证券代码：000877 证券简称：天山股份 公告编号：2025-054 天山材料股份有限公司 关于计提资产减值准备的公告 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、本次计提资产减值准备情况概述 为真实、准确反映天山材料股份有限公司（简称"公司"）截至 2025 年 6 月 30 日的财务状况和经营成果，根据《深圳证券交易所股 票上市规则》《企业会计准则》及公司会计政策的相关规定，基于谨 慎性原则，公司及所属公司对各类资产进行了检查和减值测试，对截 至 2025 年 6 月 30 日合并报表范围内有关资产计提相应的减值准备。 2025 年 1-6 月公司计提资产减值准备合计 24,803.48 万元。 二、本次计提减值准备情况 本次计提资产减值准备事项遵照了《企业会计准则》和公司会计 政策的相关规定，符合谨慎性原则及公司实际情况，依据充分；计提 资产减值后能够更加公允、客观地反映公司 2025 年半年度的财务状 况以及经营情况，不存在损害公司及全体股东特别是中小股东利益的 情形。 五、本次计提减值准备对公司的影响 本次计提资产减值准备 24,803.4 ...

天山材料股份有限公司 2025 年半年度报告全文 天山材料股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 天山材料股份有限公司 2025 年半年度报告全文 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：天山材料股份有限公司 | | 2025 年 06 月 30 日 | 单位：元 | | --- | --- | --- | | 项目 | 期末余额 | 期初余额 | | 流动资产： | | | | 货币资金 | 11,905,405,130.58 | 12,092,213,849.24 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 1,037,674,403.17 | 1,026,004,353.78 | | 衍生金融资产 | 0.00 | 5,339.76 | | 应收票据 | 21,729,213.24 | 303,951,068.33 | | 应收账款 | 30,107,690,553.63 | 28,377,319,237.81 | | ...

天山材料股份有限公司 关于在中国建材集团财务有限公司 开展金融业务的风险持续评估报告 天山材料股份有限公司（简称"本公司"或"公司"）通过查验 中国建材集团财务有限公司（简称"财务公司"）《金融许可证》《营 业执照》等证件资料，并审阅了财务公司验资报告、财务报表，对财 务公司的经营资质、业务和风险状况进行了评估，现将有关风险评估 情况报告如下： 一、中国建材集团财务有限公司基本情况 中国建材集团财务有限公司成立于 2013 年 4 月 23 日，是经原中 国银行业监督管理委员会批准成立的非银行金融机构。 注册地址：北京市海淀区复兴路 17 号 2 号楼 9 层 法定代表人：陶铮 金融许可证机构编码：L0174H211000001 统一社会信用代码：9111000071783642X5 注册资本：47.21 亿元人民币，其中：中国建材集团有限公司（简 称"中国建材集团"）出资 36.79 亿元，占比 77.93%；中国建材股份 有限公司出资 10.42 亿元，占比 22.07%。 经营范围：许可项目:企业集团财务公司服务。(依法须经批准的 项目,经相关部门批准后方可开展经营活动,具体经营项目以相关部门 批准文件 ...

证券代码：000877 证券简称：天山股份 公告编号：2025-053 天山材料股份有限公司 第九届董事会第六次会议决议公告 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 8 月 8 日以 书面、邮件的方式发出召开第九届董事会第六次会议的通知。 2、公司第九届董事会第六次会议于 2025 年 8 月 18 日以现场结 合视频方式召开。 4、会议主持人为董事长赵新军，公司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《关于计提资产减值准备的议案》 本议案表决情况：9 票同意，0 票反对，0 票弃权。 本议案已经公司董事会审计委员会审议通过。 为真实、准确地反映公司的资产和财务状况，基于谨慎性原则， 本公司及所属公司计提资产减值准备 24,803.48 万元，减少 2025 年 半年度利润总额 24,803.48 万元。 具体内容详见《关于计提资产减值准备的公告》（公告编号： ...

天山股份公告，2025年上半年营业收入359.8亿元，同比下降9.40%。净亏损9.22亿元，上年同期净亏损 34.13亿元。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

Market Overview - The cement sector increased by 0.98% on August 18, with Tibet Tianlu leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Tibet Tianlu (600326) closed at 17.04, up 6.37% with a trading volume of 3.1322 million shares and a transaction value of 5.25 billion [1] - Tianshan Shares (000877) closed at 5.73, up 1.78% with a trading volume of 613,000 shares and a transaction value of 352 million [1] - Other notable performers include Hanjian Heshan (603616) at 5.90, up 1.55%, and Guotong Shares (002205) at 14.67, up 1.31% [1] Fund Flow Analysis - The cement sector saw a net inflow of 371 million from institutional investors, while retail investors experienced a net outflow of 93.33 million [2] - Major stocks like Tibet Tianlu had a net inflow of 34.5 million from institutional investors, indicating strong institutional interest [3] - Conversely, stocks like Hanjian Heshan and Guotong Shares experienced net outflows from retail investors, suggesting a mixed sentiment among retail participants [3]

Group 1: Strategy and Market Outlook - The report indicates that the computing power sector has entered a main rising market, fulfilling necessary conditions for a significant market uptrend similar to the mobile internet boom in 2013 [8][10] - Short-term opportunities are identified in packaging testing, storage, computing chips, algorithm technology, and software, which show favorable technical indicators [13] - Mid-term analysis suggests that the valuation gap between Chinese and US computing power sectors is expected to converge, with higher performance expectation adjustments in advanced packaging, storage, and power sectors in China [11][12] Group 2: Company-Specific Analysis - Tianshan Co., as the largest cement producer in China, is expected to achieve revenues of 83.3 billion, 82.6 billion, and 82.1 billion CNY from 2025 to 2027, with net profits of 1.72 billion, 2.15 billion, and 2.70 billion CNY respectively [23][24] - The company is currently valued at a low PB of 0.5x, with a target price set at 8.22 CNY per share, reflecting a "buy" rating [23] - The report highlights that Tianshan Co. is well-positioned to benefit from regional infrastructure policies and has potential for cost reduction through enhanced management and resource utilization [24] Group 3: Economic and Industry Trends - The report notes a slowdown in industrial and service sector growth, with retail sales continuing to decline, indicating a weakening domestic demand [5][26] - Fixed asset investment has decreased by 5.3% year-on-year, with significant declines in real estate development investment, which fell by 17% [27][28] - The cement demand is projected to decline by 5%-6% in 2025, but the report anticipates stabilization in the long term, particularly in regions like Xinjiang [24]

Investment Rating - The report assigns a "Buy" rating to the company, Tianshan Co., Ltd. (000877.SZ), with a target price of 8.22 CNY per share based on a 0.7x PB for 2025 [1][6][21]. Core Insights - Tianshan Co., Ltd. is the largest cement producer in China with a complete industrial chain and national layout. The company is expected to benefit from cost control improvements, seasonal price increases, and policy-driven supply-side adjustments. The company is also expanding its "Cement+" business and overseas markets to create new growth avenues [1][2][3][21]. Summary by Sections Company Overview - Tianshan Co., Ltd. is a core enterprise under China National Building Material Group, with the largest cement clinker capacity in the country. The company has undergone significant growth and restructuring, becoming a national leader in the cement industry [25][31][26]. Industry Demand and Supply - Demand for cement is projected to decline by 5-6% in 2025, but the rate of decline is expected to narrow. The company is well-positioned to benefit from infrastructure projects in Xinjiang, where it holds a leading market share [2][54]. - The supply side is seeing a trend towards "anti-involution," with policies aimed at reducing overproduction. The industry is expected to improve its competitive landscape as excess capacity is gradually eliminated [2][57]. Performance and Cost Management - The company has faced pressure on revenue and profits in recent years, but the rate of decline is improving. Cost management is expected to enhance profitability, with a projected decrease in unit costs by 23 CNY in 2024 [3][4]. - The company is focusing on integrated operations and overseas expansion, with expectations of revenue growth from international projects [3][4]. Financial Projections - The company is forecasted to achieve revenues of 83.3 billion CNY in 2025, with a net profit of 1.72 billion CNY. The projections for 2026 and 2027 are 82.6 billion CNY and 82.1 billion CNY in revenue, respectively [4][21]. - The report highlights that the company's current valuation is at a historical low, providing significant upside potential [21]. Key Assumptions - The report assumes a 10% decline in cement and clinker sales in 2025, with a gradual recovery in subsequent years. It also anticipates price stability and cost reductions due to improved management practices [15][16][17].

Core Viewpoint - The cement sector experienced a slight increase of 0.07% on August 15, with Fujian Cement leading the gains, while the overall market indices also showed positive performance [1]. Market Performance - The Shanghai Composite Index closed at 3696.77, up by 0.83% - The Shenzhen Component Index closed at 11634.67, up by 1.6% [1]. Individual Stock Performance - The following stocks in the cement sector showed varied performance: - Xizang Tianlu (600326) closed at 16.02, down by 2.38% - Sanhe Yingshao (003037) closed at 68.8, down by 1.66% - Conch Cement (600585) closed at 24.13, down by 0.29% - Tianshan Shares (000877) closed at 5.63, up by 0.18% - Other stocks like Wan Nian Qing (000789) and Han Jian He Shan (603616) also showed slight increases [2]. Capital Flow Analysis - The cement sector saw a net outflow of 620 million yuan from institutional investors, while retail investors contributed a net inflow of 697 million yuan [4]. - Key individual stock capital flows included: - Conch Cement (600585) had a net inflow of 90.79 million yuan from institutional investors - Tianshan Shares (000877) saw a net inflow of 13.28 million yuan from institutional investors [4].

Core Insights - The report highlights a significant shift in China's consumption structure from goods to services, with per capita service consumption expected to reach 46.1% of total consumption by 2024, contributing 63% to the growth of consumer spending [2] - The establishment of the Xinjiang-Tibet Railway Company marks the beginning of a major infrastructure project that is expected to enhance regional economic collaboration and reduce logistics costs, with an estimated investment of around 500 billion yuan [7][8] - The report emphasizes the positive impact of major infrastructure projects on China's economic stability and growth, particularly in the context of external uncertainties [9][10] Economic News - The Ministry of Commerce indicates a rapid transition in China's consumption structure, with service consumption growing at an annual rate of 9.6% from 2020 to 2024 [2] - The Ministry of Finance has introduced a one-year "dual interest subsidy" policy aimed at boosting consumer loans for various sectors, including automotive and healthcare [2] - The People's Bank of China is encouraging increased credit support for the service consumption sector to ensure effective policy implementation [4] Company Insights - Alibaba Health has signed a strategic cooperation agreement with Innovent Biologics to enhance supply chain solutions for cold-chain delivery of specific medications [5] - Didi has recently invested in a driverless commercial vehicle company, indicating a strategic move towards autonomous transportation [5] - Jiangfeng Electronics is planning to integrate its flat panel display target material business with Japan's Aifuka Corporation, showcasing international collaboration [5] Infrastructure Projects - The Xinjiang-Tibet Railway is expected to significantly lower logistics costs and enhance economic cooperation between regions, with a construction period projected to exceed 20 years [8][9] - The report outlines that the construction of the Xinjiang-Tibet Railway will provide a safety net for China's economy against external uncertainties, contributing approximately 0.18% to GDP growth annually [8][9] - Other major infrastructure projects are also set to commence, which will serve as important engines for domestic demand and economic stability [10] Investment Recommendations - The report suggests that leading companies in the construction and materials sector will benefit significantly from the Xinjiang-Tibet Railway project, including major state-owned enterprises [9] - It emphasizes that the implementation of major projects will not only yield long-term benefits but also stabilize the economy amid external challenges [11]