证券代码：603977 证券简称：国泰集团 编号：2025 临 019 号 江西国泰集团股份有限公司 关于参加江西辖区上市公司 2025 年投资者 特此公告。 江西国泰集团股份有限公司董事会 二○二五年五月十六日 1 网上集体接待日活动的公告 本公司董事会及全体董事保证公告内容不存在虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 为进一步加强与投资者的互动交流，江西国泰集团股份有限公司（以下简称 "公司"）将参加由江西省上市公司协会举办的"2025 年江西辖区上市公司投资 者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2025 年 5 月 21 日（周三）15:30-17:00。届时公 司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况和可持续发 展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 ...

Meeting Overview - The shareholders' meeting of Jiangxi Guotai Group Co., Ltd. was held on May 9, 2025, at the company's conference room in Nanchang High-tech Development Zone [1] - The meeting was convened by the board of directors and presided over by the vice chairman, Mr. Hong Yuhe, using a combination of on-site and online voting methods [1] Attendance and Voting - The meeting had no rejected resolutions, and the voting process complied with the Company Law and the company's articles of association [1] - Attendance included company directors, supervisors, and the board secretary, with Mr. Lu Ming absent due to official duties [1] Voting Results - The voting results for various non-cumulative voting proposals showed overwhelming support from A-share shareholders, with approval rates consistently above 99.8% [2][3] - Specific voting results included: - 335,008,154 votes in favor (99.9540%) for the first proposal [2] - 335,010,154 votes in favor (99.9546%) for the second proposal [2] - 334,505,154 votes in favor (99.8039%) for the third proposal [2] - 334,963,854 votes in favor (99.9408%) for the fourth proposal [3] Legal Compliance - The meeting's procedures were confirmed to be in accordance with the Company Law and relevant regulations, ensuring the legitimacy of the meeting and the validity of the voting results [3]

证券代码：603977 证券简称：国泰集团 公告编号：2025-018 号 江西国泰集团股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 9 日 (二)股东大会召开的地点：南昌高新开发区高新大道 699 号公司 24 楼会议室 本次会议由董事会召集，由公司副董事长洪余和先生主持，本次会议以现场 投票和网络投票相结合的方式召开，会议的召集、召开符合《公司法》《公司章 程》等法律法规及规范性文件的规定。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：2024 年度董事会工作报告 审议结果：通过 表决情况： | 股东类型 | 同意 | | | 反对 | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | 比例（%） | 票数 | 比例（%） | 票数 ...

网站：www.qiyuan.com 湖南启元律师事务所 关于江西国泰集团股份有限公司 2024年年度股东大会的 法律意见书 湖南省长沙市芙蓉区建湘路 393 号世茂环球金融中心 63 层 410000 电话：（0731）82953-778 传真：（0731）82953-779 致：江西国泰集团股份有限公司 湖南启元律师事务所（以下简称"本所"）受江西国泰集团股份有限公司（以 下简称"公司"）委托，指派本所律师出席公司 2024 年年度股东大会（以下简称 "本次股东大会"）进行现场律师见证，并根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等中国 现行法律、法规、规章和规范性文件以及《江西国泰集团股份有限公司章程》（以 下简称"《公司章程》"）的相关规定，出具本法律意见书。 为发表本法律意见，本所律师按照律师行业公认的业务标准、道德规范和勤 勉尽责精神，对本次股东大会进行了现场见证，并核查和验证了公司提供的与本 次股东大会有关的文件、资料和事实。 本所出具本法律意见书是基于公司向本所保证：公司已向本所提供了为出具 本法律意见书所必需的资料和信息，一切 ...

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].

江西国泰集团股份有限公司 （股票代码：603977） 2024 年度股东大会 会议资料 二〇二五年五月 1 | 目录 | | --- | | 会议须知 | | 1 | | | | --- | --- | --- | --- | --- | | 会议议程 | | 3 | | | | 议案一：2024 年度董事会工作报告 | | 5 | | | | 议案二：2024 年度监事会工作报告 | | | | 14 | | 议案三：2024 年度财务决算报告及 2025 | 18 年度财务预算报告 | | | | | 议案四：2024 年度利润分配预案 | | | | 30 | | 议案五：2024 年年度报告全文及摘要 | | | | 31 | | 议案六：关于公司及下属子公司 2025 | 年度向银行申请授信额度的议案 | | .. | 32 | | 议案七：关于选举公司非独立董事的议案 | | | | 35 | 2 会议须知 各位股东及股东代表： 八、会议开始后，与会股东将推举两名股东代表参加计票和监票； 股东（或股东代表）对提案进行表决时，由律师、股东代表与监事代 表共同负责计票、监票；表决结果由会议主持人宣布。 ...

Investment Rating - The report assigns an "Accumulate" rating for Guotai Group, indicating a potential increase in stock price relative to the CSI 300 index in the next six months [1][7][14]. Core Views - Guotai Group is positioned as the only civil explosive production enterprise in Jiangxi Province, with a business model that integrates civil explosives, military new materials, and rail transit operations, indicating a stable development strategy [1][6][7]. - The company reported a revenue of 2.354 billion yuan in 2024, a year-on-year decrease of 7.34%, and a net profit attributable to shareholders of 181 million yuan, down 40.84% year-on-year, primarily due to goodwill impairment [4][5][9]. - The decline in revenue is attributed to a 40.55% drop in rail transit automation business income and a contraction in the civil explosive market [5][6]. Summary by Sections Financial Performance - In 2024, Guotai Group achieved a revenue of 2.354 billion yuan, down 7.34% year-on-year, and a net profit of 181 million yuan, down 40.84% year-on-year [4][9]. - The fourth quarter saw a significant loss of 37.7768 million yuan, marking a year-on-year decline of 147.29% [5]. - The civil explosive integrated business generated 1.646 billion yuan in revenue, a decrease of 5.70%, while the military new materials business saw a revenue increase of 55.21% to 269 million yuan [5][9]. Business Segments - The civil explosive business is expected to benefit from the construction of the Zhejiang-Jiangxi-Guangdong Canal, which may increase demand in the region [6][7]. - The military new materials segment is projected to grow significantly due to the successful progress of the energetic materials project, with production lines expected to come online by late 2025 and mid-2026 [6][7]. Earnings Forecast - The forecast for earnings per share (EPS) is projected to be 0.49 yuan in 2025, 0.56 yuan in 2026, and 0.62 yuan in 2027, indicating a recovery trend after the decline in 2024 [7][9]. - Revenue is expected to grow to 2.681 billion yuan in 2025, with a growth rate of 13.88%, and further increase to 3.057 billion yuan in 2026 [9].

Investment Highlights - The report highlights the recovery of revenue growth for Yuyue Medical, with a significant increase in overseas sales, achieving a revenue of 7.57 billion yuan in 2024, down 5.1% year-on-year, and a net profit of 1.81 billion yuan, down 24.6% year-on-year [3][8] - Guotai Group's performance shows resilience in its civil explosives business, with a non-net profit growth of 17.09% year-on-year in Q1 2025, despite a slight revenue decline of 1.26% [12][13] - China Merchants Highway reported a revenue of approximately 2.803 billion yuan in Q1 2025, down 7.24% year-on-year, but net profit improved by 2.74% due to cost control and increased investment income [16][17] - Shenzhen Gas's main business in urban gas sales showed growth, with a revenue of 28.348 billion yuan in 2024, down 8.34% year-on-year, but a net profit increase of 1.19% [21][22] - New Industry's overseas business continued to grow rapidly, with a revenue of 4.535 billion yuan in 2024, up 15.41% year-on-year, and a net profit of 1.828 billion yuan, up 10.57% [25][26] - Huali Group's revenue in Q1 2025 grew by 12% year-on-year, driven by new brand collaborations and strong sales of sports shoes [30][31] - Bohai Leasing, a leading aircraft leasing company, reported a significant increase in aircraft sales revenue, reaching 12.7 billion yuan in 2024, up 61.08% year-on-year, driven by a strong aircraft market [35][36] - Weimao Electronics, an industrial intelligent connection control solution manufacturer, achieved a revenue of 260 million yuan in 2024, up 13.69% year-on-year, with a focus on expanding into emerging fields [39][40] Company-Specific Summaries Yuyue Medical (002223.SZ) - The company experienced a revenue decline in 2024 due to high base effects from the previous year, but Q1 2025 showed a recovery with a 9.2% year-on-year increase in revenue [3][9] - The product mix has led to a slight decrease in gross margin, with a 50.1% gross margin in 2024, down 1.2 percentage points year-on-year [10] - The company maintains a strong financial position with 7.08 billion yuan in cash and no short-term or long-term loans [10] Guotai Group (603977.SH) - The civil explosives business showed growth, with a revenue of 327 million yuan in Q1 2025, up 1.4% year-on-year [13][14] - The company faced a decline in electronic detonator sales but saw an increase in explosive engineering revenue [14][15] - The gross margin for Q1 2025 was 32.72%, down 0.5 percentage points year-on-year, but the non-net profit remained stable [15] China Merchants Highway (001965.SZ) - The company is actively pursuing expansion projects, including the ongoing reconstruction of key highways [17][18] - The net profit forecast for 2025-2027 is expected to grow steadily, with projected profits of 5.74 billion yuan in 2025 [18] Shenzhen Gas (601139.SH) - The urban gas sales volume increased by 2.78% in 2024, with significant growth in the Greater Bay Area [22] - The company is expected to benefit from lower upstream gas prices and increased sales volume [22][24] New Industry (300832.SZ) - The company reported a strong performance in overseas markets, with a 27.67% increase in overseas revenue [27] - The gross margin for 2024 was 72.26%, with a focus on expanding the product lineup in the chemical luminescence sector [28] Huali Group (300979.SZ) - The company maintained a strong partnership with major brands, resulting in a 12.34% revenue increase in Q1 2025 [30][31] - The company is expanding production capacity to meet growing demand, with a workforce increase of 17% [31] Bohai Leasing (000415.SZ) - The company is positioned as a global leader in aircraft leasing, with a fleet size of 1,158 aircraft [36] - The net profit forecast for 2025-2027 is expected to grow significantly, with a projected profit of 1.913 billion yuan in 2025 [37] Weimao Electronics (833346.BJ) - The company is focusing on the automotive and industrial automation sectors, with a projected growth in the vehicle wiring harness market [40][41] - The company is expanding its production capabilities to meet increasing demand in emerging markets [41]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's civil explosives business demonstrates resilience, with a growth in net profit excluding non-recurring items [6] - The first quarter of 2025 saw a slight decline in revenue but an increase in net profit after excluding non-recurring items, indicating stable performance [8] Financial Performance Summary - The company reported a revenue of 483 million yuan in Q1 2025, a year-on-year decrease of 1.26%, while the net profit attributable to shareholders was 43.08 million yuan, down 8.23% year-on-year [8] - The civil explosives business revenue reached 327 million yuan, a year-on-year increase of 1.40%, with the explosive products revenue at 213 million yuan, down 4.78% [8] - The production of packaged explosives increased by 12.17% year-on-year, while electronic detonators saw a production decrease of 20.27% [8] - The gross margin for Q1 2025 was 32.72%, a slight decrease of 0.5 percentage points year-on-year [8] Earnings Forecast and Valuation - The forecasted net profit attributable to shareholders for 2025 is 318 million yuan, with expected growth rates of 75.86% in 2026 and 42.41% in 2027 [7][9] - The price-to-earnings ratio (P/E) is projected to be 24.66 for 2023, decreasing to 12.86 by 2027 [7][9]