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]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 公告 天山材料截至2024年12月31日止年度之 主要會計數據和財務指標 1. 天山材料截至二零二四年十二月三十一日止年度報告全文亦將刊載於深圳證券交易所網站 （http://www.szse.cn）。 - 2 - 本公告乃自願而並非按香港聯合交易所有限公司證券上市規則特定規定而作出。 承董事會命 中國建材股份有限公司（「本公司」）董事會謹請其股東及公眾投資者留意以下天山材料股 份有限公司（「天山材料」）截至2024年12月31日止年度之主要會計數據和財務指標。 天山材料為本公司之附屬公司，其A股於深圳證券交易所上市及買賣（股份代號： 000877）。 - 1 - 天山材料主要會計數據和財務指標 | | | | 單位：元 | 幣種：人民幣 | | --- | --- | --- | --- | --- | | | | | 2024年比 | | | | 2024年 | 2023年 | 2023年增減 | ...

证券代码：000877 证券简称：天山股份 公告编号：2025-029 天山材料股份有限公司 5、发行利率：发行利率将按市场化原则确定； 6、发行对象：发行对象为中国银行间债券市场机构投资者（国家法 律法规禁止的投资者除外）； 关于公司拟注册及发行超短期融资券的公告 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。 2025 年 3 月 25 日，天山材料股份有限公司（简称"公司"）召 开的第九届董事会第二次会议审议通过了《关于公司拟注册及发行超 短期融资券的议案》，本议案尚需提交股东大会审议。 为满足公司生产经营的资金需求，进一步拓宽融资渠道，降低融资 成本，调节资金流动性，公司拟向中国银行间市场交易商协会（简称"交 易商协会"）申请注册总规模不超过人民币 150 亿元（含）的超短期融 资券，注册成功后，视市场利率情况及公司资金需求情况择机发行，具 体情况如下： 一、超短期融资券注册及发行方案 1、注册及发行主体：天山材料股份有限公司； 2、注册规模：本次超短期融资券的注册规模不超过人民币 150 亿元 （含），具体发行规模根据公司资金需求和发行时市场情况，在 ...

证券代码：000877 证券简称：天山股份 公告编号：2025-022 本公司及监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、监事会会议召开情况 1、天山材料股份有限公司(简称"公司")于 2025 年 3 月 14 日 以书面、邮件的方式发出召开第九届监事会第二次会议的通知。 2、公司第九届监事会第二次会议于 2025 年 3 月 25 日以现场结 合视频方式召开。 天山材料股份有限公司 第九届监事会第二次会议决议公告 3、本次会议应出席监事 5 人，实际出席监事 5 人。 4、会议主持人为监事会主席庄琴霞，监事庄琴霞、堵光媛、商 德颖、吕文斌、张子斌亲自出席了会议。 5、会议召开符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 二、监事会会议审议情况 （一）审议通过了《2024 年度监事会工作报告》 本议案表决情况：5 票同意，0 票反对，0 票弃权。 报告期内，公司经营情况与行业发展状况匹配，经大华会计师事 务所（特殊普通合伙）审计，实现营业收入 869.95 亿元；归属于上 市公司股东的净利润-5.98 亿元；实现基本每股收益-0.074 ...

经审核，监事会认为本次计提资产减值准备及核销坏账事项符合 相关法律法规要求，符合公司的财务真实情况，不存在损害公司和股 东利益的情况。公司审议本次计提资产减值准备及核销坏账的决策程 序合法、合规。监事会同意公司本次计提资产减值准备及核销坏账事 项。 二、关于 2024 年年度报告及摘要的审核意见 经审核，监事会认为董事会编制和审议 2024 年年度报告及摘要 的程序符合法律、行政法规及中国证监会的规定，报告内容真实、准 确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误导 性陈述或者重大遗漏。 三、关于 2024 年度利润分配预案的审核意见 天山材料股份有限公司监事会关于 第九届监事会第二次会议相关事项的审核意见 经审核，监事会认为公司 2024 年度利润分配预案充分考虑了公 司 2024 年度盈利状况、未来业务发展及资金需求等综合因素，符合 公司和全体股东的长远利益。因此，监事会同意本次不进行利润分配 的预案并提交股东大会审议。 根据《深圳证券交易所上市公司自律监管指引第 1 号——主板上 市公司规范运作》及《公司章程》等有关规定，天山材料股份有限公 司（简称"公司"）监事会对第九届监事会第二次会议 ...

证券代码：000877 证券简称：天山股份 公告编号：2025-023 天山材料股份有限公司 第九届董事会第二次会议决议公告 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。 一、董事会会议召开情况 1、天山材料股份有限公司(简称"公司")于 2025 年 3 月 14 日 以书面、邮件的方式发出召开第九届董事会第二次会议的通知。 2、公司第九届董事会第二次会议于 2025 年 3 月 25 日以现场结 合视频方式召开。 3、本次会议应出席董事 9 人，实际出席董事 9 人，董事赵新军、 薄克刚、于月华、范丽婷、张继武、沈军、陆正飞、孔伟平、李琛亲 自出席了会议。 4、会议主持人为董事长赵新军，公司监事和全体高级管理人员 列席了本次会议。 5、会议召开符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 二、董事会会议审议情况 （一）审议通过了《2024 年度总裁工作报告》 本议案表决情况：9 票同意，0 票反对，0 票弃权。 公司坚持聚焦主责主业，通过全体员工的共同努力，报告期内， 公司销售水泥 19,823 万吨，销售熟料 2,671 万吨，销售 ...

证券代码：000877 证券简称：天山股份 公告编号：2025-026 天山材料股份有限公司 关于 2024 年度利润分配预案的公告 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、审议程序 2025 年 3 月 25 日，天山材料股份有限公司（简称"公司"）召 开的第九届监事会第二次会议和第九届董事会第二次会议审议通过 了《2024 年度利润分配预案》。 该事项尚需提交公司 2024 年度股东大会审议。具体情况如下： 二、2024 年度利润分配预案的基本情况 经大华会计师事务所（特殊普通合伙）审计，公司（合并）2024 年度实现归属于母公司的净利润为-598,396,511.69 元，公司（母公 司）2024 年度实现净利润为 3,135,314,991.99 元。截至 2024 年资 产负债表日,公司（母公司）未分配利润为 7,496,687,844.38 元。 公司 2024 年度合并报表归属于母公司股东的净利润为负数，拟 定 2024 年度利润分配预案为：公司 2024 年度不派发现金红利，不送 红股，不以资本公积金转增股本。 三、2024 年度现 ...