Core Viewpoint - Jiufeng Energy (SH605090) reported its 2024 annual results, showing a decline in revenue but an increase in net profit, indicating a mixed financial performance [1]. Financial Performance - The company's operating revenue for 2024 was 22.047 billion, a decrease of 17.01% compared to the previous year [2]. - The net profit attributable to shareholders was 1.684 billion, an increase of 28.93% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was 1.350 billion, reflecting a growth of 1.12% [2]. - Basic earnings per share stood at 2.71 yuan [2]. Profitability Metrics - Jiufeng Energy's gross margin for 2024 was 9.33%, up by 1.51% from the previous year [3]. - The net profit margin improved to 7.65%, an increase of 2.70% year-on-year [3]. Cash Flow and Expenses - The net cash flow from operating activities was 20.468 billion, down by 5.16% compared to 2023 [2]. - Total operating expenses for the year were 544 million, an increase of 54.6492 million year-on-year, with an expense ratio of 2.47%, up by 0.63% [3]. - Sales expenses rose by 12.21%, management expenses increased by 5.81%, R&D expenses surged by 133.08%, and financial expenses grew by 38.81% [3]. Employee Statistics - The total number of employees at Jiufeng Energy in 2024 was 1,790, a slight increase from 1,784 in the previous year [4]. Executive Compensation - Total remuneration for directors, supervisors, and senior management in 2024 amounted to 18.9158 million, with the highest-paid executive being Vice President Cai Jianbin, who received 3.1763 million [5].

Core Viewpoint - The independent financial advisor, CITIC Securities, has verified the listing and circulation of restricted shares generated from the conversion of certain convertible bonds issued by Jiangxi Jiufeng Energy Co., Ltd. The verification confirms compliance with relevant laws and regulations, and the shares will be released for trading on June 23, 2025 [1][2]. Summary by Sections 1. Restricted Shares Release Situation - A total of 2,024,535 restricted shares will be released for trading due to the conversion of the "Jiufeng Ding 01" convertible bonds before the lifting of restrictions. These shares are set to be listed on June 23, 2025 [1]. - The only holder of the restricted convertible bonds is Chengdu Wansheng Hengtai Enterprise Management Center (Limited Partnership), which holds 774,605 convertible bonds, resulting in the total number of restricted shares [1]. 2. Changes in Share Capital Structure - Before the change, the number of restricted circulating shares was 6,561,586, which will decrease by 4,069,683 to 2,491,903 after the release [1]. - The number of shares from the convertible bond conversion was 2,024,535, which will be fully released, resulting in zero remaining restricted shares from this source [1]. - The total number of unrestricted circulating shares will increase from 645,021,623 to 649,091,306 after the release [1].

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：2025-048 | | --- | --- | --- | --- | | 转债代码：110815 | 转债简称：九丰定 | 01 | | | 转债代码：110816 | 转债简称：九丰定 | 02 | | 江西九丰能源股份有限公司 关于向特定对象发行的部分可转换公司债券 解除锁定并挂牌转让的公告 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。 重要内容提示： 本次部分解除锁定并挂牌转让的定向可转换公司债券（以下简称"可转债"或 "转债"）简称为"九丰定 01"，转债代码为"110815"，挂牌转让日期为 2025 年 6 月 23 日。 本次部分解除锁定并挂牌转让的定向可转债为江西九丰能源股份有限公司（以 下简称"公司"、"上市公司"或"九丰能源"）购买资产所发行的部分定向可转债， 解除锁定的定向可转债数量为 3,759,584 张，面值为 100 元/张。 1 具有价值创造力的清洁能源服务商 简称"交易对方"）发行股份、 ...

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：2025-046 江西九丰能源股份有限公司 关于非公开发行的部分限售股上市流通的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： （一）股份发行核准及发行登记情况 2022 年 11 月 10 日，中国证券监督管理委员会（以下简称"中国证监会"）向江西 九丰能源股份有限公司（以下简称"公司"、"上市公司"或"九丰能源"）下发了《关 于核准江西九丰能源股份有限公司向 New Sources Investment Limited 等发行股份、可转 换公司债券购买资产并募集配套资金的批复》（证监许可[2022]2827 号）。 根据上述核准批复，公司向四川远丰森泰能源集团有限公司（前身为四川远丰森泰 能源集团股份有限公司）（以下简称"森泰能源"或"标的公司"）原全体股东（以下 简称"交易对方"）发行股份、可转换公司债券及支付现金购买其持有的森泰能源 100% 股权（以下简称"本次购买资产"或"本次交易"）。 2022 年 1 ...

具有价值创造力的清洁能源服务商 | 序号 | 可转债持有人/股东名称 | 已用于转股的 限售可转债 | 限售可转债转股 产生的剩余限售 | 本次解除限售 上市流通数量 | 剩余限售股 数量（股） | | | --- | --- | --- | --- | --- | --- | --- | | | | 数量（张） | 股数量（股） | （股） | | | | 1 | 成都万胜恒泰企业管理中心 （有限合伙） | 695,970 | 1,820,958 | 1,820,958 | | 0 | | 2 | 高道全 | 39,510 | 102,066 | 102,066 | | 0 | | 3 | 周涛 | 25,784 | 66,278 | 66,278 | | 0 | | 4 | 刘志腾 | 12,891 | 33,136 | 33,136 | | 0 | | 5 | 赵同平 | 450 | 2,097 | 2,097 | | 0 | | | 合计 | 774,605 | 2,024,535 | 2,024,535 | | 0 | 证券代码：605090 证券简称：九丰能源 公告编号：2025-047 江西九丰 ...

中信证券股份有限公司 关于江西九丰能源股份有限公司 向特定对象发行可转换公司债券挂牌转让事项的核查意见 中信证券股份有限公司（以下简称 "独立财务顾问"）作为江西九丰能源 股份有限公司（以下简称"九丰能源"、"上市公司"或"公司"）发行股份、 可转换公司债券及支付现金购买资产并募集配套资金项目（以下简称"本次交 易"）的独立财务顾问，根据《公司法》《证券法》《上市公司重大资产重组管 理办法》等法律法规的有关规定和要求，对九丰能源向特定对象发行的可转债"九 丰定 01"本次部分解除锁定并挂牌转让进行了核查，并出具本核查意见。 一、本次解除锁定并挂牌转让的定向可转债概况 （一）可转债发行核准及发行登记情况 2022 年 11 月 10 日，中国证券监督管理委员会（以下简称"中国证监会"） 向公司下发了《关于核准江西九丰能源股份有限公司向 New Sources Investment Limited 等发行股份、可转换公司债券购买资产并募集配套资金的批复》（证监 许可[2022]2827 号）。 | 序 | 名称 | 法定锁定 | 持有可转债 | 持有可转债 | | --- | --- | --- | --- | ...

中信证券股份有限公司 关于江西九丰能源股份有限公司 部分可转债解除锁定前转股产生的限售股上市流通的 核查意见 中信证券股份有限公司（以下简称"独立财务顾问"）作为江西九丰能源股 份有限公司（以下简称"九丰能源"、"上市公司"或"公司"）发行股份、可 转换公司债券及支付现金购买资产并募集配套资金项目（以下简称"本次交易"） 的独立财务顾问，根据《公司法》《证券法》《上市公司重大资产重组管理办法》 等法律法规的有关规定和要求，对九丰能源向特定对象发行的"九丰定 01"部 分可转债于解除锁定前转股产生的限售股上市流通事项进行了核查，并出具本核 查意见。 一、本次限售股解除锁定情况 因可转债"九丰定 01"解除锁定前，部分可转债持有人将限售可转债转股。 截至本核查意见出具日，该部分可转债转股产生的剩余限售股合计 2,024,535 股， 按相关法规及锁定期安排，可全部解除限售并上市流通。按相关法规及锁定期安 排，上述剩余限售股可全部解除限售并上市流通。 上述限售股本次上市流通数量为 2,024,535 股，上市流通日期为 2025 年 6 月 23 日（星期一），本次限售股上市流通明细清单如下： | 序号 | 可转债 ...

非公开发行的部分限售股上市流通的核查意见 中信证券股份有限公司（以下简称"独立财务顾问"）作为江西九丰能源股 份有限公司（以下简称"九丰能源"、"上市公司"或"公司"）发行股份、可 转换公司债券及支付现金购买资产并募集配套资金项目（以下简称"本次交易"） 的独立财务顾问，根据《公司法》《证券法》《上市公司重大资产重组管理办法》 《上海证券交易所股票上市规则》等法律法规的有关规定和要求，对九丰能源本 次交易中非公开发行的部分限售股份上市流通事项进行了核查，并出具本核查意 见。 一、本次限售股上市类型 （一）股份发行核准及发行登记情况 2022 年 11 月 10 日，中国证券监督管理委员会（以下简称"中国证监会"） 向公司下发了《关于核准江西九丰能源股份有限公司向 New Sources Investment Limited 等发行股份、可转换公司债券购买资产并募集配套资金的批复》（证监 许可[2022]2827 号）。 根据上述核准批复，公司向四川远丰森泰能源集团有限公司（前身为四川远 丰森泰能源集团股份有限公司）（以下简称"森泰能源"或"标的公司"）原全 体股东（以下简称"交易对方"）发行股份、可转换公司债 ...

Group 1 - The company Jiufeng Energy (605090) announced the partial lifting of the lock-up period and the listing for transfer of its convertible bonds named "Jiufeng Ding 01" with bond code "110815" [1] - The transfer listing date for the convertible bonds is set for June 23, 2025 [1] - The number of convertible bonds being unlocked and listed for transfer is 3.7596 million, with a face value of 100 yuan per bond [1] Group 2 - The company has a remaining total of 294,700 convertible bonds that have not met the unlocking conditions, also with a face value of 100 yuan per bond [1] - After the unlocking and transfer listing, the total number of convertible bonds that have not met the unlocking conditions remains at 294,700, with a face value of 100 yuan per bond [1]

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by more than 10% in the next six months [44]. Core Insights - The public utility index has seen a decline of 1.9% over the past two weeks, underperforming the CSI 300 index by 1.0 percentage points, ranking 27th among 31 industries. Year-to-date, the index has decreased by 1.1%, outperforming the CSI 300 index by 0.4 percentage points, ranking 22nd [9][11]. - Among the sub-sectors, three have increased: heating services by 0.4%, photovoltaic power generation by 0.3%, and gas by 0.1%. Conversely, four sub-sectors have decreased: hydropower by 4.4%, thermal power by 1.9%, comprehensive energy services by 0.6%, and wind power by 0.5% [11][14]. - The report highlights significant industry news, including the issuance of 216 million renewable energy green power certificates in April 2025, a 23.94% increase month-on-month, covering 104,300 renewable energy projects [37][39]. Summary by Sections 1. Market Review - As of June 5, the public utility index has decreased by 1.9% in the last two weeks, ranking 27th among 31 industries. Year-to-date, it has decreased by 1.1%, ranking 22nd [9][11]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is 18.4 times. The photovoltaic sector has a P/E ratio of 740.3 times, while thermal power is at 11.9 times [17][18]. 3. Industry Data Tracking - The average price of Shenxi Yulin thermal coal (Q6000) is 560 yuan/ton, down 1.8% from the previous value. The average price of Qinhuangdao port thermal coal (Q5500) is 612 yuan/ton, down 1.4% [29][32]. 4. Key Industry News - The report discusses the promotion of renewable energy and the establishment of a modern electricity business environment, emphasizing the construction of a new power system [40][41]. 5. Industry Weekly Viewpoint - The report suggests focusing on companies like Xin'ao Co., Ltd. and Huadian International, given the ongoing developments in the gas and thermal power sectors [39][41]. 6. Important Company Announcements - Notable announcements include Xinjiang Li New Energy's agreement with Xinjiang Energy Group and Nanfang Energy's planned investment exceeding 3 billion yuan in 2025 [38].