Jovo Energy(SH:605090) 市值风云·2026-01-08 10:11Core Viewpoint - The article highlights the transformation of Jiufeng Energy from a traditional energy service provider to a key supplier of aerospace fuels, driven by the booming demand in China's commercial space industry, which is entering a high-density launch phase with 23 missions planned by private rocket companies by 2025 [3][4]. Group 1: Company Performance - Jiufeng Energy reported a revenue of 15.608 billion yuan for the first three quarters of 2025, a decrease of 8.4% year-on-year, and a net profit of 1.241 billion yuan, down 19.1% year-on-year [4][6]. - The decline in performance is attributed to a high comparative base from the previous year and extreme weather events affecting operations, which resulted in a profit reduction of 97 million yuan [6]. - Despite short-term challenges, the company's LNG business showed resilience, with a gross margin of 10.4%, an increase of 1.05 percentage points compared to the full year of 2024 [6]. Group 2: Strategic Transformation - Jiufeng Energy is transitioning to a "gas source + distribution" model, with the operation of the Xinjiang Qianghua coal-to-natural gas project, which has an annual production capacity of 1.375 billion cubic meters [8]. - The company announced plans to invest in a second phase of the Xinjiang coal-to-gas project, aiming for an annual capacity of 4 billion cubic meters, which will enhance its self-supply ratio [8]. Group 3: Aerospace Fuel Business - Jiufeng Energy's entry into the aerospace fuel sector marks a significant milestone, having established a partnership with the Hainan Commercial Space Launch Site and invested 493 million yuan in the first phase of its special fuel project [9]. - The project aims to produce 333 tons of liquid hydrogen, 48,000 tons of liquid oxygen and nitrogen each, 384,000 cubic meters of helium, and 9,400 tons of high-purity liquid methane annually, set to be operational by 2025 [9][10]. - By September 2025, the Hainan special fuel project had supported eight commercial and national-level launches, successfully validating the quality of its products [10]. Group 4: Future Outlook - Jiufeng Energy signed an investment agreement for the second phase of the Hainan special fuel project, with an estimated total investment of about 300 million yuan, expanding production capabilities for various aerospace fuels [12]. - The company has also secured supply agreements with major launch sites across China and established long-term supply contracts with eight rocket companies, positioning itself as a leading supplier in the commercial aerospace fuel market [14][15]. - The demand for aerospace fuels is expected to surge, with projections indicating that by 2030, China could see 1500 to 2000 satellite launches annually, creating a significant market for special fuels [14].