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]

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]

证券研究报告 基础化工 | 化学制品 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 18 日 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com | 基本数据 | | | 2025 | 年 | 04 | | 日 | | 17 | | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 9.85 | | | | | 内 最 | 最 | / | | | | 10.29/5.96 | | | | 高 | | | （元） | | | | | | | | | | | | ...

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 ...

新疆雪峰科技（集团）股份有限公司 2024 年度监事会工作报告 新疆雪峰科技（集团）股份有限公司（以下简称"公司"）监事会全 体成员严格按照《公司法》《公司章程》及公司《监事会议事规则》等有 关法律法规及制度的要求，在 2024 年度内本着对公司和全体股东负责的 态度，认真履行监督和检查职责，依法独立行使职权，积极有效地开展各 项工作，有效保障了股东权益、公司利益和员工的合法权益，为公司的规 范运作发挥了积极作用。现将监事会 2024 年度的主要工作报告如下： 一、2024 年召开监事会会议情况 公司监事会共召开 11 次会议，会议的召集、召开程序符合有关法律 法规规定，会议召开情况如下： | 序号 | | 会议日期 | | 会议届次 | | 主要议案 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 2024 | | 年 1 | 第四届监事会 | | 1.审议通过《新疆雪峰科技（集团）股份有限公司 | | | 月 | 31 | 日 | 第 14 | 次会议 | 2024 年度日常关联交易预计事项的议案》 | | | 2024 | | 年 3 | | 第四 ...

证券代码：603227 证券简称：雪峰科技 公告编号：2025-019 投资金额：拟使用自有闲置资金最高额度不超过人民币 10 亿元（含本数）； 已履行的审议程序：本事项已经公司第五届董事会第二次会议及第五届 监事会第二次会议审议通过； 特别风险提示：主要受货币政策、财政政策、产业政策等宏观政策及相 关法律法规政策发生变化的影响，存有一定的系统性风险。敬请广大投资者注意 投资风险。 一、投资情况概述 （一）投资目的 为保证资金使用连续性，合理利用闲置资金，在不影响公司及其全资、控股 子公司正常经营的情况下，公司及其全资、控股子公司拟利用自有闲置资金购买 理财产品。 新疆雪峰科技（集团）股份有限公司 关于授权使用自有闲置资金购买理财产品的公告 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。 重要内容提示： 投资品种：国债、央行票据等固定收益类产品，大型金融机构发行的结构 性存款、协定存款、大额存单、收益凭证、国债逆回购等安全性高的保本型产品； （二）投资金额 公司拟使用自有闲置资金最高额度不超过人民币 10 亿元（含本数） ...