Financial Performance - The company's operating revenue for the third quarter was ¥967,246,187.20, a decrease of 15.16% compared to the same period last year[4]. - The total profit for the third quarter was a loss of ¥42,457,854.92, representing a decline of 412.60% year-on-year[4]. - The net profit attributable to shareholders for the year-to-date period was a loss of ¥6,402,551.59, down 102.35% compared to the previous year[4]. - The basic earnings per share for the third quarter was -¥0.0229, a decrease of 475.41% year-on-year[5]. - Total operating revenue for the first three quarters of 2025 was CNY 3,243,549,675.86, a decrease of 22.0% compared to CNY 4,158,019,658.36 in the same period of 2024[20]. - Net profit for the first three quarters of 2025 was CNY 36,478,090.59, a decline of 89.1% compared to CNY 335,216,190.10 in 2024[21]. - Earnings per share for the first three quarters of 2025 was CNY 0.0198, down from CNY 0.2042 in the same period of 2024[22]. Assets and Liabilities - The total assets at the end of the reporting period were ¥11,211,153,280.91, an increase of 2.20% from the end of the previous year[5]. - As of September 30, 2025, the company's total assets reached RMB 11,211,153,280.91, an increase from RMB 10,969,955,712.53 at the end of 2024[15]. - The total liabilities of the company as of September 30, 2025, were not explicitly stated but are implied to be managed effectively given the increase in assets[15]. - Total liabilities increased to CNY 2,907,298,538.56 in 2025 from CNY 2,772,573,621.36 in 2024, reflecting a growth of 4.8%[18]. - Total equity increased to CNY 8,303,854,742.35 in 2025 from CNY 8,197,382,091.17 in 2024, representing a growth of 1.3%[18]. Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥461,252,163.81, an increase of 4.03% compared to the previous year[4]. - Cash inflow from operating activities for the first three quarters of 2025 was approximately $2.94 billion, compared to $3.95 billion in the same period of 2024, representing a decrease of about 25.5%[23]. - Net cash flow from operating activities for the first three quarters of 2025 was approximately $461.25 million, slightly up from $443.40 million in 2024, indicating a marginal increase of about 4%[24]. - Total cash outflow from operating activities increased to approximately $2.48 billion in 2025 from $3.51 billion in 2024, reflecting a decrease of about 29.3%[24]. - Cash inflow from investment activities was approximately $10.04 million in 2025, down from $24.31 million in 2024, showing a decline of about 58.7%[24]. - Net cash flow from investment activities was negative at approximately -$305.05 million in 2025, compared to -$550.64 million in 2024, indicating an improvement of about 44.6%[24]. - Cash inflow from financing activities totaled approximately $335.84 million in 2025, compared to $440.44 million in 2024, representing a decrease of about 23.7%[24]. - Net cash flow from financing activities was approximately $34.76 million in 2025, a significant improvement from a negative $107.23 million in 2024[24]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 37,510[12]. - The largest shareholder, Hunan Salt Industry Group Co., Ltd., holds 29.73% of the shares[12]. - The company maintains a controlling stake of 51% in Xue Tian New Materials post-capital increase, ensuring operational control[14]. Strategic Initiatives - The company plans to introduce external investors, including Jianxin Financial Asset Investment Co., Ltd., with an investment of RMB 30,000 million in its subsidiary, Xue Tian New Materials, to enhance capital structure[14]. - The company reported a significant decline in profitability due to a sharp drop in market prices for some of its main products[9]. Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 147,957,681.47, a decrease of 14.4% from CNY 172,751,618.18 in 2024[20].

Group 1 - The core viewpoint of the article indicates that Xue Tian Salt Industry reported a significant decline in both revenue and net profit for the third quarter and the first three quarters of the year [1] Group 2 - In the third quarter, the company's revenue was 967 million yuan, representing a decrease of 15.16% compared to the previous period [1] - The net profit for the third quarter was a loss of 37.82 million yuan, a decline of 473.29% [1] - For the first three quarters, the total revenue was 3.244 billion yuan, down 21.99% year-on-year [1] - The net profit for the first three quarters was 32.63 million yuan, reflecting a decrease of 90.37% [1]

Core Viewpoint - The Snow Tian Salt Industry Group, in collaboration with the Chinese Culinary Association, has launched the initiative "Reduce Salt Without Reducing Flavor, Safeguard Healthy Chinese Taste," promoting the concept of "healthy salt" [1][2] Group 1: Product Offerings - Snow Tian Salt showcased a range of products including ecological well salt, ecological lake salt, and seaweed iodine low-sodium salt at the 34th Chinese Chef Festival [1] - The company's ecological salt, low-sodium salt, and seasonal products are set to provide uniform quality assurance for various culinary competitions in 2025 [2] Group 2: Market Response - A representative from a chain restaurant noted that the stable quality and ecological attributes of Snow Tian Salt align well with their health menu upgrade initiatives [1] - During the event, Snow Tian's uniodized ecological salt, low-sodium salt, and seaweed iodine salt experienced strong sales, with multiple high-end food processing companies and restaurant brands expressing intent for bulk purchases [1] Group 3: Innovation and Technology - The "2025 Intelligent Robot Cooking Competition" featured over 20 cooking robots, with Snow Tian Salt designated as the official salt for the event, ensuring flavor consistency and stability in robot-prepared dishes [1] - The integration of "technological innovation and craftsmanship" was highlighted as a key industry value during the event [1] Group 4: Corporate Philosophy - The Chairman of Snow Tian Salt, Ma Tianyi, emphasized that the initiative is not merely a salt reduction campaign but a heartfelt response to national health needs, reflecting the brand's commitment to addressing consumer demands [2]

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： 回购注销原因：鉴于雪天盐业集团股份有限公司（以下简称公 司）2021 年限制性股票激励计划首次授予部分 6 名激励对象因退休 及不受个人控制的岗位调动离职，12 名激励对象第三个考核期的个 人绩效考核结果为"不合格"（当期解除限售系数为 0）、1 名激励 对象个人绩效考核结果为"合格"（当期解除限售系数为 0.8）以及 预留授予的 1 名激励对象因职务调整，不满足第三个解除限售期对应 的业绩考核条件，公司拟对上述激励对象已获授但尚未解除限售的部 分限制性股票合计 59.8394 万股进行回购注销。 本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 598,394 | 598,394 | 2025 | 年 10 | 月 | 27 日 | 一、本次限制性股票回购注销的决策与信息披露 证券代码：600929 证券简称：雪天盐业 公告编号： ...

湖南人和律师事务所 关于雪天盐业集团股份有限公司 根据雪天盐业集团股份有限公司(以下简称"雪天盐业"或"公 司")与湖南人和律师事务所(以下简称"本所")签订的《专项法 律顾问合同》的约定,本所指派贺团涛律师、陈劲峰律师作为公司 2021 年限制性股票激励计划的专项法律顾问,先后分别就《公司 2021 年限制性股票激励计划(草案)》及《草案修订稿》、公司 2021 年限 制性股票激励计划首次授予相关事项、公司 2021 年限制性股票激励 计划预留授予相关事项及公司 2021 年限制性股票激励计划首次授予 部分限制性股票第一个解除限售期解除限售条件成就等事项出具了 法律意见书。 2021 年限制性股票激励计划首次授予部分限制性股票 第三个解除限售期解除限售条件成就及调整回购价格、回购注销 部分激励对象已获授但尚未解除限售的限制性股票相关事项的 册 復 【湖南人程律师事务所 II H 湖南人和律师事务所 湖南省长沙市雨花区车站南路 171 号芒果雅苑 10 栋 18-23 层 电话: 0731-82280777 传真: 0731-84411677 《 湖南人和律师事务所 法律意见书 致:雪天盐业集团股份有限公司 ...

Core Viewpoint - The salt industry is undergoing a transformation towards high-quality development, emphasizing innovation and health, as highlighted by the initiatives from major salt companies in China [1][2]. Group 1: Industry Initiatives - Thirteen salt industry groups, including China Salt Group and Hunan Salt Industry Group, launched the "Abandon Involution, Compete and Win Together" initiative to promote high-quality development in the industry [1]. - The "Reduce Salt Without Reducing Flavor, Protecting Healthy Chinese Taste" initiative will be launched at the 34th Chinese Chef Festival, promoting low-sodium products and integrating the concept of reduced salt into dining experiences [2]. Group 2: Product Development and Innovation - Snow Tian Salt Industry has developed a functional product matrix, including 99.7% pure ecological well salt and low-sodium seaweed iodized salt, supported by a scientific innovation system [1]. - The company is focusing on creating refined innovative products targeting specific demographics, such as youth and middle-aged individuals with hypertension, reflecting the industry's shift from merely ensuring food security to promoting health [2]. Group 3: Health Awareness and Industry Collaboration - The "Xinhua·China Salt Reduction Health Index Report (2025)" indicates a continuous improvement in China's salt reduction health index, reaching 78.37 points, with a year-on-year increase of 1.39 points, showing a positive trend in public awareness and behavior regarding salt reduction [2]. - Industry representatives emphasized the importance of collaboration through standard building and technology sharing to enhance the development ecosystem and strengthen the Chinese brand [2].

Group 1: Technological Breakthroughs - A significant technological breakthrough has been achieved in the field of new energy, specifically in all-solid-state lithium batteries, overcoming key technical bottlenecks [1] - The new generation battery system is expected to support a range of over 1000 kilometers for a 100-kilogram battery pack, compared to the previous maximum of 500 kilometers [1] - Three innovative solutions have been proposed to address interface compatibility issues between solid-state electrolytes and lithium metal electrodes, enhancing battery performance [1] Group 2: Material Development - High-voltage cathode materials are crucial for improving solid-state battery performance, directly impacting the speed of technological commercialization [2] - Key advancements in high-voltage cathode materials have been made in China, with products set to enter mass production, laying the material foundation for all-solid-state batteries [2] - Xue Tian Salt Industry has completed the development of high-voltage cathode materials and is preparing for mass production, with a budget of over 87 million yuan for a new production line [2] Group 3: Industry Impact - The new generation all-solid-state battery has an energy density exceeding 500 Wh/kg, doubling that of mainstream liquid batteries, and can be charged in just 6 minutes for a 500-kilometer range [3] - The mass production of high-voltage cathode materials fills a critical gap in the industry chain, with companies like Xue Tian Salt Industry driving a virtuous cycle of "technological breakthroughs—material mass production—industry upgrade" [3] - The continuous iteration of technology and expansion of production capacity are expected to lead to practical applications of all-solid-state batteries within the next three years, reshaping the electric vehicle industry and supporting advancements in electric aviation and humanoid robotics [3]

Group 1 - A significant technological breakthrough in all-solid-state lithium batteries has been achieved by Chinese research teams, overcoming long-standing industrialization challenges and leading to a leap in battery performance [1][2] - The new all-solid-state battery technology has an energy density exceeding 600 Wh/kg, allowing for a potential range of over 1000 kilometers, effectively addressing range anxiety in electric vehicles and providing adaptable energy storage solutions for emerging fields like low-altitude economy and humanoid robots [2][3] - The development of high-voltage cathode materials by Xue Tian Salt Industry, which has completed R&D and is entering mass production, is crucial for the solid-state battery's energy density and cycle stability [2][3] Group 2 - The collaboration between Tsinghua University's electrolyte innovations and Xue Tian Salt Industry's cathode material production creates a complementary ecosystem for solid-state battery development, ensuring performance breakthroughs and stable supply chains [3] - With dual support from policy and market demand, the solid-state battery industry is expected to accelerate its industrialization process, with predictions indicating a global market size exceeding $120 billion by 2030, with China capturing 40% of the market share [3] - The dual breakthroughs in research and industry signify China's mastery of core technologies in the solid-state battery field, transitioning the new energy industry from a follower to a leader, and paving the way for large-scale applications in electric vehicles and energy storage [3]

Core Viewpoint - The continuous share buyback by the controlling shareholder, Hunan Salt Industry Group, reflects strong confidence in the future development of Xue Tian Salt Industry, particularly in the context of its strategic transformation and opportunities in the solid-state battery industry [1][2][3] Group 1: Share Buyback Details - Hunan Salt Industry Group has completed a phase of share buyback, acquiring 15,825,400 shares, which is 0.96% of the total share capital, with an investment of approximately 88.608 million yuan [1] - The buyback occurred from April 23, 2025, to September 4, 2025, and represents 59.07% of the lower limit of the planned investment of 150 million to 300 million yuan over 12 months [1] - Following this buyback, the combined shareholding of Hunan Salt Industry Group and its concerted parties increased to 32.72%, enhancing the stability of the company's equity structure [1] Group 2: Strategic Transformation and Industry Opportunities - Xue Tian Salt Industry is actively positioning itself in the solid-state battery sector, which is experiencing significant growth driven by policy and technological advancements [2] - The company has made substantial progress in the development of high-voltage cathode materials, with a production capacity of 7,500 tons of lithium cobalt oxide, laying the groundwork for large-scale development [2] - A partnership with Fudan University to establish a research institute for smart fiber new energy materials indicates the company's commitment to expanding its footprint in the new energy sector [2] Group 3: Market Impact and Future Outlook - The buyback by the controlling shareholder is expected to stabilize market expectations and boost investor confidence, creating a favorable environment for the company's expansion in new energy materials [2] - The combination of financial support from banks and shareholder confidence is providing ongoing momentum for the company's strategic transformation [2] - The ongoing buyback and breakthroughs in new energy materials suggest that Xue Tian Salt Industry is poised for synergistic development between its traditional salt business and emerging sectors [3]

Core Insights - The collaboration between Xue Tian Salt Industry Group and Fudan University marks a significant step in the company's strategic transformation into the smart fiber new materials sector, with an initial investment of 51 million yuan for a 51% stake in the newly established "Intelligent Fiber New Energy Materials Research Institute" [1][2] - This partnership is not merely a traditional business expansion but a strategic move to deepen and extend the value chain of the salt industry, leveraging existing technological and resource advantages [1][3] Company Strategy - Xue Tian Salt Industry is transitioning from a traditional salt business to a dual-driven development model of "Salt Industry + New Energy," indicating a proactive approach to innovation and market adaptation [1][3] - The company has previously established a foothold in the new energy materials sector, with its subsidiary, Meite New Materials, holding a 30% market share in the electronic cigarette battery segment and preparing for mass production of high-voltage positive materials for solid-state batteries [1][2] Research and Development - The research institute's core technology is supported by a top-tier research team led by Academician Peng Huisheng, known for developing multifunctional fiber devices that integrate power generation, energy storage, and sensing capabilities [2] - The collaboration involves a comprehensive strategic partnership with government entities, focusing on research transformation, platform construction, resource sharing, and talent cultivation across eight major research directions [2] Industry Impact - The strategic significance of this initiative extends beyond the company's transformation, as smart fibers are expected to reshape multiple industries, including flexible energy storage devices in the new energy sector and advanced sensing solutions in healthcare [3] - By holding a 51% stake, Xue Tian Salt Industry demonstrates its commitment to seizing innovation leadership, providing a reference model for similar traditional enterprises facing development bottlenecks [3]