证券代码：000877 证券简称：天山股份 公告编号：2025-034 天山材料股份有限公司 2024 年度股东大会决议公告 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。 特别提示： 1、会议日期： 1.本次股东大会未出现否决提案的情形。 2.本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况 1.1 现场会议时间：2025 年 4 月 18 日 14:30 1.2 网络投票时间为：2025 年 4 月 18 日，其中，通过深圳证券 交易所交易系统投票的具体时间为：2025 年 4 月 18 日上午 9:15 至 9:25，9:30 至 11:30，下午 13:00 至 15:00；通过深圳证券交易所互 联网投票的具体时间为：2025 年 4 月 18 日 9:15 至 15:00 的任意时 间。 1.3 会议召集人：公司第九届董事会 1.4 会议主持人：公司董事长赵新军 1.5 现场会议地点：上海市浦东新区世博馆路 70 号中国建材 大厦会议室。 1.6 本次股东大会的召开符合《公司法》《上市公司股东会规 则》（简称"《股东会规则》"）《深 ...

北京市嘉源律师事务所 关于天山材料股份有限公司 2024 年度股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 . . . . 关于天山材料股份有限公司 2024 年度股东大会的法律意见书 嘉源(2025)-04-215 北京市嘉源律师事务所(以下简称"本所")接受天山材料股份有限公司(以 下简称"公司")委托,根据《中华人民共和国公司法》(以下简称"《公司法》")、 《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有效的法律、 行政法规、部门规章、规范性文件(以下简称"法律法规")以及《天山材料股 份有限公司章程》（以下简称"《公司章程》"）的有关规定,指派本所律师对 公司 2024年度股东大会(以下简称"本次股东大会")进行见证,并依法出具 本法律意见书。 为出具本法律意见书,本所指派律师现场见证了本次股东大会,查阅了公司 提供的与本次股东大会有关的文件和资料,并进行了必要的审查和验证。在前述 审查和验证的过程中,本所律师得到公司的如下承诺和保证:就本所认为出具本 法律意见书所必需审查的事项而言,公司已经提供了全部相关的原始书面材料、 副本材料或口头证言,该等 ...

Investment Rating - The industry investment rating is "Leading the Market-A" [5] Core Viewpoints - Recent price increases in cement across various regions are expected to benefit from increased infrastructure investment [1][10] - The demand for cement is recovering, supported by effective peak-shifting production strategies and low inventory levels, leading to rising prices [3][10] - The cement industry is experiencing a gradual recovery in profitability due to strategic changes among leading companies and improved market conditions [8][10] Summary by Sections Price Increases - Multiple regions have announced price hikes for cement, with increases ranging from 10 to 100 CNY per ton in various areas [1] - As of April 4, 2025, the average prices for PO42.5 bulk cement (including tax) in different regions were reported, showing increases compared to previous lows [2] Demand and Supply Dynamics - National cement production in January-February 2025 was 171 million tons, a year-on-year decrease of 5.7%, but the decline is less severe compared to 2024 [3] - The operating rate of cement kilns in March was reported at 40.1%, a month-on-month increase of 12.5 percentage points, indicating improved production efficiency [3] Cost Factors - The average price of thermal coal has been declining, which supports improved profitability for cement companies as cement prices rise [3] Future Outlook - The cement demand is expected to continue recovering due to increased infrastructure investment and supportive government policies [9][10] - The industry is likely to see ongoing supply-side optimization policies that will help alleviate supply-demand imbalances and support price increases [9][10]

股票代码：000877 股票简称：天山股份 天山材料股份有限公司投资者关系活动记录表 编号：2025-002 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 参加中国建材集团有限公司上市公司集体业绩说明会的全 体投资者 时间 2025 年 4 月 3 日 地点 线下：上海证券交易所 线上：1."互动易"平台"云访谈"栏目 （https://irm.cninfo.com.cn/） 2.上证路演中心平台 （https://roadshow.sseinfo.com/） 上市公司接待人 员姓名 赵新军、李雪芹 投资者关系活动 主要内容介绍 2025 年 4 月 3 日公司在上海证券交易所参加了中国建 材集团有限公司上市公司集体业绩说明会，与投资者进行 交流的主要内容如下： 一、介绍公司经营概况 2024 年，水泥行业受下游地产投资缩减和基建工程项 目放缓等多重因素影响，全年水泥市场价格行情总体呈现 "上半年低迷徘徊、下半年逐步回升、波动较为频繁"的复 杂走势特征。公司经营情况与行业发展相匹配，2024 年公 司外销水 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - The company reported a total revenue of 86.995 billion yuan for 2024, a year-on-year decrease of 18.98%, with a net profit attributable to shareholders of -0.598 billion yuan, down 130.45% year-on-year. In Q4 2024, the revenue was 25.536 billion yuan, a decrease of 5.4% year-on-year, while the net profit attributable to shareholders was 3.149 billion yuan, an increase of 64.52% year-on-year [2][4][10]. Summary by Sections Financial Performance - In 2024, the company sold 19.823 million tons of cement, a decrease of 15.84% year-on-year. The sales of clinker and ready-mixed concrete also saw declines of 3.88% and 1.24%, respectively. Aggregate sales dropped by 8.22% [10]. - The revenue breakdown for 2024 shows that cement sales contributed 55.591 billion yuan (63.9% of total revenue), ready-mixed concrete sales contributed 23.478 billion yuan (26.99%), and aggregate sales contributed 4.756 billion yuan (5.47%) [10]. - The estimated revenue per ton for cement and clinker in 2024 was 247 yuan, down 23 yuan year-on-year, while the cost per ton was 209 yuan, also down 23 yuan year-on-year, resulting in a gross profit of 38 yuan per ton, unchanged year-on-year [10]. Future Outlook - The company anticipates earnings of 1.1 billion yuan and 1.6 billion yuan for 2025 and 2026, respectively, corresponding to price-earnings ratios of 37 and 26 times [6]. - Despite the pressure on demand, there is an expectation for some price elasticity due to supply constraints and the willingness of leading companies to maintain pricing power [10].

一、交易概述 证券代码：000877 证券简称：天山股份 公告编号：2025-033 天山材料股份有限公司 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。 关于对外投资（海外）的进展公告 本次交易约定的相关股权交割条件已满足，中材水泥已将其在 《股份购买协议》项下的全部权利义务转至阿联酋SPV公司。阿联酋 SPV公司按照约定收购CJO及其控股子公司GJO100%的股权，并已经完 成股东变更登记手续，中材水泥取得CJO及其控股子公司GJO100%的股 权。 特此公告。 天山材料股份有限公司董事会 2025 年 3 月 31 日 天山材料股份有限公司（简称"公司"）于2024年7月25日、2024 年10月25日分别召开第八届董事会第三十六次会议、第八届董事会第 四十次会议，审议通过了《关于对外投资（海外）的议案》《关于对 外投资（海外）设立子公司及为子公司股东借款提供担保的议案》， 同意公司控股子公司中材水泥有限责任公司（简称"中材水泥"）之 全资子公司中材水泥（香港）投资有限公司（简称"香港SPV公司"） 与中非发展基金有限公司（简称"中非发展基金"）共同出资 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 8.55 RMB [8] Core Views - The company reported a revenue of 86.995 billion RMB in 2024, a decrease of 18.98% year-on-year, and a net profit attributable to shareholders of -0.5984 billion RMB, down 130.45% year-on-year [1] - In Q4 2024, the company achieved a revenue of 25.536 billion RMB, a year-on-year decrease of 5.40% but a quarter-on-quarter increase of 17.35%, with a net profit of 3.149 billion RMB, up 64.52% year-on-year [1][2] - The average selling price (ASP) of cement in Q4 2024 was 269 RMB per ton, reflecting an 11% increase quarter-on-quarter, leading to a gross profit margin of 24.79%, up 5.32 percentage points year-on-year [2] - The company has strengthened cost control, with a total non-recurring profit and loss of 1.653 billion RMB in 2024, an increase of 19.8% year-on-year, primarily from asset disposals and government subsidies [3] Summary by Sections Revenue and Profitability - The company’s revenue for 2024 was 86.995 billion RMB, down 18.98% year-on-year, with a net profit of -0.5984 billion RMB, reflecting a significant decline [1] - In Q4 2024, the company’s revenue was 25.536 billion RMB, showing a year-on-year decrease of 5.40% but a quarter-on-quarter increase of 17.35% [1] - The average selling price of cement in Q4 2024 was 269 RMB per ton, leading to a gross profit of 69 RMB per ton, which is a 30 RMB increase quarter-on-quarter [2] Cost Management - The company’s expense ratio for 2024 was 15.74%, an increase of 2.4 percentage points year-on-year, while the Q4 2024 expense ratio was 11.52%, a decrease of 0.77 percentage points year-on-year [3] - Non-recurring gains for 2024 amounted to 1.653 billion RMB, up 19.8% year-on-year, mainly from asset disposals and government subsidies [3] Market Outlook - As of late March 2025, the national average cement price was 407 RMB per ton, showing resilience despite a 4.1% decrease month-on-month and a 10.2% increase year-on-year [4] - The company is expected to continue enhancing peak-shifting management, which may help in balancing supply and demand in the cement market [5]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company's Q4 performance showed significant improvement, with expectations for a recovery in cement prices leading to better overall performance [4]. - The company reported a total revenue of 869.95 billion yuan for the year 2024, a decrease of 18.98% year-on-year, and a net profit attributable to shareholders of -5.98 billion yuan [1]. - In Q4 alone, the company achieved a revenue of 255.36 billion yuan and a net profit of 31.49 billion yuan, marking a year-on-year decrease of 5.40% in revenue but an increase of 64.52% in net profit [1]. Financial Performance Summary - The cement and clinker business generated a revenue of 555.9 billion yuan in 2024, down 22% year-on-year, with sales volume decreasing by 15% to 225 million tons [2]. - The average selling price per ton of cement decreased by 23 yuan to 247 yuan/ton, while the cost per ton also fell by 23 yuan to 209 yuan/ton, resulting in a stable gross profit margin of 39 yuan per ton [2]. - The overall gross margin for the company was 16.72%, an increase of 0.53 percentage points year-on-year, with Q4 gross margin reaching 24.79%, up 5.32 percentage points year-on-year [3]. - The company’s operating cash flow for 2024 was 124.60 billion yuan, a decrease of 44.91 billion yuan year-on-year [3]. Future Earnings Projections - The company’s net profit forecasts for 2025 and 2026 have been revised upwards to 26 billion yuan and 34 billion yuan, respectively, with an expected net profit of 39 billion yuan for 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company's Q4 performance showed significant improvement, with expectations for a recovery in cement prices leading to better overall performance [4]. - The company reported a total revenue of 869.95 billion yuan for the year 2024, a decrease of 18.98% year-on-year, and a net profit attributable to shareholders of -5.98 billion yuan [1]. - In Q4 alone, the company achieved revenue of 255.36 billion yuan and a net profit of 31.49 billion yuan, marking a year-on-year decrease of 5.40% in revenue but an increase of 64.52% in net profit [1]. Financial Performance Summary - The cement and clinker business generated revenue of 555.9 billion yuan in 2024, down 22% year-on-year, with sales volume decreasing by 15% to 225 million tons [2]. - The average selling price per ton of cement decreased by 23 yuan to 247 yuan/ton, while the cost per ton also fell by 23 yuan to 209 yuan/ton, resulting in a stable gross profit margin of 39 yuan per ton [2]. - The overall gross margin for the company was 16.72%, an increase of 0.53 percentage points year-on-year, with Q4 gross margin reaching 24.79%, up 5.32 percentage points year-on-year [3]. - The company’s operating cash flow for 2024 was 124.60 billion yuan, a decrease of 44.91 billion yuan year-on-year [3]. Future Earnings Projections - The company’s net profit forecasts for 2025 and 2026 have been revised upwards to 26 billion yuan and 34 billion yuan, respectively, with an expected net profit of 39 billion yuan for 2027 [4].

Core Viewpoint - Tianshan Co. reported a significant decline in revenue and net profit for 2024 due to a shrinking demand in the cement and building materials industry, while also highlighting its efforts in cost management and digital transformation to maintain operational stability [1] Group 1: Financial Performance - The company achieved an operating revenue of 86.995 billion yuan, a year-on-year decrease of 18.98%, and a net profit attributable to shareholders of -0.598 billion yuan [1] - Despite the overall industry downturn, the company managed to stabilize manufacturing costs for its main products, including cement and ready-mixed concrete [1] Group 2: Industry Challenges and Responses - The cement industry is facing challenges such as overcapacity, weak demand, and cost pressures, leading to a decline in net profits for many companies [2] - Tianshan Co. is leveraging its supply chain advantages to optimize operations, reduce costs, and innovate, which includes a detailed action plan for cost savings and efficiency improvements [2] Group 3: Digital Transformation and Innovation - The company is enhancing its operational efficiency through digitalization, implementing full-process digital management in factories, and optimizing supply chain efficiency via its e-commerce platform "Jucaitong" [5][2] - The sales volume of special and specialized cement increased significantly, with special cement sales reaching 2.513 million tons and specialized cement sales at 15.061 million tons, marking a year-on-year growth of 19.76% [5] Group 4: Green Transition and Carbon Management - Tianshan Co. is actively pursuing a green low-carbon transition, with initiatives such as peak carbon and carbon neutrality goals integrated into its operational framework [3][6] - The company has established a carbon management platform and is focusing on energy transition, product innovation, and carbon capture technologies to prepare for national carbon trading [6] Group 5: Future Outlook - The cement industry is expected to gradually recover, with signs of bottoming out observed in the latter half of the previous year, and a reduction in price wars as major raw material prices decline [6][7] - Tianshan Co. aims to enhance its resilience and competitive advantage through cost reduction, optimization, and digital transformation strategies, while focusing on low-carbon development and high-end manufacturing [7]