九丰能源（605090.SH）12月26日在投资者互动平台表示，尊敬的投资者，您好！2025年12月26日7时 26分，我国在海南商业航天发射场使用长征八号甲运载火箭，将卫星互联网低轨17组卫星发射升空，卫 星顺利进入预定轨道，发射任务获得圆满成功。本次发射所用的液氢产品由公司独家供应。感谢您的关 注，谢谢！ （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：26号海南商发长八甲发射用的附加值最高的液氢产品 是公司独家供应的吗？ ...

Group 1 - The core point of the article is that Jiufeng Energy (605090) successfully supplied liquid hydrogen for the launch of 17 low-orbit satellite internet satellites using the Long March 8A rocket at the Hainan commercial space launch site on December 26, 2025 [1] Group 2 - The launch was completed successfully, with the satellites entering their designated orbits [1] - Jiufeng Energy is the exclusive supplier of the liquid hydrogen product used in this launch [1]

Macro Strategy - The core viewpoint of the report indicates that the Q3 2025 US GDP grew at an annualized rate of +4.3%, significantly exceeding Bloomberg analysts' consensus expectation of +3.3% and the Atlanta Fed's GDPNow estimate of +3.5% [1][7] - The strong consumer spending and reduced inventory drag were the main contributors to this growth, with inventory changes being the largest marginal contributor to the acceleration in GDP growth [1][7] - Despite the strong GDP data, the market's initial reaction suggested overheating, leading to a temporary cooling of interest rate cut expectations, which later reversed as asset prices adjusted [1][8] - Looking ahead, the report anticipates a significant cooling in Q4 2025 GDP growth due to government shutdown impacts, with short-term interest rate cut expectations depending on upcoming employment and inflation data [1][8] Fixed Income - The report notes that during the week of December 15-19, 2025, the yield on the 10-year government bond rose slightly from 1.8425% to 1.835% [2][9] - It emphasizes that the bond market's response to economic data has been muted, reflecting a focus on policy expectations rather than fundamental economic performance [9] - The report suggests that while there is limited immediate need for significant liquidity release through reserve requirement cuts, the possibility of easing policies in early 2026 remains [11] Industry Insights - Jiufeng Energy is focusing on expanding its commercial aerospace special gas market share through the development of its launch site and partnerships with rocket companies [19][20] - The company has completed the first phase of its Hainan commercial aerospace launch site project, with core products undergoing multiple launch validations, indicating a strong operational track record [19][20] - Jiufeng Energy's profit forecasts for 2025-2027 are set at 1.56 billion, 1.80 billion, and 2.13 billion yuan, respectively, with corresponding PE ratios of 18.0, 15.6, and 13.2 [19][20]

Group 1 - The article emphasizes the importance of efficiently filtering key announcements to aid investment decisions, highlighting the service "Announcement Selection" that provides deep insights into complex terms and reveals investment opportunities [1] Group 2 - On December 22, the article noted that Tongyu Communication's satellite communication products achieved small-scale applications in low-orbit satellites, leading to a significant stock price increase of 6.31% on December 24 and reaching a historical high by December 25 [2] - The article reported that Jiufeng Energy signed an agreement with China Long March Rocket Co., resulting in a stock price surge, with a cumulative increase of nearly 15% over two trading days [2] - The article mentioned Taiji Co., which saw a stock price increase of 2.95% after a change in actual control to Hubei State-owned Assets Supervision and Administration Commission [2] Group 3 - A company engaged in specialized equipment and digital twin technology secured a 1.5 billion yuan domestic computing power procurement project [3] - An industry-leading company in lithium batteries received a significant order for electrolyte solvents, marking the third major order since the fourth quarter [3] - A company in the semiconductor sector formed a joint venture with CATL to establish an automotive domain control chip company [3]

证券日报网讯12月25日，九丰能源（605090）在互动平台回答投资者提问时表示，公司为了推动特种气 体在商业航天领域的配套与融合，夯实航天特气的先发优势，于2023年在海南设立了控股子公司即海南 九丰特种气体有限公司，作为海南商业航天发射场特燃特气配套项目的实施主体。目前，海南商业航天 发射场特燃特气配套项目(一期)已顺利投产，已为海南商发八次火箭发射配套供应液氢、液氧、液氮、 氦气等特燃特气资源，产品品质顺利通过发射验证，为海南商发后续常态化、高密度发射奠定了重要基 础。同时，为匹配火箭发射端、星箭产业园区(卫星超级工厂)的特燃特气快速增长需求，公司积极推进 海南商业航天发射场特燃特气配套项目扩能计划(二期)。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is focusing on expanding its commercial aerospace special gas market share through the development of its Hainan commercial aerospace launch site and strategic partnerships with rocket companies [7] - The first phase of the Hainan launch site has been completed, with core products undergoing multiple rounds of launch verification, including successful applications of liquid hydrogen in various rocket launches [7] - The company plans to expand its production capacity in the second phase to meet the increasing demand for special gases in commercial aerospace, with an estimated total investment of approximately 300 million yuan [7] - The company aims to establish a professional brand in aerospace special gases, anticipating a continuous increase in market share as demand grows [7] Financial Forecasts - Total revenue is projected to be 22,047 million yuan in 2024, with a growth rate of -17.01%, followed by 24,392 million yuan in 2025, representing a growth of 10.64% [1][8] - The net profit attributable to the parent company is expected to be 1,684 million yuan in 2024, with a growth rate of 28.93%, and is projected to reach 1,557 million yuan in 2025, reflecting a decrease of 7.52% [1][8] - The earnings per share (EPS) is forecasted to be 2.42 yuan in 2024 and 2.24 yuan in 2025 [1][8] - The price-to-earnings (P/E) ratio is estimated to be 16.67 for 2024 and 18.03 for 2025 [1][8]

Core Viewpoint - Jiufeng Energy (605090) has established a subsidiary in Hainan to support the commercial aerospace launch site with specialized gas resources, indicating a strategic move into the aerospace sector [1] Group 1: Company Developments - In 2023, Jiufeng Energy set up Hainan Jiufeng Special Gas Co., Ltd. as the implementation entity for the special fuel and gas supply project at the Hainan commercial aerospace launch site [1] - The first phase of the special fuel and gas supply project has been successfully put into production, providing liquid hydrogen, liquid oxygen, liquid nitrogen, and helium for eight rocket launches [1] - The product quality has successfully passed launch verification, demonstrating the reliability of the company's offerings [1] Group 2: Future Plans - To meet the rapidly growing demand for special fuels and gases from the rocket launch sector and satellite manufacturing park, the company is actively promoting the expansion plan for the second phase of the special fuel and gas supply project [1]

Core Viewpoint - Jiufeng Energy's stock price surged to the limit after announcing progress on its Hainan Commercial Aerospace Project, indicating strong market interest in commercial aerospace and specialty gases [2][16]. Group 1: Project Progress - The first phase of the Hainan Commercial Aerospace Project is nearly complete, with the second phase actively progressing in land planning and site selection [2][4]. - Key products such as liquid hydrogen, liquid oxygen, liquid nitrogen, and helium have undergone trial production and passed launch verification, marking significant progress since the last update in March [2][4][13]. - The project began implementation in 2023 with a total planned investment of 493 million yuan, reflecting the company's commitment to expanding its role in the commercial aerospace sector [4][12]. Group 2: Market Context - The commercial aerospace sector in China is experiencing rapid growth, driven by advancements in satellite communication and rocket launch technologies [4][17]. - The market for commercial aerospace is expected to expand significantly, with Jiufeng Energy aiming to leverage its strengths in specialty gases to enhance its market position [4][17]. - The recent successful launch of China's first recoverable rocket has heightened investor interest in the commercial aerospace sector, contributing to a surge in related stock prices [8][17]. Group 3: Financial Performance - Jiufeng Energy's main revenue sources are natural gas and liquefied petroleum gas, with revenues of 5.015 billion yuan and 4.281 billion yuan respectively, while specialty gases account for only 47.976 million yuan, less than 1% of total revenue [5][14]. - The company reported a decline in overall revenue and net profit for the first three quarters of the year, with revenues of 15.608 billion yuan, down 8.45% year-on-year, and net profits of 1.241 billion yuan, down 19.13% [6][15]. - The downturn in traditional business segments is attributed to a decline in LNG and LPG market prices, reflecting broader market challenges [6][15].

Core Viewpoint - The company Jiufeng Energy is actively participating in the growing commercial aerospace sector, focusing on the production and supply of specialized gases for rocket launches, with significant investments planned for expansion projects [1][4][6]. Group 1: Business Development - Jiufeng Energy has completed the first phase of its special gas project at the Hainan commercial aerospace launch site, with a total investment of approximately 300 million yuan planned for the second phase to meet the increasing demand for specialized fuels [1][5]. - The company has signed agreements with China Long March Rocket Co., ensuring annual supply guarantees for products like liquid nitrogen and helium [1][4]. - The special gas business is a key focus area for Jiufeng Energy, with projected revenue of 235 million yuan in 2024, accounting for about 1.07% of total revenue, reflecting a growth of 46.61% compared to 2023 [7][8]. Group 2: Financial Performance - Jiufeng Energy has consistently achieved annual profits exceeding 1 billion yuan from 2022 to 2024, with a net profit of 1.241 billion yuan reported for the first three quarters of 2025 [2][8]. - The company's financial health is stable, with a debt-to-asset ratio of 32.31% as of September 2025, and sufficient liquidity to cover its liabilities [3][8]. - The company has a strong asset base, including a 50,000-ton LNG and LPG receiving station, which is the first privately operated LNG receiving station in China [8]. Group 3: Market Position and Strategy - Jiufeng Energy aims to enhance its market competitiveness by integrating its three main business segments: clean energy, energy services, and specialized gases, creating a synergistic development model [2][7]. - The company is positioning itself to meet the substantial demand for specialized fuels in the commercial aerospace sector over the next decade, focusing on building a professional brand in aerospace gases [6]. - Jiufeng Energy is expanding its operations to other commercial launch sites, including Shandong and Gansu, indicating a strategic move to broaden its market reach [5].

Core Viewpoint - Jiufeng Energy (605090) has achieved a significant milestone in its LNG and LPG shipping capacity, with annual turnover capacity exceeding 5 million tons, indicating strong operational efficiency and asset utilization [1] Group 1 - The company currently controls multiple LNG and LPG vessels, enhancing its operational capabilities [1] - The annual turnover capacity of the company's vessels has surpassed 5 million tons, reflecting robust performance [1] - The company is actively providing external shipping services to maximize the utilization of its vessel assets [1]