九丰能源回购股份与股东减持并行，商业航天概念助推股价翻倍，传统主业却承压

Core Viewpoint - Jiufeng Energy is engaging in a "dual operation" in the capital market, with the company spending over 200 million yuan on share buybacks to demonstrate confidence, while significant shareholders plan to reduce their holdings by up to 2.45% [1][2]. Group 1: Share Buyback and Shareholder Reduction - Multiple significant shareholders plan to reduce their holdings by a maximum of 17.26 million shares, accounting for 2.45% of the total share capital, with the stock price dropping by 3.62% on January 7 [1][2]. - The company's current buyback plan, initiated on April 18, 2025, aims to repurchase shares worth 200 million to 300 million yuan from May 9, 2025, to May 8, 2026, with a cumulative buyback amount reaching 234 million yuan as of December 31, 2025 [2][3]. - This is not the first instance of share buybacks for Jiufeng Energy, which has executed five buyback plans since its listing, totaling 734 million yuan [3]. Group 2: Business Performance and Market Sentiment - Despite the strong performance of Jiufeng Energy's stock, driven by the commercial aerospace concept, the company's traditional business is facing challenges, with a reported revenue of 15.608 billion yuan for the first nine months of 2025, a decrease of 8.45% year-on-year, and a net profit of 1.241 billion yuan, down 19.13% [4][5]. - The company's special gas business, which is strategically positioned for aerospace applications, accounted for only 0.46% of revenue in the first half of 2025, raising questions about its potential to drive future growth [5]. - As of January 7, 2026, Jiufeng Energy's stock closed at 42.65 yuan, with a total market capitalization of 30.03 billion yuan, as the market closely monitors the progress of its commercial aerospace projects and the execution of buyback and shareholder reduction plans [5].