证券代码：603227 证券简称：雪峰科技 公告编号：2025-024 二、主要产品和原材料的价格变动情况 （一）主要产品的价格变动情况（不含税） | 主要产品 | 2025 年 1-3 | | 月 | 2024 年 1-3 | 月 | 变动比例（%） | | --- | --- | --- | --- | --- | --- | --- | | | 平均价格 | | | 平均价格 | | | | 炸药（元/吨） | | 8,472.21 | | | 8,665.26 | -2.23 | | 雷管（元/万发） | | 166,117.12 | | | 210,777.15 | -21.19 | | 液化天然气（元/吨） | | 3,759.17 | | | 3,768.31 | -0.24 | | 三聚氰胺（元/吨） | | 4,433.93 | | | 5,535.48 | -19.90 | 新疆雪峰科技（集团）股份有限公司 2025 年第一季度主要经营数据的公告 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个别及连带责任。 新疆雪 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,123,802,839.49, a decrease of 4.76% compared to CNY 1,179,976,455.47 in the same period last year[4] - Net profit attributable to shareholders was CNY 65,161,262.56, down 47.98% from CNY 125,251,650.65 year-on-year[4] - Basic and diluted earnings per share were both CNY 0.061, reflecting a decline of 47.86% from CNY 0.117 in the same quarter last year[4] - The decline in net profit was attributed to a decrease in sales prices of key agricultural chemical products from a subsidiary[7] - The net profit for Q1 2025 was CNY 78,994,627.66, a decrease of 40% compared to CNY 131,509,174.39 in Q1 2024[19] - Operating profit for Q1 2025 was CNY 101,977,681.82, down from CNY 165,893,754.55 in the same period last year, reflecting a decline of approximately 38.5%[19] - The total comprehensive income for Q1 2025 was a loss of CNY 7,090,931.89, contrasting with a total comprehensive income of CNY 2,342,489.51 in Q1 2024[28] Cash Flow and Liquidity - The net cash flow from operating activities increased significantly by 611.16%, reaching CNY 223,074,480.36, compared to a negative cash flow of CNY -43,641,246.31 in the previous year[4] - Cash flow from operating activities for Q1 2025 was CNY 223,074,480.36, a significant improvement from a negative cash flow of CNY 43,641,246.31 in Q1 2024[21] - The company's operating cash flow for Q1 2025 was CNY 141,000,972.86, a significant improvement from a negative cash flow of CNY 20,254,227.74 in Q1 2024[29] - The company reported a significant increase in cash and cash equivalents, reaching CNY 1,044,482,495.64 at the end of Q1 2025, up from CNY 714,575,259.28 in Q1 2024[30] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,779,406,171.50, a decrease of 1.40% from CNY 7,889,965,320.99 at the end of the previous year[5] - Total liabilities as of March 31, 2025, were CNY 1,901,159,337.98, down from CNY 2,093,398,804.24 as of December 31, 2024[16] - The company reported a decrease in total liabilities, with current liabilities at CNY 27,687,587.31, down from CNY 28,687,822.42 in the previous year[25] - The total liabilities increased to CNY 1,185,278,696.15 in 2025 from CNY 1,091,201,760.45 in 2024, reflecting a growth of approximately 8.6%[26] Equity - The equity attributable to shareholders increased by 1.39%, amounting to CNY 4,975,470,733.60 compared to CNY 4,907,054,922.32 at the end of the previous year[5] - The company’s total equity increased to CNY 5,878,246,833.52 as of March 31, 2025, from CNY 5,796,566,516.75 as of December 31, 2024[16] - The total equity decreased slightly to CNY 4,305,378,274.10 in 2025 from CNY 4,312,364,802.43 in 2024[26] Operating Costs and Profitability - Total operating costs for Q1 2025 were CNY 1,037,821,704.35, an increase of 0.2% from CNY 1,030,545,531.75 in Q1 2024[18] - Gross profit margin for Q1 2025 was approximately 7.7%, down from 12.6% in Q1 2024[18] Research and Development - Research and development expenses for Q1 2025 were CNY 1,399,454.05, compared to CNY 1,235,349.30 in Q1 2024, indicating a focus on innovation[18] - Research and development expenses for Q1 2025 were CNY 423,670.88, indicating ongoing investment in innovation[27] Other Financial Metrics - Non-recurring gains and losses amounted to CNY 3,442,323.90, primarily influenced by government subsidies and other non-operating income[6] - The company recorded a financial income of CNY 4,219,096.63 in Q1 2025, compared to CNY 1,770,340.84 in Q1 2024, showing improved financial management[27] - The company's cash and cash equivalents as of March 31, 2025, were CNY 1,140,802,051.19, up from CNY 1,004,198,307.54 as of December 31, 2024[13] - The company reported a decrease in accounts receivable from CNY 882,647,307.12 as of December 31, 2024, to CNY 819,413,620.21 as of March 31, 2025[14]

雪峰科技（603227）公告，2025年第一季度营收为11.24亿元，同比下降4.76%；净利润为6516.13万 元，同比下降47.98%。 ...

Investment Rating - The report indicates a positive outlook for the real estate sector, emphasizing its role in boosting domestic demand and stabilizing the market [1][12]. Core Insights - The real estate market is transitioning back to its residential function, with significant declines in new home sales and construction activities projected for 2022-2024 [1][12]. - The implementation of new policies on May 17, 2024, aims to support the real estate market, including adjustments to loan rates and down payment requirements [1][12]. - Infrastructure projects are also highlighted as key drivers of domestic demand, particularly in regions like Xinjiang and Guangxi, with significant investments underway [2][13]. - The "Belt and Road" initiative remains a focal point for international expansion, with ongoing collaborations between China and Vietnam to enhance infrastructure connectivity [2][13]. Summary by Sections Weekly Discussion - The report discusses the importance of real estate in stimulating domestic demand, noting a shift towards residential needs and a significant drop in key market indicators [1][12]. - It highlights the recent government meetings aimed at stabilizing the real estate market and the potential impact of new policies on housing loans [1][12]. Cyclical Linkage - Cement prices have shown a year-on-year increase, with the national average price at 395 RMB/t, while glass prices have also seen slight increases [3][14]. - The report notes a stable demand for aluminum and steel, with expectations for continued high supply levels [3][14]. National Subsidy Tracking - Various regions have successfully implemented consumer subsidies, such as Shanghai's 1.8 billion RMB for home appliance upgrades, significantly boosting sales [4][15]. - The report suggests focusing on companies related to subsidized products in the construction materials sector [4][15]. Important Developments - The report mentions the strengthening of the strategic partnership between China and Vietnam, along with significant stock purchases by major shareholders in various companies [5][16]. - It emphasizes the government's commitment to stabilizing the stock market and supporting the real estate sector [5][16]. Market Performance (April 14-18) - The construction materials index experienced a slight decline, with specific segments like refractory materials and pipes performing better than others [17]. Construction Material Price Changes - Cement prices have slightly decreased in certain regions, while glass prices have shown minor increases, indicating a mixed market response [29][39]. - The report provides detailed statistics on the pricing trends and inventory levels for various construction materials [29][39].

Core Insights - The company reported a revenue of 6.101 billion RMB for 2024, a year-on-year decrease of 13.10%, and a net profit attributable to shareholders of 668 million RMB, down 21.69% [1] - The fourth quarter revenue was 1.541 billion RMB, a decline of 5.54% year-on-year, with a net profit of 66.57 million RMB, down 42.89% [1] - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares [1] Business Segment Analysis Explosives Business - The optimization of production capacity and a decline in explosive product prices led to a revenue drop, with total revenue from blasting services and explosive products at 2.761 billion RMB, down 12.21% year-on-year [2] - The average price of explosives decreased by 1.46% to 8,449 RMB/ton, while the average price of detonators fell by 13.08% to 181,200 RMB/million [2] - The gross margin for blasting services improved to 24.34%, up 3.51 percentage points, due to reduced low-margin projects and lower raw material costs [2] Chemical Business - The chemical segment saw a revenue decline of 20.12% to 2.829 billion RMB, with net profit down 29.43% to 357 million RMB [3] - Significant growth in ammonium nitrate production and sales, with production up 35.94% to 449,300 tons and sales up 38.83% to 448,800 tons [3] - The average market price for ammonium nitrate fell by 10.3% to 2,497 RMB/ton, contributing to a gross margin decline of 3.11 percentage points to 19.21% [3] LNG Business - LNG production decreased by 8.09% to 98,900 tons, and sales fell by 15.37% to 91,100 tons, despite a revenue increase of 14.65% [4] - The gross margin for LNG dropped to -2.2%, down 19.18 percentage points, primarily due to rising raw material gas prices [4] - The company's overall net profit margin decreased by 1.17 percentage points to 12.38% [4] Future Outlook - With the new management, the company is expected to enter a phase of significant growth in explosive production capacity, with projected net profits of 751 million RMB, 1.071 billion RMB, and 1.515 billion RMB for 2025-2027 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The report highlights that the annual report has been released, and the company is expected to enter a phase of significant growth in civil explosives production capacity [6][8] - The company experienced a decline in revenue and net profit in 2024, with revenue at 6.101 billion yuan, down 13.10% year-on-year, and net profit at 668 million yuan, down 21.69% year-on-year [8] - The report anticipates a recovery in profitability and growth in net profit from 2025 onwards, with projections of 751 million yuan in 2025, 1.071 billion yuan in 2026, and 1.515 billion yuan in 2027 [8][9] Financial Summary - The company's total market capitalization is approximately 10.56 billion yuan, with a circulating market capitalization of about 9.59 billion yuan [4] - The company reported a total asset-liability ratio of 26.53% and a net asset value per share of 4.58 yuan [4] - The forecasted revenue for 2025 is 5.969 billion yuan, with a projected growth rate of 15.19% in 2026 and 19.89% in 2027 [7][9] - The earnings per share (EPS) is expected to increase from 0.62 yuan in 2024 to 1.41 yuan in 2027 [7][9] - The report indicates that the company is expected to maintain a price-to-earnings (P/E) ratio of 14.05 in 2025, decreasing to 6.97 by 2027 [7][10]

Group 1 - The core viewpoint of the article highlights that Xuefeng Technology is focused on transformation and high-quality development, emphasizing its dual main businesses of civil explosives and energy chemicals [2] - In 2024, the company achieved operating revenue of 6.101 billion yuan and a net profit attributable to shareholders of 668 million yuan, with a basic earnings per share of 0.624 yuan [2] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (including tax) [2] Group 2 - In the civil explosives business, Xuefeng Technology maintains an integrated development model for production, sales, and blasting services, ranking 12th in production value and 4th in blasting service revenue within the industry [3] - The company produced 119,500 tons of industrial explosives in 2024, with 48,000 tons of packaged explosives and 71,500 tons of mixed explosives [3] - The company has improved its industrial explosives production capacity from 117,500 tons/year to 119,500 tons/year and has increased the proportion of mixed explosives production capacity to 70% [3] Group 3 - The company achieved significant safety performance in 2024, with no major injuries, fires, or explosions reported, and maintained its status as an advanced unit in annual safety production management [4] - In the energy chemicals business, Xuefeng Technology produced 98,900 tons of LNG and transported 295 million cubic meters of gas in 2024, contributing to energy supply and agricultural development in Xinjiang [5] - The ammonium nitrate business saw a 39% year-on-year increase in sales, reaching a historical high, with the company being the only producer of ammonium nitrate and nitro compound fertilizers in Xinjiang [5][6] Group 4 - The acquisition of Xuefeng Technology by Guangdong Hongda is expected to enhance the company's strategic position and inject new vitality into its development, aligning with the national plan for industry consolidation [7] - The acquisition allows for potential capacity growth and market competitiveness improvements through complementary advantages and industrial synergy [7] - Guangdong Hongda is recognized as the first listed company in China providing integrated services in the mining explosives sector, while Xuefeng Technology is a leading player in Xinjiang's civil explosives market [7]

4月16日晚间，雪峰科技(603227)披露2024年年报，报告期公司实现营业收入61.01亿元，实现归属于上 市公司股东的净利润6.68亿元，虽较上年略有下滑，但围绕"民爆+能化"双主业，重点煤炭产区工业炸 药保供能力显著增强，民爆产品和爆破服务产品毛利率分别增长3.14和3.51个百分点，至55.43%和 24.34%，硝酸铵销量创历史新高，LNG业务收入增长14.65%，凸显公司未来保持增长的基础动能。 彼时，广东宏大方面在收购中承诺，将在取得雪峰科技控制权之日起5年内，将本公司及下属企业民爆 产品业务相关的资产注入雪峰科技或其下属企业，据广东宏大和雪峰科技2024年年报披露，截至2024年 12月31日上述两家公司合并工业炸药产能69.75万吨。 同日，雪峰科技还披露了2024年利润分配方案，拟向全体股东每10股派发现金股利2.00元人民币（含 税），分红共计21433.85万元。（秦声） 校对：王蔚 数据显示，2024年，雪峰科技全年自有工业炸药产销量11.95万吨，创下历史新高，其中：包装炸药产 销量4.80万吨，混装炸药7.15万吨；工业电子雷管产量1148万发，销量1006万发，为新疆重点煤矿 ...

4月16日雪峰科技发布2024年度分配预案，拟10派2元（含税），预计派现金额合计为2.14亿元。派现额 占净利润比例为32.07%，以该股2024年度成交均价计算，股息率为2.57%。这是公司上市以来，累计第 9次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派2元（含税） | 2.14 | 2.57 | | 2023.12.31 | 10派2.5元（含税） | 2.68 | 2.85 | | 2022.12.31 | 10派1.5元（含税） | 1.61 | 1.73 | | 2021.12.31 | 10派0.7元（含税） | 0.51 | 1.26 | | 2020.12.31 | 10派0.5元（含税） | 0.36 | 1.13 | | 2019.12.31 | 10派0.5元（含税） | 0.33 | 1.15 | | 2018.12.31 | 10派0.3元（含税） | 0.20 | 0.68 | | 2017.12.31 | 10派0.1元（含 ...

新疆雪峰科技（集团）股份有限公司 2024 年度社会责任专项报告 2024 年，新疆雪峰科技（集团）股份有限公司（以下简称"公司"） 面对复杂严峻的内外部环境，把握新疆矿业产业发展机遇，生产经营稳中 有进、安全生产持续稳定、改革创新亮点纷呈、员工活力充分激发，各项 工作取得明显成效。 一、可持续的业绩发展 业创新深度融合跑出加速度，企业发展的"含新量""含绿量""含金量" 大幅跃升。 二、负责任的安全运营 一是强行动夯机制，构建安全基础新高度。把产品全生命周期各个业 务环节作为安全管控的对象，明确安全管控内容，向体系完整、架构清晰、 流程顺畅、责任明确、运行高效的矩阵式安全生产责任共同体迈进，积极 构建完善全层级、全流程、全要素、全员参与的安全管理体系。安全技术 改造项目，较大地提升了生产线的自动化水平，降低了作业工序的劳动强 度，本质安全进一步升级，新质生产力加速形成。二是抓培训出新招，实 现安全素质新突破。通过安全培训全覆盖，员工安全意识、安全技能得到 显著提升。推广安全标准化班组建设、安全看板管理；加强外协单位安全 管理，将外协单位纳入公司安全管理体系；大力推动绿色工厂建设，共同 营造安全环境。 三、重 ...