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 ...

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。 濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"）第六届董事会 第二十八次会议通知于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。本次会议应参会董事9名，亲自参会董事9名，本次会议由董事 长刘百宽先生主持，部分高级管理人员及监事列席了会议。会议的召开符合《公 司法》、《公司章程》及《董事会议事规则》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9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》 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。 证券代码:002225 证券简称:濮耐股份 公告编号:2025-021 濮阳濮耐高温材料（集团）股份有限公司 第六届董事会第二十八次会议决议公告 濮阳濮耐高温材料（集团）股份有限公司董事会 2025年4月30日 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,339,787,409.41, representing a 3.17% increase compared to ¥1,298,571,081.04 in the same period last year[5]. - Net profit attributable to shareholders decreased by 15.91% to ¥54,870,795.08 from ¥65,256,262.98 year-on-year[5]. - Total operating revenue for the current period reached ¥1,339,787,409.41, an increase from ¥1,298,571,081.04 in the previous period, reflecting a growth of approximately 3.5%[18]. - Total operating costs increased to ¥1,266,307,512.10 from ¥1,233,385,835.20, reflecting a rise of approximately 2.99% year-over-year[19]. - Net profit decreased to ¥55,765,415.03 from ¥63,547,068.81, representing a decline of about 12.5%[20]. - Operating profit fell to ¥64,478,718.26 from ¥72,841,112.10, a decrease of approximately 11.5%[19]. - The company reported a net profit margin improvement, with net profit increasing in line with revenue growth, although specific figures were not disclosed in the provided content[18]. Cash Flow - The net cash flow from operating activities was negative at -¥31,768,562.03, a decline of 289.68% compared to -¥8,152,527.02 in the previous year[5]. - Cash flow from operating activities showed a net outflow of ¥31,768,562.03, worsening from a net outflow of ¥8,152,527.02 in the previous period[21]. - Cash flow from investing activities generated a net inflow of ¥25,749,990.73, compared to a net outflow of ¥60,679,886.89 last year[22]. - Cash flow from financing activities resulted in a net inflow of ¥237,956,760.38, improving from a net outflow of ¥205,651,914.76 in the previous period[22]. - The company reported a significant increase in cash and cash equivalents, ending the period with ¥441,238,552.79, up from ¥198,123,632.22[22]. Assets and Liabilities - Total assets increased by 5.23% to ¥8,696,892,804.76 from ¥8,264,845,329.57 at the end of the previous year[5]. - Current assets totaled ¥5,713,321,943.72, up from ¥5,284,509,305.36 at the beginning of the period, indicating an increase of about 8.1%[14]. - Accounts receivable rose to ¥2,116,940,554.53 from ¥1,920,794,424.03, marking an increase of approximately 10.2%[15]. - Inventory decreased slightly to ¥1,869,575,863.54 from ¥1,915,863,249.98, a decline of about 2.4%[15]. - Total liabilities increased to ¥5,106,779,606.37 from ¥4,742,182,046.85, representing a growth of approximately 7.7%[16]. - Short-term borrowings rose significantly to ¥1,001,278,883.34 from ¥629,199,192.34, an increase of about 59.2%[16]. - Non-current assets totaled ¥2,983,570,861.04, slightly up from ¥2,980,336,024.21, indicating a marginal increase[15]. - The total assets reached ¥8,696,892,804.76, compared to ¥8,264,845,329.57 at the beginning of the period, reflecting an increase of approximately 5.2%[16]. - The company's equity attributable to shareholders increased to ¥3,470,458,299.68 from ¥3,403,319,460.50, a growth of about 2%[16]. Other Financial Metrics - The weighted average return on equity decreased to 1.60% from 1.90% year-on-year, reflecting a decline of 0.30%[5]. - The company reported a 330.15% increase in credit impairment losses, attributed to expanded sales scale and reduced collection rates[8]. - Investment income decreased by 64.15% due to increased debt restructuring losses during the reporting period[8]. - Basic and diluted earnings per share remained at ¥0.05, unchanged from the previous period[20]. - Other comprehensive income after tax amounted to ¥11,503,281.76, compared to a loss of ¥1,433,070.52 in the prior period[20]. - The total comprehensive income increased to ¥67,268,696.79 from ¥62,113,998.29, reflecting an increase of approximately 8.7%[20]. - The number of ordinary shareholders at the end of the reporting period was 34,059[11].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [23]. Core Views - The company has shown resilience in its overseas business, particularly in the active magnesium oxide segment, which is expected to contribute to performance elasticity [5][10]. - The company's revenue for 2024 was 5.192 billion yuan, a decline of 5.13% year-on-year, with a net profit attributable to shareholders of 135 million yuan, down 45.48% year-on-year [5][10]. - The report highlights the impact of weak downstream demand, leading to revenue pressure, particularly in the steel sector, which accounts for approximately 70% of the refractory materials market [8][10]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 51.92 billion yuan, with a significant drop in net profit to 1.35 billion yuan, reflecting a 45.48% decrease year-on-year [5][10]. - The gross profit margin for the company was 18.99%, a decrease of 0.94 percentage points compared to the previous year [8][10]. - Operating cash flow remained robust, with a net cash flow from operations of 4.31 billion yuan, an increase of 12.39% year-on-year [8][10]. Business Segments - Revenue from the steel segment decreased by 7.77% to 44.33 billion yuan, while the environmental materials segment saw a decline of 23.49% to 3.80 billion yuan [8][10]. - The active magnesium oxide business is progressing steadily, with overseas revenue holding steady at 14.55 billion yuan, and significant growth in the U.S. factory's revenue, which increased by 72% year-on-year [8][10]. Future Outlook - The report projects revenues for 2025, 2026, and 2027 to be 54.51 billion yuan, 57.05 billion yuan, and 59.62 billion yuan, respectively, with net profits expected to rise to 2.14 billion yuan, 2.32 billion yuan, and 2.43 billion yuan [10][11]. - The company is expected to benefit from the ongoing expansion of its active magnesium oxide business and the continued ramp-up of production in the U.S. [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a total revenue of 5.192 billion yuan for 2024, a year-on-year decrease of 5.13%, and a net profit attributable to shareholders of 135 million yuan, down 45.48% year-on-year [2][5]. - The overall market conditions are under pressure, with a slight decline in revenue and profitability due to reduced demand in the refractory materials sector, influenced by a 1.7% decrease in national crude steel production and a 9.5% drop in cement production in 2024 [6]. - The company’s refractory materials sales volume increased slightly by 0.7% to 773,000 tons in 2024, but the average selling price decreased by 416 yuan per ton to 6,718 yuan, resulting in a gross profit margin decline [6]. - Domestic sales were 3.74 billion yuan, down 6.6%, while overseas sales were 1.45 billion yuan, down 1.24%, with a notable increase in sales from the U.S. factory [6]. - The raw materials division saw significant growth, with revenue increasing by 40.3% to 817 million yuan, attributed to a higher self-supply ratio of magnesium sand [7]. - The company is expected to achieve net profits of 300 million yuan and 430 million yuan in 2025 and 2026, respectively, corresponding to price-earnings ratios of 17 and 12 times [12]. Summary by Sections Financial Performance - In 2024, the company’s total revenue was 5.192 billion yuan, with a gross profit of 986 million yuan, resulting in a gross margin of 19% [15]. - The net profit for 2024 was 135 million yuan, with earnings per share (EPS) of 0.14 yuan [15]. - The company anticipates revenue growth to 5.506 billion yuan in 2025 and 5.753 billion yuan in 2026 [15]. Market Dynamics - The refractory materials market is facing challenges due to declining demand in the steel and cement industries, impacting overall sales and profitability [6]. - The company’s overseas expansion is progressing well, with stable sales from its U.S. operations, while the Serbian factory faced challenges due to regional conflicts [6][12]. Business Segments - The steel division generated 4.43 billion yuan in revenue, down 7.77%, while the environmental materials division saw a 23.49% decline to 380 million yuan [7]. - The raw materials division's revenue growth indicates a strategic shift towards self-supply and cost management [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 5.192 billion yuan for 2024, a decrease of 5.13% year-on-year, and a net profit attributable to shareholders of 135 million yuan, down 45.48% year-on-year [2][4]. - In Q4 2024, the revenue was 1.189 billion yuan, a decline of 16.36% year-on-year, with a net profit of 12.15 million yuan, down 69.65% year-on-year [2][4]. - The overall market conditions are challenging, with a slight decline in demand for refractory materials due to a decrease in national crude steel production by 1.7% and cement production by 9.5% in 2024 [5]. - The company’s refractory materials sales volume was 773,000 tons in 2024, a slight increase of 0.7% year-on-year, but the average selling price decreased by 416 yuan per ton to 6,718 yuan [5]. - Domestic sales were 3.74 billion yuan, down 6.6% year-on-year, while overseas sales were 1.45 billion yuan, down 1.24% year-on-year [5]. - The raw materials division saw significant growth, with revenue increasing by 40.3% year-on-year to 817 million yuan, attributed to an increase in self-supply of magnesia [6]. - The company is expanding its active magnesium oxide business, with potential orders in the Indonesian nickel and African cobalt markets, and has established production capacity in the US and Serbia [6]. - Expected earnings for 2025-2026 are projected at 300 million and 430 million yuan, corresponding to PE ratios of 17 and 12 times, respectively [6]. Financial Summary - For 2024, total revenue is projected at 5.192 billion yuan, with a gross profit of 986 million yuan, resulting in a gross margin of 19% [16]. - The company anticipates a gradual increase in revenue to 5.506 billion yuan in 2025 and 5.753 billion yuan in 2026 [16]. - The net profit is expected to rise from 129 million yuan in 2024 to 320 million yuan in 2025 and 467 million yuan in 2026 [16].

Group 1: Financial Performance and Projections - The company's expected net profit for the year is 321 million yuan, with measures in place to ensure cash flow and profit stability [1] - Revenue decreased by 5.13% year-on-year, and net profit dropped by 45.48% due to weak downstream demand and increased competition [2][3] - Financial expenses increased significantly due to foreign exchange losses of 4.8744 million yuan, compared to a gain of 21.6833 million yuan in the previous year [2] Group 2: Operational Strategies - The company is expanding its production capacity for wet-process precipitated magnesium oxide from 50,000 tons to 60,000 tons to meet market demand [2] - Efforts are being made to control costs and improve management efficiency to enhance net profit margins [2] - The company is focusing on overseas market expansion and optimizing its production base to increase profit margins [1] Group 3: Cash Flow Management - The company has maintained good cash flow due to strict control over accounts receivable and improved operational efficiency [2] - Investment expenditures have increased significantly to enhance smart manufacturing and environmental standards [3] Group 4: Market Conditions and Pricing Strategy - The company is addressing rising upstream prices by communicating with downstream customers and enhancing cost control measures [3] - The impact of international political and economic conditions has led to increased financial costs and operational challenges [2][3]

Investment Rating - The report maintains an "Accumulate" rating for the company [8] Core Views - The company is expected to face operational pressure in 2024 due to a decline in the steel industry, but performance is anticipated to gradually improve in 2025 as orders from the U.S. factory accelerate and the company makes progress in the wet metallurgy sector [1][4] - In 2024, the company achieved revenue of 5.192 billion yuan, a year-on-year decrease of 5.13%, and a net profit attributable to shareholders of 135 million yuan, down 45.48% year-on-year [1][6] - The company’s main refractory products saw a decline in revenue and gross margin in 2024, primarily due to cost-cutting measures and production reductions in the steel industry [2] - The company’s comprehensive gross margin for 2024 was 18.99%, a decrease of 0.94 percentage points year-on-year, with an increase in operating cash flow compared to the previous year [3] Financial Performance Summary - Revenue from functional, shaped, unshaped, and other refractory materials in 2024 was 1.36 billion, 1.87 billion, 1.07 billion, and 890 million yuan respectively, with year-on-year changes of +8.5%, -10.4%, -3.4%, and -13% [2] - The company’s net profit for 2025 is projected to be 300 million yuan, with a significant recovery expected in subsequent years [1][6] - The company’s cash flow from operations (CFO) for 2024 was approximately 431 million yuan, an increase of 48 million yuan year-on-year [3][12] Market and Strategic Developments - The company’s overseas revenue remained stable, with significant sales in countries along the "Belt and Road" initiative, totaling 1.063 billion yuan [4] - The company has signed a strategic cooperation framework agreement with a partner to supply efficient precipitation agents for nickel extraction, which is expected to enhance profitability [4] - The company’s raw materials division reported revenue of 817 million yuan in 2024, a year-on-year increase of 40.3%, indicating strong growth in the wet metallurgy market [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company reported a revenue of 5.19 billion yuan for 2024, a decrease of 5.1% year-on-year, with a net profit attributable to shareholders of 135 million yuan, down 45.5% year-on-year [1][2]. - The decline in overall revenue is attributed to weak demand in the steel industry, while the new materials segment showed significant growth, with a 40.3% increase in revenue [2]. - The company is expected to benefit from the ramp-up of its active magnesium oxide business and the flexibility of its U.S. plant, leading to an upward revision of net profit forecasts for 2025 and 2026 [4]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 19.0%, a slight decline of 0.9 percentage points year-on-year, primarily due to weak downstream demand and intensified competition [3]. - The net profit margin for Q4 was 0.9%, down 2.3 percentage points year-on-year, reflecting the impact of increased R&D expenses related to the active magnesium oxide business [3]. Revenue Breakdown - The revenue from the steel refractory materials segment was 4.43 billion yuan, down 7.8% year-on-year, while the new materials segment generated 820 million yuan, up 40.3% [2]. - Domestic revenue was 3.74 billion yuan, a decrease of 6.6%, while overseas revenue was 1.45 billion yuan, down 1.2% [2]. Profitability and Cost Structure - The report indicates an increase in the R&D expense ratio to 4.9%, up 1.3 percentage points year-on-year, which is linked to the development of the active magnesium oxide business [3]. - The overall expense ratio increased to 16.9%, up 2.5 percentage points year-on-year, driven by higher sales and management expenses due to revenue decline [3]. Future Outlook - The net profit forecast for 2025 has been raised to 341 million yuan, a 152.5% increase from 2024, and for 2026, it is projected at 557 million yuan, a 63.2% increase [4]. - The company is expected to see a recovery in profitability as the prices of raw materials, particularly alumina, have started to decline from their peak levels [4].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of RMB 6.00 [8][9]. Core Views - The company reported a revenue of RMB 519 million and a net profit attributable to the parent of RMB 14 million for the year 2024, representing a year-on-year decline of 5.1% and 45.5% respectively. The fourth quarter saw revenues of RMB 119 million and a net profit of RMB 1 million, down 16.4% and 69.7% year-on-year. The lower net profit was attributed to a significant increase in expense ratios [1]. - The company’s product segments showed varied performance, with non-shaped refractory materials, shaped refractory materials, and functional refractory materials generating revenues of RMB 1.07 billion, RMB 1.87 billion, and RMB 1.36 billion respectively, reflecting year-on-year changes of -3.4%, -10.4%, and +8.5%. The overall gross margin decreased by 0.9 percentage points to 19.0% due to weak downstream demand and falling prices, although the gross margin improved to 20.2% in Q4 [2]. - The company’s operating expenses increased, with a total expense ratio of 16.9%, up 2.5 percentage points year-on-year. The financial expense ratio rose mainly due to exchange losses, while the R&D expense ratio increased due to the development of active magnesium oxide. However, the company maintained a healthy operating cash flow of RMB 430 million, up 12.4% year-on-year [3]. - The overseas operations are stabilizing, with overseas revenue reaching RMB 1.45 billion, accounting for 28.0% of total revenue, an increase of 1.1 percentage points year-on-year. The U.S. factory's revenue grew by 72% year-on-year, and the Serbian factory is also performing well. The company is expanding its market for efficient precipitation agents in nickel and cobalt extraction, which is expected to contribute to revenue growth in 2025 [4]. - Due to the pressure on traditional steel industry demand, the company has adjusted its sales volume assumptions, forecasting net profits of RMB 260 million, RMB 300 million, and RMB 350 million for 2025-2027, down 11% and 9% for 2025 and 2026 respectively. The target price has been raised to RMB 6.00 based on a 24x PE for 2025 [5]. Summary by Sections - **Revenue and Profitability**: The company reported a revenue of RMB 519 million and a net profit of RMB 14 million for 2024, with significant declines in Q4 [1]. The product revenue breakdown showed mixed results, with overall gross margin declining to 19.0% [2]. - **Expenses and Cash Flow**: The total expense ratio increased to 16.9%, with a healthy operating cash flow of RMB 430 million [3]. - **Overseas Operations and Growth Potential**: Overseas revenue reached RMB 1.45 billion, with significant growth in the U.S. and Serbia, and new product lines expected to drive future growth [4]. - **Forecast and Valuation**: Adjusted profit forecasts for 2025-2027 reflect a cautious outlook, with a revised target price of RMB 6.00 [5].