Group 1: Company Performance - Total revenue for the first half of 2025 reached 4.713 billion CNY, a year-on-year increase of 20.42% due to high-quality development and market investment [3] - Net profit attributable to shareholders was 409 million CNY, up 16.43% year-on-year, while the net profit excluding non-recurring items was 400 million CNY, reflecting a 17.60% increase [3] - Operating cash flow reached 531 million CNY, a significant increase of 587.20% year-on-year, attributed to optimized settlement methods and improved accounts receivable management [3] Group 2: Industry Outlook - The civil explosives industry is expected to benefit from strong demand in downstream coal and non-ferrous metal sectors, maintaining a high level of prosperity [3] - In the first half of 2025, industrial explosive production was 2.0839 million tons, a slight increase of 0.20%, while on-site mixed explosives production reached 789,700 tons, up 1.50% [3] - Domestic coal production from January to June 2025 was approximately 2.405 billion tons, reflecting a year-on-year growth of 5.4% [3] Group 3: International Expansion - The company is actively responding to the "Belt and Road" initiative, expanding its international business in countries like Liberia, Namibia, Pakistan, and Malaysia [4] - Future plans include deepening cooperation with domestic and foreign mining enterprises and enhancing market development in key regions such as Africa and Latin America [4] Group 4: Capacity and Investment - The company has established a production capacity of 25,000 tons of industrial explosives in Tibet, aligning with national strategies for high-quality development in the region [4] - In the first half of 2025, the company acquired Henan Songguang Explosives, adding 60,000 tons of industrial explosive capacity [5] - The company’s revenue from blasting services reached 3.551 billion CNY, a year-on-year increase of 28.49%, indicating strong growth in this segment [6] Group 5: Regional Performance - Revenue from the northwest region reached 2.353 billion CNY, a year-on-year increase of 38.56%, while the southwest region's revenue was 739 million CNY, up 20.09% [6] - The gross profit margin in the central region improved by 3.57% due to increased market demand and effective cost control measures [6]

Group 1 - The core viewpoint of the article highlights the significant opportunities arising for companies in the hydropower industry chain, particularly for blasting companies like Yipuli, as major hydropower projects in Tibet commence [1] - Yipuli, established in 1993 alongside the Three Gorges Project, has become a leading expert in hydropower blasting, completing nearly 70% of the blasting work for the Three Gorges Project [1][2] - The construction of the Three Gorges permanent ship lock marked a turning point for Yipuli, which undertook the excavation of approximately 40 million cubic meters of earth and rock, showcasing its advanced blasting techniques [2] Group 2 - Yipuli achieved a 100% quality acceptance rate and an 82.6% excellent rate for the first phase of the Three Gorges permanent ship lock excavation, meeting all design requirements [3] - In 1999, Yipuli contributed to the Three Gorges Project by supplying sand and gravel, while also innovating a blasting block size prediction model based on neural networks, enhancing the precision of excavation quality control [4] - The introduction of on-site mixed loading explosives for underground blasting marked a significant advancement for Yipuli, allowing for effective blasting in complex underground structures [5] Group 3 - Yipuli's innovative techniques, such as the VCR mining method, enabled the safe and rapid penetration of key water diversion shafts, significantly reducing construction time [6] - In 2006, Yipuli undertook the demolition of the Three Gorges Project's RCC cofferdam, achieving record-breaking results in total demolition volume, total explosive quantity, and total segment count [7] - The successful application of digital electronic detonator technology during the demolition of the cofferdam underscored Yipuli's capability to tackle complex engineering challenges, solidifying its position as a leader in the hydropower blasting industry [7]

壶化股份公司管理层的责任是按照中国证券监督管理委员会、深圳证券交易所相关 规定编制前次募集资金使用情况报告。这种责任包括设计、实施和维护与前次募集资金 使用情况报告编制相关的内部控制，保证前次募集资金使用情况报告的真实、准确和完 整，以及不存在由于舞弊或错误而导致的重大错报。我们的责任是在实施鉴证工作的基 础上，对前次募集资金使用情况报告发表鉴证意见。 我们按照《中国注册会计师其他鉴证业务准则第3101号–历史财务信息审计或审阅 以外的鉴证业务》的规定执行了鉴证工作，以对前次募集资金使用情况报告是否不存在 重大错报获取合理保证。在执行鉴证工作过程中，我们实施了询问、检查、重新计算等 我们认为必要的鉴证程序，选择的程序取决于我们的职业判断。我们相信，我们的鉴证 工作为发表意见提供了合理的基础。 我们认为，壶化股份公司上述前次募集资金使用情况报告已经按照中国证券监督管 理委员会、深圳证券交易所相关规定编制，在所有重大方面如实反映了壶化股份公司截 至2025年3月31日前次募集资金的使用情况。 XYZH/2025BJAG1B0413 山西壶化集团股份有限公司 山西壶化集团股份有限公司全体股东： 我们对后附的山西壶化 ...

智通财经7月23日电，金奥博在互动平台表示，公司的民爆产品主要有乳化炸药、膨化炸药、铵油炸 药、数码电子雷管、工业电雷管、导爆管雷管和塑料导爆管等，可满足国内外矿山开采、隧道开挖、城 市拆除爆破和基础设施建设等绝大多数爆破作业环境的需要。公司目前在西藏市场有相关装备、工艺技 术、原材料和民爆产品业务。公司将把握相关政策带来的市场机遇，继续优化产品和服务，积极参与雅 鲁藏布江下游水电站建设工程项目，做好充分准备工作。 金奥博：将积极参与雅鲁藏布江下游水电站建设工程项目 ...

Core Viewpoint - The acquisition of 21% of Xuefeng Technology by Guangdong Hongda is expected to create a win-win situation, enhancing scale advantages, improving valuation, and accelerating industry consolidation [1][2][5]. Group 1: Guangdong Hongda - The acquisition allows Guangdong Hongda to enhance its scale advantages and seize market opportunities in Xinjiang [3]. - Guangdong Hongda is a leading integrated company in the mining and civil explosives sector, with a design capacity of 49.4 million tons and a production of 41.6 million tons in 2023, ranking among the top three in the country [3]. - The company has acquired a total capacity of 19.75 million tons in 2024, bringing its total capacity close to 70 million tons, indicating rapid expansion and integration [3]. Group 2: Xuefeng Technology - Xuefeng Technology is the only producer of ammonium nitrate and nitro compound fertilizers in Xinjiang, benefiting from increased demand due to coal mining development [4]. - The company has a design capacity of 11.75 million tons for industrial explosives and a utilization rate of 98%, with significant growth potential in ammonium nitrate production [4]. - The expected asset injection from Guangdong Hongda is anticipated to enhance Xuefeng Technology's valuation and position it as an industry leader [4]. Group 3: Industry Implications - The acquisition reflects the industry's trend towards increased concentration, with the goal of forming 3-5 large integrated civil explosive enterprises with strong industry influence and international competitiveness [5][6]. - The consolidation process among leading companies is expected to accelerate, enhancing their bargaining power and addressing issues of capacity surplus and product structure optimization [6].