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]

Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company achieved a breakthrough in its specialty gas business and shows growth potential in its clean energy sector [2][3] - The company plans to distribute a mid-year cash dividend of 266 million yuan for 2025, continuing its high dividend commitment [3] - The projected net profit for the company from 2025 to 2027 is estimated at 1.75 billion, 1.98 billion, and 2.14 billion yuan, corresponding to P/E ratios of 11.5X, 10.2X, and 9.4X respectively [3] Financial Performance Summary - In the first half of 2025, the company reported revenue of 10.428 billion yuan, a year-on-year decrease of 7.45%, and a net profit of 861 million yuan, down 22.17% year-on-year [1] - The second quarter of 2025 saw revenue of 4.944 billion yuan, a slight increase of 0.2% year-on-year, but a decrease of 9.8% quarter-on-quarter [1] - The company’s net profit for Q2 2025 was 355 million yuan, reflecting a year-on-year decline of 43.1% and a quarter-on-quarter decline of 29.9% [1] Business Development Summary - The clean energy business is steadily expanding, with significant developments in the specialty gas sector, particularly in commercial aerospace [2][3] - The company has successfully established a dual resource pool for LNG, enhancing its resource security and cost competitiveness [3] - The company is actively developing its LPG business and has plans for a liquefied hydrocarbon terminal project to enhance its service capabilities in Southern China [3]

险资方向，本期较上一季度持股减少的险资共计1个，即中汇人寿保险股份有限公司-分红产品，持股减 少占比小幅下跌。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2025年8月19日，九丰能源(605090.SH)发布2025年半年度报告。截至2025年8月18日，共有20个机构投 资者披露持有九丰能源A股股份，合计持股量达2.48亿股，占九丰能源总股本的37.49%。其中，前十大 机构投资者包括广东九丰投资控股有限公司、南京盈发创业投资合伙企业(有限合伙)、汇天泽投资有限 公司、中汇人寿保险股份有限公司-分红产品、基本养老保险基金八零八组合、天弘多元收益债券A、 天弘新价值混合A、天弘弘丰增强回报A、南方悦享稳健添利债券A、天弘价值驱动混合A，前十大机构 投资者合计持股比例达37.35%。相较于上一季度，前十大机构持股比例合计下跌了1.36个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计1个，即兴证全球兴裕混合A，持股增加占比小 幅上涨。本期较上一季度持股减少的公募基金共计8个，主要包括天弘多元收益债券A、天弘弘丰增强 回报A、天弘价值驱动混合A、南方悦享稳健添利债券A、天 ...

Group 1 - The company plans to distribute a fixed cash dividend of 266 million yuan (including tax) for the first half of 2025, which accounts for 31.29% of the total fixed cash dividend amount of 850 million yuan for the year 2025 [9][13][15] - The expected cash dividend per share is 0.4079 yuan (including tax), based on the total share capital after deducting the shares repurchased [9][13][15] - The company will not use capital reserves to increase share capital or issue bonus shares in this profit distribution [11][17] Group 2 - The company achieved a net profit attributable to shareholders of 860.73 million yuan for the first half of 2025, with a distributable profit of 5.23 billion yuan as of June 30, 2025 [15][14] - The company has a cash dividend plan for the years 2024 to 2026, with fixed cash dividends set at 750 million yuan, 850 million yuan, and 1 billion yuan respectively [13][14] - The company’s board of directors and supervisory board have approved the profit distribution plan, confirming its compliance with relevant laws and regulations [18][28] Group 3 - The company held its third board meeting on August 18, 2025, where the profit distribution plan was reviewed and approved unanimously [5][8][18] - The supervisory board also reviewed and approved the profit distribution plan, affirming its legality and compliance with the company's articles of association [26][28] - The company will hold a performance briefing on August 26, 2025, to discuss its business development and the first half of 2025's operational performance [51][53]