Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company experienced a revenue decline in Q2, with a 0.3% year-on-year decrease in total revenue for H1 2025, amounting to 13.56 billion yuan, and a 12.9% drop in net profit attributable to shareholders, totaling 1.93 billion yuan [7] - The company has implemented price increases for its gypsum boards and waterproof materials, indicating potential for profit improvement in Q3 [7] - The company is progressing with its long-term development strategy, including new production projects in various locations [7] - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 4.018 billion yuan, 4.761 billion yuan, and 5.518 billion yuan respectively [7] Financial Data and Profit Forecast - Total revenue is projected to reach 26.605 billion yuan in 2025, with a year-on-year growth rate of 3.0% [6] - The net profit attributable to shareholders is expected to be 4.018 billion yuan in 2025, reflecting a 10.2% year-on-year growth [6] - The company's gross margin is forecasted to be 29.8% in 2025, with a return on equity (ROE) of 14.3% [6] - The earnings per share (EPS) is projected to be 2.38 yuan in 2025 [6]

Core Insights - North New Materials reported a slight decline in revenue for the first half of 2025, with total revenue at 13.558 billion yuan, a decrease of 0.29% year-on-year [1][2] - The company's net profit attributable to shareholders fell by 12.85% to 1.930 billion yuan, indicating a challenging financial environment [1][2] Financial Performance - Revenue: 13.558 billion yuan, down 0.29% from the previous year [2] - Operating profit: 2.188 billion yuan, a decrease of 11.50% year-on-year [1] - Total profit: 2.183 billion yuan, down 10.64% compared to the same period last year [1] - Net profit attributable to shareholders: 1.930 billion yuan, down 12.85% year-on-year [1][2] - Net profit after deducting non-recurring gains and losses: 1.892 billion yuan, a decrease of 12.35% [1][2] - Basic and diluted earnings per share: 1.142 yuan, down 12.82% [2] - Cash flow from operating activities: 961 million yuan, a significant decline of 52.86% [2] - Return on equity: 7.24%, down from 9.04% [2] Segment Performance - Lightweight building materials revenue: 8.901 billion yuan, down 8.67% year-on-year [1] - Waterproof building materials revenue: 2.494 billion yuan, up 5.99% [1] - Coating materials revenue: 2.163 billion yuan, a significant increase of 44.42% [1] Product Performance - Gypsum board revenue: 6.677 billion yuan, down 8.57% [1] - Keel revenue: 1.137 billion yuan, down 10.72% [1] - Waterproof membrane revenue: 1.720 billion yuan, up 0.63% [1] - Waterproof engineering revenue: 205 million yuan, down 1.76% [1] - Coating revenue: 2.511 billion yuan, up 40.82% [1] - Other revenue: 1.310 billion yuan, down 0.87% [1] Asset Position - Total assets: 35.540 billion yuan, an increase of 1.14% from the end of the previous year [2] - Net assets attributable to shareholders: 26.151 billion yuan, up 1.86% [2]

Core Viewpoint - The report indicates that despite a decline in net profit, the company demonstrates resilience and growth in specific segments, positioning itself for future opportunities in a challenging market environment [1][2]. Financial Performance - The company's net profit attributable to shareholders for the first half of the year was 1.93 billion yuan, a year-on-year decrease of 12.85% [1]. - The overall revenue was impacted by a decline in gypsum board and keel businesses, while waterproof and coating segments continued to grow [1]. Business Segments - The waterproof materials business showed growth despite the downturn in the real estate sector, indicating strong market demand [1]. - The company has expanded its coating business through the acquisition of Zhejiang Daqiao Paint, enhancing its growth strategy [1]. Strategic Development - The company is actively developing its waterproof materials industrial park in Qianjiang and plans to establish a 20,000-ton industrial coating production base in Anqing [1]. - The company is also focusing on international expansion, with production bases in Tanzania and Uzbekistan expected to achieve double-digit revenue and profit growth by mid-2025 [1]. Market Position - As an industry leader, the company possesses strong risk resistance capabilities, allowing it to maintain stable operations even in a sluggish market [1]. - The company holds a significant market share in the domestic gypsum board sector and is pursuing overseas market opportunities, including a trial production of 40 million square meters of gypsum board in Thailand [1].

中邮证券8月20日发布研报称，给予北新建材（000786.SZ，最新价：26.28元）买入评级。评级理由主 要包括：1）石膏板需求承压，涂料实现高增；2）费用率小幅增长，经营性现金流同比下滑。风险提 示：房地产需求持续走弱风险，行业竞争格局恶化风险。 （文章来源：每日经济新闻） ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a slight decline in revenue and net profit for the first half of 2025, with revenue of 13.56 billion and net profit of 1.93 billion, reflecting a year-on-year decrease of 0.3% and 12.9% respectively [1] - The gypsum board segment continues to face pressure, while the waterproof and coating businesses show resilience, with the latter experiencing a significant revenue increase of 40.8% [2][4] - The company is expanding its international presence and product offerings, with ongoing projects in Tanzania, Uzbekistan, and Thailand, which are expected to contribute positively to future revenues [4] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 7.31 billion, a year-on-year decrease of 4.5%, with net profit declining by 21.9% to 1.09 billion [1][2] - The gross margin for H1 2025 was 30.4%, down 0.6 percentage points from the previous year, attributed to weak demand and declining prices [3] - Operating cash flow for H1 2025 was 9.6 billion, a significant drop of 52.9% year-on-year, primarily due to changes in receivables related to the acquisition of Gaboli [3] Product Performance - Revenue from gypsum boards and keel products in H1 2025 was 6.68 billion and 1.14 billion respectively, both showing declines of 8.6% and 10.7% year-on-year [2] - The waterproof business remained relatively stable, with revenue of 1.72 billion, while the coating business saw a substantial increase in revenue [2] Regional Performance - Revenue from different regions showed mixed results, with northern regions declining by 12.4%, southern regions increasing by 9.0%, and western regions decreasing by 5.2% [2] - International revenue reached 320 million, marking a significant year-on-year increase of 68.8% [2] Future Outlook - The company has adjusted its net profit forecasts for 2025-2027 downwards by 15%-18% due to the ongoing pressure in the gypsum board sector [4] - The report emphasizes the company's strong position as a leader in the gypsum board industry and the resilience of its waterproof and coating businesses [4]

Investment Rating - The investment rating for the company is "Buy" [2][13]. Core Views - The company's gypsum board demand is under pressure, while the paint segment has achieved significant growth [5][6]. - In the first half of 2025, the company reported revenue of 13.56 billion yuan, a year-on-year decline of 0.3%, and a net profit attributable to shareholders of 1.93 billion yuan, down 12.9% year-on-year [5]. - The company expects revenue for 2025 and 2026 to be 27.5 billion yuan and 29.4 billion yuan, respectively, with year-on-year growth rates of 6.6% and 6.7% [7][9]. Company Overview - The latest closing price is 26.81 yuan, with a total market capitalization of 45.3 billion yuan [4]. - The company has a total share capital of 1.69 billion shares, with 1.617 billion shares in circulation [4]. - The asset-liability ratio stands at 24.0%, and the price-to-earnings ratio is 12.42 [4]. Financial Performance - In the second quarter of 2025, the company achieved revenue of 7.31 billion yuan, a year-on-year decline of 4.5%, and a net profit of 1.09 billion yuan, down 21.9% year-on-year [5][6]. - The revenue breakdown for the first half of 2025 shows gypsum board, keel, waterproof membrane, and paint revenues of 6.68 billion, 1.14 billion, 1.72 billion, and 2.51 billion yuan, respectively, with year-on-year changes of -8.6%, -10.7%, +0.6%, and +40.8% [6]. - The company’s operating cash flow decreased by 52.86% year-on-year to 0.96 billion yuan [7]. Profit Forecast - The forecast for net profit attributable to shareholders for 2025 and 2026 is 3.89 billion yuan and 4.13 billion yuan, respectively, with corresponding price-to-earnings ratios of 11.7X and 11.0X [7][9].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to pressure on its gypsum board business, while its paint segment showed significant growth [1][2]. Revenue and Performance Summary - In H1 2025, the company achieved revenue of 13.558 billion yuan, a year-on-year decrease of 0.29%, with Q2 revenue at 7.312 billion yuan, down 4.46% year-on-year [1][2]. - The net profit attributable to shareholders for H1 2025 was 1.930 billion yuan, a decline of 12.85% year-on-year, with Q2 net profit at 1.087 billion yuan, down 21.89% year-on-year [1][2]. - The revenue decline was mainly attributed to the drop in gypsum board and keel business, with Q1 and Q2 revenue growth rates of 5.09% and -4.46%, respectively [2]. Product Performance Summary - Revenue and growth rates for various products in H1 2025 were as follows: gypsum board 6.677 billion yuan (yoy -8.57%), keel 1.137 billion yuan (yoy -10.72%), waterproof membrane 1.720 billion yuan (yoy +0.63%), and paint 2.511 billion yuan (yoy +40.82%) [2]. - The company's core gypsum board business faced declining demand and intense market competition, while the "two wings" businesses (waterproof membranes and paints) continued to grow [2]. Profitability and Cost Analysis - The company's gross profit margin for H1 2025 was 30.35%, a decrease of 0.59 percentage points year-on-year, primarily due to declining demand and increased market competition [3][4]. - The gross profit margin for Q2 improved to 31.55%, an increase of 2.61 percentage points from Q1, attributed to a price increase for gypsum board products implemented on March 5 [4]. - The company’s expense ratio for H1 2025 was 13.37%, an increase of 0.57 percentage points year-on-year, with specific increases in sales, management, and research expenses [4]. Future Outlook and Investment Recommendations - The company is positioned as a leader in the gypsum board industry, actively expanding into home decoration and rural markets while developing high-end products [5]. - The company is expected to accelerate growth in its waterproof and paint businesses, with projected revenues for 2025-2027 of 27.609 billion yuan, 30.037 billion yuan, and 32.422 billion yuan, representing year-on-year growth rates of 6.93%, 8.79%, and 7.94%, respectively [5]. - Forecasted net profits for the same period are 3.956 billion yuan, 4.426 billion yuan, and 4.925 billion yuan, with corresponding year-on-year growth rates of 8.48%, 11.87%, and 11.28% [5].

和上海清算所网站(www.shclearing.com.cn) 。 特此公告。 北新集团建材股份有限公司 董事会 2025 年 8 月 20 日 证券代码：000786 证券简称：北新建材 公告编号：2025-048 公司于 2025 年 8 月 18 日发行了 2025 年度第二期超短期融资券，本次募集 资金于 2025 年 8 月 19 日全额到账。现将发行结果公告如下： 本次超短期融资券发行相关文件详见中国货币网(www.chinamoney.com.cn) 北新集团建材股份有限公司 关于 2025 年度第二期超短期融资券 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 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 30.42 CNY, compared to the current stock price of 26.68 CNY [4]. Core Views - The company's revenue and performance are under pressure, primarily due to a decline in the gypsum board and keel business, while the paint business has shown significant growth [2][3]. - In H1 2025, the company achieved a revenue of 13.558 billion CNY, a slight decrease of 0.29% year-on-year, and a net profit of 1.930 billion CNY, down 12.85% year-on-year [2][3]. - The company is focusing on expanding its two wings of business, with waterproofing materials and paint showing positive revenue growth [2][3]. Summary by Sections Revenue and Performance - In H1 2025, the company reported revenue of 135.58 billion CNY, with a year-on-year decline of 0.29%. The revenue drop is mainly attributed to the decline in gypsum board and keel business [2]. - The revenue breakdown for H1 2025 includes: gypsum board at 66.77 billion CNY (down 8.57% YoY), keel at 11.37 billion CNY (down 10.72% YoY), waterproofing materials at 17.20 billion CNY (up 0.63% YoY), and paint at 25.11 billion CNY (up 40.82% YoY) [2]. Profitability - The company's gross profit margin for H1 2025 was 30.35%, a decrease of 0.59 percentage points year-on-year. The decline in gross margin is attributed to decreased demand and intense market competition [3]. - The gross profit margin for Q2 2025 improved to 31.55%, an increase of 2.61 percentage points from Q1, mainly due to a price increase for gypsum board products implemented on March 5 [3]. Future Outlook - The company is expected to maintain its position as a leader in the gypsum board industry while actively expanding its waterproofing and paint businesses, which are experiencing rapid revenue growth [7]. - Revenue projections for 2025-2027 are estimated at 27.609 billion CNY, 30.037 billion CNY, and 32.422 billion CNY, with respective year-on-year growth rates of 6.93%, 8.79%, and 7.94% [7][8].

Core Viewpoint - North New Materials (000786) reported disappointing financial results for the first half of 2025, with a slight decline in total revenue and a significant drop in net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 13.558 billion yuan, a decrease of 0.29% year-on-year [1] - Net profit attributable to shareholders was 1.93 billion yuan, down 12.85% year-on-year [1] - In Q2 2025, total revenue was 7.312 billion yuan, a decline of 4.46% year-on-year, while net profit was 1.087 billion yuan, down 21.88% year-on-year [1] - Gross margin was 30.35%, a decrease of 1.93% year-on-year, and net margin was 14.56%, down 12.18% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 1.289 billion yuan, accounting for 9.51% of revenue, an increase of 7.97% year-on-year [1] - Earnings per share (EPS) was 1.14 yuan, a decrease of 12.82% year-on-year, while operating cash flow per share was 0.57 yuan, down 52.86% year-on-year [1] Cash Flow and Financial Ratios - The net cash flow from operating activities decreased by 52.86%, primarily due to the impact of the previous year's consolidation of Jiaboli and a reduction in cash received from sales [2] - The net cash flow from investing activities increased by 1105.59%, attributed to a decrease in cash paid for subsidiaries and an increase in cash recovered from bank wealth management products [2] - The net cash flow from financing activities decreased by 69.94%, due to a reduction in net borrowings and an increase in payments for remaining equity investments [2] - The net increase in cash and cash equivalents was up 314.5%, driven by the changes in investing and operating cash flows [2] Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 13.56%, indicating strong capital returns [3] - The historical median ROIC over the past decade was 13.81%, suggesting average investment returns [3] - The company has a projected dividend yield of 4.01% [3] - Analysts expect the company's performance in 2025 to reach 4.108 billion yuan, with an average EPS forecast of 2.43 yuan [3] Fund Holdings - The largest fund holding North New Materials is the Southern Component Selection Mixed A fund, with 4.9962 million shares and a recent net value of 0.6302 [4] - Other notable funds include the Fortune Long-term Growth Mixed A and the Jia Shi Strategy Mixed fund, which have also increased their holdings [4]