江西九丰能源股份有限公司 股东会议事规则 成为最具价值创造力的清洁能源服务商 第一章 总则 第一条 为规范公司行为，保证股东依法行使职权，根据《中华人民共和国公司法》 （以下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"） 《上市公司章程指引》《上海证券交易所股票上市规则》《上市公司治理准则》和《上 市公司股东会规则》以及其他法律、行政法规和《江西九丰能源股份有限公司章程》（以 下简称"《公司章程》"）的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、《上市公司股东会规则》及《公司章 程》及本规则的规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当勤勉尽 责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开 1 次，应当于 上一会计年度结束之后的 6 个月内举行。临时股东会不定期召开，出现以下情形时，临 时股东会应当于相关事实发生之日起 2 ...

成为最具价值创造力的清洁能源服务商 江西九丰能源股份有限公司 募集资金使用管理办法 第一章 总则 第一条 为加强和规范江西九丰能源股份有限公司（以下简称"公司"）募集资金 的管理和使用、切实保护投资者利益、提高资金使用效率和效益，根据《中华人民共和 国公司法》《中华人民共和国证券法》（以下简称"《证券法》"）《首次公开发行股 票并上市管理办法》《上市公司证券发行管理办法》《上市公司募集资金监管规则》《上 海证券交易所股票上市规则》（以下简称"《上市规则》"）《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》（以下简称"《规范运作指引》"）等法律、行 政法规、部门规章、规范性文件的有关规定及《江西九丰能源股份有限公司公司章程》 （以下简称"《公司章程》"）的规定，结合公司的实际情况，制定本办法。 公司董事会应当持续关注募集资金存放、管理和使用情况，有效防范投资风险，提 高募集资金使用效益。 第六条 公司的董事、高级管理人员应当勤勉尽责，确保公司募集资金安全，不得 操控公司擅自或者变相改变募集资金用途。 第二章 募集资金专户存储 第七条 公司应当审慎选择存放募集资金的商业银行（以下简称"商业银行"）并 ...

成为最具价值创造力的清洁能源服务商 江西九丰能源股份有限公司 独立董事工作制度 第一章 总则 第一条 为了进一步完善江西九丰能源股份有限公司（以下简称"公司"）治理结 构，促进公司规范运作，维护公司整体利益，保障全体股东特别是中小股东的合法权益 不受损害，根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共 和国证券法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》《上市公司独立董事管理办法》等相关法律、法规，以及《江 西九丰能源股份有限公司章程》（以下简称"《公司章程》"）等有关规定，制定本制 度。 第二条 本制度所称独立董事是指不在公司担任除董事外的其他职务，并与公司及 公司主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独 立客观判断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照相关法律、行 政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、上海证券交易所 业务规则和《公司章程》的规定，认真履行职责，在董事会中发挥参与决策、监督制衡、 专业咨询作用，维护公司整体利益，保护中小股东合法 ...

第一章 总则 第一条 为保证江西九丰能源股份有限公司（以下简称"公司"）与关联人之间发 生的关联交易符合公平、公正、公开的原则，确保公司关联交易行为不损害公司和股东 的利益，特别是中小投资者的合法利益，根据《中华人民共和国公司法》《中华人民 共和国证券法》《上海证券交易所股票上市规则》（以下简称"《上市规则》"）《上 海证券交易所公司自律监管指引第 5 号——交易与关联交易》等有关法律法规及《江西 九丰能源股份有限公司章程》（以下简称"《公司章程》"）的规定，制定本制度。 第二条 公司的关联交易是指公司及其控股子公司与公司关联人发生的转移资源 或义务的事项，不论是否收受价款。 成为最具价值创造力的清洁能源服务商 江西九丰能源股份有限公司 关联交易管理制度 第三条 公司的关联交易应当遵循以下基本原则： （一）平等、自愿、等价、有偿的原则； （二）公平、公正、公开的原则； （三）关联董事和关联股东回避表决； （四）处理公司与关联方之间的关联交易，不得损害股东、特别是中小股东的合法 权益，必要时可聘请独立财务顾问或专业评估机构发表意见和报告。 第四条 公司应采取有效措施防止股东及其关联人以各种形式占用或转移公司的 ...

证券代码：605090 证券简称：九丰能源 公告编号：2025-102 江西九丰能源股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 成为最具价值创造力的清洁能源服务商 一、会议召开和出席情况 （一） 股东大会召开的时间：2025 年 11 月 3 日 （二） 股东大会召开的地点：广东省广州市天河区林和西路耀中广场 A 座 2116 室 公司大会议室 （三） 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 516 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 448,819,640 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 65.2227 | 注：截至本次股东大会股权登记日收市，公司回购专用账户中共有公司股份 7,107,934 股，根据 《上市公司股份回购规则》等相关规定，该部分股份不享有股东大 ...

法律意见书 国枫律股字[2025] A0524号 致：江西九丰能源股份有限公司（"贵公司"或"九丰能源"） 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于江西九丰能源股份有限公司 2025 年第一次临时股东大会的 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并 见证贵公司 2025 年第一次临时股东大会（以下简称"本次股东大会"）。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律业务 管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法律 业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《江西九丰能源股份 有限公司章程》（以下简称"公司章程"）等有关规定，就本次股东大会的召集与召开 程序、召集人资格、出席会议人员资格、会议表决程序及表决 ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights that colder weather has led to an increase in gas prices in the US and China, while European gas generation output has decreased, resulting in a price drop in Europe [1][4] - It emphasizes the ongoing adjustments in pricing mechanisms and the potential for demand growth in 2025, driven by supply optimization and cost management by gas companies [1][4] Price Tracking - As of October 31, 2025, US HH gas prices increased by 11.6%, while European TTF prices decreased by 6.3%. The prices for East Asia JKM and China's LNG also saw slight declines [9][14] - The report notes that the average daily gas generation in Europe fell by 7% week-on-week and 5.1% year-on-year, reaching 829.3 GWh [18] Supply and Demand Analysis - The US gas market saw a week-on-week increase in storage levels by 740 billion cubic feet, totaling 38,820 billion cubic feet, which is a 0.5% increase year-on-year [16] - In Europe, gas consumption from January to July 2025 was 2,654 billion cubic meters, reflecting a 5% year-on-year increase [18] - Domestic gas prices in China rose by 3.1% week-on-week, with total apparent consumption from January to September 2025 increasing by 0.7% year-on-year to 3,188 billion cubic meters [20][25] Pricing Progress - The report indicates that 65% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [34] - The report suggests that there is still a 10% room for price adjustment in the gas distribution sector [34] Investment Recommendations - The report recommends focusing on companies with cost advantages and flexible scheduling capabilities, such as Xin'ao Energy and Kunlun Energy, which have attractive dividend yields [1][4] - It also suggests monitoring companies that can mitigate the impact of tariffs on US LNG imports, such as New Natural Gas and Blue Flame Holdings [1][4] Important Announcements - The report mentions that the US LNG import tariff has been reduced from 140% to 25%, enhancing the economic viability of US gas imports [43] - It also notes that the European Parliament has agreed to provide more flexibility regarding gas storage targets, allowing for a deviation of 10% from the 90% storage goal [47]

Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2025, with revenue at 15.608 billion yuan (down 8.45% year-on-year) and net profit at 1.241 billion yuan (down 19.13% year-on-year) [1] - The decline in performance is attributed to extreme weather impacts, operational costs, and expenses related to employee incentive plans [1] Financial Performance - For Q3 2025, the company achieved revenue of 5.180 billion yuan (down 10.39% year-on-year) and net profit of 0.380 billion yuan (down 11.29% year-on-year) [1] - The total impact on pre-tax profit due to extreme weather and operational issues was approximately 82 million yuan and 15 million yuan, respectively [1] LNG and LPG Business Outlook - The LNG business showed resilience with steady growth in gross profit, despite a challenging market environment characterized by supply surplus and price pressure [2] - The completion of maintenance at the Guangzhou Huakai receiving station and the establishment of a dynamic operation system for LPG are expected to enhance LPG sales [2] - The company anticipates improved profitability in its LPG business following the resolution of weather-related disruptions [2] Investment Plans - The company plans to invest in a coal-to-gas project in Xinjiang, aiming to produce 5.5 billion cubic meters of synthetic natural gas annually, with a total investment of 23.033 billion yuan [3] - This project is expected to fill the company's resource gap and diversify its upstream resource pool [3] Future Revenue and Profit Projections - Revenue projections for 2025-2027 are estimated at 22.865 billion yuan, 25.18 billion yuan, and 27.138 billion yuan, with growth rates of 3.7%, 10.1%, and 7.8% respectively [4] - Net profit projections for the same period are 1.763 billion yuan, 1.966 billion yuan, and 2.104 billion yuan, with growth rates of 4.7%, 11.5%, and 7.1% respectively [4]

Core Viewpoint - The company, Xin Natural Gas, is a significant player in the domestic natural gas sector, focusing on urban gas distribution and sales, as well as coalbed methane extraction, with a full industry chain advantage [1] Business Performance - In Q3 2025, the company achieved a revenue of 2.97 billion yuan, ranking 16th out of 31 in the industry, while the net profit was 826 million yuan, ranking 4th [2] - The industry leader, Xin Ao, reported a revenue of 95.856 billion yuan, and the second, Fo Ran Energy, reported 23.501 billion yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 48.13%, up from 43.87% year-on-year, exceeding the industry average of 46.36% [3] - The gross profit margin for Q3 2025 was 41.65%, slightly down from 43.11% year-on-year, but still above the industry average of 16.52% [3] Executive Compensation - The chairman, Ming Zaiyuan, received a salary of 7.0234 million yuan in 2024, an increase of 876,000 yuan from 2023 [4] - The general manager, Zhang Shu, earned 3.1002 million yuan in 2024, up by 1.1744 million yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 15.05% to 28,000, while the average number of circulating A-shares held per account decreased by 13.08% to 15,100 [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 3.1153 million shares as a new shareholder [5] Business Highlights - In Q3 2025, the company reported a revenue of 2.97 billion yuan, a year-on-year increase of 0.20%, while the net profit decreased by 7.53% to 815 million yuan [5] - The company is making progress in new block developments, with significant potential in the San Tang Lake coal resource estimated at 1.86 billion tons for future gas projects [5] - Longjiang Securities noted that in the first half of 2025, total revenue was 2.038 billion yuan, a 4.46% increase, and net profit was 622 million yuan, a 2.81% increase [6] - The company is implementing a strategy of "strong chain, extended chain, and supplementary chain" to achieve an integrated operation model [6]

Core Viewpoint - Wan Gas is a significant player in the natural gas industry in Anhui Province, with a focus on long-distance gas pipelines and various gas-related services, facing challenges in revenue and profit growth in recent quarters [1][2][6]. Group 1: Company Overview - Wan Gas was established on February 14, 2003, and listed on the Shanghai Stock Exchange on January 10, 2017, with its headquarters in Hefei, Anhui Province [1]. - The company specializes in the construction and operation of long-distance natural gas pipelines, CNG/LNG, and urban gas services, holding a first-mover advantage in the province [1]. Group 2: Financial Performance - For Q3 2025, Wan Gas reported revenue of 3.812 billion yuan, ranking 11th in the industry, while the net profit was 267 million yuan, ranking 10th [2]. - The company's revenue for the first three quarters of 2025 was 3.812 billion yuan, a year-on-year decline of 10.3%, and the net profit was 262 million yuan, down 7.31% [6]. Group 3: Financial Ratios - As of Q3 2025, Wan Gas had a debt-to-asset ratio of 47.71%, which is higher than the industry average of 46.36% [3]. - The gross profit margin for the same period was 12.81%, below the industry average of 16.52% [3]. Group 4: Management Compensation - The chairman, Wu Hai, received a salary of 818,800 yuan in 2024, an increase of 97,500 yuan from 2023 [4]. - The general manager, Tao Qingfu, earned 674,700 yuan in 2024, up 64,000 yuan from the previous year [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.98% to 15,200, while the average number of circulating A-shares held per shareholder increased by 0.98% to 31,900 [5]. Group 6: Future Outlook - National Investment Securities projects Wan Gas's revenue for 2025 to be 5.918 billion yuan, with a growth rate of 2.1%, and net profit to be 376 million yuan, with a growth rate of 13% [6].