中国巨石股份有限公司 2024 年年度股东大会 会议材料 2025 年 4 月 11 日 1 一、《2024 年年度报告》及《2024 年年度报告摘要》； 二、《2024 年度董事会工作报告》； 三、《2024 年度监事会工作报告》； 四、《2024 年度财务决算报告》； 五、《2024 年度利润分配方案》； 六、《2024 年度资本公积金转增股本预案》； 七、《关于提请股东大会授权董事会决定2025年中期利润分配的 议案》； 八、《关于2024年度审计费用暨续聘中审众环会计师事务所为公 司 2025 年度审计机构、内部控制审计机构的议案》； 中国巨石股份有限公司 2024 年年度股东大会 材料目录 十五、《关于授权公司及公司子公司2025年对外捐赠总额度的议 案》。 2 议案一： 《2024 年年度报告》及《2024 年年度报告摘要》 详见上海证券交易所网站 www.sse.com.cn。 九、《关于公司 2025 年度预计日常关联交易的议案》； 十、《关于授权公司及子公司 2025 年融资授信总额度的议案》； 十一、《关于授权公司及全资子公司2025年为下属子公司提供银 行授信担保总额度的议案》； 十二、 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [3] Core Views - The construction materials sector is experiencing a marginal improvement in demand due to active second-hand housing transactions, despite a recent decline in the sector [1][11] - The report highlights the potential for recovery in municipal engineering projects, driven by increased local government bond issuance and fiscal pressure relief [2] - The glass market shows signs of marginal improvement, particularly in photovoltaic glass, with price increases being implemented [2] - Cement prices are stabilizing after a period of decline, with short-term price increases expected due to production cuts and rising infrastructure demand [2] - The fiberglass market is stabilizing, with price recovery anticipated due to increased demand from wind power projects [2] Summary by Sections Market Overview - From March 21 to March 28, 2025, the construction materials sector (SW) declined by 1.82%, with specific declines in cement (1.63%), glass manufacturing (3.49%), fiberglass (1.52%), and renovation materials (1.75%) [1][11] - The sector experienced a net capital outflow of 821 million yuan during this period [1] Cement Industry Tracking - As of March 28, 2025, the national cement price index was 393.69 yuan/ton, reflecting a week-on-week increase of 0.57% [15] - Cement output reached 2.905 million tons, up 17.61% from the previous week, with a clinker capacity utilization rate of 60.5% [15] Glass Industry Tracking - The average price of float glass was 1306.69 yuan/ton, with a week-on-week increase of 0.30% [32] - Inventory levels for float glass decreased by 2.74 million weight boxes compared to the previous week [32] Fiberglass Industry Tracking - The price of non-alkali fiberglass remained stable, with the average price for 2400tex non-alkali winding direct yarn at 3833 yuan/ton, unchanged from the previous week [44] - The electronic yarn market also showed stability, with prices for G75 electronic yarn ranging from 8800 to 9200 yuan/ton [44] Key Stocks - Recommended stocks include: - Puhua Co., Ltd. (Buy) with an EPS forecast of 0.25 yuan for 2023 [7] - Qibin Group (Increase) with an EPS forecast of 0.65 yuan for 2023 [7] - China Jushi (Buy) with an EPS forecast of 0.76 yuan for 2023 [7] - Beixin Building Materials (Buy) with an EPS forecast of 2.09 yuan for 2023 [7]

Core Viewpoint - The article highlights the recent movements of social security funds in the A-share market, indicating a growing presence in various companies as they disclose their 2024 annual reports [1]. Group 1: Social Security Fund Holdings - The social security fund entered the top ten shareholders of 52 new stocks in the fourth quarter of 2024 [1]. - Huazhong Pharmaceutical had the highest number of new holdings by the social security fund, with three new positions [1]. - Other companies with two new holdings include Chengdu Investment Holdings, Huate Dain, China Jushi, Chifeng Gold, and Zhongfu Information [1]. Group 2: Company-Specific Financials - **Huazhong Pharmaceutical**: - New holding value reached 384 million yuan - 2024 revenue was 11.212 billion yuan, down 0.87% year-on-year - Net profit was 1.628 billion yuan, down 2.55% year-on-year [2]. - **China Jushi**: - New holding value reached 585 million yuan - 2024 revenue was 15.856 billion yuan, up 6.59% year-on-year - Net profit was 2.445 billion yuan, down 19.70% year-on-year [3]. - **Chifeng Gold**: - New holding value reached 443 million yuan - 2024 revenue was 9.026 billion yuan, up 24.99% year-on-year - Net profit was 1.764 billion yuan, up 119.46% year-on-year [4]. - **Chengdu Investment Holdings**: - New holding value reached 230 million yuan [5]. - **Huate Dain**: - New holding value reached 276 million yuan [5]. - **Zhongfu Information**: - New holding value reached 146 million yuan [5].

Group 1: REITs and Data Centers - The first data center REIT, Southern Runze Technology Data Center REIT, has been accepted for review on the Shenzhen Stock Exchange, attracting significant investor attention due to its business model and asset characteristics [4]. Group 2: Defense and AI - Kosi Technology (688788.SH) is positioned as a leader in AI and unmanned equipment for military applications, with a strong focus on AI command and control systems, having accumulated over 20 years of core data and experience [5][6]. - The company has invested over 1 billion yuan in R&D, with a team of over 400 people dedicated to AI and military applications, indicating significant growth potential in both military and civilian sectors [6]. Group 3: Healthcare - Meinian Health (002044.SZ) is leveraging AI to enhance efficiency and reduce costs in the health checkup industry, with over 600 branches and a leading position in the number of annual health checkups [7][8]. - The company is expected to achieve revenues of 10.826 billion yuan, 12.099 billion yuan, and 13.098 billion yuan from 2024 to 2026, with corresponding net profits of 326 million yuan, 617 million yuan, and 813 million yuan [8]. Group 4: Banking - Chongqing Rural Commercial Bank (601077.SH) is expected to benefit from the Chengdu-Chongqing economic circle, with projected net profit growth rates of 5.72%, 5.99%, and 6.53% from 2025 to 2027 [9]. - China Merchants Bank (600036.SH) has shown resilience with a return to profit growth in 2024, maintaining a leading position in the industry [10]. Group 5: Carbon Market and Construction - The national carbon market is expanding, with significant implications for the steel, cement, and aluminum industries, as companies adapt to new carbon pricing mechanisms [11]. - Key players in these sectors, such as Baosteel and China Aluminum, are expected to benefit from the transition to greener production methods [11]. Group 6: Coal Industry - China Shenhua Energy (H) has seen an increase in long-term investment interest, with a recent stake acquisition by Swiss Life Insurance, reflecting a reevaluation of the coal sector's value [14][15]. - The company has a low debt ratio of 23.4% and plans to distribute 44.9 billion yuan in cash dividends in 2024, indicating strong cash flow and dividend capacity [15][16]. Group 7: Chemicals and Materials - Sanwei Chemical (002469.SZ) reported a significant acceleration in Q4 performance, with a high dividend payout ratio of 99%, making it an attractive investment [21]. - China Jushi (600176.SH) achieved a revenue of 15.856 billion yuan in 2024, with a strong performance in Q4, indicating resilience in the fiberglass market [22][23]. Group 8: Consumer Goods - Nongfu Spring (09633.HK) reported stable growth with a revenue of 42.896 billion yuan in 2024, driven by strong brand value and product innovation [30]. - The company is expected to see net profits grow by 15.6%, 15.0%, and 16.0% from 2025 to 2027, maintaining its market leadership [30]. Group 9: Textile and Apparel - Shenzhou International (02313.HK) reported a revenue of 28.66 billion yuan in 2024, with a net profit increase of 37%, indicating strong demand and operational efficiency [31].

Group 1 - The company will participate in a collective performance briefing organized by China National Building Material Group on April 3, 2025, from 14:00 to 17:30 [2][3] - Investors can submit questions to the company via email by April 1, 2025, and the company will address commonly asked questions during the briefing [2][7] - The performance briefing will be conducted in a hybrid format, including live interaction, video streaming, and online text interaction [4][6] Group 2 - Key personnel attending the briefing include the company's board members, general manager Yang Guoming, and other relevant staff [4] - Investors can access the live stream of the briefing through the Shanghai Stock Exchange Roadshow Center platform [5][6] - After the briefing, investors can review the main content and outcomes of the event on the same platform [7]

证券代码：600176 证券简称：中国巨石 公告编号：2025-033 中国巨石股份有限公司 关于参加中国建材集团有限公司上市公司 集体业绩说明会的公告 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个别及连带责任。 重要内容提示： 三、参加人员 出席本次业绩说明会的人员有：公司董事、总经理杨国明先生，副总经理、财 务负责人（代行）、董事会秘书、总法律顾问丁成车先生，证券事务代表徐梦丹女士 及相关工作人员（如有特殊情况，可能对参会人员进行调整）。 四、投资者参加方式 1、投资者可在 2025 年 4 月 3 日（星期四）下午 14:00-17:30 通过互联网登录 上证路演中心平台（https://roadshow.sseinfo.com/），在线参与本次业绩说明会， 公司将及时回答投资者的提问。 投资者可于2025年4月1日（星期二）17:00前，将关注的问题提前发送至公 司邮箱（ir@jushi.com）向公司提问，公司将在业绩说明会上就投资者普遍关注的 问题进行回答。 中国巨石股份有限公司（以下简称"公司"）已于2025年3月20 ...

Core Viewpoint - China Jushi's 2024 annual report shows a mixed performance with total revenue increasing by 7% to 15.9 billion yuan, while net profit decreased by 20% to 2.4 billion yuan, indicating challenges in profitability despite revenue growth [3]. Group 1: Business Segments - **Fiberglass Yarn Business**: Revenue for 2024 is estimated at 12.9 billion yuan, up 8% year-on-year, with sales volume reaching 3.03 million tons, a 22% increase, significantly outperforming the industry [4]. - **Electronic Fabric Business**: Revenue for 2024 is projected at 2.6 billion yuan, a 3% increase, with sales volume of 880 million meters, up 5% year-on-year, indicating a strong performance relative to the industry [5]. - **New Energy Business**: Revenue reached 62.3 million yuan with a net profit of 40.78 million yuan, showcasing a high net profit margin of 65%, driven by new wind power projects [6]. Group 2: International Operations - **Overseas Business Performance**: Domestic and international revenue contributions were 62% and 38% respectively, with the U.S. subsidiary facing challenges, reporting a net loss of 28 million yuan due to pricing strategies [7]. Group 3: Future Outlook - **2025 Industry Outlook**: The fiberglass industry is expected to benefit from improved demand for wind power yarns and the introduction of new production capacities, with potential price increases for long-term contracts anticipated [8].

Investment Rating - The investment rating for the company is "Accumulate" and maintained [2] Core Insights - The company reported significant improvement in Q4 earnings, with a notable increase in net profit by 146.0% year-on-year [5][6] - The company's revenue for 2024 is projected to be 180 billion yuan, representing a year-on-year growth of 13.5% [7][10] - The gross profit margin for Q4 was 28.58%, an increase of 2.77 percentage points year-on-year, indicating enhanced profitability [6] Company Overview - The latest closing price of the company's stock is 12.83 yuan, with a total market capitalization of 514 billion yuan [4] - The company achieved a record production and sales volume in 2024, with a total of 3.025 million tons of raw yarn and products sold, marking a 21.91% increase year-on-year [6] - The company’s first major shareholder is China National Building Material Group Corporation [4] Financial Performance - In 2024, the company achieved a total revenue of 158.6 billion yuan, a year-on-year increase of 6.6%, while the net profit attributable to shareholders decreased by 19.7% to 24.4 billion yuan [5][10] - The company’s operating cash flow for 2024 was 20.32 billion yuan, an increase of 11.65 billion yuan year-on-year, reflecting strong cash flow management [6] - The projected earnings per share (EPS) for 2025 is 0.74 yuan, with a corresponding price-to-earnings (P/E) ratio of 17.35 [10][12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Views - The company is experiencing a recovery in the industry with multiple rounds of price increases, demonstrating strong growth resilience [1]. - The company achieved a total revenue of 158.56 billion yuan in 2024, reflecting a year-on-year growth of 6.59%, while the net profit attributable to the parent company was 24.45 billion yuan, down 19.70% year-on-year [7][10]. - The company plans to distribute a cash dividend of 2.4 yuan per 10 shares, with a cash dividend ratio of 39.3% [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 158.56 billion yuan in 2024 to 223.63 billion yuan by 2027, with growth rates of 6.59%, 14.18%, 12.16%, and 10.13% respectively [3][10]. - Net profit is expected to increase from 24.45 billion yuan in 2024 to 38.50 billion yuan in 2027, with growth rates of -19.70%, 8.20%, 24.54%, and 16.86% respectively [3][10]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 0.61 yuan in 2024 to 0.96 yuan in 2027 [3][10]. - **Return on Equity (ROE)**: - ROE is expected to improve from 8.04% in 2024 to 10.27% in 2027 [3][10]. - **Valuation Metrics**: - Price-to-Earnings (PE) ratio is projected to decrease from 21 in 2024 to 13 in 2027, indicating an improving valuation as earnings grow [3][10]. - Price-to-Book (PB) ratio is expected to decline from 1.71 in 2024 to 1.39 in 2027 [3][10]. Market Position and Competitive Advantage - The company maintains a leading position in the fiberglass industry, with significant scale advantages and a focus on high-end product development [7][10]. - The company has achieved the world's largest production capacity in several product categories, reinforcing its competitive edge [7][10]. - The report highlights the company's commitment to innovation and R&D, which has led to the development of proprietary technologies and products that are at the forefront of the industry [7][10].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][13]. Core Views - China Jushi, as a leading player in the fiberglass industry, continues to enhance its market share despite challenging market conditions [4][7]. - The company achieved a revenue of 15.856 billion yuan in 2024, reflecting a year-on-year growth of 6.59%, while the net profit attributable to shareholders decreased by 19.7% to 2.445 billion yuan [3][4]. - The company’s operational efficiency is improving, with a reduction in the operating cycle to 169.71 days, down by 12.97 days year-on-year, driven by a decrease in inventory turnover days [6][7]. Revenue and Profitability - The sales volume of fiberglass yarn and products reached 3.025 million tons, up 21.91% year-on-year, while electronic cloth sales increased by 4.76% to 875 million meters [4]. - Despite a decline in fiberglass prices in 2024, the company managed to narrow the decline in net profit, particularly in the third and fourth quarters, where the fourth quarter saw a remarkable increase of 146.04% year-on-year [5][6]. Market Position and Strategy - The company is focusing on optimizing its product structure and management, targeting growth in new markets such as TP thermoplastic short fibers and small direct yarns [4][7]. - With a strong cash position of 3.123 billion yuan and a stable asset-liability ratio, the company is well-positioned to withstand risks and invest in research and development, which increased by 1.72% to 528 million yuan in 2024 [7][14]. Financial Forecast - The company is projected to achieve net profits of 3.138 billion, 3.872 billion, and 4.611 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.78, 0.97, and 1.15 yuan [7][14].