| 活动过程中所使用的 | 无 | | --- | --- | | 演示文稿、提供的文 | | | 档等附件（如有，可 | | | 作为附件） | | 编号：2025-009 | | 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 活动参与人员 | 开源证券：李思佳 | | 时间 | 2025 年 12 月 29 日 | | 地点 | 公司会议室 | | 形式 | 线上电话会 | | 上市公司接待人员 | 董事会秘书、证券事务代表 | | | 1、简要介绍一下公司基本情况？ | | | 公司主要产品为工业雷管、炸药、起爆具，广泛应用 | | | 于矿山开采、交通建设、水利水电、建筑拆除、石油勘探、 | | | 国防工程等领域。报告期内，公司拥有 1 个雷管生产基地、 | | | 6 个炸药生产基地，产品种类齐全，能够极大满足市场多 | | | 样化需求。 | | | 公司全资子公司壶化爆破，具有工程爆破和矿山工程 | | | 施工总承包双一 ...

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]