Investment Rating - The investment rating for the company is "Outperform the Market" [4][24]. Core Views - The company's performance is under short-term pressure due to occasional events, with a revenue of 15.608 billion yuan for the first three quarters of 2025, a year-on-year decrease of 8.45%. The net profit attributable to shareholders decreased by 19.13% to 1.241 billion yuan [5][24]. - The company plans to invest up to 3.455 billion yuan in the second phase of the Xinjiang coal-to-gas project, which is expected to generate an average annual profit of 1.477 billion yuan and an internal rate of return of 8.20% [2][24]. - The company is expanding its resource pool with a focus on both marine and land gas, aiming to enhance its diversified resource system [2][24]. Financial Performance Summary - For 2025, the company expects net profits of 1.56 billion yuan, 1.96 billion yuan, and 2.16 billion yuan for the years 2025, 2026, and 2027 respectively, with a year-on-year growth rate of -7.5%, 25.9%, and 10.2% [24][26]. - The company's revenue for 2023 is projected at 26.566 billion yuan, with a growth rate of 10.9%, followed by a decline of 17.0% in 2024 [3][26]. - The company's gross profit margin for the first three quarters was 10.38%, an increase of 0.27 percentage points year-on-year, while the net profit margin was 8.03%, a decrease of 1.05 percentage points [9][13]. Project Development Summary - The second phase of the Xinjiang coal-to-gas project is currently in the detailed design phase and is expected to take three years to complete [2][24]. - The company is also enhancing its LNG and LPG supply chain capabilities, with new projects expected to improve service capacity in the southern China market [18][21].

九丰能源（605090.SH）2025 年三季报点评 拟投资煤制气项目，资源池不断扩张 2025 年 10 月 28 日 ➢ 事件：2025 年 10 月 27 日，公司发布 2025 年第三季度报告。2025 年前 三季度，公司实现营业收入 156.08 亿元，同比下降 8.45%；实现归母净利润 12.41 亿元，同比下降 19.13%；实现扣非归母净利润 11.54 亿元，同比下降 4.44%。 ➢ 25Q3 因极端天气和检修等影响，归母净利润同比下滑。25Q3，公司实现 营业收入 51.80 亿元，同比下降 10.39%；实现归母净利润 3.80 亿元，同比下降 11.29%；实现扣非归母净利润 3.43 亿元，同比下降 18.26%。利润下降主要是： ①受台风"桦加沙"、"博罗依"等极端天气影响，LPG 运输船舶期末不能顺利 进港；②偶发性 LPG 船期滞后形成跨期销售，影响产品销售毛利；③广州华凯接 收站 Q3 主要处于储罐检修的过渡性阶段，产生了阶段性成本和费用；④对外提 供运力服务的 LPG 船舶开展计划性坞修及结算接船费用，减少了阶段性运力服 务收入并增加了运营成本与费用。该四项因素合计影响 ...

Meeting Overview - The company held a half-year performance briefing on September 1, 2025, to discuss its operational results, financial status, and development strategy with investors [1] - Key executives, including the chairman and general manager, participated in the meeting [1] Performance Highlights - As of June 30, 2025, the cumulative transport volume of the Hongnao Railway reached 13.49 million tons, a year-on-year increase of 38.96%, accounting for approximately 30% of the total railway dispatch volume for "Xinjiang coal export" [1][6][9] Strategic Initiatives - The company is actively supporting the "Xinjiang coal export" strategy by enhancing logistics efficiency and expanding its service network [2] - Plans are in place to upgrade the transport capacity of the Hongnao Railway to meet external transport demands from the Nao Maohu and Zhundi regions [2] - The company is integrating road and rail transport resources to create a comprehensive logistics service matrix, aiming to reduce overall logistics costs [2] Future Development Plans - The company is focused on the construction of four comprehensive logistics bases to enhance energy logistics response efficiency and expand market share [2][5] - The company is also working on the development of railway dedicated lines and coal storage facilities to ensure smooth project implementation [3] Market Adaptation Strategies - In response to declining coal prices, the company has implemented temporary freight discounts to support market expansion for energy resource enterprises [3][7] - The company plans to dynamically adjust its pricing strategies based on market supply and demand changes [3][10] Share Buyback Program - As of July 31, 2025, the company has repurchased 14,770,400 shares, representing 1.24% of its total share capital [7] - The share buyback period has been extended to April 30, 2026, to better align with market conditions and ensure effective execution of the buyback plan [7] Operational Efficiency - The company is enhancing its operational capabilities by improving the efficiency of coal transportation and container return processes [6][7] - The current utilization rate of the Hongnao Railway is approximately 40%, with ongoing efforts to increase transport capacity through infrastructure upgrades [9] Long-term Vision - The company aims to become a leading energy logistics service provider along the "Belt and Road" initiative by leveraging its strategic location and resources [5][11] - Continuous improvement in operational management and efficiency is a priority to ensure stable growth in performance [5][11]