业绩说明会上，王利在回答《证券日报》记者提问时表示："2025年上半年，公司依托技术、渠道及配 套等优势积极开拓市场。一方面，通过坚持精准营销策略，创新营销策略和模式，销售收入同比实现增 长；另一方面，在降本增效领域成效显著。不仅优化采购管理体系以达成显著降本，还持续推进技术革 新，借助工艺优化与资源循环利用，提升资源转化效率，实现原料与能源的降耗降本。" 记者了解到，截至目前，公司多个重点项目进展顺利。其中，枝江基地苯嘧草唑项目、本部精异丙甲草 胺项目已进入试生产阶段；供热中心一期项目已完成建设，正在办理试生产手续，预计年内投入试生 产；贵州磷化工资源综合利用项目也正加快推进，预计年内实现试生产。 提及公司上半年市场营销策略，孟长春告诉记者，公司深入贯彻精准营销理念，前瞻性谋划国内外市场 策略与布局，确立"销售第一"的核心导向，激励销售团队全力开拓市场、提升份额。同时，公司还加强 与跨国公司业务对接合作，以此增强品牌影响力。 众和昆仑(北京)资产管理有限公司董事长柏文喜对《证券日报》记者表示："江山股份在产品结构调 整、成本管控、市场开拓等方面积极作为，使其在市场竞争中脱颖而出。公司的精细化成本管控模式适 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 事件：公司发布2025年半年度报告。25H1公司实现营业收入33.59亿元，同比增长6.07%；实现归母净利润3.38亿元，同比增长98.18%。其中，25Q2公司实现营业收入16.13亿元，同比增长 25H1公司营收同比增长，草甘膦价格同比回升明显。25H1，公司农药及氯碱产品的销量及营收均同比实现增长。农药方面，25H1公司除草剂、杀虫剂分别实现销售金额16.26、4.22亿元，同 积极稳妥推进重点项目建设，重点推进创制除草剂JS-T205的相关研究。25H1，公司湖北枝江JS-T205项目、江山998号基地精异丙甲草胺项目已进入试生产阶段；供热中心一期项目已完成项 盈利预测、估值与评级：考虑草甘膦等农药价格有所回升，我们上调25-26年公司盈利预测，新增27年的盈利预测，预计公司25-27年的归母净利润分别为5.48(上调59.9%)/7.41(上调84.4 风险提示：产能落地进展不及预期、原材料价格波动、下游需求不及预期风险 ...

--- 江山股份 2025 年半年报点评 [Table_Summary] 公司发布 2025 年半年度报告，2025 年上半年实现营业收入 33.59 亿元， 同比上升 6.07%，归母净利润 3.38 亿元，同比上升 98.18%，扣非归母净 利润 2.77 亿元，同比上升 73.19%。其中，2025Q2 公司实现营业收入 16.13 亿元，同比上升 1.98%，归母净利润 1.83 亿元，同比上升 106.61%，扣 非归母净利润 1.27 亿元，同比上升 58.12%，公司非经常性损益主要为出 售部分江天化学股票形成约 6045 万元收益。 核心产品以价补量，草甘膦价格进一步上涨。2025Q2 公司主营产品销量 同比均大幅增长，除草剂、杀虫剂销量环比有一定下滑，但价格环比稳 中有升。2025Q2 公司除草剂、杀虫剂、氯碱、阻燃剂销量分别为 27159、 6609、152217、16758 吨，同比分别+64.5%、+22.9%、+16.6%、+74.0%， 环比分别-20.5%、-27.2%、-6.5%、+9.1%；除草剂、杀虫剂、氯碱、阻燃 剂的均价分别为 2.90 万元/吨、2.71 万元/吨、9 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the **Xinjiang civil explosives market** and its growth prospects, driven by the **Western Development Strategy** and coal mine capacity expansion. Demand is expected to steadily increase, potentially exceeding **1 million tons** during the 14th Five-Year Plan period, with a focus on the Hami and Jun Dong areas [1][5]. Core Insights and Arguments - **Market Demand and Supply**: - The **Xinjiang industrial explosives market** saw production and sales exceeding **200,000 tons** in the first half of 2025, marking a **10% year-on-year growth** despite coal price declines [2]. - Xinjiang ranks **second nationally** in production and **first in value**, totaling approximately **1.9 billion yuan** [2]. - The supply side is constrained, with a total licensed capacity of **620,000 tons**, predominantly from four major companies holding over **80% market share**, indicating a favorable competitive landscape [6]. - **Company Developments**: - **Xuefeng Technology** and **Guangdong Hongda** have strengthened their order acquisition capabilities post-merger, with expectations of a **20% compound annual growth rate** in new orders due to increased mining service orders in the western regions and overseas expansion [7][9]. - **Yipuli** is projected to see a **20% growth** in 2025, benefiting from major projects in Xinjiang and Tibet, including the **50 billion yuan** Yanjin Mine project [10][11]. - **Regulatory Impact**: - The Ministry of Industry and Information Technology is set to release a plan affecting the **soda ash and chlor-alkali industries**, focusing on structural adjustments and the elimination of outdated capacity, which may benefit companies like **Boyuan Chemical** [12][17]. - **Fertilizer Industry Dynamics**: - The fertilizer sector is undergoing natural optimization, with **urea prices** influenced by overseas demand and export quotas. **Hualu Hengsheng** is expected to benefit from its urea capacity and new projects, contributing significant profits [18][19]. Additional Important Insights - **Chemical Industry Trends**: - The **dye industry** is experiencing a decline in fixed asset investment, with expectations of significant profit recovery in 2026 due to improved supply conditions [21]. - The **organic silicon sector** is facing profitability challenges due to overcapacity, but demand remains strong in downstream applications like **new energy vehicles** and **medical devices** [23][24]. - **Pesticide Market Changes**: - Recent price increases in the pesticide sector, driven by rising demand and regulatory changes, are expected to continue into the latter half of 2025, benefiting leading companies like **Yangnong Chemical** and **Lier Chemical** [25][27]. - **Investment Opportunities**: - Key companies to watch in the organic silicon and pesticide sectors include **Yangnong Chemical**, **Lier Chemical**, and **Runfeng Shares**, which are well-positioned to capitalize on market trends and demand recovery [30]. This summary encapsulates the critical insights and developments discussed in the conference call, highlighting the growth potential and challenges within the Xinjiang civil explosives market and related chemical industries.