公司简称：北新建材 证券代码：000786 上海荣正企业咨询服务（集团）股份有限公司 关于 北新集团建材股份有限公司 2024 年限制性股票激励计划预留授予 相关事项 之 独立财务顾问报告 2025 年 9 月 | | | 一、释义 以下词语如无特殊说明，在本文中具有如下含义： | 北新建材、本公司、公司 | 指 | 北新集团建材股份有限公司 | | --- | --- | --- | | 独立财务顾问 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | 独立财务顾问报告、本报 | | 《上海荣正企业咨询服务（集团）股份有限公司关于北新集 | | 告 | 指 | 团建材股份有限公司 2024 年限制性股票激励计划预留授予 相关事项之独立财务顾问报告》 | | 限制性股票激励计划、本 激励计划、本计划 | 指 | 北新集团建材股份有限公司 年限制性股票激励计划 2024 | | 限制性股票 | 指 | 上市公司按照预先确定的条件授予激励对象一定数量的公司 股票，激励对象只有在工作年限或业绩目标符合股权激励计 | | | | 划规定条件的，才可出售限制性股票并从中获益。 | | 激励对象 | 指 | 本 ...

北京市嘉源律师事务所 关于北新集团建材股份有限公司 2024 年限制性股票激励计划 预留授予 相关事项的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 二〇二五年九月 原馆 师语音器 所 YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XL'AN · 北京市嘉源律师事务所 关于北新集团建材股份有限公司 2024 年限制性股票激励计划预留授予 事项的法律意见书 嘉源(2025) -04-456 致:北新集团建材股份有限公司 北京市嘉源律师事务所(以下简称本所)接受北新集团建材股份有限公司(以 下称公司)的委托,担任公司 2024年限制性股票激励计划(以下简称本次激励 计划)的专项法律顾问,为公司本次激励计划预留授予相关事项出具法律意见书。 本法律意见书根据《中华人民共和国公司法》(以下简称《公司法》)、《中 华人民共和国证券法》(以下简称《证券法》)、中国证券监督管理委员会(以 下简称中国证监会>《上市公司股权激励管理办法》(以下简称《股权激励管理 办 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Viewpoints - The construction materials sector has shown a 2.45% increase in the past week, outperforming the CSI 300 and Wind All A indices by 1.07% and 0.33%, respectively [3] - The report emphasizes the importance of domestic demand changes and anticipates a recovery in the construction materials market due to government policies aimed at boosting consumption [4][5] Summary by Sections 1. Industry Trends - The cement market price is currently at 344.0 CNY/ton, showing a week-on-week increase of 1.3 CNY/ton but a year-on-year decrease of 40.7 CNY/ton [3][18] - The average cement inventory level among sample enterprises is 65.0%, up 0.9 percentage points from the previous week [23] 2. Bulk Construction Materials Fundamentals 2.1 Cement - The cement market is experiencing weak demand, but prices are expected to trend upwards due to companies' efforts to improve profitability [10] - The industry is expected to maintain a better profit level compared to last year, supported by a consensus on supply discipline among leading companies [10] 2.2 Glass - The glass market is currently facing a stalemate with high inventory levels and weak demand, but supply-side adjustments are anticipated to continue [13] - The report recommends focusing on leading companies like Qibin Group, which may benefit from industry capacity reductions [13] 2.3 Glass Fiber - The report suggests that the profitability of glass fiber products is expected to improve in the medium term, with a focus on high-end products [11] - The industry is seeing a gradual reduction in supply pressure, which may stabilize prices [11] 3. Industry Dynamics - The report highlights the government's commitment to boosting domestic demand and consumption, which is expected to positively impact the construction materials sector [14] - The anticipated recovery in the housing market, driven by government policies, is expected to enhance demand for home improvement materials [14] 4. Weekly Market Review - The construction materials sector has shown resilience, with key companies expected to benefit from ongoing policy support and market recovery [5] - The report identifies several companies as potential investment opportunities, including Conch Cement, China National Building Material, and others [5][15]

Core Viewpoint - The Beijing Municipal Commission of Housing and Urban-Rural Development, in collaboration with local governments, organized a "Beneficial Building Materials Fair" to address housing damage caused by heavy rainfall during the flood season, aiming to assist residents in home renovation [1][2] Group 1: Event Overview - The event took place on September 14 and was held at the Agricultural Products Trading Market in Longyong Town, Pinggu District [1] - The fair featured over 80 well-known building material companies, including Beijing Construction Engineering, Beijing Urban Construction, Beijing Jinyu, and Beijing New Building Materials, showcasing more than 20 categories of products [1] Group 2: Services Offered - The fair provided a "one-stop" convenient service by organizing quality building material suppliers for on-site exhibitions, promoting direct supply from manufacturers, and centralized procurement [2] - Residents could register their purchasing needs on-site to enjoy discounts for old material removal, and those who ordered windows or cabinets could receive free old material removal services [2] - All purchased products came with a guarantee of the lowest market price, valid until June 30, 2026, along with centralized delivery and installation services [2] Group 3: Future Plans - The Beijing Municipal Commission plans to continue similar beneficial building materials fairs in other districts, such as Miyun and Huairou, to further assist residents in achieving comfortable housing [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The green transformation accelerates the upgrade of the supply structure in the building materials industry, with a focus on innovative measures to promote the industry's shift towards green and intelligent development [4] - The report highlights the positive impact of government policies, such as the "Three-Year Action Plan for the Promotion of Green Building Materials Industry" in Hubei Province, which aims to reshape the industrial structure [4] - Key recommended companies include: Sanke Tree (channel penetration, retail expansion), Dongfang Yuhong (waterproof leader, operational structure optimization), Weixing New Materials (high-quality operations, high retail business proportion), and Jianlang Hardware [4] - Beneficiary stocks in the cement sector include: Conch Cement, Huaxin Cement, and Shangfeng Cement, with a focus on energy-saving and carbon reduction initiatives [4] Market Performance - The building materials index rose by 2.45% in the week from September 8 to September 12, outperforming the CSI 300 index by 1.07 percentage points [5][14] - Over the past three months, the CSI 300 index increased by 15.83%, while the building materials index rose by 21.65%, indicating a 5.83 percentage point outperformance [5][14] - In the past year, the CSI 300 index increased by 43.14%, while the building materials index rose by 52.13%, showing a 9.00 percentage point outperformance [5][14] Cement Sector - As of September 12, the average price of P.O42.5 bulk cement nationwide was 275.03 yuan/ton, with a slight increase of 0.01% month-on-month [27] - The clinker inventory ratio nationwide was 62.59%, down by 0.79 percentage points [28] - Regional price variations were noted, with Northeast prices decreasing by 2.17% and North China prices increasing by 2.22% [27][31] Glass Sector - The average price of float glass as of September 12 was 1202.33 yuan/ton, reflecting a week-on-week increase of 1.01% [78] - The inventory of float glass decreased by 1.86%, with a total of 55 million weight boxes [80] - The price of photovoltaic glass remained stable at 125.00 yuan/weight box [84] Valuation Metrics - The average price-to-earnings (PE) ratio for the building materials sector is 29.36 times, ranking it 15th from the bottom among all A-share industries [23] - The price-to-book (PB) ratio is 1.34 times, ranking it 8th from the bottom among all A-share industries [32]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The construction materials sector is expected to benefit from government debt management measures aimed at supporting high-quality development and alleviating financial pressure on local governments [2] - The cement industry is in a demand bottoming phase, with supply-side improvements anticipated due to increased production discipline [2][3] - The glass fiber sector shows signs of recovery with demand from wind power projects expected to rise, while the photovoltaic glass market is stabilizing due to self-regulated production cuts [2][7] - Consumer building materials are recommended due to favorable conditions in the second-hand housing market and consumption stimulus policies [2] Summary by Sections Cement Industry Tracking - As of September 12, 2025, the national cement price index is 339.18 CNY/ton, up 0.89% week-on-week, with a total cement output of 2.659 million tons, an increase of 3.16% [3][17] - The cement clinker capacity utilization rate is 55.69%, up 14.96 percentage points from the previous week [3][17] - The construction sector is showing steady growth, but regional weather and demand release discrepancies are affecting the overall market [17] Glass Industry Tracking - The average price of float glass is 1197.01 CNY/ton, with a slight increase of 0.34% week-on-week [6] - Inventory levels have decreased, but demand remains weak, with many small processing plants facing order shortages [6] Glass Fiber Industry Tracking - The price of non-alkali glass fiber has seen a slight increase, with demand showing limited recovery [7] - The demand for electronic yarn is stable, with high-end products continuing to perform well [7] Consumer Building Materials - The consumer building materials sector is experiencing a weak recovery, with upstream raw material prices fluctuating [8] - The report highlights the potential for long-term market share growth in this sector [2] Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs at 107,100 CNY/ton and a negative gross margin [8]

Group 1 - Recently, Taishan Gypsum (Hunan) Co., Ltd. was established with a registered capital of 30 million yuan [1] - The legal representative of the new company is Ju Xingqi [1] - The business scope includes manufacturing and sales of lightweight building materials, lime, and gypsum [1] Group 2 - Taishan Gypsum (Hunan) Co., Ltd. is wholly owned by Beixin Building Materials (000786) through indirect shareholding [1]

证券之星消息，9月11日，北新建材（000786）融资买入2561.25万元，融资偿还2361.99万元，融资净买 入199.25万元，融资余额6.11亿元，近3个交易日已连续净买入累计1249.98万元，近20个交易日中有13 个交易日出现融资净买入。 融资融券余额6.13亿元，较昨日上涨0.34%。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-09-11 | 199.25万 | 6.11亿 | 1.45% | | 2025-09-10 | 883.03万 | 6.09亿 | 1.46% | | 2025-09-09 | 167.70万 | 6.00亿 | 1.41% | | 2025-09-08 | -1655.58万 | 5.98亿 | 1.41% | | 2025-09-05 | 1633.21万 | 6.15亿 | 1.47% | 融券方面，当日融券卖出3400.0股，融券偿还0.0股，融券净卖出3400.0股，融券余量7.61万股。 | 交易日 | (船) 田樹製柴湯 | | 融券会量(股) | 融券 ...

Core Viewpoint - The company emphasizes its commitment to technological innovation as a strategic engine, with significant investments in R&D from 2022 to 2024, totaling 28.68 billion yuan [1] R&D Investment - The company's R&D investments are projected to be 8.6 billion yuan in 2022, 9.5 billion yuan in 2023, and 10.58 billion yuan in 2024, reflecting a consistent increase in funding for innovation [1] Innovation Platforms - The company operates several innovation platforms, including a national enterprise technology center, academic expert workstations, and research institutes, which support over 50% of its subsidiaries in obtaining national high-tech enterprise certification [1] R&D Team and Capabilities - The company boasts a leading R&D team in the industry, focusing on product development, key process equipment technology, and integrated functional decoration application technology, driving high-quality development through technological empowerment [1] Project Outcome and Patent Achievements - The company maintains a project outcome conversion rate exceeding 85%, with a total of 5,286 valid patents as of August 2025, including 1,763 invention patents (47 of which are international), supporting its goals of "greening, high-end, intelligence, and internationalization" [1]

Group 1 - Taishan Gypsum (Hunan) Co., Ltd. has been established with a registered capital of 30 million yuan, focusing on the manufacturing and sales of lightweight building materials, lime, and gypsum [1] - The company is indirectly wholly owned by Beixin Building Materials Co., Ltd. [1] - The legal representative of the new company is Ju Xingqi, and it is registered in Xiangtan County, Hunan Province [2] Group 2 - The business scope includes the production and sale of lightweight building materials, lime, and gypsum, as well as general building materials sales [1][2] - The company is classified under the national standard industry for other indoor decoration materials retail [2] - The establishment date of the company is August 29, 2025, with a business duration until the same date [2]