Core Viewpoint - Cathay Group (603977) announced that its controlling shareholder, Military Industry Holdings, plans to reduce its stake by up to 1.652 million shares, accounting for 0.266% of the total share capital, due to internal funding arrangements [1] Summary by Relevant Sections - **Shareholder Reduction** - Military Industry Holdings currently holds 47.34% of the company's shares and will conduct the reduction through centralized bidding from June 30, 2025, to September 29, 2025 [1] - **Reason for Reduction** - The reduction is attributed to the need for internal funding arrangements within Military Industry Holdings [1]

Core Viewpoint - The industrial explosives industry in China is maturing, with significant increases in production capacity and output, driven by growing demand and technological advancements [2][6][10]. Industry Definition and Classification - Industrial explosives, also known as civil explosives, are explosive mixtures primarily composed of oxidizers and fuels, designed based on the principle of oxygen balance [3][4]. - Common types include ammonium nitrate explosives, emulsified explosives, and nitroglycerin explosives, characterized by low cost, simple manufacturing, and reliable application [4]. Current Development Status - The production of industrial explosives in China has increased from 3.54 million tons in 2016 to an expected 4.49 million tons in 2024, with major types including gel emulsified explosives (61.02%), porous ammonium oil explosives (23.15%), and expanded ammonium nitrate explosives (7.17%) [6][8]. - The total sales volume of industrial explosives is projected to reach 4.485 million tons in 2024, with gel emulsified explosives leading at 2.7289 million tons [8]. Industry Trends - The industry is transitioning from extensive growth to a focus on safety, environmental sustainability, and intelligence, with technological innovation and regulatory compliance as key drivers [2][10]. - Future challenges include balancing cost control with technological upgrades and exploring value-added blasting services to address environmental pressures and competition from alternative technologies [2]. Related Companies - Key listed companies in the industrial explosives sector include Yipuli (002096.SZ), Poly United (002037.SZ), Hongda Explosive (002683), and others [3]. - Other relevant companies include Beifang Special Energy, Yunnan Minexplosion, and Longye Chemical [3].

《上海证券交易所上市公司自律监管指引第 15 号——股东及董事、监事、高级管 理人员减持股份》等相关法律法规的规定。 公司及公司监事会对李夙先生在任职期间为公司发展所作出的贡献表示衷心 感谢！ 特此公告。 证券代码：603977 证券简称：国泰集团 编号：2025 临 020 号 江西国泰集团股份有限公司 关于监事辞职的公告 本公司监事会及全体监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。 江西国泰集团股份有限公司（以下简称"公司"）监事会于近日收到公司监 事李夙先生递交的书面辞职报告。李夙先生因达到法定退休年龄，申请辞去公司 第六届监事会监事职务。李夙先生在任职期间与公司监事会和管理层无任何意见 分歧。辞职后，李夙先生不在公司担任其他任何职务。 根据《公司法》及《公司章程》等有关规定，李夙先生的辞职不会导致公司 监事会成员低于法定最低人数，不会影响公司监事会的正常运行，其辞职报告自 送达公司监事会之日起生效。 截至本公告披露日，李夙先生持有公司股份 54,000 股，其辞职后仍将严格遵 守《上市公司董事、监事和高级管理人员所持本公司股份及其变动管理 ...

Group 1 - The A-share market has seen increased research interest in military industry concept stocks since May, with Jiangxi Guotai Group focusing on strengthening its integrated civil explosives industry and military new materials as a new growth engine [1] - In Q1 2025, Jiangxi Guotai Group reported revenue of 483 million yuan, a year-on-year decrease of 1.26%, while its net profit after deducting non-recurring items was 39.66 million yuan, an increase of 17.09% year-on-year [1] - The domestic civil explosives industry is showing a stable recovery, with increased demand and production, and Jiangxi Guotai Group's performance is better than the national average [1] Group 2 - Jiangxi Guotai Group is one of the most comprehensive manufacturers of civil explosive materials in China, with its products fully covering Jiangxi province [2] - The civil explosives industry is expected to see significant growth due to ongoing infrastructure projects, with a trend towards increased industry concentration and the adoption of digital electronic detonators [2] - The future may see the emergence of 3 to 5 large civil explosive groups with strong international competitiveness, optimizing product structure and capacity layout [2] Group 3 - The global military new materials market is steadily growing, driven by the increasing demands of modern military equipment [3] - Jiangxi Guotai Group's military new materials business is primarily conducted through its subsidiaries, focusing on tantalum and niobium products, with stable production of metallurgical-grade tantalum and niobium oxides [3] - High-purity niobium is crucial for superconducting magnets in nuclear fusion devices, indicating a significant application potential in advanced scientific fields [3] Group 4 - Jiangxi Guotai Group is set to make significant breakthroughs in energetic new materials, with a planned investment of 340 million yuan to build a production line for flexible energetic new materials [4] - The market demand for energetic materials is strong, and the new production line is expected to significantly enhance the company's performance and profitability [4] - This project will help bridge the gap between the military new materials and civil explosives industries, creating new growth momentum for the company [4]

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 ...

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。 ...

2025 年 04 月 28 日 公司点评 增持/首次 国泰集团(603977) 民爆一体化+军工新材料+轨交业务，一体两翼发展稳步推进 ◼ 走势比较 (30%) (18%) (6%) 6% 18% 30% 24/4/29 24/7/10 24/9/20 24/12/1 25/2/11 25/4/24 ◼ 股票数据 | 总股本/流通(亿股) | 6.21/6.21 | | --- | --- | | 总市值/流通(亿元) | 77.9/77.9 | | 12 个月内最高/最低价 | 15.35/8.93 | | (元) | | 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 事件：国泰集团近期发布 2024 年报，期间公司实现营业收入 23.54 亿元，同比下降 7.34%；归母净利润 1.81 亿元，同比下降 40.84%。公司 拟每 10 股派现 0.9 元（含税）。 点评： 商誉减值导致利润大幅下滑。公司 2024 年实现营业收入 23.54 亿元， 同比下降 7.34%；归母净利润 1.81 亿元，同比下降 40.84% ...