Core Insights - The article highlights a significant growth in the company's performance, with a reported increase of 8.64% in revenue, reaching 149.47 billion [1] Financial Performance - The company achieved a revenue of 149.47 billion, reflecting an 8.64% increase compared to the previous period [1] - The profit margin stands at 14.94, indicating a strong profitability level [1] - The earnings per share (EPS) is reported at 19.23, showcasing robust earnings potential [1]

国泰海通主要观点如下： 水泥需求下滑幅度进入放缓区间行业盈利就有望改善需要达成合意错峰天数，实现供给侧优化的累积与 下滑的需求匹配。如需求下降较快，合意天数达成难度大，现需求弱降甚至单月正增长有助于合意天数 的达成进而对价格形成更强的支撑。 投资建议 国泰海通发布研报称，3月以来华东和华南磨机开工率保持正增长，3月初至4月10日华东、华南平均磨 机开工率分别为63%、62%，较2024年同期的55%、51%有明显提升；沿江熟料库存保持在40%以下的 低位，水泥需求正增长的确信度高。从微观角度看，卓创等数据统计的样本(多为大企业)磨机开工率表 征的需求更佳，海螺水泥（600585）一季度销量优于行业实现正增长，考虑到大企业在大型基建项目中 份额更高，微观数据亦可验证基建是需求增长的抓手。 磨机开工率、库存印证数据可靠性高，3月水泥需求正增长 从卓创磨机开工率、库存可验证需求数据的可靠性：3月以来华东和华南磨机开工率保持正增长，3月初 至4月10日华东、华南平均磨机开工率分别为63%、62%，较2024年同期的55%、51%有明显提升；沿江 熟料库存保持在40%以下的低位，水泥需求正增长的确信度高。自2021下半 ...

证券代码：000877.SZ 证券简称：天山股份 公告编号：2025-035 债券代码：148712.SZ 债券简称：24 天山 K1 新疆天山水泥股份有限公司 2024 年面向专业投资者公开发行科技创新公司债券（第一期） 2025 年付息公告 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： 新疆天山水泥股份有限公司 2024 年面向专业投资者公开发行科 技创新公司债券（第一期）（简称"24 天山 K1"、"本期债券"） 2025 年付息债权登记日为 2025 年 4 月 23 日。凡在 2025 年 4 月 23 日前（含当日）买入并持有本期债券的投资者享有本次派发的利息； 2025 年 4 月 23 日卖出本期债券的投资者不享有本次派发的利息。 天山材料股份有限公司（曾用名"新疆天山水泥股份有限公 司"，简称"公司""本公司"）发行的本期债券至 2025 年 4 月 24 日将期满 1 年。根据《新疆天山水泥股份有限公司 2024 年面向专业 投资者公开发行科技创新公司债券（第一期）募集说明书》有关条 款的规定，在本期债券的计息期限内，每年付息 ...

Investment Rating - The report indicates a positive outlook for the real estate sector, emphasizing its role in boosting domestic demand and stabilizing the market [1][12]. Core Insights - The real estate market is transitioning back to its residential function, with significant declines in new home sales and construction activities projected for 2022-2024 [1][12]. - The implementation of new policies on May 17, 2024, aims to support the real estate market, including adjustments to loan rates and down payment requirements [1][12]. - Infrastructure projects are also highlighted as key drivers of domestic demand, particularly in regions like Xinjiang and Guangxi, with significant investments underway [2][13]. - The "Belt and Road" initiative remains a focal point for international expansion, with ongoing collaborations between China and Vietnam to enhance infrastructure connectivity [2][13]. Summary by Sections Weekly Discussion - The report discusses the importance of real estate in stimulating domestic demand, noting a shift towards residential needs and a significant drop in key market indicators [1][12]. - It highlights the recent government meetings aimed at stabilizing the real estate market and the potential impact of new policies on housing loans [1][12]. Cyclical Linkage - Cement prices have shown a year-on-year increase, with the national average price at 395 RMB/t, while glass prices have also seen slight increases [3][14]. - The report notes a stable demand for aluminum and steel, with expectations for continued high supply levels [3][14]. National Subsidy Tracking - Various regions have successfully implemented consumer subsidies, such as Shanghai's 1.8 billion RMB for home appliance upgrades, significantly boosting sales [4][15]. - The report suggests focusing on companies related to subsidized products in the construction materials sector [4][15]. Important Developments - The report mentions the strengthening of the strategic partnership between China and Vietnam, along with significant stock purchases by major shareholders in various companies [5][16]. - It emphasizes the government's commitment to stabilizing the stock market and supporting the real estate sector [5][16]. Market Performance (April 14-18) - The construction materials index experienced a slight decline, with specific segments like refractory materials and pipes performing better than others [17]. Construction Material Price Changes - Cement prices have slightly decreased in certain regions, while glass prices have shown minor increases, indicating a mixed market response [29][39]. - The report provides detailed statistics on the pricing trends and inventory levels for various construction materials [29][39].

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 ...