| 证券代码：000789 | 证券简称：万年青 | 公告编号：2025-61 | | --- | --- | --- | | 债券代码：127017 | 债券简称：万青转债 | | | 债券代码：524330 | 债券简称：25 江泥 01 | | 江西万年青水泥股份有限公司 第十届监事会第五次临时会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 江西万年青水泥股份有限公司（以下简称公司）第十届监事会第五次临时会议通 知于 2025 年 7 月 18 日以电子邮件和公司网上办公系统方式发出，会议于 2025 年 7 月 21 日以通讯方式召开。 会议应出席监事 5 名，实际出席监事 5 名，本次会议的召开符合有关法律、法规、 规则及《公司章程》的有关规定。 二、监事会会议审议情况 本次会议审议通过了以下议案： 经公司监事会审查，玉山县锦宏新型建材有限公司（以下简称"锦宏新材"）已连 续多年亏损且目前已停工停产，公司出售锦宏新材股权系聚焦主责主业、优化公司资 产结构；公司子公司江西玉山万年青水泥有限公司已委托第三方评估机构完 ...

第十届董事会第八次临时会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 | 证券代码：000789 | 证券简称：万年青 | 公告编号：2025-59 | | --- | --- | --- | | 债券代码：127017 | 债券简称：万青转债 | | | 债券代码：524330 | 债券简称：25 江泥 01 | | 江西万年青水泥股份有限公司 表决结果：8 票同意、0 票反对、0 票弃权。 （二）审议通过了《关于不向下修正"万青转债"转股价格的议案》 为维护全体投资者的利益，公司董事会决定本次不行使"万青转债"的转股价格 向下修正的权利，且在未来六个月内（即 2025 年 7 月 22 日至 2026 年 1 月 21 日），如 再次触发"万青转债"转股价格向下修正条款，亦不提出向下修正方案。 具体内容详见公司于同日披露的《关于不向下修正"万青转债"转股价格的公告》 （2025-60） 江西万年青水泥股份有限公司（以下简称公司）第十届董事会第八次临时会议通 知于 2025 年 7 月 18 日以电子邮件和公司网上办公系 ...

Group 1 - The Yarlung Tsangpo River downstream hydropower project has officially commenced with a total investment of approximately 1.2 trillion yuan, aiming to build five tiered power stations primarily for electricity transmission and local consumption in Tibet [1] - The Ministry of Industry and Information Technology (MIIT) plans to accelerate the development of biomanufacturing and low-altitude industries, while promoting innovation in future industries such as humanoid robots and brain-computer interfaces [2][3] - The MIIT and the National Development and Reform Commission (NDRC) are set to issue work plans to stabilize growth in key industries including steel, non-ferrous metals, petrochemicals, and building materials [2][3] Group 2 - The U.S. Department of Commerce has imposed a preliminary anti-dumping duty of 93.5% on Chinese imported anode-grade graphite, citing unfair subsidies [5] - The State Administration for Market Regulation has urged major platform companies like Ele.me, Meituan, and JD.com to standardize promotional activities and foster a healthy competitive environment in the food service industry [6] - A meeting was held to discuss the regulation of the new energy vehicle industry, focusing on enhancing supervision and monitoring product prices and quality [8] Group 3 - The China Iron and Steel Association has proposed a new mechanism for capacity governance to prevent overcapacity risks in the steel industry and to eliminate irrational competition [10] - Yu Shu Technology has initiated its listing guidance, with its controlling shareholder holding approximately 34.76% of the company's shares [11] - Multiple provinces are planning to establish companies to develop local cultural creative Moutai liquor, with participation from distributors based on their allocation of Moutai products [12] Group 4 - As of July 18, 1551 A-share listed companies have released performance forecasts for the first half of 2025, with 26 companies expecting a net profit increase of over 1000% year-on-year [14] - Longhua Automobile reported a net profit of 6.337 billion yuan for the first half of the year, reflecting a year-on-year decline of 10.22% [19] - The major shareholder of Hongbaoli plans to reduce its stake by up to 2% [20]

Core Viewpoint - A total of 1551 A-share listed companies have released performance forecasts for the first half of 2025, with 26 companies expecting a year-on-year net profit increase of over 1000% [1] Group 1: Companies with Significant Profit Increases - Huayin Power is expected to achieve a net profit of 2.20 billion yuan, representing a year-on-year increase of 4423.07% due to increased power generation and reduced fuel costs [2] - Sanhe Pile is forecasting a net profit of 0.75 billion yuan, with a year-on-year increase of 3888.51%, driven by market demand and optimized cost control [2] - Huahong Technology anticipates a net profit of 0.85 billion yuan, reflecting a 3721.94% increase, supported by its development in rare earth permanent magnet materials [2] - Wannianqing expects a net profit of 0.45 billion yuan, up 2881.71% year-on-year, benefiting from reduced declines in real estate investment and increased infrastructure spending [2] - Xianda Co. forecasts a net profit of 1.50 billion yuan, with a year-on-year increase of 2834.73%, attributed to rising market prices of its main product [2] Group 2: Other Notable Companies - Fenglong Co. anticipates a net profit of 0.18 billion yuan, reflecting a 2548.31% increase, mainly due to improved operational efficiency [2] - Tianbao Infrastructure expects a net profit of 1.30 billion yuan, up 2329.27%, due to significant revenue from a residential project [2] - Aerospace Science and Technology forecasts a net profit of 0.95 billion yuan, with a year-on-year increase of 2315.27%, despite some declines in automotive electronics profits [2] - Northern Rare Earth anticipates a net profit of 9.60 billion yuan, reflecting a 2014.71% increase, driven by rising prices and demand in the rare earth sector [2] - Zhongsheng High-Tech expects a net profit of 0.47 billion yuan, with a year-on-year increase of 1928.83%, benefiting from investment gains [2] Group 3: Performance Trends in Various Industries - The cement industry, represented by companies like Sanhe Pile and Wannianqing, shows strong growth due to market demand and infrastructure investments [2] - The agricultural chemical sector, with companies like Xianda Co. and Su Li Co., is experiencing significant profit increases driven by product price hikes and operational improvements [2] - The gaming industry, represented by Youzu Network, is focusing on global strategies and IP collaborations to enhance user engagement and revenue [3] - The aviation sector, with Huaxia Airlines, is recovering towards pre-pandemic levels, indicating a potential profitability cycle ahead [3]

Group 1: Performance Forecast - The company expects a year-on-year increase in net profit and net profit excluding non-recurring gains and losses for the first half of 2025, driven by improved demand in the cement industry due to a reduction in the decline of real estate investment and the issuance of special bonds for infrastructure [2][3] - The company's product sales prices have increased compared to the previous year, contributing to the overall improvement in industry efficiency [3] Group 2: Non-Recurring Gains - The completion of a demolition project by a subsidiary resulted in a non-recurring gain of approximately 20 million to 30 million yuan, which positively impacted the net profit attributable to shareholders [3] Group 3: Convertible Bond Information - The company issued 10 million convertible bonds with a total value of 1 billion yuan, which began trading on July 2, 2020 [10][11] - The current conversion price is 8.53 yuan per share, following adjustments due to previous dividend distributions [16] - The company anticipates that the conversion price may be adjusted downward as the stock price has been below 80% of the current conversion price for 10 trading days between July 1 and July 14, 2025 [19]

Group 1 - The first half of 2025 financial reports for A-share companies have been released, with many companies forecasting profit increases of over 10 times [1][5] - Zhongyan Chemical's report shows a revenue of 5.998 billion yuan, a year-on-year decrease of 5.76%, and a net profit of 52.7155 million yuan, down 88.04% year-on-year [3][4] - The decline in Zhongyan Chemical's revenue is attributed to intensified market competition and significant price drops in key products, despite a 38.82% increase in sales volume [3][4] Group 2 - Huahong Technology expects a net profit of 70 million to 85 million yuan for the first half of 2025, representing a year-on-year increase of 3047.48% to 3721.94% [6] - Wan Nianqing anticipates a net profit of 31 million to 45 million yuan, reflecting a year-on-year growth of 1954.07% to 2881.71% [7] - Other companies such as Yatai Pharmaceutical and Aerospace Science and Technology also project significant profit increases, with Yatai expecting a net profit of 100 million to 110 million yuan, up 1726.42% to 1909.06% year-on-year [7]

Core Viewpoint - The first half of 2025 financial reports from A-share listed companies reveal significant profit increases, with several companies projecting profit growth exceeding tenfold compared to the previous year [1][5]. Group 1: Company Performance - Zhongyan Chemical's 2025 half-year report shows a revenue of 5.998 billion yuan, a decrease of 5.76% year-on-year, with a net profit of 52.7155 million yuan, down 88.04% year-on-year [3][4]. - The decline in Zhongyan Chemical's revenue is attributed to intensified market competition and significant price drops in key products like soda ash and PVC, despite a 38.82% increase in sales volume [3][4]. - Huahong Technology expects a net profit of 70 million to 85 million yuan for the first half of 2025, representing a year-on-year increase of 3047.48% to 3721.94%, driven by improved prices of rare earth raw materials [6][7]. - Wannianqing anticipates a net profit of 31 million to 45 million yuan, reflecting a year-on-year growth of 1954.07% to 2881.71%, supported by recovering demand in the cement industry and cost reduction efforts [6][7]. - Other companies like Yatai Pharmaceutical and Aerospace Science and Technology also project substantial profit increases, with expected growth rates of 1726.42% to 1909.06% and 1628.83% to 2315.27%, respectively [7]. Group 2: Market Trends - The overall trend indicates a recovery in certain sectors, such as the cement industry, due to reduced declines in real estate investment and infrastructure spending [7]. - The chemical industry is experiencing price fluctuations, with some products seeing significant price drops due to weakened downstream demand, while others like caustic soda have increased prices due to demand pull [4].

Core Viewpoint - The company, Jiangxi Wannianqing Cement Co., Ltd., is expected to trigger a downward adjustment of the conversion price for its convertible bonds due to the stock price being below 80% of the current conversion price for at least 10 trading days from July 1 to July 14, 2025 [1][6]. Summary by Sections Convertible Bond Issuance - The company issued 10 million convertible bonds with a total value of 1 billion RMB, each with a face value of 100 RMB, approved by the China Securities Regulatory Commission on June 3, 2020 [1][2]. Listing of Convertible Bonds - The convertible bonds were listed on the Shenzhen Stock Exchange on July 2, 2020, under the name "Wanquan Convertible Bonds" with the code "127017" [2]. Conversion Period - The conversion period for the bonds started on December 9, 2020, and will end on June 2, 2026 [2]. Adjustment of Conversion Price - The conversion price was adjusted from 13.46 RMB/share to 12.66 RMB/share on June 1, 2022, and further adjusted to 12.40 RMB/share on June 1, 2023 [3][4]. Recent Adjustments - On April 19, 2024, the board approved a downward adjustment of the conversion price to 8.76 RMB/share, effective from April 22, 2024. This was followed by another adjustment to 8.67 RMB/share on May 30, 2024, and then to 8.53 RMB/share on July 10, 2025 [4][5]. Conditions for Downward Adjustment - The company can propose a downward adjustment of the conversion price if the stock price is below 80% of the current conversion price for at least 15 trading days within any 30-day period [6]. Procedures for Adjustment - If the company decides to adjust the conversion price, it will announce the decision through designated media and will resume conversion applications at the adjusted price starting from the next trading day after the adjustment [6]. Triggering Conditions - The company has indicated that the stock price has been below the required threshold, which may lead to the adjustment of the conversion price as per the relevant regulations [6].

| 证券代码：000789 | 证券简称：万年青 | 公告编号：2025-57 | | --- | --- | --- | | 债券代码：127017 | 债券简称：万青转债 | | | 债券代码：524330 | 债券简称：25 江泥 01 | | 江西万年青水泥股份有限公司 特别提示： 1、证券代码：000789，证券简称：万年青 2、债券代码：127017，债券简称：万青转债 3、转股价格：8.53 元/股 4、转股时间：2020 年 12 月 9 日至 2026 年 6 月 2 日 5、根据《江西万年青水泥股份有限公司公开发行可转换公司债 券募集说明书》（以下简称"募集说明书"）的规定，在本次发行的 可转换公司债券存续期间，当公司股票在任意连续三十个交易日中至 少有十五个交易日的收盘价低于当期转股价格的 80%时，公司董事会 有权提出转股价格向下修正方案并提交公司股东大会表决。2025 年 7 月 1 日至 2025 年 7 月 14 日，公司股票已有 10 个交易日的收盘价低 于当期转股价格的 80%，预计触发转股价格向下修正条件。若触发转 股价格修正条件，公司将按照募集说明书的约定及时履行后续审议 ...

[Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Estimate) The company expects a significant increase in net profit attributable to shareholders for the first half of 2025, projecting a profit of 31 million to 45 million yuan, representing a year-on-year growth of 1954.07% to 2881.71%; net profit after deducting non-recurring gains and losses is expected to turn profitable, ranging from 0.65 million to 0.95 million yuan Performance Estimate Summary | Item | Current Reporting Period | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | **Profit: 31 million - 45 million yuan** | Profit: 1.5092 million yuan | | Year-on-Year Growth | 1954.07% - 2881.71% | - | | **Net Profit After Deducting Non-Recurring Gains/Losses** | **Profit: 0.65 million - 0.95 million yuan** | Loss: -23.8582 million yuan | | Year-on-Year Growth | 102.72% - 103.98% | - | | **Basic Earnings Per Share** | **Profit: 0.0399 - 0.0580 yuan/share** | Profit: 0.0019 yuan/share | [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company explicitly states that the financial data in this performance forecast has not been audited by an accounting firm - The financial data in this performance forecast represents the company's preliminary calculations and has not been audited[5](index=5&type=chunk) [Explanation of Performance Change](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Change) The significant performance growth is primarily attributed to market recovery and internal cost reduction and efficiency improvement; market factors include narrowing decline in real estate investment and infrastructure investment driving downstream demand, leading to a year-on-year increase in product sales prices; internal management efforts, such as lean management, improved product gross margin; additionally, a 20 million to 30 million yuan subsidiary relocation compensation gain (non-recurring item) significantly boosted net profit - Market recovery: Benefiting from a narrowing decline in real estate investment and the issuance of infrastructure special bonds, downstream demand in the cement industry recovered, leading to a year-on-year increase in the company's product sales prices[6](index=6&type=chunk) - Cost reduction and efficiency improvement: The company successfully reduced costs and improved product gross margin by advancing lean management and "Three Basics" management[6](index=6&type=chunk)[7](index=7&type=chunk) - Non-recurring gains/losses: Subsidiary relocation compensation income of **20 million to 30 million yuan** was recognized during the reporting period, contributing to net profit attributable to parent company[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company advises investors that this performance forecast is a preliminary estimate by the finance department, and the final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report, urging investors to be aware of investment risks - This performance forecast is a preliminary estimate, and specific financial data will be subject to the 2025 semi-annual report; investors are advised to be aware of the risks[8](index=8&type=chunk) [Other Relevant Information](index=2&type=section&id=V.%20Other%20Relevant%20Information) The company clarifies that the disclosure of this performance forecast will not affect the trading status of its shares - This performance forecast will not affect the normal trading status of the company's shares[9](index=9&type=chunk)