具有价值创造力的清洁能源服务商 第三届董事会第十一次会议决议公告 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、董事会会议召开情况 江西九丰能源股份有限公司（以下简称"公司"）第三届董事会第十一次会议于 2025 年 4 月 20 日（星期日）以通讯表决方式召开，公司于 2025 年 4 月 17 日（星期四）以 口头、电子邮件等方式将会议通知送达全体董事。本次会议应出席董事 9 人，实际出席 董事 9 人，会议由董事长张建国先生召集和主持。公司监事和高级管理人员列席了本次 会议。会议的召集、召开及表决程序符合有关法律法规和《公司章程》的相关规定。 二、董事会会议审议情况 经与会董事认真审议，本次会议逐项表决通过了以下决议： 证券代码：605090 证券简称：九丰能源 公告编号：2025-033 江西九丰能源股份有限公司 （一）审议通过《关于实施 2025 年员工持股计划的议案》 为进一步建立、健全公司长效激励机制，确保上市后第二个三年发展规划 （2025-2027 年）的高效实施，公司拟推出中长期激励计划下的 2025 ...

Group 1 - The board of directors of Jiangxi Jiufeng Energy Co., Ltd. held its tenth meeting of the third session on April 17, 2025, via telecommunication voting, with all nine directors present [2][3] - The board unanimously approved the proposal to terminate the implementation of the second employee stock ownership plan, which was initially launched in June 2024 but has not been implemented due to significant changes in the domestic and international environment [3][4] - The termination of the employee stock ownership plan will not adversely affect the company's development strategy or daily operations, and the company plans to adjust and optimize the details of the stock ownership plan for future implementation [3][4] Group 2 - The voting results for the proposal were 3 votes in favor, with no votes against or abstentions [4] - The meeting adhered to relevant laws, regulations, and the company's articles of association regarding the convening and voting procedures [2][3] - Relevant documents, including the resolutions of the board meeting and other required documents by the Shanghai Stock Exchange, will be kept on file [5]

证券代码：605090 证券简称：九丰能源 公告编号：2025-032 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 根据《第二期员工持股计划》的相关规定及 2024 年第二次临时股东大会的授权， 第三届董事会第十次会议决议公告 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、董事会会议召开情况 江西九丰能源股份有限公司（以下简称"公司"）第三届董事会第十次会议于 2025 年 4 月 17 日（星期四）以通讯表决方式召开，公司于 2025 年 4 月 15 日（星期二）以 口头、电子邮件等方式将会议通知送达全体董事。本次会议应出席董事 9 人，实际出席 董事 9 人，会议由董事长张建国先生召集和主持。公司监事和高级管理人员列席了本次 会议。会议的召集、召开及表决程序符合有关法律法规和《公司章程》的相关规定。 二、董事会会议审议情况 经与会董事认真审议，本次会议表决通过了以下决议： （一）审议通过《关于终止实施第二期员工持股计划的议案》 公司于 2024 年 6 月推出上市后第二期员工持股计划（以下简称"本持股 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The company has demonstrated strong pricing power, with special gases potentially offering surprises, and a dividend yield of 5.5% [10] - The company reported a revenue of 22.05 billion yuan for 2024, a year-on-year decrease of 17.01%, while the net profit attributable to shareholders increased by 28.93% to 1.684 billion yuan [1][10] - The company is actively expanding its clean energy business and has a robust asset advantage in energy operations and logistics [2][3] Revenue and Profitability - In Q4 2024, the company achieved a revenue of 4.999 billion yuan, down 28.86% year-on-year, with a net profit of 149 million yuan, a decrease of 14.78% [1] - For Q1 2025, the company reported a revenue of 5.484 billion yuan, down 13.41% year-on-year, and a net profit of 506 million yuan, up 5.40% [1] Business Segments - The special gases business saw rapid growth, with production and sales of 8,805 million cubic meters in 2024, a year-on-year increase of 66.5% [4] - The LNG business produced and sold 2.58 million tons in 2024, with a year-on-year increase of 11.1% in production and 12.8% in sales [10] - The LPG business experienced a slight decline, with production and sales of 1.85 million tons, down 3.5% and 3.7% respectively [10] Financial Metrics - The company plans to distribute a total cash dividend of 780 million yuan for 2024, which includes a special cash dividend of 30 million yuan, representing approximately 52% of the net profit attributable to shareholders [10] - The projected net profit for 2025-2027 is estimated at 1.78 billion, 1.99 billion, and 2.18 billion yuan respectively, with corresponding P/E ratios of 9.0X, 8.1X, and 7.4X [10][11]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 18 年 月 日 九丰能源（605090.SH） 顺价能力久经考验，特种气体或存惊喜，股息率 5.5% 公司发布 2024 年年度&2025 年一季度业绩公告。2024 年公司实现营业 收入 220.47 亿元，同比下降 17.01%；归母净利润 16.84 亿元，同比增长 28.93%；扣非归母净利润 13.50 亿元，同比增长 1.12%。其中，24Q4 实 现营业收入 49.99 亿元，同比下降 28.86%；归母净利润 1.49 亿元，同比 下降 14.78%。2025 年 Q1 公司实现营业收入 54.84 亿元，同比下降 13.41%；归母净利润 5.06 亿元，同比增长 5.40%；扣非归母净利润 4.68 亿元，同比增长 1.38%。 清洁能源业务持续稳健布局。 能源作业&物流业务核心资产优势突出。 特种气体业务快速增长。2024 年公司特种气体（氦气及氢气等）产/销量 8805/8805 万方，同比+66.5%/66.5%。 ➢ 氦气业务方面，2024 年公司高纯度氦气业务（产）销量约 38 万方， 同比稳步增长。下游 ...

Core Viewpoint - Jiangxi Jiufeng Energy Co., Ltd. reported a significant increase in net profit for 2024, with a proposed total cash dividend of 750 million yuan, reflecting a 28.93% year-on-year growth in net profit attributable to shareholders [4][5]. Company Overview - Jiufeng Energy operates primarily in the natural gas, liquefied petroleum gas (LPG), and specialty gases industries, positioning itself as a "clean energy service provider" [6][18]. - The company has developed a business structure that includes clean energy, energy services, and specialty gases, forming a "main and two wings" development model [18]. Industry Situation Natural Gas Industry - China's natural gas production is projected to reach 246.4 billion cubic meters in 2024, with a year-on-year growth of 6.2% [9]. - The country's dependence on imported natural gas has increased significantly, with the import dependency rate rising from 10% in 2010 to 44.82% in 2024 [9]. - LNG imports are expected to total 111.1 billion cubic meters in 2024, with a compound annual growth rate of 19.18% for domestic LNG production from 2015 to 2024 [9][10]. LPG Industry - The apparent consumption of LPG in China is projected to reach 88.63 million tons in 2024, reflecting a year-on-year growth of 6.15% [12]. - The demand for LPG as a chemical feedstock is the primary driver of consumption growth, with the import dependency rate for LPG reaching 40.26% in 2024 [13]. Specialty Gases Industry - The helium market in China is experiencing growth, with domestic consumption expected to reach approximately 4,808 tons in 2024, while the import dependency rate is around 84% [14]. - The hydrogen industry is also expanding, with China's hydrogen production exceeding 35 million tons in 2023, accounting for over one-third of global production [16]. Business Performance - Jiufeng Energy's clean energy business employs an integrated pricing model, enhancing resource security and cost competitiveness through a dual resource pool of marine and land gas [20][21]. - The company has established a robust midstream asset base, including LNG/LPG receiving stations and storage facilities, to support its operations [23]. - The specialty gases segment has seen a 40% year-on-year increase in high-purity helium production, with ongoing expansion into retail markets [33].

九丰能源发布年报和一季报，2024 年营收220.47 亿元（yoy-17%），归母净利16.84 亿元 （yoy+29%），扣非净利13.50 亿元（yoy+1%），扣非净利低于华泰预测（15.18 亿元）、主要是LNG 单方毛利不及预期；1Q25 营收54.84 亿元（yoy-13%），归母净利5.06 亿元（yoy+5.4%），归母净利符 合华泰预测区间（4.79~5.29 亿元）。天然气终端市场扩大，单吨毛利有望企稳。特种气体业务突破， 中长期贡献业绩增量。公司2024 年拟派息7.8 亿元，当前股息率4.9%；2025 年拟延续分红+回购。维 持"买入"评级。 财务结构优化，股东回报力度加大 2024 年公司经营活动现金流净额20.47 亿元，净现比1.21、体现高质量盈利。截至1Q25 期末公司货币资 金54.09 亿元，资产负债率维持低位（32.65%），抗风险能力突出。2024 年公司拟派发现金分红7.5 亿 元（含税），叠加特别分红0.3 亿元，合计派发7.8 亿元，达成派息计划；公司年内完成股份回购1 亿 元，并计划于2025 年继续回购2~3 亿元。 小幅下调盈利预测与目标价 我们将公司 ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [1]. Core Insights - In March, the total electricity consumption in the country increased by 4.8% year-on-year [1]. - The report highlights that the State Development and Reform Commission has issued guidelines to accelerate the development of virtual power plants, aiming for a national adjustment capacity of over 20 million kilowatts by 2027 and 50 million kilowatts by 2030 [4][44]. - The report notes a decline in average coal prices year-on-year, suggesting a favorable environment for thermal power companies [4][42]. Summary by Sections 1. Market Review - As of April 17, the Shenwan Utility Index fell by 1.0% over the past two weeks, outperforming the CSI 300 Index by 1.3 percentage points, ranking 9th among 31 Shenwan industries [11]. - Year-to-date, the Shenwan Utility Index has decreased by 3.0%, also outperforming the CSI 300 Index by 1.2 percentage points, ranking 17th among 31 industries [11]. 2. Industry Valuation - As of April 17, the valuation of the Shenwan Utility sector is at 17.7 times earnings, below the one-year average [17]. - The sub-sector valuations include: - Photovoltaic power: 78.8 times - Hydropower: 20.5 times - Integrated energy services: 19.6 times - Wind power: 19.4 times - Thermal services: 18.3 times - Gas: 17.9 times - Thermal power: 12.5 times [17][18]. 3. Industry Data Tracking - As of April 17, the average price of Q6000 coal at the pit in Yulin, Shaanxi, was 614 yuan per ton, down 0.3% from the previous value [32]. - The average price of Q5500 coal at Qinhuangdao port was 667 yuan per ton, down 0.2% from the previous value [32]. 4. Key Industry News - The report mentions several important announcements, including the release of the "New Generation Coal Power Upgrade Special Action Implementation Plan (2025-2027)" by the State Development and Reform Commission [4][41]. - The report also highlights the issuance of 174 million green power certificates in March 2025, a year-on-year increase of 9.39 times, with 82.26% being tradable [44]. 5. Industry Weekly Viewpoint - The report suggests focusing on thermal power companies such as Huadian International (600027), Guodian Power (600795), and Hubei Energy (000883) due to their strong performance in the current market environment [42]. - In the gas sector, it recommends attention to companies like Xin'ao Co. (600803), Jiufeng Energy (605090), and New Natural Gas (603393) [42].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 22.05 billion RMB for 2024, a year-on-year decrease of 17%, while the net profit attributable to shareholders was 1.68 billion RMB, an increase of 29% year-on-year [1] - The company plans to distribute a cash dividend of 780 million RMB in 2024, resulting in a current dividend yield of 4.9% [1] - The natural gas terminal market is expanding, with a projected sales volume of 2.85 million tons in 2025, and the single-ton gross profit is expected to stabilize [2] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 5.48 billion RMB, a decrease of 13% year-on-year, with a net profit of 506 million RMB, an increase of 5.4% year-on-year [1] - The company’s operating cash flow for 2024 was 2.05 billion RMB, reflecting high-quality earnings [4] - The company’s total assets as of Q1 2025 were 54.09 billion RMB, with a debt-to-asset ratio of 32.65% [4] Business Segments - The natural gas business is expected to generate 9.79 billion RMB in revenue for 2024, with a gross margin increase of 2.73 percentage points to 10.01% [2] - The specialty gas business is projected to contribute significantly to long-term performance, with helium sales reaching 380,000 cubic meters in 2024 [3] Profitability and Valuation - The report adjusts the EPS forecast for 2025-2026 down by 4% and 6% to 2.67 RMB and 3.07 RMB, respectively, with a target price set at 32.00 RMB based on a 12x PE ratio [5] - The company’s projected net profit CAGR for 2025-2027 is 11% [5] Market Position - The company’s market capitalization is approximately 16.02 billion RMB, with a closing price of 24.68 RMB as of April 17 [8]

九丰能源（605090.SH）24 年年报&25 年一季报点评 利润接连新高，分红回购彰显发展信心 2025 年 04 月 18 日 ➢ 事件：2025 年 4 月 17 日，公司发布 2024 年年度报告和 2025 年第一季度 报告。2024 年，公司实现营业收入 220.47 亿元，同比下滑 17.01%；实现归母 净利润 16.84 亿元，同比大增 28.93%；实现扣非归母净利润 13.50 亿元，同比 增长 1.12%。2025 年第一季度，公司实现营业收入 54.84 亿元，同比下滑 13.41%；实现归母净利润 5.06 亿元，同比增长 5.40%；实现扣非归母净利润 4.68 亿元，同比增长 1.38%。 ➢ LNG 业务快速发展，公司积极开拓交通燃料和气电市场。2024 年，公司天 然气业务 LNG 销量合计 274 万吨（包含能源服务销量），同比增长 20.39%， 其中，归属于清洁能源业务的销量为 218 万吨，同比增长 15.20%，归属于能源 服务业务的销量为 39 万吨，同比略增 0.80%。一方面，在资源端，公司与长约 合作方马石油保持良好合作关系，并在风险敞口可控条件下进行现 ...