证券代码：002226 证券简称：江南化工 公告编号:2024-063 安徽江南化工股份有限公司 董事会关于控股股东受让子公司少数股东部分股权有关事项 说明的公告 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。 重要内容提示： 1、公司控股股东拟受让公司子公司红旗民爆少数股东部分股权，构成关联 共同投资。 2、控股股东本次受让公司子公司少数股东部分股权后，公司对红旗民爆的 控制地位未发生变更、在红旗民爆拥有的权益未发生变化，公司不涉及放弃优先 购买权等放弃权利事项。 3、控股股东受让公司子公司少数股权，不会影响公司对红旗民爆的控制地 位，不影响公司合并报表范围及财务状况和经营成果。 一、有关情况 （一）本次控股股东受让子公司少数股东部分股权的基本情况 近日，安徽江南化工股份有限公司（以下简称"公司""江南化工"）接到 控股股东北方特种能源集团有限公司（以下简称"特能集团"）《关于拟受让陕 西红旗民爆集团股份有限公司部分股权事宜的告知函》，本次特能集团拟以现金 方式受让陕西中兵先进制造投资基金合伙企业（有限合伙）（以下简称"陕西中 兵基金"）所持陕西红旗民爆集团股份有 ...

表决结果：同意 4 票，反对 0 票，弃权 0 票。 该议案已经独立董事专门会议 2024 年第六次会议审议通过，全体独立董事过半 数同意。 证券代码：002226 证券简称：江南化工 公告编号:2024-062 安徽江南化工股份有限公司 关于第六届董事会第三十六次会议决议的公告 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")第六届董事会第 三十六次会议于 2024 年 12 月 3 日以电子邮件等方式通知了各位董事，并于 2024 年 12 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，公司监事及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。会议由董事长杨世泽先生主持，审议通过了如下议案： 一、审议通过了《关于控股股东受让子公司少数股东部分股权有关事项说明的 议案》； 关联董事杨世泽、代五四、李宏伟、郭小康、孙飞回避表决。 三、审议通过了《关于修订〈信息披露管理制度〉的议案》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 ...

法律意见书 北京市朝阳区建外大街丁 12 号英皇集团中心 8 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 济南 北京市康达律师事务所 关于北方特种能源集团有限公司及其一致行动人 免于以要约方式增持 安徽江南化工股份有限公司股份 之 法律意见书 康达法意字[2024]第[5588]号 二〇二四年十一月 法律意见书 北京市康达律师事务所 关于北方特种能源集团有限公司及其一致行动人 2 法律意见书 免于以要约方式增持 安徽江南化工股份有限公司股份 之 法律意见书 康达法意字[2024]第[5588]号 致：北方特种能源集团有限公司 北京市康达律师事务所（以下简称"本所"）接受北方特种能源集团 ...

证券代码：002226 证券简称：江南化工 公告编号:2024-061 安徽江南化工股份有限公司 关于2024年第五次临时股东大会决议的公告 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。 一、重要提示 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 二、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2024年11月13日（周三）下午14:50。 （2）网络投票时间：2024年11月13日；其中，通过深圳证券交易所交易系 统进行网络投票的具体时间为：2024年11月13日上午9:15—9:25,9:30—11:30 和下午13:00—15:00；通过深圳证券交易所互联网投票系统进行网络投票的具体 时间为：2024年11月13日上午9:15至下午15:00的任意时间。 2、召开地点：公司会议室（地址：安徽省合肥市高新技术开发区创新大道 2800号创新产业园二期J2栋A座17层） 3、召开方式：采取现场投票与网络投票相结合的方式。 4、召集人：公司董事会 5、主持人：董事长杨世泽 6、公司于2024年10月26日 ...

法律意见书 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 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 年第五次临时股东大会的法律意见书 康达股会字【2024】第【2225】号 二〇二四年十一月 1 法律意见书 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 年第五次临时股东大会的法律意见书 康达股会字【2024】第【2225】号 致：安徽江南化工股份有限公司 北京市康达律师事务所（以下简称"本所"）接受安徽江南化工股份有限公司 （以下简称"公司"）的委托，指派本所律师出席公司 ...

Core Viewpoint - The article discusses the asset evaluation inquiry published by Anhui Jiangnan Chemical Co., Ltd. regarding the acquisition by Northern Special Energy Group, focusing on goodwill impairment testing related to the acquisition of shares in 18 companies [1] Group 1: Company Overview - Anhui Jiangnan Chemical Co., Ltd. is involved in the asset evaluation process for its acquisition by Northern Special Energy Group [1] - Northern Special Energy Group serves as the main business entity and development platform for the civil explosives industry under the China Ordnance Industry Group [1] Group 2: Acquisition Details - The asset evaluation is based on a reference date of December 31, 2024, to support the acquisition process [1] - The evaluation will provide a basis for the goodwill impairment testing related to the acquisition of Xinjiang Tianhe Chemical Co., Ltd. and Anhui Xiangke Chemical Co., Ltd. among others [1] Group 3: Regulatory and Compliance Aspects - The acquisition received approval from the State-owned Assets Supervision and Administration Commission (SASAC) at the end of 2020 [1] - A commitment letter was issued by Northern Special Energy Group and China Ordnance Industry Group to avoid competition, promising to complete the injection of relevant civil explosive assets into the listed company within 60 months after gaining control, aiming for completion by the end of December 2025 [1]

Group 1 - The company, Jiangnan Chemical, currently has no civil explosive production enterprises in Tibet but has a blasting company and a subsidiary, Sichuan Yutai Special Engineering Technology Co., Ltd., with a branch in Tibet [1] - The company is closely monitoring the market demand and development potential of the civil explosive market in Tibet, driven by the national Western Development Strategy and the Belt and Road Initiative [1] - The company plans to continuously increase resource investment in key civil explosive market regions [1]

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 6.699 billion yuan, a year-on-year increase of 3.48% [1] - The net profit attributable to shareholders was 750 million yuan, reflecting a year-on-year growth of 7.10% [1] - In Q3 2024, the company recorded a single-quarter operating revenue of 2.249 billion yuan, up 10.35% year-on-year, with a net profit of 332 million yuan [1][2] Group 2: Business Expansion and Strategy - The company has established a strategic layout in Xinjiang, with an industrial explosive production capacity of 187,500 tons, including an additional 20,000 tons from the newly acquired Shaanxi Hongqi Min Explosives [2] - The acquisition of Shaanxi Hongqi Min Explosives is aimed at enhancing competitiveness in the Northwest market and expanding influence in Central Asia [2] - The company is actively responding to the "14th Five-Year" plan for the safe development of the civil explosives industry, focusing on mergers and acquisitions to optimize industry structure [5] Group 3: Market Trends and Future Outlook - The financing costs have decreased, leading to reduced financial expenses compared to the same period last year [2] - The company is closely monitoring the market demand and development potential in Tibet, planning to increase resource investment in key explosive markets [3] - The company aims to leverage its military-civilian integration advantages to expand overseas business, particularly in countries along the "Belt and Road" initiative [4] Group 4: Shareholder Relations and Corporate Governance - The second-largest shareholder, Zijin Mining, holds 21.81% of the company's shares, and both companies have established a collaborative mechanism for business synergy [3] - The company is committed to resolving competition issues with its actual controller, ensuring compliance with commitments made regarding the integration of explosive assets [5] - The company has completed significant asset restructuring, including the acquisition of 100% of Shaanxi Northern Explosives Group and 94.39% of Shanxi Jiangyang Xing'an Explosive Equipment [5]

Investment Rating - The investment rating for Jiangnan Chemical is "Outperform the Market" and is maintained [1] Core Views - The report highlights a significant increase in the company's non-net profit, which reached 260 million yuan in Q3 2024, representing a year-on-year growth of 40.31% [4] - The company achieved total operating revenue of 6.699 billion yuan in the first three quarters of 2024, a year-on-year increase of 3.48% [4] - The report emphasizes the ongoing integration of the group's civil explosives business assets, which is expected to enhance overall performance [4][6] - The company is actively expanding its market presence in Xinjiang, where the production of industrial explosives has shown substantial growth [5] - A planned acquisition of Shaanxi Hongqi Civil Explosives is expected to further increase the company's explosive production capacity [5][6] - The report projects the company's net profit for 2024-2026 to be 891 million, 1.038 billion, and 1.167 billion yuan respectively, with a reference valuation of 7.02-7.8 yuan per share based on a PE ratio of 18-20 times for 2025 [6][7] Financial Summary - In Q3 2024, the company reported an operating revenue of 2.249 billion yuan, a year-on-year increase of 10.35% [4] - The gross profit margin for Q3 was 36%, an increase of 5 percentage points year-on-year [4] - The company’s total operating revenue is projected to grow from 8.895 billion yuan in 2023 to 9.611 billion yuan in 2024, reflecting a year-on-year growth of 8.1% [7] - The net profit is expected to increase from 773 million yuan in 2023 to 891 million yuan in 2024, marking a growth of 15.3% [7] - The report indicates a steady improvement in the company's financial ratios, including a projected net asset return rate of 9.5% in 2024 [9][10]

Investment Rating - The report gives a "Buy" rating for Jiangnan Chemical (002226.SZ) [1][6]. Core Views - Jiangnan Chemical is a leading player in the civil explosives industry, backed by the Weapon Industry Group, and is positioned for growth through dual-core operations in civil explosives and new energy [34][36]. - The company has a significant production capacity, with explosives capacity reaching 654,500 tons and industrial detonators capacity at 76.7 million units as of H1 2024, placing it at the forefront of the industry [34][36]. - The report highlights the company's strategic acquisitions and asset injections from the Weapon Industry Group, which are expected to enhance its market position and profitability [5][6]. Summary by Sections 1. Industry Leadership and Growth Potential - Jiangnan Chemical, established in 1985, has evolved into a major player in the civil explosives sector, with a history of mergers and acquisitions that have bolstered its production capacity and market presence [34][36]. - The company is actively pursuing further acquisitions, with a commitment from the Weapon Industry Group to achieve overall listing of its civil explosive assets by the end of 2025, indicating ongoing growth potential [34][36]. 2. Market Dynamics and Regional Performance - The civil explosives market in China is experiencing varied performance across regions, with some areas like Xinjiang and Tibet showing significant growth, while others face declines due to high debt risks [3][49][56]. - The report notes that the overall production and sales value of civil explosives in China decreased by 6.64% and 6.18% respectively in the first eight months of 2024, but profits increased by 12.30% [3][49]. 3. Supply Chain and Industry Trends - The civil explosives industry is seeing increased concentration, with expectations for the CR10 concentration to rise from 49% in 2020 to over 60% by 2025, benefiting leading companies like Jiangnan Chemical [4][5]. - The report emphasizes the scarcity of core resources in the industry, which is expected to lead to higher valuations for key players as new capacity approvals are restricted [4][5]. 4. Financial Performance and Forecast - Jiangnan Chemical's revenue has shown a compound annual growth rate (CAGR) of 26.5% from 2015 to 2023, with a projected net profit of 862 million yuan for 2024, reflecting a year-on-year growth of 11.5% [6][40]. - The report forecasts continued growth in net profit for 2025 and 2026, with expected figures of 984 million yuan and 1.255 billion yuan respectively, indicating strong future performance [6][40].