证券代码：002597 证券简称：金禾实业 公告编号：2025-050 安徽金禾实业股份有限公司 关于参加 2025 年安徽辖区上市公司投资者 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，安徽金禾实业股份有限公司（以下简称 "公司"或"本公司"）将参加由安徽证监局指导、安徽上市公司协会与深圳市 全景网络有限公司联合举办的"2025年安徽上市公司投资者网上集体接待日"活 动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP, 参与本次互动交流，活动时间为2025年9月15日（周一）15:00-17:00。届时公司 高管将在线就公司业绩、公司治理、发展战略、经营状况、融资计划、股权激励 和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者 踊跃参与！ 特此公告。 安徽金禾实业股份有限公司 董事会 二〇二五年九月十日 网上集体接待日活动的公告 ...

公司研究丨点评报告丨金禾实业（002597.SZ） 丨证券研究报告丨 [Table_Title] Q2 短期业绩承压，三氯蔗糖价格坚挺 报告要点 [Table_Summary] 公司发布 2025 年半年报，实现收入 24.4 亿元（同比-3.7%），实现归属净利润 3.3 亿元（同比 +35.3%），实现归属扣非净利润 3.4 亿元（同比+35.5%）。其中 Q2 单季度实现收入 11.4 亿元 （同比-13.8%，环比-12.2%），归属净利润 0.9 亿元（同比-21.7%，环比-61.9%），实现归属扣 非净利润 1.1 亿元（同比-13.9%，环比-51.2%）。 分析师及联系人 [Table_Author] SAC：S0490516100002 SAC：S0490525040004 SFC：BUT911 1 金禾实业（002597.SZ） cjzqdt11111 [Table_Title2] Q2 短期业绩承压，三氯蔗糖价格坚挺 [Table_Summary2] 事件描述 请阅读最后评级说明和重要声明 马太 王呈 %% %% %% %% research.95579.com 公司发布 2025 年 ...

Investment Rating - The report maintains a "Strong Buy" rating for Jinhe Industrial, expecting it to outperform the benchmark index by over 20% in the next six months [17]. Core Views - Jinhe Industrial's revenue for the first half of 2025 was 2.444 billion yuan, a year-on-year decrease of 3.73%, while the net profit attributable to shareholders increased by 35.29% to 334 million yuan [1]. - The report highlights improvements in the profitability of sweeteners and growth potential in the semiconductor and synthetic biology sectors [1][7]. - The company is expected to recover from a decline in export volumes of sweeteners, with price increases anticipated due to industry-wide price stabilization efforts [7]. Financial Summary - For 2025, the projected total revenue is 5.484 billion yuan, with a year-on-year growth rate of 3.4% [3]. - The net profit attributable to shareholders is forecasted to be 809 million yuan in 2025, reflecting a significant increase of 45.3% compared to 2024 [3]. - The earnings per share (EPS) is expected to rise from 0.98 yuan in 2024 to 1.42 yuan in 2025 [3]. Segment Analysis - The food additives segment reported revenue of 1.175 billion yuan in the first half of 2025, down 12.12% year-on-year, but with a gross margin increase of 18.10 percentage points to 45.20% [7]. - The basic chemicals segment achieved revenue of 1.055 billion yuan, up 11.31% year-on-year, although the gross margin decreased by 6.82 percentage points to 3.56% [7]. - The report notes a decline in export volumes for sweeteners, particularly sucralose and acesulfame, due to accumulated overseas inventory, but anticipates recovery as inventory levels decrease [7]. Growth Opportunities - Jinhe Industrial has successfully launched an 80,000-ton electronic-grade hydrogen peroxide project and is expanding into various wet electronic chemicals, which is expected to open new growth avenues [7]. - Breakthroughs in the synthesis of high-efficiency steviol glycosides and the successful market introduction of new products are set to enhance the product line in the food additives segment [7].

科技创新是习近平总书记一直念兹在兹的大事、要事。2024年10月，习近平总书记在安徽考察时指 出："要加快科技创新和产业转型升级。" 为什么要创新？怎么抓创新？如何保障创新？ 回答好这些"创新之问"，对滁州而言，既是一次发展路径的再审视，也是一次机遇面前的再突破，必须 凝聚"人生能有几回搏"的共识，提振"勇当先锋"的斗志，坚定不移朝着建设具有影响力的科技创新策源 地和产业创新高地迈进。 政务中心 卢志永 摄 滁州城南 7月30日，在全省季度工作会议上，省委主要负责同志提出7个方面47个需要思考和破解的重大问题，深 刻系统、引人深思，极大激发了全省上下的奋斗热情与创新动力。 作为长三角一体化发展的重要节点城市，当前，滁州正以主动担当的姿态认领课题，以聚焦关键的战略 部署破解难题，以全力以赴的实干精神交出答卷，努力在新征程上书写以创新驱动高质量发展的滁州新 篇章。 赋能：创新驱动挺起产业脊梁 企业是创新的主体，是推动创新创造的生力军。企业凭借其独特的市场地位和资源优势，在推动科技创 新、培育新质生产力方面发挥着不可替代的关键作用。如何提高企业的自主创新能力，进一步激发企业 创新主体活力？ 走进滁州捷泰新能源科技有 ...

Core Viewpoint - Company maintains a "buy" rating for Jinhe Industrial, highlighting stable growth in performance and steady progress in new projects [1] Financial Performance - In the first half of 2025, Jinhe Industrial reported revenue of 2.444 billion, a year-on-year decrease of 3.73%, while net profit attributable to shareholders was 334 million, reflecting a year-on-year increase of 35.29% [2] Project Developments - Significant breakthroughs in multiple key projects were achieved in the first half of 2025, including the successful trial run and commencement of production for an 80,000-ton electronic-grade hydrogen peroxide project [3] - The company is expanding its product matrix in the semiconductor field, focusing on electronic-grade chemicals such as sodium/potassium hydroxide, sulfuric acid, and ammonia [3] - Construction of a key precursor production facility for a new generation of lithium salt has been completed, marking a significant step in the new energy battery materials sector [3] - The company is advancing a 200,000-ton synthetic ammonia gasification project, which will yield 101,800 tons of liquid ammonia and other by-products upon completion [3] Innovation and Development - The company has made progress in its biosynthesis innovation platform, achieving a production capacity of 1,200 tons per year for high-efficiency steviol glycosides, significantly reducing costs compared to traditional methods [4] - The terpenoid flavor project has successfully launched products like round grapefruit ketone and Valencia orange olefin into the market, establishing stable supply capabilities [4] - The cellulose ethanol pilot project has completed its first phase, achieving stable output of qualified products [4] Profit Forecast and Valuation - The company forecasts net profits of 996 million, 1.112 billion, and 1.413 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.747, 1.951, and 2.478 [5] - Current market capitalization corresponds to P/E ratios of 13.45X, 12.04X, and 9.48X for the years 2025, 2026, and 2027 [5]

Core Insights - The report emphasizes that the chemical industry is entering a new phase of capital expenditure, with a focus on the rebalancing of supply and demand following the release of production capacity during the 14th Five-Year Plan period [2][6] - The report indicates that the bottom of the cycle is becoming clearer, with potential price increases for chemical products driven by demand recovery and supply stability in the second half of the year [2][6] Industry Overview - The current cycle has reached its tail end, with a total of 12 quarters of decline since Q3 2022, following a 7-quarter expansion from Q4 2020 to Q2 2022 [10][12] - The report outlines that the chemical industry has experienced three significant price fluctuation cycles since 2010, with the latest cycle characterized by a demand-driven recovery followed by a supply-side pressure [8][10] Investment Recommendations - The report suggests focusing on sectors with relatively low valuations, such as sucralose (recommended: Jinhe Industrial), pesticides (recommended: Yangnong Chemical, Runfeng Shares), and MDI (recommended: Wanhua Chemical) [3][4] - It highlights the importance of domestic demand in countering tariff impacts, recommending companies in refrigerants and fertilizers [3][4] - The report identifies investment opportunities in sectors with upcoming capacity releases, such as organic silicon (recommended: Xin'an Chemical) and spandex [3][4] Price and Profitability Trends - The report notes that many sub-industry product prices remain at historical lows, with specific prices for spandex, PA6, and other fibers at 0%, 4%, and 5% of historical levels respectively [28] - It mentions that the chemical industry has seen a slight recovery in profitability in Q1 2025, although the overall performance remains under pressure [27][25] Supply and Demand Dynamics - The report indicates that the global chemical capital expenditure is on a downward trend, with domestic companies experiencing a slowdown in investment while still facing significant pressure to convert projects into fixed assets [22][32] - It also states that both domestic and international markets are entering a replenishment phase in 2025, which may influence inventory levels and pricing strategies [35][36]

Key Insights - The report highlights the stable recovery of the macroeconomic environment, with Japan's GDP growth exceeding expectations in Q2 and manufacturing PMI showing unexpected improvement, leading to a rise in the Nikkei 225 index to a historical high [2][3] - The report emphasizes the investment opportunities in the "AI+" sector, particularly in hardware and infrastructure, driven by government policies promoting AI development [3][4] - The report discusses the performance of specific companies, such as Xiaoxiong Electric and Water Well, noting their revenue growth and strategic focus on product innovation and channel health [5][6][10][12] Company Performance - Xiaoxiong Electric reported a total revenue of 2.535 billion yuan in H1 2025, a year-on-year increase of 18.94%, with a net profit of 205 million yuan, up 27.32% [5] - Water Well's H1 2025 revenue was 1.5 billion yuan, with a net profit decline of 56.5%, indicating challenges in demand but a focus on channel health [6] - Guolian Minsheng's H1 2025 revenue reached 4.011 billion yuan, a significant increase of 269%, with net profit soaring by 1185% due to the consolidation of Minsheng Securities [7] Industry Trends - The "AI+" initiative is expected to accelerate the development of related industries, with a focus on hardware such as AI glasses and smart home devices [3] - The report notes the increasing demand for data center services, with companies like WanGuo Data expanding their operations and achieving significant order growth [16] - The banking sector shows signs of stability, with several banks reporting steady growth in net profit and revenue, indicating a resilient financial environment [10][19][23]

□适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 证券代码：002597 证券简称：金禾实业 公告编号：2025-048 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 4、控股股东或实际控制人变更情况 控股股东报告期内变更 □适用 √不适用 公司报告期控股股东未发生变更。 实际控制人报告期内变更 □适用 √不适用 公司报告期实际 ...

北京商报讯（记者 郭秀娟 实习记者 王悦彤） 8月28日，金禾实业发布2025年半年报，报告期内，公司 实现营业收入24.44亿元，同比减少3.73%；实现归母净利润3.34亿元，同比增长35.29%。 ...

人民财讯8月28日电，金禾实业（002597）8月28日晚披露半年报，2025年上半年实现营业收入24.44亿 元，同比减少3.73%；净利润3.34亿元，同比增长35.29%。报告期内，公司持续推进精细化管理和降本 增效，通过优化生产流程、加强成本控制等措施，实现运营质效提升。 ...