证券代码：601636 证券简称：旗滨集团 公告编号：2025-093 可转债代码：113047 可转债简称：旗滨转债 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法律责任。 重要内容提示： 转股情况：截至 2025 年 9 月 30 日，累计已有 1,924,000.00 元"旗滨转 债"转为本公司 A 股股票，累计转股股数为 184,842 股，累计转股股数占"旗滨 转债"转股前公司已发行股份总额 2,686,216,940 股的 0.006881%；占 2025 年 9 月 30 日公司股份总额 2,683,578,190 股的 0.006888%。 一、旗滨转债的发行上市概况 （一）可转换债券发行情况 株洲旗滨集团股份有限公司 关于可转换公司债券转股结果暨股份变动的公告 未转股情况：截至 2025 年 9 月 30 日，尚未转股的"旗滨转债"金额为人 民币 1,498,072,000.00 元，占"旗滨转债"发行总额的比例为 99.871467%。 经中国证券监督管理委员会《关于核准株洲旗滨集团股份有限公司公开发行 可转换公司 ...

Group 1 - The company has approved a share buyback plan using its own or raised funds, with a total amount between RMB 100 million and RMB 200 million, and a maximum buyback price of RMB 9.00 per share [2][9][10] - The buyback period is set from September 25, 2025, to September 24, 2026, and the number of shares to be repurchased is estimated to be between 11 million and 22 million shares [2][15][19] - The repurchased shares will be used for employee stock ownership plans or equity incentives, and any unused shares after 36 months will be canceled [9][12][28] Group 2 - As of September 30, 2025, the company is actively preparing for the buyback but has not yet executed any repurchases [3] - The company will adhere to relevant regulations and will disclose progress on the buyback every month [4][34] - The company has established a dedicated securities account for the buyback and has received a loan commitment of up to RMB 90 million for this purpose [32][33] Group 3 - The buyback aims to enhance shareholder value, boost investor confidence, and improve the company's long-term stock investment value [12][19] - The company’s financial data as of June 30, 2025, shows total assets of RMB 35.7 billion, total liabilities of RMB 20.8 billion, and a net asset value of RMB 13.9 billion [24] - The buyback is expected to have a minimal impact on the company's cash flow and will not affect its operational capabilities or listing status [25][26]

Core Viewpoint - The report highlights a decline in China's tempered glass production, indicating a challenging market environment for the industry from 2025 onwards [1] Industry Summary - According to the National Bureau of Statistics, the production of tempered glass in China for August 2025 was 0.4 million square meters, representing a year-on-year decrease of 5% [1] - Cumulatively, from January to August 2025, the total production of tempered glass reached 3.4 million square meters, which is a decline of 9.4% compared to the previous year [1] - The report from Zhiyan Consulting provides insights into the supply and demand dynamics of the tempered glass industry in China from 2025 to 2031, suggesting a need for strategic adjustments by industry players [1] Company Summary - Listed companies in the tempered glass sector include Qibin Group (601636), Nanshan Glass A (000012), Fuyao Glass (600660), Jinjing Technology (600586), Kaisheng New Energy (600876), Yaopi Glass (600819), Shandong Pharmaceutical Glass (600529), and Yamaton (002623) [1]

Core Viewpoint - The Chinese laminated glass industry is projected to experience growth, with a reported production increase of 6.6% year-on-year in August 2025, reaching 14.43 million square meters [1]. Group 1: Industry Overview - The cumulative production of laminated glass in China from January to August 2025 is reported at 106.105 million square meters, also reflecting a year-on-year growth of 6.6% [1]. - The report by Zhiyan Consulting outlines the market status and development trends of the laminated glass industry in China from 2025 to 2031 [1]. Group 2: Key Companies - Listed companies in the laminated glass sector include Qibin Group (601636), Nanshan Glass A (000012), Fuyao Glass (600660), Jinjing Technology (600586), Kaisheng New Energy (600876), Yaopi Glass (600819), Shandong Pharmaceutical Glass (600529), and Yamaton (002623) [1].

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **Greater China Materials** industry, highlighting a **liquidity-driven bull market** supported by **supply disruptions** that are positively impacting commodity prices. The preference is for **gold, copper, and aluminum equities** in this environment [1][4][10]. Core Insights and Arguments - **Commodity Price Forecasts**: - **Aluminum**: Morgan Stanley forecasts $2,659 per ton for 2H2025, which is 6% higher than consensus. For CY2026, the forecast is $2,750, 8% above consensus [10]. - **Copper**: Expected price of $10,047 per ton for 2H2025, 5% above consensus, and $10,650 for CY2026, 9% above consensus [10]. - **Gold**: Projected at $3,719 per ounce for 2H2025, 9% above consensus, and $4,400 for CY2026, 34% above consensus [10]. - **Steel Demand Drivers**: - The **China Steel Demand Drivers** for 2025 include: - **Machinery**: 30% - **Infrastructure**: 17% - **Residential Property**: 14% - **Auto**: 9% [17][19]. - **Copper Consumption Index**: The **China Copper Consumption Index** indicates a significant reliance on sectors such as **Power (47%)**, **White Goods (15%)**, and **Auto (10%)** [21][22]. - **Aluminum Demand Breakdown**: The **China aluminum demand** is driven by: - **Property**: 22% - **Passenger Vehicles**: 20% - **Grid Investment**: 11% [27]. Additional Important Insights - **Infrastructure Spending**: - Infrastructure spending has partially offset the slowdown in new property starts, with a **5.4% YoY increase** in infrastructure spending for the first eight months of 2025 [35][55]. - **Weekly Shipments**: - Weekly cement and rebar shipments in China are being monitored, indicating trends in demand and supply dynamics [55][56]. - **Market Sentiment**: - The overall sentiment in the materials sector remains **attractive**, with Morgan Stanley's research indicating potential conflicts of interest due to business relationships with covered companies [4][5]. - **Analyst Team**: The call featured insights from a team of equity analysts at Morgan Stanley, emphasizing the importance of their research in investment decision-making [3]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the Greater China Materials industry and its current market dynamics.

Core Viewpoint - Qibin Group's stock has shown a significant increase in price this year, with a year-to-date rise of 26.33%, indicating strong market performance despite recent fluctuations in trading volume and net capital outflow [1][2]. Financial Performance - For the first half of 2025, Qibin Group reported operating revenue of 7.393 billion yuan, a year-on-year decrease of 6.55%, while net profit attributable to shareholders increased by 9.77% to 891 million yuan [2]. - Cumulatively, since its A-share listing, Qibin Group has distributed a total of 7.92 billion yuan in dividends, with 1.666 billion yuan distributed over the past three years [3]. Shareholder Structure - As of September 19, 2025, the number of shareholders for Qibin Group was 98,100, reflecting a decrease of 2.48% from the previous period, while the average circulating shares per person increased by 2.54% to 27,368 shares [2]. - Among the top ten circulating shareholders, Invesco Great Wall New Energy Industry Stock A ranked fifth with 29.246 million shares, a decrease of 5.789 million shares from the previous period [3].

Summary of Conference Call Notes Industry Overview - **Industry**: Building Materials, specifically focusing on cement and related materials in China - **Key Theme**: The anti-involution theme may lead to consolidation and capacity closures in the cement industry due to weak property sales impacting demand for building materials [1][2] Company-Specific Insights Zhuzhou Kibing Group Co Ltd (601636.SS) - **Price Target Change**: Increased from Rmb4.90 to Rmb5.20 - **Rating**: Downgraded to Underweight [1][6] Anhui Honglu Steel Construction (002541.SZ) - **Price Target Change**: Decreased from Rmb20.00 to Rmb19.00 - **Rating**: Downgraded from Overweight to Equal-weight [1][6] Weixing New Building Materials (002372.SZ) - **Price Target Change**: Decreased from Rmb14.40 to Rmb8.60 - **Rating**: Downgraded from Overweight to Underweight [1][6] China Lesso Group Holdings Ltd (2128.HK) - **Price Target Change**: Decreased from HK$4.20 to HK$3.80 - **Rating**: Downgraded from Equal-weight to Underweight [1][6] Market Dynamics - **Cement Supply Controls**: Policies introduced to control overproduction, targeting a reduction of 20-30% of excess capacity. Expected that ~20% of capacity will exit the industry during 2025-26, benefiting industry leaders through consolidation [2] - **Late-Cycle Building Materials**: Anticipated slow recovery due to declining property starts and completions. Some demand support may arise from secondary home sales and government programs [3] - **Float Glass Market**: Prices have slightly rebounded due to joint price increases, but overall demand remains muted, leading to continued downward pressure on prices [4] Financial Estimates and Changes - **Weixing New Building Materials**: - EPS estimates lowered by 24%/20%/25% for 2025-27 due to slow recovery in demand [11] - Revenue growth forecasts for PPR and PE pipes are negative for 2025, with expected declines of 5% and 7% respectively [18][26] - **China Lesso**: EPS estimates lowered by 10% for 2025-27 due to falling raw material prices [11] - **Honglu Steel**: EPS estimates lowered by 39%/28%/29% for 2025-27 due to reduced government subsidies and slowed capacity expansion [11] Risk Factors - **Weixing New Building Materials**: Continuous demand drag from property and infrastructure remains a significant risk. The company has maintained a high payout ratio but faces challenges in revenue growth [20][27] Conclusion - The building materials industry in China is facing significant challenges due to weak property sales and overcapacity. Companies are adjusting their price targets and ratings in response to these market conditions. The outlook for major players like Weixing and Honglu Steel indicates a cautious approach moving forward, with potential consolidation in the cement sector as a response to supply controls.

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating expected performance above the market index by more than 10% over the next 6 to 12 months [5][89]. Core Views - The introduction of the "Stabilization Growth Work Plan for the Building Materials Industry (2025-2026)" aims to enhance profitability and strengthen industry management, promoting a competitive environment [1][3]. - Cement prices have seen a significant increase of 1.5% recently, with expectations for further price hikes as companies strive to meet annual growth targets [2][22]. - The glass market is experiencing a slight price increase, supported by downstream replenishment, although demand acceptance at higher prices remains limited [2][37]. - The fiberglass market shows stable pricing for non-alkali yarn, while electronic yarn remains in high demand, indicating a robust market for high-end products [2][54]. Summary by Sections Cement - National cement prices have risen significantly, with a 1.5% increase noted. Companies are expected to continue pushing for price increases as the fourth quarter approaches [2][22]. - The report anticipates that cement companies will maintain upward price momentum to achieve annual growth targets [2][22]. Glass - Float glass prices have shown a slight increase, supported by replenishment from downstream sectors, although the acceptance of high prices is limited [2][37]. - The photovoltaic glass market has seen a slight decline in demand, with inventory levels increasing, but manufacturers are maintaining stable pricing strategies [2][45]. Fiberglass - The price of non-alkali yarn remains stable, with mainstream prices for 2400tex yarn at 3250-3700 CNY/ton, while electronic yarn prices are stable due to high demand in the high-end market [2][54]. Investment Recommendations - The report suggests focusing on the cement and glass sectors due to stricter supply controls and improving profitability. Recommended companies include Conch Cement, Huaxin Cement, and Qibin Group [3][5]. - For fiberglass, companies like China National Materials and China Jushi are highlighted as beneficiaries of structural demand growth [3][5]. - In the construction sector, a recovery in infrastructure investment is anticipated, with recommendations for companies such as China Railway Construction and China State Construction [3][5].

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法律责任。 2025年9月25日，株洲旗滨集团股份有限公司（以下简称"公司"）召开第六届董事会第五次会议，审议 并通过了《关于以集中竞价交易方式回购股份的议案》，具体情况详见《旗滨集团关于以集中竞价交易 方式回购股份预案的公告》（公告编号：2025-088）。 ■ 注： 1、股东福建旗滨集团有限公司（以下简称"福建旗滨"）系公司控股股东，股东俞其兵系福建旗滨及公 司的实际控制人；股东俞勇系股东俞其兵的直系亲属，因此俞其兵、俞勇与福建旗滨存在关联关系，是 一致行动人；股东俞其兵、俞勇及公司控股股东福建旗滨与公司其他股东不存在关联关系，也不属于 《上市公司收购管理办法》规定的一致行动人；除此之外，未知其他股东是否存在关联关系，也未知是 否属于《上市公司收购管理办法》规定的一致行动人。 根据中国证券监督管理委员会《上市公司股份回购规则》、《上海证券交易所上市公司自律监管指引第 7号一一回购股份》等相关法律法规的规定，现将公司董事会公告回购股份决议的前一个交易日（2025 年9月25日）收市登记在册 ...

Core Viewpoint - Zhuzhou Qibin Group Co., Ltd. plans to repurchase shares to enhance shareholder value, boost investor confidence, and establish a long-term incentive mechanism for employees [1][2] Group 1: Share Repurchase Details - The company intends to repurchase shares with a total fund amounting to no less than 100 million yuan and no more than 200 million yuan [1] - The repurchase price will not exceed 9 yuan per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [1] - The estimated number of shares to be repurchased ranges from 11 million to 22 million, accounting for 0.41% to 0.82% of the total share capital [1] Group 2: Financial Impact - As of June 30, 2025, the company's total assets were 35.7 billion yuan, total liabilities were 20.8 billion yuan, and net assets attributable to shareholders were 13.87 billion yuan [3] - If the maximum repurchase fund of 200 million yuan is fully utilized, it would represent 0.56% of total assets, 1.44% of net assets, and 5.81% of cash funds [3] - The company believes that the repurchase will exert some pressure on cash flow but remains within controllable limits [3] Group 3: Strategic Rationale - The repurchase aims to maintain shareholder interests, enhance long-term investment value, and attract and retain talent [2] - The company emphasizes that the repurchase will not lead to a change in control and will still meet listing requirements post-repurchase [3]