新疆雪峰科技（集团）股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 证券代码：603227 证券简称：雪峰科技 公告编号：2025-047 - 1 - 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11月3日(星期一)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 10 月 21 日披露《新疆雪峰科技（集团）股份有限公司 2025 年第三季度报告》，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 年第三季度经营 成果、财务状况，公司计划于 2025 年 11 月 3 日下午 16:00-17:00 举行 2025 年第三 季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以 ...

Group 1 - The core viewpoint of the news is that Xuefeng Technology's stock has shown a positive performance with a 2.29% increase on October 22, 2023, and significant trading activity in margin financing and securities lending [1] Group 2 - 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] - As of September 30, 2023, the number of shareholders is 42,700, a decrease of 0.98% from the previous period, with an average of 22,788 circulating shares per person, an increase of 0.99% [2] - For the period from January to September 2023, Xuefeng Technology reported operating revenue of 4.183 billion yuan, a year-on-year decrease of 8.28%, and a net profit attributable to shareholders of 394 million yuan, a year-on-year decrease of 34.60% [2] Group 3 - Since its A-share listing, Xuefeng Technology has distributed a total of 849 million yuan in dividends, with 643 million yuan distributed over the past three years [3]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8] Core Views - The company reported a revenue of 4.18 billion yuan for the first three quarters of 2025, a year-on-year decrease of 8.3%. The net profit attributable to shareholders was 390 million yuan, down 34.6% year-on-year, and the net profit after deducting non-recurring gains and losses was 380 million yuan, a decrease of 33.8% year-on-year [2][5] - In Q3 alone, the company achieved a revenue of 1.5 billion yuan, which represents a year-on-year decline of 13.7% and a quarter-on-quarter decline of 3.3%. The net profit attributable to shareholders for Q3 was 160 million yuan, down 23.3% year-on-year and 3.8% quarter-on-quarter [2][5] - The decline in revenue from the civil explosives segment is primarily due to reduced coal mine operating rates in Xinjiang, leading to weakened demand for civil explosives. The sales of explosives and detonators in Q3 were 17,000 tons and 203,800 units, down 24.7% and 33.1% year-on-year, respectively [12] - The chemical segment remains under pressure, with major chemical products still in a price decline. The average market prices for ammonium nitrate and urea decreased by 13.2% and 5.8% year-on-year, respectively [12] - The company is steadily advancing capacity injection, having acquired 51% stakes in two companies, adding a total of 71,000 tons/year of industrial explosive capacity. The total capacity now stands at 190,500 tons/year [12] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 4.18 billion yuan, a decrease of 8.3% year-on-year. The net profit attributable to shareholders was 390 million yuan, down 34.6% year-on-year, and the net profit after deducting non-recurring items was 380 million yuan, a decrease of 33.8% year-on-year [2][5] - In Q3, the company reported a revenue of 1.5 billion yuan, a year-on-year decline of 13.7% and a quarter-on-quarter decline of 3.3%. The net profit attributable to shareholders for Q3 was 160 million yuan, down 23.3% year-on-year and 3.8% quarter-on-quarter [2][5] Business Segments - The civil explosives segment saw a revenue decline due to lower coal mine operating rates in Xinjiang, with sales of explosives and detonators dropping significantly [12] - The chemical segment continues to face pricing pressures, with key products experiencing year-on-year price declines [12] Capacity Expansion - The company has made strategic acquisitions to enhance its production capacity, with a total of 71,000 tons/year added through recent acquisitions, bringing the total capacity to 190,500 tons/year [12]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's Q3 performance slightly exceeded expectations, with total revenue of 4.183 billion yuan for the first three quarters of 2025, down 8% year-on-year, and a net profit attributable to shareholders of 394 million yuan, down 35% year-on-year [6] - The company has officially begun internal and external growth initiatives, with significant increases in explosive sales volume and capacity expansion through acquisitions [6] - The company is positioned to benefit from the high demand for civil explosives in Xinjiang, with a notable increase in ammonium nitrate production capacity [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 6.582 billion yuan, with a year-on-year growth rate of 7.9% [5] - The net profit attributable to shareholders is expected to be 545 million yuan in 2025, reflecting a year-on-year decline of 18.5% [5] - Earnings per share (EPS) is forecasted to be 0.51 yuan in 2025, with a price-to-earnings (PE) ratio of 18 [5] - The company anticipates significant growth in explosive production capacity, from 190,500 tons currently to 295,500 tons in three years and 725,500 tons in five years [6]

Group 1 - Pinggao Electric reported a 6.98% increase in revenue to 8.436 billion yuan and a 14.62% increase in net profit to 982 million yuan for the first three quarters of 2025 [1] - Wanchen Group achieved a 77.37% increase in revenue to 36.562 billion yuan and a staggering 917.04% increase in net profit to 855 million yuan for the first three quarters of 2025 [2] - Xintian's revenue decreased by 10.42% to 481 million yuan, with a net profit decline of 35.19% to 91.9 million yuan for the first three quarters of 2025 [3] Group 2 - Chuangye Heima reported a revenue drop of 35.68% to 102 million yuan and a net loss of 24.93 million yuan for the first three quarters of 2025 [4] - Huaxin New Materials saw a 16.11% increase in revenue to 265 million yuan and an 18.56% increase in net profit to 40.81 million yuan for the first three quarters of 2025 [5] - Meihua Medical's revenue increased by 3.28% to 1.194 billion yuan, but net profit fell by 19.25% to 208 million yuan for the first three quarters of 2025 [6] Group 3 - Silica Technology reported a 24.30% increase in revenue to 2.651 billion yuan and a 44.63% increase in net profit to 229 million yuan for the first three quarters of 2025 [7] - Anada experienced a revenue decline of 6.03% to 1.31 billion yuan and a net loss of 46.37 million yuan for the first three quarters of 2025 [8] - StarNet Ruijie achieved a 19.20% increase in revenue to 14.168 billion yuan and a 31.06% increase in net profit to 344 million yuan for the first three quarters of 2025 [9] Group 4 - New Link Electronics reported a revenue decrease of 0.37% to 550 million yuan but a significant net profit increase of 421.43% to 535 million yuan for the first three quarters of 2025 [10] - Tianyin Electromechanical's revenue fell by 22.75% to 581 million yuan, with a net profit decline of 56.10% to 24.27 million yuan for the first three quarters of 2025 [11] - Hengtong Co. reported a revenue decrease of 39.29% to 1.05 billion yuan, but a net profit increase of 78.33% to 176 million yuan for the first three quarters of 2025 [12] Group 5 - Xigao Institute achieved a 15.05% revenue increase to 651 million yuan and a 21.28% net profit increase to 198 million yuan for the first three quarters of 2025 [13] - Good Housewife reported a revenue decrease of 0.91% to 1.059 billion yuan and a net profit decline of 24.79% to 143 million yuan for the first three quarters of 2025 [14] - China Pharmaceutical's subsidiary received approval for Vitamin B6 injection, indicating a positive development in its product pipeline [20] Group 6 - Xi Zhong Technology received approval for the issuance of convertible bonds, indicating potential for future capital raising [22] - Chengda Bio signed a strategic cooperation agreement with the Chinese Academy of Microbiology, focusing on infectious disease prevention [25] - Fuyuan Pharmaceutical received a drug registration certificate for Dydrogesterone tablets, enhancing its product offerings [26] Group 7 - Zhehai Deman received 8.1202 million yuan in land acquisition compensation, indicating a successful resolution of land-related issues [27] - Zhongjin Irradiation announced the resignation of its deputy general manager, indicating potential changes in management [29] - Hendi Pharmaceutical received a drug registration certificate for Febuxostat tablets, expanding its product portfolio [30] Group 8 - David Medical's subsidiary received a medical device registration certificate for a surgical stapler, enhancing its product offerings [32] - Liaoning Energy announced plans for a share reduction by a major shareholder, indicating potential changes in ownership structure [34] - Fengyuan Co. signed a framework agreement for the supply of lithium iron phosphate, indicating growth in its supply chain [35] Group 9 - Shengda Resources announced the resumption of construction at a mining site, indicating recovery from previous operational disruptions [37] - Shiyuan Co. reported a revenue increase of 5.45% to 18.087 billion yuan, but a net profit decline of 6.81% to 867 million yuan for the first three quarters of 2025 [39] - Feilida reported a revenue decrease of 6.81% to 4.659 billion yuan, but a net profit increase of 49.1% to 33.19 million yuan for the first three quarters of 2025 [40] Group 10 - Changyuan Donggu reported a revenue increase of 29.75% to 1.648 billion yuan and a net profit increase of 76.71% to 274 million yuan for the first three quarters of 2025 [41] - Liyuanheng reported a net profit of 47.49 million yuan for the first three quarters of 2025, indicating stable performance [42] - Fangyuan Co. reported a net loss of 121 million yuan for the first three quarters of 2025, indicating challenges in its operations [43] Group 11 - China Mobile reported a revenue increase of 0.4% to 794.7 billion yuan and a net profit increase of 4% to 115.4 billion yuan for the first three quarters of 2025 [44] - Huangshanghuang reported a revenue decrease of 5.08% to 1.379 billion yuan but a net profit increase of 28.59% to 101 million yuan for the first three quarters of 2025 [46] - Youcai Resources announced plans to invest approximately 150 million yuan in a new materials production base project [47] Group 12 - Huawei Technology announced plans to invest up to 20 million euros in two German subsidiaries [49] - China Shipbuilding projected a net profit increase of 144.42% to 170.85% for the first three quarters of 2025, indicating strong performance [51] - Aeston's subsidiary plans to transfer a 48% stake in a company for 245 million yuan, indicating strategic divestment [52] Group 13 - Jinxinno plans to raise up to 292 million yuan through a private placement, indicating potential for expansion [53] - China Power Construction reported a 5.04% increase in new contract amounts to 904.527 billion yuan for the first three quarters of 2025 [54] - Helitai reported a net profit increase of 101.45% to 17.81 million yuan for the first three quarters of 2025 [55] Group 14 - Xuefeng Technology reported a revenue decrease of 8.28% to 4.183 billion yuan and a net profit decline of 34.6% to 394 million yuan for the first three quarters of 2025 [57] - Juzhi Technology reported a revenue increase of 21.40% to 615 million yuan and a net profit increase of 33.78% to 82.47 million yuan for the first three quarters of 2025 [59] - Jinxi Axle reported a revenue decrease of 0.11% to 872 million yuan but a net profit increase of 268.03% to 22.11 million yuan for the first three quarters of 2025 [60] Group 15 - Longsheng Technology reported a revenue increase of 10.13% to 1.810 billion yuan and a net profit increase of 36.89% to 210 million yuan for the first three quarters of 2025 [62] - Shannon Chip Creation announced plans for a share reduction by a major shareholder, indicating potential changes in ownership structure [63]

Corporate Governance Changes - The chairman of Xuefeng Technology, Zheng Bingxu, has applied for resignation due to work adjustments, effective from October 17, 2025, after serving only six months since his appointment on March 24, 2025 [1][2] - Tian Yong is elected as the new chairman during the board meeting on October 20, 2025 [1] - Tian Yong also applied for resignation from the position of general manager but will continue to serve as the party secretary and chairman [3] Financial Performance - For Q3 2025, the company reported a revenue of 1.5 billion yuan, a year-on-year decrease of 13.7%, and a net profit attributable to shareholders of 161 million yuan, down 23.3% [3][5] - The total revenue for the first three quarters of 2025 was 4.18 billion yuan, representing an 8.3% decline compared to the previous year, with a net profit of 394 million yuan, down 34.6% [3][5] - The operating cash flow for the period was 99 million yuan, a significant decrease of 81.7% year-on-year, attributed to reduced cash inflow from sales due to declining market prices [3][7] Asset and Equity Position - As of the end of Q3 2025, the company's total assets amounted to 8.356 billion yuan, reflecting a 5.9% increase from the end of the previous year, while the net assets attributable to shareholders were 5.085 billion yuan, up 3.6% [4]

Group 1: Economic Overview - The GDP growth for Q3 is reported at 4.8%, matching expectations but down from the previous value of 5.2% [10] - Retail sales in September showed a year-on-year increase of 3%, slightly below the expected 3.1% and down from 3.4% in the previous month [10] - Fixed asset investment for the cumulative year is down 0.5%, against an expectation of 0% and a previous value of 0.5% [10] - Industrial value-added for September increased by 6.5%, surpassing the expected 5.2% and matching the previous month's value [10] Group 2: Key Economic Drivers - Service consumption and external demand improvements, along with a phase of inventory replenishment and strong construction completions, supported high economic growth in Q3 [10] - The contribution of final consumption to GDP remained stable at 2.7 percentage points, indicating resilience in service consumption [10] - The construction sector saw a significant increase in completions, with a 22.9 percentage point rise in September, boosting property sales [10] Group 3: Industry Insights - The report highlights that the industrial production growth was primarily driven by specific sectors, notably the automotive industry, which saw a 16% increase in value-added [10] - Retail sales showed a mixed performance, with limited growth in high-value items like automobiles and communication equipment, while overall service consumption remained robust [10] - The real estate sector is experiencing a recovery in sales, supported by policies aimed at ensuring project completions and sales of existing homes [10] Group 4: Company-Specific Analysis - Zijin Mining (601899) reported a record high performance in Q3 2025, with significant contributions from gold mining [12] - The company expects net profits for 2025-2027 to be 512.0 billion, 631.9 billion, and 721.5 billion respectively, reflecting an upward revision from previous forecasts [12] - The anticipated rise in copper and gold prices, along with the company's leading position in the industry, is expected to drive performance growth [12] Group 5: Future Outlook - The upcoming "14th Five-Year Plan" is expected to focus on new industries such as marine economy, artificial intelligence, and low-altitude economy, which may become key areas of investment [11] - The report suggests that the economic growth target for the "15th Five-Year Plan" will require maintaining an average growth rate of around 4.4% to meet the 2035 modernization goals [11] - The emphasis on high-quality development, institutional reform, and industrial upgrading is expected to be central to the new five-year planning [11]

Group 1: Economic Overview - The third quarter GDP growth was 4.8% year-on-year, matching expectations but down from 5.2% in the previous quarter [10] - Retail sales in September grew by 3% year-on-year, slightly below the expected 3.1% and down from 3.4% in August [10] - Fixed asset investment showed a cumulative decline of 0.5% year-on-year, against an expectation of 0% growth [10] - Industrial value-added in September increased by 6.5% year-on-year, surpassing the expected 5.2% [10] Group 2: Key Economic Drivers - Service consumption and external demand improvements, along with a phase of inventory replenishment and strong construction completions, supported high economic growth in Q3 [10] - The contribution of final consumption to GDP remained stable at 2.7 percentage points [10] - The construction sector saw a significant increase in completions, with a 22.9 percentage point rise in September, boosting property sales [10] Group 3: Sector Performance - The industrial value-added growth was driven by specific sectors, particularly the automotive industry, which saw a 16% increase in value-added [10] - Retail sales showed a mixed performance, with limited growth in lower-tier goods but a recovery in higher-tier retail, particularly in automotive and communication equipment [10] - The real estate sector experienced a rebound in sales, although new construction starts continued to decline [10] Group 4: Company-Specific Insights - Zijin Mining (601899) reported a record high in Q3 2025, with significant contributions from gold production [12] - The company expects net profits for 2025-2027 to reach 512.0 billion, 631.9 billion, and 721.5 billion respectively, with a corresponding PE ratio of 15, 13, and 11 [12] - Snow Peak Technology (603227) reported Q3 2025 revenue of 15.04 billion, a year-on-year increase of 14%, with a net profit of 1.61 billion, up 23% year-on-year [14]

Core Viewpoint - The company has announced the resignation of its chairman, Zheng Bingxu, due to work adjustments, and has elected Tian Yong as the new chairman, effective immediately [10][12]. Financial Data - The quarterly financial report for the third quarter is not audited, and the company guarantees the accuracy and completeness of the financial information provided [3][4]. - The company has not identified any non-recurring gains or losses for the reporting period [4]. Shareholder Information - The company has confirmed that there are no changes in the major shareholders or their holdings during the reporting period [5]. Corporate Governance - The company has revised its articles of association and related rules, eliminating the supervisory board and transferring its responsibilities to the audit committee [15][16]. - The revised shareholder meeting rules will now be referred to as "Shareholder Meeting Rules," and the supervisory board will cease to function following the approval of this change by the shareholders [15][16]. Leadership Changes - Zheng Bingxu will continue to serve as a director and chairman of the strategic committee after his resignation as chairman [10][11]. - Tian Yong has been elected as the new chairman, with a background in finance and management within the company and related industries [12][14].

Core Viewpoint - Xuefeng Technology (603227) announced the election of Mr. Tian Yong as the new chairman of the board [1] Group 1 - The board of directors of Xuefeng Technology approved the election of Mr. Tian Yong [1]