北京市朝阳区建外大街丁 12 号英皇集团中心 8 层、9 层、11 层 8/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 北京市康达律师事务所 关于安徽江南化工股份有限公司 2024 年度股东大会的法律意见书 康达股会字【2025】第【0129】号 二〇二五年五月 1 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华 人民共和国证券法》（以下简称"《证券法》"）《上市公司股东会规则》（以下 简称"《股东会规则》"）等法律、法规和规范性文件以及《安徽江南化工股份有 限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集和召开程 序、出席会议人员和召集 ...

Investment Rating - The report indicates a positive outlook for the chemical industry, suggesting a new cycle may begin due to improved domestic supply and demand, increased global market share, and declining crude oil prices [3][4]. Core Viewpoints - The chemical industry is expected to enter a new cycle driven by domestic supply-demand improvements and global market share growth, despite potential short-term impacts from overseas demand [3][5]. - The report highlights that the supply side is gradually improving due to reduced fixed asset investment growth and government policies aimed at curbing excessive competition [5][10]. - On the demand side, domestic consumption is anticipated to recover steadily, supported by government initiatives to boost consumption and stabilize the economy [26][33]. - Cost factors are favorable, with significant declines in international crude oil and domestic coal prices, which will support the profitability of chemical products [42][49]. - The report recommends specific companies within various segments of the chemical industry, including refrigerants, amino acids, military and new materials, and fertilizers, indicating potential investment opportunities [5][57]. Summary by Sections Supply Side - The report notes that the chemical industry has faced profitability pressures since 2022, but the current production cycle is nearing its end, which may lead to gradual improvement in profitability as capacity is digested [11][12]. - China's global market share in chemical products has been steadily increasing, with 2023 figures showing a 43.1% share of global sales [25][20]. Demand Side - The report emphasizes that domestic demand is expected to recover, aided by government policies aimed at stimulating consumption and investment [26][33]. - The real estate sector shows signs of stabilization, which could further support demand for chemical products [33]. Cost Side - The report highlights a significant decline in crude oil prices, with Brent crude falling by 14.71% since the beginning of 2025, which is expected to positively impact the cost structure of the chemical industry [42][38]. - Domestic coal and natural gas prices have also shown a downward trend, enhancing the cost competitiveness of chemical products [49][47]. Valuation - The report indicates that the valuation of the basic chemical and petrochemical sectors is at historical lows, suggesting substantial room for recovery as market conditions improve [54][50].

Investment Rating - The investment rating for Jiangnan Chemical is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 2.01 billion yuan for Q1 2025, representing a year-on-year increase of 1.6% but a quarter-on-quarter decrease of 27.6%. The net profit attributable to shareholders was 150 million yuan, up 1.0% year-on-year and up 3.3% quarter-on-quarter. The non-recurring net profit was 130 million yuan, reflecting a year-on-year increase of 6.5% and a quarter-on-quarter increase of 10.4% [2][6]. - The demand for civil explosives is steadily growing, supported by a decrease in the price of ammonium nitrate, leading to improved profit margins for production enterprises. In the first quarter of 2025, the cumulative output of industrial explosives reached 900,000 tons, a year-on-year increase of 1.5% [13]. - The company is positioned as a leading player in the civil explosives industry, with a production capacity of 765,500 tons, the highest in the country. The company is expected to benefit from the steady growth in industry demand [13]. - The company is expanding its international market presence, with overseas revenue reaching 1.02 billion yuan in 2024, a year-on-year increase of 27.9%, and the overseas revenue proportion rising from 9.0% to 10.8% [13]. - The company forecasts net profits attributable to shareholders of 1.06 billion, 1.66 billion, and 1.90 billion yuan for 2025, 2026, and 2027, respectively [13]. Financial Summary - For Q1 2025, the company achieved a gross profit margin of 27.4%, an increase of 1.0 percentage points year-on-year, and a net profit margin of 9.9%, up 0.2 percentage points year-on-year [13]. - The company’s total revenue for 2024 is projected at 9.481 billion yuan, with a gross profit of 2.852 billion yuan, indicating a gross margin of 30% [18]. - The earnings per share (EPS) for 2025 is estimated at 0.40 yuan, with a price-to-earnings (P/E) ratio of 13.69 [18].

Core Viewpoint - Jiangnan Chemical (002226.SZ) continues to show growth in both revenue and net profit in Q1 2025, with significant improvements in cash flow and total assets [1][2] Financial Performance - Q1 2025 revenue reached 2.013 billion yuan, and net profit attributable to shareholders was 146 million yuan, with cash flow from operating activities increasing by 187.93% year-on-year [1] - The company's gross margin improved to 27.39%, up by 1.05 percentage points year-on-year, while net margin reached 9.93%, an increase of 0.20 percentage points [2] - The total profit of the civil explosives industry in Q1 2025 was 1.313 billion yuan, reflecting a year-on-year growth of 23.03% [2] Industry Position and Growth - Jiangnan Chemical holds a leading position in the civil explosives industry with a production capacity of 765,500 tons, making it one of the most comprehensive civil explosive companies in China [2] - The company is actively involved in industry consolidation and has completed acquisitions to enhance its market position [2] - The company is expected to benefit from the integration of its production capacity and the anticipated injection of assets from affiliated companies [2] Strategic Initiatives - The company is leveraging its affiliation with the Weapon Industry Group to focus on civil explosives and participate in the "Belt and Road" initiative, contributing to multiple engineering projects in various countries [3] - Jiangnan Chemical is committed to green and low-carbon development, having established several green factories and contributing to sustainable energy projects [4][5] ESG and Innovation - The company has released its third consecutive ESG report, highlighting its commitment to low-carbon development and resource recycling [4] - Jiangnan Chemical's renewable energy business generated 777 million yuan in revenue and contributed to environmental asset growth through green certificate sales [5] - The company is investing in technological innovation, focusing on smart mining and new explosive materials to enhance its competitive edge [7] Shareholder Engagement - Jiangnan Chemical emphasizes corporate governance and sustainable development, ensuring investor rights and sharing growth with shareholders through dividends [6][7]

上 市 公 司 基础化工 2025 年 04 月 29 日 江南化工 (002226) ——民爆矿服高景气延续，盈利能力改善，25Q1 业绩符 合预期 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 5.49 | | 一年内最高/最低（元） | 6.25/3.62 | | 市净率 | 1.5 | | 股息率%（分红/股价） | 1.28 | | 流通 A 股市值（百万元） | 14,542 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 3.64 | | 资产负债率% | 41.13 | | 总股本/流通 A 股（百万） | 2,649/2,649 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 ...

投资逻辑： 供给侧："政策+资质"构成核心壁垒，公司炸药产能优势凸显。 ①政策与资质端对民爆供给侧严格约束：除对重组整合、拆线撤点减证等给予支持政策外，原则上不新 增过剩品种的民爆物品许可产能。截至2024 年，公司工业炸药许可产能为76.55 万吨，处于行业第一梯 队。此外，我国对民爆物品的生产、销售、购买、运输和爆破作业实行许可证制度，构成行业资质壁 垒。 暂不考虑后续资产注入的情况下，预计25-27 年公司实现营业收入105.49、116.91、128.64 亿元，同比 +11.26%、+10.83%、+10.04%；实现归母净利润10.31、11.94、13.80 亿元，同比+15.71%、+15.86%、 +15.50%，对应EPS 为0.39、0.45、0.52 元/股，给予公司25 年18 倍PE，目标价7.01 元/股，首次覆盖， 给予"买入"评级。 风险提示： 下游需求不及预期；原材料价格波动；安全生产风险；地缘政治风险。 内需： 2023 年用于煤炭、金属和非金属矿山开采的炸药量占炸药总销量的74.8%；其中用于煤炭开采 占比30.4%、金属矿山占24.7%，非金属矿山占19.7%。根据中 ...

Core Points - The company has released its first quarter report for 2025, ensuring the accuracy and completeness of the information disclosed [3][11][16] Financial Data Summary - The company reported a net cash flow from operating activities of 40,249,287.24 yuan, an increase of 86,025,104.91 yuan compared to the same period last year [6] - Investment income for the period was 790,429.01 yuan, a decrease of 86.76% year-on-year due to reduced investment returns from associated companies [5] - The balance of accounts payable at the end of the reporting period was 8,180,000.37 yuan, a decrease of 37.33% from the beginning of the year [4] Changes in Financial Indicators - Long-term payables decreased by 57.02% to 7,331,115.67 yuan, attributed to the transfer of special demolition compensation funds to capital reserves due to the cancellation of a subsidiary [4] - The balance of special reserves increased by 40.21% to 91,305,679.75 yuan, due to the extraction of safety production costs [4] - The net cash flow from investment activities was 30,418,208.18 yuan, an increase of 209,371,512.95 yuan compared to the previous year [6] Shareholder Information - The company confirmed that there were no changes in the top ten shareholders and their shareholding status [7] Other Important Matters - The first quarter report was not audited [9] - The company will hold an online performance briefing for the 2024 annual results on May 9, 2025, allowing investors to submit questions in advance [20][21]

地址：安徽省合肥市蜀山区创新大道2800号创新产业园二期J2栋A座17楼 电话：0551-65862589 传真：0551-65862577 扫码查看企业评级档案 关于本报告 报告简介 本报告是安徽江南化工股份有限公司发布的环境、社会及治理（ESG）报告（以下简称"本报告"），以向利益 相关方等披露和展示公司在环境、社会及公司治理领域（ESG）的绩效。本报告经公司董事会审议通过，郑重 承诺本报告中所披露的信息、数据真实可靠，不存在任何虚假性陈述或误导。 时间范围 本报告涵盖时间范围若无特殊说明，均为 2024 年 1 月 1 日至 2024 年 12 月 31 日。为遵循信息披露完整性、 连续性的原则，部分信息时间范围进行了前后延伸。 报告范围 本报告覆盖安徽江南化工股份有限公司及所属分、子公司，与财务报告范围一致。其他范围与此有差异的内容， 将会在报告中进行说明。 数据来源 本报告全部信息数据来源包括公开数据、公司的正式文件、公开披露文件。报告所引用的财务数据以年报为准， 其他数据来自公司内部统计。本报告中所涉及货币金额以人民币作为计量币种，特别说明的除外。 编制依据 本报告重点参考全球报告倡议组织（GRI ...

为充分尊重投资者，提升交流的针对性，现就公司2024年度网上业绩说明会 提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于2025 年5月9日（星期五）下午14:00前访问http://ir.p5w.net/zj/，或扫描下方二维 码，进入问题征集专题页面。公司将在2024年度网上业绩说明会上，对投资者普 遍关注的问题进行回答。 欢迎广大投资者积极参与本次网上业绩说明会。 证券代码：002226 证券简称：江南化工 公告编号:2025-033 安徽江南化工股份有限公司 关于举行2024年度网上业绩说明会的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 安徽江南化工股份有限公司（以下简称"公司"）将于2025年5月9日（星期 五）下午15:00-17:00在全景网举行2024年度网上业绩说明会，本次年度业绩说 明会将采用视频直播加网络远程互动的方式举行，投资者可以登录全景网"投资 者关系互动平台"（http://ir.p5w.net）参与本次年度业绩说明会。 出席本次说明会的人员有：董事长杨世泽先生，董事、总裁代五四先生，独 立董事张红梅女士，财务 ...

证券代码：002226 证券简称：江南化工 公告编号:2025-031 具体内容详见 2025 年 4 月 29 日公司登载于《证券时报》《中国证券报》《证 券日报》《上海证券报》和巨潮资讯网的《安徽江南化工股份有限公司 2025 年 第一季度报告》（公告编号：2025-032）。 特此公告。 安徽江南化工股份有限公司 安徽江南化工股份有限公司监事会 关于第七届监事会第三次会议决议的公告 本公司及监事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 安徽江南化工股份有限公司(以下简称"公司"或 "本公司")第七届监事会第 三次会议于 2025 年 4 月 23 日以电子邮件等方式通知了各位监事，并于 2025 年 4 月 28 日在公司会议室采用通讯方式召开。会议应出席监事 3 名，实际出席监 事 3 名，公司高级管理人员列席了会议，会议召开程序符合《公司法》和《公司 章程》等有关规定。会议由监事会主席佟彦军先生主持，审议通过了如下议案： 一、审议通过了《安徽江南化工股份有限公司 2025 年第一季度报告》。 经审核，监事会认为：董事会编制和审核公司 2025 年第一季度报告的程 ...