Core Viewpoint - The company reported a decline in revenue for 2024 and Q1 2025, but net profit showed growth, indicating a resilient operational performance despite market challenges [1][2]. Financial Performance - 2024 revenue was 22.047 billion, down 17.01% year-on-year, with net profit at 1.684 billion, a 28.93% increase (non-recurring profit at 1.350 billion) [1]. - Q1 2025 revenue was 5.484 billion, down 13.41% year-on-year, with net profit at 0.506 billion (non-recurring profit at 0.468 billion), reflecting a 5.40% increase (non-recurring profit up 1.38%) [1]. - Gross profit margins for 2024 and Q1 2025 were 9.33% and 11.72%, respectively, showing an upward trend [2]. - Net profit margins for the same periods were 7.65% and 9.21%, also indicating improvement [2]. - The company's asset-liability ratios were 36.56% for 2024 and 32.65% for Q1 2025, both showing a downward trend [2]. - The company reported negative financial expenses for 2024 and only 0.0887 billion for Q1 2025, indicating low debt pressure [2]. - Cash flow was strong, with net cash flows of 2.047 billion and 0.496 billion for 2024 and Q1 2025, respectively [2]. Business Segments - The clean energy segment showed stable growth, with LNG sales of 2.181 million tons in 2024, up 13.12% year-on-year, and LPG sales of 1.8396 million tons, down 3.51% [3]. - The overall gross margin for clean energy was 7.64%, up 1.04 percentage points year-on-year [3]. - The company is expanding its LPG operations with a new liquefied hydrocarbon terminal and storage base expected to be operational by the end of the year [3]. - Special gases, particularly nitrogen, are seeing growth, with plans to enhance production capacity in the southwest region [3]. - Hydrogen production reached approximately 8.768 million cubic meters in 2024, with ongoing projects to support industrial and chemical users [4]. Incentives and Dividends - The company has a robust incentive structure, including a 2025 employee stock ownership plan with performance targets for net profit [4]. - The fixed and special cash dividend plan for 2024-2026 includes annual dividends of 0.75 billion, 0.85 billion, and 1 billion, with additional special dividends if net profit exceeds 18% growth [5]. - The total dividend for 2024 is projected at 0.78 billion, with a dividend rate of 46.33% [5]. - A share buyback plan for 2025 is set between 0.2 billion and 0.3 billion, enhancing long-term investment value [5].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company demonstrated strong resilience in performance despite fluctuations in gas prices, with a reported revenue of 22.05 billion yuan in 2024, a decrease of 17.01% year-on-year, while the net profit attributable to shareholders increased by 28.9% to 1.68 billion yuan [1] - The company is actively implementing cash dividends and share buybacks to protect shareholder interests, with a fixed cash dividend plan for 2024-2026 amounting to 7.5 billion yuan, 8.5 billion yuan, and 10 billion yuan respectively [4] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 22.05 billion yuan, a decrease of 17.01% year-on-year, while the net profit attributable to shareholders was 1.68 billion yuan, an increase of 28.9% [1] - For Q1 2025, the company reported a revenue of 5.48 billion yuan, down 13.4% year-on-year, with a net profit of 506 million yuan, up 5.4% [1] LNG and LPG Business - The total sales volume of LNG and LPG in 2024 was 2.74 million tons, with transportation fuel, industrial terminals, and gas power plants accounting for 37%, 27%, and 16% of sales respectively [2] - The LPG business maintained stability with a sales volume of 1.83 million tons in 2024, and the gross profit per ton showed steady growth [2] Q1 2025 Performance - The company exhibited strong resilience in Q1 2025, with a notable increase in gross profit per ton due to effective resource allocation in response to market demand [3] - The LPG business remained stable, with increased sales and significant growth in revenue from LPG shipping services [3] Shareholder Returns - The company has established a cash dividend plan for 2024-2026, with fixed cash dividends of 7.5 billion yuan, 8.5 billion yuan, and 10 billion yuan, along with a special cash dividend of 30 million yuan in 2024 [4] - The expected dividend yield for 2025 and 2026 is projected at 5.2% and 6.1% respectively [4] Profit Forecast and Valuation - The profit forecast for the company is adjusted to 1.75 billion yuan, 2.05 billion yuan, and 2.29 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9.4x, 8x, and 7.2x [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has a stable clean energy foundation, with both dividends and share buybacks enhancing long-term value [1] - The company reported a revenue of 22.05 billion yuan in 2024, a decrease of 17.01% year-on-year, while the net profit attributable to the parent company was 1.68 billion yuan, an increase of 28.93% year-on-year [7] - The company aims to maintain a stable growth in sales volume driven by increasing demand for transportation fuels and gas power plants [7] - The company plans to distribute a total of 780 million yuan in dividends for 2024 and aims to increase the buyback scale in 2025 [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 23.32 billion yuan, with a year-on-year growth rate of 5.8% [6] - The net profit attributable to the parent company for 2025 is estimated at 1.71 billion yuan, with a year-on-year growth rate of 1.6% [6] - The company’s earnings per share for 2025 is projected to be 2.63 yuan [6] - The company’s dividend yield for 2024 is 4.75%, with expected yields of 5.18% and 6.10% for 2025 and 2026 respectively [6][7] Business Performance - The company’s LNG business revenue for 2024 was 9.79 billion yuan, a decrease of 33.35% year-on-year, while the sales volume reached 2.74 million tons [7] - The company’s LPG sales volume for 2024 was 1.83 million tons, with revenue of 8.82 billion yuan, showing a slight increase of 0.10% year-on-year [7] - The company is expanding its special gas production and sales, with helium sales volume increasing by 40% year-on-year in Q1 2025 [7] Shareholder Returns - The company plans to distribute a fixed cash dividend of 750 million yuan for 2024, along with a special dividend of 30 million yuan [7] - The total buyback scale for 2024 was approximately 100 million yuan, with plans to increase it to 200-300 million yuan in 2025 [7]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - Concerns over economic recession due to tariffs have led to a significant drop in US gas prices, while tariffs have temporarily halted the recovery of European gas prices, with domestic prices remaining stable [1][10] - The report highlights a supply-demand analysis indicating a 2.1% week-on-week increase in total gas supply in the US, while total demand increased by 7% week-on-week [15][17] - The report emphasizes the ongoing adjustments in pricing mechanisms and the gradual recovery of demand in the domestic market [50][51] Price Tracking - As of April 17, 2025, US HH gas prices decreased by 20.6%, European TTF prices increased by 6.8%, and domestic LNG prices remained stable with a week-on-week change of -0.5% [10][12] - The average total supply of natural gas in the US reached 1,124 billion cubic feet per day, with a year-on-year increase of 6.3% [15] Supply and Demand Analysis - The report notes that the US gas market is experiencing a week-on-week price drop of 20.6% due to tariff-induced inflation concerns, while total demand has increased by 7% [15][17] - In Europe, gas consumption for March 2025 was 60.5 billion cubic meters, reflecting a year-on-year increase of 1.8% [17] Pricing Progress - The report indicates that 61% of cities have implemented residential pricing adjustments, with an average increase of 0.20 yuan per cubic meter [39] - The pricing mechanism is expected to continue evolving, with potential for further adjustments in the future [39] Important Events - The report details the increase of tariffs on US LNG to 140%, noting that the impact on supply is limited due to the small proportion of US LNG in China's total imports [46] - Ongoing negotiations regarding the Russia-Ukraine conflict are highlighted as a significant factor influencing European gas supply dynamics [49] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the evolving pricing mechanisms, particularly highlighting New Energy and China Gas as key players [50][51] - It suggests monitoring companies with strong long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao [51]

Summary of Jiufeng Energy Conference Call Company Overview - **Company**: Jiufeng Energy - **Industry**: Energy sector, focusing on natural gas and LPG (liquefied petroleum gas) Key Points and Arguments 1. **New Employee Stock Ownership Plan**: Jiufeng Energy has launched a new employee stock ownership plan covering 2025 to 2027, with a target of a 15% compound annual growth rate based on 2024's net profit excluding non-recurring items, indicating a high premium given the current macroeconomic environment and gas industry growth [3][4][14] 2. **Past Strategic Planning Success**: The company executed its previous three-year strategic plan ("one main and two wings") effectively, achieving a cumulative net profit completion rate of 117% and a compound growth rate of 28% in net profit excluding non-recurring items over the past three years [4][5][8] 3. **Market Response Strategies**: In response to energy market price fluctuations, Jiufeng Energy has optimized its resource pool, utilized cargo exchanges, and implemented long-term contracts to enhance pricing power, demonstrating its market adaptability [4][6] 4. **Natural Gas Business Focus**: The company plans to focus on transportation fuel and gas power generation in its natural gas business, with LNG production capacity expected to increase to 1.5 to 2 million tons over the next three years [4][10] 5. **LPG Business Expansion**: Jiufeng Energy aims to expand its terminal operations from one to three terminals, significantly increasing its market share in South China, currently at approximately 35% [4][12] 6. **Terminal Asset Integration**: The integration of terminal assets is expected to be completed by May 2025, adding 500,000 tons of turnover capacity and projected profits of 40 to 70 million yuan, enhancing overall capacity and synergy with Huizhou terminal [4][18] 7. **Financial Stability**: The company maintains a robust financial position with sufficient cash and bank credit lines, expecting that capital expenditures in 2025 will not significantly impact dividends, alongside plans for share buybacks [4][22][23] 8. **Future Growth Targets**: Jiufeng Energy has set a target of 15% annual growth for the next three years, aiming for a business scale of around 2 billion yuan by 2027, with specific contributions from LNG, LPG, and energy services [14][21] 9. **Impact of International Markets**: The international energy market significantly influences the company, with European inventory levels being low and Southeast Asia showing growth potential, providing opportunities for resource optimization [19][17] 10. **Internal Efficiency Improvements**: The company has achieved internal efficiency improvements through scaling operations and reducing costs, positioning itself as an efficient energy service provider [20] Other Important Insights - **Cultural Development**: Jiufeng Energy has established a culture of striving towards strategic goals, which has unified employee efforts and improved operational stability [7] - **Challenges Ahead**: The company acknowledges challenges such as trade wars and weaker domestic demand but remains confident in achieving its future development goals [9][26] - **Employee Incentives**: The first employee stock ownership plan achieved a completion rate of 117%, and the company plans to continue optimizing the second phase [25][26]

Core Viewpoint - Jiufeng Energy (605090.SH) is steadily enhancing its business scale and pricing power through the synergistic development of its three main business segments: clean energy, energy services, and specialty gases [1][3]. Financial Performance - In 2024, Jiufeng Energy achieved operating revenue of 22.047 billion yuan, a year-on-year decrease of 17.01%. However, net profit attributable to shareholders increased by 28.93% to 1.684 billion yuan, and net profit excluding non-recurring gains and losses rose by 1.12% to 1.35 billion yuan [1][3]. - The decline in revenue is attributed to a decrease in the sales price of clean energy products compared to the previous year, while the growth in net profit is due to stable pricing power in the clean energy business and increased profitability in energy services and specialty gases [3][9]. Business Segments - Jiufeng Energy operates under a "one main, two wings" business development structure, with clean energy as the core business, supported by energy services and specialty gases [1][8]. - In 2024, the clean energy segment generated revenue of 19.657 billion yuan, down 19.98% year-on-year, but with a gross margin of 7.64%, an increase of 1.04 percentage points [9]. - The energy services segment saw revenue of 2.153 billion yuan, up 17.04% year-on-year, with a gross margin of 22.63%, an increase of 1.39 percentage points [9]. - The specialty gases segment achieved revenue of 235 million yuan, a significant increase of 46.62%, although its gross margin decreased by 12.04 percentage points to 28.81% [9]. Dividend and Share Buyback Plans - Jiufeng Energy has implemented a cash dividend and share buyback strategy, with a total dividend amount of 780 million yuan for 2024, representing 46.33% of the net profit [5][4]. - The company plans to repurchase shares worth 200 million to 300 million yuan at a price not exceeding 38.13 yuan per share, with all repurchased shares to be canceled [2][7]. Resource Management - Jiufeng Energy has established a "sea gas + land gas" dual resource pool to enhance resource security and improve cost competitiveness, maintaining stable gross margins despite international price fluctuations [8][9]. - The company has a strong presence in the clean energy market in South China, with significant LNG and LPG storage and receiving capabilities [8][9].

Core Viewpoint - Jiangxi Jiufeng Energy Co., Ltd. has proposed a 2025 employee stock ownership plan aimed at enhancing long-term incentives for key employees and aligning their interests with the company's growth objectives [8][10][21]. Group 1: Background and Purpose - The company positions itself as a "value-creating clean energy service provider," focusing on natural gas, liquefied petroleum gas (LPG), and specialty gases [8]. - The plan is designed to support the implementation of the company's second three-year development plan (2025-2027) and to stabilize and motivate the core management team [10][11]. - The first employee stock ownership plan was implemented in September 2022, showing significant incentive effects [9]. Group 2: Plan Details - The total funding for the plan will not exceed 94.575 million yuan, with each unit priced at 1.00 yuan, allowing for a maximum of 94.575 million units [4][17]. - The funds will be used to purchase up to 7.5 million shares of Jiufeng Energy's A-shares, representing 1.16% of the company's total equity [4][23]. - The initial purchase price is set at 12.61 yuan per share, based on a pricing mechanism that considers recent trading averages [20][21]. Group 3: Participants and Management - Participants include certain directors (excluding independent directors), supervisors, senior management, general managers of business units, and key position employees [3][16]. - The plan will be managed by a committee elected by the participants, which will represent their rights and manage the plan's daily operations [6][34]. Group 4: Performance Assessment - The plan includes both company-level and individual-level performance assessments, with specific targets set for the years 2025 to 2027 [28][29]. - If company performance targets are not met, corresponding shares will not be unlocked, regardless of individual performance [32]. Group 5: Duration and Lock-up Period - The plan will have a duration of 48 months, starting from the date the last share is transferred to the plan [25]. - The lock-up period for the shares will be no less than 12 months, with specific unlocking arrangements based on performance assessments [26][27].

具有价值创造力的清洁能源服务商 江西九丰能源股份有限公司 2025 年员工持股计划管理办法 第一章 总则 第一条 为规范江西九丰能源股份有限公司（以下简称"公司"）2025 年员工持股 计划（以下简称"本持股计划"或"本员工持股计划"）的实施，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》"）《关于上市公司实施员工持股计划试点的指导意见》（以下简称"《指导意 见》"）《上海证券交易所上市公司自律监管指引第 1 号——规范运作》（以下简称"《规 范运作》"）等有关法律、规范性文件、业务指引和《江西九丰能源股份有限公司章程》 等规定，特制定《江西九丰能源股份有限公司 2025 年员工持股计划管理办法》（以下 简称"本管理办法"）。 第二章 本持股计划的制定 第二条 本持股计划的背景与目的 为进一步建立、健全公司长效激励机制，确保上市后第二个三年发展规划 （2025-2027 年）的高效实施，公司拟推出中长期激励计划下的 2025 年员工持股计划， 参与对象与第一期员工持股计划高度重合，对公司经营计划的实现具有举足轻重的作用。 本持股计划旨在： 1、公司完成 ...

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：2025-035 江西九丰能源股份有限公司职工代表大会 关于 2025 年员工持股计划的决议公告 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，并对其内容的真实性、准确性和完整性承担法律责任。 一、职工代表大会会议召开情况 江西九丰能源股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日（星期五） 召开职工代表大会，就公司拟实施的 2025 年员工持股计划征求职工代表意见。会议的 召集、召开及表决程序符合《中华人民共和国公司法》等相关规定。 二、职工代表大会会议审议情况 （一）审议通过《关于实施 2025 年员工持股计划的议案》 经审核，全体职工代表认为：公司实施 2025 年员工持股计划有利于完善公司中长 期激励约束机制，吸引和培养优秀人才，进一步确保公司长期稳定健康发展，并夯实阶 段内公司发展和增长目标的可实现性，确保公司长期稳定健康发展。《2025 年员工持股 计划（草案）》及其摘要符合《中华人民共和国公司法》《中华人民共和国证券法》《关 于上市公司实施员工持股计划试点 ...

证券简称：九丰能源 证券代码：605090 江西九丰能源股份有限公司 2025 年员工持股计划（草案） 江西九丰能源股份有限公司 2025年员工持股计划（草案） $$=0=\exists1\not\in[0]\not\exists$$ 江西九丰能源股份有限公司 2025 年员工持股计划（草案） 1、江西九丰能源股份有限公司（以下简称"九丰能源"或"公司"）2025 年员工持股计划（草案）（以下简称"本持股计划"）须经公司股东大会审议批 准方可实施，本持股计划能否获得股东大会批准存在不确定性。 2、有关本持股计划的出资金额、股份来源、实施方案等属初步结果，与最 终实施结果可能存在偏差，存在一定不确定性。 3、本持股计划存续期限较长，存续期间受宏观环境、监管政策变化、二级 市场波动、公司经营业绩、员工参与情况等因素影响，实施效果存在不确定性。 4、本持股计划设置了公司层面的业绩考核指标，不构成公司对投资者的实 质性承诺，敬请广大投资者谨慎决策，注意投资风险。 声 明 本公司及全体董事、监事保证本持股计划不存在虚假记载、误导性陈述或 重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 1 江西九丰能源 ...