Financial Performance - The company's revenue for Q1 2025 was CNY 6,246,258,743.71, representing a 5.09% increase compared to CNY 5,943,893,516.11 in the same period last year[5]. - Net profit attributable to shareholders was CNY 842,219,346.07, a 2.46% increase from CNY 821,978,143.33 year-on-year[5]. - Total operating revenue for the current period reached ¥6,246,258,743.71, an increase of 5.1% compared to ¥5,943,893,516.11 in the previous period[39]. - Net profit for the current period was ¥854,756,655.38, representing an increase of 3.3% from ¥829,292,612.08 in the previous period[40]. - Earnings per share (EPS) for the current period was ¥0.498, compared to ¥0.487 in the previous period, indicating a growth of 2.3%[40]. Cash Flow and Liquidity - The net cash flow from operating activities decreased significantly to -CNY 221,504,774.88, a decline of 764.48% compared to -CNY 25,622,766.64 in the previous year[5]. - Cash and cash equivalents decreased by 43.09% to CNY 401,275,046.55, primarily due to reduced net cash flows from operating and financing activities[13]. - Operating cash flow for the current period was -221,504,774.88 CNY, a decline from -25,622,766.64 CNY in the previous period[41]. - The ending balance of cash and cash equivalents was 1,201,928,697.02 CNY, a decrease from 1,442,144,860.32 CNY year-over-year[42]. Assets and Liabilities - Total assets increased by 3.97% to CNY 36,533,574,783.4 from CNY 35,139,481,982.58 at the end of the previous year[5]. - Total liabilities rose to ¥8,786,181,085.15, up from ¥8,419,721,929.39, reflecting an increase of 4.4%[38]. - The company’s total inventory decreased to 2,389,444,610.44 CNY from 2,595,372,827.21 CNY, reflecting better inventory management[36]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 51,383[15]. - The largest shareholder, China National Building Material Group Corporation, holds 37.83% of shares, totaling 639,065,870 shares[15]. - The report indicates no related party transactions or concerted actions among the major shareholders[16]. - The company maintains a clear governance structure with no conflicts of interest among major shareholders[16]. Legal and Settlement Matters - North New Materials paid $500,000 to Lennar for a comprehensive settlement, while Taishan Gypsum paid $6 million to resolve claims[18]. - Taishan Gypsum agreed to pay $1,380,000 to Meritage for a full settlement, concluding the litigation against North New Materials and Taishan[20]. - Taishan reached a comprehensive settlement agreement in August 2019, agreeing to pay $248 million to resolve all claims from collective members, which includes known and unknown claimants[22]. - As of March 31, 2025, Taishan has incurred total legal fees and related costs of approximately ¥2.5 billion ($2.5 million) related to the ongoing litigation[23]. Investment and Project Updates - The company has invested a total of ¥204,067.49 million in fundraising projects as of March 31, 2025, with ¥2,581.45 million allocated for issuance costs[26]. - The construction project in Tianjin has achieved a completion rate of 98.96% with an investment of ¥15,500.06 million[26]. - The company has identified the R&D center construction project as a key initiative, aiming to develop energy-efficient and environmentally friendly building materials[28]. - The company has decided to shift focus from seven structural steel projects to two new building material bases in Jijiang and Fuping, aiming to enhance competitiveness in the gypsum board market[28]. Research and Development - Research and development expenses were ¥191,242,845.32, slightly down from ¥212,271,199.23, indicating a decrease of 9.9%[39]. - The company plans to enhance its market competitiveness in the gypsum board sector by focusing resources on core new building materials[31].

北新集团建材股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开 第七届董事会第八次会议，审议通过了《关于公司全资子公司北新涂料有限公司 投资建设安徽安庆年产 2 万吨工业涂料生产基地项目的议案》。 同意公司全资子公司北新涂料有限公司所属北新涂料（安庆）有限公司在安 徽省安庆市投资建设年产 2 万吨工业涂料生产基地项目。 该议案以 8 票同意，0 票反对，0 票弃权获得通过。 本次投资金额未超出有关法律法规、规范性文件及公司章程规定的董事会审 批权限，无需提交公司股东大会批准。 本次对外投资不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 二、投资项目基本情况 证券代码：000786 证券简称：北新建材 公告编号：2025-027 北新集团建材股份有限公司 对外投资公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、对外投资概述 三、对外投资的目的、存在的风险和对公司的影响 项目工艺先进，符合国家、安徽省的产业政策和布局要求，符合安庆市大观 区环保涂料产业园的总体规划。项目建成后，将专注于生产工业装备、石油 ...

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 001212 | 中旗新材 | 10.00 | 7.90 | 2902.42 | | 600668 | 尖峰集团 | 9.97 | 7.34 | 2894.55 | | 600326 | 西藏天路 | 3.41 | 4.91 | 2315.79 | | 002457 | 青龙管业 | 2.67 | 9.27 | 2244.41 | | 600876 | 凯盛新能 | 10.04 | 2.72 | 2052.09 | | 000786 | 北新建材 | 1.35 | 0.52 | 1855.33 | | 300198 | 纳川股份 | 2.96 | 6.82 | 1081.24 | | 603737 | 三棵树 | 0.56 | 0.38 | 1014.57 | | 002043 | 兔宝宝 | 2.01 | 1.58 | 653.37 | | 600801 | 华新水泥 | 0.98 | 0.66 | 604.74 | | 300737 | 科顺股份 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12]. Core Insights - The report highlights a narrowing decline in real estate data from the National Bureau of Statistics, emphasizing the importance of stable real estate policy expectations [5][21]. - Cement prices have slightly decreased, while glass inventory remains stable month-on-month [7][24]. - There is a focus on infrastructure and existing stock chains under the expectation of increased domestic demand, with investment opportunities in Africa being highlighted [9]. Summary by Sections Basic Situation - In March, the year-on-year decline in national commodity housing sales was 2.1% in terms of value and 3.0% in terms of area, with a smaller decline of 1.6% in value and 0.9% in area for March alone [5][6]. - The price index for new and second-hand homes in 70 cities fell by 0.1% and 0.2% respectively in March, with first-tier cities showing slight increases [5][6]. - The first quarter of 2025 saw a 24.4% year-on-year decline in new construction area, which narrowed to an 18.1% decline in March [6]. Cement Market - The national cement market price decreased, with a current average of 397.74 yuan/ton, down 3.55 yuan/ton month-on-month but up 35.65 yuan/ton year-on-year [25]. - The cement output rate in key regions was 48.5%, showing a slight month-on-month increase but a year-on-year decrease of about 2.0% [7][24]. - Cement production in the first quarter of 2025 saw a year-on-year decline of 1.4%, with a 2.5% increase in March [6]. Glass Market - The average price of glass was 74.99 yuan per weight box, with a slight month-on-month increase of 0.28 yuan [45]. - The total inventory of glass in monitored provinces was 5,624 million weight boxes, showing a slight increase from the previous week [44][45]. - The production capacity of float glass increased slightly, with 286 production lines and a daily melting capacity of 158,505 tons [44]. Investment Opportunities - The report recommends companies such as Huaxin Cement, Conch Cement, and China Liansu in the infrastructure chain, highlighting the potential for improved net profit due to lower coal costs [9]. - In the existing stock demand, companies like Sanke Tree and Beixin Building Materials are favored for their growth potential and low valuations [9]. - The report also points to investment opportunities in Africa, particularly in Keda Manufacturing, which has shown strong performance in overseas markets [9].

证券代码:000786 证券简称:北新建材 公告编号:2025-023 北新集团建材股份有限公司 关于 2024 年度第一期超短期融资券（科创票据） 兑付完成的公告 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。 北新集团建材股份有限公司（以下简称"公司"）于 2024 年 10 月 22 日发行了 2024 年度第一期超短期融资券（科创票据）（债券简 称:24 北新 SCP001（科创票据），债券代码:012483390.IB），本期 发行总额为人民币 10 亿元，发行利率 2.12%，起息日为 2024 年 10 月 23 日，兑付日为 2025 年 4 月 18 日，具体内容详见公司于 2024 年 10 月 25 日在公司选定信息披露媒体发布的《关于 2024 年度第一期 超短期融资券（科创票据）发行情况的公告》。 目前，公司已按期完成了上述 2024 年度第一期超短期融资券（科 创票据）的兑付，兑付本息合计人民币 1,010,280,547.95 元，由银 行间市场清算所股份有限公司划付至债券持有人指定账户。 特此公告。 北新集团建材股份有限公司 董事 ...

证券代码：000786 证券简称：北新建材 公告编号：2025-022 北新集团建材股份有限公司 2024 年年度股东大会决议公告 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 4 月 17 日(星期四)下午 14:30 （2）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 4 月 17 日的交易时间， 即 9:15-9:25，9:30-11:30 和 13:00-15:00； 此外，公司董事、监事、高级管理人员、董事会秘书及公司聘请的律师等相 关人士出席或列席了本次会议。 本次股东大会的召集和召开程序符合《中华人民共和国公司法》《深圳证券 交易所股票上市规则》等法律、法规、规范性文件及公司章程的规定。 二、提案审议表决情况 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 4 月 17 日上午 9:15-下午 15:00 期间的任意时间。 （二 ...

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 年年度股东大会的法律意见书 西城区复兴门内大街 158 号远 中国 · 北京 二〇二五年四月 源管师事务所 A YUAN LAW OFFICES 在本法律意见书中,本所律师仅对本次股东大会的召集、召开程序、出席会议 人员资格、召集人资格、会议表决程序、表决结果等所涉及的有关法律问题发表意 见,不对本次股东大会审议的议案内容以及该等议案所表述的事实或数据的真实性 及准确性发表意见。 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律业 务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具 日以前已经发生或者存在的事实,严格履行了法定职责,遵循了勤勉尽责和诚实信 关于北新集团建材股份有限公司 2024 年年度股东大会的 法律意见书 嘉源(2025)-04-210 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 ...

证券代码：000786 证券简称：北新建材 公告编号：2025-021 北新集团建材股份有限公司 关于 2025 年度第一期超短期融资券（科创票据） 发行情况的公告 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。 北新集团建材股份有限公司（以下简称公司）申请发行超短期融资券事项已 获中国银行间市场交易商协会(以下简称交易商协会)同意接受注册，并已收到交 易商协会出具的《接受注册通知书》（中市协注[2024]SCP185 号，以下简称通知 书），注册金额为人民币 20 亿元，注册额度自通知书落款之日（2024 年 6 月 11 日）起 2 年内有效，详见公司于 2024 年 6 月 14 日在公司选定信息披露媒体发布 的《关于申请发行超短期融资券获准注册的公告》。 公司于 2025 年 4 月 15 日发行了 2025 年度第一期超短期融资券（科创票 据），本次募集资金于 2025 年 4 月 15 日全额到账。现将发行结果公告如下： 1.债券名称：北新集团建材股份有限公司 2025 年度第一期超短期融资券（科 创票据） 2.债券简称：25 北新 SCP001（科 ...

Summary of Conference Call Records Company Overview - The company is the largest gypsum board and keel industry group globally, ranking among the top three in China's waterproofing industry and seventh in coatings, with a domestic ranking of fourth in construction materials [1][2]. Financial Performance (2024) - Revenue reached 25.821 billion yuan, an increase of 15.14% - Net profit was 3.726 billion yuan, up by 4.82% - Operating cash flow amounted to 5.134 billion yuan, growing by 8.45% - Asset addition rate stood at 23.96% [1]. Business Segments Performance Gypsum Board - Sales volume increased by 17%, with a total of 2.171 billion square meters sold - High-end product sales ratio improved by 1 percentage point, with high-end gypsum board accounting for 36.7% of sales [2][3]. Waterproofing - Revenue grew by 18.8%, with net profit increasing by 13% - Market share rose by 2.1 percentage points, with 1,571 new channel partners developed [3]. Coatings - The coatings business underwent a complete restructuring, expanding distribution channels to 24,000 dealers and covering over 3,000 counties and towns [3]. Strategic Initiatives - The company is focused on a dual strategy of solidifying its core business while expanding into new markets, particularly in consumer-oriented building materials [4]. - Emphasis on cost reduction and innovation, with procurement costs down by 8.2 billion yuan and manufacturing costs reduced by 0.15 billion yuan [4]. ESG and Market Position - The company received recognition for its green initiatives, with 33 enterprises rated as national green factories and 39 as provincial green factories [5]. - MSCI rating improved to B, with a strong focus on sustainable development practices [5]. Future Outlook (2025) - Plans to enhance strategic execution and global expansion, with a focus on improving economic operations [5]. - The company aims to achieve significant growth in both waterproofing and coatings segments, targeting revenues exceeding 50 billion yuan for each segment [8]. Market Dynamics - The construction market is experiencing a downturn, with a significant drop in real estate development area from 21 billion square meters to 7.3 billion square meters [8][9]. - The company is exploring new growth avenues in industrial coatings, with a focus on high-end applications and technological advancements [9][10]. Competitive Landscape - The company aims to maintain its leading position in the gypsum board market while expanding its footprint in the coatings and waterproofing sectors [9][10]. - There is a strong emphasis on innovation and technology to differentiate products and enhance market competitiveness [10][11]. Risks and Challenges - The company acknowledges potential risks associated with reliance on the real estate market and is actively seeking to diversify its product offerings to mitigate these risks [18][19]. - The competitive landscape is intensifying, necessitating a focus on quality and market share [24][25]. Conclusion - The company is well-positioned to navigate current market challenges through strategic initiatives, cost management, and a focus on innovation, aiming for sustainable growth in the coming years [5][18].

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the importance of domestic circulation as a more controllable option for China, suggesting that the focus should be on domestic demand and infrastructure investment as a response to the uncertainties brought by the "reciprocal tariffs" initiated by the U.S. [5][6] - The high-purity quartz sector is highlighted as a leading area, with domestic companies expected to benefit from the potential increase in import costs due to tariffs, making long-term domestic substitution promising [5][6] Summary by Sections 1. Sector Tracking - The construction materials index decreased by 2.4% while the overall market indices saw declines of 3.1% to 6.7% [9] - Notable stock performances included a 29.0% increase for Zhongqi New Materials and a 19.9% decrease for Jingxue Energy Saving [9] 2. Data Tracking 2.1 Cement - The average price of 42.5 cement is 396.3 yuan/ton, a decrease of 0.8 yuan/ton week-on-week, but an increase of 39.2 yuan/ton year-on-year [15] - The national cement inventory ratio is 60.2%, up 3.3 percentage points week-on-week [15] 2.2 Float Glass - The average price of 5mm float glass is 1413.0 yuan/ton, with a slight increase of 6.3 yuan/ton week-on-week [33] 2.3 Photovoltaic Glass - The average price for 2.0mm coated photovoltaic glass is 14.3 yuan/square meter, remaining stable week-on-week [38] 2.4 Glass Fiber - The average price for non-alkali glass fiber yarn is 4745.0 yuan/ton, unchanged week-on-week [45] 2.5 Carbon Fiber - The average price for large tow carbon fiber is 72.5 yuan/kg, stable week-on-week [49] 3. Industry Dynamics - The report discusses the ongoing tariff disputes initiated by the U.S. and their implications for the construction materials sector, highlighting the potential for increased domestic production and substitution [14] - The discovery of high-purity quartz mines in China is noted as a significant development that could reduce reliance on imports [14]