现营业收入104.28 亿元，同比下滑7.45%；实现归母净利润8.61 亿元，同比下滑22.17%；实现扣非归母 净利润8.11 亿元，同比增长2.92%。 25Q2 扣非归母净利润稳步增长。25Q2，公司实现营业收入49.44 亿元，同比增长0.20%；实现归母净利 润3.55 亿元，同比下滑43.32%，下滑幅度较大主要是上年同期公司对部分船舶资产进行了针对性优 化，从而产生非流动性资产处置收益3.36 亿元；实现扣非归母净利润3.43 亿元，同比增长5.11%。 风险提示：LNG 需求不及预期，项目投产进度不及预期 LNG 盈利能力增强，能源服务利润快速增长。25H1，公司LNG 及作业、LPG、能源物流及技术服务、 特种气体业务分别实现营业收入50.15、42.81、3.03、0.48 亿元，占总营业收入的比重为48.09%、 41.05%、2.90%、0.46%，LNG 和LPG 依然是公司主要的收入来源；各业务实现毛利分别为6.80、 2.93、1.12、0.18 亿元，占总毛利的比重为60.54%、26.12%、9.97%、1.57%，其中，能源物流及技术服 务毛利润同比高增39.16%；各业 ...

Core Viewpoint - Jiufeng Energy reported a decline in net profit for the first half of the year, indicating challenges in profitability while highlighting growth potential in clean energy and specialty gas businesses [1] Financial Performance - The company achieved a net profit attributable to shareholders of 861 million yuan in the first half of the year, a year-on-year decrease of 22.17% [1] - In Q2 2025, the net profit attributable to shareholders was 355 million yuan, reflecting a year-on-year decline of 43.1% and a quarter-on-quarter decline of 29.9% [1] Business Segments - The specialty gas business has made significant breakthroughs, with a focus on the growth potential of clean energy [1] - The LNG business has established a dual resource pool of "marine gas + land gas," enhancing resource security and competitive cost structure [1] - The company’s self-produced LNG capacity is 700,000 tons, while marine gas resources include long-term contracts and spot purchases, with a notable long-term procurement contract signed with Petronas [1] Aerospace and Special Gases - The first phase of the special fuel gas supply project at the Hainan commercial aerospace launch site has been successfully put into operation, providing exclusive liquid hydrogen and other special fuels for three rocket launches [1] - The company has signed supply agreements with leading industry players such as Shanghai Aerospace Equipment Manufacturing Factory and China Long March Rocket Company, strengthening its ties within the Chinese aerospace industry [1] Shareholder Returns - The company’s high dividend payouts and share buybacks reflect its long-term value proposition, maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company has shown continuous growth in net profit excluding non-recurring items, with stable expansion across its business segments. In the first half of 2025, the company achieved a net profit of 8.61 billion yuan, a year-on-year decline of 22.17%, while the net profit excluding non-recurring items grew by 2.92% to 8.11 billion yuan [1]. - The company is focusing on enhancing its LNG profitability and rapidly growing its energy services profits. In H1 2025, the LNG and LPG segments contributed 50.15 billion yuan and 42.81 billion yuan to revenue, respectively, accounting for 48.09% and 41.05% of total revenue [3]. - The company is expanding its LNG market and increasing LPG turnover capacity through strategic initiatives, including the construction of a 50,000-ton liquefied hydrocarbon terminal and acquisitions to enhance operational capabilities [4]. Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 104.28 billion yuan, a decrease of 7.45% year-on-year. The operating income for Q2 2025 was 49.44 billion yuan, showing a slight increase of 0.20% year-on-year [1]. - The company’s gross profit margins for LNG and LPG were 13.56% and 6.86%, respectively, with significant growth in the gross profit of energy logistics and technical services, which increased by 39.16% year-on-year [3]. Dividend Policy - The company announced a mid-term dividend payout ratio of 30.90% and a cash dividend of 2.66 billion yuan for H1 2025, resulting in a dividend yield of 1.35%. The fixed cash dividend commitment for 2025 is set at 8.5 billion yuan, corresponding to a projected yield of 4.23% [2]. Future Outlook - The company is expected to see its net profit attributable to shareholders grow to 17.44 billion yuan in 2025, with projected earnings per share (EPS) of 2.62 yuan. The price-to-earnings (PE) ratio is forecasted to be 12 times based on the closing price on August 18, 2025 [5][6].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but maintained a stable gross margin in its LNG business and is expanding its LPG and helium production capabilities [1][2][3] Group 1: Financial Performance - In the first half of 2025, the company achieved total revenue of 10.428 billion yuan, a year-on-year decrease of 7.45%, and a net profit attributable to shareholders of 861 million yuan, down 22.17% year-on-year [1] - The company's LNG gross margin for the first half of 2025 was 13.56%, an increase of 2.42 percentage points compared to the full year of 2024 [1] - The LPG gross margin for the first half of 2025 was 6.86%, up 1.21 percentage points from the full year of 2024 [2] Group 2: LNG Business - The company has optimized its resource structure by reducing spot purchases and collaborating with PetroChina to stabilize procurement [1] - The LNG production from the liquefaction plant exceeded 330,000 tons, achieving 106% of the planned volume [1] Group 3: LPG and Helium Production - The company is establishing a dual-storage dynamic operation system with the acquisition of Huakai Petroleum Gas and is set to complete the Huizhou terminal in 2025 [2] - Helium production capacity has increased to 1.5 million cubic meters per year due to the Sichuan Luzhou project, with a gross margin of 36.67% for special gases in the first half of 2025, up 7.86 percentage points from 2024 [2] Group 4: Government Subsidies and Exchange Rate Impact - The company experienced a decrease in exchange gains and government subsidies, impacting its mid-year performance [3] - The exchange loss was 42.54 million yuan due to the depreciation of the US dollar against the yuan [3] Group 5: Dividend Policy - The company has established a fixed cash dividend plan for 2024-2026, with amounts set at 750 million yuan, 850 million yuan, and 1 billion yuan respectively [3] - The dividend per share for 2024 is projected at 1.23 yuan, corresponding to a dividend yield of 4.1% based on the closing price on August 18, 2025 [3]

Core Viewpoint - Jiufeng Energy reported a decline in revenue and net profit for the first half of 2025, but maintained a stable outlook with strategic acquisitions and dividend plans [1][4]. Group 1: Financial Performance - In 1H25, Jiufeng Energy achieved revenue of 10.428 billion yuan, a year-on-year decrease of 7.5%, and a net profit attributable to shareholders of 861 million yuan, down 22.2% year-on-year [1]. - The company reported a revenue of 4.944 billion yuan in Q2, a slight increase of 0.2% year-on-year but a decrease of 9.8% quarter-on-quarter, with a net profit of 355 million yuan, down 43.3% year-on-year and 29.9% quarter-on-quarter [1]. - The company plans to distribute a mid-term dividend of 0.4079 yuan per share, totaling 266 million yuan, representing a payout ratio of 31.56% [1]. Group 2: Business Segments - In the natural gas segment, Jiufeng Energy achieved a gross profit of 680 million yuan in 1H25, an increase of 5% year-on-year, with a gross margin of 14%, up 3 percentage points year-on-year [2]. - The LPG business generated a gross profit of 290 million yuan, a slight decrease of 1% year-on-year, maintaining a gross margin of 7% [2]. - The company is expanding its market presence in the chemical raw materials gas market, achieving a sales volume of 340,000 tons in 1H25, a year-on-year increase of 106% [2]. Group 3: Strategic Initiatives - Jiufeng Energy's acquisition of the Huakai LPG receiving station is expected to add 500,000 tons of processing capacity and strengthen its leading position in the South China LPG market [1][2]. - The company completed the construction of a helium project in Luzhou, Sichuan, increasing helium production capacity to 1.5 million cubic meters per year, which is expected to contribute to future earnings [3]. Group 4: Future Outlook - The company forecasts net profits attributable to shareholders of 1.732 billion yuan, 1.993 billion yuan, and 2.285 billion yuan for 2025-2027, with an expected EPS of 2.60 yuan, 2.99 yuan, and 3.43 yuan respectively, indicating a CAGR of 11% over the three years [4]. - The target price has been raised to 36.40 yuan based on a 14x PE for 2025, up from a previous target of 32.00 yuan [4].

Core Viewpoint - The company has successfully completed the construction of a helium project in Luzhou, Sichuan, increasing its helium production capacity to 1.5 million cubic meters per year and plans to establish a dual resource pool of domestic helium and imported liquid helium [2] Group 1: Helium Production and Capacity - The company has completed the construction of a helium project with a capacity of 1 million cubic meters per year in Sichuan, which has now been upgraded to a total helium production capacity of 1.5 million cubic meters per year [2] Group 2: Strategic Partnerships and Applications - The company has established long-term supply agreements and key project service mechanisms with core clients such as Hainan Commercial Space Launch Site, the Chinese Academy of Sciences, and China Long March Rocket Co., Ltd., focusing on providing helium services in critical fields like aerospace [2]

Core Viewpoint - Jiufeng Energy (605090.SH) is actively involved in providing specialized gases for the Hainan commercial space launch site, supporting high-density launch challenges with reliable product quality and technical expertise [1] Group 1: Company Involvement - The company has participated in the support services for the Long March 8 and Long March 12 rocket launch missions scheduled for July 30 and August 4, 2025, respectively [1] - Jiufeng Energy supplies liquid oxygen, liquid nitrogen, liquid hydrogen, and helium for the launch site [1] Group 2: Strategic Partnerships - The company has established a cooperation framework agreement with Shanghai Aerospace Equipment Manufacturing Co., Ltd., which is part of the China Aerospace Science and Technology Corporation [1] - Jiufeng Energy signed a procurement framework agreement for liquid nitrogen and helium with China Long March Rocket Co., Ltd. [1] - The company has also entered into a xenon gas supply contract with Chengdu Guoguang Electric Co., Ltd. and won a three-year helium and nitrogen supply project with Shanghai Space Propulsion Research Institute [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 36.40 [6][5]. Core Views - The company reported a revenue of RMB 10.428 billion for 1H25, a year-on-year decrease of 7.5%, and a net profit attributable to shareholders of RMB 861 million, down 22.2% year-on-year. However, the adjusted net profit increased by 2.9% year-on-year to RMB 811 million [2]. - The company plans to distribute its first interim dividend of RMB 0.4079 per share, totaling RMB 266 million, which corresponds to a payout ratio of 31.56% [2]. - The acquisition of Huakai LPG receiving station is expected to add 500,000 tons of processing capacity, reinforcing the company's leading position in the South China LPG market [2]. Summary by Sections Natural Gas - In 1H25, the company's natural gas and operation business achieved a gross profit of RMB 680 million, a year-on-year increase of 5%, with a gross margin of 14%, up 3 percentage points year-on-year. The increase in gross margin is attributed to a higher proportion of high-margin transportation fuel and industrial gas [2]. - Natural gas sales slightly decreased year-on-year, with transportation fuel sales increasing, while power plant gas usage decreased due to high international LNG spot prices [2]. LPG - The LPG business generated a gross profit of RMB 290 million in 1H25, a year-on-year decrease of 1%, maintaining a gross margin of 7% [3]. - The company is expanding its market penetration in South China, with a 106% year-on-year increase in sales of gas for chemical raw materials, achieving 340,000 tons in 1H25 [3]. Specialty Gases - The company completed the construction of a helium project in Luzhou, Sichuan, increasing helium production capacity to 1.5 million cubic meters per year. The specialty gases segment is expected to gradually release profitability, becoming an important source of earnings elasticity for the company [4]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of RMB 1.732 billion, RMB 1.993 billion, and RMB 2.285 billion for 2025-2027, with corresponding EPS of RMB 2.60, RMB 2.99, and RMB 3.43, respectively, indicating a CAGR of 11% over the three years [5]. - The target price has been raised to RMB 36.40 based on a 14x PE for 2025, up from the previous target of RMB 32.00 [5].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company demonstrated resilience in its mid-year report despite fluctuations in gas prices, with a total revenue of 10.428 billion yuan in H1 2025, a year-on-year decrease of 7.45%, and a net profit attributable to shareholders of 861 million yuan, down 22.17% year-on-year [7] - The company is actively optimizing its resource structure and reducing spot purchases, maintaining stable procurement partnerships with major suppliers [7] - The company has a clear cash dividend plan for 2024-2026, with fixed cash dividends of 750 million yuan, 850 million yuan, and 1 billion yuan respectively, indicating strong dividend certainty [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 23.317 billion yuan, with a year-on-year growth rate of 5.8% [6] - The net profit attributable to shareholders is projected to be 1.710 billion yuan for 2025, with a corresponding PE ratio of 12 [6] - The company’s gross margin for LNG in H1 2025 was 13.56%, an increase of 2.42 percentage points compared to the full year of 2024 [7]

Core Insights - The company reported a significant increase in revenue, reaching 1.5 billion, which represents a 25% growth compared to the previous year [1] - The net profit for the first half of 2025 was reported at 300 million, showing a 15% increase year-on-year [1] - The company has expanded its market share in the renewable energy sector, now holding 20% of the market, up from 15% last year [1] Financial Performance - Total revenue for the first half of 2025 was 1.5 billion, compared to 1.2 billion in the same period last year [1] - The gross margin improved to 40%, an increase from 35% in the previous year [1] - Operating expenses increased by 10% to 600 million, primarily due to higher research and development costs [1] Market Position - The company has successfully launched three new products in the renewable energy segment, contributing to the overall revenue growth [1] - The company’s investment in technology has led to a 30% increase in production efficiency [1] - The competitive landscape has shifted, with the company now being one of the top three players in the industry [1]