Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Views - The company is focusing on the development of three major industries and is making steady progress on key projects [1][7] - Despite a decline in the sales prices of major products leading to a year-on-year profit decrease, the company continues to push forward with significant projects [5][9] - The company has slightly adjusted its profit forecast for 2025 due to the decline in product prices but remains optimistic about ongoing project developments [9] Summary by Sections Market Performance - The current stock price is 11.09 yuan, with a total market capitalization of 8.7 billion yuan and a total share capital of 782 million shares [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.358 billion yuan, a year-on-year decrease of 16.56%, and a net profit attributable to shareholders of 344 million yuan, down 28.51% year-on-year [4][5] - The average price of salt products decreased by 12.8%, while the average price of alkali products fell by 35.29% in the first half of 2025 [5] Research and Development - The company has seen an increase in R&D expenses, with the R&D expense ratio rising due to increased investment in research [6] Project Development - The company has made progress on 11 key projects, completing 58% of its annual investment plan in the first half of 2025 [7] - Significant projects include the completion of the Zhangxing gas storage project and the establishment of a helium storage project [7][8] Profit Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 733 million yuan, 853 million yuan, and 1.014 billion yuan, respectively [9][11]

Group 1 - The core viewpoint of the news is that Xue Tian Salt Industry has achieved the highest credit rating of "AAA" from Dongfang Jincheng International Credit Rating Co., marking a significant recognition of its capital strength, operational capability, risk management, and development potential [1][2] - Xue Tian Salt Industry is now the second company in the national salt industry and the third listed company in Hunan's state-owned system to receive the "AAA" credit rating, indicating a strong ability to repay debts and low default risk [1][2] - The company has total assets of 10.97 billion yuan and expects to achieve an operating income of 5.392 billion yuan and a net profit of 308 million yuan by the end of 2024 [1] Group 2 - The "AAA" rating is expected to enhance the company's market reputation, increasing brand recognition and credibility in the global market, which will help attract international partners and accelerate its internationalization [2] - The credit rating will optimize financing channels, allowing the company to issue various types of bonds more flexibly, potentially lowering bond issuance interest rates [2] - The high credit rating will attract strategic resources, enabling the company to draw in strategic investors and industry capital, facilitating project construction and the introduction of advanced technology and management experience [2]

江西省盐业集团股份有限公司 Jiangxi Salt Industry Group Co.,Ltd （江西省南昌市红谷滩区庐山南大道 369 号） 首次公开发行股票并在主板上市 招股说明书 保荐人（主承销商） 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 发行人及全体董事、监事、高级管理人员承诺本招股说明书的内容真实、准 确、完整，不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺， 并承担相应的法律责任。 发行人控股股东承诺本招股说明书的内容真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承担相应的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证 ...