证券代码：002096 证券简称：易普力 公告编号：2025-028 易普力股份有限公司 关于召开公司 2024 年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、会议召开的基本情况 （一）股东大会届次：公司 2024 年度股东大会。 （二）会议召集人：公司董事会。 （三）会议召开的合法、合规性：公司第七届董事会第十九次会议审议通过了《关 于召开公司 2024 年度股东大会的议案》。本次股东大会会议召开符合《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司股东会规则》《深圳证券交易所 上市公司自律监管指引第 1 号—主板上市公司规范运作（2025 年修订）》等法律法规 和《公司章程》的规定。 （四）会议时间： 1.现场会议召开时间：2025 年 6 月 26 日（星期四）下午 15:00。 2. 网 络 投 票： 公 司将 通 过 深 圳证 券 交易 所 交 易 系统 和 互联 网 投 票 系 统 （http://wltp.cninfo.com.cn）向全体股东提供网络形式的投票平台，股东可以在 上述网络投票时间内通过深圳证券交 ...

第五条 委员会设主任委员（召集人）一名，由独立董事委员担任，负责主持 委员会工作；主任委员须为会计专业人士，在委员内选举，并经董事会审议通过。 第六条 委员会任期与同届董事会任期一致，委员任期与董事任期一致，委员 任期届满，可连选连任。委员在任职期间不再担任公司董事职务时，其委员资格自动 丧失，并由董事会根据上述第三至第五条规定补足委员人数。 第二章 人员组成 第三条 委员会成员由三名不在公司担任高级管理人员的董事组成，其中独立 董事两名。公司董事会成员中的职工代表可以成为委员会成员。 第四条 委员会委员由董事会选举产生。 易普力股份有限公司董事会审计委员会工作细则 第一章 总 则 第一条 为强化董事会决策功能，完善公司治理结构，根据《中华人民共和国公 司法》（以下简称《公司法》）、中国证券监督管理委员会（以下简称证监会） 《上市公司治理准则》《上市公司独立董事管理办法》、深圳证券交易所（以下简 称深交所）《上市公司自律监管指引第1号—主板上市公司规范运作》及《易普力股 份有限公司章程》（以下简称《公司章程》）及其他有关规定，公司特设立董事会 审计委员会（以下简称委员会），并制定本工作细则。 第二条 委员会是 ...

Group 1: Production and Operations - The company's production operations in May 2025 were stable, with key performance indicators exceeding expectations, laying a solid foundation for achieving annual targets [1] - From January to April 2025, the national raw coal output reached 1.58 billion tons, a year-on-year increase of 6.6%, with April's month-on-month growth rate declining by 5.8 percentage points [1] - In Xinjiang, the cumulative raw coal output was 177 million tons, accounting for 11.19% of the national total, with a year-on-year growth of 7.6% [1] Group 2: Profitability and Market Strategy - The company aims to enhance the net profit of packaged explosives through several strategies, including maintaining a "price-cost-profit" philosophy and strengthening technical innovation [2] - Cost management will be refined through bulk raw material procurement and production quota control to further reduce production costs [2] - The company plans to deepen existing core markets and actively explore new markets to increase market share and brand influence [2] Group 3: Regional Performance and Capacity - The difference in gross profit margins between the Central and Northwest regions is primarily due to the business structure, with industrial explosives and electronic detonators having higher margins than mining services [2] - The company currently manages an industrial explosives capacity of 625,500 tons, distributed across multiple provinces including Hunan, Xinjiang, Sichuan, and others [2]

Group 1: Financial Performance - The company achieved a revenue of CNY 2.01 billion in Q1 2025, representing a year-on-year growth of 13.18% [2] - The net profit attributable to shareholders was CNY 165 million, with a year-on-year increase of 22.54% [2] - The company maintains a robust order book, with a total of CNY 4.992 billion in new contracts signed or executed from January to April 2025 [4] Group 2: Business Growth Drivers - Growth is primarily driven by the rapid expansion of the engineering services sector, particularly in general contracting [2] - Increased sales volume of civil explosives in core regional markets, coupled with effective cost control measures, has significantly improved overall operational quality and efficiency [2] Group 3: Capacity and Market Expansion - The company acquired 51% of Songguang Explosives in March 2025, gaining a certified production capacity of 60,000 tons of industrial explosives [3] - Plans to transfer some production capacity to Xinjiang to align with local business expansion and service demand growth [3] - The company has a production capacity layout of 25,000 tons in Tibet, primarily serving the Jilong Copper Mine project, with plans for dynamic optimization based on market demand [3] Group 4: International Strategy - The company actively responds to the "Belt and Road" initiative, with business operations established in Liberia, Namibia, Malaysia, and other countries along the route [3] - Future international expansion will focus on regions rich in mineral resources, such as Latin America and Australia, to enhance global competitiveness [3] Group 5: Future Outlook - The company aims to maintain high levels of new contract orders in 2024, with service cycles for new projects typically ranging from 2 to 5 years [4] - There are no adjustments to the revenue and profit targets for 2025, with a continued focus on core business and operational optimization [4]

Core Viewpoint - The company reported a slight earnings beat in Q1 2025, with revenue and net profit showing year-over-year growth, while facing a sequential decline due to seasonal factors [1] Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 2.01 billion yuan, representing a year-over-year increase of 13% but a quarter-over-quarter decrease of 10% [1] - The net profit attributable to shareholders was 165 million yuan, up 23% year-over-year but down 13% quarter-over-quarter [1] - The gross margin was 20.39%, down 0.89 percentage points year-over-year and down 11.23 percentage points quarter-over-quarter [1] - The net profit margin stood at 8.68%, an increase of 0.71 percentage points year-over-year and a slight decrease of 0.44 percentage points quarter-over-quarter [1] - The period expense ratio decreased by 1.14 percentage points year-over-year to 10.81% [1] Group 2: Industry Insights - The civil explosives industry saw profit improvements in Q1 2025, with total profits for production enterprises reaching 1.31 billion yuan, a year-over-year increase of 23.03% [1] - Industrial explosives sales volume was 888,700 tons, up 1.07% year-over-year, while ammonium nitrate prices decreased by 15-17% year-over-year [1] - The company announced plans to acquire 51% of Henan Songguang Civil Explosives, adding 60,000 tons of production capacity, bringing total capacity to 581,500 tons [1] Group 3: Market Developments - In Q1 2025, civil explosive production enterprises achieved blasting service revenue of 7.24 billion yuan, a year-over-year increase of 35.52% [2] - The sales value in the Xinjiang region was 834 million yuan, up 19% year-over-year, with industrial explosives sales volume reaching 105,600 tons, a 16% increase [2] - The company has established a comprehensive service system centered on integrated civil explosives services, focusing on major mining areas and provinces with high industrial explosives usage [2] - The company secured new contracts for blasting services worth 2.088 billion yuan, with a significant portion from the Xinjiang region [2] - A notable contract in Guangdong province was awarded for approximately 2.904 billion yuan, completed in April [2] Group 4: Investment Analysis - The company maintains projected net profits attributable to shareholders for 2025-2027 at 885 million, 1.065 billion, and 1.281 billion yuan, respectively [3] - The current market capitalization corresponds to price-to-earnings ratios of 17, 14, and 12 times for the respective years [3] - The investment rating is maintained at "Accumulate" [3]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's Q1 2025 performance slightly exceeded expectations, with total revenue of 2.01 billion yuan, a year-on-year increase of 13% [7] - The net profit attributable to the parent company for Q1 2025 was 165 million yuan, reflecting a year-on-year growth of 23% [7] - The company is experiencing a recovery in new orders, particularly in the Xinjiang region, where sales increased by 19% year-on-year [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 10,076 million yuan, with a year-on-year growth rate of 17.9% [6] - The net profit attributable to the parent company is forecasted to be 885 million yuan for 2025, representing a year-on-year increase of 24.2% [6] - The company's gross margin is expected to improve to 26.4% in 2025 [6] Industry Insights - The civil explosives industry is seeing profit improvements, with a total profit of 1.31 billion yuan for Q1 2025, up 23.03% year-on-year [7] - The company is actively expanding its production capacity through acquisitions, such as the planned cash acquisition of 51% of Henan Songguang Civil Explosives [7] - The company has established a comprehensive service system centered on integrated civil explosives services, focusing on major mining areas [7]

证券代码：002096 证券简称：易普力 公告编号：2025-025 易普力股份有限公司 第七届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 易普力股份有限公司（以下简称公司）第七届董事会第十八次会议于 2025 年 4 月 29 日上午在湖南省长沙市岳麓区谷苑路 389 号易普力公司会议室召开。 本次会议通知已于 2025 年 4 月 18 日以书面及电子邮件的方式送达各位董事。会 议由付军董事长主持，会议应到董事 9 名，实到董事 9 名。公司全体监事和部分 高级管理人员列席会议。本次会议的召开符合《中华人民共和国公司法》和《公 司章程》的规定。 一、会议以 9 票赞成，0 票反对，0 票弃权的表决结果，审议通过《关于公 司 2025 年第一季度报告的议案》 该议案在提交董事会审议前已经公司第七届董事会审计委员会审议通过。公 司 2025 年第一季度报告详细内容详见同日刊载在《证券时报》《中国证券报》《上 海证券报》《证券日报》及公司指定信息披露网站 www.cninfo.com.cn。 二、会议以 9 票赞成，0 票反对，0 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥2,009,837,745.64, representing a 13.18% increase compared to ¥1,775,834,657.02 in the same period last year[5] - Net profit attributable to shareholders was ¥165,157,700.48, up 22.54% from ¥134,781,668.64 year-on-year[5] - Basic and diluted earnings per share increased to ¥0.1331, reflecting a growth of 22.45% compared to ¥0.1087 in the same period last year[5] - Net profit for the current period was ¥174,403,197.95, representing a 23.29% increase from ¥141,480,909.97 in the previous period[24] - Earnings per share (EPS) for the current period was ¥0.1331, compared to ¥0.1087 in the previous period, reflecting a growth of 22.22%[25] - The company reported a total comprehensive income of ¥177,049,614.88, up from ¥145,796,872.76 in the previous period, reflecting a growth of 21.36%[24] Cash Flow - The net cash flow from operating activities improved significantly to ¥30,890,335.05, a 112.43% increase from a negative cash flow of ¥248,477,291.91 in the previous year[5] - Cash inflow from operating activities totaled ¥1,330,060,264.01, an increase from ¥1,058,440,027.16 in the prior period[26] - The net cash flow from operating activities was $30,890,335.05, a significant improvement compared to a net outflow of $248,477,291.91 in the previous period[27] - Total cash outflow from investing activities was $133,446,813.47, compared to $42,324,661.48 in the prior period, resulting in a net cash outflow of $132,121,028.27[27] - The net cash flow from financing activities was -$9,967,520.65, worsening from -$5,685,470.41 in the previous period[28] - The total cash and cash equivalents at the end of the period were $2,633,983,391.30, down from $2,372,180,910.64 in the prior period[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥11,709,623,781.88, a 6.19% increase from ¥11,026,854,370.37 at the end of the previous year[5] - Total current assets increased to approximately RMB 6.79 billion from RMB 6.19 billion, reflecting a growth of about 9.8%[18] - Total liabilities increased to ¥3,735,757,603.54, up from ¥3,241,991,044.41 in the previous period, indicating a growth of 15.25%[20] - Total equity attributable to shareholders reached ¥7,636,207,365.78, compared to ¥7,457,647,292.14 in the previous period, marking an increase of 2.40%[20] - The company's equity attributable to shareholders rose to ¥7,636,207,365.78, marking a 2.39% increase from ¥7,457,647,292.14 at the end of the last fiscal year[5] Receivables and Inventory - Accounts receivable financing increased by 57.98% to ¥439,822,283.94, primarily due to the receipt of bank acceptance bills[10] - Other receivables surged by 118.07% to ¥227,813,715.81, mainly due to payments for equity acquisition[10] - Accounts receivable rose to RMB 1.80 billion, up from RMB 1.48 billion, indicating an increase of approximately 21.7%[17] - The company reported a significant increase in inventory, which rose to RMB 490.97 million from RMB 433.39 million, reflecting a growth of approximately 13.3%[17] Contracts and Acquisitions - The company signed new contracts for blasting services totaling RMB 2.088 billion in Q1 2025[14] - The company won a bid for a project worth approximately RMB 2.904 billion, with the contract signed in April 2025[14] - The company acquired 51% of Henan Songguang Explosive Materials Co., Ltd. for RMB 316.13 million, making it a subsidiary[15] Other Financial Metrics - Total operating revenue for the current period reached ¥2,009,837,745.64, an increase of 13.14% compared to ¥1,775,834,657.02 in the previous period[22] - Total operating costs amounted to ¥1,825,748,001.45, up 12.79% from ¥1,618,858,975.43 in the prior period[23] - Research and development expenses were ¥31,453,973.82, a decrease of 12.56% from ¥36,011,448.46 in the previous period[23] - The company reported a significant increase in government subsidies, contributing to a 131.95% rise in non-operating income to ¥6,968,428.54[10] Shareholder Information - The total number of common shareholders at the end of the reporting period is 26,407[12] - The largest shareholder, China Gezhouba Group Co., Ltd., holds 43.37% of shares, totaling 538,032,152 shares[12] Audit Status - The first quarter report was not audited, indicating a preliminary financial status[29]

Project Overview - The company, Yipuli Co., Ltd., announced that its subsidiary, China Gezhouba Group Yipuli Co., Ltd., won a bid for the granite mining project in Deqing County, Guangdong Province, with a total contract value of approximately 2.904 billion yuan and a duration of 24 years [2][12] - The project constitutes a related party transaction as the bidding unit is a wholly-owned subsidiary of China Energy Construction Group, which is under the same control as the company [2][3] Contract Details - The contract was signed between the company and the Guangdong Electric Power Design Institute, a subsidiary of China Energy Construction Group [3][12] - The project involves drilling, blasting, and transportation of granite, with specific responsibilities outlined for both parties [8][9] - The estimated total contract price is 2.904 billion yuan, including taxes and provisional sums [10] Impact on Company - The signing of the contract is expected to enhance the company's competitive strength and market share in the engineering blasting sector [12] - Successful execution of the project is anticipated to have a positive impact on the company's future performance [12] - The project will not adversely affect the company's operational independence, and the main business will not become dependent on the transaction party [12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7][13]. Core Insights - The company's 2024 annual report shows a revenue of 8.546 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 713 million yuan, up 12.49% year-on-year. The company plans to distribute a cash dividend of 2.30 yuan per 10 shares (before tax) [4][5]. - The growth in revenue and profit is primarily driven by the rapid expansion of the engineering blasting business, which generated 6.182 billion yuan in revenue, a 15.1% increase year-on-year, accounting for 72.3% of total revenue [5][6]. - The company has established a comprehensive supply chain integration platform and implemented digital tools, achieving a 95% coverage rate for AI behavior recognition, reducing production cycles by 15%, and improving inventory turnover to 14.31 times, while operating costs decreased by 8% [5][6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 8.546 billion yuan and a net profit of 713 million yuan, with a gross margin of 25.69% and a net margin of 8.92% [5][9]. - The fourth quarter alone saw a revenue of 2.243 billion yuan and a net profit of 189 million yuan, reflecting growth rates of 4.66% and 17.84%, respectively [5]. Growth Drivers - The company announced the acquisition of 51% of Songguang Minbao for 316 million yuan, enhancing its core production capacity in Henan province [6]. - R&D investment reached 420 million yuan in 2024, a 21.11% increase, focusing on key technologies such as electronic detonators and autonomous mining vehicles, resulting in 37 patents [6]. Future Projections - The company forecasts earnings per share (EPS) of 0.69, 0.81, and 0.94 yuan for 2025, 2026, and 2027, respectively, with expected revenue growth rates of 17.35%, 15.91%, and 15.84% [9][7].