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].

双气源保障优势，LNG 业务韧性犹存。今年天然气价格经历连续回落，截至8 月18 日，进口LNG 到岸 价格10.432 美元/百万英热，较年初下跌28%。公司推进新长约优化资源结构，减少现货采购，陆气端 与中石油等合作稳定，采购多类资源。国内市场中，工业端深耕核心区并开拓粤桂湘等市场，卡位交通 燃料端市场。LNG 公司核心资源单吨毛利保持整体稳定，公司25H1 的LNG 毛利率为13.56%，较2024 年全年提升2.42 个pct。 LNG液化工厂的LNG 产量超33 万吨，完成计划量的106%。 事件：公司发布2025 年半年度业绩：公司2025 年上半年实现营业总收入104.28 亿元，同比下降 7.45%，归母净利润8.61 亿元，同比下降22.17%。业绩符合我们的预期。 LPG 稳步增长，静待新码头落地。公司按协约采购资源并合理排期，保障安全与成本优势。 境内精细化运营存量市场，山东原料气销量超 34 万吨、同比增 106%，25 年H1 公司LPG 毛利率 6.86%，较24 年全年提升1.21 个pct。上半年公司通过收购华凯石油燃气的股权，将逐步建立东莞九丰 库与广州华凯库的双库动态运营体 ...

九丰能源发布半年报，1H25 实现营收104.28 亿元（yoy-7.5%），归母净利8.61 亿元（yoy-22.2%），扣 非净利8.11 亿元（yoy+2.9%）；其中Q2实现营收49.44 亿元（yoy+0.2%，qoq-9.8%），归母净利3.55 亿 元（yoy-43.3%，qoq-29.9%）。公司Q2 业绩符合我们预期（3.23~3.57 亿元）。 维持盈利预测，可比估值扩张，上调目标价 我们预计公司2025-27 年归母净利为17.32/19.93/22.85 亿元，对应EPS2.60/2.99/3.43 元，预测期三年 CAGR 11%。Wind 一致预期下天然气分销/特种气体2025 年PE 均值为14.0x/32.5x，公司2025-27 年归母 净利CAGR等于天然气分销均值、低于特种气体均值，给予公司2025 年14xPE，上调目标价至36.40 元 （前值32.00 元，基于2025 年12xPE）。 风险提示：LNG/LPG 销量不达预期；商业航天项目推进不及预期；特种气体毛利率下降。 LPG：毛利率稳定，三码头联动巩固华南龙头地位1H25 公司LPG 业务实现毛利2.9 亿元 ...

九丰能源（605090.SH）8月19日在投资者互动平台表示，目前，公司完成四川泸州100万方/年精氦项目 的建设，氦气产能规模提升至150万方/年，并适时打通液氦进口链条，实现"国产气氦+进口液氦"双资 源池保障。在下游应用方面，依托与海南商业航天发射场、中国科学院空天信息创新研究院、中国长征 火箭有限公司等核心客户建立的长期保供协议及重点项目服务机制，公司持续深化航空航天等关键领域 的氦气保障服务。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司对氦气有什么发展规划？ ...

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]

证券研究报告 九丰能源 (605090 CH) 业绩符合预期，拟首次派发中期股息 2025 年 8 月 19 日│中国内地 燃气及分销 九丰能源发布半年报，1H25 实现营收 104.28 亿元（yoy-7.5%），归母净 利 8.61 亿元（yoy-22.2%），扣非净利 8.11 亿元（yoy+2.9%）；其中 Q2 实现营收 49.44 亿元（yoy+0.2%，qoq-9.8%），归母净利 3.55 亿元 （yoy-43.3%，qoq-29.9%）。公司 Q2 业绩符合我们预期（3.23~3.57 亿元）。 公司收购华凯 LPG 接收站，有望新增 50 万吨处理能力、巩固华南 LPG 市 场龙头地位。公司拟首次派发中期 DPS 0.4079 元、合计 2.66 亿元、对应 分红比例 31.56%，公司计划 2025 年股息为 8.50 亿元。维持买入。 天然气：吨毛差提升，资源与市场优势对冲现货价格波动 1H25 公司天然气及作业业务实现毛利 6.8 亿元、yoy+5%，毛利率 14%、 yoy+3pp，吨毛差增加得益于高毛差的交通燃料和工业用气占比提升；天然 气销量同比略有下降，其中交通燃料同比增长、 ...

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]

九丰能源2025半年报 ...

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 ...