Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved total revenue of 15.856 billion yuan and a net profit attributable to shareholders of 2.445 billion yuan in 2024, reflecting a year-on-year increase of 6.6% in revenue but a decrease of 19.7% in net profit [14] - The fourth quarter of 2024 saw a significant improvement, with revenue increasing by 22.4% year-on-year and net profit increasing by 146.0% [14] - The company plans to distribute a cash dividend of 2.4 yuan per 10 shares [14] Summary by Sections Event - The company disclosed its 2024 annual report, showing total revenue of 15.856 billion yuan and net profit of 2.445 billion yuan, with a fourth-quarter revenue of 4.224 billion yuan and net profit of 0.912 billion yuan [14] Commentary - The industry is experiencing a recovery in supply-demand balance, with strong demand in sectors like wind power and thermoplastic short-cut [15] - The company reported a gross profit margin of 28.6% and a net profit margin of 15.0% in Q4, indicating improved profitability [15] - The company achieved a total sales volume of 3.025 million tons for raw yarn and 875 million meters for electronic cloth, with year-on-year growth of 21.9% and 4.7% respectively [15] Profit Forecast and Investment Rating - The report forecasts net profits for 2025-2027 to be 30.5 billion yuan, 39.8 billion yuan, and 45.8 billion yuan respectively, with corresponding P/E ratios of 16, 12, and 11 [21] - The company is expected to maintain a competitive advantage through cost reduction and structural adjustments, leading to a potential recovery in profitability [21]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][5]. Core Views - The company achieved a significant improvement in Q4 performance, with a quarterly revenue of 4.22 billion yuan and a net profit of 912 million yuan, reflecting a year-on-year increase of 22.41% and 146.04% respectively [1]. - The overall revenue for the year was 15.86 billion yuan, with a net profit of 2.44 billion yuan, showing a year-on-year decline of 19.70% [1]. - The company is expected to benefit from the high demand in the wind power sector in 2025, with a projected increase in profit elasticity [2][3]. Financial Performance Summary - In 2024, the company reported a total revenue of 15.86 billion yuan, a year-on-year growth of 6.59%, while the net profit decreased by 19.70% to 2.44 billion yuan [6]. - The gross profit margin for the year was 25.03%, down by 2.98 percentage points compared to the previous year, but Q4 showed a gross margin of 28.58%, indicating a recovery [4]. - The company plans to distribute a cash dividend of 960 million yuan, representing a payout ratio of 39.30% [5]. Market and Product Insights - The company’s fiberglass and products generated a revenue of 15.48 billion yuan in 2024, with a year-on-year increase of 7.33% [2]. - The sales volume of fiberglass yarn and electronic cloth increased by 21.9% and 4.7% respectively, indicating a strong market position [2]. - Recent price increases for electronic yarn and cloth are expected to benefit the company due to rising demand from sectors like 5G and AI [3]. Future Projections - The company anticipates a net profit of 3 billion yuan in 2025, with a slight adjustment from previous estimates [5]. - The projected revenue growth rates for the next few years are 22.10% in 2025, followed by 9.11% in 2026 and 6.15% in 2027 [6].

Investment Rating - The report maintains a "Buy" rating for China Jushi (600176) [6] Core Views - The company achieved record high production and sales volumes, indicating a clear upward trend from the bottom [6] - The financial performance for 2024 met expectations, with total revenue of 15.86 billion yuan, a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 2.45 billion yuan, a year-on-year decrease of 19.7% [6] - The company’s gross profit margin was under pressure, recorded at 25.03%, down 2.97 percentage points year-on-year [6] - The industry is experiencing a price recovery, with expectations for further profit improvement in 2025 [6] - The company is accelerating capital expenditures with significant investments in its subsidiaries to enhance competitive advantages [6] Financial Data and Profit Forecast - Total revenue projections for the upcoming years are as follows: - 2023: 14.876 billion yuan - 2024: 15.856 billion yuan - 2025E: 18.094 billion yuan - 2026E: 19.398 billion yuan - 2027E: 20.711 billion yuan [5][8] - Net profit attributable to shareholders is forecasted as: - 2025E: 3.077 billion yuan - 2026E: 3.589 billion yuan - 2027E: 3.913 billion yuan [5][8] - The company’s earnings per share (EPS) is projected to be: - 2025E: 0.77 yuan - 2026E: 0.90 yuan - 2027E: 0.98 yuan [5][8] - The return on equity (ROE) is expected to be 9.3% in 2025, 10.0% in 2026, and 10.2% in 2027 [5][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved record high production and sales volumes, indicating a clear upward trend from the bottom [6] - The financial performance for 2024 met expectations, with total revenue of 15.86 billion yuan, a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 2.45 billion yuan, a year-on-year decrease of 19.7% [6] - The company has maintained its competitive advantage through product structure and overseas base advantages, achieving significant growth in production and sales volumes compared to industry growth rates [6] - The glass fiber industry is experiencing a price recovery, with expectations for further profit improvement in 2025 [6] - The company is accelerating capital expenditure plans with significant investments in its subsidiaries to enhance competitive advantages [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 18.094 billion yuan, with a year-on-year growth rate of 14.1% [5] - Net profit attributable to shareholders is projected to be 3.077 billion yuan for 2025, reflecting a year-on-year increase of 25.9% [5] - The company’s gross margin is expected to improve to 29.5% in 2025, up from 25.0% in 2024 [5] - The return on equity (ROE) is forecasted to be 9.3% in 2025, with a gradual increase in subsequent years [5]

在中国建材集团财务有限公司存贷款业务情况汇总表 1 关于中国巨石股份有限公司 在中国建材集团财务有限公司存贷款业务情况的专项审核 报告 众环专字(2025)0100592 号 关于中国巨石股份有限公司 在中国建材集团财务有限公司存贷款 业务情况的专项审核报告 众环专字(2025)0100592号 目 录 起始页码 专项审核报告 存贷款业务情况汇总表 中审众环会计师 伙) 中国巨石股份有限公司： 我们接受委托，在审计了中国巨石股份有限公司（以下简称"中国巨石公司"）2024 年 12 月 31 日的合并及公司的资产负债表，2024 年度合并及公司的利润表、合并及公司的现金 流量表和合并及公司的股东权益变动表以及财务报表附注的基础上，对后附的《中国巨石股 份有限公司 2024 年度在中国建材集团财务有限公司存贷款业务情况汇总表》（以下简称"汇 总表"）进行了专项审核。 一、管理层对汇总表的责任 按照《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》的规定，编 制和披露汇总表，提供真实、合法、完整的审核证据，是中国巨石公司管理层的责任。 二、注册会计师的责任 我们的责任是在执行审核工作的基础上对汇总 ...

关于 2024 年度会计师事务所履职情况的评估报告 中国巨石股份有限公司（以下简称"公司"或"本公司"）聘请中审 众环会计师事务所（特殊普通合伙）（以下简称"中审众环"）作为公 司 2024 年度审计机构。根据财政部、国资委及证监会颁布的《国有 企业、上市公司选聘会计师事务所管理办法》，公司对中审众环在 2024 年审计过程中的履职情况进行了评估。经评估，公司认为，中审众环 资质等方面合规有效，履职能够保持独立性，勤勉尽责，公允表达意 见。具体情况如下： 一、资质条件 中审众环始创于 1987 年，是全国首批取得国家批准具有从事证 券、期货相关业务资格及金融业务审计资格的大型会计师事务所之一。 根据财政部、证监会发布的从事证券服务业务会计师事务所备案名单， 中审众环具备股份有限公司发行股份、债券审计机构的资格。2013 年 11 月，按照国家财政部等有关要求转制为特殊普通合伙制。中审 众环注册地址为湖北省武汉市武昌区水果湖街道中北路 166 号长江 产业大厦 17-18 楼，首席合伙人石文先。中审众环截止 2024 年末合 伙人数量 216 人、注册会计师数量 1,304 人、签署过证券服务业务审 计报告的注 ...

中国巨石股份有限公司 关于在中国建材集团财务有限公司办理存贷款业务的 持续风险评估报告 中国巨石股份有限公司（以下简称"本公司"）通过查验中国建 材集团财务有限公司（以下简称"财务公司"）《金融许可证》、 中国建材集团财务有限公司成立于2013年4月23日，是经原中国 银行业监督管理委员会批准成立的非银行金融机构。 注册地址：北京市海淀区复兴路17号2号楼9层 法定代表人：陶铮 金融许可证机构编码：L0174H211000001 统一社会信用代码：9111000071783642X5 注册资本：25亿元人民币，其中：中国建材集团有限公司（以下 简称"中国建材集团"）出资14.58亿元，占比58.33%；中国建材股 份有限公司出资10.42亿元，占比41.67%。 经营范围：1、吸收成员单位存款；2、办理成员单位贷款；3、 办理成员单位票据贴现；4、办理成员单位资金结算与收付；5、提供 成员单位委托贷款、债券承销、非融资性保函、财务顾问、信用鉴证 及咨询代理业务；6、从事同业拆借；7、办理成员单位票据承兑；8、 从事固定收益类有价证券投资。 二、财务公司内部控制的基本情况 （一）控制环境 《营业执照》等证件资料 ...

中国巨石股份有限公司 董事会审计委员会 对会计师事务所 2024 年度履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司治理准则》《国有企业、上市公司选聘会计师事务所管理办法》 和中国巨石股份有限公司（以下简称"公司"或"本公司"）《董事会 审计委员会工作细则》等规定和要求，董事会审计委员会本着勤勉尽 责的原则，恪尽职守，认真履职。现将董事会审计委员会对会计师事 务所 2024 年度履职评估及履行监督职责的情况汇报如下： 一、2024 年年审会计师事务所基本情况 二、2024 年年审会计师事务所履职情况 按照《审计业务约定书》，遵循《中国注册会计师审计准则》和 其他执业规范，结合国资委对中央企业年度财务决算的统一工作要求 及公司 2024 年年报工作安排，中审众环对公司 2024 年度财务报告及 2024 年 12 月 31 日的财务报告内部控制的有效性进行了审计，同时 对控股股东及其他关联方占用资金情况进行核查并出具了专项报告。 经审计，中审众环认为公司财务报表在所有重大方面按照企业会 计准则的规定编制，公允反映了公司 2024 年 12 月 31 日的合并及母 公司财 ...

Financial Performance - In 2024, the company's operating revenue reached ¥15,855,766,997.99, an increase of 6.59% compared to ¥14,875,802,391.80 in 2023[22] - The net profit attributable to shareholders decreased by 19.70% to ¥2,444,813,278.64 from ¥3,044,441,957.13 in the previous year[22] - The net cash flow from operating activities significantly increased by 134.35% to ¥2,032,312,760.51, compared to ¥867,222,853.35 in 2023[22] - The net profit available for distribution as of the end of 2024 is ¥1,260,014,165.44[4] - The net profit for the parent company in 2024 was confirmed at ¥627,880,225.71[4] - The company reported a decrease in net profit excluding non-recurring gains and losses by 5.78% to ¥1,788,227,480.09 from ¥1,897,932,714.83 in 2023[22] - Basic earnings per share decreased by 19.70% to CNY 0.6107 in 2024 compared to CNY 0.7605 in 2023[24] - The weighted average return on equity fell to 8.37% in 2024, down 2.54 percentage points from 10.91% in 2023[24] Dividend and Capital Management - The company plans to distribute a total dividend of ¥960,752,814.72 (including tax) for the year 2024, based on a cash distribution of ¥2.40 per 10 shares[4] - The company will not conduct a capital reserve transfer to increase share capital for the year 2024[5] - The cumulative cash dividend amount over the last three accounting years is approximately ¥4.15 billion, with a cash dividend ratio of 102.83%[136] Sales and Market Performance - Total revenue for the first quarter of 2024 was CNY 3.38 billion, with net profit attributable to shareholders at CNY 350.29 million[25] - The company achieved a record fiberglass yarn sales volume exceeding 3 million tons in 2024[33] - The company achieved a total sales volume of 3.025 million tons for fiberglass and products, with electronic cloth sales reaching 875 million meters, resulting in an operating revenue of CNY 1,547,952.20 million, accounting for 99.60% of the main business revenue[42] - Domestic sales accounted for 61.87% of total sales, with a year-on-year increase of 6.84%, while international sales increased by 6.60%[54] Cost and Efficiency - The operating costs increased by 10.99% to CNY 11,887,682,064.62, driven by higher sales volume outpacing the decline in unit costs[50] - The gross margin for fiberglass products decreased by 3.23 percentage points to 24.34%, primarily due to low product sales prices despite record sales volumes[53] - The company achieved a record high in cost reduction, with the total cost savings amounting to a historical peak, driven by effective procurement strategies and global sourcing initiatives[36] Research and Development - Research and development expenses rose by 1.72% to CNY 528,291,814.11, reflecting the company's commitment to innovation[50] - The total R&D expenditure for the year was CNY 528,291,814.11, representing 3.33% of total revenue, with no capitalized R&D expenses[59] - The company has formed a robust R&D system focused on unique and specialized products, catering to increasingly refined and personalized customer demands[35] Environmental and Sustainability Initiatives - The company has established a strategic and sustainable development (ESG) committee to enhance its ESG rating and has received multiple ESG honors[37] - The company is committed to achieving carbon peak and carbon neutrality through green manufacturing and operations[88] - The company reduced carbon emissions by 318,469.24 tons during the reporting period, utilizing distributed photovoltaic power generation and efficient waste heat utilization systems[156] - The company invested in a wind power project that produced 181,818.9 MWh in 2024, leading to a reduction of 103,691.26 tons of CO2 emissions[156] Governance and Management Changes - The company has a robust governance structure with specialized committees for audit, nomination, compensation, and strategy[119] - The company has undergone significant management changes, including the appointment of new executives in key positions[115] - The company is committed to transparency in its financial reporting and governance practices, as shown by the detailed disclosures regarding executive remuneration and shareholdings[107] Shareholder and Capital Structure - The largest shareholder, China National Building Material Group Corporation, holds 1,080,612,758 shares, representing 26.99% of total shares[192] - The total number of ordinary shareholders increased from 106,893 to 111,684 during the reporting period[190] - The report indicates that there are no related party transactions between the top two shareholders, ensuring independent governance[193] Strategic Focus and Future Plans - The company aims to enhance its production line technology and eliminate outdated capacity, which is expected to further increase industry concentration and promote high-quality development[84] - The company plans to implement a global marketing network and industrial layout, promoting deep integration of production and sales, and exploring the creation of a fiberglass industry ecosystem[88] - The company is likely to pursue new strategies for growth, as evidenced by the ongoing adjustments in its leadership team[107]

董事会提请股东大会授权董事会，并同意董事会将该等授权转授予发行主体 的法定代表人及管理层根据有关法律、法规的规定组织债务融资工具的发行准备 工作并办理相关手续。上述授权及转授权有效期自公司股东大会审议通过本议案 之日起，至公司2025年年度股东大会召开之日止。 特此公告。 中国巨石股份有限公司董事会 2025 年 3 月 18 日 证券代码：600176 证券简称：中国巨石 公告编号：2025-024 中国巨石股份有限公司 关于公司及全资子公司 2025 年发行公司债及非金融 企业债务融资工具的公告 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"）第七届董事会第二十一次会议 审议通过了《关于公司及全资子公司2025年发行公司债及非金融企业债务融资工 具的议案》，该议案以9票同意，0票反对，0票弃权获得通过，该议案尚需提交股 东大会审议。 董事会同意公司及公司全资子公司巨石集团有限公司（以下简称"巨石集团"） 发行非金融企业债务融资工具，包括但不限于公司债、短期融资券、超短期融资 券 ...