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。 中国巨石股份有限公司（以下简称"公司"）第七届董事会第十五次会议于 2024 年 10 月 24 日以通讯方式召开，召开本次会议的通知于 2024 年 10 月 18 日 以电子邮件方式发出。会议采用传真方式和直接送达方式进行表决，应收到表决 票 8 张，实际收到表决票 8 张。会议的召集和召开符合《公司法》等有关法律法 规和《中国巨石股份有限公司章程》的规定，所作决议合法有效。 一、审议通过了《中国巨石股份有限公司 2024 年第三季度报告》； 本议案在提交公司董事会审议前，已提交公司第七届董事会审计委员会 2024 年第 4 次会议审议通过，审计委员会委员一致同意将本议案提交董事会审 议。 本议案以 8 票同意，0 票反对，0 票弃权获得通过。 二、审议通过了《关于聘任公司董事会秘书的议案》。 证券代码：600176 证券简称：中国巨石 公告编号：2024-063 中国巨石股份有限公司 第七届董事会第十五次会议决议公告 同意聘任丁成车先生担任公司董事会秘书。 本议案在提 ...

证券代码：600176 证券简称：中国巨石 公告编号：2024-066 巨石集团九江有限公司（以下简称"巨石九江"） ●本次担保数量及累计为其担保数量： 巨石集团有限公司（以下简称"巨石集团"）本次为巨石九江担保 15,000 万元,巨石集团累计为巨石九江担保 165,000 万元。 ●公司对外担保累计数量：53.06 亿元 ●公司对外担保逾期的累计数量：无 一、担保情况概述 中国巨石股份有限公司 对外担保公告 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： ●被担保人名称： 巨石九江是巨石集团的全资子公司，注册地点：江西省九江市；注册资本 109,100 万元人民币；法定代表人：杨伟忠；主要经营：玻璃纤维及制品的制造 与销售。 截至 2023 年 12 月 31 日，巨石九江资产总额为 601,907.74 万元人民币，负 债总额 310,892.57 万元人民币，净资产 291,015.17 万元人民币，2023 年营业 收入 169,060.67 万元人民币，资产负债率 51.65%。 三、担保的必 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥3,893,178,063.54, representing an increase of 8.27% year-over-year[2] - The net profit attributable to shareholders decreased by 6.38% to ¥571,912,377.07, while the net profit excluding non-recurring gains and losses increased by 49.18% to ¥528,062,022.02[2] - Year-to-date net profit attributable to shareholders decreased by 42.66% to ¥1,533,153,975.48, with a year-to-date net profit excluding non-recurring gains and losses down by 28.81% to ¥1,156,413,868.55[2] - The net profit for the first three quarters of 2024 was CNY 1,586,316,142.71, down from CNY 2,773,124,236.26 in 2023, reflecting a decrease of 42.9%[15] - The company reported a total comprehensive income of CNY 1,514,333,412.85 for the first three quarters of 2024, down from CNY 2,954,053,451.55 in 2023[16] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥52,430,181,621.57, a slight increase of 0.68% from the previous year[3] - As of September 30, 2024, the total assets of China Jushi Co., Ltd. amounted to RMB 52,430,181,621.57, an increase from RMB 52,073,958,059.20 at the end of 2023[12] - The company's total liabilities amounted to RMB 20,228,673,837.12, reflecting an increase from RMB 19,693,430,120.31, which is an increase of approximately 2.7%[13] - Current liabilities rose to RMB 15,194,992,063.09, compared to RMB 14,452,761,626.78, marking an increase of about 5.1%[13] - The company's long-term borrowings decreased to RMB 4,033,681,774.03 from RMB 5,240,668,494.53, a decline of approximately 23%[13] Cash Flow - The net cash flow from operating activities for the year-to-date increased by 121.00% to ¥1,071,684,590.73[5] - The net cash flow from operating activities for Q3 2024 was CNY 1,071,684,590.73, a significant increase from CNY 484,916,016.74 in Q3 2023, reflecting improved operational efficiency[17] - Total cash inflow from financing activities reached CNY 13,825,562,954.68, up from CNY 12,833,228,709.62 in the same period last year, indicating strong financing support[18] - Cash outflow from financing activities increased to CNY 14,817,963,601.12, compared to CNY 11,877,661,674.45 in Q3 2023, leading to a net cash flow from financing activities of -CNY 992,400,646.44[18] - The net increase in cash and cash equivalents for the quarter was -CNY 808,381,354.88, contrasting with a net increase of CNY 1,607,951,707.27 in Q3 2023, indicating cash flow challenges[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 117,731, with the largest shareholder being China National Building Material Group Corporation, holding 1,079,739,151 shares (26.97%) of the company[7] - The company's total equity attributable to shareholders reached CNY 29,018,122,982.98, an increase from CNY 28,642,001,801.65 in 2023[14] Operational Insights - The company experienced a decline in product prices despite an increase in sales volume, impacting overall profitability[5] - The company has not indicated any new product launches or major strategic changes during the reporting period[11] - Research and development expenses for the first three quarters of 2024 were CNY 382,405,633.70, slightly down from CNY 408,404,803.93 in 2023, a decrease of 6.36%[15] Cost Analysis - The total operating costs for the first three quarters of 2024 were CNY 10,262,956,661.98, compared to CNY 9,413,890,555.37 in 2023, indicating an increase of 9.04%[15] - Financial expenses increased to CNY 194,982,361.02 in 2024 from CNY 84,489,613.76 in 2023, marking a significant rise of 130.9%[15] Inventory and Receivables - Accounts receivable increased significantly to RMB 2,417,057,257.78, up from RMB 1,476,541,268.89, indicating a growth of about 63.7%[12] - Inventory decreased to RMB 4,003,113,489.48 from RMB 4,533,115,068.60, reflecting a reduction of approximately 11.7%[12] - The company reported a significant increase in other receivables, which rose to RMB 1,468,845,091.94 from RMB 1,412,198,444.43, a growth of about 4%[12]

作为中国巨石股份有限公司（以下简称"公司"）董事会审计委 员会成员，本人认真审阅了公司 2024 年第三季度报告，认为该报告 真实客观，全面揭示了公司报告期内的整体经营情况，同意该报告， 并提出书面审核意见如下： 报告的编制符合企业会计准则的规定，所包含的信息真实全面地 反映了报告期内公司的经营成果以及财务状况，同意将该报告提交公 司第七届董事会第十五次会议审议。 董事会审计委员会成员签字： 中国巨石股份有限公司 董事会审计委员会对公司 2024 年第三季度报告 的书面审核意见 汤云为 武亚军 蔡国斌 2024 年 10 月 24 日 1 ...

经审议，全体与会监事一致通过了《中国巨石股份有限公司 2024 年第三季度 报告》。 本议案以 3 票同意，0 票反对，0 票弃权获得通过。 中国巨石股份有限公司监事会 2024 年 10 月 24 日 中国巨石股份有限公司 第七届监事会第十一次会议决议公告 本公司监事会及全体监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。 中国巨石股份有限公司（以下简称"公司"）第七届监事会第十一次会议于 2024 年 10 月 24 日以通讯方式召开。本次会议通知于 2024 年 10 月 18 日以电子邮件方 式送达公司全体监事。会议采用传真方式和直接送达方式进行表决，应收到表决 票 3 张，实际收到表决票 3 张。本次会议的召集和召开符合《中华人民共和国公 司法》等有关法律、法规及《中国巨石股份有限公司章程》的规定，所作决议合 法、有效。 证券代码：600176 证券简称：中国巨石 公告编号：2024-064 ...

行业景气度承压，期待拐点出现 ——中国巨石动态跟踪报告 核心观点 ⚫ 事件： 2024 年三季度 GDP 同比增速录得 4.6%，9 月规模以上工业增加值同比实际 增长 5.4%，8 月为 4.5%，23 年全年为 4.6%。作为与国民经济与工业息息相关的玻 纤行业，需求或将逐步迎来改善。 ⚫ 公司产销继续增长，价格下滑影响业绩。公司 2024 年上半年实现营业收入 77 亿 元，同减 1.2%；实现归母净利润 9.6 亿元，同减 53.4%；扣非归母净利润 6.3 亿 元，同减 50.5%。随着公司粗纱产能和电子纱产能的陆续投产，公司合计销售粗纱 及制品达到 152 万吨，同比增长 22.6%，销售电子布 4.6 亿米，同比增长 12.5%。 但由于玻纤价格下滑，公司业务收入并未明显增长，同时毛利率下降至 21.5%，同 降 7.9pct，从而导致利润出现下滑。 ⚫ 行业周期底部运行，期待改善拐点出现。随着近些年行业内产能的快速增加，导致 供给较为宽松，从而使得玻纤价格高位回落。不过在行业底部竞争也会加剧，中国 巨石受益于产品结构持续优化，预计产品整体价格跌幅将小于业内其他公司。中小 企业盈利压力更大，从而 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.54 CNY based on a 22X PE for 2024 [2][4][5]. Core Views - The glass fiber industry is currently under pressure, but there is an expectation for a turning point as GDP growth and industrial output show signs of improvement [1]. - The company has experienced a decline in revenue and profit due to falling glass fiber prices, despite an increase in production and sales volume [1]. - The company is expected to benefit from an optimized product structure and a potential reduction in competition from smaller firms, which may help stabilize prices [1]. - The company continues to enhance its cost and capacity advantages, particularly in high-end products, which may improve its resilience against industry cycles [1]. Summary by Sections Industry Overview - The glass fiber industry is facing a downturn, with supply exceeding demand leading to price declines. However, improvements in economic indicators suggest a potential recovery [1]. Financial Performance - In the first half of 2024, the company reported revenue of 7.7 billion CNY, a decrease of 1.2% year-on-year, and a net profit of 960 million CNY, down 53.4% year-on-year. The gross profit margin fell to 21.5%, down 7.9 percentage points [1]. - Sales of glass fiber products reached 1.52 million tons, up 22.6% year-on-year, while sales of electronic fabrics increased by 12.5% [1]. Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 has been revised down to 0.57 CNY, 0.69 CNY, and 0.84 CNY, respectively, reflecting the ongoing challenges in the glass fiber market [2][5]. - The report anticipates a gradual recovery in the industry, with projected revenue growth of 11.4% in 2025 and 7.2% in 2026 [3]. Valuation - The report employs a historical valuation method, referencing the previous cycle's bottom in 2020, to arrive at a reasonable valuation for the company [5].

证券代码：600176 证券简称：中国巨石 公告编号：2024-062 中国巨石股份有限公司 关于 2024 年度第七期超短期融资券发行结果的公告 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。 中国巨石股份有限公司（以下简称"公司"）于 2024 年 4 月 10 日召开 2023 年年度股东大会，审议通过了《关于公司及全资子公司 2024 年发行公司债及非金 融企业债务融资工具的议案》，同意公司及巨石集团有限公司在 2023 年年度股东 大会批准该议案之日起至 2024 年年度股东大会召开之日的期间内，在相关法律法 规、规范性文件规定的可发行债务融资工具额度范围内，根据资金需求及市场情况 以一次或分次形式发行包括公司债、短期融资券、超短期融资券、中期票据等在内 的本币债务融资工具，发行方式包括公开发行和非公开定向发行。 近日，公司发行了 2024 年度第七期超短期融资券,发行总额为人民币 5 亿 元，募集资金已于 2024 年 10 月 21 日到账。现将发行结果公告如下： | 名称 | 中国巨石股份有限公司 202 ...

证券代码：600176 证券简称：中国巨石 公告编号：2024-061 本次业绩说明会将以网络互动方式召开，公司针对 2024 年第三季度经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露相关规定允 许的范围内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 关于召开 2024 年第三季度网上业绩说明会的公告 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： 会议召开时间：2024 年 10 月 25 日(星期五) 下午 15:00-16:00 会议召开地点： 上海证券 交易所上证路演中心（ 网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 16 日（星期三）至 10 月 24 日（星期四）16:00 前，登录上证路演中心网站首页，点击"提问预征集"栏目，或通过发送邮件至 公司邮箱 ir@jushi.com 进行提问。公司将在业绩说明会上对投资者普遍关注的 问题进行回答。 中国巨石股份有限公司（ ...

Investment Rating - The report initiates coverage with a "Buy" rating for China Jushi [1][2]. Core Views - The overall supply and demand are stabilizing, with structural opportunities in wind power, automotive, and exports. The demand for fiberglass is expected to maintain low growth in the next 1-2 years, with construction materials dragging down overall usage, while wind power and automotive sectors are expected to grow faster than the industry average [1]. - The company has established a cost advantage and is focusing on structural upgrades to enhance profitability. The cost advantage is primarily due to scale effects, with production costs for raw yarn decreasing from 3,769 RMB/ton in 2011 to 2,943 RMB/ton in 2020, a reduction of 21.9% [1][20]. - The company is targeting high-end markets, including wind power, thermoplastics, electronics, and exports, to enhance its competitive edge [1]. Summary by Sections Company Overview - China Jushi is a leading global fiberglass manufacturer, part of China National Building Material Group, with production bases in multiple locations including China and the USA. The company has over 20 large-scale production lines with an annual capacity exceeding 2.6 million tons [14][16]. Industry Overview - The fiberglass industry is experiencing a cyclical downturn, with prices declining and companies facing operational challenges. The report notes that the industry is at a cyclical bottom, but recovery may take time [1][20]. Financial Performance - The company's revenue for 2022 was 20.19 billion RMB, with a net profit of 6.61 billion RMB. In 2023, revenue dropped to 14.88 billion RMB, and net profit fell to 3.04 billion RMB, reflecting a significant decline in profitability [4][20]. - Forecasts for 2024-2026 predict net profits of 2 billion, 2.8 billion, and 3.6 billion RMB, respectively, with corresponding P/E ratios of 21, 15, and 12 [1][4]. Cost Structure and Competitive Advantage - The report highlights that the company has maintained a cost advantage through effective management and technological innovations, although the rapid cost reduction phase is nearing its end [1][20]. - The focus on high-end products is expected to improve profit margins, particularly in the wind power and electronics sectors, where demand is anticipated to be stronger than in traditional markets [1]. Investment Outlook - The report suggests that China Jushi's strong market position and cost structure make it well-positioned to capitalize on future growth opportunities, particularly in high-demand sectors [1][20].