易普力 摘要 易普力重组后产能跃升至行业前三，总产能达 58.15 万吨，并通过并购 完善全国布局，尤其在西部矿业大省如新疆、西藏、内蒙古等地占据优 势，成为市场覆盖面最广的央企民爆企业。 民爆行业集中度加速提升，CR10 已提前达到 62.47%的目标，易普力 作为头部企业受益于行业整合趋势。同时，控服一体化转型加速，爆破 服务收入占比提升至 78%，易普力在该领域市占率达 19%，位居第二， 一体化经营优势显著。 民爆行业需求向西部转移，新疆煤炭和金属矿产资源开发需求旺盛，易 普力新疆子公司收入占比达 44%，预计随着新签订单增加，新疆作为主 要收入来源的地位将持续保持。 西藏铜矿开采潜力巨大，易普力在西藏地区拥有超过 30%的工业炸药产 能，主要为巨龙铜业提供服务，随着巨龙铜矿二期改扩建工程启动，将 带来新的爆破需求增量。 雅江水电工程开工在即，其超长隧洞建设将催生大量民爆需求，预计炸 药用量远超三峡工程。易普力在水利工程方面经验丰富，有望成为核心 受益者，带来显著业绩弹性。 Q&A 易普力的基本情况和股权结构是怎样的？ 易普力通过与南岭民爆重组借壳上市，资产重组项目于 2021 年 10 月启动， 并 ...

Industry Rating - The report maintains a neutral rating for the civil explosives industry [1] Core Insights - The civil explosives industry is characterized by stable demand growth, strong resilience, and policy-driven supply-side consolidation [2][3] - The market size for civil explosives in China is approximately 400 billion [2] - The production value of civil explosive enterprises reached 416.95 billion in 2024, with a profit total of 96.39 billion, indicating a profit growth of 13.04% year-on-year [14][19] - The industry is transitioning from product sales to integrated operations, including research, production, sales, import-export, and blasting services [2][3] Summary by Sections Industry Overview - Civil explosives are essential in energy and infrastructure industries, with a significant role in mining and construction [2][3] - The production value of civil explosive enterprises in 2024 was 416.95 billion, down 4.5% year-on-year, while profits increased by 13.04% [14][19] Market Dynamics - The industry is experiencing a shift towards higher concentration, with the CR20 increasing from 50.5% in 2013 to 83.17% in 2024 [2][48] - The demand for civil explosives is regionally concentrated, with notable growth in Xinjiang due to coal and hydropower projects [3] Production and Sales - In 2024, the total production and sales of industrial explosives were 449 million tons and 448.5 million tons, respectively, showing a slight decline [14][19] - The main types of industrial explosives produced include gel emulsified explosives and porous ammonium oil explosives, which together account for over 80% of total production [16][19] Policy and Regulation - The government aims to enhance industry concentration and optimize product structure, with plans to form 3 to 5 large competitive enterprises by 2027 [2][48][44] - Policies are encouraging the development of mixed explosives and the reduction of traditional explosives [40][42] Investment Opportunities - Companies to watch include Guangdong Hongda, Yipuli, Guotai Group, Jiangnan Chemical, and Yahua Group, which are positioned well within the evolving market landscape [3]

Core Viewpoint - Yipuli's stock has shown a positive performance in recent trading sessions, with a year-to-date increase of 19.40% and a market capitalization of 17.255 billion yuan [1] Group 1: Stock Performance - As of September 30, Yipuli's stock price increased by 2.05%, reaching 13.91 yuan per share, with a trading volume of 64.0237 million yuan and a turnover rate of 0.66% [1] - The stock has seen a net inflow of main funds amounting to 61.52 thousand yuan, with significant buying activity from large orders [1] - Year-to-date, Yipuli has appeared on the "Dragon and Tiger List" once, with the most recent occurrence on July 23 [1] Group 2: Financial Performance - For the first half of 2025, Yipuli reported a revenue of 4.713 billion yuan, reflecting a year-on-year growth of 20.42%, and a net profit attributable to shareholders of 409 million yuan, up 16.43% [2] Group 3: Business Overview - Yipuli, established on August 10, 2001, and listed on December 22, 2006, is based in Changsha, Hunan Province, and specializes in the production, research, and sales of civil explosive materials and military products, as well as engineering blasting services [1] - The company's main business revenue composition includes blasting services (75.36%), industrial explosives (13.53%), other services (6.40%), and industrial detonators (4.71%) [1] - Yipuli is categorized under the basic chemical industry, specifically in chemical products related to civil explosive materials, and is associated with several concept sectors including hydropower, state-owned enterprise reform, fire protection, military-civilian integration, and civil explosives [1] Group 4: Shareholder Information - As of September 10, Yipuli had 36,000 shareholders, a decrease of 2.70% from the previous period, with an average of 19,470 circulating shares per shareholder, which is an increase of 2.78% [2] Group 5: Dividend Information - Since its A-share listing, Yipuli has distributed a total of 889 million yuan in dividends, with 577 million yuan distributed over the past three years [3]

Core Points - The company announced the resignation of non-independent director Zeng Dekun due to reaching the statutory retirement age [1][2] - Zeng Dekun's resignation will not affect the minimum number of board members required by law, ensuring the normal operation of the board [1] - The company will promptly complete the election of a new director as per relevant regulations [1] Summary by Sections - **Director Resignation**: Zeng Dekun submitted a written resignation report and will no longer hold any position in the company after his resignation [1] - **Tenure Details**: Zeng Dekun's original term was from March 16, 2023, to March 15, 2026 [1] - **Acknowledgment of Contributions**: The company and its board expressed gratitude for Zeng Dekun's significant contributions during his tenure [2]

Core Viewpoint - The company announced the resignation of non-independent director Zeng Dekun due to reaching the legal retirement age, and he will no longer hold any position within the company [1] Group 1 - The board of directors received a written resignation letter from Zeng Dekun [1] - Zeng Dekun served as a director and vice chairman of the seventh board of directors [1] - Following his resignation, Zeng Dekun will not hold any positions in the company [1]

Core Points - The company announced the resignation of non-independent director Mr. Zeng Dekun due to reaching the statutory retirement age [1] - Mr. Zeng will no longer hold any position within the company after his resignation [1] - The company and the board expressed sincere gratitude for Mr. Zeng's significant contributions during his tenure and will expedite the process of selecting a new director [1]

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。 近日，易普力股份有限公司（以下简称"公司"）董事会收到非独立董事曾德坤 先生的书面辞职报告。因已到法定退休年龄，曾德坤先生申请辞去公司第七届董事会 董事、公司副董事长职务。辞职后，曾德坤先生将不再担任公司任何职务。截至本公 告披露日，曾德坤先生未直接或间接持有公司股份。 曾德坤先生原定任期自董事会聘任之日（2023年3月16日）至第七届董事会届满 （2026年3月15日）。根据《中华人民共和国公司法》《公司章程》等相关规定，曾 德坤先生的辞职未导致公司董事会成员人数低于法定最低人数，不会影响公司董事会 的正常运行，其辞职报告自送达公司董事会之日起生效。公司将按照相关规定，尽快 完成董事的补选工作。 曾德坤先生在担任公司董事、副董事长期间，恪尽职守、勤勉尽责，对公司规范 运作和高质量发展发挥了重要作用。公司及公司董事会对曾德坤先生任职期间为公司 作出的重要贡献表示衷心感谢！ 证券代码：002096 证券简称：易普力 公告编号：2025-041 易普力股份有限公司 关于非独立董事退休离任的公告 易普力股份有限公司董事 ...

Group 1 - The core viewpoint of the article highlights that Yipuli's industrial explosives sales are primarily determined by market principles, with pricing influenced by supply and demand dynamics and competition [2] - The company reports that its blasting service revenue accounts for over 75% of total income, indicating a strong reliance on this segment [2] - In the first half of 2025, the company's industrial explosives gross margin reached 34.5%, reflecting a year-on-year increase of 0.83 percentage points [2] Group 2 - Yipuli plans to leverage its centralized procurement advantages and enhance cost control measures to further improve profitability [2]

Group 1 - The core viewpoint of the article highlights that Yipuli has secured a total of 7.991 billion yuan in new or ongoing blasting service contracts for the first half of 2025 [2] - The company has established a production capacity of 30,000 tons of mixed explosives in Tibet, primarily serving the Jilong Copper Mine project [2] - The demand for blasting services is expected to increase significantly with the commencement of the second phase expansion project of Jilong, positively impacting the company's order growth [2]

Group 1 - The core viewpoint of the article highlights that Yipuli has seen an increase in institutional investor confidence, as evidenced by the rising proportion of shares held by institutional shareholders [2] - As of September 10, the total number of registered shareholders for the company is approximately 36,000 [2] - The company aims to continuously improve its management practices to enhance its value and reward the trust and support of its investors [2]