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， ...

Core Viewpoint - Xuefeng Technology's stock price has shown fluctuations, with a recent decline of 2.09% and a year-to-date increase of 15.78%, indicating volatility in market performance [1][2]. Company Overview - Xuefeng Technology, established on June 27, 1984, and listed on May 15, 2015, is located in Urumqi, Xinjiang, and specializes in the research, production, and sales of civil explosives and related services [2]. - The company's main business revenue composition includes: chemical products (44.23%), blasting services (32.15%), liquefied natural gas (9.05%), civil explosive products (6.24%), commodity trading (5.73%), transportation services (1.92%), and others (0.68%) [2]. Financial Performance - For the first half of 2025, Xuefeng Technology reported a revenue of 2.679 billion yuan, a year-on-year decrease of 4.96%, and a net profit attributable to shareholders of 233 million yuan, down 40.64% year-on-year [2]. - The company has distributed a total of 849 million yuan in dividends since its A-share listing, with 643 million yuan distributed over the past three years [3]. Market Activity - As of August 27, the stock price was 9.83 yuan per share, with a trading volume of 285 million yuan and a turnover rate of 2.96%, resulting in a total market capitalization of 10.535 billion yuan [1]. - The net outflow of main funds was 49.396 million yuan, with significant selling pressure observed [1].

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [6][7]. Core Views - The company is positioned as a leader in the "civil explosives + energy chemicals" sector in Xinjiang, with a strong market presence and the backing of Guangdong Hongda as the new controlling shareholder, which is expected to enhance industrial synergy [6][19]. - The integration of civil explosive capacity and mining services is ongoing, with significant growth potential in the western region and opportunities for international expansion [6][19]. - The scarcity of ammonium nitrate in Xinjiang and the potential convergence of domestic and international urea price differentials are highlighted as key factors for future growth [6][19]. Financial Data and Profit Forecast - The projected total revenue for 2025 is 65.82 billion yuan, with a net profit of 5.45 billion yuan, reflecting a growth rate of -19% for 2025, followed by 51% and 26% in subsequent years [2][7]. - Earnings per share (EPS) are expected to be 0.51 yuan in 2025, increasing to 0.97 yuan by 2027 [2][7]. - The company’s projected price-to-earnings (PE) ratio for 2026 is approximately 13 times, which is below the average PE of comparable companies at 15 times [7]. Business Segments - The civil explosives segment is expected to see significant growth due to the injection of production capacity from Guangdong Hongda, with external sales projected to reach 70,000 tons in 2025 [8][19]. - The chemical products segment, particularly ammonium nitrate, is anticipated to benefit from high demand in Xinjiang, with a licensed capacity of 810,000 tons [22][24]. - The LNG segment is also expected to improve, with production capacity utilization gradually increasing [22][24]. Market Dynamics - The civil explosives industry is characterized by high barriers to entry and regional market dynamics, with a focus on safety and regulatory compliance [45][50]. - The report notes that the industry is undergoing consolidation, with a target of reducing the number of production enterprises to fewer than 50 by 2025, enhancing the competitive landscape [51][54]. Strategic Initiatives - The company is actively pursuing external acquisitions to enhance its market position, having recently acquired stakes in Southern Yongsheng and Shengshi Putian [6][19]. - The strategic focus on integrating civil explosives and chemical production is expected to create a robust circular economy model, leveraging local resources effectively [19][22].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6][7]. Core Views - The company is positioned as a leader in the "civil explosives + energy chemicals" sector in Xinjiang, with a strong market presence and potential for growth due to the acquisition by Guangdong Hongda [6][7]. - The integration of civil explosive capacity and the growth of mining services are expected to drive long-term growth, with a focus on the western region and international expansion [6][7]. - The scarcity of ammonium nitrate in Xinjiang and the potential convergence of domestic and international urea prices are highlighted as key factors influencing the company's performance [6][7]. Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are 65.82 billion, 76.65 billion, and 86.13 billion CNY, respectively, with corresponding net profits of 5.45 billion, 8.20 billion, and 10.35 billion CNY [2][7]. - The company is expected to experience a net profit CAGR of 16% over the next three years, with a PE ratio of approximately 13 in 2026, which is below the average PE of comparable companies [7][8]. Business Segments - The company operates in two main segments: civil explosives and energy chemicals, with a focus on creating a circular economy through its integrated supply chain [18][21]. - The civil explosives segment includes a comprehensive range of services, while the energy chemicals segment is bolstered by the production of ammonium nitrate and other chemical products [25][34]. Market Dynamics - The civil explosives industry is characterized by high barriers to entry and regional market dynamics, with a significant focus on safety and regulatory compliance [46][48]. - The report notes that the industry is undergoing consolidation, with a push towards higher concentration and integration among leading firms [53][54]. Growth Catalysts - Key growth drivers include increased demand for civil explosives due to coal mining activities in Xinjiang, accelerated asset injections from Guangdong Hongda, and rising prices for ammonium nitrate and urea [10][6].

Core Viewpoint - Local state-owned enterprises (SOEs) have significantly increased their participation in A-share mergers and acquisitions (M&A) in 2023, with a notable shift towards lower-tier cities and strategic industries like semiconductors [6][28]. Group 1: M&A Activity Overview - As of August 2023, local SOEs participated in 28 control acquisitions of listed companies, representing a more than fourfold increase in both quantity and value compared to the same period in 2024 [6][8]. - The total transaction value of these 28 deals reached 311.95 billion RMB, a year-on-year increase of 410.38% from 61.12 billion RMB in 2024 [9][10]. - Among these transactions, three exceeded 2 billion RMB, and eight were over 1 billion RMB, with the largest being Zhejiang Economic Construction Investment Co. acquiring Jianghai Co. for 3.23 billion RMB [10][11]. Group 2: Industry Focus - The M&A activities are heavily concentrated in strategic emerging industries, particularly in the electronic information sector, which accounted for 25% of the total transactions [12]. - The semiconductor industry alone represented 28.4% of the total M&A value, with six transactions totaling 88.66 billion RMB [12]. Group 3: Regional Dynamics - The most active regions in M&A activities include Anhui, Jiangsu, Zhejiang, Guangdong, and Hubei, with Anhui and Jiangsu each participating in six transactions [15][16]. - In terms of transaction value, Jiangsu led with 60.44 billion RMB, followed closely by Anhui at 54.68 billion RMB [16]. Group 4: Emerging Trends - There is a noticeable trend of lower-tier cities entering the M&A market, with cities like Qujing, Huangshan, and Quzhou making significant acquisitions despite their lower GDPs [24][25]. - County-level SOEs are also beginning to acquire listed companies, exemplified by Cangnan County's acquisition of a controlling stake in Sichuan Medical Technology [26][27]. Group 5: Future Outlook - The ongoing support from local governments and the central financial authorities is expected to sustain the momentum of local SOEs in M&A activities, with policies encouraging further participation and expansion into new regions [28].

Group 1 - The core viewpoint of the article highlights the recent movements of social security funds in the A-share market, revealing that they have entered the top ten circulating shareholders of 71 new stocks in the second quarter of 2025 [1] - Su Shi Testing has the highest number of new social security fund holdings, with 3 new holdings, while Shanghai Jahwa and Xin Qiang Lian each have 2 new holdings [1] - The article provides a detailed list of companies that have seen new social security fund investments, including their respective shareholding numbers, quantities, and market values [2][3][4][5] Group 2 - Specific companies mentioned include Su Shi Testing with 1,486.20 thousand shares valued at 213 million yuan, Shanghai Jahwa with 1,150.51 thousand shares valued at 242 million yuan, and Xin Qiang Lian with 555.56 thousand shares valued at 199 million yuan [2][3] - Other companies with new social security fund holdings include Hengdian East Magnetic, Nuofushin, and Baichu Electronics, each with 1 new holding, along with their respective share quantities and market values [2][3][4] - The article lists a total of 71 companies that have received new investments from social security funds, indicating a diverse range of industries from agriculture to electronics and pharmaceuticals [2][3][4][5]

Group 1 - The chemical products sector increased by 0.83% on August 22, with Xuefeng Technology leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] - Notable stock performances included Xuefeng Technology with a closing price of 9.79, up 10.00%, and ST Quantai with a closing price of 5.15, up 9.11% [1] Group 2 - The chemical products sector experienced a net outflow of 581 million yuan from main funds, while retail investors saw a net inflow of 684 million yuan [3] - The overall market sentiment showed a mixed trend with institutional investors withdrawing funds while retail investors increased their participation [3]

（文章来源：每日经济新闻） 国信证券8月22日发布研报称，给予广东宏大（002683.SZ）优于大市评级。评级理由主要包括：1）民 爆产能持续扩张，营收及盈利水平提升；2）矿服在手订单充足，重点市场营收大幅增长；3）持续扎实 推进出海业务，打造新利润增长点；4）拟收购大连长之琳，防务装备板块经营持续向好；5）基础化工 ·化学制品。风险提示：下游需求不及预期风险；安全生产风险；商誉减值风险等。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 2.68 billion yuan for the first half of 2025, a year-on-year decrease of 5.0%, and a net profit attributable to shareholders of 230 million yuan, down 40.6% year-on-year [2][5] - In Q2 alone, the company achieved a revenue of 1.56 billion yuan, a year-on-year decrease of 5.1% but a quarter-on-quarter increase of 38.4% [2][5] - The company's performance in the civil explosives sector faced challenges, with total revenue from blasting services and civil explosive products amounting to 1.03 billion yuan, a decline of 11.8% year-on-year [11] - The chemical products segment also saw a revenue drop of 13.6% year-on-year, attributed to falling prices of key products such as ammonium nitrate and urea [11] - The company is steadily advancing capacity injection from its major shareholder, with recent acquisitions adding 71,000 tons per year of industrial explosive capacity [11] - The company is expected to achieve net profits attributable to shareholders of 640 million yuan, 770 million yuan, and 820 million yuan for the years 2025, 2026, and 2027 respectively [11] Summary by Sections Financial Performance - The company achieved a total revenue of 2.68 billion yuan in H1 2025, with a net profit of 230 million yuan, reflecting a significant decline compared to the previous year [2][5] - Q2 results showed a revenue of 1.56 billion yuan and a net profit of 170 million yuan, indicating a recovery in performance compared to Q1 [2][5] Sector Analysis - The civil explosives sector is experiencing increased competition, leading to a decline in revenue and profit margins [11] - The chemical products segment is under pressure due to falling prices and rising costs of raw materials, particularly natural gas [11] Capacity Expansion - The company is actively expanding its production capacity through acquisitions, which is expected to enhance its revenue and profit potential in the coming years [11]

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly focusing on heat dissipation materials and helium gas from Russia, as well as incidents affecting Zhongkun Chemical [3][4]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected at 2.8%, with stable oil demand despite some slowdown due to tariffs [3][4]. - The trend towards liquid cooling in AI servers is highlighted, with significant power requirements leading to increased demand for specialized cooling materials. The report suggests monitoring companies like Bayi Shikong, New Era, Dongyangguang, Yonghe Co., and Juhua Co. [3][4]. - Recent incidents affecting helium supply in Russia and a fire at Zhongkun Biotech are expected to positively impact the helium supply-demand balance, with recommendations to focus on companies like Guanggang Gas, Huate Gas, and Jinhong Gas [3][4]. Summary by Sections Industry Dynamics - Oil supply is expected to increase significantly, with non-OPEC countries leading the way. Global oil demand remains stable, but growth may slow due to tariff impacts. Coal prices are expected to stabilize at low levels, while natural gas export facilities in the U.S. may reduce import costs [4][5]. Chemical Sector Configuration - The report notes a decrease in oil prices and an increase in coal prices, with industrial product PPI showing a year-on-year decline of 3.6%. Manufacturing PMI recorded at 49.3%, indicating a slight contraction in manufacturing activity [3][5]. Investment Analysis - Traditional cyclical investments should focus on leading companies in their respective sectors, including Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy. Growth sectors include semiconductor materials and OLED panel materials, with specific companies highlighted for their potential [3][4][17].