The fundamentals are solid, and the momentum for incremental growth is strong. YipuLi will deliver an impressive performance in 2025.

(Source: 财闻)

          Yipuli states that, when facing the forward-looking layout of the “Fifteenth Five-Year Plan,” it will continue to prioritize the market and drive innovation, focus on national strategic emerging industries, accelerate the implementation of the “mine-energy integration” strategy, and build a second growth curve.            

On March 27, Yipuli, a leading enterprise in the civil explosives industry, released its latest annual report. Faced with multiple pressures such as intensifying market competition, faster industrial transformation, and challenges related to safety risks, the company tackled difficulties head-on and implemented precise measures. The company’s key production and operating indicators achieved a historic breakthrough of “five consecutive increases” during the “14th Five-Year Plan” period. Core indicators such as the amount of newly signed contracts and “one profit and five ratios” were all completed at high quality against the annual target tasks, delivering an excellent set of results.

The fundamentals of the mining business are solid, and momentum for expanding incremental growth in civil explosives is strong

According to available information, Yipuli was established in 1993. It was born along with the launch of the Three Gorges water conservancy project. The company has a complete industrial chain integrating R&D, production, sales, blasting services, general contracting of mine engineering construction, and construction of green intelligent mines. It is the most large-scale professional central SOE civil explosives company in China that combines on-site mixed production of explosives and an integrated blasting services offering.

In its latest disclosed annual report, for 2025, Yipuli achieved operating revenue of RMB 9.832 billion, up 15.05% year over year; it achieved attributable net profit of RMB 793 million, up 11.16% year over year; non-recurring attributable net profit was RMB 718 million, up 6.81% year over year; and net cash inflow from operating activities was RMB 800 million, up 20.07% year over year.

Achieved operating revenue of X billion yuan, up X% year over year; achieved attributable net profit of X billion yuan, up X% year over year; gross margin, cash flow… (to be updated)

Ongoing consolidation of the core battlefield of mine engineering services is an important foundation for Yipuli’s performance growth. In 2025, Yipuli achieved full and on-schedule renewal and signing of existing projects in key regions including Inner Mongolia, Shanxi, and Henan, ensuring the stability of its existing base. At the same time, newly emerging regions such as Ningxia, Hubei, and Guangxi, as well as high-quality incremental projects in countries along the “Belt and Road” such as Namibia and Liberia, were successfully implemented. Multiple spots of this new incremental track have blossomed.

In addition, the company continuously optimizes its business structure. The revenue contribution of the mine engineering general contracting business continues to increase, with its revenue contribution for the mine engineering general contracting business exceeding 50%, making its market layout more rational. Each of its units focuses deeply on its core responsibilities and business, strengthens regional responsibility and commitment, and forms a favorable momentum of “deeply engaged domestically, expanding abroad, with both existing and incremental growth efforts delivered with full force.”

In terms of civil explosives products, the company is actively building a win-win competitive and cooperative development framework with industry-leading enterprises and production companies in surrounding provinces. It conducts precise customer segmentation and positioning analysis, withdraws in an orderly manner from low-efficiency markets, and promotes the concentration of resources in high-value areas. The market share in traditionally advantageous regions remains firmly stable, while momentum for opening up incremental markets remains strong and market share continues to rise steadily. Throughout the year, the release rate of capacity for industrial packaged explosive was steadily improved, and its profit-making and efficiency-boosting capability was significantly strengthened.

In international markets, the company actively responds to the initiative to jointly build the “Belt and Road,” keeps pace with the pace of Chinese enterprises expanding overseas, and establishes business layouts across multiple “Belt and Road” countries including Namibia, Liberia, Pakistan, and Malaysia. As a pioneer and leading enterprise in the internationalization of China’s civil explosives industry, the company fully leverages the advantages of the central SOE brand, the operation of high-end resources, and market development capabilities in regions such as Southeast Asia, Africa, and South America. Its international business management level and international competitiveness are steadily improving.

Science and technology innovation leads; digital and intelligent empowerment supports growth

To continuously discover new drivers of growth, Yipuli focuses on innovation and promotes transformation. In 2025, the company held a high-standard first conference on scientific and technological innovation, sparking a wave of innovation across all employees, and achieved notable results during the year.

First, breakthroughs in key technology research and development have been made historically. The annual report shows that the company’s mixed-loading ammonium oil explosive truck completed the overall assembly and commissioning. Plateau tunnel-dedicated mixed-loading emulsion explosive equipment was selected for the first batch (or first set) of major technology equipment promotion lists of China Energy Engineering. This showcases the hard-core strength of a central SOE in independent and self-reliant technological innovation.

Second, the role of an original technology source has been significantly strengthened. As disclosed, the company’s related technologies for its ordinary-type on-site mixed-loading water gel explosives and coal-based Fischer–Tropsch products achieved original breakthroughs from “0” to “1.” Its high-power on-site mixed-loading water gel explosives successfully filled the domestic gap. Key core technologies such as “EDF2 coal mine-permitted electronic detonators” have reached international advanced levels.

By the end of 2025, Yipuli had a total of 833 valid patents, including 194 invention patents (including 1 international PCT patent), 555 utility model patents, 3 design patents, and 81 software copyrights.

Behind this series of innovative achievements is Yipuli’s R&D system and scientific research capabilities. The annual report shows that the company has established national-level postdoctoral research workstations, provincial-level engineering research centers, and other technology innovation platforms. It added a postdoctoral innovation and entrepreneurship practice base in Hunan Province and jointly established a “Green and Intelligent Mine Joint R&D Center” with Wuhan University of Technology. The company also collaborates in industry-academia-research with well-known universities and research institutions such as Wuhan University of Technology, Central South University, and the National Key Laboratory of Precision Blasting, undertaking national natural science foundation projects, key provincial and ministerial-level projects, and open fund projects of the National Key Laboratory of Precision Blasting.

While driving innovation at the source, Yipuli also actively seized the opportunity presented by intelligentization. It gathered consensus for transformation across all employees and systematically improved its digital-and-intelligent thinking and artificial intelligence application capabilities, building a composite talent team that understands technology and is good at management.

In terms of specific initiatives and results, the company has rolled out digital scenario applications across the board, building 18 digital employees and 17 intelligent agents. Its “Smart Xiao E” was put into efficient operation. “Blasting robots” and “unmanned mine trucks” were successfully selected as group-level artificial intelligence demonstration scenarios. The “on-site mixed-loading truck management system based on Internet of Things technology” was recognized as a typical case of digital transformation of key scenarios by the Ministry of Industry and Information Technology.

In addition, Yipuli is leading industry paradigms. It released the first edition of a white paper on green and intelligent development for general contracting of open-pit mine construction. It systematically summarizes and publishes the company’s innovation practices and standards system for promoting the greening and intelligentization of mine construction, providing an “Yipuli solution” for industry transformation and upgrading.

Incremental opportunities still exist for civil explosives enterprises, and its unique competitiveness is favored by institutions

At present, leading enterprises in the civil explosives industry are accelerating their strategic transformation into “integrated mine service providers.” The game among large mine service enterprises has entered the decisive stage. Companies are comprehensively upgrading in multiple dimensions—technology, market, capital, resources, and qualifications—forming an integrated competition. Services related to building smart mines have become the focus of competition in the industry.

Meanwhile, demand in the industry remains substantial. According to statistics from the China Blasting Materials Industry Association, in 2025, civil explosives industry production enterprises collectively achieved total profit and tax revenue of RMB 12.271 billion; collectively achieved total profit of RMB 9.313 billion; and collectively achieved blasting service revenue of RMB 39.691 billion, up 12.64% year over year. Momentum for growth in blasting service revenue remains strong.

Yipuli mentioned that during the “Fifteenth Five-Year Plan” period, with the acceleration of metal and non-metal mine development driven by a new round of breakthrough actions in mineral exploration, and with a continued push for the implementation of a new round of water conservancy investment and construction in key areas, domestic demand for civil explosives products and services will receive stable support. Under the macro policy environment in which the “Belt and Road” initiative is implemented in depth and key minerals supply assurance strategies are promoted, Chinese mining companies will speed up their overseas mine-right resource deployment around ensuring the security and stability of industrial and supply chains. This will create historic opportunities for domestic civil explosives enterprises to expand overseas markets and open up greater room for incremental growth during the “Fifteenth Five-Year Plan” period.

In addition, a research report by Changjiang Securities indicates that it still looks favorably on the company’s unique competitiveness in the Tibet region. In the first three quarters of 2025, the output value of civil explosives enterprises in Tibet was RMB 420 million, with a year-on-year growth rate as high as 26.9%, and its growth rate remained ahead of the national level. Yipuli has established Tibet Engineering Co., Ltd. and a Nyingchi branch in Tibet. In the future, it will actively expand business contracts in areas such as large-scale open-pit mine exploitation and construction of national key engineering projects.

Yipuli states that, facing the forward-looking layout of the “Fifteenth Five-Year Plan,” it will continue to adhere to market-first and innovation-driven principles, focus on national strategic emerging industries, accelerate the implementation of the “mine-energy integration” strategy, and build a second growth curve. At the same time, using digital and intelligent transformation as the spearhead, it will reshape a new development paradigm for the industry, and fully strive to build itself as a leader in China’s civil explosives industry and a main force in smart mine construction, moving steadily toward the goal of building world-class green and intelligent civil explosives and mine service provider.

A wealth of information and precise analysis—available on the Sina Finance app