Group 1 - The core point of the article is that Anhui Jiangnan Chemical Co., Ltd. plans to acquire a 51% stake in Sichuan Ebian Guochang Chemical Co., Ltd. from Sichuan Ebian Changlong Chemical Co., Ltd. for 170 million yuan, which is slightly below the assessed value of 334 million yuan [2] - After the acquisition, Ebian Guochang will become a subsidiary of Jiangnan Chemical, which is expected to enhance Jiangnan Chemical's market share and profitability in the Sichuan region [2] - The acquisition is supported by a performance commitment agreement, where Ebian Guochang is required to achieve a total net profit of no less than 63.07 million yuan over the years 2025 to 2027, with cash compensation required if this target is not met [3] Group 2 - The acquisition aligns with the "14th Five-Year Plan" for the civil explosive industry, which aims to reduce the number of production enterprises from 76 to below 50 by 2025, thereby increasing industry concentration and stability [3] - The industry is expected to see improvements in safety levels, innovation capabilities, and overall development quality, benefiting companies like Jiangnan Chemical that are positioned to take advantage of these changes [3]

Core Viewpoint - Jiangnan Chemical has signed an acquisition agreement to purchase 51% of Sichuan Ebian Guochang Chemical Co., Ltd. for 170.34 million yuan, aiming to expand its market share in the southwestern region of China and enhance its profitability through the integration of quality civil explosive assets [1][2]. Group 1 - The acquisition involves cash payment of 170.34 million yuan for 51% equity in Ebian Guochang, which specializes in gel emulsified explosives and modified ammonium oil explosives, primarily serving the Sichuan, Yunnan, and Guizhou provinces [1]. - Ebian Guochang has an approved production capacity of 35,000 tons per year for industrial explosives, but operations are currently suspended due to relocation and construction, with production expected to resume by December 2024 [1][2]. - The company plans to complete the transfer of civil explosive assets, personnel, and related licenses to Ebian Guochang by early 2025, with expectations of turning a profit as the market recovers [2]. Group 2 - Jiangnan Chemical has signed a performance commitment compensation agreement with Changlong Chemical, ensuring that Ebian Guochang achieves a cumulative net profit of no less than 63.07 million yuan over the years 2025 to 2027 [3]. - Following the acquisition, Jiangnan Chemical will consolidate Ebian Guochang into its financial statements, which is anticipated to enhance the company's operational performance and profitability [3]. - The acquisition aligns with national policies for restructuring the civil explosive industry and aims to leverage market opportunities in Sichuan, Guizhou, and Yunnan, supporting the company's strategic development in the southwestern region [4].

Group 1 - The report is an asset evaluation for the acquisition decision of Sichuan Ebian Guochang Chemical Co., Ltd. by Anhui Jiangnan Chemical Co., Ltd. [1][5] - The evaluation aims to provide a reference for the value of the shareholders' equity after the simulated asset injection into Guochang Chemical Co. [1][6] - The evaluation method includes the asset-based approach and the income approach, with the final valuation determined using the income approach [1][9] Group 2 - The assessed value of the shareholders' equity after the simulated asset injection is 337 million yuan, compared to a book value of approximately 139.2 million yuan, indicating a significant increase in value [1][5][9] - The evaluation date is set as October 31, 2024, and the report is valid for one year from this date [1][6] - The financial statements used for the evaluation were audited by Tianjian Accounting Firm, reflecting the financial status of Guochang Chemical Co. as of the evaluation date [1][6][9] Group 3 - Guochang Chemical Co. was established on March 24, 2022, with a registered capital of 10 million yuan, and is a wholly-owned subsidiary of Sichuan Ebian Changlong Chemical Co., Ltd. [5][6] - The company is involved in the production of civil explosive materials and is currently in the trial production phase of a relocation project [5][6] - The relocation project is expected to enhance production capacity significantly, with a planned annual output of 29,000 tons of industrial explosives [5][6]

Overview of the Acquisition - The company, Anhui Jiangnan Chemical Co., Ltd., plans to acquire 51% of Sichuan Ebian Guochang Chemical Co., Ltd. for a cash consideration of 17,034 million RMB, based on a slightly discounted valuation of 33,400 million RMB [1][2][10] - Following the completion of this transaction, Sichuan Ebian Guochang will become a subsidiary of Jiangnan Chemical [1] Financial and Performance Commitments - The acquisition includes a performance commitment agreement where the seller, Sichuan Ebian Changlong Chemical Co., Ltd., guarantees a cumulative net profit for the target company during the performance commitment period [2][3] - If the actual net profit falls short of the committed amount, the seller is obligated to compensate Jiangnan Chemical in cash [3][17] Company and Transaction Details - The target company, Sichuan Ebian Guochang, was established on March 24, 2022, with a registered capital of 10 million RMB and specializes in the production of civil explosives [4][5] - The company has a production capacity of 35,000 tons per year for industrial explosives, with sales primarily in Sichuan, Yunnan, and Guizhou provinces [5][6] Financial Metrics - As of April 30, 2025, the total assets of Sichuan Ebian Guochang are reported at 16,122.45 million RMB, with total liabilities of 2,079.55 million RMB, resulting in a net asset value of 14,042.90 million RMB [6][8] - The projected revenue for the first four months of 2025 is 1,379.02 million RMB, with a net profit of 84.81 million RMB [7][8] Strategic Implications - This acquisition is aimed at consolidating resources in the civil explosives sector within the Sichuan region, enhancing market opportunities in Sichuan, Guizhou, and Yunnan [18] - The transaction is expected to improve the company's total assets and net assets, thereby reducing operational risks and enhancing resilience against market fluctuations [18]

证券代码：002226 证券简称：江南化工 公告编号:2025-038 安徽江南化工股份有限公司 关于收购四川省峨边国昌化工有限责任公司 51%股权的公告 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。 特别提示：本次交易不构成《上市公司重大资产重组管理办法》规定的重大 资产重组。本次交易完成后，四川省峨边国昌化工有限责任公司将成为公司的控 股子公司。 一、本次股权收购事项概述 （一）本次交易基本情况 2025 年 6 月 9 日，安徽江南化工股份有限公司（以下简称"江南化工"、 "公司"或"本公司"）与四川峨边昌龙化工有限责任公司（以下简称"昌龙化 工"）签署《安徽江南化工股份有限公司与四川峨边昌龙化工有限责任公司关于 四川省峨边国昌化工有限责任公司之收购协议》，公司拟以现金方式收购昌龙化 工持有的四川省峨边国昌化工有限责任公司（以下简称"标的公司"或"峨边国 昌"）51%股权。本次交易完成后，公司将持有峨边国昌 51%股权，峨边国昌将 成为公司控股子公司。 峨边国昌截至 2024 年 10 月 31 日股东全部权益价值评估值为 33,700 万元， 经交易双方协 ...

表决结果：同意9票，反对0票，弃权0票。 具体内容详见2025年6月11日登载于《证券时报》《中国证券报》《证券日 报》《上海证券报》及巨潮资讯网的《关于收购四川省峨边国昌化工有限责任公 司51%股权的公告》（公告编号：2025-038）。 关于第七届董事会第五次会议决议的公告 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。 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 第五次会议于2025年6月4日以电子邮件等方式通知了各位董事，并于2025年6月9 日在本公司会议室采用通讯方式召开。会议应出席董事9名，实际出席董事9名， 公司全体监事及高级管理人员列席了会议。本次会议由董事长杨世泽先生主持， 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： 证券代码：002226 证券简称：江南化工 公告编号:2025-037 一、审议通过了《关于收购四川省峨边国昌化工有限责任公司 51%股权的议 案》。 安徽江南化工股份有限公司 特此公告。 安徽江南化工股份有限公司董事会 二〇二五年六月十日 1 ...

Group 1 - The company Jiangnan Chemical plans to acquire a 51% stake in Sichuan Ebian Guochang Chemical Co., Ltd. for a cash price of 170 million yuan [1] - The assessed value of the total equity of Guochang Chemical as of October 31, 2024, is 337 million yuan, with the transaction price determined after negotiation [1] - Following the completion of the transaction, Guochang Chemical will become a subsidiary of Jiangnan Chemical [1] Group 2 - Guochang Chemical's main products include gel emulsified explosives and modified ammonium oil explosives, primarily sold in Sichuan, Yunnan, and Guizhou provinces [1] - The company has obtained an industrial explosive production license from the Ministry of Industry and Information Technology with a capacity of 35,000 tons per year [1] - For the period from January to April 2025, Guochang Chemical achieved a revenue of 13.79 million yuan and a net profit of 848,100 yuan [1]

中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3133020001311101202500050 | | | --- | --- | --- | | 合同编号: | H-SH24-000069 | | | 报告类型: | 法定评估业务资产评估报告 | | | 报告文号: | 坤元评报(2025) 1-34号 | | | 报告名称: | | 安徽江南化工股份有限公司收购股权决策涉及的四川省峨边国昌 化工有限责任公司模拟资产注入后的股东全部权益价值评估项目 | | 资产评估报告 | | | | 评估报告日: | 2025年04月23日 | | | 评估机构名称: | 坤元资产评估有限公司 | | | 签名人员: | 韩桂华 (资产评估师) | 正式会员 编号:33030090 | | 丁兆言 | (资产评估师) | 正式会员 编号:31180054 | | | 韩桂华、丁兆言已实名认可 | | | 评估结论: | 337,000,000.00元 | | | | and a second a market in a local de la province | | (可扫描二维码查询备案业务信息) ...

Group 1 - A-share market experiences a surge in short-term trading related to the civil explosives concept, with companies such as Poly United, Yipuli, and Gaozheng Minbao hitting the daily limit up [1] - Chongqing Port and Huhua Co. saw their stock prices increase by over 5%, indicating strong market interest [1] - Kailong Co. and Jiangnan Chemical also experienced upward movement in their stock prices, reflecting a broader trend in the sector [1]

Group 1 - The core viewpoint is that the civil explosives sector is experiencing a significant surge, with multiple stocks reaching their daily limit up [1] - Companies such as Poly United (002037), Yipuli (002096), and Gaozheng Civil Explosives (002827) have hit the daily limit up, indicating strong market interest [1] - Other companies like Huhua Co. (003002), Kailong Co. (002783), and Jiangnan Chemical (002226) are also seeing upward movement in their stock prices, suggesting a broader trend in the sector [1] Group 2 - There is a notable influx of dark pool capital into these stocks, indicating increased investor interest and potential for further price appreciation [1]