法律意见书 国枫律股字[2025] A0524号 致：江西九丰能源股份有限公司（"贵公司"或"九丰能源"） 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于江西九丰能源股份有限公司 2025 年第一次临时股东大会的 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并 见证贵公司 2025 年第一次临时股东大会（以下简称"本次股东大会"）。 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》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律业务 管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法律 业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《江西九丰能源股份 有限公司章程》（以下简称"公司章程"）等有关规定，就本次股东大会的召集与召开 程序、召集人资格、出席会议人员资格、会议表决程序及表决 ...

Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2025, with revenue at 15.608 billion yuan (down 8.45% year-on-year) and net profit at 1.241 billion yuan (down 19.13% year-on-year) [1] - The decline in performance is attributed to extreme weather impacts, operational costs, and expenses related to employee incentive plans [1] Financial Performance - For Q3 2025, the company achieved revenue of 5.180 billion yuan (down 10.39% year-on-year) and net profit of 0.380 billion yuan (down 11.29% year-on-year) [1] - The total impact on pre-tax profit due to extreme weather and operational issues was approximately 82 million yuan and 15 million yuan, respectively [1] LNG and LPG Business Outlook - The LNG business showed resilience with steady growth in gross profit, despite a challenging market environment characterized by supply surplus and price pressure [2] - The completion of maintenance at the Guangzhou Huakai receiving station and the establishment of a dynamic operation system for LPG are expected to enhance LPG sales [2] - The company anticipates improved profitability in its LPG business following the resolution of weather-related disruptions [2] Investment Plans - The company plans to invest in a coal-to-gas project in Xinjiang, aiming to produce 5.5 billion cubic meters of synthetic natural gas annually, with a total investment of 23.033 billion yuan [3] - This project is expected to fill the company's resource gap and diversify its upstream resource pool [3] Future Revenue and Profit Projections - Revenue projections for 2025-2027 are estimated at 22.865 billion yuan, 25.18 billion yuan, and 27.138 billion yuan, with growth rates of 3.7%, 10.1%, and 7.8% respectively [4] - Net profit projections for the same period are 1.763 billion yuan, 1.966 billion yuan, and 2.104 billion yuan, with growth rates of 4.7%, 11.5%, and 7.1% respectively [4]

Core Viewpoint - The chemical industry is entering a downward cycle due to high costs and weak supply-demand dynamics, despite maintaining high capital expenditure and supply growth since the peak in 2021. However, there are "long-termist" companies capable of navigating through the cycle, providing substantial returns to investors through growth and dividends [1][2]. Group 1: Industry Overview - The chemical industry has experienced high capital expenditure and significant supply growth since the peak in 2021, but demand recovery remains relatively weak, leading to a high-cost and weak supply-demand environment [1]. - Long-termist companies in the chemical sector are characterized by strong shareholder backgrounds, excellent management capabilities, reasonable industry chain layouts, continuous R&D investment, and a strong sense of social responsibility, enabling them to achieve stable growth and sustainable development [2]. Group 2: Oil and Gas Sector - The "three major oil companies" (China National Petroleum, Sinopec, and CNOOC) are expected to maintain high capital expenditure and enhance natural gas market development, aiming for long-term growth despite oil price fluctuations [3]. - The domestic oil service companies are benefiting from high upstream capital expenditure, with improved operational quality and international competitiveness, particularly in the context of the Belt and Road Initiative [3]. Group 3: Refining and Chemical Fiber Industry - The refining and chemical fiber industry is anticipated to recover, with the refining expansion nearing completion and supply-demand dynamics expected to improve, leading to high-quality development in the sector [4]. - The polyester sector is seeing limited new capacity, with structural optimization accelerating, which is expected to enhance the market share and competitiveness of leading companies [4]. Group 4: Coal Chemical Industry - The coal chemical industry is projected to improve profitability due to a gradual easing of coal supply and demand, alongside a decline in coal prices. The transition towards modern coal chemical processes is seen as essential for traditional coal enterprises [5]. - The average prices for various coal types have decreased, with main coking coal, thermal coal, and anthracite prices showing declines of -10.5%, -2.0%, and -16.0% respectively compared to the beginning of the year [5]. Group 5: Investment Recommendations - The report suggests focusing on leading companies in the upstream oil and gas sector and oil service companies, including China National Petroleum (601857.SH), Sinopec (600028.SH), CNOOC (600938.SH), and others [6]. - For the refining and chemical fiber sector, companies like Hengli Petrochemical (600346.SH) and Rongsheng Petrochemical (002493.SZ) are recommended due to their potential benefits from industry optimization and upgrades [7]. - In the coal chemical sector, companies such as Hualu Hengsheng (600426.SH) and Baofeng Energy (600989.SH) are highlighted for their expected improvement in profitability [7]. - The report also suggests monitoring cyclical leading companies like Wanhua Chemical (600309.SH) and Satellite Chemical (002648.SZ) as demand recovers and supply-demand dynamics improve [7].

Core Viewpoint - The company reported a decline in revenue and net profit for Q1-Q3 2025, with plans for significant investment in a coal-to-gas project to enhance long-term growth potential and operational efficiency [1][2][5] Financial Performance - For Q1-Q3 2025, the company achieved revenue of 15.61 billion yuan, a year-on-year decrease of 8.5%, and a net profit of 1.24 billion yuan, down 19.1% year-on-year [1] - In Q3 2025, the company reported revenue of 5.18 billion yuan, a year-on-year decline of 10.4%, but a quarter-on-quarter increase of 4.8% [1] - The net profit for Q3 2025 was 380 million yuan, down 11.3% year-on-year but up 7.2% quarter-on-quarter [1] Project Investment - In September 2025, the company announced plans to invest up to 3.455 billion yuan in the second phase of the Xinjiang Qinghua coal-to-gas demonstration project, which aims for an annual production capacity of 4 billion cubic meters [1][2] - The project is expected to take no more than 36 months to complete and will provide the company with a 50% stake, translating to an annual production capacity of 2 billion cubic meters [1] Market Dynamics - The LNG and LPG segments showed resilience despite profit fluctuations due to external factors [1][2] - The company optimized its long-term contract structure and customer layout in the LNG sector, resulting in improved gross margins [1][2] Operational Challenges - Q3 2025 profits were impacted by extreme weather, maintenance activities, and financial costs related to stock incentives and convertible bonds, totaling a profit impact of 130 million yuan [2] Growth Strategy - The coal-to-gas project is expected to enhance upstream growth potential and strengthen the company's integrated capabilities in natural gas supply [2][3] - The project is backed by a mature industrial base in Xinjiang, with all necessary approvals in place and a professional operational team ready to support [3] Profitability Outlook - The feasibility study for the coal-to-gas project indicates an internal rate of return (IRR) of 8.2% and a payback period of 7.57 years, with projected annual sales revenue of 7.309 billion yuan and total annual profit of 1.477 billion yuan [3] - The project is expected to significantly enhance the company's profitability and support its long-term growth strategy [4] Future Projections - The company anticipates a rebound in gas prices and improved performance from the coal-to-gas project, which is expected to drive rapid growth in earnings [4][5] - The LNG and LPG segments are projected to see both volume and profit growth in Q4 2025, supported by operational improvements and market conditions [4]

Investment Rating - The report maintains a "Buy" rating for Jiufeng Energy [1][4][6] Core Views - Jiufeng Energy's revenue for Q1-Q3 2025 was 15.61 billion yuan, a year-on-year decrease of 8.5%, with a net profit attributable to shareholders of 1.24 billion yuan, down 19.1% year-on-year [4][10] - The company plans to invest up to 3.455 billion yuan in the second phase of the Xinjiang Qinghua coal-to-gas demonstration project, which is expected to produce 4 billion cubic meters annually [4][6] - The LNG and LPG segments show resilience despite temporary disruptions affecting profits, with LNG gross margins improving and LPG sales expected to rise in Q4 [4][6] Summary by Sections Financial Performance - Jiufeng Energy's Q3 2025 revenue was 5.18 billion yuan, a decrease of 10.4% year-on-year, while net profit was 380 million yuan, down 11.3% year-on-year [4][11] - The company forecasts net profits of 1.6 billion, 1.81 billion, and 2.09 billion yuan for 2025-2027, with corresponding P/E ratios of 14.2, 12.6, and 10.9 [4][6] Project Developments - The coal-to-gas project is expected to enhance the company's upstream resource layout and strengthen its integrated energy supply capabilities [4][6] - The project is backed by a mature industrial base in Xinjiang, with necessary approvals and a professional operational team in place [4][6] Market Strategy - The second phase of the coal-to-gas project will optimize the company's gas source structure and expand its market reach, particularly in the northwest and along the West-to-East Gas Transmission pipeline [4][6] - The company aims to achieve a compound annual growth rate of 15% by leveraging synergies between its various projects and expanding its clean energy service offerings [4][6]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant daily and year-to-date gains along with dividend yields [1]. Group 1: Stock Performance - Nanshan Aluminum (600219.SH) leads with a daily increase of 10.12% and a year-to-date gain of 21.05%, with a dividend yield of 3.71% [1]. - Chuanheng Co., Ltd. (002895.SZ) follows closely with a daily rise of 10.00% and an impressive year-to-date increase of 44.31%, offering a dividend yield of 4.14% [1]. - Shenhuo Co., Ltd. (000933.SZ) shows a daily increase of 7.38% and a year-to-date performance of 53.35%, with a dividend yield of 3.16% [1]. - Yuntianhua Co., Ltd. (600096.SH) has a daily gain of 7.04% and a year-to-date increase of 42.93%, with a dividend yield of 5.37% [1]. - Tianshan Aluminum (002532.SZ) reports a daily rise of 6.81% and a remarkable year-to-date gain of 79.73%, with a dividend yield of 2.87% [1]. Group 2: Additional Notable Stocks - Mercury Home Textiles (603365.SH) shows a daily increase of 6.43% and a year-to-date performance of 30.72%, with a dividend yield of 4.39% [1]. - Deyue Co., Ltd. (605117.SH) has a daily rise of 4.50% and a year-to-date increase of 37.54%, with a dividend yield of 3.35% [1]. - Yiyi Co., Ltd. (001206.SZ) reports a daily gain of 4.32% and an impressive year-to-date increase of 101.18%, with a dividend yield of 2.59% [1]. - China Foreign Trade (601598.SH) shows a daily increase of 3.32% and a year-to-date performance of 22.11%, with a dividend yield of 4.60% [1]. - COSCO Shipping Energy (600026.SH) has a daily rise of 2.56% and a year-to-date increase of 9.48%, with a dividend yield of 3.02% [1].

Group 1: Macro and Market Insights - The report outlines three quantitative indicators from the "14th Five-Year Plan" that provide a clear roadmap for economic development over the next five years: steady improvement in total factor productivity, significant increase in household consumption rate, and maintaining economic growth within a reasonable range [1] - The A-share and Hong Kong stock markets are expected to continue strong performance, with a monthly stock selection for November 2025 including companies like Sunking Electronics and Tencent Holdings [1] Group 2: High-end Manufacturing Industry - The year 2026 is anticipated to be a breakthrough year for humanoid robots, with strong optimism for the humanoid robot industry [2] - The liquid cooling industry is expected to see increased penetration driven by improvements in power density and reductions in PUE [2] - The PCB equipment industry is projected to maintain high prosperity as manufacturers accelerate the expansion of high-end PCB capacity [2] - Solid-state battery materials are seeing continuous R&D achievements, with equipment orders expected to increase due to market demand [2] - Recommendations include companies like Ampere Dragon and Giant Star Technology [2] Group 3: Non-ferrous Metals Industry - In Q3 2025, the proportion of non-ferrous metal heavy stocks held by active equity funds increased to 5.72%, with notable increases in copper and tin holdings [3] - Investment suggestions highlight that supply supports price increases for copper, aluminum, and rare earths, while precious metals benefit from a weakened US dollar and a rate cut cycle [3] - Recommended stocks include Zijin Mining and Western Mining [3] Group 4: Banking Sector Insights - China Merchants Bank reported a steady increase in net interest income and a significant rise in wealth management income, with a revenue growth rate improving by 1.2 percentage points quarter-on-quarter [5] - Qingdao Bank achieved a revenue of 11 billion yuan in the first three quarters, a 5% year-on-year increase, with a net profit growth of 15.5% [6] - Jiangyin Bank's revenue reached 3.2 billion yuan, growing by 6.2% year-on-year, with a net profit increase of 13.4% [7] - China Bank's revenue growth was 2.7%, with a positive trend in profitability and asset quality [8] - Chengdu Bank reported a revenue of 17.8 billion yuan, a 3% increase, with a net profit growth of 5% [9] Group 5: Chemical and Petrochemical Sector - Jiufeng Energy's Q3 performance was impacted by short-term disturbances, leading to a slight downward adjustment in profit forecasts for 2025-2027 [10] - Yangnong Chemical reported steady growth in pesticide raw material sales, with a positive outlook for the industry [11] - Satellite Chemical's profit forecasts were adjusted downward due to rising ethane prices, but the company is expected to maintain growth [12] Group 6: Food and Beverage Sector - Ganyuan Foods reported a revenue of 1.533 billion yuan in the first three quarters, a decrease of 4.53% year-on-year, with a significant drop in net profit [22] - Lihai Foods showed strong sales momentum in core customers, with a bright outlook for its cream business [23] - Haitian Flavor Industry achieved a revenue of 21.63 billion yuan in the first three quarters, with a slight adjustment in profit forecasts [24] - Yanjinpuzi reported a revenue increase of 14.67% year-on-year, with a notable rise in net profit [25] Group 7: Home Appliance and New Energy Sector - Shun'an Environment is transitioning from a leader in refrigeration components to a benchmark in refrigeration and new energy vehicle thermal management components, with a target price set at 20.39 yuan [21]

Investment Rating - The report maintains a "Buy" rating for Jiufeng Energy (605090.SH) with a current price of 32.16 CNY [1] Core Views - Short-term performance is under pressure due to external disturbances, but the long-term development outlook remains positive [1][5] - The company reported a revenue of 15.608 billion CNY for the first three quarters of 2025, a year-on-year decrease of 8.5%, and a net profit attributable to shareholders of 1.241 billion CNY, down 19.1% year-on-year [1][5] Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 5.180 billion CNY, a decrease of 10.4% year-on-year but an increase of 4.8% quarter-on-quarter, with a net profit of 380 million CNY, down 11% year-on-year but up 7% quarter-on-quarter [1][5] Business Segments - The LNG business shows resilience with improved gross margins, while the LPG business faced short-term disruptions due to extreme weather conditions affecting transportation and sales [5][6] - The company is actively seeking new growth points, including a joint investment in a coal-to-gas project in Xinjiang, which is expected to generate significant revenue and profit once operational [7] Growth Strategy - The company is building a dual resource pool of "marine gas + land gas" and aims to enhance its clean energy business through an integrated supply chain [6][7] - The strategic partnership with major players like PetroChina ensures a stable supply of LNG, with production exceeding 330,000 tons in the first half of 2025 [6] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been slightly adjusted downwards, with expected net profits of 1.589 billion CNY, 1.784 billion CNY, and 2.077 billion CNY respectively [8][9] - The report highlights the company's strong development momentum and maintains a "Buy" rating based on its integrated business model and growth potential [8]

Core Insights - The gas sector experienced a rise of 1.43% on October 29, with Delong Huineng leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Gas Sector Performance - Delong Huineng (000593) saw a closing price of 9.58, with a significant increase of 9.99% and a trading volume of 38,200 shares, amounting to 36.55 million yuan [1] - Xin'ao Co. (600803) closed at 19.15, up 4.25%, with a trading volume of 234,200 shares and a transaction value of 439 million yuan [1] - Other notable performers included Kaitan Gas (920010) with a 3.94% increase, closing at 13.97, and Fuan Energy (002911) with a 3.02% increase, closing at 12.62 [1] Capital Flow Analysis - The gas sector saw a net inflow of 33.11 million yuan from main funds, while retail funds experienced a net inflow of 75.86 million yuan [2] - Notable net inflows from main funds included Fuan Energy (002911) with 42.44 million yuan and Xin'ao Co. (600803) with 40.47 million yuan [3] - Conversely, retail funds showed a net outflow from several companies, including Delong Huineng (000593) with a net outflow of 11.83 million yuan [3]

Core Viewpoint - Jiufeng Energy's stock price has shown fluctuations with a year-to-date increase of 20.11%, while recent performance indicates a decline over the past five trading days [1] Group 1: Stock Performance - As of October 29, Jiufeng Energy's stock price rose by 2.02% to 32.81 CNY per share, with a trading volume of 1.76 billion CNY and a turnover rate of 0.78%, resulting in a total market capitalization of 22.811 billion CNY [1] - The stock has experienced a 3.30% decline over the last five trading days, a 0.12% increase over the last 20 days, and a 21.60% increase over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Jiufeng Energy reported a revenue of 15.608 billion CNY, representing a year-on-year decrease of 8.45%, and a net profit attributable to shareholders of 1.241 billion CNY, down 19.13% year-on-year [2] - The company has distributed a total of 1.856 billion CNY in dividends since its A-share listing, with 1.666 billion CNY distributed over the past three years [3] Group 3: Shareholder Information - As of September 30, 2025, Jiufeng Energy had 19,800 shareholders, a decrease of 1.95% from the previous period, with an average of 34,185 circulating shares per shareholder, an increase of 5.04% [2] - Among the top ten circulating shareholders, the Southern Military Industry Reform Flexible Allocation Mixed A Fund is the newest entrant, holding 6.1408 million shares [3] Group 4: Business Overview - Jiufeng Energy, established on February 27, 2008, and listed on May 25, 2021, is primarily engaged in liquefied natural gas (LNG), liquefied petroleum gas (LPG), methanol, and dimethyl ether (DME) [1] - The company's revenue composition includes 48.09% from natural gas operations, 41.05% from liquefied petroleum gas, 7.49% from other chemical products, 2.90% from energy logistics and technical services, and 0.46% from specialty gases [1]