证券代码：600176 证券简称：中国巨石 公告编号：2025-039 中国巨石股份有限公司 第七届监事会第十四次会议决议公告 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"）第七届监事会第十四次会议于 2025 年 4 月 23 日在浙江省桐乡市凤凰湖大道 318 号公司会议室以现场方式召开，召开 本次会议的通知于 2025 年 4 月 16 日以电子邮件方式送达公司全体监事。会议由 公司监事会主席裴鸿雁主持，应出席的监事 3 名，实际本人出席的监事 3 名。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。 经审议，全体与会监事一致通过了公司《2025 年第一季度报告》。 监事会认为公司《2025 年第一季度报告》的编制和审议程序符合法律、法规、 《中国巨石股份有限公司章程》和公司内部规章制度的各项规定；《2025 年第一季 度报告》的内容和格式符合中国证监会和证券交易所的各项规定，所包含的信息 从各个 ...

证券代码：600176 证券简称：中国巨石 公告编号：2025-038 中国巨石股份有限公司 第七届董事会第二十二次会议决议公告 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"）第七届董事会第二十二次会议于 2025 年 4 月 23 日在浙江省桐乡市凤凰湖大道 318 号公司会议室以现场方式召开， 召开本次会议的通知于 2025 年 4 月 16 日以电子邮件方式发出。会议由公司董事 长刘燕先生主持，应出席董事 9 名，实际本人出席的董事 9 人。公司监事会成员 和高管人员列席了会议。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。经审议，全体与会董事 一致审议通过了公司《2025 年第一季度报告》。 本议案在提交董事会审议前,已提交公司第七届董事会审计委员会 2025 年第 二次会议审议通过，委员一致同意将本议案提交董事会审议。 本议案以 9 票同意，0 票反对，0 票弃权获得通过。 特此公告。 中国巨石股份有限公司董事会 ...

中国巨石股份有限公司 2025 年 4 月 23 日 1 董事会审计委员会成员签字： 汤云为 武亚军 邵晓阳 董事会审计委员会关于公司 2025 年第一季度报告的 审核意见 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 2025 年第一季度报告全文，认为该 报告真实、客观、全面地揭示了公司报告期内整体经营情况，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 反映了公司经营成果、财务状况及现金流量等情况，同意将该报告提 交公司第七届董事会第二十二次会议审议。 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥4,478,911,752.73, representing a 32.42% increase compared to ¥3,382,461,403.67 in the same period last year[5] - Net profit attributable to shareholders was ¥730,417,877.32, a significant increase of 108.52% from ¥350,293,847.52 year-on-year[5] - The net profit excluding non-recurring gains and losses surged by 342.45% to ¥744,229,066.28 from ¥168,205,778.28 in the previous year[5] - Basic earnings per share rose to ¥0.1825, reflecting an increase of 108.57% compared to ¥0.0875 in the same period last year[5] - The net profit for Q1 2025 was CNY 762,763,314.52, a significant increase from CNY 364,623,249.95 in Q1 2024, representing a growth of 109.1%[20] - The total revenue from operating activities in Q1 2025 reached CNY 2,828,313,330.57, compared to CNY 2,524,802,348.11 in Q1 2024, marking an increase of 12.0%[23] - The operating profit for Q1 2025 was CNY 941,685,143.71, up from CNY 448,949,635.05 in Q1 2024, reflecting a growth of 109.0%[20] - The total comprehensive income for Q1 2025 was CNY 759,583,940.01, compared to CNY 368,646,085.47 in Q1 2024, showing an increase of 105.8%[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥53,832,855,878.07, a slight increase of 0.85% from ¥53,378,083,328.82 at the end of the previous year[6] - Total current assets rose to ¥13,637,210,349.29 as of March 31, 2025, compared to ¥13,355,519,388.49 as of December 31, 2024, an increase of 2.1%[14] - Total liabilities decreased slightly to ¥21,625,149,259.94 as of March 31, 2025, from ¥21,929,960,650.70 as of December 31, 2024, a reduction of 1.4%[15] - Non-current assets totaled ¥40,195,645,528.78 as of March 31, 2025, up from ¥40,022,563,940.33 as of December 31, 2024, an increase of 0.4%[14] - The company's total assets increased to ¥53,832,855,878.07 as of March 31, 2025, from ¥53,378,083,328.82 as of December 31, 2024, a growth of 0.8%[16] - The company's retained earnings rose to ¥21,970,189,920.71 as of March 31, 2025, compared to ¥21,239,772,043.39 as of December 31, 2024, an increase of 3.5%[16] Cash Flow - The company reported a net cash flow from operating activities of -¥92,542,930.27, an improvement from -¥191,382,726.93 in the previous year[5] - The net cash flow from operating activities for Q1 2025 was negative at CNY -92,542,930.27, an improvement from CNY -191,382,726.93 in Q1 2024[24] - Cash and cash equivalents decreased to ¥2,611,650,259.08 as of March 31, 2025, from ¥3,123,316,111.08 as of December 31, 2024, a decline of 16.4%[13] - The cash and cash equivalents at the end of Q1 2025 were CNY 2,611,650,259.08, down from CNY 3,811,987,801.28 at the end of Q1 2024[25] - The company experienced a decrease in cash flow from investing activities, with a net cash outflow of CNY -204,010,075.86 in Q1 2025 compared to CNY -307,196,331.78 in Q1 2024[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 96,682[10] - The largest shareholder, China National Building Material Group Corporation, holds 29.22% of the shares, totaling 1,169,652,168 shares[10] Costs and Expenses - Total operating costs for Q1 2025 were ¥3,593,892,387.12, up from ¥3,160,576,306.54 in Q1 2024, reflecting a 13.7% increase[19] - Research and development expenses in Q1 2025 amounted to ¥152,532,192.94, compared to ¥127,232,004.46 in Q1 2024, indicating a 19.9% increase[19] - The company reported a decrease in interest expenses from CNY 80,100,902.45 in the previous period to CNY 68,380,608.16 in the current period[20] - The investment income for Q1 2025 was CNY 11,646,216.79, slightly down from CNY 12,297,437.81 in Q1 2024[20] Revenue and Profit Drivers - The increase in revenue and profit was attributed to higher sales volume and prices, along with a reduction in unit costs[8]

Group 1 - The core point of the article is that China Jushi (600176) reported significant growth in its financial performance for the first quarter of 2025, with revenue reaching 4.479 billion yuan, representing a year-on-year increase of 32.42% [1] - The net profit for the same period was 730 million yuan, showing a remarkable year-on-year growth of 108.52% [1]

Core Viewpoint - The G60 Strategic Emerging Industries Index in A-shares has shown mixed performance, with a recent decline of 0.54% and a monthly drop of 4.70%, while it has increased by 0.02% over the past three months [1] Group 1: Index Performance - The G60 Index closed at 914.89 points with a trading volume of 15.257 billion [1] - The index reflects the overall performance of up to 50 largest strategic emerging industry companies listed in the Shanghai market from the Yangtze River Delta G60 cities [1] Group 2: Index Composition - The top ten weighted companies in the G60 Index include: Jianghuai Automobile (9.43%), Huayou Cobalt (7.14%), Hengsheng Electronics (6.17%), Zhongkong Technology (4.79%), Hengtong Optic-Electric (4.73%), Silan Microelectronics (4.55%), China Jushi (4.51%), Naxin Micro (3.21%), Zejing Pharmaceutical (3.14%), and Jingfang Technology (2.84%) [1] - The index is fully composed of companies listed on the Shanghai Stock Exchange [1] Group 3: Industry Breakdown - The industry composition of the index shows that Industrial sector accounts for 35.49%, Information Technology for 31.15%, Materials for 14.14%, Healthcare for 9.74%, and Communication Services for 9.49% [2] Group 4: Index Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] Group 5: Tracking Funds - Public funds tracking the G60 Index include the Shenwan Hongyuan G60 Strategic Emerging Industries ETF [3]

Investment Rating - The report indicates a positive outlook for the real estate sector, emphasizing its role in boosting domestic demand and stabilizing the market [1][12]. Core Insights - The real estate market is transitioning back to its residential function, with significant declines in new home sales and construction activities projected for 2022-2024 [1][12]. - The implementation of new policies on May 17, 2024, aims to support the real estate market, including adjustments to loan rates and down payment requirements [1][12]. - Infrastructure projects are also highlighted as key drivers of domestic demand, particularly in regions like Xinjiang and Guangxi, with significant investments underway [2][13]. - The "Belt and Road" initiative remains a focal point for international expansion, with ongoing collaborations between China and Vietnam to enhance infrastructure connectivity [2][13]. Summary by Sections Weekly Discussion - The report discusses the importance of real estate in stimulating domestic demand, noting a shift towards residential needs and a significant drop in key market indicators [1][12]. - It highlights the recent government meetings aimed at stabilizing the real estate market and the potential impact of new policies on housing loans [1][12]. Cyclical Linkage - Cement prices have shown a year-on-year increase, with the national average price at 395 RMB/t, while glass prices have also seen slight increases [3][14]. - The report notes a stable demand for aluminum and steel, with expectations for continued high supply levels [3][14]. National Subsidy Tracking - Various regions have successfully implemented consumer subsidies, such as Shanghai's 1.8 billion RMB for home appliance upgrades, significantly boosting sales [4][15]. - The report suggests focusing on companies related to subsidized products in the construction materials sector [4][15]. Important Developments - The report mentions the strengthening of the strategic partnership between China and Vietnam, along with significant stock purchases by major shareholders in various companies [5][16]. - It emphasizes the government's commitment to stabilizing the stock market and supporting the real estate sector [5][16]. Market Performance (April 14-18) - The construction materials index experienced a slight decline, with specific segments like refractory materials and pipes performing better than others [17]. Construction Material Price Changes - Cement prices have slightly decreased in certain regions, while glass prices have shown minor increases, indicating a mixed market response [29][39]. - The report provides detailed statistics on the pricing trends and inventory levels for various construction materials [29][39].

证券研究报告 | 行业周报 gszqdatemark 2025 04 20 年 月 日 建筑材料 关注内需刺激主线，等待政策落地 2025 年 4 月 14 日至 4 月 18 日建筑材料板块（SW）下跌 0.02%，其中 水泥（SW）下跌 0.09%，玻璃制造（SW）下跌 0.15%，玻纤制造（SW） 下跌 1.79%，装修建材（SW）上涨 0.73%，本周建材板块相对沪深 300 超额收益-0.38%。本期建筑材料板块（SW）资金净流入额为 0.02 亿元。 【周数据总结和观点】 本周国常会指出"要持续稳定股市，持续推动房地产市场平稳健康发展"， "扩大有效投资，大力提振民间投资积极性"等，后续内需刺激有望加码。 根据 wind 统计，2025 年 3 月地方政府债总发行量 9788.03 亿元，发行金 额同比 2024 年 3 月增长 55.5%，截至目前，2025 年一般债发行规模 0.47 万亿元，同比-0.10 万亿元，专项债发行规模 2.78 万亿元，同比+1.61 万 亿元。化债下加码政府财政压力有望减轻，企业资产负债表也存在修复的 空间，市政工程类项目有望加快推进，市政管网及减隔震实物工作量 ...

Core Points - The company, China Jushi Co., Ltd., has successfully issued the second phase of its medium-term notes for 2025, raising a total of 300 million RMB [1][2] - The funds raised from this issuance were credited to the company's account on April 17, 2025 [1] - The issuance was approved during the annual shareholders' meeting held on April 11, 2025, allowing the company to issue various debt financing instruments within the regulatory limits [1][2] Summary by Sections - **Issuance Details** - The total amount raised from the second phase of medium-term notes is 300 million RMB [1] - The funds are intended to meet the company's financial needs and market conditions [1] - **Approval Process** - The issuance was approved at the 2024 annual shareholders' meeting, allowing the company to issue debt instruments until the next annual meeting [1] - The company can issue various types of debt financing tools, including corporate bonds and short-term financing notes [1] - **Publication of Results** - The relevant documents regarding the issuance have been published on the China Money website and the Shanghai Clearing House website [1]

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 2025 年 4 月 11 日召开 2024 年年度股东大会，审议通过了《关于公司及子公司 2025 年发行公司债及非金融企 业债务融资工具的议案》，同意公司及巨石集团有限公司在 2024 年年度股东大会 批准该议案之日起至 2025 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但不限于公司债、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 2025 年度第二期中期票据，发行总额为人民币 3 亿元， 募集资金已于 2025 年 4 月 17 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 2025 年度第二期中期票据 | 简称 | 25 巨石 MTN002 | | --- | --- | --- | --- | | 代码 | 10258162 ...