Core Viewpoint - The company, Puyang Pina High Temperature Materials (Group) Co., Ltd., announced a share reduction plan involving five shareholders, which will not exceed 9,900,000 shares, accounting for 0.993% of the total share capital, excluding shares held in the company's repurchase account [1][2]. Shareholder Reduction Plan - The reduction period will commence 15 trading days after the announcement and will last for three months, adhering to legal window periods [1][2]. - The five shareholders involved in the reduction are Liu Baichun, Liu Baiqing, Liu Caili, Yan Ruiyan, and Yan Ruiming, with Liu Caili and Yan Ruiyan currently holding positions within the company [1][2]. - The specific reduction details include: - Liu Baichun: 6,892,629 shares (0.691%) - Liu Baiqing: 2,880,000 shares (0.289%) - Liu Caili: 85,464 shares (0.009%) - Yan Ruiyan: 20,000 shares (0.002%) - Yan Ruiming: 21,907 shares (0.002%) [2]. Shareholding Structure - The controlling shareholder, Liu Baikuan's family, holds a total of 258,392,067 shares, representing 25.57% of the company's total share capital [1]. - The detailed shareholding structure includes: - Liu Baikuan: 132,245,727 shares (13.088%) - Liu Baichun: 102,742,266 shares (10.168%) - Liu Baiqing: 11,370,695 shares (1.125%) - Other family members hold the remaining shares [1]. Compliance and Commitments - The company confirms that the reduction plan complies with relevant laws and regulations, including the Securities Law and Shenzhen Stock Exchange rules [3]. - The controlling shareholders have fulfilled their initial public offering shareholding commitments, which restrict them from transferring more than 25% of their total shares [2][3]. Impact on Company Operations - The planned share reduction will not lead to a change in the company's control and is not expected to affect its ongoing operations [4].

证券代码：002225 证券简称：濮耐股份 公告编号：2025-007 濮阳濮耐高温材料（集团）股份有限公司 | 股东名称 | 持股数量（股） | 占公司总股本比例 | | --- | --- | --- | | 刘百宽 | 132,245,727 | 13.088% | | 刘百春 | 102,742,266 | 10.168% | | 刘百庆 | 11,370,695 | 1.125% | | 霍素珍 | 5,356,104 | 0.530% | | 霍戊寅 | 716,965 | 0.071% | | 刘国威 | 5,649,398 | 0.559% | | 刘国勇 | 167,003 | 0.017% | | 刘彩丽 | 85,464 | 0.008% | | --- | --- | --- | | 刘彩红 | 16,538 | 0.002% | | 闫瑞铅 | 20,000 | 0.002% | | 闫瑞鸣 | 21,907 | 0.002% | | 合计 | 258,392,067 | 25.572% | 本次拟减持的 5 位股东中刘彩丽现任公司检测中心主任，闫瑞铅现任添加剂 车间主任助理，其他人 ...

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。 特别提示： 股票代码：002225 股票简称：濮耐股份 债券代码：127035 债券简称：濮耐转债 转股价格：人民币 4.25 元/股 转股时间：2021 年 12 月 01 日至 2026 年 5 月 25 日 证券代码:002225 证券简称:濮耐股份 公告编号:2025-006 债券代码:127035 债券简称:濮耐转债 濮阳濮耐高温材料（集团）股份有限公司 经深交所"深证上2021571 号"文同意，公司 62,639.03 万元可转换公司债 券于 2021 年 6 月 18 日起在深交所挂牌交易，债券简称"濮耐转债"，债券代码 "127035"。 根据相关规定和《濮阳濮耐高温材料（集团）股份有限公司公开发行可转换 公司债券募集说明书》（以下简称"募集说明书"）的约定，公司本次发行的"濮 耐转债"自 2021 年 12 月 1 日起可转换为公司股份，转股时间为 2021 年 12 月 分派方案实施后，濮耐转债转股价格由 4.43 元/股调整为 4.38 元/股，调整后的转 股价格自 2022 年 7 月 ...

证券代码:002225 证券简称:濮耐股份 公告编号:2025-006 债券代码:127035 债券简称:濮耐转债 濮阳濮耐高温材料（集团）股份有限公司 2025年第一季度可转换公司债券转股情况公告 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。 特别提示： 股票代码：002225 股票简称：濮耐股份 债券代码：127035 债券简称：濮耐转债 转股价格：人民币 4.25 元/股 转股时间：2021 年 12 月 01 日至 2026 年 5 月 25 日 根据《深圳证券交易所股票上市规则》及《深圳证券交易所上市公司自律监 管指引第 15 号——可转换公司债券》的相关规定，濮阳濮耐高温材料（集团） 股份有限公司（以下简称"公司"）现将 2025 年第一季度可转换公司债券（以 下简称"可转债"）转股情况及公司股份变动情况公告如下： 一、可转债发行上市情况 1、可转债发行上市情况 经中国证券监督管理委员会"证监许可〔2020〕3350 号"文件核准，濮阳 濮耐高温材料（集团）股份有限公司于 2021 年 5 月 26 日公开发行了 6,263,903 张可转换公司 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [3] Core Views - The construction materials sector is experiencing a marginal improvement in demand due to active second-hand housing transactions, despite a recent decline in the sector [1][11] - The report highlights the potential for recovery in municipal engineering projects, driven by increased local government bond issuance and fiscal pressure relief [2] - The glass market shows signs of marginal improvement, particularly in photovoltaic glass, with price increases being implemented [2] - Cement prices are stabilizing after a period of decline, with short-term price increases expected due to production cuts and rising infrastructure demand [2] - The fiberglass market is stabilizing, with price recovery anticipated due to increased demand from wind power projects [2] Summary by Sections Market Overview - From March 21 to March 28, 2025, the construction materials sector (SW) declined by 1.82%, with specific declines in cement (1.63%), glass manufacturing (3.49%), fiberglass (1.52%), and renovation materials (1.75%) [1][11] - The sector experienced a net capital outflow of 821 million yuan during this period [1] Cement Industry Tracking - As of March 28, 2025, the national cement price index was 393.69 yuan/ton, reflecting a week-on-week increase of 0.57% [15] - Cement output reached 2.905 million tons, up 17.61% from the previous week, with a clinker capacity utilization rate of 60.5% [15] Glass Industry Tracking - The average price of float glass was 1306.69 yuan/ton, with a week-on-week increase of 0.30% [32] - Inventory levels for float glass decreased by 2.74 million weight boxes compared to the previous week [32] Fiberglass Industry Tracking - The price of non-alkali fiberglass remained stable, with the average price for 2400tex non-alkali winding direct yarn at 3833 yuan/ton, unchanged from the previous week [44] - The electronic yarn market also showed stability, with prices for G75 electronic yarn ranging from 8800 to 9200 yuan/ton [44] Key Stocks - Recommended stocks include: - Puhua Co., Ltd. (Buy) with an EPS forecast of 0.25 yuan for 2023 [7] - Qibin Group (Increase) with an EPS forecast of 0.65 yuan for 2023 [7] - China Jushi (Buy) with an EPS forecast of 0.76 yuan for 2023 [7] - Beixin Building Materials (Buy) with an EPS forecast of 2.09 yuan for 2023 [7]

股票简称：濮耐股份 股票代码：002225 债券简称：濮耐转债 债券代码：127035 海通证券股份有限公司 关于濮阳濮耐高温材料（集团）股份有限公司 公开发行可转换公司债券 2025 年第一次临时受托管理事务报告 受托管理人 （住所：上海市广东路 689 号） 二〇二五年三月 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《濮阳濮耐高温材料（集团）股份有限公司 2021 年可转换公司债券受托 管理协议》（以下简称《受托管理协议》）等相关规定和约定、公开信息披露文件 以及濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"、"濮耐股份" 或"发行人"）出具的相关说明文件以及提供的相关资料等，由受托管理人海通 证券股份有限公司（以下简称"海通证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断。 1 海通证券作为濮耐股份公开发行可转换公司债券（债券简称：濮耐转债， 债券代码：127035，以下简称"本次可转债"）的受托管理人，持续密切关注对 债券持有人权益有重大影响的事项。根据《公司债券发行与交易管理办法》《公 司债券受托 ...

濮耐股份 20250317 摘要 Q&A 濮耐股份在耐火材料行业的最新发展情况如何？ 濮耐股份作为国内耐火材料行业的龙头企业，过去主要深耕国内市场。近年来， 公司迎来了新的发展阶段，开始布局海外市场。目前公司在美国和塞尔维亚建 有两座工厂，这些工厂预计将在 2025 年进入爬坡放量阶段，对公司的业绩形成 • 濮耐股份电熔镁砂业务放量，与格力、美的合作取得进展，预计 2025 年进 入爬坡放量阶段，对公司业绩形成支撑，标志着公司从长期角度看实现了 质的飞跃和突破。 • 氧化镁在湿法冶金中应用广泛，尤其在沉淀环节，其品质直接影响下游产 品成本和质量。刚果金钴矿和印尼镍湿法冶金产能需求巨大，为濮耐股份 带来 40 万吨级别的增量空间，驱动利润增长。 • 刚果金钴矿石出口限制政策对濮耐股份边际影响有限，反而可能加剧国产 替代效应，强化企业降本诉求。头部中资企业因成本优势受配额影响小， 濮耐股份正处于供应链扩展期。 • 活性氧化镁在红土镍矿湿法冶炼中优势显著，能提高产品纯净度，降低综 合成本，且尾水处理成本更低。格林美 21.6 万吨镍产能规划，按 0.7 到 0.8 的订单比例计算，其需求量可达 16 万吨，验证了市 ...

证券研究报告 | 行业周报 gszqdatemark 2025 03 16 年 月 日 建筑材料 需求边际回暖 2025 年 3 月 7 日至 3 月 14 日建筑材料板块（SW）上涨 1.18%，上证综 指上涨 1.39%，建材板块相对沪深 300 超额收益-0.40%。其中水泥（SW） 上涨 1.47%，玻璃制造（SW）下跌 0.03%，玻纤制造（SW）下跌 0.75%， 装修建材（SW）上涨 1.90%。本期建筑材料板块（SW）资金净流入额为 -2.26 亿元。 【周数据总结和观点】 根据 wind 统计，2025 年 2 月地方政府债总发行量 13057.3 亿元，发行金 额同比 2024 年 2 月增长 133.2%，截至目前，2025 年一般债发行规模 0.30 万亿元，同比-0.11 万亿元，专项债发行规模 1.87 万亿元，同比+1.12 万亿元。化债下加码政府财政压力有望减轻，企业资产负债表也存在修复 的空间，市政工程类项目有望加快推进，市政管网及减隔震实物工作量有 望加快落地，关注龙泉股份、青龙管业、中国联塑、震安科技。玻璃需求 边际改善，关注收储落地，重点关注光伏玻璃：2025 年后玻璃 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Viewpoints - The company is a leading player in the domestic refractory materials industry, experiencing significant changes with accelerated overseas expansion and new product development in high-purity magnesium oxide [2][4] - The company has established production facilities in the United States and Serbia, aiming to leverage favorable overseas market conditions for growth [5][48] - The collaboration with GreenMei marks a significant step towards entering the active magnesium oxide market, which is expected to see increased demand from the nickel and cobalt sectors [6][7] Summary by Sections Company Overview - The company, founded in 1988 and listed in 2008, has shown steady revenue growth from CNY 2.43 billion in 2013 to CNY 5.47 billion in 2023, with net profit increasing from CNY 122 million to CNY 248 million over the same period [16] Overseas Expansion - The company has achieved CNY 1.47 billion in overseas revenue in 2023, accounting for 27% of its total revenue, with major export markets including Russia, India, Vietnam, South Korea, and the United States [5][41] - The production capacity in the U.S. is 25,000 tons, while in Serbia it is 40,000 tons, with local prices being approximately 2-3 times higher than domestic prices [5][55] Resource Utilization - The company possesses a rare microcrystalline magnesium mine in Tibet, with an annual extraction capacity of 1 million tons, and has signed a strategic agreement with GreenMei to enhance its market presence in active magnesium oxide [6][7] Domestic Market Dynamics - The domestic refractory materials market is highly fragmented, with the company holding about 3% market share in a market worth over CNY 160 billion [8] - The company is expected to benefit from industry consolidation as smaller players exit the market due to competitive pressures [8] Financial Projections - The company is projected to achieve net profits of CNY 150 million and CNY 320 million in 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 39 and 19 [8]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [10] Core Viewpoints - The company is a leading player in the domestic refractory materials industry, experiencing stable growth despite a challenging market environment. It is currently undergoing significant changes, including accelerated overseas expansion and new product development in high-purity magnesium oxide, which is expected to open new growth avenues [2][5][6] Summary by Relevant Sections Company Overview - The company, established in 1988 and listed in 2008, has shown steady revenue growth over the past decade, with revenue increasing from 2.43 billion yuan in 2013 to 5.47 billion yuan in 2023. Net profit also grew from 122 million yuan to 248 million yuan during the same period [15][17] Overseas Expansion - The company is actively expanding its overseas presence, with 2023 overseas revenue reaching 1.47 billion yuan, accounting for 27% of total revenue. Key markets include Russia, India, Vietnam, South Korea, and the United States. The company has established production facilities in the U.S. and Serbia, with capacities of 25,000 tons and 40,000 tons respectively [6][41][42] Resource Utilization - The company is leveraging its high-quality magnesium ore resources to produce active magnesium oxide, which is in demand for the production of nickel and cobalt. The global cobalt production in 2023 was 230,000 tons, with potential magnesium oxide demand estimated at 230,000 tons [7][8] Domestic Market Dynamics - The domestic refractory materials market is highly fragmented, with the company holding approximately 3% market share in 2023. The market is expected to consolidate as larger players gain an advantage through integrated services and cost reduction strategies [9][10] Financial Projections - The company is projected to achieve net profits of 150 million yuan and 320 million yuan in 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 39 and 19 [9][10]