Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - The report highlights a significant increase in inventory, a decline in US gas prices, and weak demand domestically, while European gas prices show a slight increase [1][10] - It emphasizes the ongoing adjustments in pricing mechanisms and the potential for demand recovery in 2025, alongside cost optimization for gas companies [1][54] Summary by Sections Price Tracking - As of May 23, 2025, US HH gas prices decreased by 4.8%, while European TTF prices increased by 5.8%. The prices for East Asia JKM and China's LNG showed increases of 5% and 5.5% respectively [10][12] Supply and Demand Analysis - US natural gas supply increased by 1.3% week-on-week to 1,118 billion cubic feet per day, with total demand rising by 4.2% to 982 billion cubic feet per day. However, the industrial sector saw a decrease in consumption by 0.9% [15] - European gas consumption for January-February 2025 was 115.5 billion cubic meters, up 11% year-on-year, while the average gas generation in Europe decreased by 15.5% week-on-week [17][26] Pricing Progress - Nationwide, 63% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter. The report suggests that there is still a 10% room for price adjustment [39] Important Events - The US LNG import tariff was reduced from 140% to 25%, enhancing the economic viability of US gas imports [46] - The European Commission voted to introduce more flexible natural gas storage filling targets, allowing member states to achieve storage goals more easily [51] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments. Key recommendations include New Energy (5.2% dividend yield), China Gas (7.0% dividend yield), and Kunlun Energy (4.1% dividend yield) [54]

Core Viewpoint - The company, Jiufeng Energy, has announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of 0.82868 CNY per share and a total cash dividend distribution of 750 million CNY for the year [1][2][3] Distribution Plan - The fixed cash dividend for the fiscal year 2024 is set at 500,202,698.80 CNY (including tax), with an additional 249,797,301.20 CNY already distributed in the first half of 2024, totaling 750 million CNY for the year [2] - The cash dividend per share is adjusted to 0.82868 CNY due to an increase in total share capital from the conversion of convertible bonds [3][4] Important Dates - The key dates for the dividend distribution are as follows: - Record date: May 30, 2025 - Last trading day: June 3, 2025 - Ex-dividend date: June 3, 2025 - Cash dividend payment date: June 3, 2025 [1][4] Taxation Details - The cash dividend of 0.82868 CNY per share is subject to different tax treatments based on the holding period of the shares, with specific rates outlined for various holding durations [5][6][7] Price Adjustments - Following the dividend distribution, the conversion price for the company's convertible bonds and the repurchase price for shares will be adjusted accordingly [8]

具有价值创造力的清洁能源服务商 本次转股价格调整实施日期：2025年6月3日 证券停复牌情况：适用 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码：605090 | 证券简称：九丰能源 | | 公告编号：2025-043 | | --- | --- | --- | --- | | 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 关于因利润分配调整可转换公司债券转股价格的公告 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： 调整前转股价格："九丰定01"调整前转股价格为21.45元/股，"九丰定02"调 整前转股价格为23.88元/股 调整后转股价格："九丰定01"调整后转股价格为20.64元/股，"九丰定02"调 整后转股价格为23.07元/股 2023 年 3 月 10 日，中国证券登记结算有限责任公司上海分公司出具了《证券登记 证明》，公司本次募集配套资金发行的可转 ...

北京国枫律师事务所 关于江西九丰能源股份有限公司 差异化分红事项的 法律意见书 国枫律证字[2025] AN056-1 号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 邮编： 100005 北京市东城区建国门内大街 26 号新闻大厦 7 层 电话(Tel): 010—66090088/88004488 传真(Fax): 010—66090016 北京国枫律师事务所 关于江西九丰能源股份有限公司 差异化分红事项的 法律意见书 国枫律证字[2025] AN056-1 号 致: 江西九丰能源股份有限公司（"九丰能源"或"公司"） 根据本所与公司签署的律师服务协议,本所接受公司的委托,担任公司本次 差异化分红相关事宜(以下简称"本次差异化分红")的专项法律顾问,对公司 本次差异化分红发表专项核查意见。 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和 国证券法》(以下简称"《证券法》")、《上海证券交易所上市公司自律监管指引 第 7 号--回购股份》(以下简称"《回购股份监管指引》")等相关法律、法规及规 范性文件的规定,本所律师就公司本次差异化分红相关事项出 ...

证券代码：605090 证券简称：九丰能源 公告编号：2025-042 江西九丰能源股份有限公司 2024年年度权益分派实施公告 具有价值创造力的清洁能源服务商 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： 每股分配比例 A 股每股现金红利0.82868元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | 股 A | 2025/5/30 | / | 2025/6/3 | 2025/6/3 | 差异化分红送转：是 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 8 日召开的2024年年度股东大会审议通过。 二、分配方案 （一）发放年度：2024年年度 经公司第三届董事会第九次会议、第三届监事会第九次会议及 2024 年年度股东大 会分别审议通过，公司 2024 年年度利润分配方案具体如下： （1）固定现金分红：拟定 2024 年年度现金分红金额为 500,202,698 ...

Core Viewpoint - Jiangxi Jiufeng Energy Co., Ltd. has adjusted its 2024 annual profit distribution plan, changing the cash dividend per share from 0.8317 yuan (including tax) to 0.82868 yuan (including tax) due to an increase in total share capital resulting from the conversion of convertible bonds [2][4]. Summary by Sections Profit Distribution Adjustment - The cash dividend per share has been adjusted to 0.82868 yuan (including tax) from the previously announced 0.8317 yuan (including tax) [4]. - The total cash dividend amount for 2024 is set at 530,202,698.80 yuan (including tax), based on the adjusted total share capital [3][4]. Reasons for Adjustment - The adjustment is due to the conversion of convertible bonds between April 1, 2025, and May 21, 2025, which increased the total share capital from 649,258,038 shares to 651,580,787 shares [2][3]. Distribution Principles - The company maintains the principle of "total distribution amount unchanged," leading to the adjustment of the cash dividend per share in response to the change in the number of shares participating in the profit distribution [3][4].

具有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： 每股分配金额：每股派发现金红利 0.8317 元（含税）调整为每股派发现金红利 0.82868 元（含税）。 调整原因：自 2025 年 4 月 1 日至 2025 年 5 月 21 日，江西九丰能源股份有限公 司（以下简称"公司"）部分可转债持有人将可转债进行转股，公司总股本由 649,258,038 股增加至 651,580,787 股，本次实际参与利润分配的股份数量发生变动。公司按照"分 配总额不变"的原则，相应调整每股分配金额，对 2024 年年度利润分配方案每股现金 分红金额进行相应调整。 证券代码：605090 证券简称：九丰能源 公告编号：2025-041 江西九丰能源股份有限公司 关于调整 2024 年年度利润分配方案每股分配金额的公告 2、特别现金分红：2024 年实现归属于上市公司股东的净利润较上年度同比增长 28.93%，达到特别现金分红条件，拟定 2024 年年度特别现金分红金额为 30,000,000.00 ...

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental sectors [4][18]. Core Views - The report highlights the introduction of detailed rules in Guangdong and Shandong provinces regarding the sustainable development pricing settlement mechanism for new energy projects, marking a significant step towards market-driven reforms in the new energy sector [2][15]. - It emphasizes that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies [18]. - The report suggests that the continuous support from national policies for new energy development will lead to gradually stable profitability for new energy generation [18]. - It notes that the growth in installed capacity and generation will help offset the downward pressure on electricity prices, predicting stable profitability for nuclear power companies [18]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.12%, while the public utilities index increased by 0.08%. The environmental index remained unchanged, with relative weekly returns of -1.04% and -1.12% respectively [1][21]. - Among the sub-sectors, thermal power decreased by 0.89%, hydropower increased by 0.87%, and new energy generation rose by 0.08% [1][21]. Important Policies and Events - Guangdong's electricity trading center issued draft rules for the sustainable development pricing settlement mechanism for new energy projects, with the first competitive trading scheduled for mid-2025 [2][14]. - The rules stipulate that projects must be approved and operational by December 31, 2025, to participate in the first auction [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [18]. - The report also suggests investing in nuclear power operators like China Nuclear Power and China General Nuclear Power, and highlights the defensive attributes of hydropower stocks amid a global interest rate decline [18][19]. Key Company Earnings Forecasts and Investment Ratings - The report provides a detailed table of investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power, with projected earnings per share (EPS) growth for 2024 and 2025 [7][18].

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - Demand remains weak in the US and domestic gas prices have declined, while European gas prices have slightly increased. The inventory levels are lower year-on-year [1][10] - The US LNG import tariff has been reduced from 140% to 25%, improving the economic feasibility of US gas imports [1][41] Summary by Sections Price Tracking - As of May 16, 2025, the week-on-week changes in gas prices are as follows: US HH -4.9%, European TTF +0.3%, East Asia JKM +3.8%, China LNG ex-factory -0.4%, and China LNG CIF -0.6% [10] Supply and Demand Analysis - After a brief period of high temperatures, the climate has returned to suitable temperatures, leading to continued weak demand. The average total supply of natural gas in the US increased by 0.4% week-on-week to 1,104 billion cubic feet per day, while total demand decreased by 0.4% to 944 billion cubic feet per day [14] - European gas consumption for January-February 2025 was 1,155 billion cubic meters, up 11% year-on-year. As of May 15, 2025, European gas inventory was 497 TWh, down 251.5 TWh year-on-year [16] Pricing Progress - Nationwide pricing adjustments are gradually advancing, with 63% of cities implementing residential pricing adjustments, resulting in an average increase of 0.21 yuan per cubic meter [34] Important Events - The reduction of the US LNG import tariff from 140% to 25% enhances the economic viability of US gas imports [41] - The European Commission has voted to introduce more flexible natural gas storage filling targets, allowing member states to achieve storage goals with greater flexibility [46][47] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing pricing mechanism adjustments. Key recommendations include: - New Hope Energy (dividend yield 5.4%) - China Resources Gas (dividend yield 4.5%) - Kunlun Energy (dividend yield 4.5%) - China Gas (dividend yield 7.0%) - Blue Sky Gas (dividend yield 8.8%) [48]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - The report highlights weak demand in the US and domestic gas price declines, with European gas prices showing a slight increase. The US LNG import tariff has been reduced to 25% [1][48] - The supply is expected to remain ample, with gas companies optimizing costs and a continued adjustment of pricing mechanisms, leading to potential demand growth [48] Price Tracking - As of May 16, 2025, the weekly price changes for various gas prices are as follows: US HH -4.9%, European TTF +0.3%, East Asia JKM +3.8%, China LNG ex-factory -0.4%, and China LNG CIF -0.6% [10][1] - The average total supply of natural gas in the US increased by 0.4% week-on-week to 110.4 billion cubic feet per day, while total demand decreased by 0.4% to 94.4 billion cubic feet per day [14][1] Supply and Demand Analysis - The report notes that after a brief period of high temperatures, the climate has returned to suitable temperatures, leading to continued weak demand in the US natural gas market [14] - In Europe, natural gas consumption for the first two months of 2025 was 115.5 billion cubic meters, a year-on-year increase of 11% [16][1] - Domestic gas prices in China have slightly decreased by 0.4% due to slow demand recovery and ample supply [22][1] Pricing Progress - Nationwide pricing adjustments are gradually being implemented, with 63% of cities having executed residential pricing adjustments, resulting in an increase of 0.21 yuan per cubic meter [34][1] Important Events - The US LNG import tariff has been significantly reduced from 140% to 25%, enhancing the economic viability of US gas imports [41][1] - The European Commission has voted in favor of introducing more flexible natural gas storage filling targets to avoid supply shortages and price spikes [46][1] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the easing supply conditions, such as Xin'ao Energy, China Resources Gas, and Kunlun Energy, among others [48][1]