Group 1 - The core viewpoint of the report is that Minsheng Securities recommends Xuefeng Technology (603227.SH, latest price: 8.76 yuan) due to its significant regional advantages and the expectation that industry leaders will continue to strengthen their positions [2] Group 2 - The company is highlighted for its prominent regional advantages, which are seen as a key factor in its competitive positioning [2] - The report suggests that the industry leader is likely to benefit from a "stronger gets stronger" dynamic, indicating a favorable outlook for Xuefeng Technology [2]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 8.70 yuan and expected PE ratios of 16X, 11X, and 9X for the years 2025, 2026, and 2027 respectively [4][3]. Core Insights - The company has significant regional advantages, being located in Xinjiang, which has abundant resources. The demand for civil explosives in this region is expected to remain high due to its application in coal mining and other mining activities [2][3]. - As an industry leader, the company is positioned to benefit from consolidation in the civil explosives sector, with the potential for increased international competitiveness following mergers and acquisitions [3][4]. - The company’s projected net profits for 2025, 2026, and 2027 are estimated to be 5.93 billion yuan, 8.26 billion yuan, and 10.85 billion yuan respectively, indicating a positive growth trajectory [3][4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 2.68 billion yuan, a year-over-year decrease of 4.96%, and a net profit of 233 million yuan, down 40.64% year-over-year. The second quarter saw a revenue of 1.55 billion yuan, a decrease of 5.11% year-over-year but an increase of 38.40% quarter-over-quarter [1][2]. - The company’s ability to produce and sell ammonium nitrate, a key raw material for explosives, positions it well to benefit from the rising demand in the civil explosives market [2][3]. Industry Outlook - The civil explosives industry is characterized by regional demand, with Xinjiang's total explosive production reaching 254,100 tons in the first half of 2025, a year-over-year increase of 9.63% [2]. - The Ministry of Industry and Information Technology's policy aims to consolidate the industry, potentially leading to the emergence of 3 to 5 large civil explosive companies with international competitiveness by 2027 [3].

证券日报网讯 8月14日晚间，雪峰科技发布公告称，2025年半年度公司实现营业收入2，679，138， 751.31元，同比下降4.96%；归属于上市公司股东的净利润为232，579，863.86元，同比下降40.64%。 （文章来源：证券日报） ...

Core Viewpoint - The company, Xinjiang Xuefeng Technology (Group) Co., Ltd., has released its 2025 semi-annual report, which includes significant updates on its operational performance and financial status [1][4][11]. Group 1: Company Overview - The company is identified by the stock code 603227 and is referred to as Xuefeng Technology [2][11]. - The board of directors and supervisory board confirm the authenticity and completeness of the report, taking legal responsibility for its content [1][2]. Group 2: Meeting Details - The fifth meeting of the fifth supervisory board was held on August 14, 2025, via telecommunication, with all three supervisors present [3]. - The fifth meeting of the fifth board of directors also took place on the same day, with all nine directors in attendance [12]. Group 3: Resolutions Passed - The supervisory board approved the semi-annual report and its summary with unanimous consent [4][13]. - The board of directors also approved the semi-annual report and a report on the "Quality Improvement and Efficiency Recovery" action plan, both with unanimous votes [14][15]. Group 4: Financial Data - The semi-annual report includes key financial data and operational metrics, which are essential for understanding the company's performance [1][6].

证券代码：603227 证券简称：雪峰科技 公告编号：2025-032 新疆雪峰科技（集团）股份有限公司 第五届董事会第五次会议决议公告 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。 一、董事会会议召开情况 新疆雪峰科技（集团）股份有限公司（以下简称"公司"）于 2025 年 8 月 议应出席董事 9 名，实际出席董事 9 名。 公司本次董事会的召集召开程序符合《中华人民共和国公司法》等有关法律、 法规及《公司章程》的规定，会议决议合法、有效。 二、董事会会议审议情况 （一）审议通过《新疆雪峰科技（集团）股份有限公司关于 2025 年半年度 报告及摘要的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 该事项已经公司第五届董事会审计委员会 2025 年第五次会议审议通过。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《新疆雪峰科技（集团）股份有限公司 2025 年半年度报告》及《新疆雪峰科技 （集团）股份有限公司 2025 年半年度报告摘要》。 （二）审议通过《新疆雪峰科技（ ...

本公司监事会及全体监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 第五届监事会第五次会议决议公告 证券代码：603227 证券简称：雪峰科技 公告编号：2025-033 审议通过《新疆雪峰科技（集团）股份有限公司关于 2025 年半年度报告及 摘要的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《新疆雪峰科技（集团）股份有限公司 2025 年半年度报告》及《新疆雪峰科技 （集团）股份有限公司 2025 年半年度报告摘要》。 特此公告。 新疆雪峰科技（集团）股份有限公司监事会 一、监事会会议召开情况 新疆雪峰科技（集团）股份有限公司（以下简称"公司"）于 2025 年 8 月 会议应出席监事 3 名，实际出席监事 3 名。 公司本次监事会的召集召开程序符合《中华人民共和国公司法》等有关法律、 法规及《公司章程》的规定，会议决议合法、有效。 二、监事会会议审议情况 -1- ...

Group 1 - The core viewpoint of the article is that Xuefeng Technology has reported its key operational data for the second quarter of 2025, indicating production and sales figures across various product lines [1] Group 2 - The production and sales figures for explosives are 11,712.48 tons and 11,549.44 tons respectively, generating revenue of 95.51 million yuan [1] - The production and sales figures for detonators are 2.9955 million units and 2.5005 million units respectively, generating revenue of 40.90 million yuan [1] - The production and sales figures for liquefied natural gas are 44,462.93 tons and 44,964.06 tons respectively, generating revenue of 164.61 million yuan [1] - The production and sales figures for melamine are 44,205.48 tons and 42,635.00 tons respectively, generating revenue of 187.01 million yuan [1] Group 3 - The average price changes for the main products are as follows: explosives decreased by 1.78%, detonators by 5.77%, liquefied natural gas by 2.67%, and melamine by 14.44% [1]

证券日报网讯 8月14日晚间，雪峰科技发布公告称，公司第五届监事会第五次会议审议通过了《新疆雪 峰科技（集团）股份有限公司关于2025年半年度报告及摘要的议案》。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 8月14日晚间，雪峰科技发布公告称，公司第五届董事会第五次会议审议通过了《新疆雪 峰科技（集团）股份有限公司关于2025年半年度报告及摘要的议案》等。 ...

Core Viewpoint - Xuefeng Technology (603227.SH) reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the chemical sector and cash flow issues due to market price fluctuations [1] Financial Performance - The company achieved revenue of 2.679 billion yuan, a year-on-year decrease of 4.96% [1] - Net profit attributable to shareholders was 233 million yuan, down 40.64% compared to the previous year [1] - The non-recurring net profit was 223 million yuan, reflecting a decline of 40.89% year-on-year [1] - Basic earnings per share stood at 0.217 yuan [1] Cash Flow Analysis - The net cash flow from operating activities decreased by 362.18 million yuan compared to the same period last year [1] - The decline in cash inflow was primarily due to falling market prices for end products [1] - There was an increase in the amount of bank acceptance bills, alongside rising natural gas procurement costs driven by market price increases, contributing to higher cash outflows [1]