Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a slight increase in revenue, achieving 6.88 billion yuan in the first three quarters of 2025, which is a year-on-year increase of 2.8%. However, the net profit attributable to shareholders decreased by 11.4% to 660 million yuan, and the net profit after deducting non-recurring gains and losses fell by 6.4% to 640 million yuan [2][6]. - In Q3 alone, the company generated revenue of 2.27 billion yuan, reflecting a year-on-year increase of 0.9% but a quarter-on-quarter decline of 12.7%. The net profit for Q3 was 240 million yuan, down 28.5% year-on-year and 15.5% quarter-on-quarter [2][6]. Summary by Sections Financial Performance - The company’s revenue for the first three quarters of 2025 was 6.88 billion yuan, with a year-on-year growth of 2.8%. The net profit attributable to shareholders was 660 million yuan, down 11.4% year-on-year, and the net profit after deducting non-recurring items was 640 million yuan, down 6.4% year-on-year. In Q3, revenue was 2.27 billion yuan, a year-on-year increase of 0.9% but a quarter-on-quarter decrease of 12.7%. The net profit for Q3 was 240 million yuan, down 28.5% year-on-year and 15.5% quarter-on-quarter [2][6]. Market Dynamics - The company faced challenges in Q3 due to weakened demand for explosives in Xinjiang, attributed to regulatory measures and reduced coal production. The gross margin and net margin for Q3 were 30.2% and 12.7%, respectively, both showing declines compared to the previous year [12]. - Despite increased competition in the renewable energy sector, the company secured new contracts worth 6.24 billion yuan in the first half of the year, which is expected to support its explosive business [12]. Strategic Moves - The company has been actively acquiring production capacity, including a recent acquisition that could increase its total industrial explosive capacity to 850,500 tons per year. This strategy aims to strengthen its market position amid a backdrop of no new supply in the industry [12]. - The company is also expanding its international market presence, with plans to inject its subsidiary, Aoxin Chemical, which operates in 15 countries and has a production capacity of 200,000 tons per year, enhancing its overseas project advantages [12]. Future Outlook - The company is projected to achieve net profits of 910 million yuan, 1.25 billion yuan, and 1.41 billion yuan for the years 2025 to 2027, respectively, indicating a positive growth trajectory [12].

Group 1 - Jiangnan Chemical's stock price decreased by 2.01% to 6.35 CNY per share, with a trading volume of 173 million CNY and a turnover rate of 1.02%, resulting in a total market capitalization of 16.821 billion CNY [1] - Year-to-date, Jiangnan Chemical's stock price has increased by 18.58%, but it has declined by 4.80% in the last five trading days and 5.51% in the last twenty days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on July 22 [1] Group 2 - Jiangnan Chemical's main business includes the research, production, and sales of civil explosives, with revenue composition as follows: blasting engineering services 55.34%, production and sales of civil explosive products 28.84%, new energy power generation 7.86%, and other civil explosive businesses 7.43% [1] - As of September 30, the number of shareholders increased by 14.97% to 69,800, while the average circulating shares per person decreased by 13.02% to 37,922 shares [2] - For the period from January to September 2025, Jiangnan Chemical achieved operating revenue of 6.885 billion CNY, a year-on-year increase of 2.78%, while the net profit attributable to the parent company was 664 million CNY, a year-on-year decrease of 11.40% [2] Group 3 - Since its A-share listing, Jiangnan Chemical has distributed a total of 1.639 billion CNY in dividends, with 517 million CNY distributed over the past three years [3]

证券代码：002226 证券简称：江南化工 公告编号:2025-065 安徽江南化工股份有限公司 关于2025年第三次临时股东会决议的公告 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、本次股东会无否决、变更或增加提案的情况。 1、会议召开时间： （1）现场会议召开时间：2025年10月27日（周一）下午14:00。 （2）网络投票时间：2025年10月27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：2025年10月27日9:15—9:25,9:30—11:30和 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 2025年10月27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：杨世泽先生 6、安徽江南化工股份有限公司于2025年10月11日在《证券时报》《中国证 券报》《证券日报》《上海证券 ...

2025 年第三次临时股东会的法律意见书 康达股会字 2025 第 0447 号 二〇二五年十月 北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/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 南昌 北京市康达律师事务所 关于安徽江南化工股份有限公司 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 2025 年第三次临时股东会的法律意见书 康达股会字 2025 第 0447 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 2025 年第三次临时股东会 （以下简称"本次会 ...

Core Viewpoint - Jiangnan Chemical (002226.SZ) reported a slight increase in revenue for the first three quarters of 2025, but a decline in net profit compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters reached 6.885 billion yuan, representing a year-on-year growth of 2.78% [1] - The net profit attributable to shareholders was 664 million yuan, showing a year-on-year decrease of 11.40% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 636 million yuan, down 6.43% year-on-year [1] - Basic earnings per share stood at 0.2508 yuan [1]

Core Viewpoint - Jiangnan Chemical announced its Q3 2025 financial results, showing a slight increase in revenue but a significant decline in net profit [1] Financial Performance - The company achieved an operating revenue of 2.271 billion yuan in Q3 2025, representing a year-on-year growth of 0.95% [1] - The net profit attributable to shareholders was 237 million yuan, reflecting a year-on-year decrease of 28.47% [1] - The basic earnings per share stood at 0.0897 yuan [1]

Group 1 - Jiangnan Chemical held its seventh ninth board meeting on October 24, 2025, to review the Q3 report [1] - For the first half of 2025, Jiangnan Chemical's revenue composition was 91.6% from the civil explosives industry, 7.86% from the wind power industry, and 0.53% from other businesses [1] - As of the report date, Jiangnan Chemical's market capitalization was 17.4 billion yuan [1] Group 2 - In 2023, China's innovative pharmaceuticals have generated $80 billion in overseas licensing deals [1] - The secondary market for biomedicine is thriving, while the primary market is facing challenges in fundraising [1]

Core Insights - Jiangnan Chemical announced a revenue of 6.885 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 2.78% [1] - The net profit attributable to shareholders of the listed company was 664 million yuan, showing a year-on-year decline of 11.40% [1] - Basic earnings per share were 0.2508 yuan, down 11.38% compared to the previous year [1]

证券代码：002226 证券简称：江南化工 公告编号:2025-063 安徽江南化工股份有限公司 关于第七届董事会第九次会议决议的公告 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。 一、董事会会议召开情况 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 会第九次会议于2025年10月19日以电子邮件等方式通知了各位董事，并于2025 年10月24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。 二、董事会会议审议情况 1、审议通过了《安徽江南化工股份有限公司 2025 年第三季度报告》。 公司审计与风险管理委员会审议通过该议案。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 详见 2025 年 10 月 25 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 年第三季度 报告》（公告编号：2025-064）。 三、备查文件 1、第七届董 ...

Financial Performance - The company's revenue for Q3 2025 was ¥2,270,750,758.69, representing a 0.95% increase compared to the same period last year[5] - Net profit attributable to shareholders decreased by 28.47% to ¥237,453,600.52, while the net profit excluding non-recurring items fell by 20.02% to ¥207,714,710.42[5] - Total operating revenue for the current period reached ¥6,884,915,218.76, an increase of 2.77% compared to ¥6,698,667,871.25 in the previous period[17] - Net profit for the current period was ¥874,354,384.31, a decrease of 7.11% from ¥941,272,261.01 in the previous period[18] - Earnings per share (EPS) for the current period was ¥0.2508, down from ¥0.2830 in the previous period, indicating a decline of 11.5%[19] Assets and Liabilities - The total assets at the end of the reporting period were ¥20,082,324,999.26, an increase of 6.95% from the end of the previous year[5] - The company's total current assets amount to 9,892,462,198.00 RMB, an increase from 8,905,062,029.46 RMB at the beginning of the period[14] - The total liabilities increased to ¥8,018,532,767.93 from ¥7,830,410,737.22, marking a rise of 2.39%[18] - Non-current liabilities rose to ¥4,173,470,070.34, up from ¥3,175,351,760.50, reflecting a significant increase of 31.39%[18] Cash Flow - The cash flow from operating activities for the year-to-date was ¥916,650,542.80, showing a 29.69% increase[5] - Cash inflow from operating activities totaled ¥5,593,524,553.93, compared to ¥5,033,229,114.76 in the previous period, representing an increase of 11.14%[21] - Net cash flow from operating activities was $916,650,542.80, an increase from $706,781,635.43 in the previous period, representing a growth of approximately 29.7%[22] - Net cash flow from investment activities was -$280,797,733.59, an improvement from -$471,510,689.82 in the previous period, reflecting a reduction in losses of about 40.5%[22] - The net increase in cash and cash equivalents was $361,511,331.94, compared to a decrease of $57,219,240.93 in the previous period, representing a turnaround of approximately 531.2%[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 69,849[11] - The largest shareholder, Northern Special Energy Group, holds 21.74% of shares, totaling 575,753,625 shares[11] - The second-largest shareholder, Zijin Mining Zinan (Xiamen) Investment Partnership, holds 10.35% of shares, totaling 274,056,284 shares[11] Equity and Investments - The company's total equity attributable to shareholders increased by 8.37% to ¥10,254,270,131.28 compared to the end of the previous year[5] - The total equity attributable to shareholders of the parent company increased to ¥10,254,270,131.28 from ¥9,461,927,300.11, an increase of 8.38%[18] - The company's long-term equity investments are valued at 125,648,680.30 RMB, slightly up from 122,019,744.28 RMB[14] Other Financial Metrics - The basic earnings per share decreased by 28.41% to ¥0.0897[5] - The weighted average return on equity was 2.36%, down by 1.27% from the previous year[5] - The company reported a decrease in financial expenses to ¥88,901,209.89 from ¥95,890,122.54, a reduction of 7.4%[18] - Other comprehensive income after tax showed a negative net amount of -¥6,851,814.10 compared to a positive amount of ¥963,460.60 in the previous period[19] Accounting and Audit - The company did not undergo an audit for the third quarter financial report[24] - The company will implement new accounting standards starting from 2025[23]