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 ...

安徽江南化工股份有限公司（以下简称"公司"或"本公司"）第七届董事 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董事，并于2025年4 月28日在本公司会议室采用通讯方式召开。本次会议由董事长杨世泽先生主持， 会议应出席董事9名，实际出席董事9名。会议召开程序符合《公司法》和《公司 章程》等有关规定。会议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》； 证券代码：002226 证券简称：江南化工 公告编号:2025-030 安徽江南化工股份有限公司 关于第七届董事会第三次会议决议的公告 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。 公司审计与风险管理委员会审议通过了该议案。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 具体内容详见 2025 年 4 月 29 日登载于《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）。 （二）审议通过了《安徽江南化工股份有限公司 2024 年 ESG 报告》 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥2,012,831,236.48, representing a 1.57% increase compared to ¥1,981,722,498.77 in the same period last year[5]. - Net profit attributable to shareholders was ¥145,917,378.54, a 0.97% increase from ¥144,517,249.30 year-over-year[5]. - The net profit excluding non-recurring gains and losses was ¥134,428,842.49, which is a 6.47% increase from ¥126,265,342.81 in the same period last year[5]. - Net profit for the current period was ¥199,798,099.57, compared to ¥192,728,630.28 in the previous period, indicating a growth of about 3.5%[18]. - The total comprehensive income for the period was CNY 196,941,850.81, compared to CNY 193,998,223.45 in the previous period, reflecting an increase of approximately 1.0%[19]. - The total comprehensive income attributable to the parent company was CNY 143,459,961.12, slightly down from CNY 145,988,443.23 in the previous period[19]. Cash Flow - The net cash flow from operating activities improved significantly to ¥40,249,287.24, a 187.93% increase from a negative cash flow of ¥45,775,817.67 in the previous year[5]. - Cash inflow from operating activities totaled CNY 1,461,337,028.57, up from CNY 1,353,476,595.99, indicating a growth of about 8.0%[20]. - The net cash flow from investing activities was CNY 30,418,208.18, a recovery from a net outflow of CNY -178,953,304.77 in the previous period[21]. - Cash inflow from investment activities reached CNY 89,413,758.45, compared to CNY 20,734,958.73 in the previous period, showing a substantial increase of about 331.5%[21]. - The company incurred cash outflows from financing activities totaling CNY 220,812,951.42, down from CNY 271,031,607.13 in the previous period, indicating a reduction of approximately 18.5%[21]. - The company received CNY 209,960,000.00 in borrowings, an increase from CNY 187,999,900.00 in the previous period, reflecting a growth of about 11.5%[21]. Assets and Liabilities - The total assets at the end of the reporting period were ¥18,979,818,648.96, reflecting a 1.07% increase from ¥18,778,158,832.18 at the end of the previous year[5]. - The total current assets amount to 9,254,307,365.74 RMB, an increase from 8,905,062,029.46 RMB at the beginning of the period[13]. - The total non-current assets amounted to ¥9,725,511,283.22, a decrease from ¥9,873,096,802.72, reflecting a decline of about 1.5%[15]. - Total liabilities decreased slightly to ¥7,805,910,294.84 from ¥7,830,410,737.22, a reduction of about 0.3%[15]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 51,029[12]. - The largest shareholder, North Special Energy Group Co., Ltd., holds 21.74% of shares, totaling 575,753,625 shares[12]. - Zijin Mining Zinan (Xiamen) Investment Partnership holds 11.99% of shares, totaling 317,710,341 shares[12]. Operating Costs and Expenses - Total operating costs amounted to ¥1,780,094,682.53, up from ¥1,756,066,414.15, reflecting a cost increase of approximately 1.4%[17]. - Research and development expenses were reported at ¥39,078,076.45, a slight decrease from ¥40,069,241.65, indicating a reduction of about 2.5%[17]. Investment Income - The company reported a significant decrease in investment income, amounting to ¥790,429.01, which is an 86.76% decline compared to the previous year[9]. - The company reported an investment income of ¥790,429.01, down from ¥5,970,179.50, representing a decline of approximately 86.8%[18]. Other Income - The company recorded a substantial increase in other operating income, which rose by 336.55% to ¥2,599,993.60 due to the write-off of long-term payables[9]. - The fair value change income was ¥8,698,200.00, down 30.00% from the previous year due to a decline in the stock price of Xuefeng Technology[9].

安徽江南化工股份有限公司（以下简称"公司"或"江南化工"）持股5% 以上股东紫金矿业紫南（厦门）投资合伙企业（有限合伙）（以下简称"紫南投 资"）计划自本公告披露之日起15个交易日后的3个月内(窗口期内不减持)以集 中竞价交易及大宗交易方式减持其持有的公司股份不超过79,467,000股（占江南 化工总股本比例不超过3.00%）。 证券代码：002226 证券简称：江南化工 公告编号:2025-029 安徽江南化工股份有限公司 关于持股 5%以上股东减持股份的预披露公告 本次计划减持的股东紫金矿业紫南（厦门）投资合伙企业（有限合伙）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。 特别提示： 公司于近日收到持股5%以上股东紫金矿业紫南（厦门）投资合伙企业（有 限合伙）出具的《股份减持计划告知函》，现将具体情况公告如下： 一、股东基本情况 1、股东名称：紫金矿业紫南（厦门）投资合伙企业（有限合伙） 2、股东持股情况：截至本公告披露日，紫南投资持有公司股票317,710,341 股，占公司总股本的11.99%，全部 ...

Investment Rating - The report maintains an "Outperform" rating for Jiangnan Chemical [4][7]. Core Views - The consolidation in the explosives industry is ongoing, leading to increased concentration, with strong demand observed in western regions. Projected EPS for 2025-2027 is RMB 0.39, 0.44, and 0.5 respectively, with a 2025 PE valuation set at 20x and a target price of RMB 7.80 [4][7]. Financial Performance Summary - For 2024, the company is expected to achieve a revenue of RMB 9.48 billion, a year-on-year increase of 6.59%, and a net profit attributable to shareholders of RMB 0.89 billion, up 15.26%. The recurring net profit is projected at RMB 0.8 billion, reflecting a growth of 1.12% [4][7]. - The gross profit margin (GPM) is expected to improve to 30.08%, an increase of 0.6 percentage points, while the net profit margin (NPM) is projected to reach 11.94%, up 0.7 percentage points [4][7]. - The company’s revenue from blasting engineering is projected to be RMB 5.1 billion, up 8.2%, while civil explosives revenue is expected to be RMB 2.74 billion, up 6.6%. However, revenue from new energy power is anticipated to decline by 11.3% to RMB 0.78 billion [4][7]. Market Dynamics - The report highlights rapid growth in blasting engineering and overseas markets, with international revenue expected to reach RMB 1.02 billion, a year-on-year increase of 27.9%. Key drivers include significant client development and successful project acquisitions [4][7]. - The company is focusing on restructuring and integrating blasting services, seizing M&A opportunities, and enhancing its integrated mining services to promote sales through blasting [4][7].

Financial Performance - In 2024, the company achieved a revenue of CNY 9.481 billion, representing a year-on-year growth of 6.59% [2] - Total profit reached CNY 1.408 billion, an increase of 14.42% compared to the previous year [2] - Net profit attributable to shareholders was CNY 889 million, up by 15.26% year-on-year [2] - Net assets attributable to shareholders amounted to CNY 9.462 billion, reflecting an 8.57% increase [2] Business Development Strategies - The company is focusing on significant customer development and has successfully secured major engineering projects, outperforming the previous year [2] - Internal collaboration has improved, enhancing synergy between explosive production and blasting companies [2] - The company is steadily growing its international operations [2] Mergers and Acquisitions - The company is actively responding to the "14th Five-Year" plan for the civil explosives industry, which emphasizes supply-side reforms and industry consolidation [2] - Future mergers and acquisitions will focus on internal restructuring and high-quality external acquisitions to broaden profit growth points [2] - The company aims to complete the integration of military explosive assets by the end of 2025 to avoid competition with its controlling shareholder [3] Regional Market Expansion - In Xinjiang, the company has a production capacity of 207,500 tons of industrial explosives, primarily focusing on mixed production [3] - The company plans to optimize its capacity layout based on regional supply-demand relationships and market prices [3] - The company is also targeting the Tibetan market, leveraging the "Belt and Road" initiative to tap into its growth potential [5] Shareholder Engagement - The actual controller, China Weapon Industry Group, remains optimistic about the future of China's economy and capital markets [6] - There are currently no announced plans for shareholding increases by major shareholders, but the company will disclose any future plans as required [6] Engineering Services Development - The company plans to enhance its engineering services segment by focusing on market demand and integrated blasting services [7] - It aims to strengthen strategic partnerships with large mining enterprises and actively pursue blasting service projects [8] - Internationally, the company will implement a "go global" strategy, particularly in resource-rich countries along the "Belt and Road" [8]

Investment Rating - The report assigns a "Buy" investment rating for Jiangnan Chemical [6] Core Views - Jiangnan Chemical achieved a total operating revenue of 9.481 billion yuan in 2024, representing a year-on-year increase of 6.59%, and a net profit attributable to shareholders of 891 million yuan, up 15.26% year-on-year [1] - The increase in profit is primarily attributed to the decline in raw material prices, particularly ammonium nitrate, which saw an average price decrease of 17.40% year-on-year [2] - The company is focusing on enhancing its core competitiveness through increased R&D investment, with the R&D expense ratio rising due to ongoing efforts in technological innovation [3] - The performance of the civil explosives industry is stable, with significant engineering projects exceeding expectations and ongoing market development efforts in various regions [4] Summary by Sections Financial Performance - In Q4 2024, the company reported a single-quarter operating revenue of 2.782 billion yuan, a year-on-year increase of 14.91% and a quarter-on-quarter increase of 23.68% [1] - The revenue composition by product shows: civil explosive products +6.61%, blasting engineering services +8.25%, new energy power generation -11.32%, other civil explosive businesses +17.69%, raw material production and sales +62.73%, and other businesses +5.06% [2] R&D and Innovation - The company has increased its R&D investment, leading to a rise in the R&D expense ratio, which is aimed at enhancing its technological innovation capabilities and core competitiveness [3] Market Development - Jiangnan Chemical has successfully optimized its production capacity structure and exceeded expectations in acquiring major engineering projects, with ongoing efforts to develop markets in regions such as Inner Mongolia, Sichuan, and Xinjiang [4] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 1.081 billion, 1.417 billion, and 1.807 billion yuan respectively, with corresponding P/E ratios of 14.3, 10.9, and 8.6 [11]

Investment Rating - The report assigns a "Buy" rating for Jiangnan Chemical, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6][12]. Core Insights - Jiangnan Chemical, a leading company in the civil explosives industry, achieved a revenue of 9.481 billion yuan in 2024, representing a year-on-year growth of 6.59%. The net profit attributable to shareholders was 891 million yuan, up 15.26% year-on-year [4][8]. - The company's main business in civil explosives showed steady growth, with the revenue from blasting engineering services reaching 5.104 billion yuan, a growth of 8.25% year-on-year, contributing significantly to overall performance [4]. - The company is actively expanding its production capacity and integrating operations, having acquired stakes in Chaoyang Hongshan Chemical and Shaanxi Hongqi Civil Explosives Group, increasing its industrial explosive capacity to 765,500 tons [5]. Summary by Sections Financial Performance - In 2024, Jiangnan Chemical reported a total revenue of 9.481 billion yuan and a net profit of 891 million yuan, with Q4 revenue reaching 2.782 billion yuan, marking a 14.91% increase year-on-year [4][8]. - The company forecasts revenue growth rates of 10.41%, 10.43%, and 10.44% for 2025, 2026, and 2027, respectively, with net profit growth rates of 13.23%, 12.76%, and 10.72% for the same years [8]. Business Expansion and Strategy - Jiangnan Chemical is focusing on integrated services and overseas business expansion, achieving 1.023 billion yuan in overseas revenue, a 27.85% increase year-on-year [4]. - The company is involved in the "Belt and Road" initiative, with successful projects in various countries, enhancing its international market presence [4][5]. Capacity and Market Position - The company is positioned as a consolidation platform for the civil explosives industry, with commitments from its controlling shareholders to resolve industry competition issues by the end of 2025 [5]. - Jiangnan Chemical's production capacity is expected to further increase with the anticipated integration of subsidiaries specializing in overseas operations and electronic detonators [5].

Core Insights - The company reported a revenue of 9.48 billion yuan for 2024, representing a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 890 million yuan, up 15.3% year-on-year [1] - The company plans to distribute a cash dividend of 0.65 yuan per share, amounting to 19.3% of the net profit attributable to shareholders for 2024 [1] Revenue Breakdown - The company's civil explosives business generated revenue of 8.613 billion yuan, a year-on-year increase of 8.58%, accounting for 90.9% of total revenue [2] - Engineering services revenue reached 5.104 billion yuan, growing 8.3% year-on-year, and constituted 59.3% of civil explosives revenue [2] - The company secured new contracts worth 10.18 billion yuan in 2024, with significant contributions from the Xinjiang market [2] Profitability Analysis - The overall gross margin increased from 29.5% to 30.1%, with the civil explosives sector's gross margin rising from 27.6% to 28.7% due to declining ammonium nitrate prices [3] - The gross margin for the renewable energy business decreased from 45.2% to 42.1%, attributed to intensified market competition and increased electricity price volatility [3] - Notable performance from regional subsidiaries, with Xinjiang Tianhe Chemical achieving revenue of 2.12 billion yuan and net profit of 400 million yuan, both showing year-on-year growth [3] International Expansion - The company has expanded its international business to regions including Namibia, Mongolia, Congo (Kinshasa), and Serbia, with overseas revenue growing by 27.9% to 1.02 billion yuan, now accounting for 10.8% of total revenue [4] - The company plans to inject its subsidiary Aoxin Chemical, a leader in the import and export of civil explosive products, by the end of 2025, which is expected to enhance its overseas project capabilities [4] R&D Investment - Research and development expenses increased by 32.0% to 300 million yuan, with a focus on intelligent civil explosive technology and a 42.3% increase in the number of R&D personnel [4] - The company aims to strengthen its technological barriers and enhance core competitiveness through increased investment in technology and talent [4]