2026年1月9日，江南化工披露接待调研公告，公司于1月9日接待淡水泉投资、等1家机构调研。 调研情况显示，江南化工民爆业务聚焦民爆产品、工程施工服务、矿山经营管理三大板块，从事工业炸 药等民爆物品研发生产销售及工程施工服务。国内布局推进"区域协同＋大客户大项目"战略，形成"六 大核心区域"和"六个重要省份"市场布局，发挥民爆生产与工程服务"双协同、双牵引"效应，推动向"提 供一体化服务"转型。未来将坚持工程爆破带动民爆生产、混装生产支持工程施工，动态转移产能至高 效益地区，结合"十五五"民爆行业高质量发展攻坚期及资源刚性需求增长，行业有望迎来较好发展机 遇。 未来，江南化工将持续坚持以工程爆破业务＂先入＂带动民爆生产＂后进＂，以混装生产＂布局＂支持 工程施工＂发展＂，以一体化＂辐射＂优势，拉动工程市场由点＂扩面＂，形成良性循环的规模化发展 格局。公司将充分发挥整体优势，一方面紧贴市场需求动态，持续推动产能布局和产品结构调整，积极 实施产能从低效益地区向高效益地区的动态转移，持续向具有潜力的市场进行产能转移；另一方面紧密 结合项目需求，加强爆破一体化服务企业与民爆物品生产企业互促发展，进一步发挥民爆整体功能作 ...

证券代码：002226 证券简称：江南化工 安徽江南化工股份有限公司投资者关系活动记录表 编号：20260109 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 现场参观 其他 活动参与人员 淡水泉投资：于凡真 江南化工董事会秘书、副总裁、总法律顾问：王敦福 江南化工证券投资部副部长：金开伟 时间 2026年1月9日 地点 公司会议室 形式 现场交流 1.请介绍公司民爆产业国内业务布局情况及未来展望？ 回复：江南化工在民爆业务领域，聚焦民爆产品、工程施工服 务、矿山经营管理三大业务板块。主要从事工业炸药、工业雷管、 工业索类等民用爆炸物品的研发、生产、销售，以及为客户提供工 程施工服务等。公司以市场需求为导向，以爆破服务一体化为核心， 抓好在手项目的落地，紧盯潜在项目，进一步提升项目获取能力， 发挥大客户战略合作优势。在国内业务布局上，江南化工深度推进 "区域协同+大客户大项目"战略，形成"六大核心区域"和"六 个重要省份"的市场布局，充分发挥民爆生产与工程服务"双协同、 双牵引"效应，以民爆生产为支撑，为工程服务终端用户提供坚实 的产品供应。在工程业务实 ...

江南化工（002226.SZ）的民爆业务板块整合持续进行中。 12月30日晚间，江南化工发布公告称，公司与宁波梅山保税港区本安元年股权投资合伙企业（有限合 伙）（下称"本安元年"）拟签署股权转让协议，公司拟以现金方式收购本安元年持有的辽宁华丰民用化 工发展有限公司（下称"华丰民用"）98.4982%股权，交易对价为1.58亿元。 今年以来，江南化工股权收购动作频繁。《华夏时报》记者就此发函联系江南化工，截至发稿未得到回 复。但是从公司此前公开回复来看，江南化工主要是沿着两个方向开展民爆板块的并购和整合，一是对 内重组，解决民爆同业竞争问题；二是加快重组并购步伐，开展高质量的对外并购重组。 本报（chinatimes.net.cn）记者何一华 李未来 北京报道 12月5日，公司宣布拟以公开摘牌方式参与抚顺矿业集团有限责任公司十一厂乳化炸药生产线及其附带 18000吨乳化炸药资产（产能）转让项目，转让底价为1.46亿元。11月10日，公司宣布通过公开摘牌方 式成功竞得重庆顺安爆破器材有限公司（下称"顺安爆破"）100%股权，转让底价为10亿元。 溢价各有不同 从本次交易价格来看，江南化工给出了较高的溢价。 根据公 ...

Core Viewpoint - Jiangnan Chemical experienced a stock price decline of 2.03% on November 3, with a current price of 6.28 CNY per share and a market capitalization of 16.635 billion CNY [1] Financial Performance - For the period from January to September 2025, Jiangnan Chemical achieved a revenue of 6.885 billion CNY, representing a year-on-year growth of 2.78%. However, the net profit attributable to shareholders decreased by 11.40% to 664 million CNY [2] - The company has cumulatively distributed dividends of 1.639 billion CNY since its A-share listing, with 517 million CNY distributed over the past three years [3] Stock Market Activity - As of November 3, the stock has increased by 17.27% year-to-date, but has seen a decline of 3.09% over the last five trading days and 9.25% over the last twenty days [1] - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) once this year, with the last occurrence on July 22 [1] Shareholder Information - As of September 30, the number of shareholders increased to 69,800, a rise of 14.97% from the previous period, while the average number of tradable shares per shareholder decreased by 13.02% to 37,922 shares [2] Business Overview - Jiangnan Chemical, established on December 3, 1998, and listed on May 6, 2008, is located in Hefei, Anhui Province. The company specializes in the research, production, and sales of civil explosives, including industrial explosives, detonators, and related engineering services [1] - The revenue composition of the company includes 55.34% from blasting engineering services, 28.84% from the production and sales of civil explosive products, 7.86% from renewable energy generation, and 7.43% from other civil explosive businesses [1]

Core Viewpoint - Jiangnan Chemical is a leading integrated service provider in civil explosives under the China Ordnance Industry Group, with a comprehensive industry chain advantage and a focus on various sectors including civil explosives, industrial 4.0, aerospace, and nuclear power. Group 1: Business Performance - In Q3 2025, Jiangnan Chemical reported revenue of 6.885 billion yuan, ranking 3rd in the industry, with the top competitor, Guangdong Hongda, generating 14.552 billion yuan [2] - The main business segments include blasting engineering services at 2.553 billion yuan (55.34%), civil explosive products at 1.331 billion yuan (28.84%), and renewable energy generation at 363 million yuan (7.86%) [2] - The net profit for the same period was 874 million yuan, ranking 2nd in the industry, with Guangdong Hongda leading at 1.19 billion yuan [2] Group 2: Financial Health - Jiangnan Chemical's debt-to-asset ratio was 39.93% in Q3 2025, down from 40.14% year-on-year, which is lower than the industry average of 44.44%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 30.24%, slightly down from 31.77% year-on-year, but still above the industry average of 28.51%, reflecting robust profitability [3] Group 3: Management and Shareholder Structure - The chairman, Yang Shize, has extensive management experience and holds a master's degree from Beijing Institute of Technology [4] - The president, Dai Wusi, saw a significant salary increase in 2024 to 663,300 yuan from 138,700 yuan in 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 14.97% to 69,800, while the average number of shares held per shareholder decreased by 13.02% to 37,900 [5] Group 4: Future Outlook - Longjiang Securities forecasts net profits for Jiangnan Chemical to be 910 million yuan, 1.25 billion yuan, and 1.41 billion yuan for 2025-2027, maintaining a "buy" rating [5] - The company has signed new orders totaling 6.24 billion yuan in the first half of 2025, which is expected to support its civil explosive business [5] - Potential acquisitions, such as Chongqing Shun'an, could increase total industrial explosive production capacity to 850,500 tons per year [5]

Core Viewpoint - Jiangnan Chemical's stock has experienced fluctuations, with a recent decline of 2.00% and a year-to-date increase of 18.77%, indicating volatility in its market performance [1][2]. Financial Performance - For the period from January to September 2025, Jiangnan Chemical achieved a revenue of 6.885 billion yuan, representing a year-on-year growth of 2.78%. However, the net profit attributable to shareholders decreased by 11.40% to 664 million yuan [2]. - The company has cumulatively distributed 1.639 billion yuan in dividends since its A-share listing, with 517 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 30, Jiangnan Chemical's stock price was 6.36 yuan per share, with a total market capitalization of 16.847 billion yuan. The trading volume was 110 million yuan, with a turnover rate of 0.65% [1]. - The stock has seen a net outflow of 24.6056 million yuan in principal funds, with significant selling pressure from large orders [1]. Business Overview - Jiangnan Chemical, established on December 3, 1998, and listed on May 6, 2008, is located in Hefei, Anhui Province. The company specializes in the research, production, and sales of civil explosives, including industrial explosives and detonators [1]. - The revenue composition of Jiangnan Chemical includes 55.34% from blasting engineering services, 28.84% from the production and sales of civil explosive products, 7.86% from renewable energy generation, and 7.43% from other civil explosive businesses [1]. Shareholder Information - As of September 30, Jiangnan Chemical had 69,800 shareholders, an increase of 14.97% from the previous period. The average number of circulating shares per shareholder decreased by 13.02% to 37,922 shares [2].

Group 1 - Jiangnan Chemical's stock price decreased by 2.01% to 6.35 CNY per share, with a trading volume of 173 million CNY and a turnover rate of 1.02%, resulting in a total market capitalization of 16.821 billion CNY [1] - Year-to-date, Jiangnan Chemical's stock price has increased by 18.58%, but it has declined by 4.80% in the last five trading days and 5.51% in the last twenty days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on July 22 [1] Group 2 - Jiangnan Chemical's main business includes the research, production, and sales of civil explosives, with revenue composition as follows: blasting engineering services 55.34%, production and sales of civil explosive products 28.84%, new energy power generation 7.86%, and other civil explosive businesses 7.43% [1] - As of September 30, the number of shareholders increased by 14.97% to 69,800, while the average circulating shares per person decreased by 13.02% to 37,922 shares [2] - For the period from January to September 2025, Jiangnan Chemical achieved operating revenue of 6.885 billion CNY, a year-on-year increase of 2.78%, while the net profit attributable to the parent company was 664 million CNY, a year-on-year decrease of 11.40% [2] Group 3 - Since its A-share listing, Jiangnan Chemical has distributed a total of 1.639 billion CNY in dividends, with 517 million CNY distributed over the past three years [3]

Core Viewpoint - Jiangnan Chemical's stock price has experienced fluctuations, with a year-to-date increase of 22.69% but a recent decline of 7.98% over the past five trading days [1] Group 1: Stock Performance - As of October 17, Jiangnan Chemical's stock price was 6.57 CNY per share, with a market capitalization of 17.403 billion CNY [1] - The stock has seen a trading volume of 1.11 billion CNY and a turnover rate of 0.63% [1] - Year-to-date, the stock has risen by 22.69%, with a recent five-day decline of 7.98% and a 20-day increase of 6.14% [1] Group 2: Financial Performance - For the first half of 2025, Jiangnan Chemical reported revenue of 4.614 billion CNY, a year-on-year increase of 3.71%, and a net profit attributable to shareholders of 427 million CNY, up 2.17% [2] - The company has distributed a total of 1.639 billion CNY in dividends since its A-share listing, with 517 million CNY distributed over the past three years [3] Group 3: Business Overview - Jiangnan Chemical specializes in the research, production, and sales of civil explosives, including industrial explosives, detonators, and related engineering services [1] - The revenue composition includes 55.34% from blasting engineering services, 28.84% from the production and sales of civil explosive products, 7.86% from renewable energy generation, and 7.43% from other civil explosive businesses [1]

Core Viewpoint - Jiangnan Chemical experienced a stock price decline of 2.10% on October 13, with a current price of 6.99 CNY per share and a total market capitalization of 18.516 billion CNY [1] Financial Performance - For the first half of 2025, Jiangnan Chemical reported revenue of 4.614 billion CNY, representing a year-on-year growth of 3.71%, and a net profit attributable to shareholders of 427 million CNY, which is a 2.17% increase compared to the previous year [2] Stock Market Activity - Year-to-date, Jiangnan Chemical's stock price has increased by 30.53%, with a 1.01% rise over the last five trading days, 13.11% over the last 20 days, and 24.16% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on July 22 [1] Shareholder Information - As of June 30, Jiangnan Chemical had 60,800 shareholders, an increase of 19.05% from the previous period, while the average number of circulating shares per shareholder decreased by 16.00% to 43,601 shares [2] Business Overview - Jiangnan Chemical, established on December 3, 1998, and listed on May 6, 2008, is located in Hefei, Anhui Province. The company specializes in the research, production, and sales of civil explosives, including industrial explosives, detonators, and related engineering services [1] - The revenue composition of Jiangnan Chemical includes 55.34% from blasting engineering services, 28.84% from the production and sales of civil explosive products, 7.86% from renewable energy generation, and 7.43% from other civil explosive businesses [1] Dividend Distribution - Since its A-share listing, Jiangnan Chemical has distributed a total of 1.639 billion CNY in dividends, with 517 million CNY distributed over the past three years [3]

Group 1 - Jiangnan Chemical announced that its major shareholder, Zijin Mining Investment (Shanghai) Co., Ltd., pledged 180 million A-shares to secure the smooth issuance of non-public exchangeable bonds [3] - The pledged shares account for 69.20% of Zijin Investment's holdings and 6.80% of the total share capital of Jiangnan Chemical [3] - The company stated that this pledge will not lead to a change in actual control and will not adversely affect its operations or governance [3] Group 2 - Jiangnan Chemical was established on December 3, 1998, with a registered capital of 2.6489 billion RMB, and its main business includes the R&D, production, and sales of civil explosives [3] - The company has 42 subsidiaries, including Ningguo Jiangnan Transportation Co., Ltd. and Shaanxi Northern Civil Explosives Group Co., Ltd. [4] - For the fiscal years 2024 to Q2 2025, the company expects revenues of 9.481 billion RMB, 2.013 billion RMB, and 4.614 billion RMB, with year-on-year growth rates of 6.59%, 1.57%, and 3.71% respectively [4] Group 3 - The net profit attributable to the parent company for the same period is projected to be 891 million RMB, 146 million RMB, and 427 million RMB, with year-on-year growth rates of 15.26%, 0.97%, and 2.17% respectively [4] - The company's debt-to-asset ratios are expected to be 41.70%, 41.13%, and 41.00% during the same period [4] - The company has a total of 282 risk alerts, with 467 surrounding risks and 21 historical risks noted [4]