（文章来源：证券日报） 证券日报网讯江南化工9月9日在互动平台回答投资者提问时表示，公司已于2025年8月26日披露了《关 于持股5%以上股东减持计划期限届满暨实施结果的公告》（公告编号：2025-048），敬请关注。 ...

丨证券研究报告丨 联合研究丨公司点评丨江南化工（002226.SZ） [Table_Title] 新能源业务承压，海外表现亮眼 报告要点 [Table_Summary] 公司发布 2025 半年报，实现收入 46.1 亿元（同比+3.7%），实现归属净利润 4.3 亿元（同比 +2.2%），实现归属扣非净利润 4.3 亿元（同比+2.0%）。其中 Q2 单季度实现收入 26.0 亿元（同 比+5.4%，环比+29.2%），归属净利润 2.8 亿元（同比+2.8%，环比+92.5%），实现归属扣非净 利润 2.9 亿元（同比+0.1%，环比+118.3%）。 %% %% research.95579.com 1 分析师及联系人 [Table_Author] SAC：S0490516100002 SAC：S0490513080001 SAC：S0490516040002 SFC：BUT911 SFC：BQK473 SFC：BVZ972 马太 范超 李金宝 徐静 请阅读最后评级说明和重要声明 %% %% 江南化工（002226.SZ） cjzqdt11111 [Table_Title2] 新能源业务承压，海外表现亮 ...

Group 1 - Jiangnan Chemical announced that its major shareholder, Zijin Mining Investment (Shanghai) Co., Ltd., pledged 180 million A-shares to secure the smooth issuance of non-public exchangeable bonds [3] - The pledged shares account for 69.20% of Zijin Investment's holdings and 6.80% of the total share capital of Jiangnan Chemical [3] - The company stated that this pledge will not lead to a change in actual control and will not adversely affect its operations or governance [3] Group 2 - Jiangnan Chemical was established on December 3, 1998, with a registered capital of 2.6489 billion RMB, and its main business includes the R&D, production, and sales of civil explosives [3] - The company has 42 subsidiaries, including Ningguo Jiangnan Transportation Co., Ltd. and Shaanxi Northern Civil Explosives Group Co., Ltd. [4] - For the fiscal years 2024 to Q2 2025, the company expects revenues of 9.481 billion RMB, 2.013 billion RMB, and 4.614 billion RMB, with year-on-year growth rates of 6.59%, 1.57%, and 3.71% respectively [4] Group 3 - The net profit attributable to the parent company for the same period is projected to be 891 million RMB, 146 million RMB, and 427 million RMB, with year-on-year growth rates of 15.26%, 0.97%, and 2.17% respectively [4] - The company's debt-to-asset ratios are expected to be 41.70%, 41.13%, and 41.00% during the same period [4] - The company has a total of 282 risk alerts, with 467 surrounding risks and 21 historical risks noted [4]

| 紫金矿业投资(上 中信证券股份 | | 18000.00 69.20% 6.80% 2025-09-03 | | | --- | --- | --- | --- | | 出质股东 | 质权方 有限公司 | ｜质押数量（万股）｜占持股比％｜占总股本比％｜质押开始日 | 海)有限公司 | 证券之星消息，江南化工(002226)9月5日公开信息显示，股东紫金矿业投资(上海)有限公司向中信证券 股份有限公司合计质押1.8亿股，占总股本6.8%。质押详情见下表： 截止本公告日，股东紫金矿业投资(上海)有限公司已累计质押股份1.8亿股，占其持股总数的69.2%。本 次质押后江南化工十大股东的累计质押股份占持股比例(占持股比例的计算以公司最新一期财务报表公 布的十大股东的持股总数为基准)见下图： 江南化工财务数据及主营业务： 江南化工2025年中报显示，公司主营收入46.14亿元，同比上升3.71%；归母净利润4.27亿元，同比上升 2.17%；扣非净利润4.28亿元，同比上升1.98%；其中2025年第二季度，公司单季度主营收入26.01亿 元，同比上升5.42%；单季度归母净利润2.81亿元，同比上升2.81%；单 ...

安徽江南化工股份有限公司 证券代码：002226 证券简称：江南化工 公告编号:2025- | | | | 一、股东股份质押基本情况 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 是否为控股 | | | 占其所 | | | 是否为限售 | | 是否 | | | | | 股东或第一 | | 本次质押数量 | | 持股份 | 占公司总 | | 股（如是， | | | 为补 质 | | 押起 | 质押到 | | 质权 | | | | | | | | | | 股东名称 | | | | | | | | | | | 质押 | | 用途 | | | | | | | | | | | | | | 大股东及其 | | （股） | 比例 | | 股本比例 | 注明限售类 | | | 充质 | 始 | | 日 | 期日 | 人 | | | | | | | | | | | | 一致行动人 | | | | | | 型） | 押 | | | | | | | | | | | | | | | | 可 ...

证券代码：002226 证券简称：江南化工 公告编号:2025-055 安徽江南化工股份有限公司 关于持股 5%以上股东拟非公开发行可交换公司债券 完成股份质押登记的公告 持股 5%以上股东紫金矿业投资（上海）有限公司保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 安徽江南化工股份有限公司（以下简称"公司"或"本公司"）于2025年9 月4日收到持股5%以上股东紫金矿业投资（上海）有限公司（"紫金投资"）的 书面通知，为保障紫金投资拟以其（及其一致行动人紫金矿业紫南（厦门）投资 合伙企业（有限合伙））持有的本公司部分A股股票为标的非公开发行可交换公 司债券（以下简称"本次可交换债券"）的持有人交换标的股票或本次可交换债 券本息按照约定如期足额兑付，紫金投资将其持有的本公司180,000,000 股A股 股票及其孳息作为担保，向中国证券登记结算有限责任公司深圳分公司申请办理 质押登记。 二、股东股份累计质押情况 | 截至本公告披露日，紫金投资及其一致行动人所持质押股份情况如下： | | --- | | | | ...

江南化工公告，持股5%以上股东紫金投资质押1.8亿股A股股票。质押开始日为2025年9月3日，质押股 份占其所持股份比例为69.20%，占公司总股本比例为6.80%。质权人为中信证券股份有限公司，质押用 途为可交换债券持有人交换股份和为可交换债券的本息偿付提供担保。 ...

Core Viewpoint - Jiangnan Chemical is actively engaging with investors to showcase its strategic plans for high-quality development, focusing on operational performance, capacity layout, capital operations, and internationalization strategies [2]. Group 1: Operational Performance and Market Strategy - In the first half of 2025, Jiangnan Chemical reported a total of 6.238 billion yuan in newly signed or executed blasting service contracts, including 18 major contracts exceeding 100 million yuan each, highlighting its competitive edge in the civil explosives industry [3]. - The company aims to enhance project execution and increase project acquisition capabilities, particularly by strengthening partnerships with large mining and state-owned enterprises to secure more major infrastructure blasting projects [3]. Group 2: Capacity Expansion and Regional Focus - Jiangnan Chemical is focusing on expanding its capacity in resource-rich regions, particularly in Xinjiang, where it has reached a production capacity of 207,500 tons as of June 2025, with multiple production points strategically located to meet local demand [4]. - The company has established three subsidiaries in Tibet since 2025 to further enhance its regional service network and is committed to updating its key project list to capitalize on local mining and infrastructure opportunities [4]. Group 3: Capital Operations and Industry Integration - Jiangnan Chemical is entering a critical strategic phase, with commitments from its controlling shareholder to inject civil explosive assets into the company within 60 months, which will resolve industry competition issues and optimize resource allocation [7]. - The company is actively pursuing mergers and acquisitions to accelerate industry consolidation, having made significant progress in acquiring Hubei Dongshen Chutian Chemical and Sichuan Ebian Guochang Chemical projects in the first half of 2025 [7]. Group 4: Internationalization and Growth - Jiangnan Chemical is implementing a "going out" strategy, focusing on expanding its international business along the Belt and Road Initiative, achieving 600 million yuan in overseas revenue in the first half of 2025, a 20.16% increase year-on-year [9]. - The company is concentrating on resource-rich countries along the Belt and Road, with ongoing projects in Namibia, the Democratic Republic of the Congo, and Serbia, leveraging its comprehensive service capabilities to support clients and national resource strategies [9]. Group 5: Future Outlook and Strategic Planning - Jiangnan Chemical is preparing for future industry trends, addressing pressures from safety production requirements and capacity optimization while seizing opportunities from the Belt and Road Initiative and industry consolidation [10]. - The company has outlined a clear development strategy focusing on enhancing project acquisition, accelerating high-quality mergers and acquisitions, expanding international business, and investing in technological innovation to support its growth and align with national strategies [10].

证券代码：002226 证券简称：江南化工 安徽江南化工股份有限公司投资者关系活动记录表 编号：20250830 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 现场参观 其他 活动参与人员 国泰海通证券 李 智 德邦证券 王华炳 潘云鹤 申万宏源 任 杰 张家兴 梁志鹏 赵丽娜 王 聪 邵 晨 马丽莎 顾冠杰 张金花 乔亚帅 卢建全 艾 力 王 星 张红攀 中泰证券 曹 惠 中信证券 李家明 裘 科 开源证券 李思佳 东方财富 梅宇鑫 江南化工董事、总裁：代五四 江南化工独立董事：郑万青 江南化工副总裁：黄 琦 江南化工董事会秘书、副总裁、总法律顾问：王敦福 江南化工总裁助理、新疆天河总经理：杨育蓉 江南化工总裁助理、证券投资部部长：张东升 时间 2025年8月28日-30日 地点 新疆天河化工有限公司库车分公司、克州新天恒泰化工有限公司 （乌恰地面站）及新疆喀什南疆环球港国际酒店三楼会议室 形式 现场参观及调研 江南化工董事、总裁代五四首先对公司上半年度经营情况做了 介绍： 答：2025 年 1-6 月，江南化工新签或开始执行的爆破服务工 程类日常经营 ...

Core Viewpoint - The company reported a revenue of 4.614 billion yuan and a net profit of 427 million yuan for the first half of 2025, showing a year-on-year growth of 3.71% and 2.71% respectively [1] Group 1: Financial Performance - The company's revenue from blasting engineering services reached 2.553 billion yuan, an increase of 7.32% year-on-year [2] - Revenue from the production and sales of civil explosives decreased by 1.69% to 1.331 billion yuan [2] - Revenue from the new energy power generation business fell by 7.74% to 363 million yuan [2] - The gross profit margins for civil explosive production and sales, new energy generation, and blasting engineering services were 46.02%, 42.12%, and 21.30% respectively, with changes of +1.51%, -3.94%, and +2.20% compared to the previous year [2] Group 2: Geographic Revenue Breakdown - Domestic revenue was 4.014 billion yuan, reflecting a year-on-year growth of 1.63% [3] - Overseas revenue amounted to 600 million yuan, showing a significant increase of 20.16% [3] Group 3: Industry Position and International Expansion - The company holds a leading position in the explosive production capacity with 777,500 tons, making it one of the most comprehensive civil explosive enterprises in China [3] - The company is expanding its international business, leveraging the "Belt and Road" initiative, with operations in multiple countries across Asia, Africa, and Europe [3] - In the first half of 2025, the company signed or began executing blasting service contracts worth a total of 6.238 billion yuan, including an 800 million yuan project in Namibia [3] Group 4: Profit Forecast and Valuation - The company is projected to achieve net profits of 991 million yuan, 1.147 billion yuan, and 1.323 billion yuan for the years 2025, 2026, and 2027 respectively [4] - The current market capitalization corresponds to price-to-earnings ratios of 16.91, 14.62, and 12.67 for the respective years [4]