Group 1: Dividend Policy and Financial Performance - The company plans to distribute a cash dividend of 1.5 CNY per 10 shares, reflecting confidence in future cash flow and commitment to maintaining a high dividend payout ratio, which is at least 20% of distributable profits each year [1] - In Q1 2025, the company reported a net profit of 23.42 million CNY, a 70.44% increase year-on-year, driven by recovery in the Shanxi market and significant growth in orders, particularly a 464% increase in detonator sales [6][8] - For 2024, the company achieved a total revenue of 1.101 billion CNY, a decrease of 16.19%, and a net profit of 140 million CNY, down 31.59% [6] Group 2: Industry Outlook and Growth Drivers - The civil explosives industry is expected to grow due to policy-driven industrial upgrades, stable market demand, and technological innovations [2][4] - The domestic demand for civil explosives is supported by rising prices of non-ferrous metals and ongoing infrastructure projects, while the global market is three times larger than the domestic market, presenting significant overseas opportunities [2] - The industry benefits from strong profitability due to high regulatory barriers, with leading companies enjoying higher gross margins compared to the average in the construction sector [2] Group 3: Strategic Initiatives and Future Plans - The company aims to enhance its production capacity with three automated assembly lines for detonators and plans to expand its market presence in Xinjiang and Tibet [4][5] - The company is focusing on digital transformation and the development of intelligent blasting systems, collaborating with universities to innovate in the field [5][7] - Future growth will be driven by expanding export markets and enhancing military cooperation, with plans to acquire promising military enterprises [5][8] Group 4: Challenges and Market Dynamics - The civil explosives industry faces challenges such as market fluctuations and regulatory changes, but overall prospects remain positive due to supportive policies and technological advancements [2][4] - The company is actively pursuing mergers and acquisitions to consolidate its position in the market and improve operational efficiency [4][5]

山西壶化集团股份有限公司 关于举行 2024 年度暨 2025 年第一季度网上业绩说明会 的公告 本公司及董事会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。 山西壶化集团股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日在巨 潮资讯网（www.cninfo.com.cn）上披露了 2024 年年度报告全文及摘要、2025 年第一季度报告。为便于广大投资者更深入、全面地了解公司的经营情况和发展 战略，公司将于 2025 年 5 月 6 日（星期二）在全景网举行 2024 年度暨 2025 年 第一季度业绩说明会。 一、网上业绩说明会的安排 1、召开时间：2025 年 5 月 6 日（星期二）15:00-17:00 2、出席人员：公司董事长秦东；独立董事李蕊爱；董事、副总经理张宏； 财务负责人张伟；董事会秘书吴国良（如有特殊情况，参会人员将可能进行调整）。 3、参与方式：本次业绩说明会将采用网络远程方式举行，投资者可登录全 景网"投资者关系互动平台"（http://ir.p5w.net）参与。 二、征集问题事项 证券代码：003002 证券简称：壶化股份 公告编号：2 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company confirmed a bottom reversal with its Q1 2025 performance being the best in nearly five years, achieving a revenue of 2.23 billion yuan, a year-on-year increase of 25.29%, and a net profit of 0.23 billion yuan, a year-on-year increase of 70.44% [2][6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.101 billion yuan, a decrease of 16.19% year-on-year, and a net profit of 0.14 billion yuan, down 31.59% year-on-year, with an EPS of 0.70 yuan [2][6] - The company sold 39.7 million detonators in 2024, a decrease of 21% year-on-year, while sales of explosives reached 54,000 tons, an increase of 2.97% year-on-year [3] Production Capacity and Market Demand - The company expanded its explosive production capacity through the acquisition of 98.70% of Hebei Tianning Chemical for 363 million yuan, increasing total explosive capacity to 114,000 tons [4] - The demand for detonators in overseas markets is strong, and the company has efficiently expanded its production capacity to meet this demand [4] Technological Advancements - The company developed a tunnel blasting intelligent loading robot, which is expected to open a market worth nearly 40 billion yuan in China, particularly suitable for tunnel construction in challenging environments [5] Profit Forecast - The updated profit forecast estimates revenues of 1.744 billion yuan, 2.454 billion yuan, and 2.886 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 0.327 billion yuan, 0.463 billion yuan, and 0.510 billion yuan [6][10]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, attributed to external challenges and industry downturns, while maintaining a focus on strategic growth and operational stability [5][19][87]. Company Overview - The company faced a complex external environment in 2024, leading to a decline in certain business metrics, but overall operational quality remained solid [4]. - The company achieved a revenue of 1.101 billion yuan, a decrease of 16.19% year-on-year, and a net profit of 140.0181 million yuan, down 31.59% year-on-year [5][19][87]. Business Performance - Sales of detonators decreased by 21% to 39.7016 million units, while sales of digital electronic detonators fell by 15.58% to 33.8126 million units. Conversely, sales of explosives increased by 2.97% to 54044.69 tons, and sales of detonating devices rose by 14.83% to 987.93 tons [5]. - The company successfully expanded its export markets despite international conflicts affecting trade, establishing new markets in Russia, Cambodia, and Laos [6]. Strategic Developments - The blasting industry segment showed strong growth, with the subsidiary achieving stable project continuations and entering the top twenty in the industry [7]. - The military products segment was reinforced through active participation in military product promotion activities, gaining recognition for various research and production projects [8]. Key Projects and Innovations - The company completed the construction of a new automated production line for electronic detonators, enhancing production capacity and safety standards [9]. - Significant investments were made in automation projects for detonating devices, with a new production line expected to be operational by May 2025 [9]. Safety and Employee Welfare - The company implemented comprehensive safety measures across production, storage, and transportation, achieving a year without accidents [10]. - Employee welfare initiatives included a stock ownership plan and various benefits aimed at improving working conditions and enhancing employee satisfaction [11][12]. Financial Data and Proposals - The company proposed a cash dividend of 1.5 yuan per 10 shares, without capital reserve conversion or bonus shares, reflecting a commitment to shareholder returns despite the challenging financial year [34][94]. - The board approved a financial budget for 2025, emphasizing cautious financial management in light of current market conditions [22].

广发证券股份有限公司关于山西壶化集团股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 （二）募集资金以前年度使用金额 | 2022 年 12 月 31 日 | 利息收入 | 2023 年度募集资金使用 | | 2023 年 12 月 31 日 | | --- | --- | --- | --- | --- | | | | | | 余额 | | 余额 | | 置换前期自筹资金投入 | 本期支出 | | | 234,140,291.70 | 3,757,121.11 | | 58,090,657.39 | 179,806,755.42 | （三）募集资金 2024 年度使用金额及年末余额 | 2023 年 12 月 31 日 | 利息收入 | 2024 年度募集资金使用 | 本期支出 | 2024 年 12 月 31 日 余额 | | --- | --- | --- | --- | --- | | 余额 | | 置换前期自筹资金投入 | | | | 179,806,755.42 | 2,238,560.13 | | 40,260,205.07 | 141,785,110.48 | 根据《证券发行上 ...

广发证券股份有限公司 关于山西壶化集团股份有限公司 经中国证券监督管理委员会《关于核准山西壶化集团股份有限公司首次公开 发行股票的批复》（证监许可【2020】1966 号）核准，并经深圳证券交易所同 意，公司向社会公开发行人民币普通股（A 股）5000 万股，每股发行价格为 8.22 元，募集资金总额为 41,100.00 万元，扣除各类发行费用之后实际募集资金净额 34,059.90 万元。上述资金到位情况已经信永中和会计师事务所（特殊普通合伙） 对该募集资金到位情况进行了审验，并由其出具"XYZH/2020BJGX0807 号"《验 资报告》。公司对募集资金进行了专户存储，并与持续督导保荐机构、募集资金 存放银行签订了《募集资金三方监管协议》。 二、募集资金投资项目情况 截至 2025 年 3 月 31 日，公司募集资金投资项目情况如下： | 序 | 项目名称 | 实施主体 | 拟投入募集资金 | 截至 2025 年 3 月 31 日累计投 | | --- | --- | --- | --- | --- | | 号 | | | 金额 （万元） | 入金额（万元） | | 1 | 电子雷管自动化生产线建设 ...

山西壶化集团股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-4 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-100 | 信永中和会计师事务所| 北京市东城区朝阳门北大街 8 号富华大厦 A 座 9 层 联系电话: +86(010) telenhone: +86 (010) 6554 2288 9/F. Block A. Fu Hua Mansic No.8. Chaovangmen Beidaiie Donacheng District, Beijing certified public accountants | 100027, P.R.China 审计 ...

内部控制审计报告 XYZH/2025BJAG1B0308 山西壶化集团股份有限公司 山西壶化集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了山西壶化集团股份有限公司（以下简称壶化股份）2024 年 12 月 31 日财务报告内部控 制的有效性。 一、 企业对内部控制的责任 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 壶化股份于 2024 年以现金购买了山西壶化阳泉民爆器材有限公司（以下简称被收 购公司）100.00%股权，并将其纳入 2024 年财务报表合并范围。根据中国证券监督管理 委员会发布的《上市公司实施企业内部控制规范体系监管问题解答（2011 年第 1 期，总 第 1 期）》的相关豁免规定，壶化股份在对财务报告内部控制于 2024 年 12 月 31 日的有 效性进行评价时，未将被收购公司的财务报告内部控制包括在评价范围内。按照《企业 内部控制审计指引实施意见》的相关指引，我们对壶化股份财务报告内部控制执行审计 工作时，也未将被收购公司 ...

| 信永中和会计师事务所 北京市东城区朝阳门北大街 联系电话: +86 (010) 6554 2288 | | | --- | --- | | 8 号富华大厦 A 座 9 层 | telephone: +86 (010) 6554 2288 | | 9/F, Block A, Fu Hua Mansion, No.8, Chaoyangmen Beidajie, ShineWing | | | Dongcheng District, Beijing, 传真: | +86 (010) 6554 7190 | | certified public accountants 100027, P.R.China | facsimile: +86 (010) 6554 7190 | 募集资金年度存放与使用情况鉴证报告 XYZH/2025BJAG1B0305 山西壶化集团股份有限公司 山西壶化集团股份有限公司全体股东： 我们对后附的山西壶化集团股份有限公司(以下简称壶化股份)关于募集资金 2024 年度存放与使用情况的专项报告（以下简称募集资金年度存放与使用情况专项报告）执 行了鉴证工作。 壶化股份管理层的责任是按照深圳证 ...

非经营性资金占用及其他关联资金往来的 索引 页码 专项说明 非经营性资金占用及其他关联资金往来情况汇总表 1 山西壶化集团股份有限公司 2024 年度 专项说明 | 信 永 中 和 合 社 临 寓 名 版 北 京 市 东 城 区 朝 阳 门 北 大 街 联系电话: +86 (010) 6554 2288 | | | | --- | --- | --- | | telephone: +86 (010) 6554 2288 | 8 号富华大厦 A 座 9 层 | | | 9/F, Block A, Fu Hua Mansion, | No.8, Chaoyangmen Beidajie, ShineWing | | | Dongcheng District, Beijing, | | 传真: +86 (010) 6554 7190 | | certified public accountants 100027, P.R. China | | facsimile: +86 (010) 6554 7190 | 关于山西壶化集团股份有限公司 2024 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2025 ...