证券代码：002225 证券简称：濮耐股份 公告编号：2025-026 濮阳濮耐高温材料（集团）股份有限公司 第六届监事会第二十二次会议决议公告 本公司及监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"）第六届监事会 第二十二次会议通知于2025年5月14日以电子邮件形式发出，2025年5月19日上午 以现场结合网络视频方式召开。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《关于监事会换届选举的议 案》 公司第六届监事会将于2025年6月9日任期届满，根据《公司法》、《公司章 程》及《监事会议事规则》的有关规定，公司第六届监事会将进行换届，并选举 成立第七届监事会，第七届监事会由5名监事构成，其中股东代表监事3名，职工 代表监事2名。 公司第六届监事会提名郭志彦先生、郑化轸先生、 ...

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 第二十九次会议通知于2025年5月14日以电子邮件形式发出，2025年5月19日上午 以现场结合网络视频方式召开。本次会议应参会董事9名，亲自参会董事8名, 董 事孔志远先生因工作原因委托董事刘国威先生参会并代为表决。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。 二、董事会会议审议情况 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： 1、以9票赞成，0票反对，0票弃权审议通过了《关于董事会换届选举非独 立董事的议案》 公司第六届董事会将于2025年6月9日任期届满，根据《公司法》、《公司章 程》及《董事会议事规则》的有关规定，公司第六届董事会将进行换届，并选举 成立第七届董事会，第七届董事会将由9名董事构成，其中非独立董事6名，独立 董事3名。 证券代码:002225 证券简称:濮耐股份 公告编号:2025-025 濮阳濮耐高温材料（集团）股份有限公司 第六届董事会第二十九次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Views - The company reported a revenue of 5.192 billion yuan in 2024, a year-on-year decrease of 5.13%, and a net profit attributable to shareholders of 135 million yuan, down 45.48% [5][13]. - The decline in performance is attributed to weak domestic demand, intensified competition, and increased shipping costs due to complex overseas situations [5][13]. - The company has successfully expanded its overseas business, with foreign revenue reaching 1.455 billion yuan in 2024, accounting for 28% of total revenue [6][15]. - The active magnesium oxide market presents significant growth potential, with the company focusing on high-efficiency precipitation agents for nickel and cobalt extraction [7][20]. Summary by Sections Company Overview - The latest closing price is 5.52 yuan, with a total market capitalization of 5.6 billion yuan [4]. - The company has a total share capital of 1.01 billion shares, with a debt-to-asset ratio of 57.4% and a price-to-earnings ratio of 39.43 [4]. Financial Performance - In Q1 2025, the company achieved a revenue of 1.34 billion yuan, a year-on-year increase of 3.17%, while net profit decreased by 15.91% [5][13]. - The company anticipates revenues of 5.774 billion yuan in 2025, with a year-on-year growth of 11.21%, and net profits of 321 million yuan, reflecting a growth of 137.39% [7][23]. Market Expansion - The company has established factories in the United States and Serbia, with the U.S. factory's sales revenue increasing by 72% in 2024 [6][18]. - The foreign gross margin was 28.67% in 2024, significantly higher than the domestic gross margin of 15.21% [17]. Growth Opportunities - The active magnesium oxide market is expected to grow, with the company planning to increase its production capacity to 45,000 tons per year in the long term [21]. - The company has successfully entered the supply chain for several wet metallurgy clients, including Greenmech, and is recognized as a qualified supplier [20][21].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][5]. Core Insights - The company reported a revenue of 5.192 billion yuan in 2024, a year-on-year decrease of 5.13%, and a net profit attributable to shareholders of 135 million yuan, down 45.48% [5][13]. - The decline in performance is attributed to domestic demand weakness, intensified competition, and increased shipping costs due to complex international situations [5][13]. - The company has successfully expanded its overseas business, with foreign revenue reaching 1.455 billion yuan in 2024, accounting for 28% of total revenue, and a gross margin of 28.67%, significantly higher than the domestic margin of 15.21% [6][15][17]. - The active magnesium oxide market presents a new growth opportunity, with the company focusing on high-efficiency precipitation agents for cobalt and nickel extraction, having already established itself as a qualified supplier for several clients [7][20][21]. - The company is expected to achieve revenues of 5.774 billion yuan in 2025, with a year-on-year growth of 11.21%, and a net profit of 321 million yuan, reflecting a significant recovery [7][9]. Company Overview - The company is a leading player in the refractory materials industry, with a comprehensive supply chain from mining to product development and sales [12]. - As of the end of 2024, the company has a designed production capacity of 711,790 tons for refractory products and 470,000 tons for raw materials [12].

Core Viewpoint - The report highlights the challenges faced by Puyang Co., Ltd. due to domestic competition and low demand, while also emphasizing the potential growth from overseas markets and the active magnesium oxide segment [1][2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 5.192 billion yuan, a year-on-year decrease of 5.13%, with a net profit attributable to shareholders of 135 million yuan, down 45.48% [1]. - For Q1 2025, the company reported revenue of 1.34 billion yuan, a year-on-year increase of 3.17%, but a decline in net profit attributable to shareholders by 15.91% [1]. - The decline in performance is attributed to low demand in downstream industries, intensified competition, and increased shipping costs due to complex overseas situations [1]. Group 2: Overseas Market Development - The company has successfully expanded its overseas business, with foreign revenue and gross profit reaching 1.455 billion yuan and 417 million yuan in 2024, accounting for 28% and 42.32% of total revenue and gross profit, respectively [2]. - The gross margin for overseas operations was 28.67%, significantly higher than the domestic gross margin of 15.21% [2]. - The company has established factories in the U.S. and Serbia, with the U.S. factory achieving a 72% increase in sales revenue in 2024, receiving positive feedback from customers [2]. Group 3: Growth Potential in Active Magnesium Oxide - The active magnesium oxide market is identified as a new growth point, primarily used in hydrometallurgical processes for cobalt and nickel extraction [3]. - The company’s new materials division aims to expand into this market, having already been recognized by several hydrometallurgical clients, including Greenmei [3]. - The company currently has a production capacity of 50,000 tons per year for efficient precipitating agents, with plans for a new production line expected to come online soon, potentially increasing theoretical output to 450,000 tons [3]. Group 4: Investment Outlook - The company is expected to benefit from the gradual ramp-up of overseas projects and continued breakthroughs in the active magnesium oxide market, with projected revenues of 5.774 billion yuan, 6.519 billion yuan, and 7.252 billion yuan for 2025, 2026, and 2027, respectively [3]. - Net profits are forecasted to reach 321 million yuan, 535 million yuan, and 874 million yuan for the same years, reflecting significant growth rates [3].

Tel：+86 10 66578066 Fax：+86 10 66578016 E-mail：guantao@guantao.com http：// www.guantao.com 中国北京市西城区金融大街 5 号 新盛大厦 B 座 19 层 邮编：100032 19/F, Tower B, Xinsheng Plaza, No.5 Finance Street, Xicheng District, Beijing 100032, China 北京观韬律师事务所 关于濮阳濮耐高温材料（集团）股份有限公司 2024 年年度股东大会的法律意见书 观意字 2025BJ001069 号 致：濮阳濮耐高温材料（集团）股份有限公司 北京观韬律师事务所（以下简称"本所"）受濮阳濮耐高温材料（集团）股份 有限公司（以下简称"公司"）之委托，指派律师对公司 2024 年年度股东大会（以 下简称"本次股东大会"）进行见证。本所指派的律师现场参会对本次股东大会进 行见证，并依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《规 则》"）等 ...

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]

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]