江南化工一季度业绩稳健增长，持续推进ESG管理体系完善

Core Viewpoint - Jiangnan Chemical (002226.SZ) continues to show growth in both revenue and net profit in Q1 2025, with significant improvements in cash flow and total assets [1][2] Financial Performance - Q1 2025 revenue reached 2.013 billion yuan, and net profit attributable to shareholders was 146 million yuan, with cash flow from operating activities increasing by 187.93% year-on-year [1] - The company's gross margin improved to 27.39%, up by 1.05 percentage points year-on-year, while net margin reached 9.93%, an increase of 0.20 percentage points [2] - The total profit of the civil explosives industry in Q1 2025 was 1.313 billion yuan, reflecting a year-on-year growth of 23.03% [2] Industry Position and Growth - Jiangnan Chemical holds a leading position in the civil explosives industry with a production capacity of 765,500 tons, making it one of the most comprehensive civil explosive companies in China [2] - The company is actively involved in industry consolidation and has completed acquisitions to enhance its market position [2] - The company is expected to benefit from the integration of its production capacity and the anticipated injection of assets from affiliated companies [2] Strategic Initiatives - The company is leveraging its affiliation with the Weapon Industry Group to focus on civil explosives and participate in the "Belt and Road" initiative, contributing to multiple engineering projects in various countries [3] - Jiangnan Chemical is committed to green and low-carbon development, having established several green factories and contributing to sustainable energy projects [4][5] ESG and Innovation - The company has released its third consecutive ESG report, highlighting its commitment to low-carbon development and resource recycling [4] - Jiangnan Chemical's renewable energy business generated 777 million yuan in revenue and contributed to environmental asset growth through green certificate sales [5] - The company is investing in technological innovation, focusing on smart mining and new explosive materials to enhance its competitive edge [7] Shareholder Engagement - Jiangnan Chemical emphasizes corporate governance and sustainable development, ensuring investor rights and sharing growth with shareholders through dividends [6][7]