证券代码：000786 证券简称：北新建材 公告编号：2025-005 ①通过深圳证券交易所交易系统投票的时间为 2025 年 2 月 10 日的交易时 间，即 9:15-9:25,9:30-11:30 和 13:00-15:00； 北新集团建材股份有限公司 2025 年度第一次临时股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）召开时间 （1）现场会议召开时间：2025 年 2 月 10 日(星期一)下午 14:30 （2）网络投票时间 ②通过深圳证券交易所互联网投票系统投票的时间为 2025 年 2 月 10 日上 午 9:15-下午 15:00 期间的任意时间。 （二）召开地点：北京未来科学城七北路 9 号北新中心 A 座 17 层 （三）召开方式：本次股东大会采取会议现场投票及网络投票相结合的方式 召开。公司通过深圳证券交易所交易系统和互联网投票系统向公司股东提供网络 投票平台，公司股东可以在网络投票时 ...

证券代码：000786 证券简称：北新建材 公告编号：2025-006 北新集团建材股份有限公司 第七届董事会第十八次临时会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、董事会会议召开情况 北新集团建材股份有限公司（以下简称"北新建材"或"公司"）第七届董 事会第十八次临时会议于 2025 年 2 月 10 日以现场结合通讯方式召开，现场会议 地点为北京未来科学城七北路 9 号北新中心 A 座 17 层会议室。会议通知于 2025 年 1 月 24 日以电子邮件方式发出，本次会议应出席董事 8 人，实际出席 8 人。 会议由董事长管理先生主持，公司监事和高管人员等列席了会议，符合相关法律、 法规和规范性文件的规定。 二、董事会会议审议情况 该议案已经公司董事会战略与 ESG 委员会审议通过。 同意对公司内部管理机构设置情况进行如下调整： 1、撤销公司原科技与数字化部，设立数字化中心； 2、公司项目管理部更名为联合采购及项目管理部（供应链中心）； 3、公司新设"北新建材一体化事业部"。 该议案以 8 票同意，0 票反对，0 票弃权获得通过。 （二 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 37.30, indicating an expected upside from the current price of RMB 30.39 [5][6][24]. Core Insights - The company is focusing on both organic growth and potential acquisitions to achieve its equity incentive goals despite market pressures in 2025 [2]. - The gypsum board market is expected to remain stable in demand, with the company implementing a pricing strategy aimed at maintaining volume while increasing prices [3][4]. - The company is actively seeking acquisition opportunities in the waterproofing and coatings sectors, although it acknowledges that large-scale negotiations can be lengthy [4]. Summary by Sections Market Overview - The company reported that the price of its Dragon brand gypsum board was affected by foreign brand price reductions in Q4, but prices have started to recover in December [2]. - The overall gypsum board industry demand is anticipated to be stable in 2025, with the company focusing on maintaining price stability and optimizing product structure [3]. Business Strategy - The waterproofing business experienced unexpected growth in 2024, but pricing pressures are expected in 2025 due to industry changes [4]. - The company has set ambitious long-term goals for its coatings business, with significant revenue growth reported in 2024 [4]. Financial Projections - Revenue is projected to grow from RMB 27.016 billion in 2024 to RMB 28.202 billion in 2025, with net profit expected to increase from RMB 4.066 billion to RMB 4.486 billion during the same period [7]. - The company’s earnings per share (EPS) is forecasted to rise from RMB 2.41 in 2024 to RMB 2.66 in 2025 [7]. Valuation - The valuation is based on a segmented price-earnings ratio approach, assigning multiples of 13, 15, and 25 times the expected earnings for gypsum board, waterproofing, and coatings respectively for 2025 [5].

一、召开会议基本情况 （一）股东大会届次：公司 2025 年度第一次临时股东大会 （二）股东大会召集人：公司董事会 2025 年 1 月 16 日，北新集团建材股份有限公司（以下简称"公司"）第七 届董事会第十七次临时会议审议通过了《关于召开 2025 年度第一次临时股东大 会的议案》，同意召开本次临时股东大会。 证券代码：000786 证券简称：北新建材 公告编号：2025-004 北新集团建材股份有限公司 （三）本次股东大会的召开，符合《中华人民共和国公司法》《中华人民共 和国证券法》《深圳证券交易所股票上市规则》等有关法律、法规、规范性文件 和公司章程的规定。 关于召开 2025 年度第一次临时股东大会的通知 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 （四）会议时间 现场会议召开时间：2025 年 2 月 10 日（星期一）下午 14:30 网络投票时间： 1、通过深圳证券交易所交易系统投票的时间为 2025 年 2 月 10 日的交易时 间，即 9:15-9:25，9:30-11:30，13:00-15:00； 2、通过深圳证券交易所互联网投票系统 ...

证券代码：000786 证券简称：北新建材 公告编号：2025-002 北新集团建材股份有限公司 第七届董事会第十七次临时会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、董事会会议召开情况 北新集团建材股份有限公司（以下简称"公司"）第七届董事会第十七次临 时会议于 2024 年 1 月 16 日以现场结合通讯方式召开，现场会议地点为北京未来 科学城七北路 9 号北新中心 A 座 17 层会议室。会议通知于 2024 年 1 月 13 日以 电子邮件方式发出，本次会议应出席董事 9 人，实际出席 9 人。会议由董事长薛 忠民先生主持，公司监事和高管人员等列席了会议，符合相关法律、法规和规范 性文件的规定。 二、董事会会议审议情况 会议经过审议，表决通过了以下决议： （一）审议通过了《关于更换公司财务负责人的议案》； 该议案已经公司董事会审计委员会、董事会提名委员会审议通过。 同意聘任王佳传先生为公司财务负责人（财务总监），任期与第七届董事会 任期一致。 该议案以 9 票同意，0 票反对，0 票弃权获得通过。 （二）审议通过了《关于拟更换公司董事 ...

Group 1: Business Development Strategy - The company aims to strengthen and expand its gypsum board business by focusing on production, marketing, and innovation, while implementing a "Three Precision" management approach to enhance profitability [2]. - Plans include optimizing capacity layout and advancing domestic and international gypsum board projects, with a focus on urban renewal, renovation, industrial construction, and residential markets [2][3]. - The company will continue to implement the "Dragon Brand Soaring, Mount Tai Climbing" plan to develop high-end products and comprehensive solutions for renovation projects [3]. Group 2: International Business Expansion - The company emphasizes a "focus first" strategy for international operations, targeting Southeast Asia and the Middle East for regional operations and resource allocation [3]. - The strategy includes a "gypsum board first" approach, with plans to adjust capacity based on market conditions for coatings and waterproofing businesses [3]. Group 3: Mergers and Acquisitions - The company plans to pursue integration opportunities in waterproof materials, coatings, prefabricated construction, and internationalization as part of its "One Body, Two Wings, Global Layout" strategy [3]. - Any potential acquisitions will comply with relevant disclosure obligations [3]. Group 4: Equity Incentives and Dividends - The company has disclosed a restricted stock incentive plan for 2024, pending regulatory approval before submission to the shareholders' meeting [3]. - Cumulative cash dividends since listing exceed 8 billion, with a cash dividend ratio of 40.03% in 2023, indicating a commitment to sharing development results with investors [3].

证券代码：000786 证券简称：北新建材 公告编号：2025-001 北新集团建材股份有限公司 关于股东、副董事长及其一致行动人股份减持计划 实施完成的公告 股东、副董事长贾同春及其一致行动人广发资管申鑫利 22 号单一资产管理计划、 广发资管申鑫利 24 号单一资产管理计划保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 公司于近日收到贾同春先生及其一致行动人出具的《关于股份减持计划实施完成 的告知函》，截至本公告披露日，本次股份减持计划已实施完毕。现将有关情况公告 如下： | 股东名称 | 减持方式 | 减持期间 | 减持均价 | 减持股数 | 减持股数占公司 | | --- | --- | --- | --- | --- | --- | | | | | （元/股） | （股） | 总股本的比例 | | 贾同春 | 集中竞价 | 2024年10月30日 | 31.0423 | 345,300 | 0.0204379% | | | 集中竞价 | 2024年10月31日 | 31.2678 | 815,600 | 0.0482744% | | | 集中竞价 | 2024年1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Views - The company's gypsum board business is expected to continue increasing its global market share under the strategic guidance of "one body and two wings, global layout." The supporting businesses, including metal framing, waterproofing, and coatings, are projected to contribute to sustained rapid growth [3]. - The company's stock incentive plan reflects confidence in its development, with high performance targets set for net profit growth in the coming years. The adjusted net profit forecasts for 2024-2026 are 39.02 billion, 46.77 billion, and 55.72 billion RMB, respectively [3]. - The company is expanding its industrial coatings segment through the acquisition of Zhejiang Daqiao Paint, which will enhance its market presence and production capacity in the East China region [3]. Financial Projections - Total revenue is projected to grow from 22.43 billion RMB in 2023 to 32.64 billion RMB by 2026, with a compound annual growth rate (CAGR) of approximately 9.86% [9]. - The net profit attributable to the parent company is expected to increase from 3.52 billion RMB in 2023 to 5.57 billion RMB in 2026, reflecting a CAGR of about 19.13% [9]. - The earnings per share (EPS) is forecasted to rise from 2.09 RMB in 2023 to 3.30 RMB in 2026, indicating a strong growth trajectory [9]. Market Data - The company's closing price is reported at 32.49 RMB, with a market capitalization of approximately 54.89 billion RMB [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 15.58 in 2023 to 9.85 in 2026, suggesting an attractive valuation as earnings grow [9]. Strategic Initiatives - The company is focusing on international expansion, particularly in Southeast Asia, Central Asia, the Middle East, Europe, and the Mediterranean region, to drive high growth in overseas operations [3]. - The strategic execution of enhancing the gypsum board business and integrating waterproofing and coatings is expected to stabilize volume and price, thereby consolidating market position [3].

Summary of Conference Call Transcript Company and Industry - The discussion primarily revolves around the company "Beijing" and its performance in the construction materials industry, specifically focusing on the demand for its products, particularly in the stone board segment. Key Points and Arguments 1. **Market Expectations and Growth Targets** The company's targets for 2023 and 2024 appear lower than previous years, but they exceed current market expectations. The compound growth rate is estimated at around 20%, which is significantly above market forecasts [1][2][3]. 2. **Demand Analysis in the Construction Sector** Current expectations for the real estate market are negative, with various indicators showing year-on-year declines. However, the demand for the company's stone board products is less affected, as only about 30% of this demand is linked to pure residential needs, with a significant portion coming from renovation projects [1][2][3]. 3. **Stability of Demand** The demand for stone boards is expected to remain relatively stable, particularly in industrial sectors such as schools and hospitals, which have higher renovation frequencies. This stability is crucial given the overall negative sentiment in the real estate market [3][4]. 4. **Profitability and Market Share** The company holds a 70% market share in the stone board segment, providing it with significant market control. Even with a potential decline in demand, the company's profitability is expected to remain stable due to its strong market position and cost advantages [4][5][6]. 5. **Product Strategy and Brand Development** The company is focused on upgrading its product lines and enhancing brand recognition, particularly in the high-end segment, which is expected to see stable growth. This strategy is anticipated to contribute positively to overall profitability [5][6][7]. 6. **External Growth and Acquisitions** The company has been actively pursuing external growth through acquisitions since 2019. Recent acquisitions have been strategically chosen, and the company is expected to continue this trend, which could enhance its market position and operational efficiency [7][8][9]. 7. **Operational Efficiency Improvements** The company is working on improving operational efficiencies post-acquisition, focusing on unifying its business strategies and optimizing production processes. This is expected to enhance profitability despite a challenging market environment [9][10][11]. 8. **Future Outlook and Valuation** The current market valuation of the company is considered low, especially in light of its growth potential and recent positive developments. Analysts suggest that the stock should be closely monitored for potential upward movement as market conditions improve [16][17]. Other Important but Overlooked Content - The company is expected to maintain a focus on both high-end and low-end products, with the latter being crucial for market retention. The profitability of low-end products is stable, while high-end products are projected to grow significantly [5][6][12]. - The company’s strategic direction includes leveraging its existing resources and capabilities to maximize growth opportunities in the stone board segment, which is expected to contribute to long-term profitability [12][13][14]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic positioning, market dynamics, and future growth potential.

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company has launched a new stock incentive plan aimed at high-quality development, with a total of up to 12.9 million restricted shares to be granted at a price of 18.20 yuan per share [2]. - Despite a downward adjustment in performance assessment targets for 2025-2026, the company remains committed to high-quality growth, with net profit targets set at no less than 4.56 billion yuan for 2025 and 5.02 billion yuan for 2026 [2]. - The acquisition of a 51.42% stake in Zhejiang Daqiao Paint for 207 million yuan is expected to enhance the company's performance and market presence in the industrial paint sector [3]. Financial Summary - The company forecasts revenue growth from 22.43 billion yuan in 2023 to 32.91 billion yuan in 2026, with a compound annual growth rate (CAGR) of 13.7% [3]. - The projected net profit for 2024-2026 is 3.88 billion yuan, 4.56 billion yuan, and 5.02 billion yuan respectively, with corresponding P/E ratios of 14.0, 11.9, and 10.8 [3]. - Key financial metrics include a projected net asset return of 15.1% in 2024, increasing to 16.0% in 2025 [5]. Market Position - The company benefits from a strong market position due to its cost advantages and brand strength, allowing it to avoid price wars and maintain profitability [3]. - The dual business model of waterproofing and coatings is expected to provide significant growth potential even during industry downturns [3].