Group 1: Company Overview - The company primarily produces industrial detonators, explosives, and blasting devices, widely used in mining, transportation, water conservancy, construction, oil exploration, and defense projects [1] - The company has one detonator production base and six explosive production bases, offering a diverse range of products to meet market demands [1] - The wholly-owned subsidiary, Huhua Blasting, holds dual-level qualifications for engineering blasting and mining engineering construction [1] Group 2: Industry Situation - The civil explosives industry, including industrial detonators and explosives, plays a crucial role in mining, metallurgy, transportation, water conservancy, electricity, and construction [2] - In Q1 2025, the total production and sales value of civil explosive enterprises reached 8.14 billion CNY and 7.92 billion CNY, with year-on-year changes of -1.14% and +0.79%, respectively [2] - The total profit of civil explosive enterprises in Q1 2025 was 1.31 billion CNY, reflecting a year-on-year increase of 23.03% [2] Group 3: Production Capacity and Orders - After restructuring Tian Ning Company, the current explosive production capacity is 114,000 tons, with mixed explosives capacity at 40,000 tons, accounting for over 35% [2] - In Q1 2025, the company achieved a net profit of 23.42 million CNY, a 70.44% increase year-on-year [3] - The company aims to enhance order acquisition and execution capabilities, particularly in the domestic market and exports [3] Group 4: Future Growth Drivers - The company plans to achieve full production capacity for three automated assembly lines for detonators and aims to rank among the top three in detonator sales [3] - The company intends to expand its export share by leveraging the Mongolia corridor and overseas bases [3] - The company aims to undertake 1-2 large integrated mining projects to become a significant profit growth point [3] Group 5: Core Competitiveness - The company has established three leading automated production lines for digital electronic detonators, enhancing production efficiency [4] - The company benefits from its geographical advantage in Shanxi, a major civil explosive production province, providing a broad market demand [4] - The company has a complete business chain from raw material production to specialized blasting services, forming four major industry segments: civil explosives, exports, blasting, and military products [4]

Financial Performance - In 2024, the company achieved operating revenue of 1.101 billion yuan, a decrease of 16.19% year-on-year, and a net profit attributable to shareholders of 140 million yuan, down 31.59% year-on-year [7][12] - In Q1 2025, the company reported operating revenue of 223 million yuan, an increase of 25.29% year-on-year, and a net profit of 23.42 million yuan, up 70.44% year-on-year [5][9] Cost Reduction and Efficiency Improvement - The company implemented measures such as enhancing automation and intelligence in production lines, promoting refined management, and extending the industrial chain to reduce costs and improve efficiency [1][2] - R&D expenses in 2024 were 96.0454 million yuan, a decrease of 9.24% year-on-year, focusing on new product development [3][6] Market Position and Product Strategy - The company’s core products, including industrial detonators and explosives, rank among the top in the domestic market, with strategies in place to enhance market share [2][6] - The company has established multiple production bases and is actively expanding its market presence both domestically and internationally [2][8] Production Capacity and Future Outlook - The company completed several key engineering projects, including a new automated production line for electronic detonators with an annual capacity of 36.3 million units [3][4] - The company anticipates that the new production capacities will positively impact future performance, particularly in the explosive products segment [3][5] Competitive Advantages - The company possesses several competitive advantages, including technological superiority, regional advantages in Shanxi province, a complete industrial chain, and a strong management culture [6][8] - The company has been recognized as a high-tech enterprise, enhancing its innovation-driven development capabilities [6][8] Industry Trends and Strategic Initiatives - The company is adapting to supply-side reforms in the civil explosives industry, focusing on optimizing product structure and enhancing safety management [8][12] - The company is positioned to benefit from industry consolidation efforts aimed at increasing competitiveness and reducing risks [8][12]

证券代码：003002 证券简称：壶化股份 公告编号：2025-035 山西壶化集团股份有限公司 2024 年年度股东会决议公告 一、会议召开情况 1、召集人：山西壶化集团股份有限公司（以下简称"公司"）董事会 2、主持人：秦东 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。 特别提示： 1、本次股东会召开期间不存在增加、变更、否决议案的情形。 2、本次股东会采取现场投票表决和网络投票表决相结合的方式进行。 3、本公告中的百分比均保留四位小数，若各分项数值之和、合计数值存在 尾差，均为四舍五入原因。 5、网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 5 月 16 日 9:15-9:25、9:30-11:30、13:00-15:00； （2）通过深圳证券交易所互联网投票系统投票的时间为：2025 年 5 月 16 日 9:15-15:00 期间的任意时间。 3、现场会议召开时间：2025 年 5 月 16 日（星期五）14:30 4、现场会议召开地点：山西省长治市潞州区东海湾大厦-8 楼一号会议室 6、召开方式：现场会议与网络投票相 ...

北京市中伦律师事务所 关于山西壶化集团股份有限公司 2024 年度股东大会的 法律意见书 法律意见书 二〇二五年五月 2 北京市中伦律师事务所 关于山西壶化集团股份有限公司 2024 年度股东大会的 法律意见书 致：山西壶化集团股份有限公司（以下简称"公司"） 北京市中伦律师事务所（以下简称"本所"）接受公司的委托，指派律师出 席并见证公司2024年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》 （以下简称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》 （以下简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执业 规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、行政 法规、部门规章、规范性文件及《山西壶化集团股份有限公司章程》（以下简称 "《公司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出席 会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 1．本所律师仅就本 ...

关于参加山西辖区上市公司 2025 年投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，山西壶化集团股份有限公司（以下简称"公 司"）将参加由山西证监局、山西省上市公司协会与深圳市全景网络有限公司联合 举办的"山西辖区上市公司 2025 年投资者网上集体接待日暨年报业绩说明会"，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 证券代码：003002 证券简称：壶化股份 公告编号：2025-034 山西壶化集团股份有限公司 （http://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 5 月 20 日（周二）14:00-17:00。届时公司高管 将在线就公司 2024 年度业绩、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。 出席本次集体接待日的人员有：公司董事长秦东；董事 ...

证券代码：003002 证券简称：壶化股份 公告编号：2025-034 山西壶化集团股份有限公司 关于参加山西辖区上市公司 2025 年投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，山西壶化集团股份有限公司（以下简称"公 司"）将参加由山西证监局、山西省上市公司协会与深圳市全景网络有限公司联合 举办的"山西辖区上市公司 2025 年投资者网上集体接待日暨年报业绩说明会"，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 （http://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 5 月 20 日（周二）14:00-17:00。届时公司高管 将在线就公司 2024 年度业绩、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。 出席本次集体接待日的人员有：公司董事长秦东；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 ...

Group 1: Company Overview - The main products of Shanxi Huhua Group include industrial detonators, explosives, and detonating devices, widely used in mining, transportation, hydropower, construction, oil exploration, and defense engineering [1] - The company has one detonator production base and six explosive production bases, offering a complete range of products to meet diverse market demands [1] - The wholly-owned subsidiary Huhua Blasting has dual-level qualifications for engineering blasting and mining engineering construction, serving various infrastructure projects [1] Group 2: Industry Situation - The civil explosives industry, which includes industrial detonators and explosives, plays an irreplaceable role in basic industries and large infrastructure projects [2] - In Q1 2025, the total production and sales value of civil explosive production enterprises reached 8.14 billion CNY and 7.92 billion CNY, with year-on-year changes of -1.14% and +0.79% respectively [2] - The total profit for the same period was 1.31 billion CNY, showing a year-on-year increase of 23.03% [2] Group 3: Company Performance - In Q1 2025, the net profit attributable to shareholders was 23.42 million CNY, a 70.44% increase year-on-year, driven by market recovery and significant order growth [3] - The sales volume of detonating devices increased by 464% year-on-year, indicating strong demand [3] Group 4: Future Growth Drivers - The company aims to achieve full production capacity for three automated assembly lines for detonators and strive for top three sales in the market [3] - Plans include expanding export share and leveraging overseas bases, particularly through the Mongolia corridor [3] - The company intends to enhance its military product offerings and collaborate with military research institutions [3] Group 5: Industry Outlook - The civil explosives industry is expected to grow due to policy-driven upgrades, market demand stability, and technological innovations [4] - The domestic demand is bolstered by rising metal prices and ongoing infrastructure projects, while the global market presents significant opportunities [4] - The industry benefits from high barriers to entry, resulting in strong profitability and favorable financial metrics compared to the construction sector [4]

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]