监事会认为：公司终止本次发行股份购买资产暨关联交易事项，是综合考虑 当前市场环境和标的公司实际情况等因素，并与相关各方在充分沟通及友好协商 的基础上，为切实维护上市公司和广大投资者利益作出的决定，不存在公司及相 关方需承担相关违约责任的情形。本次交易的终止不会对公司现有生产经营活动 造成重大不利影响，不存在损害公司及中小股东利益的情形。监事会同意终止发 行股份购买资产暨关联交易事项。 (此页无正文,为株洲旗滨集团股份有限公司监事会关于公司第五届监事会第 三十八次会议相关事项的审核意见的签署页） 陈锋平 王立勇 钢 नेती 株洲旗滨集团股份有限公司监事会 关于公司第五届监事会第三十八次会议相关事项的审核意见 根据《上海证券交易所股票上市规则》等法律法规及《公司章程》和《监事 会议事规则》等相关法律法规、规范性文件的规定和要求，本着认真、负责的态 度，公司监事会对第五届监事会第三十八次会议相关事项进行了审核，发表意见 如下： 一、关于公司事业合伙人计划长期权益归属的审核意见 监事会认为：公司董事会审议通过的《关于事业合伙人计划长期权益归属的 议案》，内容符合《关于上市公司实施员工持股计划试点的指导意见》等相关法 ...

证券代码：601636 证券简称：旗滨集团 公告编号：2025-048 可转债代码：113047 可转债简称：旗滨转债 株洲旗滨集团股份有限公司 第五届监事会第三十八次会议决议公告 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法律责任。 一、监事会会议召开情况 株洲旗滨集团股份有限公司（以下简称"公司"）第五届监事会第三十八次 会议（以下简称"本次会议"）于 2025 年 5 月 14 日（星期三）下午 15:00 在公 司会议室以现场结合通讯的方式召开。公司于 2025 年 5 月 9 日以邮件、电话等 方式向全体监事发出本次会议通知。本次会议应出席监事 3 名，实际到会监事 3 名。会议由监事会主席郑钢先生主持，董事会秘书列席了会议，本次会议的召开 符合《公司法》《公司章程》等有关法律、法规的规定。 二、监事会会议审议情况 经全体出席会议的监事审议和表决，会议通过了以下决议： （一）审议并通过了《关于为独立董事购买责任保险的议案》 表决结果：3 票同意、0 票反对、0 票弃权，通过。 监事会认为：公司为独立董事购买责任保险有利于进 ...

证券代码：601636 证券简称：旗滨集团 公告编号：2025-047 可转债代码：113047 可转债简称：旗滨转债 株洲旗滨集团股份有限公司 第五届董事会第三十九次会议决议公告 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法律责任。 一、董事会会议召开情况 株洲旗滨集团股份有限公司（以下简称"公司"）第五届董事会第三十九次 会议（以下简称"本次会议"）于 2025 年 5 月 14 日（星期三）下午 14:00 在公 司会议室以现场结合通讯的方式召开。公司于 2025 年 5 月 9 日以邮件、电话等 方式向全体董事、监事及高级管理人员发出本次会议通知。公司共有董事 9 名， 本次会议实际参加表决的董事 9 名。本次会议由公司董事长张柏忠先生召集和主 持，公司全体监事、高级管理人员列席会议，符合《公司法》和《公司章程》的 有关规定。 二、董事会会议审议情况 会议认真讨论和审议了本次会议议程事项，对有关议案进行了书面记名投票 表决，经全体董事审议和表决，会议通过了以下决议： （一）审议《关于公司董事会换届选举第六届非独立董事的议案》 ...

智通财经5月14日电，旗滨集团(601636.SH)公告称，终止发行股份购买控股子公司旗滨光能28.78%股权 的交易。鉴于本次交易事项自筹划以来历时较长，结合当前市场环境、交易周期、二级市场及标的公司 实际情况较本次交易筹划初期发生变化等因素，为切实维护上市公司和广大投资者长期利益，经公司与 相关各方充分沟通及友好协商、认真研究和充分论证，基于审慎性考虑，公司拟终止本次交易事项并与 交易各方签订相关终止协议。 旗滨集团：终止发行股份购买资产事项 ...

一、 召开会议的基本情况 （一） 股东会类型和届次 2024 年年度股东会 （二） 股东会召集人：董事会 证券代码：601636 证券简称：旗滨集团 公告编号：2025-045 可转债代码：113047 可转债简称：旗滨转债 株洲旗滨集团股份有限公司 关于召开 2024 年年度股东会的提示性公告 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法律责任。 重要内容提示： 公司已于2025年4月25日在上交所网站（http://www.sse.com.cn）及《中 国证券报》《上海证券报》《证券日报》和《证券时报》上刊登了《旗滨集团关于 召开2024年年度股东会的通知》（公告编号：2025-042），本次股东会采用现场投 票和网络投票相结合的方式召开，现将有关事项再次提示如下： （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 （四） 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 15 日 14 点 00 分 召开地点：公司办公总部会议室（深圳市南山区桃源街道龙珠四路 2 号方大 城 T ...

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [1] Core Views - The short-term economic downturn is causing the real estate chain to hover at the bottom, but the overall direction remains positive with expectations for recovery in the home improvement sector by Q3 2025 [3][4] - The cement market is experiencing a slight price decline, with the national average price at 387.7 RMB/ton, down 3.2 RMB/ton from last week but up 29.7 RMB/ton year-on-year [3][19] - The report highlights the potential for recovery in demand for building materials, driven by government policies aimed at stabilizing the real estate market and boosting domestic consumption [15] Summary by Sections 1. Industry Overview - The building materials sector saw a decline of 2.14% this week, underperforming the CSI 300 index, which fell by 0.43% [3] - The report emphasizes the importance of low-valuation leading companies and expansion-oriented firms as key investment targets [3][4] 2. Bulk Building Materials Fundamentals and High-Frequency Data 2.1 Cement - The national cement market price has decreased by 0.8% this week, with regional variations noted [18] - The average cement inventory level is at 61.7%, down 0.1 percentage points from last week [27] - The report anticipates a weak but stable price trend moving forward due to ongoing supply-demand adjustments [4][18] 2.2 Glass Fiber - The glass fiber industry is expected to see a gradual recovery in profitability, with demand from wind power and thermoplastics sectors continuing to grow [12] - The report suggests that leading companies may benefit from structural advantages and cost efficiencies [12] 2.3 Glass - The glass industry is currently facing a weak balance between supply and demand, with slow inventory depletion [13] - The report indicates that rising costs from petroleum coke may impact profitability, but leading companies are expected to maintain competitive advantages [14] 3. Industry Dynamics Tracking - The report notes that government policies are increasingly focused on stimulating domestic demand and stabilizing the real estate market, which is expected to positively impact the building materials sector [15] - The anticipated implementation of "old-for-new" policies in 2025 is expected to further boost demand for home improvement materials [15] 4. Weekly Market Review - The report provides a detailed analysis of price changes in the cement market, highlighting significant regional differences [20] - It also includes a summary of the performance of various building materials companies, emphasizing those with strong growth potential and competitive advantages [16][17]

Summary of China Building Products Conference Call Industry Overview - The conference call focused on the China building products industry, specifically six stocks across five sectors: steel structure, glass, construction hardware, ceramic tile, and anti-seismic [1][3]. Key Points and Arguments Sales Growth and Market Recovery - Sales growth showed recovery in 1Q25 after a weak 2024, with the steel structure sector leading year-over-year (yoy) revenue growth [3][19]. - Orders in 1Q25 indicated positive trends, but 2Q demand growth is critical for companies to meet full-year guidance [3][10]. - Infrastructure and manufacturing investments (FAI) were resilient, contributing to order growth in the steel structure sector, with SOE construction companies' overseas orders growing by 21% yoy in 1Q25 [3][21]. Sector-Specific Insights - **Steel Structure**: Honglu's orders turned around to +1% yoy after four quarters of decline, while Jinggong's orders moderated to +1% yoy from +8% yoy in FY24 [3][23]. - **Float Glass**: Order days improved from a 30% yoy decline in 1Q to a high-teens decline in April, with factory inventory down 10% since mid-March [3][30]. - **Construction Hardware**: Kinlong aimed for flat sales in FY25, with 1Q25 sales accelerating to +28% yoy [3][5]. - **Ceramic Tile**: The industry may see further volume contraction, with a significant share of aged accounts receivable (AR) rising [4][49]. - **Anti-Seismic**: Orders remained lukewarm due to weak public project constructions, particularly in high seismic areas [4][58]. Margin and Profitability Challenges - Margin pressure persisted, with gross profit margins (GPM) declining across the board in 2024 and 1Q25, primarily due to intensified retail competition and industry overcapacity [5][63]. - Companies are focusing on cost control to drive earnings recovery, with expectations of stable GPM in 2025E [6][10]. Capital Allocation and Cash Flow - Capital allocation has become more prudent, with average capex declining by approximately 20% quarter-over-quarter in 3Q/4Q24 and 1Q25 [6][10]. - Operating cash flow (OCF) showed weakness in 2024, with cash/accounting revenue ratios inching up by 5 percentage points [6][70]. Target Price and Stock Recommendations - Target prices for 2025E-27E earnings were revised down by an average of 1%, reflecting a 3% lower topline and recent margin trends [8][9]. - The steel structure and building materials indices have outperformed year-to-date, with selective buy ratings on Honglu and Kinlong, while Jinggong received a sell rating [10][13]. Additional Important Insights - The ceramic tile sector has seen a shift towards 2C channels, increasing from below 50% in 2021 to approximately 70% in 2024 [47]. - The share of aged AR is rising, particularly affecting companies like Dongpeng and Quakesafe, while Honglu and Kinlong are better positioned [7][49]. - The overall valuation for most sectors remains undemanding, with P/E and P/B ratios at low historical percentiles [14][10]. This summary encapsulates the key takeaways from the conference call, highlighting the recovery trends, sector-specific insights, margin pressures, and strategic recommendations for investors in the China building products industry.

Core Viewpoint - The company experienced significant declines in revenue and net profit in 2024, with challenges in both float glass and photovoltaic glass segments, but there are signs of recovery in photovoltaic glass prices in Q1 2025 [1][2][3]. Group 1: Financial Performance - In 2024, the company reported revenues, net profit attributable to shareholders, and net profit excluding non-recurring items of 15.65 billion, 380 million, and 290 million yuan, respectively, showing declines of -0.2%, -78.1%, and -82.6% year-on-year [1]. - For Q4 2024, the company achieved revenues, net profit attributable to shareholders, and net profit excluding non-recurring items of 4.05 billion, -320 million, and -330 million yuan, reflecting year-on-year declines of -10%, -162.4%, and -163.6% [1]. - In Q1 2025, the company reported revenues, net profit attributable to shareholders, and net profit excluding non-recurring items of 3.48 billion, 470 million, and -3 million yuan, with year-on-year changes of -9.7%, +6.4%, and -100.7% [1]. Group 2: Market Conditions - The float glass segment faced weak demand, with revenues declining by -24.3% to 6.86 billion yuan in 2024, driven by a decrease in real estate completion area [1]. - Float glass sales volume decreased by -6.4% to 10.7 million heavy boxes in 2024, with a corresponding drop in single box revenue by -15.2 yuan to 643 yuan [1]. - The average price of float glass in Q1 2025 was down -31.6% year-on-year, indicating ongoing industry challenges [1]. Group 3: Photovoltaic Glass Performance - The photovoltaic glass segment saw rapid growth in 2024, with revenues increasing by +68.6% to 5.75 billion yuan, supported by new production capacity [2]. - Despite a 124% increase in sales volume to 435 million square meters, the segment faced a price war, leading to a negative net profit of -0.6 yuan per square meter [2]. - In Q1 2025, photovoltaic glass prices began to recover, with a 5.2% increase in average price compared to the previous quarter [2]. Group 4: Profitability and Cost Structure - The overall gross margin for the company in 2024 was 15.5%, down by -9.5 percentage points year-on-year, primarily due to pressure on prices in both business segments [3]. - In Q1 2025, the gross margin improved to 12%, reflecting a recovery in photovoltaic glass prices and cost optimization efforts [3]. - The company recorded non-recurring gains of 470 million yuan in Q1 2025, contributing to a net profit margin of 13.5%, an increase of +2 percentage points year-on-year [3]. Group 5: Future Outlook - The company maintains a strong position in the float glass market, ranking second in capacity, benefiting from cost advantages such as self-sufficient silica sand and flexible fuel structures [4]. - In the photovoltaic glass segment, the company has become the third largest player, with expectations of improved profitability due to cost advantages [4]. - Revenue forecasts for 2025-2027 are projected at 16.777 billion, 18.170 billion, and 19.861 billion yuan, with corresponding net profits of 877 million, 1.230 billion, and 1.421 billion yuan, indicating significant growth potential [4].

2025 年 5 月 3 日 分析师：陈奇凡 执业证书编号：S0930523050002 021-52523819 chenqf@ebscn.com 市场数据 | 总股本(亿股) | 26.84 | | --- | --- | | 总市值(亿元)： | 145.18 | | 一年最低/最高(元)： | 4.60/8.12 | | 近 3 月换手率： | 40.63% | 公司研究 25Q1 利润环比改善，盈利水平触底回升 ——旗滨集团（601636.SH）2024 年年报及 2025 年一季报点评 买入（维持） 当前价：5.41 元 作者 分析师：孙伟风 执业证书编号：S0930516110003 021-52523822 sunwf@ebscn.com 股价相对走势 -34% -20% -7% 7% 21% 04/24 07/24 10/24 01/25 旗滨集团 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -3.31 | -3.43 | -32.46 | | 绝对 | -6.24 | -4.08 | ...

证券代码：601636 证券简称：旗滨集团 公告编号：2025-044 可转债代码：113047 可转债简称：旗滨转债 株洲旗滨集团股份有限公司 关于董事会换届选举的提示性公告 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法律责任。 株洲旗滨集团股份有限公司（以下简称"公司"）第五届董事会任期将于 2025年5月9日届满，公司拟开展董事会换届选举工作。为顺利完成公司董事会的 换届选举（以下简称"本次换届选举"）工作，根据《公司法》和《公司章程》 的相关规定，现将本次换届选举相关事项公告如下： 一、第六届董事会的组成 根据本公司现行《公司章程》的规定，第六届董事会将由9名董事组成，其 中独立董事3名。董事任期三年（自公司相关股东会选举通过之日起计算，至该 届董事会任期届满时为止）。 二、董事候选人的提名 （一）非独立董事候选人的提名 本公告发布之日，公司现任董事会、监事会、单独或者合计持有公司已发行 的有表决权股份总数的1%以上的股东，可以向公司第五届董事会提名第六届董事 会非独立董事候选人。单个提名人提名的非独立董事人数不得超过本次拟 ...