Core Viewpoint - Jiangsu Securities research report indicates that Jiufeng Energy is continuously implementing its "onshore" development strategy, leveraging both "marine gas" and "land gas" upstream resources for rapid growth [1] Company Summary - On September 30, 2025, Jiufeng Energy announced its investment in the second phase of the Xinjiang Qinghua Energy Group's 4 billion cubic meters coal-to-natural gas project, marking the company's official entry into the Xinjiang coal-to-gas sector [1] - The timing of Jiufeng Energy's entry into the coal-to-gas industry and strategic positioning in Xinjiang reflects significant changes in the local coal-to-gas market [1] - The profitability of coal-to-gas projects is highly sensitive to raw coal prices, with core competitiveness relying on the ability to acquire and control low-cost coal resources [1] - Jiufeng Energy's Qinghua Phase II coal-to-gas project is expected to benefit from local coal mines, initiating a predictable and relatively secure second growth curve [1] - The company maintains a "buy" rating for its stock [1]

Core Insights - The report highlights the impact of colder weather and declining inventories on natural gas prices in the U.S., which increased by 10.5% week-on-week, while European gas prices decreased by 5.6% due to inventory withdrawals [1][2]. Price Tracking - As of November 28, 2025, the week-on-week price changes for various natural gas benchmarks are as follows: U.S. HH +10.5%, European TTF -5.6%, East Asia JKM -3.3%, China LNG ex-factory -0.9%, and China LNG CIF -4.5%, with prices at 1.2, 2.4, 2.8, 2.9, and 2.8 CNY per cubic meter respectively [1]. Supply and Demand Analysis - The U.S. natural gas market saw a week-on-week inventory decrease of 110 billion cubic feet, bringing total storage to 39,350 billion cubic feet, a year-on-year decline of 0.8% [2]. - In Europe, natural gas consumption from January to August 2025 was 2,884 billion cubic meters, up 4.6% year-on-year. The supply increased by 25.1% week-on-week to 102,598 GWh, with significant contributions from inventory consumption and LNG terminals [2]. - Domestic natural gas prices in China decreased by 0.9% week-on-week, with a year-on-year increase in apparent consumption of 0.7% to 3,541 billion cubic meters [2]. Pricing Progress - As of November 2025, 67% of cities in China have implemented residential pricing adjustments, with an average increase of 0.22 CNY per cubic meter [3]. Important Announcements - China Gas reported total revenue of 31.481 billion CNY for the first half of the fiscal year 2026, a decrease of 1.78% year-on-year, and a net profit of 1.218 billion CNY, down 24.22% year-on-year, primarily due to pressure on retail gas and connection services [3]. Investment Recommendations - The outlook for 2025 suggests a relaxed supply environment and cost optimization for gas companies, with a focus on price mechanism adjustments and demand growth. Key recommendations include companies like Xinao Energy, China Resources Gas, and Kunlun Energy, with notable dividend yields [3].

Group 1 - The company is optimistic about the long-term development trend of the commercial aerospace industry [1] - The company expresses confidence in the development of its special fuel and gas business within the commercial aerospace sector [1]

证券日报网讯12月1日，九丰能源（605090）在互动平台回答投资者提问时表示，公司2025年第三季度 业绩扰动因素已消除，第四季度公司经营情况良好，不存在您提及的相关情形。 ...

Core Insights - Jiufeng Energy has signed an investment agreement for the second phase of the special fuel and gas supporting project at the Wenchang International Space City [1] - The second phase expansion plan includes the production and storage of liquid nitrogen, liquid oxygen, green hydrogen, helium, krypton, xenon, light hydrocarbons, and aerospace kerosene [1] - The company aims to enhance its supply capacity for special fuels and gases to meet the rapidly growing potential market demand [1] - Jiufeng Energy is actively advancing the land approval and related preparatory work for the projects involved in the second phase expansion plan [1]

证券代码：605090 证券简称：九丰能源 公告编号：2025-108 江西九丰能源股份有限公司 成为最具价值创造力的清洁能源服务商 重要内容提示： 一、回购股份的背景和目的 江西九丰能源股份有限公司（以下简称"公司"）经综合考虑当前市场环境、公司 经营状况及财务状况，基于对公司内在价值的认可与长期可持续发展的信心，并由第三 届董事会第九次会议、2024 年年度股东大会审议通过，同意以集中竞价交易方式回购公 司股份。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，能源服务增长动能不断释放，特种气体业务布 局加快推进，公司整体价值加快提升。 2、公司于 2024 年 6 月制定《未来三年（2024-2026 年）现金分红规划》，提出当 公司董事会认为二级市场股价与公司真实价值出现偏离时，将视情况在履行相关决策程 1 成为最具价值创造力的清洁能源服务商 关于以集中竞价交易方式回购公司股份的进展公告 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 ...

成为最具价值创造力的清洁能源服务商 债权人可采用现场、邮寄、传真等方式进行申报，具体方式如下： 证券代码：605090 证券简称：九丰能源 公告编号：2025-109 江西九丰能源股份有限公司 关于回购股份用于注销并减少注册资本暨通知债权人的公告 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、通知债权人的原由 江西九丰能源股份有限公司（以下简称"公司"）分别于 2025 年 4 月 16 日、2025 年 5 月 8 日召开第三届董事会第九次会议和 2024 年年度股东大会，审议通过《关于以 集中竞价交易方式回购公司股份的议案》，同意公司使用自有资金及股票专项回购贷款 以集中竞价交易方式回购公司股份，回购资金总额不低于人民币 20,000.00 万元（含） 且不超过人民币 30,000.00 万元（含），调整后的回购价格为不超过人民币 36.91 元/股 （含），回购股份将全部予以注销并减少注册资本。公司董事会将根据 2024 年年度股 东大会授权，依法在回购期限内择机做出回购与注销决策并予以实施。 具体内容详见公司分别 ...

格隆汇12月1日丨九丰能源(605090.SH)公布，截至2025年11月30日，公司以集中竞价交易方式累计回购 股份689.22万股，占公司总股本的0.98%，最高成交价为35.59元/股，最低成交价为25.52元/股，已支付 的资金总额为人民币2.07亿元（不含交易费用）。 ...

九丰能源公告称，公司此前已审议通过回购股份议案，将用自有资金及专项贷款以集中竞价交易方式回 购，资金总额2-3亿元，调整后回购价不超36.91元/股，回购股份将注销并减资。因回购注销后公司总股 本及注册资本将减少，根据规定，债权人自接到通知30日内、未接到通知自公告披露45日内，有权要求 清偿债务或提供担保。申报时间为2025年12月2日起45日内，可通过现场、邮寄等方式申报。 ...

格隆汇12月1日丨九丰能源(605090.SH)在投资者互动平台表示，公司特种气体产品主要应用于商业航 天、半导体、消费电子、低空经济等领域。公司看好可控核聚变产业的长期发展趋势，现阶段，公司正 在积极关注并布局相关特种气体产品在可控核聚变领域的应用。 ...