违规处罚提醒监管公告 9月4日雪峰科技公开信息显示，傅美卿因涉嫌违反证券法律法规，违规交易被中国证券监督管理委员会 新疆监管局处罚。 公司公告汇总 截至2025年9月5日收盘，雪峰科技(603227)报收于9.41元，上涨2.28%，换手率2.53%，成交量24.63万 手，成交额2.3亿元。 当日关注点 交易信息汇总资金流向 9月5日主力资金净流入3220.71万元，占总成交额14.0%；游资资金净流出630.17万元，占总成交额 2.74%；散户资金净流出2590.54万元，占总成交额11.26%。 新疆雪峰科技（集团）股份有限公司就中证中小投资者服务中心《股东质询函》回复公告。广东宏大 2024年9月收购盛世普天51%股权，2025年8月转售予雪峰科技。两次交易评估基准日分别为2024年6月 30日和2025年3月31日，收益法评估值分别为30,115.77万元和30,153.38万元，基本保持稳定。盛世普天 2025年一季度亏损539万元，主因莱州分公司停工近5个月，复工后工程量及单价下降。公司称该影响为 阶段性，2025年4月起经营逐步恢复，预计2025年4–12月营收1.05亿元。未来盈利预测基于 ...

新疆雪峰科技（集团）股份有限公司（证券代码：603227，证券简称：雪峰科技）近日公告了对中证中小投资者服务中心《股东质询函》的回复。 投资者服务中心的关注点集中于雪峰科技从广东宏大控股集团股份有限公司收购青岛盛世普天科技有限公司51%股权的交易细节，该交易因其估值在标的公司业绩下滑期间保持稳定而引发市场疑 交易背景与质询核心 2024年9月，广东宏大收购了盛世普天51%的股权。不到一年后，即在2025年8月，广东宏大又将这部分股权转售予雪峰科技。 这两次交易采用了相同的收益法评估，但评估基准日不同：前次为2024年6月30日，后者为2025年3月31日。 引人关注的是，尽管盛世普天的净利润呈现持续下降态势，但其估值却基本保持不变。 公司回应与风险提示 雪峰科技在回复公告中详细解释了高增长盈利预测的合理性及估值保持不变的缘由。 雪峰科技将盛世普天的短期亏损归因于阶段性因素。该公司莱州分公司项目停工近5个月，复工后工程量及单价同比下降较多，导致2025年第一季度出现亏损。 公司强调，自2025年4月起，生产经营已逐步回归正常，预计2025年4月至12月可实现营业收入1亿元，经营修复态势明确。 盈利预测的核心依据 ...

新疆雪峰科技（集团）股份有限公司（证券代码：603227，证券简称：雪峰科技）近日公告了对中证中 小投资者服务中心《股东质询函》的回复。 2024年9月，广东宏大收购了盛世普天51%的股权。不到一年后，即在2025年8月，广东宏大又将这部分 股权转售予雪峰科技。 投资者服务中心的关注点集中于雪峰科技从广东宏大控股集团股份有限公司收购青岛盛世普天科技有限 公司51%股权的交易细节，该交易因其估值在标的公司业绩下滑期间保持稳定而引发市场疑问。 交易背景与质询核心 这两次交易采用了相同的收益法评估，但评估基准日不同：前次为2024年6月30日，后者为2025年3月31 日。 引人关注的是，尽管盛世普天的净利润呈现持续下降态势，但其估值却基本保持不变。 根据回复公告，盛世普天2023年净利润为2639.08万元，2024年1-6月净利润为905.57万元，而2024年全 年净利润仅为294万元，意味着其在2024年下半年已经出现亏损。 进入2025年，其第一季度再次亏损539万元。然而，两次交易的评估值却极为接近，分别为30，115.77 万元和30，153.38万元。 公司回应与风险提示 雪峰科技在回复公告中详细解 ...

证券代码：603227 证券简称：雪峰科技 公告编号：2025-036 新疆雪峰科技（集团）股份有限公司 关于中证中小投资者服务中心《股东质询函》的回复公告 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。 新疆雪峰科技（集团）股份有限公司（以下简称"雪峰科技"或"公司"） 于近日收到中证中小投资者服务中心的《股东质询函》（投服中心行权函[2025]24 号），公司现根据质询函的要求，对相关问题进行回复并公告如下： 问题： 广东宏大持有的盛世普天 51%股权是 2024 年 9 月收购而来，又在 2025 年 8 月转售于你公司。前次交易以 2024 年 6 月 30 日为评估基准日，盛世普天净资 产账面值为 3,878.59 万元，收益法评估值为 30,115.77 万元，2023 年净利润为 2,639.08 万元、2024 年 1-6 月净利润 905.57 万元。本次交易以 2025 年 3 月 31 日为评估基准日，盛世普天净资产账面值为 2,771.05 万元，收益法评估值 30,153.38 万元，2024 年净利 ...

Group 1 - The construction industry faced overall pressure in the first half of 2025, with a slight improvement in cash flow in Q2 [6][10][12] - The industry's revenue and profit both declined year-on-year, with total revenue of 3.92 trillion yuan, down 5.63%, and net profit of 936.2 billion yuan, down 5.33% [12][26] - The gross profit margin for construction companies was 10.14%, a slight decrease of 0.12 percentage points year-on-year, while the net profit margin increased marginally to 2.39% [6][10][20] Group 2 - The construction industry saw an increase in cash collection efficiency, with the cash collection ratio rising by 6.29 percentage points to 95.11% [6][31] - The industry's asset-liability ratio increased to 77.52%, up 0.57 percentage points from the beginning of the year, indicating a rise in financial leverage [6][34] - The total amount of funds occupied by downstream owners increased, with accounts receivable and inventory reaching 10.03 trillion yuan, a year-on-year increase of 8.57% [27][30] Group 3 - The chemical engineering and petroleum engineering sectors showed resilience, with positive revenue growth, while the steel structure sector also saw profit recovery due to overseas expansion [11][39][40] - In the first half of 2025, only two sub-sectors, steel structure and chemical engineering, achieved positive revenue growth of 2.81% and 1.33% respectively [39][41] - The gross profit margin for the international engineering and petroleum engineering sectors improved, with international engineering at 15.14%, up 3.26 percentage points [43][44]

Investment Rating - The report maintains a "Strong Buy" rating for Xuefeng Technology (603227) with a target price of 11.52 CNY, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][7][17]. Core Views - The company reported a revenue of 2.679 billion CNY for H1 2025, a decrease of 4.96% year-on-year, and a net profit attributable to shareholders of 233 million CNY, down 40.64% year-on-year. The second quarter of 2025 saw a revenue of 1.555 billion CNY, reflecting a year-on-year decline of 5.11% but a quarter-on-quarter increase of 38.40% [1][3]. - The decline in chemical product prices has negatively impacted performance, but the company is expected to benefit from capacity injections that will enhance growth [1][7]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 6.101 billion CNY, 6.439 billion CNY, 7.103 billion CNY, and 7.812 billion CNY, respectively, with year-on-year growth rates of -13.1%, 5.5%, 10.3%, and 10.0% [3][8]. - Net profit attributable to shareholders is projected to be 668 million CNY for 2024A, 584 million CNY for 2025E, 769 million CNY for 2026E, and 957 million CNY for 2027E, with corresponding growth rates of -21.7%, -12.6%, 31.8%, and 24.3% [3][8]. - The company’s earnings per share (EPS) is expected to be 0.62 CNY for 2024A, 0.54 CNY for 2025E, 0.72 CNY for 2026E, and 0.89 CNY for 2027E [3][8]. Market Performance - The company’s stock price as of August 28, 2025, was 9.63 CNY, with a 12-month high of 10.08 CNY and a low of 6.90 CNY [4][8]. - The company’s market capitalization is approximately 10.32 billion CNY, with a circulating market value of about 9.38 billion CNY [4].

Core Insights - The report emphasizes that the chemical industry is entering a new phase of capital expenditure, with a focus on the rebalancing of supply and demand following the release of production capacity during the 14th Five-Year Plan period [2][6] - The report indicates that the bottom of the cycle is becoming clearer, with potential price increases for chemical products driven by demand recovery and supply stability in the second half of the year [2][6] Industry Overview - The current cycle has reached its tail end, with a total of 12 quarters of decline since Q3 2022, following a 7-quarter expansion from Q4 2020 to Q2 2022 [10][12] - The report outlines that the chemical industry has experienced three significant price fluctuation cycles since 2010, with the latest cycle characterized by a demand-driven recovery followed by a supply-side pressure [8][10] Investment Recommendations - The report suggests focusing on sectors with relatively low valuations, such as sucralose (recommended: Jinhe Industrial), pesticides (recommended: Yangnong Chemical, Runfeng Shares), and MDI (recommended: Wanhua Chemical) [3][4] - It highlights the importance of domestic demand in countering tariff impacts, recommending companies in refrigerants and fertilizers [3][4] - The report identifies investment opportunities in sectors with upcoming capacity releases, such as organic silicon (recommended: Xin'an Chemical) and spandex [3][4] Price and Profitability Trends - The report notes that many sub-industry product prices remain at historical lows, with specific prices for spandex, PA6, and other fibers at 0%, 4%, and 5% of historical levels respectively [28] - It mentions that the chemical industry has seen a slight recovery in profitability in Q1 2025, although the overall performance remains under pressure [27][25] Supply and Demand Dynamics - The report indicates that the global chemical capital expenditure is on a downward trend, with domestic companies experiencing a slowdown in investment while still facing significant pressure to convert projects into fixed assets [22][32] - It also states that both domestic and international markets are entering a replenishment phase in 2025, which may influence inventory levels and pricing strategies [35][36]

Core Insights - Local state-owned enterprises (SOEs) have significantly increased their participation in A-share mergers and acquisitions (M&A) in 2023, with 28 control acquisitions completed by August, representing over a fourfold increase compared to the same period in 2024 [1][5][6] - The total transaction amount for these acquisitions reached 31.195 billion RMB, a 410.38% increase year-on-year [6][7] Group 1: Transaction Overview - The 28 transactions show a notable structural change, with Anhui, Jiangsu, Zhejiang, Guangdong, and Hubei being the most active provinces [2][14] - Anhui leads with 6 transactions totaling 5.468 billion RMB, closely followed by Jiangsu with 6 transactions and 6.044 billion RMB [2][16] - The semiconductor and strategic emerging industries are the primary focus, with the electronic information sector accounting for 10.441 billion RMB, and semiconductors alone making up 28.4% of the total M&A amount [3][12] Group 2: Regional Dynamics - M&A activities are expanding beyond first- and second-tier cities, with smaller cities like Huangshan, Quzhou, and Qujing also participating in acquisitions [4][28] - Notably, county-level SOEs are also entering the M&A market, as seen with Cangnan County acquiring a stake in a medical technology company [31][33] Group 3: Industry Focus - The electronic information industry has the highest transaction volume, with 7 deals accounting for 25% of the total, followed by traditional manufacturing and chemical industries [11][12] - The semiconductor sector leads in both transaction volume and scale, with 6 deals totaling 8.866 billion RMB [12][20] Group 4: Policy and Future Outlook - Recent policies in regions like Henan and Tianjin are encouraging M&A activities, indicating a broader trend of support for local SOEs to engage in acquisitions [35][36] - The ongoing support from national financial authorities and local governments suggests that the wave of local SOE acquisitions is likely to continue, expanding both in scope and participation [37]

Group 1: Snow Peak Technology (603227) - The company is positioned as a leader in the civil explosives and chemical industry in Xinjiang, with a dual business layout of "civil explosives + chemicals" [10][12] - Revenue forecasts for 2025-2027 are projected at 6.582 billion, 7.665 billion, and 8.613 billion yuan, with corresponding net profits of 545 million, 820 million, and 1.035 billion yuan, indicating growth rates of -19%, 51%, and 26% respectively [12] - The company benefits from a significant regional advantage in Xinjiang, where the scarcity of ammonium nitrate is highlighted, and the entry of Guangdong Hongda is expected to facilitate the scale-up of explosives production [12] Group 2: Meituan (03690) - The company maintains a "buy" rating despite a decrease in profits due to increased competition in the food delivery and instant retail sectors, with adjusted net profits for 2025-2027 revised to -4.5 billion, 38.5 billion, and 57.6 billion yuan [11][15] - The core local business revenue grew by 7.7% year-on-year to 65.3 billion yuan, but operating profit fell by 75.6% to 3.7 billion yuan, indicating significant pressure on profit margins [13][15] - The company is actively expanding its logistics network and enhancing service quality, with a peak daily order volume exceeding 150 million in July [13][15] Group 3: Banking Sector Insights - Industrial Bank (601166) reported a revenue of 110.5 billion yuan in 1H25, a decrease of 2.3%, but net profit increased by 0.2% to 43.1 billion yuan, indicating a recovery in profitability [17][19] - CITIC Bank (601998) achieved a revenue of 105.8 billion yuan in 1H25, down 3%, while net profit rose by 2.8% to 36.5 billion yuan, reflecting stable asset quality [21][23] - Su Nong Bank (603323) reported a slight revenue increase of 0.2% to 2.28 billion yuan in 1H25, with net profit growing by 5.2% to 1.18 billion yuan, showcasing a robust fundamental performance [25][26]

证券代码：603227 证券简称：雪峰科技 公告编号：2025-035 新疆雪峰科技（集团）股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 投资 者可 于 2025 年 9 月 4 日 ( 星期 四) 上午 12 点 前通过 公司 邮箱 xfkjzqb603227@163.com 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 新疆雪峰科技（集团）股份有限公司（以下简称"公司"）已于 2025 年 8 月 15 日披露《新疆雪峰科技（集团）股份有限公司 2025 年半年度报告》，具体 请 参 阅 公 司 于 《 上 海 证 券 报 》《 证 券 时 报 》 及 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn）披露的详细内容。为便于广大投资者更全面深入地了 解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 4 日下午 16:00-17:00 举行 2025 年半年度业绩说明会， ...