证券代码：002043 证券简称：兔宝宝 公告编号：2025-039 德华兔宝宝装饰新材股份有限公司 2025年半年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、根据《公司法》、《深圳证券交易所上市公司自律监管指引第9号——回购股份》 等相关规定，德华兔宝宝装饰新材股份有限公司（以下简称"公司"）通过回购专用证 券账户持有的本公司股份不享有参与利润分配的权利。公司2025年半年度权益分派方案 为：以实施分配方案时股权登记日的总股本，扣除公司回购账户股份数后为基数，向全 体股东每10股派2.80元人民币现金（含税）；本年度不进行公积金转增股本，不分红股。 2、因公司回购股份不参与分红，本次权益分派实施后，根据股票市值不变原则， 实施权益分派前后公司总股本保持不变，现金分红总额分摊到每一股的比例将减小，因 此，本次权益分派实施后除权除息价格计算时，按股权登记日的总股本折算每股现金红 利=实际现金分红总金额÷股权登记日的总股本，即0.2764117元/股=229,353,913.32÷ 829,754,480。 3、因此，在保证 ...

Market Overview - The Shanghai Composite Index is at 3812.43 points, above the annual line, with a change of 0.32% [1] - The total trading volume of A-shares is 1,230.98 billion yuan [1] Stocks Breaking Annual Line - 23 A-shares have broken above the annual line today, with notable stocks including Chuangyi Information, Zhongfu Information, and Qifeng New Materials, showing divergence rates of 11.29%, 5.02%, and 3.05% respectively [1] - Stocks with smaller divergence rates that have just crossed the annual line include Guizhou Tire, Andisoo, and Haier Smart Home [1] Top Stocks by Divergence Rate - Chuangyi Information (300366) has a daily increase of 13.27% and a divergence rate of 11.29% [1] - Zhongfu Information (300659) has a daily increase of 6.91% and a divergence rate of 5.02% [1] - Qifeng New Materials (002521) has a daily increase of 3.24% and a divergence rate of 3.05% [1] Additional Stocks with Minor Divergence - Anuoqi (300067) shows a daily increase of 2.60% with a divergence rate of 1.87% [1] - Henglin Shares (603661) has a daily increase of 2.56% and a divergence rate of 1.35% [1] - Other stocks with minor divergence rates include Rabbit Baby (002043), Landun Optoelectronics (300862), and Transsion Holdings (688036) [1]

Group 1: Industry Overview - The consumption building materials industry is currently under pressure, but positive signals are emerging, indicating a transition from a left-side to a right-side phase in the second half of the year [1] - The real estate construction and operation data is expected to stabilize, contributing to the industry's recovery [1] - Profitability is anticipated to improve across more categories due to a low base and easing competition [1] Group 2: Cement Industry - The cement industry is gradually entering its peak season, with overall demand recovering slowly [2] - A policy document released by the Cement Association aims to limit overproduction, which is expected to enhance capacity utilization in the medium term [2] - The industry is currently at a low point in demand and prices, but a recovery in demand is expected in August, leading to gradual price increases [2] Group 3: Glass Industry - The glass industry is experiencing price fluctuations and significant short-term inventory pressure due to ongoing supply-demand imbalances [3] - The demand side is negatively impacted by the real estate sector, leading to a continuous downward trend in 2025 [3] - Environmental regulations are expected to increase costs and accelerate the industry's cold repair process, although a complete capacity exit is not anticipated [3] Group 4: Glass Fiber Industry - The glass fiber industry is expected to see demand growth driven by the AI industry chain, with a positive outlook for specific segments [4] - Traditional demand for non-alkali coarse sand remains weak, but niche areas are performing well [4] - The industry is experiencing a volume and price increase due to the demand from AI, indicating a trend of sustained growth [4]

Investment Rating - The report maintains a positive outlook on the building materials sector, highlighting potential opportunities in both "grouping" and "switching" strategies within the industry [2][11]. Core Insights - The building materials market is experiencing a shift in focus, with technology stocks gaining momentum while the building materials sector presents viable options for investment [2]. - The report emphasizes the importance of monitoring production capacity and quality improvements in key segments such as electronic fabrics and Q fabrics, which are expected to see increased demand due to advancements in AI and PCB technologies [3][4]. - The report identifies a growing confidence in infrastructure projects in regions like Xinjiang and Tibet, driven by government investments and the necessity of transportation infrastructure [11][12]. - The consumer building materials segment is showing signs of recovery, with expectations of improved revenue performance as the market stabilizes [24][25]. Summary by Sections Grouping in Building Materials - The electronic fabric sector is expected to maintain its performance, with leading companies like Zhongcai Technology reporting strong sales and production growth [3]. - The AI industry's production expectations are advancing, with key suppliers anticipating increased output of Q fabrics by the end of the year [4]. - The report highlights the importance of monitoring the production capacity and quality of Q fabrics, which will determine the actual supply capabilities of companies [4]. Switching in Building Materials - Infrastructure projects in Xinjiang and Tibet are gaining traction, with significant government backing and a strong demand for cement due to the region's unique geographical advantages [11][12]. - The consumer building materials sector is entering a recovery phase, with sales and construction data indicating a bottoming out of the market [13][14]. - The report notes that the cement industry is poised for potential growth, driven by policy improvements and governance enhancements [15][29]. Cement Industry - The cement sector is entering a peak season, but market performance remains subdued due to high comparative bases from the previous year [29][30]. - The report emphasizes the importance of policy measures to limit overproduction in the cement industry, which could enhance profitability [30][33]. - Companies like Conch Cement and Huaxin Cement are highlighted for their strong cash flow and potential for shareholder returns [34][38]. Glass Industry - The float glass market is experiencing price stabilization, with environmental regulations expected to impact production costs [40][41]. - The report indicates that the glass industry is facing cash flow challenges, with many companies operating at a loss [42]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market pressures, with a focus on improving operational efficiency [43]. Photovoltaic Glass - The photovoltaic glass segment is seeing a decline in inventory levels, with prices remaining stable amid increased demand from downstream component manufacturers [48]. - The report notes that while domestic prices are under pressure, overseas markets are performing better, which could benefit leading companies in the sector [49]. Fiberglass - The fiberglass market is characterized by a divergence in production and sales, with electronic fabrics maintaining a favorable outlook [50].

Company Overview - Tubaobao, officially known as 德华兔宝宝装饰新材股份有限公司, is located in Deqing County, Zhejiang Province, and was established on December 27, 2001. The company went public on May 10, 2005. Its main business includes the production and sales of decorative materials such as decorative panels, paints, wall coatings, adhesives, renovation hardware, wallpapers, and wood products, as well as e-commerce services [1][2]. Financial Performance - For the first half of 2025, Tubaobao reported operating revenue of 3.634 billion yuan, a year-on-year decrease of 7.01%. However, the net profit attributable to shareholders increased by 9.71% to 268 million yuan [2]. - Since its A-share listing, Tubaobao has distributed a total of 2.713 billion yuan in dividends, with 1.371 billion yuan distributed in the last three years [3]. Stock Performance - As of August 25, Tubaobao's stock price increased by 2.00%, reaching 10.69 yuan per share, with a total market capitalization of 8.870 billion yuan. The stock has experienced a decline of 7.56% year-to-date but has seen a 4.60% increase over the last five trading days [1]. - The stock's trading volume on August 25 was 63.67 million yuan, with a turnover rate of 0.82%. The net inflow of main funds was 168,100 yuan, with significant buying and selling activity noted [1]. Shareholder Information - As of June 30, 2025, Tubaobao had 43,200 shareholders, an increase of 10.64% from the previous period. The average number of circulating shares per shareholder was 17,035, a decrease of 9.29% [2]. - Among the top ten circulating shareholders, notable changes include a reduction in holdings by 东方阿尔法产业先锋混合A and new entries from 香港中央结算有限公司 and 国富中小盘股票A [3]. Industry Classification - Tubaobao is classified under the building materials sector, specifically in the renovation materials and other building materials category. It is also associated with concepts such as custom home furnishing, smart home, margin financing, pension concepts, and small-cap stocks [2].

Group 1 - The article highlights the recent investment activities of several prominent private equity firms in the A-share market, particularly focusing on consumer stocks and other sectors [1][4][11] - The investment by the Ge family in Kuaijishan marks a rare shift towards consumer stocks, as they have previously favored technology and growth sectors [2][3][4] - Kuaijishan's stock price saw a significant increase of 93.19% in Q2, rising from approximately 11 CNY per share to a peak of 26.39 CNY [4][6] Group 2 - Ge Weidong holds 4.97 million shares of Kuaijishan, valued at approximately 99 million CNY, while his sister holds 13.80 million shares valued at around 275 million CNY [2][3] - High Yi Asset's Feng Liu has entered the top ten shareholders of Taiji Group with 20 million shares, valued at 426 million CNY, while also increasing stakes in Longbai Group and Angel Yeast [8][9] - Taiji Group reported a significant decline in revenue and net profit for the first half of the year, with total revenue of 5.658 billion CNY, down 27.63%, and net profit of 139 million CNY, down 71.94% [9][10] Group 3 - Ningquan Asset, led by Yang Dong, has newly invested in Tianhao Energy, holding 14.56 million shares valued at 74 million CNY, and increased its position in Zhouming Technology [11][12] - Rui Jun Asset's Dong Chengfei has newly invested in Yangjie Technology and Rabbit Baby, with holdings valued at 133 million CNY and 59 million CNY respectively [11][13] - Renqiao Asset's Xia Junjie has increased holdings in New Classic and Su Keng Agricultural Development, with total shares valued at 44 million CNY and 140 million CNY respectively [11][14]

Group 1: Investment Activities of Notable Private Equity Firms - The Ge family, led by Ge Weidong, has made a rare investment in consumer stocks, specifically entering the shareholder list of Huangjiu brand Kuaijishan [1][5] - Gao Yi Asset's Feng Liu has newly invested in Taiji Group, holding 20 million shares valued at 426 million yuan, while also increasing positions in Longbai Group and Angel Yeast [1][11] - Ningquan Asset, managed by Yang Dong, has entered the shareholder list of clean energy company Tianhao Energy, holding 14.56 million shares valued at 74 million yuan [1][13] - Rui Jun Asset's chief researcher Dong Chengfei has newly invested in power semiconductor company Yangjie Technology and decorative board leader Tubao, while reducing holdings in Chipongwei [1][14] - Renqiao Asset's Xia Junjie has increased positions in New Classics and Su Kuan Agricultural Development, holding 2.29 million shares valued at 44 million yuan and 14.22 million shares valued at 140 million yuan respectively [1][15] Group 2: Financial Performance of Kuaijishan - Kuaijishan reported a revenue of 817 million yuan for the first half of the year, representing a year-on-year growth of 11.03%, with a net profit of 93.88 million yuan, up 3.41% [1][7] - The stock price of Kuaijishan surged from approximately 11 yuan per share to a peak of 26.39 yuan per share during the second quarter, resulting in an overall increase of 93.19% [1][5] Group 3: Financial Performance of Taiji Group - Taiji Group reported total revenue of 5.658 billion yuan for the first half of the year, a year-on-year decline of 27.63%, with a net profit of 139 million yuan, down 71.94% [1][11]

Investment Rating - Industry Rating: Recommended [4] Core Viewpoints - The construction materials sector is experiencing a favorable investment moment due to the "anti-involution" trend and the arrival of peak season, leading to accelerated self-discipline in the cement industry. Recommended stocks include Huaxin Cement and Conch Cement, among others [1][5] - The cement market price is stabilizing at 364.15 CNY/ton, with an average shipment rate of 45.7% in key regions. The price is expected to maintain a steady upward trend [2][22] - The photovoltaic glass industry is witnessing price increases at the bottom level, with mainstream order prices for 2.0mm coated panels rising to approximately 11 CNY/sqm, reflecting a 2.33% increase [2][75] - The real estate market shows signs of marginal improvement, with new home transaction areas in 30 major cities reaching 154.48 million sqm, a 24.22% increase from the previous week [3][18] Summary by Sections Cement Industry - The national cement market price is 364.15 CNY/ton, showing stability amid tight funding and adverse weather conditions affecting demand recovery. The average shipment rate in key regions is around 45.7% [2][22] - Regions like Jiangsu and Anhui are seeing price increases of 20-30 CNY/ton, while areas like Fujian are experiencing price declines of 10-50 CNY/ton due to weak demand [22][48] Photovoltaic Glass - The market for photovoltaic glass is showing positive trading activity, with prices for 2.0mm coated panels increasing by 2.33% to around 11 CNY/sqm. The inventory levels are decreasing, indicating a tightening supply [75][76] Real Estate Market - The transaction volume for new homes in 30 major cities has improved, with a total area of 154.48 million sqm sold, reflecting a 24.22% week-on-week increase. The second-hand housing market also shows a 9% increase in transaction volume [3][18] Recommended Stocks - Recommended stocks include Huaxin Cement, Conch Cement, and others in the cement sector, as well as companies like Dongfang Yuhong and Keshun Co., which are benefiting from price increases in waterproofing products [1][5] - In the photovoltaic glass sector, stocks such as Qibin Group and Fuyao Glass are highlighted for their potential gains from price increases [1][5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 3.634 billion in the first half of 2025, a decrease of 7.01% year-on-year, while the net profit attributable to shareholders was 268 million, an increase of 9.71% year-on-year [2][4]. - The company continues to maintain high dividends, with a proposed dividend of 0.28 yuan per share for the mid-2025 period, corresponding to a total cash amount of approximately 232 million, resulting in a dividend payout ratio of 86.74% [9]. - The company is expanding its small B channel, having established business cooperation with over 20,000 custom furniture enterprises, with the proportion of furniture factories increasing to around 50% [9]. Financial Performance - In Q2 2025, the company reported a revenue of 2.363 billion, a decrease of 2.55% year-on-year, and a net profit of 167 million, an increase of 7.15% year-on-year [2][4]. - The gross profit margin for the first half of 2025 was 18.3%, an increase of 0.8 percentage points year-on-year, despite a gross profit of 660 million, which was a decrease of 3% year-on-year [9]. - The company expects net profits of 750 million and 910 million for 2025 and 2026, respectively, corresponding to price-earnings ratios of 11.5 and 9.5 times [9].

Investment Rating - The report maintains a "Buy" rating for the company, emphasizing the value of dividends [5][13]. Core Insights - The company reported a revenue of 3.63 billion yuan for H1 2025, a year-on-year decrease of 7%, while the net profit attributable to the parent company was 270 million yuan, reflecting a year-on-year increase of 10% [2][3]. - The net profit margin for H1 2025 was 7.4%, an increase of 0.9 percentage points compared to the full year of 2024. The gross profit margin for H1 2025 was 18.3%, up by 0.8 percentage points year-on-year [3]. - The company’s decorative materials business saw a revenue of 2.99 billion yuan in H1 2025, down 9% year-on-year, with a significant decline in board product revenue, which fell by 16% [3][4]. - The custom home business remained stable, achieving a revenue of 620 million yuan in H1 2025, a year-on-year increase of 4% [4]. - The company announced a mid-term dividend of 230 million yuan, with a payout ratio of 87% for H1 2025 [4]. Financial Summary - The projected net profit for the company from 2025 to 2027 is estimated at 660 million yuan, 740 million yuan, and 820 million yuan, respectively, with year-on-year growth rates of 13%, 12%, and 10% [5]. - The company’s revenue for 2025 is expected to be 8.45 billion yuan, reflecting a decrease of 8.1% compared to 2024 [6]. - The earnings per share (EPS) for 2025 is projected to be 0.80 yuan, with a price-to-earnings (P/E) ratio of 13 times [6].