山东鲁阳节能材料股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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。 重要提示： 山东鲁阳节能材料股份有限公司（以下简称"公司"） 于 2025 年 10 月 13 日召开第 十一届董事会第十八次（临时）会议，审议通过了《关于提议召开公司 2025 年第一次 临时股东大会的议案》，现将会议有关事项通知如下： 一、召开会议的基本情况 证券代码：002088 证券简称：鲁阳节能 公告编号：2025-043 1、股东会届次：2025 年第一次临时股东大会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《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 1 号——主板上市公司规范运作》 等法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 10 月 30 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 10 月 30 日 9:15-9:25，9:30 ...

证券代码：002088 证券简称：鲁阳节能 公告编号：2025—039 山东鲁阳节能材料股份有限公司 第十一届监事会第十四次（临时）会议决议公告 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 二、监事会会议审议情况 经与会监事认真审议，以投票表决的方式审议通过以下议案： 1、审议通过《关于回购注销 2024 年限制性股票激励计划部分限制性股票的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 经审核，监事会认为：公司 2024 年限制性股票激励计划（以下简称"本激励计划"） 部分激励对象因离职而不再具备激励对象资格；本激励计划首次授予部分第一个解除 限售期公司层面业绩考核目标未完全达成；本激励计划首次授予部分第一个解除限售 期，部分激励对象个人层面绩效考核未达标或未完全达标，公司将对前述情形对应的 共计 1,176,400 股已获授但尚未解除限售的限制性股票进行回购注销。本次回购注销部 分限制性股票事项符合《上市公司股权激励管理办法》及公司《2024 年限制性股票激 励计划（草案）》等相关规定，决策审批程序合法合规，不存在 ...

山东鲁阳节能材料股份有限公司 第十一届董事会第十八次（临时）会议决议公告 证券代码：002088 证券简称：鲁阳节能 公告编号：2025-038 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 山东鲁阳节能材料股份有限公司（以下简称"公司"）第十一届董事会第十八次 （临时）会议通知及补充通知分别于 2025 年 9 月 30 日和 10 月 13 日以电子邮件的方式 发送全体董事，全体与会董事一致同意豁免本次会议补充通知的通知时限。本次会议 于 2025 年 10 月 13 日以视频会议方式召开。会议由董事长 John Charles Dandolph Iv 先 生主持，应参加会议董事 8 人，实际参加会议董事 8 人。监事会成员及公司部分高级 管理人员列席了会议，会议程序符合《公司法》等法律法规及《公司章程》的规定， 会议合法有效。 二、董事会会议审议情况 经与会董事认真审议，以投票表决的方式审议通过以下议案: 1、审议通过《关于回购注销 2024 年限制性股票激励计划部分限制性股票的议案》 表决结果：同意 8 票，反对 0 票，弃权 ...

Core Viewpoint - The renovation and building materials sector experienced a decline of 0.43% on September 30, with Luoyang Energy leading the drop, while the Shanghai Composite Index rose by 0.52% and the Shenzhen Component Index increased by 0.35% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3882.78, up 0.52% [1] - The Shenzhen Component Index closed at 13526.51, up 0.35% [1] - The renovation and building materials sector saw a net outflow of 58.548 million yuan from main funds, while retail funds experienced a net outflow of 43.0423 million yuan [2] Group 2: Individual Stock Performance - Beijing Lier (002392) closed at 66.6, up 2.99% with a trading volume of 323,000 shares and a turnover of 324 million yuan [1] - Puyang Co., Ltd. (002225) closed at 5.89, up 2.08% with a trading volume of 371,900 shares and a turnover of 221 million yuan [1] - Wanli Stone (002785) closed at 34.06, up 1.95% with a trading volume of 170,800 shares and a turnover of 577 million yuan [1] - The stock with the largest decline was Kameyama Energy (002088), which closed at 12.60, down 5.41% with a trading volume of 90,800 shares and a turnover of 116 million yuan [2] Group 3: Fund Flow Analysis - Wanli Stone (002785) had a main fund net inflow of 39.8009 million yuan, while retail funds saw a net outflow of 61.7146 million yuan [3] - Puyang Co., Ltd. (002225) experienced a main fund net inflow of 27.6878 million yuan, with retail funds showing a net outflow of 24.8708 million yuan [3] - Huazhi Co., Ltd. (603038) had a main fund net inflow of 12.0867 million yuan, while retail funds recorded a net outflow of 12.4061 million yuan [3]

Core Viewpoint - Luoyang Energy experienced a decline of 5.03% on September 30, with a stock price of 12.65 CNY per share and a total market capitalization of 6.491 billion CNY [1] Company Overview - Shandong Luoyang Energy Materials Co., Ltd. is located in Yiyuan County, Zibo City, Shandong Province, and was established on October 14, 1992. The company was listed on November 30, 2006 [1] - The main business involves the research, production, sales, and construction of refractory insulation products, including ceramic fibers, soluble fibers, alumina fibers, and lightweight mullite bricks, as well as basalt fiber products [1] - The revenue composition of the main business is as follows: ceramic fiber products 87.65%, industrial filtration products 6.47%, automotive lining products 5.54%, and others 0.34% [1] Shareholder Information - Among the top ten circulating shareholders of Luoyang Energy, a fund under China Merchants Fund ranks first. The China Merchants CSI Dividend ETF (515080) entered the top ten circulating shareholders in the second quarter, holding 2.6993 million shares, accounting for 0.53% of circulating shares [2] - The estimated floating loss for the ETF today is approximately 1.8085 million CNY [2] Fund Manager Information - The fund managers of the China Merchants CSI Dividend ETF (515080) are Wang Ping and Liu Chongjie. Wang Ping has a cumulative tenure of 15 years and 105 days, with a total fund asset size of 16.687 billion CNY and a best fund return of 275.08% during his tenure [3] - Liu Chongjie has a cumulative tenure of 7 years and 151 days, with a total fund asset size of 31.428 billion CNY and a best fund return of 99.32% during his tenure [3]

Core Viewpoint - Luoyang Energy's stock price increased by 5.38% to 13.31 CNY per share, with a trading volume of 61.78 million CNY and a turnover rate of 0.96%, resulting in a total market capitalization of 6.83 billion CNY [1] Company Overview - Shandong Luoyang Energy Materials Co., Ltd. is located in Yiyuan County, Zibo City, Shandong Province, established on October 14, 1992, and listed on November 30, 2006 [1] - The company's main business includes the research, production, sales, and construction of refractory insulation products such as ceramic fibers, soluble fibers, alumina fibers, and lightweight mullite bricks, as well as basalt fiber products [1] - The revenue composition of the main business is as follows: ceramic fiber products 87.65%, industrial filtration products 6.47%, automotive lining products 5.54%, and others 0.34% [1] Shareholder Information - E Fund's fund, E Fund CSI Dividend ETF (515180), is among the top ten circulating shareholders of Luoyang Energy, having reduced its holdings by 445,000 shares to 3.2783 million shares, representing 0.65% of the circulating shares [2] - The estimated floating profit for today is approximately 2.2292 million CNY [2] - E Fund CSI Dividend ETF was established on November 26, 2019, with a latest scale of 8.302 billion CNY, yielding 2.15% this year, ranking 3951 out of 4221 in its category, and 7.9% over the past year, ranking 3623 out of 3836 [2] Fund Manager Information - The fund managers of E Fund CSI Dividend ETF are Lin Weibin and Song Zhaoxian [3] - Lin Weibin has a cumulative tenure of 12 years and 211 days, managing a total fund size of 106.5 billion CNY, with the best fund return of 74.97% and the worst return of -22.14% during his tenure [3] - Song Zhaoxian has a cumulative tenure of 5 years and 26 days, managing a total fund size of 28.905 billion CNY, with the best fund return of 71.59% and the worst return of -30.86% during his tenure [3]

Market Overview - On September 26, the home improvement and building materials sector declined by 0.72%, with Luyang Energy leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - The following stocks in the home improvement and building materials sector showed notable performance: - Yabao Xudong (002718) closed at 25.21, up 1.29% with a trading volume of 53,000 shares and a turnover of 132 million yuan [1] - Beijing Lier (002392) closed at 9.37, up 1.19% with a trading volume of 303,600 shares and a turnover of 283 million yuan [1] - Other stocks like Luopus Jin (002333) and Yashi Chuangneng (603378) also experienced slight increases [1] Capital Flow - The home improvement and building materials sector saw a net outflow of 88.58 million yuan from institutional investors, while retail investors had a net inflow of 92.01 million yuan [2] - The following stocks had significant capital flow: - Wanli Stone (002785) had a net inflow of 17.64 million yuan from institutional investors [3] - Beijing Lier (002392) experienced a net inflow of 14.02 million yuan from institutional investors, despite a net outflow from retail investors [3]

Core Viewpoint - The stock of Luyang Energy fell by 2.01% on September 25, 2023, with a current price of 13.14 CNY per share, reflecting a market capitalization of 6.742 billion CNY. The company has experienced a year-to-date stock price increase of 9.59% [1] Financial Performance - For the first half of 2025, Luyang Energy reported operating revenue of 1.173 billion CNY, a year-on-year decrease of 27.31%. The net profit attributable to shareholders was 76.6237 million CNY, down 62.97% compared to the previous year [2] - Cumulative cash dividends since the company's A-share listing amount to 2.772 billion CNY, with 1.225 billion CNY distributed over the last three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 16.37% to 15,400, while the average circulating shares per person decreased by 14.03% to 32,763 shares [2] - Among the top ten circulating shareholders, E Fund CSI Dividend ETF holds 3.2783 million shares, a reduction of 445,000 shares from the previous period, while China Merchants CSI Dividend ETF is a new entrant with 2.6993 million shares [3] Business Overview - Luyang Energy, established on October 14, 1992, and listed on November 30, 2006, specializes in the research, production, and sales of refractory insulation products, including ceramic fibers and basalt fibers. The main revenue sources are ceramic fiber products (87.65%), industrial filtration products (6.47%), and automotive pads (5.54%) [1] - The company operates within the building materials sector, specifically in refractory materials, and is associated with concepts such as energy conservation, environmental protection, and new materials [1]

Investment Rating - The report maintains a "Positive" outlook on the building materials industry for 2025, highlighting investment opportunities in the fiberglass and cement sectors, while suggesting stock selection in consumer building materials and early-cycle segments [2][3]. Core Insights - The building materials industry has shown signs of recovery, with a narrowing revenue decline and improved profitability in the cement and fiberglass sectors. The overall revenue for sample companies in the first half of 2025 was 277.57 billion yuan, a year-on-year decline of 4.1%, which is a 10.7 percentage point improvement compared to the entire year of 2024. Net profit attributable to shareholders reached 14.82 billion yuan, a year-on-year increase of 38.9% [5][15]. - The cement industry is experiencing a gradual recovery, with significant profit improvements. In the first half of 2025, the cement sector achieved a revenue of 118.8 billion yuan, down 7.5% year-on-year, but net profit surged by 1110.5% to 5.4 billion yuan. This recovery is partly due to a low base effect from 2024 and favorable pricing conditions [6][28]. - The fiberglass sector reported robust growth, with sample companies generating a total revenue of 31.1 billion yuan, a 20.9% increase year-on-year, and net profit rising by 127.0% to 3.29 billion yuan. The recovery in pricing and the growth in specialty fabric business are contributing factors [7][19]. - Consumer building materials showed a smaller revenue decline of 2.7%, with total revenue of 68.76 billion yuan and net profit down 13.2% to 4.35 billion yuan. Companies like Keda Manufacturing and Sankeshu are demonstrating strong alpha characteristics due to their unique market positions [6][7]. - The glass sector remains under pressure, with a revenue decline of 17.0% to 24.6 billion yuan and a net profit drop of 60.3% to 1 billion yuan, primarily due to high base effects and weak demand in the construction sector [5][19]. - Early-cycle industries are still facing challenges, but leading companies like Subote have reported revenue and profit growth by expanding into major engineering projects [8][19]. Summary by Sections 1. Industry Revenue Decline Narrowing, Cement and Fiberglass Perform Well - The building materials industry is categorized into six segments: cement, glass, fiberglass, early-cycle, consumer building materials, and new materials. The overall revenue decline has narrowed, and profitability has improved, particularly in the cement and fiberglass sectors [15][19]. 2. By Industry: Cement and Fiberglass Recovery, Consumer Building Materials Seek Alpha 2.1 Cement: Recovery Certainty Gradually Realized - The cement industry is showing signs of recovery with improved profitability. The first half of 2025 saw a revenue of 118.8 billion yuan, down 7.5% year-on-year, and a net profit of 5.4 billion yuan, up 1110.5% [28][34]. 2.2 Fiberglass: Profitability Out of Undervaluation, Steady Recovery Expected - The fiberglass sector has shown significant growth, with a total revenue of 31.1 billion yuan, a 20.9% increase year-on-year, and net profit rising by 127.0% [7][19]. 2.3 Consumer Building Materials: Revenue Stabilizing, Some Companies Show Profit Alpha - The consumer building materials segment experienced a revenue decline of 2.7%, totaling 68.76 billion yuan, with net profit down 13.2% to 4.35 billion yuan. Certain companies are demonstrating strong alpha characteristics [6][7]. 2.4 Glass: Photovoltaic Glass Phase Improvement, Building Glass Still Under Pressure - The glass industry is under pressure, with a revenue decline of 17.0% to 24.6 billion yuan and a net profit drop of 60.3% to 1 billion yuan [5][19]. 2.5 Early Cycle: Overall Pressure, Leading Companies Recover First - Early-cycle industries are still facing challenges, but leading companies like Subote have reported revenue and profit growth by expanding into major engineering projects [8][19].

Group 1 - The construction materials sector is experiencing a significant upward trend, with companies like Shengfeng Cement hitting the daily limit increase [1] - Zhongqi New Materials has seen an increase of over 8%, indicating strong market performance [1] - Other companies such as Sankeshu, Luyang Energy-saving, and Fujian Cement are also witnessing gains, reflecting a broader positive movement in the industry [1]