Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, reflecting industry challenges, but demonstrated resilience through cost management and production increases [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.36 billion yuan, a year-on-year decrease of 16.6% [1] - The net profit attributable to shareholders was 340 million yuan, down 28.5% year-on-year [1] - The adjusted net profit was 270 million yuan, a decline of 40.6% year-on-year [1] - In Q2 2025, revenue was 1.09 billion yuan, down 24.2% year-on-year and 14.0% quarter-on-quarter [1] - The net profit attributable to shareholders for Q2 was 180 million yuan, a year-on-year decrease of 28.2% but a quarter-on-quarter increase of 13.1% [1] - The adjusted net profit for Q2 was 120 million yuan, down 48.1% year-on-year and 14.3% quarter-on-quarter [1] Industry Context - The industry is facing pressure, with prices for salt and soda ash declining: H1 2025 saw salt prices drop by 12.8% and soda ash prices by 35.3% year-on-year [1] - The company managed to maintain relatively stable salt product prices compared to the East China market [1] - Production of salt and salt chemical products increased to 4.7232 million tons in H1 2025, a year-on-year increase of 6.78% [1] - The company benefited from lower procurement costs for raw materials, with average prices for coal, coke, and stone down by 17.3%, 24.3%, and 16.7% respectively [1] Competitive Advantages - The company is a leading player in the East China salt industry, leveraging its abundant high-quality salt resources and low-cost supply chain [2] - The underground gas storage project is expected to enhance profits, with the first phase already injecting 14,870 million cubic meters of gas [2] - The integration of salt cavern resources is progressing, with clear long-term performance returns anticipated [2] Profit Forecast - The company is projected to achieve net profits of 630 million yuan, 840 million yuan, and 1.05 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -17.7%, +32.0%, and +25.6% [3] - The current stock price corresponds to P/E ratios of 13.7, 10.4, and 8.3 for the respective years [3] - The traditional business has cost advantages, and the development of gas storage and other integrated utilization methods is expected to open a second growth curve for the company [3]

二、主要产品和原材料的价格变动情况 证券代码：603299 证券简称：苏盐井神 公告编号：2025-041 江苏苏盐井神股份有限公司 2025 年上半年主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏苏盐井神股份有限公司（以下简称"公司"）根据《上海证券交易所上 市公司自律监管指引第 3 号—行业信息披露第十三号—化工》有关规定，现将 2025 年上半年主要经营数据披露如下： | 主要产品 | 产量（吨） | | 销量（吨） | | 营业收入 | | --- | --- | --- | --- | --- | --- | | | | | | | （万元） | | | 报告期 | 同期 | 报告期 | 同期 | | | 盐类产品 | 4,173,315.69 | 3,868,064.99 | 4,010,639.99 | 3,965,746.59 | 144,758.38 | | 碱类产品 | 380,002.45 | 379,915.17 | 367,106.77 | 383,266.06 | 47,27 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [8]. Core Views - The company reported a year-on-year profit growth, with the completion of relocation projects achieving integrated salt packaging [1]. - The company's revenue for 2024 was 5.344 billion yuan, a decrease of 5.95% year-on-year, while the net profit attributable to shareholders was 769 million yuan, an increase of 4.15% year-on-year [3][4]. - The company is advancing its "Salt + Energy Storage" new industry layout, which is expected to promote stable and efficient production systems [6]. Summary by Sections Financial Performance - In 2024, the company experienced a decline in revenue primarily due to a drop in sales prices of its main products. The production and sales figures for various products were as follows: salt products produced 7.5554 million tons (up 0.98% YoY) and sold 7.7422 million tons (down 0.06% YoY); soda products produced 744,800 tons (down 1.17% YoY) and sold 763,000 tons (down 3.17% YoY); calcium products produced 351,100 tons (up 13.76% YoY) and sold 317,300 tons (up 1.09% YoY) [4]. R&D and Cost Management - The company increased its R&D expense ratio due to a sustained investment in technological innovation, with R&D expenses rising year-on-year. The sales, management, financial, and R&D expense ratios changed as follows: sales expenses increased by 0.37%, management expenses decreased by 0.29%, financial expenses decreased by 0.24%, and R&D expenses increased by 0.90 percentage points [5]. Future Outlook - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 788 million yuan, 840 million yuan, and 895 million yuan, respectively. The corresponding price-to-earnings ratios are projected to be 9.6, 9.0, and 8.4 times [8][10].

江苏苏盐井神股份有限公司 2025 年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603299 证券简称：苏盐井神 公告编号：2025-022 (一）主要产品价格变动情况（不含税） | 主要产品 | 报告期 | 同期 | 价格同比增减 | 增减变动 | | --- | --- | --- | --- | --- | | | （元/吨） | （元/吨） | （元/吨） | （%） | | 盐类产品 | 397.02 | 452.10 | -55.08 | -12.18 | | 碱类产品 | 1,304.02 | 2,141.09 | -837.07 | -39.10 | | 钙类产品 | 739.63 | 813.80 | -74.18 | -9.11 | (二）主要原材料价格波动情况（不含税） 报告期内，煤炭采购均价 710.06 元/吨，较同期减少 144.34 元/吨，同比下 降 16.89%。 三、报告期内无其他对公司生产经营具有重大影响的事项 四、其他说明 以上经营数据信息来源于 ...

证券代码：603299 证券简称：苏盐井神 公告编号：2025-021 (一）主要产品价格变动情况（不含税） | 主要产品 | 报告期 | 同期 | 价格同比增减 | 增减变动 | | --- | --- | --- | --- | --- | | | （元/吨） | （元/吨） | （元/吨） | （%） | | 盐类产品 | 416.83 | 402.82 | 14.01 | 3.48 | | 碱类产品 | 1,789.99 | 2,341.24 | -551.25 | -23.55 | | 钙类产品 | 792.38 | 847.06 | -54.68 | -6.46 | 江苏苏盐井神股份有限公司 2024 年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏苏盐井神股份有限公司（以下简称"公司"）根据《上海证券交易所上 市公司自律监管指引第 3 号—行业信息披露第十三号—化工》有关规定，现将 2024 年度主要经营数据披露如下： | 主要产品 | 产量（吨） | | 销量（吨） | | 营业收入 ...