Group 1 - Jiangnan Chemical announced the establishment of Ebian Guochang Chemical Co., Ltd. in Leshan, Sichuan, marking another step in the integration of quality civil explosive assets in the region [1][2] - The unveiling ceremony was attended by key officials from the local government and Jiangnan Chemical's management team, highlighting the collaboration between central enterprises and local governments [1] - Jiangnan Chemical aims to strengthen its position as a core unit in the national civil explosive modern industrial chain through internal integration and external acquisitions [1][2] Group 2 - Ebian Guochang, a result of the integration with Sichuan Ebian Changlong Chemical Co., Ltd., has an annual production capacity of 35,000 tons for industrial explosives [2] - The company plans to leverage the resources and brand advantages of the central enterprise to focus on integrated development in civil explosive research, production, and engineering services [2] - The acquisition of Ebian Guochang is part of Jiangnan Chemical's strategy to deepen its market presence in Southwest China and lay the groundwork for future expansion into the Tibet market [2][3] Group 3 - The restructuring of Ebian Guochang aligns with national strategies such as the Western Development Strategy and the Belt and Road Initiative, which are driving significant infrastructure projects and resource development in Tibet [3] - The civil explosive market in Tibet is expected to experience substantial demand and growth potential, making this restructuring a critical move for Jiangnan Chemical [3] - Future strategies will include a focus on "large clients + large projects" to maximize development opportunities in the region [3]

（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。 ...

Investment Rating - The investment rating for Jiangnan Chemical (002226.SZ) is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 4.61 billion yuan for the first half of 2025, representing a year-on-year increase of 3.7%. The net profit attributable to shareholders was 430 million yuan, up 2.2% year-on-year [5][12]. - In Q2 alone, the company achieved a revenue of 2.6 billion yuan, which is a 5.4% increase year-on-year and a 29.2% increase quarter-on-quarter. The net profit for Q2 was 280 million yuan, reflecting a year-on-year increase of 2.8% and a significant quarter-on-quarter increase of 92.5% [5][12]. - The company has seen a substantial increase in new orders, with the annualized amount for new contracts in the blasting service segment reaching 6.24 billion yuan, indicating a significant improvement in order quality [12]. - The revenue from the civil explosive materials segment was stable at 1.33 billion yuan, although it saw a slight decline of 1.7% year-on-year [12]. - The company's revenue from the new energy business was 360 million yuan, down 7.7% year-on-year, attributed to increased market competition and changes in pricing mechanisms [12]. - The international market expansion is progressing steadily, with overseas revenue reaching 600 million yuan, a year-on-year increase of 20.2%, and the overseas revenue proportion rising from 11.2% in H1 2024 to 13.0% in H1 2025 [12]. - The company is positioned as a leading integrated service provider in the civil explosive sector under the China Ordnance Industry Group, with expectations for net profits of 1.0 billion, 1.59 billion, and 1.82 billion yuan for 2025 to 2027 [12]. Summary by Sections Financial Performance - For the first half of 2025, Jiangnan Chemical achieved a total revenue of 4.61 billion yuan, with a net profit of 430 million yuan, reflecting a year-on-year growth of 3.7% and 2.2% respectively [5][12]. - In Q2 2025, the company reported a revenue of 2.6 billion yuan, a 5.4% increase year-on-year and a 29.2% increase quarter-on-quarter [5][12]. Business Segments - The blasting service segment generated 2.55 billion yuan in revenue for the first half of 2025, marking a 7.3% year-on-year increase [12]. - The civil explosive materials segment's revenue was 1.33 billion yuan, showing a slight decline of 1.7% year-on-year [12]. - The new energy business reported a revenue of 360 million yuan, down 7.7% year-on-year, with a gross margin of 42.1% [12]. Market Expansion - The company is actively expanding its international market presence, with overseas revenue reaching 600 million yuan, a 20.2% increase year-on-year [12]. - The company plans to enhance its overseas project advantages with the anticipated injection of its subsidiary, Aoxin Chemical, which operates in 15 countries [12].

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]

Group 1 - Jiangnan Chemical (002226) disclosed that its shareholder, Zijin Mining Investment (Shanghai) Co., Ltd., pledged a total of 180 million shares, accounting for 6.8% of the total share capital [1] - After this pledge, Zijin Mining has cumulatively pledged 180 million shares, which represents 69.2% of its total holdings [1] Group 2 - Jiangnan Chemical's financial data for the first half of 2025 shows a main revenue of 4.614 billion yuan, an increase of 3.71% year-on-year [3] - The net profit attributable to shareholders for the same period was 427 million yuan, up 2.17% year-on-year, while the net profit excluding non-recurring gains and losses was 428 million yuan, an increase of 1.98% [3] - In Q2 2025, the company reported a single-quarter revenue of 2.601 billion yuan, a year-on-year increase of 5.42%, and a net profit attributable to shareholders of 281 million yuan, up 2.81% year-on-year [3] - The company's debt ratio stands at 41.0%, with investment income of 10.8317 million yuan and financial expenses of 63.0475 million yuan, while the gross profit margin is 30.52% [3] - Jiangnan Chemical operates primarily in the civil explosives and new energy sectors [3]

Core Viewpoint - The major shareholder, Zijin Mining Investment (Shanghai) Co., Ltd., plans to issue non-publicly offered exchangeable bonds backed by a portion of its A-shares in Anhui Jiangnan Chemical Co., Ltd. [1] Group 1: Shareholder Information - Zijin Mining Investment holds 180,000,000 A-shares, representing 69.20% of its total holdings and 6.80% of the company's total share capital [1]. - The shares pledged are not subject to any major asset restructuring or performance compensation obligations [1]. Group 2: Pledge Registration - The pledge registration was completed with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, on September 3, 2025 [1]. - The pledged shares serve as collateral for the exchangeable bonds, ensuring the timely repayment of principal and interest to bondholders [1]. Group 3: Cumulative Pledge Situation - As of the announcement date, Zijin Mining Investment and its concerted actions have a total of 534,166,752 shares pledged, accounting for 20.17% of their total holdings [2]. - The newly pledged shares amount to 180,000,000, which is 33.70% of the total shares pledged [2].

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： | | --- | | | | ...

Group 1 - The major shareholder, Zijin Investment, has pledged 180 million A-shares of Jiangnan Chemical, which accounts for 69.20% of its holdings and 6.80% of the company's total share capital [1] - The pledge started on September 3, 2025, and is intended to provide collateral for the repayment of principal and interest for exchangeable bondholders [1] - The pledge is secured by CITIC Securities Co., Ltd. as the pledgee [1]

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].

Group 1: Company Performance and Strategy - In the first half of 2025, Jiangnan Chemical signed or began executing blasting service contracts totaling RMB 6.238 billion, with 18 major contracts exceeding RMB 100 million each [3] - The company aims to enhance project acquisition capabilities and strengthen strategic cooperation with large mining and related enterprises [3] - Jiangnan Chemical's production capacity in Xinjiang is 207,500 tons, with 1 packaging explosives production point and 14 mixed explosives production points [5] Group 2: Market Expansion and Internationalization - Jiangnan Chemical's overseas revenue reached RMB 600 million in the first half of 2025, a year-on-year increase of 20.16% [7] - The company is actively pursuing international market development, focusing on resource-rich countries along the "Belt and Road" initiative [7] - Jiangnan Chemical has established three subsidiaries in Tibet to enhance its market presence and brand influence [5] Group 3: Industry Position and Future Outlook - The company is implementing a "3+2" strategy to obtain dual first-class qualifications in mining engineering and blasting operations [4] - Jiangnan Chemical is responding to the Ministry of Industry and Information Technology's call for industry consolidation and is actively pursuing mergers and acquisitions [8][9] - The "14th Five-Year Plan" period (2026-2030) is seen as a critical phase for achieving high-quality development in the civil explosives industry [9] Group 4: Compliance and Competition - The company is committed to resolving competition issues with its controlling shareholder within a 60-month timeframe, ensuring no overlap in business operations [6] - Jiangnan Chemical will adhere to stock listing rules and fulfill information disclosure obligations [6]