证券代码:002225 证券简称:濮耐股份 公告编号:2025-024 濮阳濮耐高温材料（集团）股份有限公司 2024 年年度股东大会决议公告 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。 重要提示： 1、本次股东大会没有出现否决议案的情形； 2、本次股东大会没有涉及变更前次股东大会决议的情形。 一、会议召开情况 1、召开时间： 现场会议召开时间：2025 年 5 月 14 日下午 2:30； 网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的时间：2025年5月14日上午 09:15-09:25，09:30-11:30，下午13:00-15:00； （2）通过深圳证券交易所互联网投票系统投票的时间：2025 年 5 月 14 日上午 9:15 至下午 15:00 的任意时间。 2、现场会议召开地点：河南省濮阳县西环路中段公司四楼会议室 3、召开方式：现场投票和网络投票相结合的方式 4、召集人：公司董事会 5、现场会议主持人：公司董事长刘百宽先生 6、会议的召集、召开与表决程序符合《公司法》、《上市公司股东会规则》及《公 司章程》等法律、法规及规 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Viewpoints - The company is entering the wet metallurgy active magnesium oxide market, which has significant future growth potential. A strategic partnership with GreenMei in January 2025 marks an important milestone for the company's precipitation agent products in the wet nickel extraction field [1][13]. - The company has a competitive advantage with its layout of the Karmado microcrystalline magnesite mine in Tibet, which is expected to achieve domestic substitution. The mine has low extraction costs and good economic benefits, with a theoretical long-term production capacity of 450,000 tons [1][50]. Summary by Sections 1. Active Magnesium Oxide Business - The company is focusing on the nickel-cobalt wet metallurgy precipitation agent market, which shows great potential for development. Laboratory studies indicate that active magnesium oxide offers advantages such as improved nickel-cobalt slag grade and reduced costs compared to sodium hydroxide [13]. - Active magnesium oxide has a wide range of applications and can be developed for high-temperature and high-corrosion conditions. Its properties are significantly influenced by the calcination temperature and time [15]. 2. Supply Side - The company has a strategic advantage with its self-owned Karmado microcrystalline magnesite mine, which is a high-grade large deposit with low impurities and significant economic benefits. The mine's production scale is 1 million tons per year, with a theoretical magnesium oxide output of 450,000 tons [50][51]. - The competitive landscape shows that overseas manufacturers dominate the market, but domestic companies are making significant breakthroughs [33]. 3. Demand Side - The cobalt market is experiencing rapid growth, driven by the expansion of domestic copper-cobalt mines. The global cobalt production is expected to reach 290,000 tons in 2024, a year-on-year increase of 22% [60]. - The nickel market is also growing rapidly, with the demand for nickel in battery applications projected to increase significantly by 2035 [2]. The wet nickel process is expected to see substantial application growth, requiring effective precipitation agents like magnesium oxide [2].

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - The monetary policy has been intensified, with simultaneous reductions in reserve requirements and interest rates, which is expected to support the real estate market and stabilize housing demand [5][21] - Cement prices continue to decline, while glass inventory has increased on a month-on-month basis [6][40] - Recommendations include focusing on the African supply chain and domestic substitution chain, with leading companies being the main investment focus for the year [8][9] Summary by Sections Monetary Policy - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [5] - The policy interest rate was lowered by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4% [5][21] - The personal housing provident fund loan interest rate was reduced by 0.25 percentage points, with the rate for first-time homebuyers over five years dropping from 2.85% to 2.6% [5] Cement Market - The average shipment rate for cement companies in key regions was 48%, down approximately 1.4 percentage points month-on-month and 6.3 percentage points year-on-year [6] - National cement prices decreased by 1.2% month-on-month, with regional production issues contributing to the price decline [6][25] - The national average cement price was 387.42 yuan/ton, a decrease of 4.52 yuan/ton month-on-month, but an increase of 25.16 yuan/ton year-on-year [26] Glass Market - The overall price of float glass has seen more declines than increases, with a slight downward shift in price levels [7][40] - The production capacity of float glass decreased, with 220 out of 286 production lines operational, and daily melting capacity reduced to 156,505 tons [7] - The total inventory of glass in monitored provinces increased by 191 million weight boxes, a rise of 3.39% [7][40] Recommended Companies - For the African supply chain, Keda Manufacturing is recommended as a leading local player with advantages in production, channels, and brand [8] - For domestic substitution, companies such as China National Materials, Puyang Huicheng, and Meijiaxin Color are highlighted due to their strong market positions and growth potential [8] - The report emphasizes the importance of existing leading companies as a stable investment focus for 2025 [9]

证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 建筑材料 预计建材需求旺季不旺，淡季不淡 2025 年 5 月 6 日至 5 月 9 日建筑材料板块（SW）上涨 0.92%，其中水泥 （SW）上涨 0.57%，玻璃制造（SW）上涨 0.38%，玻纤制造（SW）下 跌 0.39%，装修建材（SW）上涨 1.85%，本周建材板块相对沪深 300 超 额收益-0.07%。本期建筑材料板块（SW）资金净流入额为-0.14 亿元。 【周数据总结和观点】 本周国新办发布会发布一揽子金融政策支持稳市场稳预期，总量方面，降 低存款准备金率 0.5 个百分点，下调政策利率 0.1 个百分点，地产方面， 降低个人住房公积金贷款利率 0.25 个百分点，5 年期以上首套房利率由 2.85%降至 2.6%，其他期限的利率同步调整，此外，会议还指出加快 出台与房地产发展新模式相适配的系列融资制度，助力持续巩固房地产市 场稳定态势。根据 wind 统计，2025 年 4 月地方政府债总发行量 6932.91 亿元，发行金额同比 2024 年 4 月增长 101.6%，截至目前，2025 年一般 债 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Views - The company has a leading position in the refractory materials industry, with significant growth potential in its active magnesium oxide business for wet metallurgy [3][15] - The company is expected to see a recovery in profitability from its domestic refractory business in 2025, driven by improved competition dynamics and raw material price stabilization [2][3] Company Overview - Established in 2002 and listed in 2008, the company has over 30 years of experience in high-temperature industrial products and solutions [15] - The company has expanded internationally since 2000, with production bases in the USA and Serbia, and a strong brand presence [15][16] - In 2024, the company is projected to achieve revenue of 5.19 billion yuan and a net profit of 140 million yuan [1] Industry Overview - The refractory materials industry in China is under pressure, with a projected production of 22.07 million tons in 2024, down 4% year-on-year, primarily due to the downturn in the steel industry [2][54] - The steel industry is the main downstream market for refractory materials, accounting for approximately 70% of demand [58] Domestic Refractory Business - The competitive landscape is expected to improve due to rising concentration in the steel industry and enhanced environmental standards [2][79] - The company’s revenue from overall contracting services in 2024 is expected to account for 49% of total revenue [79] Overseas Refractory Business - The company is positioned to benefit from its overseas operations, with 28% of revenue coming from international markets in 2024 [2][16] - The company has established a direct sales network overseas, making it the first domestic refractory materials company to do so [16] Financial Summary - The company forecasts revenue growth from 5.61 billion yuan in 2025 to 6.37 billion yuan in 2027, with net profit expected to rise from 299 million yuan to 498 million yuan over the same period [4] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 18, 14, and 11, respectively [3] Raw Material Prices - The price of alumina is expected to decline in 2025, while magnesium sand prices may stabilize or increase [2][3][72]

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The sales decline of the top 100 real estate companies has stabilized, with a year-on-year sales amount decrease of 7.8% and a sales area decrease of 18.9% from January to April 2025, showing a significant narrowing compared to the previous year [5][6] - Cement prices continue to decline, while prices for fiberglass from small and medium enterprises are loosening [5][6] - Recommendations include focusing on the African supply chain and computing power chain, with leading companies in existing markets being the main focus for the year [8][9] Summary by Sections Sales Performance - In April 2025, the year-on-year sales amount for the top 100 real estate companies decreased by 10.3%, and the sales area decreased by 18.3%, showing slight improvement compared to the previous month [5][6] - The sales amount in April decreased by 12.4% month-on-month, which is better than 2024 but weaker than the average from 2018 to 2024 [5] Cement Market - As of late April, domestic cement market demand has slightly improved, with a national shipment rate of 49.3%, up by approximately 2.1 percentage points month-on-month but down by 2.5 percentage points year-on-year [6][23] - The national average cement price is 391.94 yuan/ton, down by 3.06 yuan/ton month-on-month but up by 27.74 yuan/ton year-on-year [24] Glass Market - The domestic float glass market is experiencing weak transactions, with limited price adjustments and general market demand [7][34] - The national average glass price is 75.13 yuan/weight box, up by 0.06 yuan/weight box month-on-month but down by 17.23 yuan/weight box year-on-year [37] Fiberglass Market - The market for non-alkali roving has seen price loosening among some small and medium enterprises, with overall trading activity declining [42] - The electronic yarn market prices have remained stable, with downstream purchasing being demand-driven [42] Recommendations - The report recommends focusing on the African supply chain, particularly highlighting Keda Manufacturing as a leading local player with advantages in production, channels, and brand [8] - In the computing power chain, Zhongcai Technology is recommended as a leading domestic special fiberglass cloth manufacturer benefiting from domestic substitution [8][9]

Core Viewpoint - The company reported its Q1 2025 financial results, showing a slight increase in revenue but a significant decline in net profit and cash flow, indicating operational challenges and cost pressures [1][2]. Financial Performance - Q1 2025 revenue reached 1.34 billion yuan, a year-on-year increase of 3.2% - Net profit attributable to shareholders was 50 million yuan, down 15.9% year-on-year - Non-recurring net profit also decreased by 16.1% to 50 million yuan - Operating cash flow was negative at -30 million yuan, a decline of 20 million yuan year-on-year [1][2]. Profitability Metrics - Gross margin was 17.9%, a decrease of 1.8 percentage points year-on-year, primarily due to pricing pressures from steel mills - Operating expense ratio was 11.9%, down 2.3 percentage points year-on-year - Sales net profit margin stood at 4.2%, a decrease of 0.7 percentage points year-on-year [2]. Strategic Partnerships - The company signed a strategic cooperation framework agreement with Greenme to develop a high-efficiency precipitant for the HPAL process, ensuring a stable demand for high-activity magnesium oxide - Greenme has established a nickel resource capacity of 150,000 tons per year in Indonesia, indicating strong market potential for wet nickel extraction [3]. Growth Prospects - The company is expanding its production capacity for high-activity magnesium oxide, with a new 60,000-ton production line expected to commence soon - The U.S. factory is projected to significantly contribute to revenue growth in 2024, with increasing orders and potential benefits from tariff policies - The Serbian factory is also on track for market expansion and sales growth [3][4]. Earnings Forecast - The company maintains a positive outlook for its high-activity magnesium oxide business and U.S. factory flexibility, projecting net profits of 341 million yuan, 557 million yuan, and 765 million yuan for 2025-2027 [4].

Group 1 - Puyang Holdings (002225.SZ) released its Q1 2025 report on April 30, 2025, indicating that 11 institutional investors disclosed holdings of A-shares, totaling 109 million shares, which represents 10.78% of the total share capital [1] - The top ten institutional investors collectively hold 10.77% of the shares, with a notable increase of 1.40 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, four funds increased their holdings compared to the previous period, including Huaan Quality Selection Mixed A, Huaan Anhua Flexible Allocation Mixed A, Huaan Ding'an Preferred One-Year Holding Mixed A, and Huaan Tianxi One-Year Mixed A, with a slight increase in the proportion of holdings [2] - One new public fund was disclosed this period, namely Huaan New Opportunities Flexible Allocation Mixed A, while 37 public funds were not disclosed compared to the previous quarter, including Southern Innovation-Driven Mixed A and Hai Fu Tong Reform-Driven Mixed [2]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is expected to gradually improve its performance in 2025, with Q1 revenue of 1.34 billion yuan, a year-on-year increase of 3.17%, and a net profit attributable to shareholders of 55 million yuan, a year-on-year decrease of 15.91% [1] - The company is benefiting from increased orders from its US factory and has positive price expectations for US refractory materials due to tariff implementation [1] - The company has made significant progress in the wet metallurgy sector, which is expected to contribute over 100 million yuan to net profit this year [3] Financial Performance - In Q1 2025, the company achieved a gross margin of 17.95%, a decrease of 1.75 percentage points year-on-year, while the net profit margin was 4.16%, down 0.73 percentage points year-on-year [2] - The company reported a decrease in operating cash flow, with a net outflow of 32 million yuan in Q1, primarily due to increased tax payments and cash purchases [2] - The company’s revenue is projected to grow from 5.19 billion yuan in 2024 to 6.01 billion yuan in 2025, representing a growth rate of 15.69% [4] Business Outlook - The domestic refractory materials business faces pressure due to weak demand in the steel sector, but overseas operations and wet metallurgy are expected to provide profit stability [3] - The company’s overseas revenue accounted for 28% in 2024, with production in the US and Serbia ramping up, enhancing international competitiveness [3] - The company is expanding its active magnesium oxide production capacity, with a new 60,000-ton production line expected to come online soon [3]

濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"） 第六届监事 会第二十一次会议通知于2025年4月19日以电子邮件形式发出，2025年4月29日上 午以通讯方式召开。本次会议应参会监事5名，亲自参会监事5名，会议由监事会 主席郭志彦先生主持，部分高级管理人员列席了会议。会议的召开符合《公司法》、 《公司章程》及《监事会议事规则》的有关规定。本次会议经过认真讨论，采取 记名投票方式，审议通过了如下议案： 一、以5票赞成、0票反对、0票弃权审议通过了《关于<2025年第一季度报 告>的议案》 经审核，监事会认为董事会编制和审核公司2025年第一季度报告的程序符合 相关法律法规和《公司章程》的规定，报告内容真实、准确、完整地反映了上市 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 详见登载于《证券时报》、《上海证券报》和巨潮资讯网上的《2025年第一 季度报告》（公告编号：2025-023）。 特此公告。 濮阳濮耐高温材料（集团）股份有限公司监事会 2025 年 4 月 30 日 证券代码：002225 证券简称：濮耐股份 公告编号：2025-022 濮阳濮耐高温材料（集团）股份有限公司 第 ...