Introduction:1. Civil explosives industry operation in August 20252. Gao Hongqing elected as Chairman of Guangdong Hongda3.Jinaobo: Capacity utilization will steadily increase with rising market demand4. Jinaobo: Currently has relevant equipment, process technology, raw materials, and civil explosive product business in the Tibet marketOperation of the Civil Explosives Industry in August 2025
From January to August 2025, the market demand for civil explosives was weak, with some key statistical indicators rising and others falling, but blasting services remained a growth point for the civil explosives industry.
From January to August, civil explosive production enterprises achieved a total production and sales value of 25.28 billion yuan and 25.13 billion yuan, respectively, down 3.85% and 2.81% year-on-year. Civil explosive sales enterprises achieved a total purchase and sales value of 9.31 billion yuan and 11.04 billion yuan, respectively, down 10.64% and 11.14% year-on-year.
In August, civil explosive production enterprises achieved a production and sales value of 3.245 billion yuan and 3.238 billion yuan, respectively, down 6.83% and 10.09% year-on-year. Civil explosive sales enterprises achieved a total purchase and sales value of 1.367 billion yuan and 1.514 billion yuan, respectively, down 4.27% and 12.79% year-on-year. From January to August, civil explosive production enterprises achieved a total main business income of 27.161 billion yuan, down 2.68% year-on-year; a total profit and tax amount of 8.130 billion yuan, up 4.80% year-on-year; a total profit of 6.103 billion yuan, down 0.97% year-on-year; and a total blasting service income of 23.723 billion yuan, up 14.64% year-on-year. Civil explosive sales enterprises achieved a total sales income of 13.016 billion yuan, down 12.43% year-on-year; a total profit and tax amount of 1.111 billion yuan, down 13.78% year-on-year; a total profit of 729 million yuan, down 20.39% year-on-year; and a total blasting service income of 686 million yuan, down 3.02% year-on-year.
In August, civil explosive production enterprises achieved a main business income of 3.498 billion yuan, down 7.83% year-on-year; a total profit and tax amount of 1.395 billion yuan, up 55.76% year-on-year; a total profit of 994 million yuan, up 30.96% year-on-year; and a total blasting service income of 3.155 billion yuan, up 8.02% year-on-year. Civil explosive sales enterprises achieved a sales income of 1.729 billion yuan, down 15.72% year-on-year; a total profit and tax amount of 14.3 million yuan, down 8.73% year-on-year; a total profit of 125 million yuan, up 19.86% year-on-year; and a total blasting service income of 57 million yuan, up 21.77% year-on-year. In August this year, the significant increase in profit and tax amount and total profit for production enterprises was mainly due to the low total profit in the same period last year.
In August, the price of powdered ammonium nitrate was 2,186 yuan/ton, down 13.15% year-on-year and down 2.93% month-on-month; the price of porous granular ammonium nitrate was 2,263 yuan/ton, down 12.17% year-on-year and down 1.74% month-on-month; the price of liquid ammonium nitrate was 2,014 yuan/ton, down 14.98% year-on-year and down 3.41% month-on-month.
Guangdong Hongda: Gao Hongqing elected as Chairman of Guangdong Hongda
On October 9,Guangdong Hongdaheld the sixth board meeting of the tenth session in 2025, unanimously electing Gao Hongqing as the new chairman. Zheng Bingxu resigned as chairman due to age reasons and will continue to serve as honorary chairman, as well as a director and member of the board’s special committee.
During Zheng Bingxu’s tenure as chairman ofGuangdong Hongda, he firmly implemented the decisions and deployments of the Guangdong Provincial Party Committee, Provincial Government, Provincial State-owned Assets Supervision and Administration Commission, and Provincial Environmental Protection Group, leading the company to establish a corporate governance structure with core competitiveness and a market-oriented operation mechanism, laying a solid foundation for subsequent strategic advancement. The board expresses its highest respect for his outstanding contributions over the years.
The newly elected chairman, Gao Hongqing, is a member of the Party Committee and deputy general manager of the state-owned major shareholder Guangdong Environmental Protection Group. He has held several important management positions inGuangdong Hongda and has a deep understanding and rich practical experience in corporate strategic management, production operations, and corporate culture. Gao Hongqing expressed heartfelt gratitude for the board’s high trust and sincere appreciation and respect for Zheng Bingxu’s solid foundation for the company’s development. In his new position, he will continue to carry forward the company’s fine traditions, actively respond to market changes, optimize corporate governance, strengthen risk control, and promoteGuangdong Hongda to achieve high-quality sustainable development.
The company’s board of directors clarified that this personnel adjustment is at a critical stage of the company’s strategic transformation, moving towards the direction ofmilitary industry transformation and internationalization, maintaining stability in corporate governance structure, market-oriented operation mechanism, core management team, and corporate culture. The smooth and orderly handover between the new and old chairmen reflects the concern and support of the higher-level party committee forGuangdong Hongda and demonstrates the maturity and stability of the corporate governance mechanism ofGuangdong Hongda, maintaining strategic continuity, which will lay the foundation for the next step of transformation and upgrading.
Jinaobo: Capacity utilization will steadily increase with rising market demand
On October 09, an investor askedJinaobo why the company’s capacity utilization is so low and whether it can be improved in the future.
The company responded, “Dear investor, hello! The capacity utilization rate in the company’s 2025 semi-annual report is as of June 30, 2025, and it will steadily increase with rising market demand. The company will continue to focus on its main business operations, technological innovation, and market expansion to further enhance its overall competitiveness.”
Jinaobo: Currently has relevant equipment, process technology, raw materials, and civil explosive product business in the Tibet market
On October 9, in response to investor questions on the interactive platform, it was stated that the company currently has relevant equipment, process technology, raw materials, and civil explosive product business in the Tibet market. The company will continue to optimize products and services, focus on technological innovation and market expansion, and actively follow up on the construction projects of hydropower stations downstream of the Yarlung Tsangpo River.