张英储蓄库位于江苏沿海经济活跃区，需求量大，江苏市场 2024 年的 天然气消耗量为 400 亿方，而我们的储蓄库一期库容为 6 亿方。该岩穴 储蓄库具备快注快采能力，可实现多次循环利用，提高周转率和效益。 公司规划建设淮安市百亿储气库项目和杨槐矿区储气库项目，目标是到 2030 年总库容达到 50 亿方，开票收入超 60 亿元，利税总额超 15 亿 元，显著提升公司在储气领域的市场地位和盈利能力。 苏盐井神 20250826 摘要 苏盐井神正积极推进多个储能项目，包括与中石油合作的张钦储气库、 与江苏国信合资的压气储能发电项目，以及小分子整组气体项目，旨在 多元化能源储存方式，提升公司整体盈利能力。 公司战略目标是在"十五"期间实现岩化产能 1,200 万吨，储气容量 50 亿方，营业收入 200 亿元和利税超 30 亿元。2025 年上半年，公司 总资产 99.9 亿元，归属上市公司的净资产 60.79 亿元，营业收入 23.58 亿元，总利润 4.15 亿元，同比下降 28%，每股收益 0.4,404 元， 同比下降 28.86%。 氯化钙销量因国内外需求减少而下滑，公司正通过拓展液体钙市场和研 发新型 ...

苏盐井神坚持科技创新驱动发展，持续加大研发投入。公司拥有"国家企业技术中心"、"盐穴储能储气 院士工作站"等多个省级以上研发平台。上半年，公司开展了高新技术企业第五次认定及"省重点实验室 组建"等申报工作，获批江苏省科协专项计划。完成天然精制岩盐（干燥包）、速溶雪花盐5款新品开 发，取得了"小苏打防结块技术"等多项阶段性成果。 此外，公司与杨春和院士团队开展二十多次交流活动，推进盐穴储氢储氦储废关键技术研究，取得 了"沉渣空隙储气扩容关键技术"成果。年累计申请专利13件，授权专利21件。 苏盐井神正全力打造千万吨级盐化产品产能和百亿方级储气库为主的两大产业链条。公司未来3至5年， 将成为一个新型制造和新能源双轮驱动的新兴企业，净利润有望突破30亿元，并且形成较强的国际竞争 力。 中证报中证网讯（王珞）8月26日，苏盐井神发布2025年半年度业绩报告。报告显示，上半年公司实现 营业总收入23.58亿元，净利润3.44亿元，基本每股收益为0.44元。 公告显示，上半年公司利润总额4.16亿元，同比下降28.40%。经营活动产生的现金流量净额为1.56亿 元，销售商品、提供劳务收到的现金为20.44亿元。截至报告期 ...

会上发布的苏盐井神院士工作站盐矿深地储能成果，历经10余年的研发和产业化应用，在连通井盐穴高 效建库和沉渣空隙储气扩容方面形成了盐穴储气库建设的"中国方案"，带动了传统盐化工行业向盐穴储 能新产业（300832）的转型升级，标志着我国在深地空间储能领域取得了突破性进展，实现从"跟 跑"到"领跑"的历史性跨越。 本报讯(记者李晞)8月20日，苏盐井神（603299）院士工作站盐矿深地储能成果发布暨学术研讨会在淮 安举行。来自中国工程院和国内重点高校院所专家学者，地方政府和有关部门领导，全国盐业同行等单 位嘉宾共同见证了成果发布。 集团党委书记、董事长郑海龙表示，苏盐集团正加快重构"盐+储能"产业发展新格局，期待与各位院 士、专家、业内同行一道，围绕盐穴储气库技术升级、产业链协同创新、标准体系建设等前沿课题深入 研讨，推动更多"从0到1"的原创成果落地转化，加快构建"基础研究+技术攻关+成果产业化+人才支 撑"全过程创新生态，加快推动百亿储气库群产业化和规模化发展。 ...

Core Viewpoint - Huayuan Securities issued a report on July 31, giving a "buy" rating to Su Yan Jingshen (603299.SH, latest price: 10.48 yuan) based on several positive factors related to the company's performance and market position [2] Group 1: Company Strengths - The company is a leading player in the salt industry, focusing on "salt + energy storage," characterized by low debt and high cash flow, resulting in stable profitability [2] - The integrated development of salt, alkali, and calcium products allows for stable pricing and potential growth in salt product sales [2] - Jiangsu province has the highest natural gas demand in the country, with strong seasonal peak-shaving storage needs [2] Group 2: Growth Opportunities - The rapid development of salt cavern gas storage business is expected to lead to increased storage capacity, positioning the company for a sustained growth phase [2] - The company is advancing projects in compressed air energy storage and small molecule gas storage, continuously exploring the utilization of salt cavern resources [2]

Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Views - The company is a leading player in the salt chemical industry in East China, focusing on "salt + energy storage," with low debt and stable cash flow [5] - The core business includes salt and salt chemical products, contributing 85% of revenue gross profit, benefiting from stable product pricing and declining coal prices [5] - The company is actively developing salt cavern storage for natural gas and compressed air, which are expected to significantly contribute to performance in the next five years [5][6] - The company plans to increase production capacity significantly by 2030, with a projected total capacity of 12 million tons for salt and salt chemical products [5] - The company is also expanding into compressed air energy storage and small molecule gas storage projects, enhancing its growth potential [8] Summary by Sections Market Performance - The closing price as of July 31, 2025, is 10.48 yuan, with a market capitalization of 8,191.78 million yuan [3] Financial Data - The company has a total share capital of 781.66 million shares and a debt-to-asset ratio of 37.23% [3] - The net asset value per share is 7.97 yuan [3] Profit Forecast and Valuation - Revenue projections for 2023 to 2027 are 5,682 million, 5,344 million, 5,560 million, 6,728 million, and 7,727 million yuan respectively, with a growth rate of 4.03% in 2025 [7] - The net profit attributable to shareholders is forecasted to be 738 million, 769 million, 705 million, 917 million, and 1,130 million yuan from 2023 to 2027, with a significant increase expected in 2026 and 2027 [7] - The price-to-earnings ratio (P/E) is projected to decrease from 11.09 in 2023 to 7.25 in 2027, indicating potential for valuation growth [7] Business Development - The company is planning to invest up to 1.8 billion yuan in developing a brine salt project, which is expected to increase solid salt production by 3 million tons per year [5] - The company is also pursuing partnerships for compressed air energy storage and small molecule gas storage projects, indicating a strategic expansion into new business areas [8]

Group 1 - The company held a performance briefing on May 22, 2025, to discuss its 2024 annual and Q1 2025 results, with key executives present for investor interaction [1] - The company reported a revenue of 5.344 billion yuan for 2024, a decrease of 5.95% year-on-year, while net profit attributable to shareholders increased by 4.15% to 769 million yuan [3][4] - The company aims to enhance its long-term core competitiveness through a strategic transformation towards a "salt + energy storage" industry model [3] Group 2 - The investment in the air energy storage project by Jiangsu Guoxin Su Yan Storage Power Co., Ltd. is approximately 3.74 billion yuan, with a planned capacity of 300MW for the first phase, expected to commence production in July 2025 [2] - The company maintains a cash dividend payout ratio of 45.04% for 2024, with cumulative cash dividends of 960 million yuan from 2022 to 2024, indicating a commitment to shareholder returns [4] - The company is focusing on the development of its "traditional, emerging, and future" industries, particularly in the salt cavern energy storage sector, to create new business opportunities and enhance profitability [3]

Core Insights - The "Salt Cavern Hydrogen Storage Demonstration Project" and "Million Cubic Meter Hydrogen Storage Demonstration Project" were inaugurated, marking a significant step in utilizing salt cavern resources in China [1] - Salt caverns are recognized for their excellent sealing performance, large storage capacity, low cost, and high safety, making them a promising technology for hydrogen storage [1] - The demonstration projects are located in Pingmei Shenma Group, leveraging its abundant salt field resources and prior experience in salt cavern energy storage [1] Company Overview - Pingmei Shenma Group possesses 6.62 square kilometers of salt field resources, having extracted over 20 million tons of salt from 13 brine wells, with an annual physical volume capacity exceeding 1 million cubic meters [1] - The company has collaborated with China National Petroleum Corporation and Henan Investment Group, gaining experience in salt cavern gas storage, which supports the construction of the national salt cavern hydrogen storage demonstration project [1] Project Details - The demonstration project is set to commence construction in November 2024 and will be the first large-scale deep salt cavern hydrogen storage project in Asia, aiming to store 1.5 million cubic meters of hydrogen [1] - The project is a collaboration between the Wuhan Institute of Rock and Soil Mechanics of the Chinese Academy of Sciences and Pingmei Shenma Group, with the Joint Salt Chemical Company responsible for its implementation [1] - The project has completed geological evaluation, process design, and drilling construction, and is currently progressing with cavity operation [2] - It has been incorporated into the "Deep Earth National Science and Technology Major Project" and the national key research and development plan for "Key Technologies for Geological Hydrogen Storage Applicability and Safety" [2] - The company will also participate in the formulation of national and industry standards related to the safety technology of salt cavern hydrogen storage [2]

Group 1 - The event "Ancient Brine, New Life, Intelligent Manufacturing Health" was hosted by Luyin Investment and its subsidiary Shandong Luyin Group, showcasing the integration of traditional salt-making techniques with modern intelligent manufacturing [1] - Shandong province is a key player in the national salt industry, with policies aimed at optimizing the development environment and promoting the province from a major salt producer to a strong salt producer [1] - In 2024, Shandong is expected to lead the country in the production of major salt products, including raw salt, sea salt, and bromine [1] Group 2 - Luyin Group has been innovating to promote industrial transformation and upgrading, establishing a leading "smart demonstration salt field" in the national sea salt industry through various technological innovations [2] - The company is exploring new paths for salt industry development by integrating renewable energy, such as setting up photovoltaic panels in salt fields to enhance land utilization and create new economic growth points [2] - Luyin Group is also advancing the construction of salt cavern energy storage to develop new growth opportunities [2]

Core Viewpoint - The news highlights the advancements and innovations in the salt industry, particularly focusing on the operations of the Luyin Investment's salt segment, the Shouguang City salt field, and the production of high-value salt products like "salt flower" [2][3][4]. Group 1: Industry Overview - Shandong Province is a major sea salt producer in China, with Shouguang City having a rich history in salt production and abundant underground brine resources, estimated at 2.6 billion cubic meters [3]. - The salt field has an area of approximately 130 square kilometers and an original salt production capacity of around 3 million tons, accounting for 12.5% of the national sea salt capacity [3]. - The salt industry is evolving towards healthier, functional, and high-end salt products, driven by rising consumer health awareness and living standards [4][6]. Group 2: Product Innovations - The "salt flower," a high-end salt product, is produced in limited quantities, with less than 500 grams obtainable from every 50 square meters of salt field annually [4]. - The demand for mid-to-high-end salt products is increasing globally, with a stable apparent demand for table salt in China at around 11.5 million tons [4]. Group 3: Technological Advancements - The salt field is implementing smart technologies to innovate production methods, including remote monitoring, automated operations, and intelligent weather forecasting [6]. - The Shandong provincial government is promoting digital, networked, and intelligent production methods to enhance the salt industry [6][7]. Group 4: Market Position and Future Prospects - In 2024, Shandong is expected to maintain its leading position in salt production, with original salt and sea salt production both ranking first nationally [7]. - Luyin Investment's salt segment is projected to produce 1.35 million tons of salt, accounting for about 80% of the province's total production [6][7]. - The integration of renewable energy sources, such as solar power, into salt production is being explored to enhance economic growth and land utilization [7].

Core Viewpoint - Su Yan Jingshen's Q1 report fell short of expectations, leading to investor skepticism regarding the company's planned private placement of shares [1][2] Group 1: Financial Performance - As of March 31, 2025, the company's cash balance was 3.073 billion yuan [1] - Q1 revenue decreased by 8.68% year-on-year, while net profit attributable to shareholders dropped by 28.8% [1] - The company attributed the decline in sales prices to market fluctuations, which compressed profit margins [3] Group 2: Private Placement Details - The company plans to issue shares to no more than 35 specific investors, raising up to 1.8 billion yuan for a brine salt comprehensive utilization project [2] - The issuance price will be no less than 80% of the average trading price over the previous 20 trading days [2] - The total investment for the brine salt project is estimated at 1.889 billion yuan, with 1.8 billion yuan sourced from the private placement [2] Group 3: Investor Concerns - Investors expressed concerns about the low issuance price and questioned the need for fundraising given the company's existing cash reserves [1][2] - Following the announcement, the company's stock price fell by 9.12% on April 29 and continued to decline by 1.95% on April 30 [2] Group 4: Company Response - The company emphasized that it has not conducted any equity financing since its listing in 2015 and is in a critical growth phase requiring substantial investment [4][5] - The company stated that relying solely on internal funds and traditional financing is insufficient for its rapid business expansion [5] - The private placement is seen as a necessary step to ensure project success without disrupting normal operations [5] Group 5: Future Outlook - The company is optimistic that the private placement will enhance its core competitiveness and risk resilience, ultimately benefiting shareholders in the long term [5][6] - The pricing mechanism for the private placement is designed to be fair and transparent, reflecting market valuation and investor interest [6]