JIANGNAN CHEMICAL(SZ:002226) Zheng Quan Zhi Xing·2025-08-30 00:44Core Viewpoint - Jiangnan Chemical (002226) reported a revenue of 4.614 billion yuan for the first half of 2025, reflecting a year-on-year increase of 3.71%, with a net profit of 427 million yuan, up 2.17% year-on-year [1] Financial Performance - Total revenue for Q2 2025 reached 2.601 billion yuan, marking a 5.42% increase year-on-year [1] - Q2 net profit was 281 million yuan, showing a year-on-year growth of 2.81% [1] - Gross margin improved to 30.52%, up 3.76% year-on-year, while net margin increased to 12.75%, up 4.82% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 535 million yuan, accounting for 11.6% of revenue, which is a 7.47% increase year-on-year [1] - Earnings per share (EPS) remained at 0.16 yuan, with a year-on-year increase of 2.16% [1] Balance Sheet Highlights - Cash and cash equivalents decreased by 10.57% to 1.92 billion yuan [1] - Accounts receivable rose by 18.65% to 4.825 billion yuan [1] - Interest-bearing liabilities increased by 2.72% to 5.065 billion yuan [1] - The company's net asset value per share increased by 8.28% to 3.68 yuan [1] Market Position and Strategy - The company has been expanding its international business, particularly in countries along the "Belt and Road" initiative, including Namibia, Congo (DRC), Mongolia, Serbia, Liberia, and Guyana [3][4] - Jiangnan Chemical is focusing on the development of industrial explosives and integrated mining projects in resource-rich countries [4] - The company aims to enhance its international market management capabilities and strengthen compliance and risk management [4] Analyst Expectations - Analysts project the company's performance for 2025 to reach 1.161 billion yuan, with an average EPS forecast of 0.44 yuan [2]