定向可转债， 解除锁定的定向可转债数量为 3,759,584 张，面值为 100 元/张。 1 具有价值创造力的清洁能源服务商 简称"交易对方"）发行股份、 ...

具有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：2025-046 江西九丰能源股份有限公司 关于非公开发行的部分限售股上市流通的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： （一）股份发行核准及发行登记情况 2022 年 11 月 10 日，中国证券监督管理委员会（以下简称"中国证监会"）向江西 九丰能源股份有限公司（以下简称"公司"、"上市公司"或"九丰能源"）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"或"标的公司"）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"或"本次交易"）。 2022 年 1 ...