Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leading player in the salt industry, focusing on "salt + energy storage," with significant undervaluation of its salt cavern storage value [3] - The company has a stable profit model with low debt and high cash flow, benefiting from the decline in coal prices [3] - The company is expected to achieve substantial performance growth through its salt cavern storage projects and integrated development of salt, alkali, and calcium [3] Summary by Sections Company Overview - The company is a regional leader in salt mining, with a focus on low debt and stable profitability [5][9] - It is controlled by the Jiangsu Provincial State-owned Assets Supervision and Administration Commission [9] Salt Chemical Business - The company develops a circular economy involving salt, alkali, and calcium, with stable pricing for salt products [3][30] - In 2024, the company expects to sell 774,000 tons of salt products, 76,000 tons of alkali products, and 32,000 tons of calcium products [3][30] - The company has a unique underground cyclic soda production technology that enhances resource utilization and environmental safety [3][39] Salt Cavern Utilization - The company is entering the production phase of its gas storage projects, which are expected to contribute to profit growth [3][49] - The company plans to build two major gas storage projects with a total capacity of 81 billion cubic meters by 2030 [3][67] - The Zhangxing gas storage project is expected to generate significant profits, with a projected net profit increase of 4.1 billion yuan by 2030 [3][76] Financial Performance - The company has maintained a net profit of around 7 billion yuan from 2022 to 2025, benefiting from stable pricing and reduced costs [25] - The company's financial health is improving, with a decrease in debt ratios and stable cash flow [25][19] Market Demand - The demand for natural gas storage is increasing, particularly in Jiangsu Province, which has the highest natural gas consumption in China [56] - The company’s gas storage facilities are strategically located to meet the seasonal demand fluctuations in the region [67][49]

Group 1 - The core viewpoint of the article highlights the projected decline in China's raw salt production by 17% in June 2025, with a cumulative production increase of 4.4% in the first half of 2025 [1] - The article references several listed companies in the salt industry, including Su Yan Jingshen, Zhongyan Chemical, and Xue Tian Salt Industry, indicating their relevance to the market analysis [1] - A report by Zhiyan Consulting forecasts the supply and demand dynamics of the raw salt industry in China from 2025 to 2031, suggesting potential investment opportunities [1] Group 2 - According to data from the National Bureau of Statistics, China's raw salt production in June 2025 is expected to be 6.98 million tons [1] - The cumulative raw salt production for the first half of 2025 is projected to reach 29.83 million tons [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and tailored services [3]

江苏苏盐井神股份有限公司 二 O 二五年第二次临时股东会 会议资料 股票代码：603299 江苏苏盐井神股份有限公司 一、请按照本次股东会会议通知（2025 年 8 月 9 日刊登于上海证券交易所网站 www.sse.com.cn）中公布的时间和登记方法办理参加会议手续，证明文件不齐或手 续不全的，谢绝参会。 江苏苏盐井神股份有限公司 2025 年第二次临时股东会会议资料 江苏苏盐井神股份有限公司 二、公司设立股东会办事处，具体负责会议有关各项事宜。 三、股东参加股东会依法享有发言权、质询权、表决权等权利，同时也应履行法 定义务，自觉维护会场秩序，尊重其他股东的合法权益。进入会场后，请关闭手机或 调至静音状态。 为维护投资者的合法权益，保障股东在公司 2025 年第二次临时股东会期间依法 行使权利，确保股东会的正常秩序和议事效率，根据《中华人民共和国公司法》 四、会议审议阶段，要求发言的股东应向股东会办事处申请，股东提问的内容应 围绕股东会的主要议案，经股东会主持人许可后方可发言，每位股东发言时间一般不 超过五分钟。 五、本次会议采取现场与网络相结合的投票表决方式，网络投票的投票时间、表 决方式、注意事项等事 ...

江苏苏盐井神股份有限公司 二 O 二五年第二次临时股东会 会 议 资 料 股票代码：603299 江苏苏盐井神股份有限公司 2025年8月25日 江苏苏盐井神股份有限公司 2025 年第二次临时股东会会议资料 江苏苏盐井神股份有限公司 2025 年第二次临时股东会参会须知 为维护投资者的合法权益，保障股东在公司 2025 年第二次临时股东会期间依法 行使权利，确保股东会的正常秩序和议事效率，根据《中华人民共和国公司法》《公司 章程》《股东会议事规则》的有关规定，特制定本须知： 一、请按照本次股东会会议通知（2025 年 8 月 9 日刊登于上海证券交易所网站 www.sse.com.cn）中公布的时间和登记方法办理参加会议手续，证明文件不齐或手 续不全的，谢绝参会。 二、公司设立股东会办事处，具体负责会议有关各项事宜。 三、股东参加股东会依法享有发言权、质询权、表决权等权利，同时也应履行法 定义务，自觉维护会场秩序，尊重其他股东的合法权益。进入会场后，请关闭手机或 调至静音状态。 四、会议审议阶段，要求发言的股东应向股东会办事处申请，股东提问的内容应 围绕股东会的主要议案，经股东会主持人许可后方可发言，每位股 ...

证券时报•数据宝统计，截至发稿，苏盐井神收盘价为10.98元，上涨1.48%，筹码持续集中以来股价累 计上涨18.26%。具体到各交易日，19次上涨，15次下跌。 融资融券数据显示，该股最新（8月11日）两融余额为1.53亿元，其中，融资余额为1.52亿元，股东户数 连降以来融资余额合计减少0.26亿元，降幅为14.51%。（数据宝） （原标题：苏盐井神筹码持续集中 最新股东户数下降1.46%） 苏盐井神8月12日披露，截至8月10日公司股东户数为27905户，较上期（7月31日）减少414户，环比降 幅为1.46%。这已是该公司股东户数连续第5期下降，累计降幅达13.80%，也就是说筹码呈持续集中趋 势。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 ...

Meeting Information - The second extraordinary general meeting of shareholders for 2025 will be held on August 25, 2025, at 14:00 [1] - The meeting will be convened by the board of directors [1] - Voting will be conducted through a combination of on-site and online voting [1] Voting Details - The online voting system used will be the Shanghai Stock Exchange shareholder meeting online voting system [3] - Voting will be available on August 25, 2025, during specific trading hours: 9:15-9:25, 9:30-11:30, and 13:00-15:00 [3] - Shareholders can vote via the trading system or the internet voting platform [8] Meeting Agenda - The meeting will review nine special resolution proposals [8] - Related shareholders, specifically Jiangsu Salt Industry Group Co., Ltd., are required to abstain from voting on certain proposals [8] Attendance and Registration - Shareholders registered with the China Securities Depository and Clearing Corporation Limited are entitled to attend the meeting [12] - Registration for the meeting will take place on August 20, 2025, from 9:00 to 16:00 [15] - Attendees must bring relevant identification documents for registration [17] Additional Information - The meeting is expected to last half a day, and attendees will bear their own travel and accommodation costs [16] - Contact information for the company’s legal department is provided for further inquiries [18]

Meeting Information - The second extraordinary general meeting of shareholders for 2025 is scheduled for August 25, 2025, at 14:00 [1] - The meeting will be held at the company's conference room located at 18 Haitang Avenue, Huai'an District, Jiangsu Province [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's voting system [1][2] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system from 9:15 to 15:00 on the day of the meeting [1][2] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [3] - The first voting result will be considered valid if the same voting right is exercised multiple times [3] Attendance and Registration - Shareholders registered by the close of business on August 19, 2025, are eligible to attend the meeting [4] - Registration for the meeting will take place on August 20, 2025, from 9:00 to 16:00 at the company's legal department [4] - Attendees must present relevant identification documents for registration [4] Agenda and Proposals - The meeting will review several proposals, including feasibility reports and related party transactions [2][6] - Specific proposals include the analysis report on the use of funds and measures for return and compensation [2][6] - The company has disclosed the meeting agenda on April 29, 2025, through various media outlets [2] Contact Information - For inquiries, shareholders can contact the company's legal department at 0517-87036988 or via email at jsgfzqb@126.com [5]

证券代码：603299 证券简称：苏盐井神 公告编号：2025-038 江苏苏盐井神股份有限公司 关于召开2025年第二次临时股东会的通知 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： 股东会召开日期：2025 年 8 月 25 日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (二)股东会召集人：董事会 召开的日期时间：2025 年 8 月 25 日 14 点 00 分 召开地点：江苏省淮安市淮安区海棠大道 18 号苏盐井神公司会议室。 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 8 月 25 日 至2025 年 8 月 25 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召 ...

公司发布的一季报数据显示，一季度公司共实现营业收入12.68亿元，同比下降8.68%，实现净利润1.62 亿元，同比下降28.80%，基本每股收益为0.2066元，加权平均净资产收益率2.63%。 （文章来源：证券时报网） 苏盐井神8月1日披露，截至7月31日公司股东户数为28319户，较上期（7月20日）减少2009户，环比降 幅为6.62%。这已是该公司股东户数连续第4期下降。 证券时报·数据宝统计，截至发稿，苏盐井神收盘价为10.67元，上涨1.81%，本期筹码集中以来股价累 计上涨9.32%。具体到各交易日，5次上涨，5次下跌。 ...

Core Viewpoint - Su Yan Jingshen is a leading player in the East China salt industry, controlled by the Jiangsu Provincial State-owned Assets Supervision and Administration Commission, with a core business in salt and salt chemical products, entering a construction phase for comprehensive utilization of salt caverns [1] Group 1: Business Overview - The company's main salt products include table salt and industrial salt, while its salt chemical products primarily consist of soda ash, contributing to 85% of revenue gross profit [1] - The company has maintained stable product pricing over the past three years and has benefited from declining coal prices [1] Group 2: Growth Opportunities - The comprehensive utilization of salt caverns includes natural gas storage, compressed air energy storage, and storage of small molecular gases, all of which have positive development prospects under the backdrop of energy security and carbon neutrality [1] - The natural gas storage business is entering the construction phase, with a dual-driven model of "salt + energy storage" expected to contribute significantly to performance over the next five years [1] Group 3: Technological Advancements - The company has developed an innovative underground cyclic soda production technology, which upgrades the ammonia-soda process, efficiently utilizing sodium chloride and calcium chloride while ensuring environmental protection [1] - The filling of alkali residue not only achieves eco-friendly disposal but also effectively mitigates geological safety risks associated with underground salt caverns, showcasing a green development advantage in salt, soda, and calcium integration [1] Group 4: Market Position and Future Outlook - The company's traditional business has a cost advantage, and the comprehensive utilization methods such as gas storage open a second growth curve, transitioning from cyclical industrial sectors to public utility operations [1] - There is significant room for sustained growth, with a high ceiling expected to bring both performance and valuation increases to the company [1] - The report initiates coverage with a "buy" rating [1]