证券代码：002043 证券简称：兔宝宝 公告编号：2025-046 德华兔宝宝装饰新材股份有限公司 关于全资子公司与专业机构共同投资的公告 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、交易概述 德华兔宝宝装饰新材股份有限公司（以下简称"公司"或"兔宝宝"）全资子公司 德华兔宝宝投资管理有限公司（以下简称"兔宝宝投资公司"）近日与广东易高智汇股 权投资基金管理有限公司（以下简称"易高投资"）签署《广东易高格维创业投资合伙 企业(有限合伙)合伙协议》（以下简称"《合伙协议》"），兔宝宝投资公司作为有限 合伙人，认缴出资人民币1,000万元，占认缴出资总额的17.4338%。 本次交易事项不构成关联交易，亦不构成《上市公司重大资产重组管理办法》规定 的重大资产重组。根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自 律监管指引第7号——交易与关联交易》及《公司章程》等规定，本次交易事项无需提 交公司董事会及股东会审议。 二、合作方基本情况 （一）普通合伙人、执行事务合伙人及基金管理人 企业名称：广东易高智汇股权投资基金管理有限公司 统一社会信用代 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - Real estate data continues to show weakness, with a focus on potential policy expectations in the future [6] - Cement shipments are experiencing seasonal declines, and glass prices are decreasing month-on-month [8] - For 2026, three main lines of focus are identified: stock chain, Africa chain, and AI chain [9] Summary by Relevant Sections Real Estate and Construction Data - From January to November, the sales of commercial housing decreased by 11.1% and the sales area by 7.8% year-on-year. In November alone, the sales value and area dropped by 25.1% and 17.3% respectively. The weak performance is attributed to a high base effect from last year's policy releases and weak actual demand [6][7] - New construction and completion data are also weak, with new housing starts down by 20.5% and completions down by 18.0% year-on-year from January to November [7] Cement and Glass Market - In December, cement demand weakened due to air pollution warnings, with an average shipment rate of 42% across key regions, down 1.7 percentage points month-on-month and 2.3 percentage points year-on-year. The average price of cement decreased by 0.2% month-on-month [8][25] - The domestic float glass market is seeing a downward price trend, with production capacity stable at 265 lines and daily melting capacity at 155,105 tons. Inventory levels are also being monitored closely [37][40] Future Outlook for 2026 - The stock chain focuses on optimizing demand and clearing supply, with a significant shift towards renovation demand expected to rise from 50% to nearly 70% by 2030. Recommended companies include Sanke Tree and Rabbit Baby [9] - The Africa chain highlights undervalued growth opportunities in the African market, with recommendations for companies like Keda Manufacturing and Huaxin Cement [9] - The AI chain emphasizes the upgrade of special electronic fabrics, with a focus on domestic leaders like Zhongcai Technology [9]

格隆汇12月23日丨兔宝宝(002043.SZ)公布，公司第二期员工持股计划所持公司股票已全部出售完毕。 截至本公告披露日，本次员工持股计划所持11,170,000股公司股票（占当前公司总股本的1.35%）已通 过集中竞价交易方式出售完毕。 （原标题：兔宝宝(002043.SZ)：第二期员工持股计划出售完毕） ...

格隆汇12月23日丨兔宝宝(002043.SZ)公布，公司第二期员工持股计划所持公司股票已全部出售完毕。 截至本公告披露日，本次员工持股计划所持11,170,000股公司股票（占当前公司总股本的1.35%）已通 过集中竞价交易方式出售完毕。 ...

证券代码：002043 证券简称：兔宝宝 公告编号：2025-048 德华兔宝宝装饰新材股份有限公司 关于第二期员工持股计划出售完毕暨终止的公告 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。 德华兔宝宝装饰新材股份有限公司（以下简称"公司"）第二期员工持股计划 所持公司股票已全部出售完毕。根据中国证监会《关于上市公司实施员工持股计划 试点的指导意见》《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《德华兔宝宝装饰新材股份有限公司第二期员工持股计划(草案修订稿) 》的相关规定，现将公司员工持股计划出售情况公告如下： 一、本次员工持股计划的基本情况 1、公司分别于2021年11月22日召开了第七届董事会第十二次会议、第七届监事 会第九次会议，于2021年12月9日召开2021年第三次临时股东大会，审议通过了《关 于<兔宝宝第二期员工持股计划（草案）>及摘要的议案》及员工持股计划相关议案， 同意实施第二期员工持股计划，股票来源为公司回购专用账户中的兔宝宝A股普通股 股票。 4、根据公司《第二期员工持股计划（草案修订稿）》的相关规定，本员工持 ...

Group 1: Market Trends and Logic - Domestic demand is becoming the core focus, with policies emphasizing the expansion of domestic demand strategy, indicating a shift in market attention[2] - The glass industry is experiencing accelerated cold repairs, with supply clearing out, but individual stock performance will depend on differentiated deep processing capabilities[3] - The cement industry is expected to benefit from policy execution and governance improvements, with overseas expansion providing growth opportunities[24] Group 2: Investment Recommendations - Focus on companies with independent growth or valuation advantages in the consumption building materials sector, such as Rain虹, Han高, and San棵树[18] - China National Building Material is recommended due to its strong market position and potential for overseas growth, with expected profits of 2-3 billion RMB in 2025[12] - Recommendations for companies with high dividend yields include Tu宝, Wei星, and Bei新, which are expected to benefit from changing market styles[9] Group 3: Industry Performance and Forecasts - The cement sector is projected to see a recovery in profitability, with Huaxin Cement expected to contribute over 10 billion RMB in profits in 2026[12] - The glass market is facing price adjustments, with the average price of float glass at 1151.40 RMB/ton, down 13.65 RMB/ton from the previous week[35] - The construction materials industry is expected to stabilize, with a focus on companies that can deliver performance and customer validation[8]

Group 1 - The core viewpoint of the article highlights the strategic importance of Jiangsu Jiashijia New Materials Group Co., Ltd. as it approaches its IPO, emphasizing its market adaptability and product innovation in the decorative materials sector [3][4][7] - Jiashijia has established 18 subsidiaries in major board material industrial clusters and formed a joint venture with Yunfeng New Materials, indicating its commitment to expanding its operational footprint and product offerings [4][5] - The company is preparing for its IPO on the Shenzhen Stock Exchange, with guidance from Dongfang Securities, having completed multiple phases of counseling since July 2023 [3][4] Group 2 - The decorative materials industry is experiencing significant growth, driven by increasing demand for innovative and high-quality products, which is reflected in the competitive landscape where numerous brands are vying for market share [8][12] - Major players in the industry, including Jiashijia, are focusing on product functionality and design to enhance competitiveness, with a trend towards high aesthetic value in home products [12][13] - The market is witnessing a consolidation trend, where only a few companies that can adapt and innovate will thrive, while many smaller firms may exit the market due to increased competition [12][13]

Core Viewpoint - The renovation and building materials sector experienced a slight increase, closing at 15,894.55 points with a growth rate of 0.16% [1] Company Performance - PIANO (002853) closed at 19.65 CNY per share, leading the sector with a growth rate of 10.02% [1] - *ST Yazhen (603389) closed at 33.20 CNY per share, with a growth rate of 5.00%, ranking second in the sector [1] - TUBABO (002043) closed at 14.31 CNY per share, achieving a growth rate of 4.91%, ranking third [1] - Zhongyuan Home (603709) closed at 17.87 CNY per share, leading the decline with a drop of 10.02% [1] - Ruitai Technology (002066) closed at 19.33 CNY per share, with a decline of 7.73%, ranking second in losses [1] - Meike Home (600337) closed at 2.92 CNY per share, with a decline of 4.26%, ranking third in losses [1] Industry Overview - According to Open Source Securities, the construction decoration index increased by 6.8% from the beginning of the year to December 2 [1] - The renovation and decoration service sector led the secondary market with a growth rate of 30.6% [1] - In 2025, there are plans to start renovations on 25,000 old urban communities nationwide, with 21,700 already commenced from January to August, achieving 86.8% of the annual target [1] - There is significant potential for construction companies in urban renewal and maintenance sectors [1]

证券之星消息，12月17日装修建材板块较上一交易日上涨0.38%，兔 宝 宝领涨。当日上证指数报收于 3870.28，上涨1.19%。深证成指报收于13224.51，上涨2.4%。装修建材板块个股涨跌见下表： 从资金流向上来看，当日装修建材板块主力资金净流出8442.78万元，游资资金净流入4178.19万元，散 户资金净流入4264.59万元。装修建材板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

随着其参股的饰面材料供应商江苏佳饰家新材料集团股份有限公司完成上市辅导，家居建材上市公司兔 宝宝的产业资本布局再度成为市场焦点。然而，兔宝宝所扮演的"股东兼核心客户"这一双重角色，为其 参股企业的IPO之路平添了不确定性，其商业合作模式也将面临监管机构更为严格的审视。 监管审视下的关联交易之惑 根据证券监管规则，拟上市企业的关联交易始终是审核过程中的核心关切，其审查重点在于交易的商业 必要性、程序规范性与定价公允性。兔宝宝作为佳饰家的战略股东，同时又是其核心原材料的重要采购 方，这种"资本绑定+业务往来"的模式，天然使其交易带有关联属性。尽管兔宝宝方面表示其持股比例 未达到相关关联方的典型认定标准，但监管实践通常遵循"实质重于形式"的原则。这意味着，任何可能 导致利益倾斜的关系，都可能被纳入严格核查的范围。 对于佳饰家而言，其IPO审核无法回避的关键问题在于，如何向监管机构和市场证明，与股东兔宝宝之 间持续且稳定的交易是基于独立公平的商业逻辑，而非存在潜在的利益输送。特别是在定价公允性方 面，发行人需要提供充分、可验证的证据，以说明交易价格符合市场独立第三方的标准。此前的资本市 场案例显示，若无法清晰论证此类 ...