2024 环境、社会及管治(ESG)报告 德华兔宝宝装饰新材股份有限公司 2024 ESG Report Of Dehua TB New Decoration Material Co.LTD 兔宝宝 让家更好 FOR THE FINEST HOMES 德华兔宝宝装饰新材股份有限公司 地址：浙江省德清县阜溪街道临溪街588号 电话：400-887-8773 官网：www.tubaobao.com TUBAO免宝宝 | 股票代码:002043 | 兔 宝 宝 让 家 更 好 FOR THE FINEST HOMES 起半先出四条炉新材设分有限公 TUBAO免宝宝 FOR THE FINEST HOMES 兔宝宝 让家更好 目录 CONTENTS | 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 03 | | 走进兔高富 | 05 | | (一) 公司概况 | 05 | | (二) 业务分布 | 07 | | (三) 勤业盈丰之路 | 09 | | 可持续发展管理 | 11 | | (一) 重要性议题分析 | 11 | | (二) 四要素披露 | 13 | | (三)利益相关方沟通 | ...

证券代码：002043 证券简称：兔宝宝 公告编号：2025-018 德华兔宝宝装饰新材股份有限公司 关于 2025 年度董事、监事、高级管理人员薪酬方案的公告 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。 2、监事薪酬方案 为进一步完善德华兔宝宝装饰新材股份有限公司（以下简称"公司"）的治理结构， 强化权责利相统一、报酬与风险相对应的激励约束机制，促进公司长期可持续发展，根 据《中华人民共和国公司法》等相关法律法规及《公司章程》的规定，结合公司经营等 实际情况并参考行业及周边地区薪酬水平，制定本方案。具体如下： 一、适用范围 公司董事、监事、高级管理人员 二、适用期限 2025 年 1 月 1 日至 2025 年 12 月 31 日 三、薪酬标准 1、董事薪酬方案 （1）在公司担任高级管理人员或其他管理职务的非独立董事，其薪酬标准按其所 担任的职务执行，不另行领取董事薪酬；未在公司担任管理职务的董事，不在公司领取 薪酬。 （2）独立董事津贴为 8 万元/年（税前）。 在公司任职的监事按其岗位、职务以及在实际工作中的履职能力和工作绩效领取薪 酬。 3、高级管 ...

证券代码：002043 证券简称：兔宝宝 公告编号：2025-014 德华兔宝宝装饰新材股份有限公司 关于为子公司提供担保额度的公告 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。 一、担保情况概述 2025 年 4 月 23 日公司召开的第八届董事会第十四次会议审议通过了《关于为子公司 提供担保额度的议案》。 因子公司生产经营需要，需本公司为其向银行提供担保，公司董事会同意为子公司提 供的担保额度合计为 15 亿元，用于相关子公司办理银行借款、开具银行承兑汇票、银行 保函等业务，包括新增担保及原有担保展期或续保，单日最高担保余额不得超过审议的担 保额度，在上述额度内可滚动使用。担保方式包括但不限于连带责任担保、抵押担保等方 式。本次具体担保额度如下： | | | | | | | 担保额 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 担保方 | 被担保公 | 截至目前 | 本次新增 | 度占上 | 是否 | | 担保 | 被担保公司 | 持股比 | 司最近一 | 担保余额 | 担保额度 ...

证券代码：002043 证券简称：兔宝宝 公告编号：2025-019 德华兔宝宝装饰新材股份有限公司 二、修订《公司章程》的情况 公司根据《中华人民共和国公司法》《中华人民共和国证券法》以及《上市公 司章程指引（2025年修订）》等有关法律法规、规范性文件的规定，拟对《公司章 程》相关条款进行修订，内容如下： | 原公司章程 | | 修订后章程内容 | | --- | --- | --- | | 第六条 | 公 司 注 册 资 本 为 人 民 币 | 第六条 公 司 注 册 资 本 为 人 民 币 | | 832,058,923.00 | 元。 | 829,754,480.00 元。 | | 第二十条 | 公司股份总数为 832,058,923 | 第二十条 公司股份总数为 829,754,480 | | 股，公司的股本结构为：普通股为 | | 股，公司的股本结构为：普通股为 | | 832,058,923 | 股，没有其他种类股。 | 829,754,480 股，没有其他种类股。 | 除上述修订内容和条款外，《公司章程》其他条款保持不变。 本次《公司章程》修订尚需提交公司股东大会审议，并提请股东大会授权公司 ...

上述监事会会议相关公告均刊登在公司指定信息披露报刊《中国证券报》、《证券 时报》及指定信息披露网站巨潮资讯网（www.cninfo.com.cn）上。 二、监事会履行监督职责情况 1、监督公司依法运作情况 德华兔宝宝装饰新材股份有限公司 2024 年度监事会工作报告 监事会是公司法人治理结构的重要组成部分，依法履行内部监督职责。2024 年度公 司监事会根据《公司法》、《证券法》、《深圳证券交易所上市公司规范运作指引》等 法律法规和《公司章程》、《监事会议事规则》等的相关要求，本着恪尽职守、勤勉尽 责的工作态度，依法独立行使职权，认真履行监督、检查职能，对公司资本运作情况、 重大事项决策、生产经营、财务管理以及董事、高级管理人员履职情况等进行了全面检 查、监督，较好地发挥监事会的监督职能，保障了公司股东、特别是中小投资者的利益， 促进了公司的规范运作。 一、监事会会议情况 报告期内，公司监事会共召开 4 次会议，具体情况如下： | 序号 | 会议日期 | 届次 | 召开方式 | 议案内容 1、《2023 年度监事会工作报告》 | | --- | --- | --- | --- | --- | | | | | ...

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 001212 | 中旗新材 | 10.00 | 7.90 | 2902.42 | | 600668 | 尖峰集团 | 9.97 | 7.34 | 2894.55 | | 600326 | 西藏天路 | 3.41 | 4.91 | 2315.79 | | 002457 | 青龙管业 | 2.67 | 9.27 | 2244.41 | | 600876 | 凯盛新能 | 10.04 | 2.72 | 2052.09 | | 000786 | 北新建材 | 1.35 | 0.52 | 1855.33 | | 300198 | 纳川股份 | 2.96 | 6.82 | 1081.24 | | 603737 | 三棵树 | 0.56 | 0.38 | 1014.57 | | 002043 | 兔宝宝 | 2.01 | 1.58 | 653.37 | | 600801 | 华新水泥 | 0.98 | 0.66 | 604.74 | | 300737 | 科顺股份 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12]. Core Insights - The report highlights a narrowing decline in real estate data from the National Bureau of Statistics, emphasizing the importance of stable real estate policy expectations [5][21]. - Cement prices have slightly decreased, while glass inventory remains stable month-on-month [7][24]. - There is a focus on infrastructure and existing stock chains under the expectation of increased domestic demand, with investment opportunities in Africa being highlighted [9]. Summary by Sections Basic Situation - In March, the year-on-year decline in national commodity housing sales was 2.1% in terms of value and 3.0% in terms of area, with a smaller decline of 1.6% in value and 0.9% in area for March alone [5][6]. - The price index for new and second-hand homes in 70 cities fell by 0.1% and 0.2% respectively in March, with first-tier cities showing slight increases [5][6]. - The first quarter of 2025 saw a 24.4% year-on-year decline in new construction area, which narrowed to an 18.1% decline in March [6]. Cement Market - The national cement market price decreased, with a current average of 397.74 yuan/ton, down 3.55 yuan/ton month-on-month but up 35.65 yuan/ton year-on-year [25]. - The cement output rate in key regions was 48.5%, showing a slight month-on-month increase but a year-on-year decrease of about 2.0% [7][24]. - Cement production in the first quarter of 2025 saw a year-on-year decline of 1.4%, with a 2.5% increase in March [6]. Glass Market - The average price of glass was 74.99 yuan per weight box, with a slight month-on-month increase of 0.28 yuan [45]. - The total inventory of glass in monitored provinces was 5,624 million weight boxes, showing a slight increase from the previous week [44][45]. - The production capacity of float glass increased slightly, with 286 production lines and a daily melting capacity of 158,505 tons [44]. Investment Opportunities - The report recommends companies such as Huaxin Cement, Conch Cement, and China Liansu in the infrastructure chain, highlighting the potential for improved net profit due to lower coal costs [9]. - In the existing stock demand, companies like Sanke Tree and Beixin Building Materials are favored for their growth potential and low valuations [9]. - The report also points to investment opportunities in Africa, particularly in Keda Manufacturing, which has shown strong performance in overseas markets [9].

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].

Investment Rating - The report gives a "Positive" outlook for the building materials industry in Q1 2025, indicating a rebound after a prolonged downturn [2][3]. Core Insights - The building materials industry is transitioning from a focus on "volume and cost" to "price and profit," with expectations of recovery in Q1 2025 after nearly four years of decline [3]. - The report highlights that various products in the industry have begun to see price increases, suggesting the end of aggressive price competition and a return to rational pricing strategies [3]. - Specific segments such as cement, fiberglass, and consumer building materials are expected to show significant performance improvements in Q1 2025 [3]. Summary by Relevant Sections Cement - The average price of cement in Q1 2025 is projected to be 401 RMB/ton, a year-on-year increase of 37 RMB/ton, while the cost of coal has decreased significantly [3]. - Cement production in January-February 2025 was 170 million tons, a year-on-year decline of 5.7%, but the decline is narrowing compared to 2024 [3]. - Major companies like Conch Cement are expected to see a net profit increase of around 20% in Q1 2025 [4]. Fiberglass - Price increases for various fiberglass products are being implemented, with the average price for non-alkali direct yarn expected to reach 3888 RMB/ton, a year-on-year increase of 711.1 RMB/ton [3]. - China Jushi is projected to see a significant profit recovery, with a net profit forecast of 7.1-7.6 billion RMB in Q1 2025, representing a year-on-year increase of 320-350% [3]. Consumer Building Materials - The real estate market is showing signs of recovery, which may stabilize demand for consumer building materials [3]. - The report anticipates improvements in revenue and profit for companies in this segment in Q1 2025 [3]. Glass - Photovoltaic glass prices have increased due to demand, while flat glass prices remain under pressure [3]. - The average price for photovoltaic glass has risen from 12 RMB/sqm to 14.25 RMB/sqm in early April 2025 [3]. Investment Recommendations - The report recommends focusing on companies such as Conch Cement, Huaxin Cement, and China Jushi for potential investment opportunities in Q1 2025 [3]. - Other recommended companies include North New Building Materials, Rabbit Baby, and Weixing New Materials in the consumer building materials sector [3].

Investment Rating - The industry rating is "Recommended" [5] Core Views - The construction materials industry is entering a peak season, with increasing downstream demand and effective implementation of staggered production, benefiting companies like Conch Cement, Huaxin Cement, and Tapai Group [1][7] - The recovery of second-hand housing transactions and government initiatives to boost consumption are expected to drive demand for consumer building materials, recommending companies such as Sankeshu and Weixing New Materials [1][8] - The government's focus on low-altitude economy development presents opportunities for companies like Huase Group and Design Institute [1][8] - Major engineering projects, such as the Yarlung project, are anticipated to commence, benefiting companies like Zhongyan Dadi [1][9] - The domestic demand for automotive coatings is expected to grow due to strong domestic substitution demand, recommending companies like Songji Coatings [1][11] Summary by Sections Market Overview - In the 11th week of 2025, new home transactions in 30 major cities showed a 2% year-on-year increase, with a total transaction area of 1,733.17 million square meters, up 11% year-on-year [2] - Second-hand housing transactions in 15 monitored cities increased by 42% year-on-year, indicating a robust market [2] Cement Market - The national average cement price rose to 393.86 yuan/ton, a 1.6% increase from the previous week, with significant price hikes in East, Central, and Southwest regions [3][24] - The operating load of cement mills increased to 37.12%, reflecting a recovery in demand [32] Investment Recommendations - Recommended companies include: - Conch Cement and Huaxin Cement for benefiting from rising cement prices [1][7] - Sankeshu and Weixing New Materials for their strong consumer building materials attributes [1][8] - Huase Group and Design Institute for low-altitude economy opportunities [1][8] - Zhongyan Dadi for potential orders from the Yarlung project [1][9] - Songji Coatings for growth in automotive coatings [1][11]