Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a significant recovery in Q1 2025, with total revenue of 6.25 billion yuan, a year-on-year increase of 5.1% and a quarter-on-quarter increase of 14.45%. The net profit attributable to the parent company was 840 million yuan, up 2.5% year-on-year and 67.8% quarter-on-quarter [6] - The gross margin showed a notable recovery, with a sales gross margin of 28.94%, a year-on-year increase of 0.29 percentage points, and a quarter-on-quarter increase of 1.96 percentage points. The net profit margin was 13.68%, down 0.27 percentage points year-on-year but up 4.00 percentage points quarter-on-quarter [6] - The company’s waterproof and paint businesses are emerging as strong growth drivers, with waterproof revenue reaching 1.054 billion yuan (up 10.54% year-on-year) and paint revenue reaching 910 million yuan (up 111.44% year-on-year) [6] - The international business showed robust growth, with revenue increasing by 73% year-on-year and net profit increasing by 143.1% [6] Financial Data and Profit Forecast - The company is expected to achieve total revenue of 31.541 billion yuan in 2025, with a year-on-year growth rate of 22.2%. The net profit attributable to the parent company is projected to be 4.503 billion yuan, representing a year-on-year growth of 23.5% [5] - The earnings per share (EPS) is forecasted to be 2.67 yuan in 2025, increasing to 3.42 yuan by 2027 [5] - The return on equity (ROE) is expected to be 15.7% in 2025, improving to 16.1% by 2027 [5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company demonstrates strong operational resilience and stable profitability, with Q1 2025 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 6.25 billion, 840 million, and 820 million yuan respectively, reflecting year-on-year growth of 5.1%, 2.5%, and 3.5% [1] - The gypsum board business faces pressure with a revenue decline of 7.0% year-on-year, while the waterproof business shows growth with a revenue increase of 10.5% year-on-year [2] - The company is expanding its industrial coatings segment with a new production base in Anqing, focusing on industrial corrosion protection coatings [2] - The overall profitability remains stable due to cost reduction and efficiency improvements, with a gross margin of 28.9%, up 0.3 percentage points year-on-year [3] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 6.25 billion yuan, with a net profit of 840 million yuan, and a net profit excluding non-recurring items of 820 million yuan, showing year-on-year increases of 5.1%, 2.5%, and 3.5% respectively [1] - The gross margin for Q1 2025 was 28.9%, an increase of 0.3 percentage points year-on-year, attributed to cost reduction and product mix optimization [3] Business Segments - The gypsum board and related businesses generated 4.20 billion yuan in revenue, down 7.0% year-on-year, indicating increased competition and price pressure [2] - The waterproof business achieved a revenue of 1.05 billion yuan, up 10.5% year-on-year, with a net profit of 40 million yuan, reflecting a 19.9% increase [2] - The coatings segment saw a significant revenue increase of 111.4% year-on-year, primarily due to the consolidation of Carpoly, with a net profit of 40 million yuan, up 48.2% [2] Growth and Profitability Forecast - The report forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 4.566 billion, 5.367 billion, and 6.219 billion yuan respectively, with growth rates of 25.20%, 17.53%, and 15.88% [4] - The company is expected to maintain a stable growth trajectory, supported by its resilient gypsum board business, growth in waterproof products, and expansion in the coatings sector [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a strong start in Q1 2025, with revenue of 6.25 billion yuan, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 840 million yuan, up 2.5% year-on-year [1] - The gypsum board segment faced a revenue decline of 6.1% year-on-year, attributed to intense industry competition, while the waterproof materials segment grew by 10.5% year-on-year [2] - The company is expanding its industrial coatings business, with plans to establish a production base in Anqing, Anhui Province, which will enhance its market competitiveness [2] Financial Performance - The company's gross margin for Q1 2025 was 28.9%, a slight increase of 0.3 percentage points year-on-year, while the net profit margin was 13.7%, a minor decrease of 0.3 percentage points [3] - Accounts receivable increased significantly by 93.9% compared to the beginning of the year, primarily due to the implementation of annual credit sales policies [3] - The company expects to achieve revenue of 28.865 billion yuan, 32.138 billion yuan, and 35.453 billion yuan for 2025, 2026, and 2027 respectively, with a compound annual growth rate of 8.3% [4] Business Segments - The gypsum board segment generated revenue of 4.28 billion yuan in Q1 2025, while the waterproof materials segment achieved 1.05 billion yuan, reflecting a robust growth trajectory [2] - The industrial coatings segment reported revenue of 908 million yuan, with plans for further expansion following the restructuring of the Carpoly business [2] Future Outlook - The company is expected to maintain a strong market position due to its cost advantages and brand strength, which will help mitigate price wars and protect profit margins [4] - The projected earnings per share (EPS) for 2025 is 2.71 yuan, with a price-to-earnings (P/E) ratio of 11 [5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a strong Q1 performance in 2025, with revenue of 6.25 billion yuan, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 840 million yuan, up 2.5% year-on-year [1] - The gypsum board segment experienced a revenue decline of 6.1% year-on-year, attributed to intense industry competition, while the waterproof materials segment grew by 10.5% year-on-year [2] - The company is expanding its industrial coatings business, with plans to establish a new production base in Anqing, Anhui Province, which will enhance its market competitiveness [2] Financial Performance - The company's gross margin for Q1 2025 was 28.9%, a slight increase of 0.3 percentage points year-on-year, while the net profit margin was 13.7%, a minor decrease of 0.3 percentage points [3] - Accounts receivable increased significantly to 5.31 billion yuan, up 93.9% from the beginning of the year, primarily due to annual credit sales policies [3] - The company expects to achieve revenue of 28.865 billion yuan, 32.138 billion yuan, and 35.453 billion yuan for 2025, 2026, and 2027 respectively, with a compound annual growth rate of 8.3% [4] Business Segments - The gypsum board segment generated 4.28 billion yuan in revenue, while the waterproof materials segment achieved 1.05 billion yuan, reflecting a robust growth trajectory [2] - The industrial coatings segment reported revenue of 908 million yuan, with plans for further expansion following the restructuring of the Carpoly business [2] Future Outlook - The company is expected to maintain a strong market position due to its cost advantages and brand strength, which will help mitigate price wars and protect profit margins [4] - The projected earnings per share (EPS) for 2025 is 2.71 yuan, with a price-to-earnings (P/E) ratio of 11 [5]

按照《公司法》《证券法》《深圳证券交易所股票上市规则》等法律法规和 规范性文件以及公司章程、公司监事会议事规则的规定和要求，监事会对公司 2025 年第一季度报告进行了认真审核，并出具审核意见如下： 证券代码：000786 证券简称：北新建材 公告编号：2025-026 北新集团建材股份有限公司 第七届监事会第八次会议决议公告 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。 北新集团建材股份有限公司（以下简称"公司"）第七届监事会第八次会议 于 2025 年 4 月 24 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 4 月 14 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。 会议经审议，以 3 票同意，0 票反对，0 票弃权审议通过了公司《2025 年第 一季度报告》。 公司 2025 年第一季度报告全文的内容和格式符合深圳证券交易所发布的规 范性文件的要求，报告所 ...

北新集团建材股份有限公司（以下简称"公司"）第七届董事会第八次会议 于 2025 年 4 月 24 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 4 月 14 日以电子邮 件方式发出，本次会议应出席董事 8 人，实际出席 8 人。会议由董事长管理先生 主持，公司监事和高管人员等列席了会议，符合相关法律、法规和规范性文件的 规定。会议经过审议，表决通过了以下决议： 一、审议通过了《公司 2025 年第一季度报告》； 该议案已经公司董事会审计委员会审议通过。 该议案内容详见公司于 2025 年 4 月 25 日刊登在《中国证券报》《上海证券 报》《证券日报》《证券时报》、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）的《2025 年第一季度报 告》。 该议案以 8 票同意，0 票反对，0 票弃权获得通过。 二、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》。 该议案已经公司董事会战 ...

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 ...

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 ...