Core Viewpoint - Jiufeng Energy reported a decline in net profit for the first half of the year, indicating challenges in profitability while highlighting growth potential in clean energy and specialty gas businesses [1] Financial Performance - The company achieved a net profit attributable to shareholders of 861 million yuan in the first half of the year, a year-on-year decrease of 22.17% [1] - In Q2 2025, the net profit attributable to shareholders was 355 million yuan, reflecting a year-on-year decline of 43.1% and a quarter-on-quarter decline of 29.9% [1] Business Segments - The specialty gas business has made significant breakthroughs, with a focus on the growth potential of clean energy [1] - The LNG business has established a dual resource pool of "marine gas + land gas," enhancing resource security and competitive cost structure [1] - The company’s self-produced LNG capacity is 700,000 tons, while marine gas resources include long-term contracts and spot purchases, with a notable long-term procurement contract signed with Petronas [1] Aerospace and Special Gases - The first phase of the special fuel gas supply project at the Hainan commercial aerospace launch site has been successfully put into operation, providing exclusive liquid hydrogen and other special fuels for three rocket launches [1] - The company has signed supply agreements with leading industry players such as Shanghai Aerospace Equipment Manufacturing Factory and China Long March Rocket Company, strengthening its ties within the Chinese aerospace industry [1] Shareholder Returns - The company’s high dividend payouts and share buybacks reflect its long-term value proposition, maintaining a "buy" rating [1]