长江证券承销保荐有限公司 关于湖北凯龙化工集团股份有限公司 定期现场检查报告 保荐人名称：长江证券承销保荐有限公司 被保荐公司简称：凯龙股份 保荐代表人姓名：仝金栓 联系电话：021-65779433 保荐代表人姓名：王婷婷 联系电话：021-65779433 现场检查人员姓名：仝金栓 现场检查对应期间：2024 年度 现场检查时间：2025 年 5 月 7 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： ? 查阅公司章程及各项公司治理制度； ? 查阅公司的三会会议文件； ? 查看上市公司的主要生产、经营、管理场所； ? 核查上市公司"五独立"情况。 √ 及会议内容等要件是否齐备，会议资料是否保存完整 √ 业务规则履行职责 √ 程序和信息披露义务 √ 程序和信息披露义务 （二）内部控制 现场检查手段： ? 查阅公司《内部审计制度》 ； ? 查阅内部审计部门和审计委员会的人员构成情况； ? 查阅审计委员会会议文件； ? 查阅公司内部审计部门出具的相关报告； ? 查阅公司对外投资相关管理制度。 √ 计部门 √ 门提交的工作计划和报告等 √ 进度、质量及发现的重大问题等 √ 计工 ...

关于湖北凯龙化工集团股份有限公司 2024 年年度保荐工作报告 | 保荐人名称：长江证券承销保荐有限公司 | 被保荐公司简称：凯龙股份 | | --- | --- | | 保荐代表人姓名：仝金栓 | 联系电话：021-65779433 | | 保荐代表人姓名：王婷婷 | 联系电话：021-65779433 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 次 0 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限 | | | 于防止关联方占用公司资源的制度、募集资金管理制 | 是 | | 度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 2 次 | | （2）公司募集资金项目进展是否与信息披露文件一 | 是 | | 致 | | | 4.公司治理督导情况 | | ...

长江证券承销保荐有限公司 关于湖北凯龙化工集团股份有限公司 定期现场检查报告 保荐人名称：长江证券承销保荐有限公司 被保荐公司简称：凯龙股份 保荐代表人姓名：仝金栓 联系电话：021-65779433 保荐代表人姓名：王婷婷 联系电话：021-65779433 现场检查人员姓名：仝金栓 现场检查对应期间：2024 年度 现场检查时间：2025 年 5 月 7 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： 查阅公司章程及各项公司治理制度； 查阅公司的三会会议文件； 查看上市公司的主要生产、经营、管理场所； 核查上市公司"五独立"情况。 1.公司章程和公司治理制度是否完备、合规 √ 2.公司章程和股东会、董事会规则是否得到有效执行 √ 3.股东会、董事会会议记录是否完整，时间、地点、出席人员 及会议内容等要件是否齐备，会议资料是否保存完整 √ 4.股东会、董事会会议决议是否由出席会议的相关人员签名确认 √ 5.公司董事、高级管理人员是否按照有关法律法规和本所相关 业务规则履行职责 √ 6.公司董事、高级管理人员如发生重大变化，是否履行了相应 程序和信息披露义务 √ 7.公司控 ...

Financial Performance - In 2024, the company achieved a net profit of ¥256,519,822.43, an increase of 3.88% year-on-year, while the net profit attributable to shareholders decreased by 15.51% to ¥148,156,863.59 [1] - In Q1 2025, the net profit attributable to shareholders was ¥35,994,599.05, a growth of 34.39% year-on-year, with a non-GAAP net profit of ¥31,762,509.67, up 90.00% [1] - The company's operating revenue for 2024 was ¥368,609.85 million, a decline of 2.45% compared to the previous year [2] Market Position and Competition - The company maintains a strong market position in the civil explosives industry, leveraging advantages in scale, technology, and safety management [2] - Strategies to maintain market share include mergers and acquisitions, enhancing automation, optimizing production capacity, and expanding market reach [1][2] Industry Overview - The civil explosives industry saw stable profit growth in 2024, with a total revenue of ¥450.67 billion, a decrease of 9.33% year-on-year, while total profits increased by 13.04% to ¥96.39 billion [3] - The average price of ammonium nitrate, a key raw material, was ¥2,596 per ton, reflecting a downward trend [3] Core Competencies - The company possesses significant core competencies, including policy support, technological advantages, and a comprehensive product range [2] - R&D investments focus on smart production technologies and new product development in response to market demands [5][12] Future Growth Drivers - Future growth will be driven by optimizing production layouts and stabilizing profits from acquired subsidiaries [2] - The company aims to enhance its industry position through continued mergers and acquisitions, targeting a reduction in the number of production enterprises in the sector [2][9] Environmental Initiatives - In 2024, the company invested over ¥2,300 million in environmental protection projects, emphasizing sustainable development and compliance with environmental regulations [11][14] - The company has implemented various eco-friendly technologies and practices to minimize pollution and enhance resource utilization [11][14] Strategic Outlook - The company plans to expand its industrial chain and achieve a revenue target of ¥10 billion in net profit, focusing on innovation and high-quality development [13]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7][13]. Core Views - The company has become a regional leader in civil explosives, with the Hubei Provincial State-owned Assets Supervision and Administration Commission becoming the actual controller, presenting new development opportunities [2][10]. - The company reported a revenue of 1.441 billion yuan for 2024, a year-on-year decrease of 2.45%, and a net profit attributable to shareholders of 148 million yuan, down 15.51% [2][4]. - The company has actively pursued mergers and acquisitions to enhance its production capacity and market competitiveness, achieving a production capacity of 248,000 tons by the end of 2024, making it the largest civil explosive production enterprise in Hubei [3][6]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.12 billion yuan, a 4.9% increase, and a net profit of 36.18 million yuan, a significant increase of 539.88% [4]. - The explosive service business saw a remarkable revenue growth of 75.05%, contributing 27.72% to total revenue, primarily due to the acquisition of a 51% stake in Hubei Kailong Shiwang Engineering Co., Ltd. [4][6]. - The civil explosive products segment experienced a revenue decline of 17.98%, totaling 1.337 billion yuan, affected by macroeconomic fluctuations and cyclical demand in downstream infrastructure and mining sectors [4]. Future Outlook - The new actual controller is expected to lead the company into a new growth phase, leveraging both organic and external growth strategies [7][10]. - Revenue projections for 2025-2027 are estimated at 4.246 billion yuan, 4.697 billion yuan, and 5.202 billion yuan, respectively, with corresponding net profits of 240 million yuan, 278 million yuan, and 316 million yuan [9]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.48 yuan, 0.56 yuan, and 0.63 yuan, respectively [9].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 763,924,420.40, representing a 13.16% increase compared to CNY 675,101,157.66 in the same period last year[5] - Net profit attributable to shareholders was CNY 35,994,599.05, a 34.39% increase from CNY 26,783,703.63 year-on-year[5] - The net profit after deducting non-recurring gains and losses reached CNY 31,762,509.67, marking a significant 90.00% increase compared to CNY 16,717,525.98 in the previous year[5] - Total operating revenue for the current period reached ¥763,924,420.40, an increase of 13.15% compared to ¥675,101,157.66 in the previous period[20] - Net profit for the current period was ¥59,678,532.39, representing a significant increase of 61.73% from ¥36,896,138.70 in the previous period[21] Cash Flow and Liquidity - The company's cash flow from operating activities decreased by 50.05%, amounting to CNY 52,153,950.02, down from CNY 104,404,606.40 in the same period last year[5] - Operating cash flow for the current period is ¥52,153,950.02, a decrease of 50% compared to ¥104,404,606.40 in the previous period[22] - Total cash inflow from operating activities increased to ¥805,640,132.41 from ¥770,463,636.65, representing a growth of approximately 4.4%[22] - Cash outflow from operating activities rose to ¥753,486,182.39, up from ¥666,059,030.25, indicating an increase of about 13.1%[22] - Cash inflow from financing activities increased to ¥575,329,230.64 from ¥463,002,680.43, marking a growth of approximately 24.2%[23] - Net cash flow from financing activities improved significantly to ¥226,582,849.49 compared to ¥53,895,772.21 in the previous period[23] - The ending balance of cash and cash equivalents increased to ¥780,282,117.52 from ¥494,055,238.38, reflecting a growth of approximately 58%[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 8,279,475,625.24, reflecting a 2.75% increase from CNY 8,057,626,355.15 at the end of the previous year[5] - The total liabilities increased to ¥4,682,684,037.99, up from ¥4,477,089,561.69, reflecting a growth of 4.59%[19] - Long-term borrowings rose by CNY 356,706,000, an increase of 44.47%, attributed to new long-term bank loans[8] - Long-term borrowings rose to ¥1,158,880,000.00 from ¥802,173,984.89, indicating a substantial increase of 44.54%[19] Investments and Acquisitions - The company plans to acquire 51% of Hubei Dongshen Tianshen Industrial Co., Ltd. for a total consideration of RMB 180.81 million, making it a subsidiary[15] - The company has signed a framework agreement for the transfer of at least 75% of the shares of Zhongjing Investment Holding Group Co., Ltd. to Changjiang Industrial Investment Group Co., Ltd.[13] - The transaction for the share transfer was valued at RMB 2,776.24 million[14] - Investment income fell by CNY 49,657,200, a 94.15% decrease, due to the absence of dividends from investments in Jiangsu Hongguang Chemical Co., Ltd. received in the previous year[9] Shareholder Information - The company’s major shareholders include Zhongjing Investment Holding Group Co., Ltd. and Shao Xingxiang, with respective holdings of 59,792,682 shares and 10,175,466 shares[12] Other Financial Metrics - Total operating costs amounted to ¥698,664,174.67, up from ¥650,281,740.07, reflecting a growth of 7.43%[20] - Research and development expenses increased to ¥15,163,838.34 from ¥12,903,572.77, showing a commitment to innovation with a growth of 17.53%[21] - The total equity attributable to shareholders rose to ¥2,564,876,880.21 from ¥2,532,926,607.96, an increase of 1.26%[19] - The company reported a basic earnings per share of ¥0.07, consistent with the previous period, indicating stable profitability[21]

Group 1: Corporate Control Change - The actual controller of Kailong Co., Ltd. has changed following the completion of a share transfer, with Hubei Provincial State-owned Assets Supervision and Administration Commission becoming the actual controller through Changjiang Industrial Group [1] - The share transfer involved Changjiang Industrial Group acquiring 75% of Zhongjing Group's shares from the Jingmen Municipal Government's State-owned Assets Supervision and Administration Commission for a transaction price of 2.776 billion yuan [1] - This transition marks Kailong Co., Ltd.'s elevation from a local state-owned enterprise to a provincial strategic platform, potentially enhancing its financing capabilities and industry integration opportunities [1] Group 2: Financial Performance - In the 2024 annual report, Kailong Co., Ltd. reported an operating income of 3.686 billion yuan and a net profit attributable to shareholders of 148 million yuan, with a net cash flow from operating activities of 402 million yuan [2] - Total assets reached 8.058 billion yuan, reflecting a 7.97% increase from the previous year, while equity attributable to shareholders surged by 61.19% to 2.533 billion yuan [2] - The company declared a cash dividend of 1 yuan for every 10 shares to all shareholders [2] Group 3: Industry Outlook - The civil explosives industry is experiencing a positive trend, with industrial explosive production showing slight growth and profits continuing to rise [3] - Kailong Co., Ltd. has expanded its civil explosive production capacity in Xinjiang to 60,100 tons, increasing its market share and successfully executing its first blasting project in the region [3] - The company aims to leverage the improving industry conditions through a dual strategy of organic growth and external acquisitions to capture market opportunities [3]

智通财经APP获悉，4月28日共有27家上市公司的限售股解禁，解禁总市值约317亿元。 今日具体限售解禁股情况如下： | 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 时代新材 | 600458 | 股权激励限售流通 | 649.44万 | | 中航沈飞 | 600760 | 股权激励限售流通 | 361.77万 | | 中钢天源 | 002057 | 股权激励限售流通 | 424.38万 | | 万讯自控 | 300112 | 股权激励限售流通 | 171.15万 | | 新研股份 | 300159 | 股权激励限售流通 | 540万 | | 吉鑫科技 | 601218 | 股权激励限售流通 | 54.63万 | | 凯龙股份 | 002783 | 股权激励限售流通 | 9.74万 | | 东方精工 | 002611 | 股权激励限售流通 | 88万 | | 星帅尔 | 002860 | 股权激励限售流通 | 30.2万 | | 星光农机 | 603789 | 股权激励限售流通 | 513.57万 | | 口子窖 | 603589 | 股权 ...

湖北凯龙化工集团股份有限公司（以下简称"公司"）于2025年3月26日召开 第八届董事会第四十三次会议，审议通过了《关于拟收购湖北东神天神实业有限 公司部分股权的议案》。同意公司使用自有资金18,080.52万元收购湖北东神天神 实业有限公司（以下简称"东神天神"） 51%的股权。具体内容详见公司于2025年 3月27日在《证券时报》《中国证券报》《上海证券报》《证券日报》和巨潮资讯网 http://www.cninfo.com.cn披露的《关于拟收购湖北东神天神实业有限公司部分股 权的公告》（2025-014）。 证券代码：002783 证券简称：凯龙股份 公告编号：2025-034 湖北凯龙化工集团股份有限公司 关于收购湖北东神天神实业有限公司部分股权 完成工商变更登记的公告 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。 湖北凯龙化工集团股份有限公司董事会 2025年4月28日 近日，公司已收到十堰市郧阳区行政审批局核发的《登记通知书》，准予东 神天神投资人变更（备案）等事项登记。变更后，公司持有东神天神 51%股权， 东神天神成为公司控股子公司，纳入公 ...

财务报表中对有大幅变动的财务项目的原因说明如下：投资活动现金流入小计变动幅度为395.18%,原 因:本报告期赎回理财产品较上年同期增加。投资活动现金流出小计变动幅度为165.59%,原因:本报告期 购买理财产品较上年同期增加。固定资产变动幅度为-2.91%,原因:公司计提固定资产折旧及固定资产减 值准备。短期借款变动幅度为-39.28%,原因:公司短期银行贷款减少。长期借款变动幅度为56.72%,原因: 公司长期银行贷款增加。 证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为6.86%，资本回报率一般。去年的净 利率为6.96%，算上全部成本后，公司产品或服务的附加值一般。融资分红：公司上市10年以来，累计 融资总额14.49亿元，累计分红总额3.82亿元，分红融资比为0.26。商业模式：公司业绩主要依靠股权融 资驱动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为41.78%、近3年经营性现金流均 值/流动负债仅为15.36%)建议关注公司债务状况(有息资产负债率已达25.23%)建议关注公司应收账款状 况(应收账款/利润已达579. ...