Investment Rating - The report maintains a positive outlook on the power and natural gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][10]. Core Insights - The Shandong provincial government has introduced its first local guidelines for the marketization of renewable energy pricing, which is expected to stabilize returns for existing projects and provide a model for other provinces [5][7]. - Global natural gas prices have seen a slight rebound due to tightening supply and increased demand for LNG exports, with specific price movements noted in various regions [10][19]. - The report highlights the potential for LNG import prices to decrease further in the second half of 2025, benefiting downstream gas companies [11][29]. Summary by Sections 1. Power Sector: Shandong's New Energy Market Guidelines - Shandong's new energy pricing reform outlines that existing projects will participate in market pricing at a rate of 0.3949 yuan per kWh, aligning with the provincial coal benchmark price [5][6]. - The guidelines emphasize strong connectivity with existing policies, ensuring stability for existing projects while introducing competitive elements for new projects [6][7]. - The implementation of these guidelines is expected to serve as a model for other provinces, enhancing the operational efficiency and market strategies of renewable energy companies [7][8]. 2. Natural Gas: Global Demand and Price Rebound - As of May 9, 2025, the Henry Hub spot price in the U.S. was $3.22/mmBtu, reflecting a weekly increase of 3.84%, while European prices also saw a rise due to supply constraints and seasonal demand [10][19]. - The report notes that the overall LNG import cost in China has remained below 4000 yuan per ton, with a significant decrease of 18.4% from the year's peak [11][29]. - The anticipated decline in international oil prices is expected to further lower LNG import prices in China, benefiting city gas companies [11][29]. 3. Weekly Market Review - The public utilities, environmental protection, power equipment, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the review period [35]. 4. Company and Industry Dynamics - Recent developments include the issuance of competitive configuration announcements for renewable energy projects in various provinces, indicating ongoing investment and growth in the sector [44][46]. - The report also highlights significant corporate announcements, including financing and profit distribution plans from key players in the energy sector, reflecting a proactive approach to capital management and shareholder returns [48][49].

Investment Rating - The report maintains an "Overweight" rating for the public utilities industry, expecting the industry index to outperform the market index by more than 10% in the next six months [46]. Core Insights - The public utilities index increased by 0.9% in the last two weeks, underperforming the CSI 300 index by 0.9 percentage points, ranking 22nd among 31 Shenwan industries. Year-to-date, the index has decreased by 1.3%, outperforming the CSI 300 index by 0.8 percentage points, ranking 21st [6][13]. - Among the sub-sectors, six out of seven saw price increases, with the heat service sector rising by 3.4%, photovoltaic power by 3.0%, and gas by 2.0%. The only sector to decline was the electric energy comprehensive service sector, which fell by 1.2% [15]. - The report highlights significant stock movements, with 81 out of 131 listed companies in the index seeing price increases, led by Huayin Power (up 40.3%), ST Shengda (up 25.9%), and Huadian Liaoning Energy (up 25.2%). Conversely, 49 companies experienced declines, with Guangxi Energy down 12.8% [15][17]. Summary by Sections 1. Market Review - As of May 8, the public utilities index has shown mixed performance, with a slight increase in the last two weeks but a decline year-to-date. The index's performance relative to the CSI 300 indicates a need for cautious investment strategies [6][13]. 2. Industry Valuation - The public utilities sector's price-to-earnings (P/E) ratio stands at 18.3 times. The photovoltaic sector has a notably high P/E ratio of 729.6 times, while the thermal power sector is at 12.0 times, indicating varying levels of market confidence across sub-sectors [19][20]. 3. Industry Data Tracking - The average price of Q6000 coal at the Shaanxi Yulin pit was 592 RMB/ton, down 2.0% from the previous value. The average price of Q5500 coal at Qinhuangdao port was 651 RMB/ton, also down 2.0% [32][35]. 4. Key Industry News - The National Energy Administration released the "China Hydrogen Energy Development Report (2025)," emphasizing the promotion of hydrogen energy policies and the development of the hydrogen energy industry chain [41][43]. - The report also mentions the support for private enterprises in the energy sector, aiming to enhance their market participation and improve energy governance services [38][41]. 5. Industry Outlook - The report suggests focusing on companies like Huadian International and Guodian Power in the thermal power sector, and New Hope Holdings, Jiufeng Energy, and New Natural Gas in the gas sector, as they are expected to benefit from favorable market conditions [41][42].

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 2024 年年度股东大会的 法律意见书 国枫律股字[2025] A0151号 致：江西九丰能源股份有限公司（"贵公司"或"九丰能源"） 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 2024 年年度股东大会（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结果等事宜， ...

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：2025-038 江西九丰能源股份有限公司 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 5 月 8 日 （二）股东大会召开的地点：广东省广州市天河区耀中广场 A 座 2116 室公司大会 议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况 | 1、出席会议的股东和代理人人数 | 306 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 397,448,497 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总 | 62.1195 | | 数的比例（%） | | 注：截至本次股东大会股权登记日收市，公司回购专用账户中共有公司股份 11,768,267 股，根 据《上市公司股份回购规则》等相关规定，该部分股份不享有股东大会表决权，本次股东大会计算 相关比例时已扣除上述已回购股份。 2024年年度股东大会决议公告 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， ...

转自：市场监管总局网站 | 序 | | 审结时 | | --- | --- | --- | | 案件名称 号 | 参与集中的经营者 | 间 | | 1 广东九丰能源集团有限公司收购广州华凯石油燃 | | 2025年 | | 气有限公司股权案 | 广东九丰能源集团有限公司，广州华凯石油燃气有限公司 | 4月21 | | | | 日 | | 2 壳牌英国有限公司收购挪威国家石油生产英国有 | 壳牌英国有限公司，挪威国家石油英国有限公司 | 2025年 4月21 | | 限公司股权案 | | | | | | 日 | | 3 东软集团股份有限公司收购上海思芮信息科技有 | | 2025年 | | 限公司股权案 | 东软集团股份有限公司，上海思芮信息科技有限公司 | 4月22 | | | | 日 | | 4 中智经济技术合作股份有限公司收购北京中科航 | | 2025年 | | 天人才服务有限公司股权案 | 中智经济技术合作股份有限公司，航天人才开发交流中心 | 4月22 | | | | 日 | | 5 中国水务投资集团有限公司收购新疆昌源水务集 | | 2025年 | | 团有限公司股权案 | 中国水务投资集团有限公 ...

Group 1 - The State Administration for Market Regulation has released a list of unconditional approvals for operator concentration cases from April 21 to April 27, 2025 [1] - Guangdong Jiufeng Energy Group Co., Ltd. is acquiring equity in Guangzhou Huakai Petroleum and Gas Co., Ltd. [1] - Neusoft Corporation is acquiring equity in Shanghai Sifeng Information Technology Co., Ltd. [1] Group 2 - Zhejiang Geely Remote New Energy Commercial Vehicle Group Co., Ltd. is establishing a joint venture with Bozhou Transportation Investment Holding Group Co., Ltd. [1] - Mitsui & Co., Ltd. is acquiring equity in Tianjin Derui Special Industry Co., Ltd. [1]

| 2024 | 年年度股东大会会议须知 3 | | | --- | --- | --- | | 2024 | 年年度股东大会会议议程 5 | | | 2024 | 年年度股东大会会议议案 7 | | | | 议案一、关于《2024 年度董事会工作报告》的议案 | 7 | | | 议案二、关于《2024 年度监事会工作报告》的议案 | 8 | | | 议案三、关于《2024 年度财务决算报告》的议案 | 14 | | | 议案四、关于《2024 年年度报告》及其摘要的议案 | 17 | | | 议案五、关于 年度利润分配方案的议案 2024 18 | | | | 议案六、关于提请股东大会授权董事会决定 2025 年度中期分红方案的议案 20 | | | | 议案七、关于 年度担保额度预计的议案 2025 21 | | | | 议案八、关于 2025 年度期货和衍生品业务额度预计的议案 23 | | | | 议案九、关于续聘 年度审计机构的议案 2025 25 | | | | 议案十、关于森泰能源业绩承诺实现情况的议案 26 | | | | 议案十一、关于确定森泰能源超额业绩奖励分配方案暨关联交易的议案 28 ...

《公司法》 指《中华人民共和国公司法》。 2025 年员工持股计划(草案) 的法律意见 江西九丰能源股份有限公司： 释 义 《员工持股计划(草 案)》 指《江西九丰能源股份有限公司2025年员工持股计划 (草案)》。 北 京 上 海 深 圳 杭 州 广 州 昆 明 天 津 成 都 宁 波 福 州 西 安 南 京 南 宁 济 南 重 庆 苏 州 长 沙 太 原 武 汉 贵 阳 乌鲁木齐 郑 州 石家庄 合 肥 海 南 青 岛 南 昌 大 连 银 川 拉 孜 香 港 巴 黎 马德里 斯德哥尔摩 纽 约 马来西亚 柬 埔 寨 广州市天河区华夏路 32 号太平洋金融大厦 19 楼 邮编：510620 电话：(+86)(20) 3879 9346 、3879 9348 传真：(+86)(20) 3879 9348-200 国浩律师(广州)事务所 关于江西九丰能源股份有限公司 《证券法》 指《中华人民共和国证券法》。 《指导意见》 指《关于上市公司实施员工持股计划试点的指导意 见》。 《自律监管指引第1 号》 指《上海证券交易所上市公司自律监管指引第1号— —规范运作》。 1 九丰能源、公司 指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 证券代码：605090 证券简称：九丰能源 公告编号：2025-037 江西九丰能源股份有限公司 关于回购股份事项前十大股东及前十大无限售条件股东 持股情况的公告 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、回购股份事项的背景和目的 本次回购股份方案具体内容详见公司于 2025 年 4 月 18 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于以集中竞价交易方式回购公司股份方案的公告》等公告。 江西九丰能源股份有限公司（以下简称"公司"）基于对公司内在价值的认可与长期 可持续发展的信心，经综合考虑当前市场环境、公司经营状况及财务状况，并由第三届董 事会第九次会议审议通过《关于以集中竞价交易方式回购公司股份的议案》，拟以集中竞 价交易方式回购公司股份，回购的股份将全部注销并减少注册资本（以下简称"本次回购 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 ...

Core Viewpoint - Jiufeng Energy reported a decline in revenue for both the 2024 annual report and the 2025 Q1 report, while net profit increased, attributed to its pricing power and cost management [3][4]. Financial Performance - In 2024, Jiufeng Energy achieved a revenue of 22.047 billion yuan, a year-on-year decrease of 17.01%, while net profit rose to 1.684 billion yuan, an increase of 28.93% [4]. - For Q1 2025, revenue decreased by 13.41% year-on-year, but net profit increased by 5.4% [5]. - The company maintained a stable cash flow, with a net cash flow from operating activities of 2.047 billion yuan in 2024, comparable to 2.158 billion yuan in 2023 [5]. Business Model and Strategy - Jiufeng Energy's business model is primarily based on the purchase and sale of liquefied natural gas (LNG) and liquefied petroleum gas (LPG), functioning similarly to a distributor [4][6]. - The company aims to transition from a resource-dependent model to an energy service model, but remains heavily reliant on its core clean energy business, which accounted for nearly 85% of total revenue in 2024 [6][8]. - The energy service and specialty gas segments contributed minimally to revenue, with energy services generating 2.153 billion yuan (less than 10% of total revenue) and specialty gases 235 million yuan (about 1%) [6][8]. Dividend Policy - Jiufeng Energy has a robust dividend policy, planning a total cash dividend of approximately 780 million yuan for 2024, including a fixed dividend of 750 million yuan and a special dividend of 30 million yuan [9][10]. - The company has outlined a cash dividend plan for 2024-2026, with fixed dividends increasing from 750 million yuan in 2024 to 1 billion yuan in 2026 [10]. Shareholder Structure - The controlling Zhang family holds over 50% of Jiufeng Energy's shares, with significant portions of dividends benefiting this family [11]. - The largest shareholder, Jiufeng Investment, holds 30.90%, while the second-largest shareholder, Zhang Jianguo, holds 11.19% [11].