证券代码：000786 证券简称：北新建材 公告编号：2025-036 北新集团建材股份有限公司 第七届监事会第十五次临时会议决议公告 本公司及监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。 截至本公告披露日，于月华女士、司艳杰女士、刘婕卉女士未持有公司股票。 三位监事在任职期间恪尽职守、勤勉尽责，公司对三位监事为公司发展所做 的贡献表示衷心感谢！ 三、备查文件 第七届监事会第十五次临时会议决议。 特此公告。 北新集团建材股份有限公司 监事会 2025 年 6 月 13 日 一、监事会会议召开情况 北新集团建材股份有限公司（以下简称"公司"）第七届监事会第十五次临 时会议于 2025 年 6 月 13 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 6 月 10 日以 电子邮件方式发出，本次会议应出席监事 3 人，实际出席 3 人。会议由监事会主 席于月华女士主持，符合相关法律、法规和规范性文件以及公司章程的有关规定。 二、监事会会议审议情况 会议经审议，以 3 票同意，0 票反对，0 票 ...

Investment Rating - The report suggests a "Buy" rating for several companies including Honglu Steel Structure, China Jushi, and Puyang Refractories, among others [35]. Core Insights - The total market value of public REITs has surpassed 200 billion yuan for the first time, reaching 201.99 billion yuan as of June 5, 2025, marking a 29% increase since the end of 2024 [3][5]. - The public REITs market is experiencing a steady upward trend due to the issuance of new products and rising secondary market prices, with the market value index reaching 113.91, a 19% increase from the end of 2024 [3][5]. - The narrowing yield spread between public REITs and long-term bonds is a significant factor driving the market, with the average distribution yield for public REITs at approximately 5.82% as of June 6, 2025 [15][3]. Summary by Sections 1. Weekly Topic: Public REITs Market Value Surpasses 200 Billion Yuan - As of June 6, 2025, the public REITs market value has increased by 29% compared to the end of 2024, with new products contributing to this growth [3][5]. - The market is characterized by a rotation among different sectors, with the rental housing and consumption REIT indices showing strong performance [19][20]. 2. Major Covered Companies' Earnings Forecast and Valuation - The report includes earnings per share (EPS) forecasts for various companies, with notable mentions such as Honglu Steel Structure and China Jushi, which are expected to perform well in the coming years [35]. - The report maintains a "Buy" rating for most covered companies, indicating a positive outlook for their performance [35]. 3. Weekly Market Review - The report provides insights into the weekly performance of the construction and building materials sectors, highlighting significant price movements among key companies [48][49]. - It notes that the public REITs market has shown resilience, with various indices reflecting positive trends in the infrastructure sector [49].

Investment Rating - The report maintains a "Buy" rating for companies such as Beixin Building Materials, Pona, and China Jushi, while recommending "Hold" for Weixing New Materials [8]. Core Views - The construction materials sector is expected to experience a "not-so-weak" off-season despite the traditional seasonal downturn, with a slight increase in demand for certain materials [1][2]. - Government debt issuance has increased, which may alleviate fiscal pressure and accelerate municipal engineering projects, benefiting companies like Longquan Co., Qinglong Pipe Industry, and China Liansu [2]. - The glass market is facing a supply-demand imbalance, with a marginal improvement in demand since March 2025, but overall demand is expected to decline post-2025 [2][3]. - The cement industry is still in a demand bottoming process, with companies increasing production cuts to stabilize prices [2][15]. - The fiberglass market shows signs of recovery, particularly in wind power applications, while electronic fiberglass demand remains strong [2][7]. Summary by Sections 1. Market Overview - From June 3 to June 6, 2025, the construction materials sector (SW) rose by 0.63%, with cement up 0.38%, glass manufacturing up 1.01%, fiberglass up 2.07%, and renovation materials up 0.24% [1][11]. - The net capital inflow for the construction materials sector was -159 million yuan during this period [1]. 2. Cement Industry Tracking - As of June 6, 2025, the national cement price index was 358.88 yuan/ton, down 0.51% from the previous week, with a total cement output of 3.157 million tons, a decrease of 9.81% [15]. - The cement market is characterized by weak demand in infrastructure and residential construction, with a utilization rate of 61.01% for cement clinker production [15][27]. 3. Glass Industry Tracking - The average price of float glass was 1250.27 yuan/ton, down 1.63% from the previous week, with inventory levels increasing significantly [3][32]. - The demand for glass is expected to remain weak in June, with prices likely to fluctuate downward [3][34]. 4. Fiberglass Industry Tracking - The fiberglass market is witnessing a stabilization in prices, with demand from wind power applications supporting growth [2][7]. - The price of non-alkali fiberglass is expected to stabilize, while electronic fiberglass prices remain steady [6][7]. 5. Carbon Fiber Industry Tracking - The carbon fiber market is stable, with production rates at 60.69% and a slight increase in inventory levels [7]. - The demand for carbon fiber is anticipated to grow, particularly in wind energy and hydrogen storage applications [7]. 6. Consumer Building Materials - The consumer building materials sector is benefiting from improved second-hand housing transactions and consumption stimulus policies, with companies like Beixin Building Materials and Weixing New Materials recommended for investment [2][8].

Investment Rating - The report gives a "Buy" rating for the company with a target price of 36.93 CNY based on a 15x valuation for 2025 [4]. Core Viewpoints - The company has a market share of nearly 70% in the gypsum board market, which has a size of approximately 150-200 billion CNY. The company aims to enhance the consumption attributes of gypsum boards, reduce costs, expand product categories, and accelerate internationalization [2][14]. - The company has adopted a "one body, two wings" strategy, focusing on waterproof materials and coatings, with significant revenue growth in both segments [3]. - The company has implemented a restricted stock incentive plan, projecting a compound annual growth rate (CAGR) of non-net profit attributable to shareholders of at least 14.22%, 16.12%, and 17.08% for 2025-2027 [4]. Summary by Sections Section 1: Gypsum Board Consumption Attributes - The company has a gypsum board market share of 67.38%, with a production volume of 2.165 billion square meters in 2023 [14]. - The company is focused on cost reduction, with a projected unit cost of 3.71 CNY per square meter in 2024, down by 0.19 CNY from the previous year [52]. - The company is expanding its product categories, including light steel keels and powder mortar, and is investing in gypsum fiber boards for interior and partition walls [2][63]. Section 2: Waterproof and Coating Business Expansion - The waterproofing materials segment has reached a revenue scale among the top three in the industry, while the coatings segment is expanding through acquisitions, including a significant merger with Jiaboli [3]. - The company’s coating production capacity is expected to increase from 103,000 tons to over 1.3 million tons by the end of 2024 [3]. Section 3: Profit Forecast and Investment Recommendations - The company forecasts revenues of 28.168 billion CNY, 30.126 billion CNY, and 32.317 billion CNY for 2025, 2026, and 2027, respectively, with growth rates of 9%, 7%, and 7% [4][8]. - The projected net profit attributable to shareholders is 4.142 billion CNY, 4.449 billion CNY, and 4.813 billion CNY for the same years, with growth rates of 14%, 7%, and 8% [4][8].

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 北新集团建材股份有限公司（以下简称"公司"）2024 年度利润分配方案 已获 2025 年 4 月 17 日召开的公司 2024 年年度股东大会审议通过,现将权益分派 事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、公司 2024 年度利润分配方案的具体内容为：以 2024 年 12 月 31 日的股 份总额 1,689,507,842 股为基数，按每 10 股派发现金红利 8.65 元（含税），共 分配利润 1,461,424,283.33 元。公司 2024 年度不送股，亦不进行资本公积金转 增股本。若公司利润分配方案公布后至实施前，公司股本发生变动的，将按照现 金分配总额不变的原则对分配比例进行调整。 证券代码：000786 证券简称：北新建材 公告编号：2025-034 北新集团建材股份有限公司 2024 年年度权益分派实施公告 2、自分配方案披露至实施期间，公司股本总额未发生变化。 3、本次实施的分配方案与 2024 年年度股东大会审议通过的分配方案一致。 4、本次实施分配方案距离 2024 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - There is a shortage of high-end special glass fiber, and the report continues to recommend African building materials [2][6] - Cement prices are expected to rise, while glass inventory has slightly accumulated [8] - The report recommends focusing on the African supply chain and domestic substitution chain, with leading companies being the main focus for the year [10] Summary by Sections Special Glass Fiber - Low CTE glass fiber fabric is in short supply, with major manufacturers like Mitsubishi Gas Chemical issuing delayed delivery notices, extending lead times to 4-5 months [6] - The demand for advanced packaging materials, particularly for AI GPUs, is driving supply constraints in high-end Low CTE glass fiber fabric [6] - China National Materials Technology is expected to benefit significantly due to rapid capacity expansion and product upgrades, with an anticipated monthly capacity of approximately 6 million meters by the end of 2026 [6] Cement Market - The domestic cement market saw a slight increase in demand, with an average shipment rate of 48% in key regions, up by about 1.4 percentage points month-on-month but down 5.5% year-on-year [8][24] - The national average cement price decreased by 0.8% month-on-month, with some regions planning to increase prices in June [8][25] Glass Market - The domestic float glass market is experiencing weak demand, with prices continuing to decline [9][36] - The production capacity utilization rate is at 81.65%, with a total of 285 production lines and a daily melting capacity of 159,205 tons [9][36] - Inventory levels have increased slightly, with a total of 57.89 million weight boxes in key monitored provinces, reflecting a 0.26% increase [9][36] Recommendations - The report actively recommends companies like Keda Manufacturing in the African supply chain, which has advantages in production, channels, and brand [10] - For domestic substitution, companies such as China National Materials Technology, Mega Chip Color, and Puyang Huicheng are highlighted due to their strong positions in the market [10] - The report emphasizes the potential for growth in the existing building materials sector, particularly in renovation and public construction [10]

Group 1 - Traditional industries in China have a solid foundation, complete systems, and strong capabilities, indicating a thriving market with vast growth potential [1] - Despite pressures from the real estate market adjustment, many traditional industry companies, such as Beixin Building Materials, are innovating to transform challenges into opportunities, showcasing resilience and a proactive spirit [1] Group 2 - The demand for urban infrastructure upgrades, such as the renovation of approximately 600,000 kilometers of gas and drainage pipelines over the next five years, is expected to generate an investment demand of around 4 trillion yuan, benefiting industries like steel, building materials, and engineering machinery [2] - Upgrading consumer demands, driven by rising living standards, is creating new market opportunities for traditional industries, requiring them to adapt to new functional and aesthetic needs [2] Group 3 - The rapid advancement of technology in Chinese manufacturing is enabling previously unattainable designs and functionalities, with companies leveraging new technologies for product innovation and efficiency [3] - The integration of traditional and emerging industries, along with the push for intelligent transformation, is facilitating cost reductions and efficiency improvements, allowing traditional industries to thrive and evolve [3] - Traditional industries are seen as the foundation of manufacturing, with the potential for new growth through proactive engagement with emerging demands and innovations [3]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1] Core Viewpoints - The construction materials sector is experiencing fluctuations at the bottom of the PMI index, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report emphasizes the potential for recovery in the home decoration materials segment, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The construction materials sector has shown a slight increase of 0.18% in the past week, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -1.08% and -0.02% respectively [4] - The report highlights that the cement market price is currently at 367.8 RMB/ton, down by 3.0 RMB/ton from the previous week and down by 6.3 RMB/ton compared to the same period last year [20][21] 2. Cement Market - The average cement inventory ratio is reported at 65.7%, an increase of 0.4 percentage points from the previous week, but down by 2.5 percentage points year-on-year [25] - The average daily cement shipment rate is 47.8%, up by 1.4 percentage points from the previous week but down by 5.3 percentage points compared to last year [25] - The report notes that the cement price is expected to stabilize or slightly rebound in the coming months due to supply-side adjustments and demand recovery [12][19] 3. Glass Fiber Market - The report indicates that the profitability of the glass fiber sector remains low, with many second and third-tier companies operating at breakeven or loss [13] - The demand for high-end products in wind power and thermoplastics is expected to continue growing, which may support profitability for leading companies [13] - The report recommends companies like China Jushi and suggests monitoring others such as Zhongcai Technology and Shandong Fiberglass [13] 4. Glass Market - The glass sector is facing weak terminal demand, with inventory levels remaining high and price pressures expected to increase as the market enters a seasonal downturn [14][15] - The report recommends Qibin Group as a leading player in the glass market, with a focus on its cost advantages and growth potential in photovoltaic glass [14] 5. Home Decoration Materials - The report highlights the positive impact of government policies aimed at boosting domestic demand and stabilizing the real estate market, which is expected to enhance the demand for home decoration materials [16] - Companies such as Beixin Building Materials and Arrow Home are recommended for their strong growth potential and market positioning [16]

Core Viewpoint - The report outlines the independent financial advisory opinion on the 2024 restricted stock incentive plan of Beixin Building Materials, emphasizing its compliance with relevant regulations and its potential positive impact on the company's sustainable development and shareholder interests [4][18][22]. Summary by Sections 1. Incentive Plan Overview - The incentive plan is designed to motivate key personnel, including directors and senior management, with a total of up to 12.9 million shares, representing approximately 0.764% of the company's total share capital [5][20]. - The plan includes a performance assessment mechanism based on company and individual performance metrics to determine the release of stock restrictions [13][25]. 2. Eligible Participants - The plan targets a maximum of 344 individuals, including directors and core personnel, who must meet specific performance criteria and cannot participate in other stock incentive plans [4][5][19]. 3. Stock Allocation and Pricing - The initial grant of restricted stock is set at 11.0275 million shares, with a grant price of 18.20 RMB per share, which is aligned with the company's stock performance prior to the announcement [12][20]. - The total stock allocation does not exceed 10% of the company's total share capital, ensuring compliance with regulatory limits [6][20]. 4. Vesting and Release Conditions - The plan stipulates a vesting period of 24 months, followed by a phased release of restrictions over the next 36 months, contingent on meeting performance targets [9][22]. - Performance targets include achieving specific net asset return rates and economic value added, benchmarked against industry peers [14][15]. 5. Compliance and Feasibility - The independent financial advisor confirms that the incentive plan adheres to relevant laws and regulations, ensuring it does not harm the interests of the company or its shareholders [17][18][22]. - The plan's structure is designed to align the interests of management with those of shareholders, promoting long-term company growth [18][24]. 6. Financial Implications - The financial advisor notes that the implementation of the incentive plan is expected to have a positive impact on the company's operational sustainability and shareholder equity, linking management performance to shareholder value [24][25].