江西九丰能源股份有限公司2025年第一季度报告

Core Viewpoint - Jiangxi Jiufeng Energy Co., Ltd. reported a significant increase in net profit for 2024, with a proposed total cash dividend of 750 million yuan, reflecting a 28.93% year-on-year growth in net profit attributable to shareholders [4][5]. Company Overview - Jiufeng Energy operates primarily in the natural gas, liquefied petroleum gas (LPG), and specialty gases industries, positioning itself as a "clean energy service provider" [6][18]. - The company has developed a business structure that includes clean energy, energy services, and specialty gases, forming a "main and two wings" development model [18]. Industry Situation Natural Gas Industry - China's natural gas production is projected to reach 246.4 billion cubic meters in 2024, with a year-on-year growth of 6.2% [9]. - The country's dependence on imported natural gas has increased significantly, with the import dependency rate rising from 10% in 2010 to 44.82% in 2024 [9]. - LNG imports are expected to total 111.1 billion cubic meters in 2024, with a compound annual growth rate of 19.18% for domestic LNG production from 2015 to 2024 [9][10]. LPG Industry - The apparent consumption of LPG in China is projected to reach 88.63 million tons in 2024, reflecting a year-on-year growth of 6.15% [12]. - The demand for LPG as a chemical feedstock is the primary driver of consumption growth, with the import dependency rate for LPG reaching 40.26% in 2024 [13]. Specialty Gases Industry - The helium market in China is experiencing growth, with domestic consumption expected to reach approximately 4,808 tons in 2024, while the import dependency rate is around 84% [14]. - The hydrogen industry is also expanding, with China's hydrogen production exceeding 35 million tons in 2023, accounting for over one-third of global production [16]. Business Performance - Jiufeng Energy's clean energy business employs an integrated pricing model, enhancing resource security and cost competitiveness through a dual resource pool of marine and land gas [20][21]. - The company has established a robust midstream asset base, including LNG/LPG receiving stations and storage facilities, to support its operations [23]. - The specialty gases segment has seen a 40% year-on-year increase in high-purity helium production, with ongoing expansion into retail markets [33].