北新集团建材股份有限公司 2025 年半年度报告全文 北新集团建材股份有限公司 2025 年半年度报告 2025 年 8 月 1 北新集团建材股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人管理、主管会计工作负责人王佳传及会计机构负责人(会计主 管人员)董辉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质 承诺，请投资者及相关人士对此保持足够的风险认识，并理解计划、预测与 承诺之间的差异。 公司在本报告中的"管理层讨论与分析——公司面临的风险和应对措施" 部分描述了公司经营中可能存在的重大风险及其应对措施，敬请广大投资者 注意阅读。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 6 ...

Investment Rating - The report maintains a positive outlook on the building materials industry, particularly in AI materials and traditional building materials entering a price increase season [1][3]. Core Insights - The AI materials market continues to expand, driven by the anticipation of mass production in the AI industry chain, which is expected to boost demand for related products [2][3]. - The construction materials sector is showing signs of recovery, with consumption fundamentals expected to improve in the second half of 2025 [10][24]. - The cement industry is entering a peak season, with price increases already observed in the Yangtze River Delta region [30][33]. Summary by Sections AI Materials - The M9 production for switches is expected to ramp up ahead of schedule, with core Q fabric suppliers also increasing production capacity [2]. - The demand for low dielectric fabrics is anticipated to rise alongside the production of GB200 and GB300 cabinets [2][3]. - The overall production ramp-up is seen as a key support for market trends [2]. Cement Industry - The opening of major infrastructure projects in Xinjiang and Tibet is expected to enhance market confidence and drive demand for cement [8][30]. - The cement market has seen a slight price increase, with certain regions experiencing price hikes of 10-30 RMB per ton [33][34]. - The report highlights a potential supply reduction in the North China region due to planned production cuts for air quality improvement [32][33]. Building Materials - The report notes a significant policy shift in Beijing aimed at stimulating the real estate market, which is expected to positively impact consumption building materials [10][24]. - Companies in the consumption building materials sector are beginning to stabilize their earnings, with expectations of improved profitability in the coming quarters [25][26]. - The report emphasizes the importance of cost management and pricing strategies among leading companies in the sector [25][26]. Glass Industry - The float glass market is currently facing price pressures, with average prices declining [41][42]. - Environmental regulations are tightening, which may lead to increased costs for glass manufacturers [42][43]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market challenges, with a focus on profitability in their automotive glass segment [44].

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The construction materials sector is experiencing weak fundamentals, with expectations for more supportive real estate policies [1] - The sector saw a net capital outflow of 517 million yuan during the week, indicating a cautious market sentiment [1] - The report highlights the potential for recovery in municipal engineering projects due to improved government fiscal policies [2] Summary by Sections Cement Industry Tracking - As of August 15, 2025, the national cement price index is 335.75 yuan/ton, a slight decrease of 0.06% from the previous week [3] - The cement output was 2.608 million tons, down 1.27% week-on-week, with a clinker capacity utilization rate of 51.74%, down 13.01 percentage points [3][16] - The cement industry faces challenges including slowing infrastructure growth, increasing differentiation in housing construction, and intense competition in the civil market [16] Glass Industry Tracking - The average price of float glass is 1235.66 yuan/ton, reflecting a decline of 3.08% from the previous week [3] - Inventory levels for float glass have increased, indicating ongoing supply-demand imbalances [6] Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with slight fluctuations in demand due to seasonal factors [7] - The report notes a potential recovery in demand for wind power fiberglass as bidding volumes increase [2] Consumer Building Materials - Consumer building materials are benefiting from favorable second-hand housing transactions and consumption stimulus policies [2] - The report recommends stocks such as Beixin Building Materials and Weixing New Materials for their long-term market share growth potential [9] Carbon Fiber Market - The carbon fiber market is showing signs of slow recovery, with a production rate of 61.49% and an increase in inventory levels [8] - The report emphasizes the importance of monitoring price stabilization in the context of improving economic expectations [2]

Investment Rating - The report maintains an "Overweight" rating for the building materials industry [2]. Core Insights - The real estate sector remains in a weak economic environment, but changes on the supply side are more promising [1]. - The cement sector is expected to benefit from demand driven by urban renewal and supply restrictions, leading to improved market conditions [4][7]. - The report highlights the potential for price increases in waterproofing products, which could enhance industry profit margins [7]. Summary by Sections Industry Overview - The building materials industry consists of 73 listed companies with a total market value of 838.733 billion yuan and a circulating market value of 789.313 billion yuan [2]. - The report notes a decline in real estate development investment, with a 12% year-on-year decrease, and a 4% drop in commercial housing sales area [7]. Key Companies - North New Building Materials: EPS forecast for 2024A is 2.2 yuan, with a "Buy" rating [5]. - Conch Cement: EPS forecast for 2024A is 1.5 yuan, with a "Buy" rating [5]. - China Jushi: EPS forecast for 2024A is 0.6 yuan, with a "Buy" rating [5]. - Weixing New Materials: EPS forecast for 2024A is 0.6 yuan, with a "Buy" rating [5]. - Sankeshu: EPS forecast for 2024A is 0.5 yuan, with an "Overweight" rating [5]. - Huaxin Cement: EPS forecast for 2024A is 1.2 yuan, with a "Buy" rating [5]. - Shandong Pharmaceutical Glass: EPS forecast for 2024A is 1.4 yuan, with a "Buy" rating [5]. - Qibin Group: EPS forecast for 2024A is 0.1 yuan, with an "Overweight" rating [5]. - Dongfang Yuhong: EPS forecast for 2024A is 0.1 yuan, with a "Buy" rating [5]. - Jianlang Hardware: EPS forecast for 2024A is 0.3 yuan, with a "Buy" rating [5]. - China National Materials: EPS forecast for 2024A is 1.5 yuan, with a "Buy" rating [5]. Market Trends - The cement market saw a 0.2% increase in prices, with specific regions experiencing price hikes of 10-30 yuan per ton [31]. - The national cement output for January to July 2025 was 958 million tons, a 4.5% year-on-year decrease [7]. - The report anticipates a steady upward trend in cement prices due to rising coal costs and improved demand conditions [31]. Recommendations - The report recommends focusing on companies that are likely to benefit from supply restrictions and urban renewal projects, such as Huaxin Cement and Conch Cement [7][8]. - It also suggests monitoring companies in the waterproofing sector, like Dongfang Yuhong, for potential profit margin improvements [7].

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - Infrastructure investment in July showed a high increase in railway and water electricity fuel investment, while overall infrastructure investment is experiencing marginal slowdown, particularly in the central and western regions [1][2] - Real estate development investment from January to July decreased by 12%, with a significant drop of 17.1% in July alone, indicating a continued weakness in the real estate sector [2] - The issuance of special bonds has accelerated, with a total of 27,775.89 billion yuan issued from January to July, representing a year-on-year increase of 56.5%, which is expected to support infrastructure investment growth in the second half of the year [1] - Cement demand is anticipated to gradually recover, with a focus on investment opportunities at relatively low points in the market, despite a 4.5% year-on-year decline in cement production from January to July [3] - The flat glass market is showing signs of improvement, with a slight increase in prices and a reduction in inventory levels, suggesting a potential recovery in demand [4] Summary by Sections Infrastructure Investment - In July, infrastructure investment growth was supported by a 21.5% year-on-year increase in water electricity fuel investment, while transportation and storage investment saw a 3.9% increase [2] - The report emphasizes the importance of focusing on major engineering projects and infrastructure investments in the central and western regions [1] Real Estate Sector - The real estate sector continues to show weakness, with significant declines in sales, new construction, and completion areas from January to July [2] - The report highlights the need for monitoring policy changes that could impact the real estate market [4] Cement and Glass Markets - Cement production decreased by 4.5% year-on-year, with a notable drop in July, but there are expectations for demand recovery as the market enters a peak season [3] - The flat glass market is experiencing a slight recovery, with improved trading conditions and reduced inventory levels [4]

Group 1 - The company, Beixin Group Building Materials Co., Ltd., plans to disclose its 2025 semi-annual report and summary on August 19, 2025, on the Shenzhen Stock Exchange and the Giant Tide Information website [1] - An earnings briefing will be held on August 22, 2025, from 15:00 to 16:00 [1] - The briefing will be conducted through a combination of on-site communication, video live streaming, and online text interaction [2] Group 2 - Participants can register for the earnings briefing via the "Come In" app or by scanning a QR code before 15:00 on August 21, 2025 [3][4] - The company encourages investors to submit questions in advance by sending them to a designated email address before 17:00 on August 20, 2025 [5] - The company will address commonly asked questions during the earnings briefing, and investors can also interact online during the event [5]

金融界消息 截至2025年8月15日收盘，北新建材（000786）报收于26.88元，上涨1.4%，换手率1.15%， 成交量18.81万手，成交金额5.06亿元。 资金流向方面，今日主力资金净流入3636.45万元，占比成交额7.18%。其中，超大单净流入551.91万 元、占成交额1.09%，大单净流入3084.54万元、占成交额6.09%，中单净流出流出1533.89万元、占成交 额3.03%，小单净流出2102.56万元、占成交额4.15%。 北新建材最新一期业绩显示，截至2025一季报，公司营业总收入62.46亿元、同比增长5.09%，归属净利 润8.42亿元，同比增长2.46%，扣非净利润8.19亿元，同比增长3.53%，流动比率1.678、速动比率 1.380、资产负债率24.05%。 天眼查商业履历信息显示，北新集团建材股份有限公司，成立于1997年，位于北京市，是一家以从事非 金属矿物制品业为主的企业。企业注册资本168950.7842万人民币，实缴资本168950.7842万人民币。公 司法定代表人为管理。 通过天眼查大数据分析，北新集团建材股份有限公司共对外投资了55家企业，参与招投标项 ...

证券代码：000786 证券简称：北新建材 公告编号：2025-043 北新集团建材股份有限公司（以下简称"公司"）拟于 2025 年 8 月 19 日在 深圳证券交易所网站（网址：http://www.szse.cn）及巨潮资讯网站（网址： http://www.cninfo.com.cn）披露公司《2025 年半年度报告》和《2025 年半年 度报告摘要》。为便于广大投资者进一步了解公司 2025 年半年度经营情况，公 司将举行 2025 年半年度业绩说明会，现将有关事项公告如下： 一、业绩说明会的时间、方式及公司出席人员 电脑端：https://s.comein.cn/riwpa36c）。 副总经理、董事会秘书李畅女士、财务负责人（财务总监）王佳传先生（如遇特 殊情况，参会人员可能进行调整）。 二、投资者参加方式 本次业绩说明会在进门平台以现场交流+视频直播+网络文字互动方式举行， 本次业绩说明会为申请参会模式，请在 2025 年 8 月 21 日 15:00 前使用"进门" App 或微信扫描以下二维码并点击"申请参会"进行报名： 北新集团建材股份有限公司 关于举行 2025 年半年度业绩说明会 并征 ...

北新集团建材股份有限公司 关于举行 2025 年半年度业绩说明会 并征集问题的公告 证券代码：000786 证券简称：北新建材 公告编号：2025-043 二、投资者参加方式 本次业绩说明会在进门平台以现场交流+视频直播+网络文字互动方式举行， 本次业绩说明会为申请参会模式，请在 2025 年 8 月 21 日 15:00 前使用"进门" App 或微信扫描以下二维码并点击"申请参会"进行报名： 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"）拟于 2025 年 8 月 19 日在 深圳证券交易所网站（网址：http://www.szse.cn）及巨潮资讯网站（网址： http://www.cninfo.com.cn）披露公司《2025 年半年度报告》和《2025 年半年 度报告摘要》。为便于广大投资者进一步了解公司 2025 年半年度经营情况，公 司将举行 2025 年半年度业绩说明会，现将有关事项公告如下： 一、业绩说明会的时间、方式及公司出席人员 1、时间：2025 年 8 月 22 日（星期五）15:00 至 ...

Core Insights - A total of 38 stocks on the Shanghai and Shenzhen exchanges have experienced net inflows of main funds for five consecutive days or more as of August 14, with Dingyang Technology leading at 10 days of inflow [1][2] - The stock with the highest total net inflow amount is Taicheng Light, which has seen a cumulative net inflow of 843 million yuan over six days [1] - The stock with the highest net inflow ratio relative to trading volume is Dayuan Pump Industry, which has increased by 48.78% over the past five days [1] Summary by Category Stocks with Continuous Net Inflows - Dingyang Technology: 10 days of net inflow, 73 million yuan, 6.82% increase [2] - Chinese Media: 9 days of net inflow, 83 million yuan, 1.20% increase [1][2] - Taicheng Light: 6 days of net inflow, 843 million yuan, 15.94% increase [1] Highest Net Inflow Amounts - Taicheng Light: 843 million yuan over 6 days [1] - Huicheng Environmental Protection: 746 million yuan over 9 days [1] - Huatai Securities: 666 million yuan over 5 days [1] Highest Net Inflow Ratios - Dayuan Pump Industry: 14.72% net inflow ratio, 48.78% increase over 5 days [1] - Huicheng Environmental Protection: 10.16% net inflow ratio, 26.41% increase over 9 days [1] - Huatai Securities: 5.24% net inflow ratio, 7.80% increase over 5 days [1]