Step 1: Analyze statement (1).
From statement (1), we have \( 5x^2<1 \). Dividing both sides by 5:
\[
x^2<\frac{1}{5}
\]
Now, substitute this into the original inequality:
\[
\frac{5x^2 + 2}{25}<1 \quad \implies \quad 5x^2 + 2<25 \quad \implies \quad 5x^2<23
\]
Since statement (1) already provides us with the condition \( 5x^2<1 \), which is less than 23, we can conclude that the inequality \( \frac{5x^2 + 2}{25}<1 \) holds. Therefore, statement (1) alone is sufficient.
Step 2: Analyze statement (2).
Statement (2) tells us that \( x<0 \), but we cannot conclude whether the inequality holds for all negative values of \( x \) without knowing the specific value of \( x \). Thus, statement (2) alone is not sufficient.
\[
\boxed{A}
\]