公司报告 | 半年报点评 九丰能源（605090） 证券研究报告 扣非业绩稳步增长，收购码头延伸布局 LPG 业务 事件 公司公布 2025 年半年报。2025 年上半年，公司实现营业收入 104.3 亿元， 同比-7.5%；实现归母净利润 8.6 亿元，同比-22.2%；实现扣非归母净利润 8.1 亿元，同比+2.9%。 三大业务协同发展，扣非业绩稳步增长 ①天然气业务： 资源端：公司上半年长协执行情况良好，同时积极推进新长约的合作。现 货方面受到上半年国际 LNG 现货价格高企以及国际国内价格倒挂的影响， 公司现货资源采购同比减少。陆气资源方面，上半年公司 L NG 产量超 33 万吨，完成计划量的 106%。 ③特种气体业务：氦气方面，公司完成四川泸州 100 万方/年精氦项目的建 设，公司氦气的产能规模提升至 150 万方/年。此外，上半年公司为海南商 发三次火箭发射配套特燃特气资源供应，为海南商发的高密度、常态化发 射奠定基础。 现金分红与回购计划 ①分红：公司明确 25/26 年固定现金分红金额分别为 8.5 亿元、10 亿元， 截至 2025 年 8 月 25 日收盘，对应股息率 4.4%/5. ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][25] Core Views - The company has shown stable performance in its core business despite a year-on-year decline in overall revenue due to a decrease in LNG spot sales. The non-recurring asset disposal gains from the previous year are absent in the current period, leading to a decline in net profit [6][12] - The company has increased its helium production capacity to 1.5 million cubic meters per year, with ongoing projects in the aerospace sector [24][25] - The company has a robust cash dividend plan, with a mid-term dividend of 0.4079 CNY per share, contributing to a projected dividend yield of 4.4% for 2025 [25][3] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 10.428 billion CNY, a year-on-year decrease of 7.45%, primarily due to reduced LNG spot sales. However, the second quarter saw a revenue of 4.944 billion CNY, a slight increase of 0.2% year-on-year [6][12] - The net profit attributable to the parent company for the first half of 2025 was 861 million CNY, down 22.17% year-on-year, while the non-recurring net profit increased by 2.92% to 811 million CNY [6][12] - The company’s gross margin for the first half of 2025 was 10.77%, an increase of 1.15 percentage points year-on-year, while the net margin decreased to 8.28%, down 1.61 percentage points due to the absence of previous asset disposal gains [12][21] Production Capacity and Projects - The company has completed the construction of a 1 million cubic meters per year helium project in Sichuan, raising its total helium production capacity to 1.5 million cubic meters per year [24][25] - The company is developing a dual-resource pool of "marine gas + land gas" to stabilize the profitability of its clean energy business, with a focus on LNG and LPG [21][24] Dividend Policy - The company has set a cash dividend plan for 2024-2026, with fixed dividends of 750 million CNY, 850 million CNY, and 1 billion CNY respectively, along with special dividends based on conditions [25][3] Profit Forecast - The profit forecast for the company has been adjusted downwards, with expected net profits for 2025-2027 at 1.73 billion CNY, 2.01 billion CNY, and 2.24 billion CNY respectively, reflecting a growth rate of 2.6%, 16.2%, and 11.3% [3][25]

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company has shown continuous growth in net profit excluding non-recurring items, with stable expansion across its business segments. In the first half of 2025, the company achieved a net profit of 8.61 billion yuan, a year-on-year decline of 22.17%, while the net profit excluding non-recurring items grew by 2.92% to 8.11 billion yuan [1]. - The company is focusing on enhancing its LNG profitability and rapidly growing its energy services profits. In H1 2025, the LNG and LPG segments contributed 50.15 billion yuan and 42.81 billion yuan to revenue, respectively, accounting for 48.09% and 41.05% of total revenue [3]. - The company is expanding its LNG market and increasing LPG turnover capacity through strategic initiatives, including the construction of a 50,000-ton liquefied hydrocarbon terminal and acquisitions to enhance operational capabilities [4]. Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 104.28 billion yuan, a decrease of 7.45% year-on-year. The operating income for Q2 2025 was 49.44 billion yuan, showing a slight increase of 0.20% year-on-year [1]. - The company’s gross profit margins for LNG and LPG were 13.56% and 6.86%, respectively, with significant growth in the gross profit of energy logistics and technical services, which increased by 39.16% year-on-year [3]. Dividend Policy - The company announced a mid-term dividend payout ratio of 30.90% and a cash dividend of 2.66 billion yuan for H1 2025, resulting in a dividend yield of 1.35%. The fixed cash dividend commitment for 2025 is set at 8.5 billion yuan, corresponding to a projected yield of 4.23% [2]. Future Outlook - The company is expected to see its net profit attributable to shareholders grow to 17.44 billion yuan in 2025, with projected earnings per share (EPS) of 2.62 yuan. The price-to-earnings (PE) ratio is forecasted to be 12 times based on the closing price on August 18, 2025 [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company demonstrated resilience in its mid-year report despite fluctuations in gas prices, with a total revenue of 10.428 billion yuan in H1 2025, a year-on-year decrease of 7.45%, and a net profit attributable to shareholders of 861 million yuan, down 22.17% year-on-year [7] - The company is actively optimizing its resource structure and reducing spot purchases, maintaining stable procurement partnerships with major suppliers [7] - The company has a clear cash dividend plan for 2024-2026, with fixed cash dividends of 750 million yuan, 850 million yuan, and 1 billion yuan respectively, indicating strong dividend certainty [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 23.317 billion yuan, with a year-on-year growth rate of 5.8% [6] - The net profit attributable to shareholders is projected to be 1.710 billion yuan for 2025, with a corresponding PE ratio of 12 [6] - The company’s gross margin for LNG in H1 2025 was 13.56%, an increase of 2.42 percentage points compared to the full year of 2024 [7]

Core Viewpoint - The article highlights significant advancements in helium extraction technology in China, particularly through the development of a new low-temperature refining and de-nitrogenization device by Wanrui Cold Electric, achieving a helium purity of 99.99997% (6N9 level) [4][5]. Group 1: Technological Breakthroughs - Wanrui Cold Electric's new device marks a major breakthrough in extracting high-purity helium from low-abundance natural gas, addressing the challenge of China's average helium abundance of only 0.03%-0.05% [4][5]. - The innovative "combined law" helium extraction process integrates four advanced techniques: dehydrogenation, membrane separation, pressure swing adsorption, and low-temperature refining, enabling continuous operation and an annual extraction capacity of 400,000 cubic meters of high-purity helium [4][5]. Group 2: Market Implications - The recent drone attack on the Orenburg helium plant in Russia, which accounts for approximately 62.5% of Russia's helium production and 3% of global supply, raises concerns about potential disruptions in helium supply [7][8]. - The global helium production in 2023 is estimated at 168 million cubic meters, with the U.S. and Qatar being the largest producers, highlighting the strategic importance of helium in various high-tech industries [8]. Group 3: Strategic Importance of Helium - Helium is deemed a strategic resource due to its unique properties and applications in aerospace, nuclear reactors, semiconductors, and quantum computing, often referred to as "golden gas" [4][5]. - China's recent geological surveys have revealed an additional 4.07 billion cubic meters of helium reserves, indicating a significant increase in domestic helium resources and reducing reliance on imports [5].

据悉，氦气被称为"黄金气体"。从航空航天、核反应堆到半导体、量子计算机，氦气在众多高新技术产 业中不可替代。 近日，另外一则跟氦气相关的消息，也引发市场关注。乌克兰国际文传电讯社援引情报消息人士的话 称，乌国防部情报总局近日对俄罗斯奥伦堡氦气厂发动了无人机袭击。袭击发生后，该工厂发生了数次 爆炸。 有券商指出，此次遇袭的奥伦堡氦气厂占俄罗斯氦气产量的比例约为62.5%，占全球总供应量的3%。氦 气供给或出现扰动，建议关注国内氦气相关上市公司。 我国天然气提氦技术取得新突破 据科技日报18日报道，近日，安徽万瑞冷电科技有限公司（简称"万瑞冷电"）自主研制的低温精制及脱 氖装置在陕西延安天然气提氦项目现场完成工程验收。该装置产出氦气纯度达到99.99997%（6N9 级），氖气杂质含量低于0.3ppm。作为国内首套从天然气中提取6N9级超纯氦气的装置，这一成果标志 着我国在低丰度天然气提氦领域实现了重大突破。 氦气领域，传来大消息！ 据科技日报消息，日前，万瑞冷电自主研制的"低温精制及脱氖装置"在陕西延安天然气提氦项目现场完 成工程验收。该装置产出氦气纯度达到99.99997%（6N9级），标志着我国在低丰度天然 ...

氦气领域，传来大消息！ 据科技日报消息，日前，万瑞冷电自主研制的"低温精制及脱氖装置"在陕西延安天然气提氦项目现场完成工程验收。该 装置产出氦气纯度达到99.99997%（6N9级），标志着我国在低丰度天然气提氦领域实现了重大突破。 据悉，氦气被称为"黄金气体"。从航空航天、核反应堆到半导体、量子计算机，氦气在众多高新技术产业中不可替代。 近日，另外一则跟氦气相关的消息，也引发市场关注。乌克兰国际文传电讯社援引情报消息人士的话称，乌国防部情报 总局近日对俄罗斯奥伦堡氦气厂发动了无人机袭击。袭击发生后，该工厂发生了数次爆炸。 有券商指出，此次遇袭的奥伦堡氦气厂占俄罗斯氦气产量的比例约为62.5%，占全球总供应量的3%。氦气供给或出现扰 动，建议关注国内氦气相关上市公司。 我国天然气提氦技术取得新突破 据科技日报18日报道，近日，安徽万瑞冷电科技有限公司（简称"万瑞冷电"）自主研制的低温精制及脱氖装置在陕西延 安天然气提氦项目现场完成工程验收。该装置产出氦气纯度达到99.99997%（6N9级），氖气杂质含量低于0.3ppm。作为 国内首套从天然气中提取6N9级超纯氦气的装置，这一成果标志着我国在低丰度天然气提氦 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company achieved a breakthrough in its specialty gas business and shows growth potential in its clean energy sector [2][3] - The company plans to distribute a mid-year cash dividend of 266 million yuan for 2025, continuing its high dividend commitment [3] - The projected net profit for the company from 2025 to 2027 is estimated at 1.75 billion, 1.98 billion, and 2.14 billion yuan, corresponding to P/E ratios of 11.5X, 10.2X, and 9.4X respectively [3] Financial Performance Summary - In the first half of 2025, the company reported revenue of 10.428 billion yuan, a year-on-year decrease of 7.45%, and a net profit of 861 million yuan, down 22.17% year-on-year [1] - The second quarter of 2025 saw revenue of 4.944 billion yuan, a slight increase of 0.2% year-on-year, but a decrease of 9.8% quarter-on-quarter [1] - The company’s net profit for Q2 2025 was 355 million yuan, reflecting a year-on-year decline of 43.1% and a quarter-on-quarter decline of 29.9% [1] Business Development Summary - The clean energy business is steadily expanding, with significant developments in the specialty gas sector, particularly in commercial aerospace [2][3] - The company has successfully established a dual resource pool for LNG, enhancing its resource security and cost competitiveness [3] - The company is actively developing its LPG business and has plans for a liquefied hydrocarbon terminal project to enhance its service capabilities in Southern China [3]

Group 1 - The report highlights the resilience at the bottom of the cycle, with the successful advancement of the Alashan Phase II project for Boyuan Chemical [4][7] - In H1 2025, the company achieved revenue of 5.92 billion yuan, a year-on-year decrease of 16%, and a net profit of 740 million yuan, down 39% year-on-year [4][5] - The core product prices and gross margins for soda ash declined, but the increase in production and sales volume helped mitigate the impact of price drops [5][6] Group 2 - The company has successfully acquired multiple electronic gas projects, enhancing its position in the electronic gas market [9][10] - In H1 2025, the company reported revenue of 1.114 billion yuan, a year-on-year increase of 14.56%, while net profit decreased by 13.44% [9][10] - The gross margin for H1 2025 was 26.37%, down 3.69 percentage points year-on-year, but operating cash flow increased significantly by 84.34% [10] Group 3 - 361 Degrees reported H1 2025 revenue of 5.7 billion yuan, an increase of 11% year-on-year, with a net profit of 860 million yuan, also up 8.6% [12][13] - The e-commerce segment saw significant growth, with revenue reaching 1.82 billion yuan, a 45% increase year-on-year [13][14] - The company opened 49 new stores, enhancing its retail presence and brand image [15] Group 4 - Tencent Holdings reported Q2 2025 revenue of 184.5 billion yuan, a year-on-year increase of 15%, with a net profit of 55.6 billion yuan, up 17% [17][18] - The gaming segment experienced a robust 22% year-on-year growth, with significant contributions from both domestic and international markets [18][19] - The marketing services business grew by 20% year-on-year, driven by strong demand for advertising within the WeChat ecosystem [19] Group 5 - The report indicates that the chromium salt industry is experiencing significant growth, with Zhihua Co. achieving H1 2025 revenue of 2.19 billion yuan, a 10.2% increase year-on-year [29][30] - The company’s gross margin improved to 28.81%, up 3.16 percentage points year-on-year, reflecting effective cost management [29][30] - The effective release of production capacity contributed to a notable increase in sales volume, particularly in chromium oxide and alloy additives [32][33] Group 6 - Yonghe Co. reported H1 2025 revenue of 2.445 billion yuan, a 12.39% increase year-on-year, with a net profit of 271 million yuan, up 140.82% [35][36] - The refrigerant segment benefited from favorable supply-demand dynamics, leading to a 26.02% increase in revenue [37] - The company is actively pursuing the development of fourth-generation refrigerants and high-end fluorinated fine chemicals [39] Group 7 - The coal industry showed signs of improvement, with July 2025 coal production at 380 million tons, a year-on-year decrease of 3.8% [40][41] - The report notes that the overall coal production growth rate has slowed due to adverse weather conditions and regulatory checks [42] - The performance of major coal companies varied, with some showing production increases while others faced declines [42]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：杭氧作为气体龙头，在氦气产业有无布局？氦气产能 有多少万方/年？ 杭氧股份（002430.SZ）8月15日在投资者互动平台表示，杭氧作为国内首家具备大型液氦储运装备自主 研制、直接进口液氦、国际危险品物流运输、液氦市场终端应用及电子级氦气保供能力的企业，自主研 制并量产了符合国际标准的液氦储罐，建立了自主、可控、稳定的氦气供应链。2024年杭氧特气销售氦 气48万立方米，2025年上半年销量超过去年全年。随着杭氧电子大宗气业务的持续拓展，预计未来3年 氦气的销量仍将保持较快增长。 ...