Group 1 - The State Administration for Market Regulation has released a list of unconditional approvals for operator concentration cases from April 21 to April 27, 2025 [1] - Guangdong Jiufeng Energy Group Co., Ltd. is acquiring equity in Guangzhou Huakai Petroleum and Gas Co., Ltd. [1] - Neusoft Corporation is acquiring equity in Shanghai Sifeng Information Technology Co., Ltd. [1] Group 2 - Zhejiang Geely Remote New Energy Commercial Vehicle Group Co., Ltd. is establishing a joint venture with Bozhou Transportation Investment Holding Group Co., Ltd. [1] - Mitsui & Co., Ltd. is acquiring equity in Tianjin Derui Special Industry Co., Ltd. [1]

| 2024 | 年年度股东大会会议须知 3 | | | --- | --- | --- | | 2024 | 年年度股东大会会议议程 5 | | | 2024 | 年年度股东大会会议议案 7 | | | | 议案一、关于《2024 年度董事会工作报告》的议案 | 7 | | | 议案二、关于《2024 年度监事会工作报告》的议案 | 8 | | | 议案三、关于《2024 年度财务决算报告》的议案 | 14 | | | 议案四、关于《2024 年年度报告》及其摘要的议案 | 17 | | | 议案五、关于 年度利润分配方案的议案 2024 18 | | | | 议案六、关于提请股东大会授权董事会决定 2025 年度中期分红方案的议案 20 | | | | 议案七、关于 年度担保额度预计的议案 2025 21 | | | | 议案八、关于 2025 年度期货和衍生品业务额度预计的议案 23 | | | | 议案九、关于续聘 年度审计机构的议案 2025 25 | | | | 议案十、关于森泰能源业绩承诺实现情况的议案 26 | | | | 议案十一、关于确定森泰能源超额业绩奖励分配方案暨关联交易的议案 28 ...

《公司法》 指《中华人民共和国公司法》。 2025 年员工持股计划(草案) 的法律意见 江西九丰能源股份有限公司： 释 义 《员工持股计划(草 案)》 指《江西九丰能源股份有限公司2025年员工持股计划 (草案)》。 北 京 上 海 深 圳 杭 州 广 州 昆 明 天 津 成 都 宁 波 福 州 西 安 南 京 南 宁 济 南 重 庆 苏 州 长 沙 太 原 武 汉 贵 阳 乌鲁木齐 郑 州 石家庄 合 肥 海 南 青 岛 南 昌 大 连 银 川 拉 孜 香 港 巴 黎 马德里 斯德哥尔摩 纽 约 马来西亚 柬 埔 寨 广州市天河区华夏路 32 号太平洋金融大厦 19 楼 邮编：510620 电话：(+86)(20) 3879 9346 、3879 9348 传真：(+86)(20) 3879 9348-200 国浩律师(广州)事务所 关于江西九丰能源股份有限公司 《证券法》 指《中华人民共和国证券法》。 《指导意见》 指《关于上市公司实施员工持股计划试点的指导意 见》。 《自律监管指引第1 号》 指《上海证券交易所上市公司自律监管指引第1号— —规范运作》。 1 九丰能源、公司 指江西九丰能源股份有限公司。 ...

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：2025-037 江西九丰能源股份有限公司 关于回购股份事项前十大股东及前十大无限售条件股东 持股情况的公告 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。 一、回购股份事项的背景和目的 本次回购股份方案具体内容详见公司于 2025 年 4 月 18 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于以集中竞价交易方式回购公司股份方案的公告》等公告。 江西九丰能源股份有限公司（以下简称"公司"）基于对公司内在价值的认可与长期 可持续发展的信心，经综合考虑当前市场环境、公司经营状况及财务状况，并由第三届董 事会第九次会议审议通过《关于以集中竞价交易方式回购公司股份的议案》，拟以集中竞 价交易方式回购公司股份，回购的股份将全部注销并减少注册资本（以下简称"本次回购 股份"）。本次回购股份的背景和目的具体如下： 1、现阶段，公司"一主两翼"业务发展格局已初步形成并取得良好成效，清洁能源一 体化"哑铃型"发展模式持续优化，能源服务增 ...

Core Viewpoint - Jiufeng Energy reported a decline in revenue for both the 2024 annual report and the 2025 Q1 report, while net profit increased, attributed to its pricing power and cost management [3][4]. Financial Performance - In 2024, Jiufeng Energy achieved a revenue of 22.047 billion yuan, a year-on-year decrease of 17.01%, while net profit rose to 1.684 billion yuan, an increase of 28.93% [4]. - For Q1 2025, revenue decreased by 13.41% year-on-year, but net profit increased by 5.4% [5]. - The company maintained a stable cash flow, with a net cash flow from operating activities of 2.047 billion yuan in 2024, comparable to 2.158 billion yuan in 2023 [5]. Business Model and Strategy - Jiufeng Energy's business model is primarily based on the purchase and sale of liquefied natural gas (LNG) and liquefied petroleum gas (LPG), functioning similarly to a distributor [4][6]. - The company aims to transition from a resource-dependent model to an energy service model, but remains heavily reliant on its core clean energy business, which accounted for nearly 85% of total revenue in 2024 [6][8]. - The energy service and specialty gas segments contributed minimally to revenue, with energy services generating 2.153 billion yuan (less than 10% of total revenue) and specialty gases 235 million yuan (about 1%) [6][8]. Dividend Policy - Jiufeng Energy has a robust dividend policy, planning a total cash dividend of approximately 780 million yuan for 2024, including a fixed dividend of 750 million yuan and a special dividend of 30 million yuan [9][10]. - The company has outlined a cash dividend plan for 2024-2026, with fixed dividends increasing from 750 million yuan in 2024 to 1 billion yuan in 2026 [10]. Shareholder Structure - The controlling Zhang family holds over 50% of Jiufeng Energy's shares, with significant portions of dividends benefiting this family [11]. - The largest shareholder, Jiufeng Investment, holds 30.90%, while the second-largest shareholder, Zhang Jianguo, holds 11.19% [11].

Core Viewpoint - The company reported a decline in revenue for 2024 and Q1 2025, but net profit showed growth, indicating a resilient operational performance despite market challenges [1][2]. Financial Performance - 2024 revenue was 22.047 billion, down 17.01% year-on-year, with net profit at 1.684 billion, a 28.93% increase (non-recurring profit at 1.350 billion) [1]. - Q1 2025 revenue was 5.484 billion, down 13.41% year-on-year, with net profit at 0.506 billion (non-recurring profit at 0.468 billion), reflecting a 5.40% increase (non-recurring profit up 1.38%) [1]. - Gross profit margins for 2024 and Q1 2025 were 9.33% and 11.72%, respectively, showing an upward trend [2]. - Net profit margins for the same periods were 7.65% and 9.21%, also indicating improvement [2]. - The company's asset-liability ratios were 36.56% for 2024 and 32.65% for Q1 2025, both showing a downward trend [2]. - The company reported negative financial expenses for 2024 and only 0.0887 billion for Q1 2025, indicating low debt pressure [2]. - Cash flow was strong, with net cash flows of 2.047 billion and 0.496 billion for 2024 and Q1 2025, respectively [2]. Business Segments - The clean energy segment showed stable growth, with LNG sales of 2.181 million tons in 2024, up 13.12% year-on-year, and LPG sales of 1.8396 million tons, down 3.51% [3]. - The overall gross margin for clean energy was 7.64%, up 1.04 percentage points year-on-year [3]. - The company is expanding its LPG operations with a new liquefied hydrocarbon terminal and storage base expected to be operational by the end of the year [3]. - Special gases, particularly nitrogen, are seeing growth, with plans to enhance production capacity in the southwest region [3]. - Hydrogen production reached approximately 8.768 million cubic meters in 2024, with ongoing projects to support industrial and chemical users [4]. Incentives and Dividends - The company has a robust incentive structure, including a 2025 employee stock ownership plan with performance targets for net profit [4]. - The fixed and special cash dividend plan for 2024-2026 includes annual dividends of 0.75 billion, 0.85 billion, and 1 billion, with additional special dividends if net profit exceeds 18% growth [5]. - The total dividend for 2024 is projected at 0.78 billion, with a dividend rate of 46.33% [5]. - A share buyback plan for 2025 is set between 0.2 billion and 0.3 billion, enhancing long-term investment value [5].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company demonstrated strong resilience in performance despite fluctuations in gas prices, with a reported revenue of 22.05 billion yuan in 2024, a decrease of 17.01% year-on-year, while the net profit attributable to shareholders increased by 28.9% to 1.68 billion yuan [1] - The company is actively implementing cash dividends and share buybacks to protect shareholder interests, with a fixed cash dividend plan for 2024-2026 amounting to 7.5 billion yuan, 8.5 billion yuan, and 10 billion yuan respectively [4] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 22.05 billion yuan, a decrease of 17.01% year-on-year, while the net profit attributable to shareholders was 1.68 billion yuan, an increase of 28.9% [1] - For Q1 2025, the company reported a revenue of 5.48 billion yuan, down 13.4% year-on-year, with a net profit of 506 million yuan, up 5.4% [1] LNG and LPG Business - The total sales volume of LNG and LPG in 2024 was 2.74 million tons, with transportation fuel, industrial terminals, and gas power plants accounting for 37%, 27%, and 16% of sales respectively [2] - The LPG business maintained stability with a sales volume of 1.83 million tons in 2024, and the gross profit per ton showed steady growth [2] Q1 2025 Performance - The company exhibited strong resilience in Q1 2025, with a notable increase in gross profit per ton due to effective resource allocation in response to market demand [3] - The LPG business remained stable, with increased sales and significant growth in revenue from LPG shipping services [3] Shareholder Returns - The company has established a cash dividend plan for 2024-2026, with fixed cash dividends of 7.5 billion yuan, 8.5 billion yuan, and 10 billion yuan, along with a special cash dividend of 30 million yuan in 2024 [4] - The expected dividend yield for 2025 and 2026 is projected at 5.2% and 6.1% respectively [4] Profit Forecast and Valuation - The profit forecast for the company is adjusted to 1.75 billion yuan, 2.05 billion yuan, and 2.29 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9.4x, 8x, and 7.2x [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has a stable clean energy foundation, with both dividends and share buybacks enhancing long-term value [1] - The company reported a revenue of 22.05 billion yuan in 2024, a decrease of 17.01% year-on-year, while the net profit attributable to the parent company was 1.68 billion yuan, an increase of 28.93% year-on-year [7] - The company aims to maintain a stable growth in sales volume driven by increasing demand for transportation fuels and gas power plants [7] - The company plans to distribute a total of 780 million yuan in dividends for 2024 and aims to increase the buyback scale in 2025 [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 23.32 billion yuan, with a year-on-year growth rate of 5.8% [6] - The net profit attributable to the parent company for 2025 is estimated at 1.71 billion yuan, with a year-on-year growth rate of 1.6% [6] - The company’s earnings per share for 2025 is projected to be 2.63 yuan [6] - The company’s dividend yield for 2024 is 4.75%, with expected yields of 5.18% and 6.10% for 2025 and 2026 respectively [6][7] Business Performance - The company’s LNG business revenue for 2024 was 9.79 billion yuan, a decrease of 33.35% year-on-year, while the sales volume reached 2.74 million tons [7] - The company’s LPG sales volume for 2024 was 1.83 million tons, with revenue of 8.82 billion yuan, showing a slight increase of 0.10% year-on-year [7] - The company is expanding its special gas production and sales, with helium sales volume increasing by 40% year-on-year in Q1 2025 [7] Shareholder Returns - The company plans to distribute a fixed cash dividend of 750 million yuan for 2024, along with a special dividend of 30 million yuan [7] - The total buyback scale for 2024 was approximately 100 million yuan, with plans to increase it to 200-300 million yuan in 2025 [7]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - Concerns over economic recession due to tariffs have led to a significant drop in US gas prices, while tariffs have temporarily halted the recovery of European gas prices, with domestic prices remaining stable [1][10] - The report highlights a supply-demand analysis indicating a 2.1% week-on-week increase in total gas supply in the US, while total demand increased by 7% week-on-week [15][17] - The report emphasizes the ongoing adjustments in pricing mechanisms and the gradual recovery of demand in the domestic market [50][51] Price Tracking - As of April 17, 2025, US HH gas prices decreased by 20.6%, European TTF prices increased by 6.8%, and domestic LNG prices remained stable with a week-on-week change of -0.5% [10][12] - The average total supply of natural gas in the US reached 1,124 billion cubic feet per day, with a year-on-year increase of 6.3% [15] Supply and Demand Analysis - The report notes that the US gas market is experiencing a week-on-week price drop of 20.6% due to tariff-induced inflation concerns, while total demand has increased by 7% [15][17] - In Europe, gas consumption for March 2025 was 60.5 billion cubic meters, reflecting a year-on-year increase of 1.8% [17] Pricing Progress - The report indicates that 61% of cities have implemented residential pricing adjustments, with an average increase of 0.20 yuan per cubic meter [39] - The pricing mechanism is expected to continue evolving, with potential for further adjustments in the future [39] Important Events - The report details the increase of tariffs on US LNG to 140%, noting that the impact on supply is limited due to the small proportion of US LNG in China's total imports [46] - Ongoing negotiations regarding the Russia-Ukraine conflict are highlighted as a significant factor influencing European gas supply dynamics [49] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the evolving pricing mechanisms, particularly highlighting New Energy and China Gas as key players [50][51] - It suggests monitoring companies with strong long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao [51]

Summary of Jiufeng Energy Conference Call Company Overview - **Company**: Jiufeng Energy - **Industry**: Energy sector, focusing on natural gas and LPG (liquefied petroleum gas) Key Points and Arguments 1. **New Employee Stock Ownership Plan**: Jiufeng Energy has launched a new employee stock ownership plan covering 2025 to 2027, with a target of a 15% compound annual growth rate based on 2024's net profit excluding non-recurring items, indicating a high premium given the current macroeconomic environment and gas industry growth [3][4][14] 2. **Past Strategic Planning Success**: The company executed its previous three-year strategic plan ("one main and two wings") effectively, achieving a cumulative net profit completion rate of 117% and a compound growth rate of 28% in net profit excluding non-recurring items over the past three years [4][5][8] 3. **Market Response Strategies**: In response to energy market price fluctuations, Jiufeng Energy has optimized its resource pool, utilized cargo exchanges, and implemented long-term contracts to enhance pricing power, demonstrating its market adaptability [4][6] 4. **Natural Gas Business Focus**: The company plans to focus on transportation fuel and gas power generation in its natural gas business, with LNG production capacity expected to increase to 1.5 to 2 million tons over the next three years [4][10] 5. **LPG Business Expansion**: Jiufeng Energy aims to expand its terminal operations from one to three terminals, significantly increasing its market share in South China, currently at approximately 35% [4][12] 6. **Terminal Asset Integration**: The integration of terminal assets is expected to be completed by May 2025, adding 500,000 tons of turnover capacity and projected profits of 40 to 70 million yuan, enhancing overall capacity and synergy with Huizhou terminal [4][18] 7. **Financial Stability**: The company maintains a robust financial position with sufficient cash and bank credit lines, expecting that capital expenditures in 2025 will not significantly impact dividends, alongside plans for share buybacks [4][22][23] 8. **Future Growth Targets**: Jiufeng Energy has set a target of 15% annual growth for the next three years, aiming for a business scale of around 2 billion yuan by 2027, with specific contributions from LNG, LPG, and energy services [14][21] 9. **Impact of International Markets**: The international energy market significantly influences the company, with European inventory levels being low and Southeast Asia showing growth potential, providing opportunities for resource optimization [19][17] 10. **Internal Efficiency Improvements**: The company has achieved internal efficiency improvements through scaling operations and reducing costs, positioning itself as an efficient energy service provider [20] Other Important Insights - **Cultural Development**: Jiufeng Energy has established a culture of striving towards strategic goals, which has unified employee efforts and improved operational stability [7] - **Challenges Ahead**: The company acknowledges challenges such as trade wars and weaker domestic demand but remains confident in achieving its future development goals [9][26] - **Employee Incentives**: The first employee stock ownership plan achieved a completion rate of 117%, and the company plans to continue optimizing the second phase [25][26]