江苏苏盐井神股份有限公司 二 O 二四年年度股东会 会 议 资 料 股票代码：603299 江苏苏盐井神股份有限公司 二〇二五年五月十九日 江苏苏盐井神股份有限公司 2024 年年度股东会参会须知 为维护投资者的合法权益，保障股东在公司 2024 年年度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 4 月 29 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， ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [8]. Core Views - The company reported a year-on-year profit growth, with the completion of relocation projects achieving integrated salt packaging [1]. - The company's revenue for 2024 was 5.344 billion yuan, a decrease of 5.95% year-on-year, while the net profit attributable to shareholders was 769 million yuan, an increase of 4.15% year-on-year [3][4]. - The company is advancing its "Salt + Energy Storage" new industry layout, which is expected to promote stable and efficient production systems [6]. Summary by Sections Financial Performance - In 2024, the company experienced a decline in revenue primarily due to a drop in sales prices of its main products. The production and sales figures for various products were as follows: salt products produced 7.5554 million tons (up 0.98% YoY) and sold 7.7422 million tons (down 0.06% YoY); soda products produced 744,800 tons (down 1.17% YoY) and sold 763,000 tons (down 3.17% YoY); calcium products produced 351,100 tons (up 13.76% YoY) and sold 317,300 tons (up 1.09% YoY) [4]. R&D and Cost Management - The company increased its R&D expense ratio due to a sustained investment in technological innovation, with R&D expenses rising year-on-year. The sales, management, financial, and R&D expense ratios changed as follows: sales expenses increased by 0.37%, management expenses decreased by 0.29%, financial expenses decreased by 0.24%, and R&D expenses increased by 0.90 percentage points [5]. Future Outlook - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 788 million yuan, 840 million yuan, and 895 million yuan, respectively. The corresponding price-to-earnings ratios are projected to be 9.6, 9.0, and 8.4 times [8][10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For the soda ash market, the industry conference promotes production - cut and price - support plans. Although short - term factory inventory is expected to decrease and the mid - stream may stop reducing inventory, continuous price increases are difficult. The long - term bearish trend remains, but caution is needed before the positive feedback atmosphere ends. Traders are advised to pay attention to new order transaction prices and the implementation of maintenance and price - support plans, and short - term short - covering and then short - selling at high prices are recommended after the upward sentiment calms down [8][9]. - For the glass market, from a valuation perspective, it has entered an ideal layout range, but it is necessary to wait for the market sentiment to improve. A long - position strategy for far - month contracts is recommended, and subsequent attention should be paid to production line changes, the digestion progress of low - price spot and futures sources, and the price - volume sentiment changes of spot in major production areas [173]. 3. Summary by Directory 3.1 Soda Ash Market Review - **Supply**: The total weekly production is 75.51 million tons, with heavy - soda production at 41.55 million tons and light - soda production at 33.96 million tons. The import volume is 0.07 million tons, and the export volume is 4.2 million tons. There are production - cut and maintenance plans in the industry, and potential incremental production awaits the full - capacity operation of Jiangsu Debang and the subsequent commissioning of Lianyungang Alkali Plant [8]. - **Demand**: The heavy - soda consumption is 34.27 million tons, and the light - soda apparent demand is 30.87 million tons. The apparent demand for soda ash is 77.54 million tons. The market's expectation for terminal demand is weak, but the short - term apparent demand may be boosted by the positive feedback between futures and spot [8]. - **Inventory**: The alkali factory inventory is 169.1 million tons, and the social inventory is 33.85 million tons. With the positive feedback and subsequent production - cut expectations, short - term factory inventory is expected to decrease, while mid - stream inventory may stop falling and start to rise [8]. - **Valuation**: The ammonia - soda process cost is 1327 yuan, and the profit is 83 yuan. The combined - soda process cost is 1170 yuan, and the profit is 140 yuan. The price difference between heavy and light soda in Central China is 40 yuan, and the basis of the market price in Shahe is 20 yuan [8]. 3.2 Monthly Supply and Demand - **Production**: The report provides monthly production data of soda ash from 2020 to 2025 [15]. - **Imports and Exports**: The current import volume is 0.32 million tons, and the export volume is 19.43 million tons. Compared with the previous month, imports decreased by 0.23 million tons, and exports increased by 0.02 million tons. Compared with the same period last year, imports decreased by 21.23 million tons, and exports increased by 9.45 million tons [16]. 3.3 Basis and Spread - **Spot - Futures Price Comparison**: It shows the price trends of soda ash futures price index, Shahe area heavy - soda market price, Shahe glass 5mm large - plate tax - included price, and glass futures price index from 2020 to 2025 [24][25][26][27]. - **Soda Ash Contract Basis**: Presents the basis trends of Shahe heavy - soda 01, 09, and 05 contracts from 2021 to 2026 [29][31][32]. - **Soda Ash Contract Inter - period Spread**: Displays the spread trends of soda ash 09 - 01, 01 - 05, and 05 - 09 contracts from 2021 to 2026 [34][35][36]. - **Glass - Soda Ash Contract/Spot Spread**: Shows the spread trends of glass - soda ash 01, 09, and 05 contracts and the spot spread of Shahe glass 5mm large - plate glass - soda ash from 2021 to 2026 [38][39][40][42]. 3.4 Soda Ash Market Price - **Shahe Region**: The current market price of heavy - soda in Shahe is 1312 yuan, a decrease of 40 yuan compared with last week and 938 yuan compared with last year [47]. - **Light and Heavy Soda Regional Prices**: The prices of heavy and light soda in different regions such as North China, East China, and Central China are provided, with most prices remaining stable [51]. 3.5 Soda Ash Supply - **Start - up and Shutdown**: Some enterprises are currently under maintenance or reducing load, and some have planned maintenance in May [88]. - **Start - up Rate**: The current domestic soda ash start - up rate is 89.44%, with a weekly production of 75.51 million tons, heavy - soda production of 41.55 million tons, and light - soda production of 33.96 million tons [89]. - **Cost and Profit**: The cost and profit trends of ammonia - soda and combined - soda processes from 2020 to 2025 are presented, as well as the price trends of related products such as synthetic ammonia, limestone, and caustic soda [100][102][104][106][112][122][126]. 3.6 Soda Ash Demand - **Heavy - Soda Demand**: It shows the daily melting volume of photovoltaic and float glass, the daily consumption of heavy - soda, and the weekly demand from 2020 to 2025 [137][139][140][141]. - **Weekly Apparent Consumption and Production - Sales Ratio**: Presents the weekly consumption and production - sales ratio of light and heavy soda from 2020 to 2025 [143]. - **Photovoltaic Glass Price**: Displays the market average prices of 3.2mm and 2.0mm coated photovoltaic glass from 2021 to 2025 [146][147]. 3.7 Soda Ash Inventory - **Overall Inventory**: The current soda ash enterprise inventory is 169.1 million tons, with light - soda enterprise inventory at 85.05 million tons and heavy - soda enterprise inventory at 84.05 million tons [151]. - **Regional Inventory**: Shows the inventory trends of soda ash in different regions such as North China, Central China, and East China from 2020 to 2025 [159][160][162]. 3.8 Glass Market Review - **Supply**: The daily melting volume of float glass is 157,175 tons, and the weekly production is 110.02 million tons. There are cold - repair and production - start plans for some production lines [171]. - **Demand**: The apparent consumption is 108.47 million tons. Market sentiment suppresses the apparent demand, but the mid - and downstream purchase appropriately at low prices [171]. - **Inventory**: The factory inventory is 327.37 million tons, and short - term inventory is expected to increase slightly due to demand suppression [171]. - **Valuation**: The cost and profit of natural - gas, coal - gas, and petroleum - coke production lines are provided. Low - cost production capacity still has profits, but most production capacity is in the red [171]. 3.9 Glass Monthly Supply and Demand - **Production**: Displays the monthly production data of flat glass from 2020 to 2025 [178]. - **Imports and Exports**: Presents the monthly import and export data of float glass from 2020 to 2025 [179][183]. 3.10 Glass Basis and Spread - **Spot - Futures Price Comparison**: Shows the price trends of soda ash futures price index, Shahe area heavy - soda market price, Shahe glass 5mm large - plate tax - included price, and glass futures price index from 2020 to 2025 [187][188][189][190]. - **Glass Contract Basis**: Presents the basis trends of Shahe glass 5mm large - plate 01, 09, and 05 contracts from 2021 to 2026 [192][193][194]. - **Glass Contract Inter - period Spread**: Displays the spread trends of glass 09 - 01, 05 - 09, and 01 - 05 contracts from 2009 to 2026 [196][197][198]. - **Glass - Soda Ash Contract/Spot Spread**: Shows the spread trends of glass - soda ash 01, 09, and 05 contracts and the spot spread of Shahe glass 5mm large - plate glass - soda ash from 2021 to 2026 [201][202][203][205]. 3.11 Glass Market Price - **Float Glass 5mm Regional Price**: Provides the price information of 5mm float glass in different regions such as Shahe, North China, and East China, with some prices showing slight fluctuations [210]. - **Float Glass 5mm Large - Plate Price**: Displays the price trends of Shahe glass 5mm large - plate tax - included price, Beijing - Tianjin - Tangshan 5mm glass large - plate tax - included price, and South China 5mm glass large - plate tax - included price from 2020 to 2025 [225]. 3.12 Glass Supply No relevant content provided for the supply part after "05 Glass Supply".

Core Viewpoint - Su Yan Jingshen's Q1 report fell short of expectations, leading to investor skepticism regarding the company's planned private placement of shares [1][2] Group 1: Financial Performance - As of March 31, 2025, the company's cash balance was 3.073 billion yuan [1] - Q1 revenue decreased by 8.68% year-on-year, while net profit attributable to shareholders dropped by 28.8% [1] - The company attributed the decline in sales prices to market fluctuations, which compressed profit margins [3] Group 2: Private Placement Details - The company plans to issue shares to no more than 35 specific investors, raising up to 1.8 billion yuan for a brine salt comprehensive utilization project [2] - The issuance price will be no less than 80% of the average trading price over the previous 20 trading days [2] - The total investment for the brine salt project is estimated at 1.889 billion yuan, with 1.8 billion yuan sourced from the private placement [2] Group 3: Investor Concerns - Investors expressed concerns about the low issuance price and questioned the need for fundraising given the company's existing cash reserves [1][2] - Following the announcement, the company's stock price fell by 9.12% on April 29 and continued to decline by 1.95% on April 30 [2] Group 4: Company Response - The company emphasized that it has not conducted any equity financing since its listing in 2015 and is in a critical growth phase requiring substantial investment [4][5] - The company stated that relying solely on internal funds and traditional financing is insufficient for its rapid business expansion [5] - The private placement is seen as a necessary step to ensure project success without disrupting normal operations [5] Group 5: Future Outlook - The company is optimistic that the private placement will enhance its core competitiveness and risk resilience, ultimately benefiting shareholders in the long term [5][6] - The pricing mechanism for the private placement is designed to be fair and transparent, reflecting market valuation and investor interest [6]

Core Viewpoint - The company, Su Yan Jing Shen, has faced investor skepticism following its first-quarter report and a proposed private placement of shares, leading to a decline in its stock price over three consecutive days [1][3]. Financial Performance - As of March 31, 2025, the company's cash balance was 3.073 billion yuan [3]. - The first-quarter revenue decreased by 8.68% year-on-year, while the net profit attributable to shareholders dropped by 28.8% [3]. Private Placement Details - The company plans to issue shares to no more than 35 specific investors, including its controlling shareholder, to raise up to 1.8 billion yuan for a brine salt comprehensive utilization project [4][5]. - The issuance price will be no less than 80% of the average trading price over the previous 20 trading days [4]. Project Investment - The total investment for the brine salt comprehensive utilization project is 1.889 billion yuan, with 1.8 billion yuan expected to come from the raised funds [6][8]. - The project aims to produce 3 million tons of solid salt and 1.5 million cubic meters of liquid salt annually [5]. Market Response and Company Strategy - Following the announcement of the private placement, the company's stock price fell by 9.12% on April 29 and continued to decline by 1.95% on April 30 [8]. - The company emphasized the need for capital market resources to support its rapid business development and major project plans, including a significant investment in gas storage facilities [9][10]. Investor Communication - The company has actively engaged with investors to address concerns regarding the pricing of the private placement and the efficiency of its capital planning [11]. - It aims to balance the interests of new and existing shareholders while ensuring compliance with regulatory standards during the pricing process [11].

江苏苏盐井神股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开的第六届董 事会第二次会议审议通过了公司向特定对象发行 A 股股票的相关议案。现就本次向特定对象 发行股票中，公司不存在直接或通过利益相关方向参与认购的投资者提供财务资助或补偿事 宜承诺如下： 证券代码：603299 证券简称：苏盐井神 公告编号：2025-030 江苏苏盐井神股份有限公司 关于本次向特定对象发行 A 股股票不存在直接或通过利益 相关方向参与认购的投资者提供财务资助或补偿的公告 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法律责任。 公司不存在向发行对象做出保底保收益或变相保底保收益承诺的情形，亦不存在直接或 通过利益相关方向参与认购的投资者提供财务资助或补偿的情况。 特此公告。 江苏苏盐井神股份有限公司董事会 2025 年 4 月 29 日 ...

证券代码：603299 证券简称：苏盐井神 公告编号：2025-031 江苏苏盐井神股份有限公司 关于公司与特定对象签署附条件生效的股份认购协议暨关 联交易的公告 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法律责任。 特别提示： 1、江苏苏盐井神股份有限公司（以下简称"公司"）拟向包括江苏苏盐资产管理有限 公司（以下简称"苏盐资产"）在内的不超过 35 名（含 35 名）符合法律法规规定的特定对 象发行 A 股股票。鉴于苏盐资产为公司控股股东的全资子公司，为公司的关联方，其认购 公司本次向特定对象发行股票构成关联交易，本次关联交易不构成重大资产重组。 2、2025 年 4 月 28 日，公司召开第六届董事会第二次会议，审议通过了关于公司 2025 年度向特定对象发行股票（以下简称"本次发行"）的相关议案。 3、本次发行尚需获得公司股东会批准并经上海证券交易所（以下称"上交所"）审核 通过、中国证券监督管理委员会（以下称"证监会"）同意注册后方可实施。本次发行能否 获得上述审批和注册以及上述审批和注册的时间均存在不确定性，提醒广大投资 ...

（一）公司制定股东回报规划考虑的因素 公司着眼于长远和可持续发展，充分重视对投资者的合理回报，并在综合考 虑行业所处特点、经营发展实际情况、发展战略、社会资金成本、外部融资环境、 公司财务状况、经营成果及现金流量等因素的基础上，建立持续、稳定、科学的 回报规划与机制，对利润分配做出制度性安排，以保证利润分配政策的连续性和 稳定性。 （二）本规划的制定原则 本规划的制定应符合相关法律法规及《公司章程》有关利润分配的规定，应 重视对投资者的合理投资回报，兼顾全体股东和公司的利益以及公司的持续经营 能力，在遵循重视对股东的合理投资回报并兼顾公司可持续发展的原则上，确定 合理的利润分配方案，并据此制定一定期间执行利润分配政策的规划，从而确保 公司实行持续、稳定的利润分配政策。 （三）本规划的具体内容 公司应综合考虑自身经营情况、外部融资环境、股东对于分红回报的意见和 诉求等因素，充分考虑和听取股东（特别是中小股东）、独立董事的意见，在保 证公司可持续发展的前提下，兼顾股东的即期利益和长远利益，注重对投资者稳 定、合理的回报，实行持续、稳定的利润分配政策。 江苏苏盐井神股份有限公司 未来三年（2025-2027 年）股 ...

江苏苏盐井神股份有限公司 2024 年度审计与风控委员会对会计师事务 所履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司治理准则》《国有企业、上市公司选聘 会计师事务所管理办法》《上海证券交易所上市公司自律 监管指引第 1 号—规范运作》等法律法规的要求，江苏苏 盐井神股份有限公司（以下简称"公司"）董事会审计与 风控委员会（以下简称"委员会"）对会计师事务所 2024 年度审计履职评估及履行监督职责情况报告如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本信息 机构名称：信永中和会计师事务所（特殊普通合伙） （以下简称"信永中和"） 成立日期：2012 年 3 月 2 日（由信永中和会计师事务 所有限公司转制为特殊普通合伙企业） 注册地址：北京市东城区朝阳门大街 8 号富华大厦 A 座 8 层 首席合伙人：谭小青 （二）聘任会计师事务所履行的程序 公司第五届董事会审计委员会第六次会议对《关于选 聘会计师事务所情况的议案》进行了审慎审议，同意聘请 信永中和为公司 2024 年度财务报告及内部控制审计机构， 并将该议案提交公司董事会审议。公司第五届董 ...

证券代码：603299 证券简称：苏盐井神 公告编号：2025-019 江苏苏盐井神股份有限公司 关于 2025 年度日常关联交易预计的公告 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法律责任。 重要内容提示： 本事项需提交公司2024年年度股东会审议。 日常关联交易属于正常经营往来，不影响公司独立性，公司主营业务不 会因此类交易而对关联人形成依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 江苏苏盐井神股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第六届董事会第二次会议，审议通过了《关于 2025 年度日常关联交易预计的议 案》。与江苏省盐业集团有限责任公司及其控制企业发生的日常关联交易，关联 董事戴奇鸣先生、郭建森先生回避表决，表决结果：同意 7 票，反对 0 票，弃权 0 票。与江苏华昌化工股份有限公司发生的日常关联交易预计的表决结果：同意 9 票，反对 0 票，弃权 0 票。本事项尚需提交公司 2024 年年度股东会审议，关 联股东在股东会审议上述关联交易事项时将回避表决。 本议案 ...