Core Viewpoint - The A-share market experienced a surge in concept stocks related to civil explosives, with notable gains in several companies towards the market's close [1] Company Summaries - Poly Union reached its daily limit up, indicating strong investor interest and confidence in its performance [1] - Jinao Bo hit the daily limit up during trading, reflecting positive market sentiment [1] - Other companies such as Gaozheng Civil Explosives, Tongde Chemical, and Xuefeng Technology also saw significant increases, suggesting a broader trend in the civil explosives sector [1]

Investment Rating - The report indicates a positive outlook for the chemical industry, suggesting a new cycle may begin due to improved domestic supply and demand, increased global market share, and declining crude oil prices [3][4]. Core Viewpoints - The chemical industry is expected to enter a new cycle driven by domestic supply-demand improvements and global market share growth, despite potential short-term impacts from overseas demand [3][5]. - The report highlights that the supply side is gradually improving due to reduced fixed asset investment growth and government policies aimed at curbing excessive competition [5][10]. - On the demand side, domestic consumption is anticipated to recover steadily, supported by government initiatives to boost consumption and stabilize the economy [26][33]. - Cost factors are favorable, with significant declines in international crude oil and domestic coal prices, which will support the profitability of chemical products [42][49]. - The report recommends specific companies within various segments of the chemical industry, including refrigerants, amino acids, military and new materials, and fertilizers, indicating potential investment opportunities [5][57]. Summary by Sections Supply Side - The report notes that the chemical industry has faced profitability pressures since 2022, but the current production cycle is nearing its end, which may lead to gradual improvement in profitability as capacity is digested [11][12]. - China's global market share in chemical products has been steadily increasing, with 2023 figures showing a 43.1% share of global sales [25][20]. Demand Side - The report emphasizes that domestic demand is expected to recover, aided by government policies aimed at stimulating consumption and investment [26][33]. - The real estate sector shows signs of stabilization, which could further support demand for chemical products [33]. Cost Side - The report highlights a significant decline in crude oil prices, with Brent crude falling by 14.71% since the beginning of 2025, which is expected to positively impact the cost structure of the chemical industry [42][38]. - Domestic coal and natural gas prices have also shown a downward trend, enhancing the cost competitiveness of chemical products [49][47]. Valuation - The report indicates that the valuation of the basic chemical and petrochemical sectors is at historical lows, suggesting substantial room for recovery as market conditions improve [54][50].

Investment Rating - The industry rating is "Recommended" [4] Core Views - The new housing market is showing signs of recovery, with a notable increase in new home transactions in major cities, indicating a potential boost in demand for construction materials [2][20] - The cement market is experiencing a slight price decline, but demand is expected to improve as weather conditions stabilize and construction activities pick up [3][23] - The report emphasizes the importance of domestic consumption and infrastructure investment, particularly in light of the "equal tariff" environment, which is expected to strengthen domestic demand [7][9] Summary by Sections Housing Market - In the 18th week of the year, new home transaction area in 30 major cities reached 165.19 million square meters, up 21% year-on-year and 6.19% month-on-month [2][20] - The total transaction area for new homes in these cities is 29.32 million square meters, showing no year-on-year change [2][20] - Second-hand home transactions in 15 monitored cities increased by 56% year-on-year but saw a significant month-on-month decline [21] Cement Market - The national average cement price is 390.83 yuan per ton, down 0.8% from the previous week, with price increases mainly in Liaoning and Jilin [3][23] - The cement market is expected to stabilize as demand improves and companies engage in peak-shifting production practices [23] Investment Recommendations - Recommended companies include: - **Oriental Yuhong**, **Weixing New Materials**, and **Tubaobao** for their strong operational resilience and high dividends [7] - **China Construction** and **China Communications Construction** as beneficiaries of increased infrastructure investment [7] - **Jinchengxin** for its strong performance in copper resource development [7] - **Heilongjiang Hongda** and **Xuefeng Technology** in the civil explosives sector due to high demand [7] Industry Trends - The report highlights the ongoing trend of domestic substitution in various sectors, particularly in ship coatings and industrial coatings, with companies like **Maijia Xincai** and **Songjing Coatings** positioned to benefit [7] - The "Belt and Road" initiative is expected to gain momentum, benefiting international engineering companies such as **China Construction** and **China Metallurgical** [7]

新疆雪峰科技（集团）股份有限公司 2024年年度股东大会会议资料 股票简称：雪峰科技 股票代码：603227 二〇二五年五月八日 目 录 | 议案一：新疆雪峰科技（集团）股份有限公司2024年度董事会工作报告2 | | --- | | 议案二：新疆雪峰科技（集团）股份有限公司2024年度监事会工作报告7 | | 议案三：新疆雪峰科技（集团）股份有限公司2024年度独立董事述职报告 | | 12 | | 议案四：新疆雪峰科技（集团）股份有限公司2024年度财务决算报告..26 | | 议案五：新疆雪峰科技（集团）股份有限公司关于2024年年度报告及摘 | | 要的议案 31 | | 议案六：新疆雪峰科技（集团）股份有限公司2024年度利润分配预案 32 | | 议案七：新疆雪峰科技（集团）股份有限公司关于2025年度向金融机构 | | 申请综合授信额度的议案 33 | | 议案八：新疆雪峰科技（集团）股份有限公司2025年度财务预算方案 34 | | 议案九：新疆雪峰科技（集团）股份有限公司三年（2025年-2027年）利 | | 润分配规划 36 | | 议案十：新疆雪峰科技（集团）股份有限公司关于调整董事会 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603227 证券简称：雪峰科技 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 ■ (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人田勇、主管会计工作负责人胡彦燕及会计机构负责人（会计主管人员）朱元元保证季度报告 中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生变动的情况、原因 ...

证券代码：603227 证券简称：雪峰科技 公告编号：2025-025 新疆雪峰科技（集团）股份有限公司 关于召开 2024 年度暨 2025 年第一季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个别及连带责任。 重要内容提示： 投资者可于 2025 年 5 月 7 日（星期三）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 4 月 17 日披露《新疆雪峰科技（集团）股份有限公司 2024 年年度报告》，于 2025 年 4 月 25 日披露《新疆雪峰科技（集团）股份有限公司 2025 年第一季度报告》， 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 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 ...

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%。 ...

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]