证券代码：600425 证券简称：青松建化 公告编号：临 2025-009 新疆青松建材化工（集团）股份有限公司 关于2024年年度股东大会开设网络投票提示服务 的公告 董事会 2025 年 4 月 3 日 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。 新疆青松建材化工（集团）股份有限公司（以下简称"公司"）将于 2025 年 4 月 10 日召开 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合的 方式召开。具体内容详见公司于 2025 年 3 月 15 日在上海证券报、证券时报和上 海证券交易所网站（www.sse.com.cn）披露的《新疆青松建材化工（集团）股份有 限公司关于召开 2024 年年度股东大会的通知》（公告编号：2025-008）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 及时投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息公司"）提 供的股东大会提醒服务，委托上证信息公司通过智能短信等形式，根据股权登记 日的股东名册主动提醒股东参会投票，投资者 ...

恒泰长财证券有限责任公司 关于新疆青松建材化工（集团）股份有限公司 详式权益变动报告书之 2024 年度持续督导意见 恒泰长财证券有限责任公司（以下简称"恒泰长财"、"本财务顾问"）接受 新疆中新建能源矿业有限责任公司（以下简称"中新建能矿"、"信息披露义务人"） 的委托，担任其收购新疆青松建材化工（集团）股份有限公司（以下简称"青松 建化"、"上市公司"、"公司"）的财务顾问。 2024 年 4 月 18 日，信息披露义务人公告了《新疆青松建材化工（集团）股 份有限公司详式权益变动报告书》（以下简称"《详式权益变动报告书》"）。根据 《上市公司收购管理办法》第七十一条，"自收购人公告上市公司收购报告书至 收购完成后 12 个月内，财务顾问应当通过日常沟通、定期回访等方式，关注上 市公司的经营情况，结合被收购公司定期报告和临时公告的披露事宜，对信息披 露义务人及被收购公司履行持续督导职责……"，本财务顾问就本次权益变动的 持续督导期自 2024 年 4 月 18 日开始。 通过日常沟通，结合上市公司的 2024 年年度报告，本财务顾问出具 2024 年度（2024 年 4 月 18 日至 2024 年 12 ...

Core Viewpoint - Qingsong Jianhua (600425) reported a stable operating performance for 2024, with a slight decline in revenue and a consistent cash dividend distribution to shareholders [1] Group 1: Financial Performance - The company achieved an operating revenue of 4.328 billion yuan, a decrease of 3.6% compared to the same period last year [1] - The net profit attributable to shareholders was 354 million yuan, marking the fourth consecutive year of cash dividends, totaling 160 million yuan distributed to shareholders [1] Group 2: Market Position and Product Offering - Qingsong Jianhua is one of the oldest cement manufacturers in Xinjiang and the largest in the Bingtuan region, with a cement production capacity of 15 million tons, significantly influencing local cement prices [1] - The company has developed a range of special cement products, becoming a major supplier in the fields of oil well cement, road cement, and dam cement [2] - Qingsong Jianhua is the only designated supplier of cement for oil wells deeper than 5000 meters in Xinjiang, highlighting its unique market position [2] Group 3: Industry Context - The cement industry in Xinjiang continues to face overcapacity, with average sales prices declining due to ongoing adjustments in the real estate sector and a slowdown in fixed asset investments [2] - Despite a 9.5% year-on-year decline in cement production among large enterprises nationwide, Qingsong Jianhua maintained a high gross margin of 31.24% for its core cement products, generating 3.31 billion yuan in revenue [2] Group 4: Future Prospects - The company is expected to play an increasingly important role in optimizing market pricing and integrating regional markets as outdated production capacity is phased out [1] - The coal mine project owned by Qingsong Jianhua's affiliate, which has recently resumed operations, is anticipated to bring substantial investment returns once production commences [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 4.83 CNY, indicating an expected relative return of over 20% within the next six months [6][4]. Core Insights - The company reported a total revenue of 4.33 billion CNY for 2024, a decrease of 3.60% year-on-year, and a net profit attributable to shareholders of 354 million CNY, down 23.68% year-on-year [1][4]. - The cement business remained stable in terms of volume and price, while the chemical segment continued to be a drag on overall performance [2][4]. - The commencement of the China-Kyrgyzstan-Uzbekistan railway project is expected to boost demand for the company's products, with an estimated annual demand elasticity of 6-8% [4]. Financial Performance Summary - The company's cement revenue was 3.31 billion CNY, showing a slight increase in sales volume by 0.5% to 8.21 million tons, but the average price per ton decreased by 2.2 CNY to 403 CNY/ton [2]. - The overall gross margin for 2024 was 23.54%, a decline of 1.25 percentage points year-on-year, with a net profit margin of 8.32%, down 2.64 percentage points [3]. - The company reported a significant drop in its chemical segment revenue, which fell by 3.3% to 810 million CNY, with PVC and urea sales declining by 2.5% and 23.2%, respectively [2][3]. Future Outlook - The company plans to adjust its profit forecasts for 2025 and 2026 to 430 million CNY and 586 million CNY, respectively, due to the pressure on cement demand and losses in the chemical sector [4]. - The company has a solid capital structure with a debt-to-asset ratio of 29.90%, reflecting an improvement of 3.4 percentage points year-on-year [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 4.83 CNY, indicating an expected relative return of over 20% within the next six months [6][4]. Core Viewpoints - The company's revenue for the year 2024 is reported at 4.33 billion CNY, a decrease of 3.60% year-on-year, with a net profit attributable to the parent company of 354 million CNY, down 23.68% year-on-year [1][4]. - The cement business showed stable volume and price, while the chemical segment continued to be a drag on overall performance. The company is awaiting the ramp-up of the China-Kyrgyzstan-Uzbekistan railway project in the second half of the year [2][4]. - The company has optimized expenses, resulting in a net profit margin of 8.32%, down 2.64 percentage points year-on-year, and an overall gross margin of 23.54%, down 1.25 percentage points year-on-year [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 4.33 billion CNY and a net profit of 354 million CNY, with a significant decline in net profit margin and gross margin compared to the previous year [1][3]. - The cement business generated 3.31 billion CNY in revenue, with a slight increase in sales volume by 0.5% to 8.21 million tons, while the average price per ton decreased by 2.2 CNY to 403 CNY/ton [2][4]. Cost and Margin Analysis - The cost per ton of cement increased by 9.7 CNY to 277 CNY/ton, leading to a gross profit per ton of 126 CNY, down 11.9 CNY year-on-year, and a gross margin of 31.2%, down 2.76 percentage points [2][3]. - The chemical segment's revenue decreased by 3.3% to 810 million CNY, with significant declines in PVC and urea sales volumes [2][4]. Future Outlook - The commencement of the China-Kyrgyzstan-Uzbekistan railway project is expected to boost demand by approximately 6-8 percentage points annually, supporting the company's cement business profitability [4][6]. - The company plans to adjust its net profit forecasts for 2025 and 2026 to 430 million CNY and 586 million CNY, respectively, reflecting the anticipated challenges in the cement industry and ongoing losses in the chemical segment [4][6].

新疆青松建材化工(集团)股份有限公司 内控审计报告 大信审字[2025]第 14-00013 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.nof.gov.cn）"进行业 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mpf.gov.cn）"进行了 1 22 层 2206 WUYIGE Certified Public Accountants.LLP 0 春路 1 号 Room 2206 22/F. Xuevuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing,China,100083 T i Tolonhone . 内部控制审计报告 大信审字[2025]第 14-00013 号 新疆青松建材化工(集团)股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了新 疆青松建材化工(集团)股份有限公司(以下简称青松建 ...

新疆青松建材化工(集团)股份有限公司 审计 报告 大信审字[2025]第 14-00012 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一张管平台（http://ac.co/) 您可使用手机"扫一扫"或进入"注册会计师行业统一张管平台（http://ace.nof.gov.cn） 【 AILIVIGE Cortified Public Accountal Room 2206 22/F Xuevuan International To No.1 Zhichun Road Haidian Dist Beijing China 100083 审计报告 大信审字[2025]第 14-00012 号 新疆青松建材化工(集团)股份有限公司全体股东: 一、审计意见 我们审计了新疆青松建材化工(集团)股份有限公司(以下简称"贵公司")的财务报 表,包括 2024年 12月 31日的合并及母公司资产负债表,2024年度的合并及母公司利润表、 合并及母公司现金流量表、合并及母公司股东权益变动表,以及财务报表附 ...

新疆青松建材化工(集团) 股份有限公司 独立董事 2024年度沭职报告 何云 作为新疆青松建材化工(集团)股份有限公司(以下简称:"公 司")的第七届董事会独立董事,本人按照《公司法》、《上市公司独 立董事管理办法》、《上海证券交易所上市公司自律监管指引第1号— 一规范运作》等法律、规范性文件及《公司章程》、《独立董事年报工 作制度》等的规定,认真履行职责和义务,充分发挥独立董事的独立 作用,现将本人在 2024年 1 月至 2024年 4 月履职情况述职如下: 一、 基本情况 何云:男,汉族,管理学博士,会计学教授,中国共产党党员。 2008 年 12 月获得上海证券交易所独立董事资格培训证书。曾任职于 新疆财经大学,从事专业教学和科研工作。现任四川师范大学商学院 教授,四川省高级经济师评审委员会专家级成员,四川省高级会计师 评审委员会专家组成员;四川发展(集团)有限公司风控专家组成员, 四川省正高级会计师评审委员会专家组成员、委员,四川省正高级经 济师评审委员会专家组成员、委员,四川省高校经济学科类专业教育 指导委员会委员,国家会计学院成都基地外聘教授。先后担任新疆冠 农果茸集团股份有限公司、新疆准东石油 ...