Core Viewpoint - The cement industry is expected to benefit from reduced production costs due to falling coal prices and increased off-peak production days, which will support cement prices and improve overall market conditions [2][3][4] Company Performance - As of May 23, 2025, the company reported a stock price of 7.77 yuan, up 3.46% from the previous week, with a total market capitalization of 9.264 billion yuan [1] - The company's cement and clinker sales in Q1 2025 were 3.7103 million tons, showing growth against market trends, attributed to favorable weather conditions [3] Industry Trends - In 2025, all clinker production lines in Guangdong will have a planned off-peak shutdown of 95 days per kiln, an increase of 15 days from 2024, which will tighten supply and support prices [2][3] - The decline in coal prices is a significant advantage for cement companies, with a 100 yuan/ton decrease in coal prices impacting cement costs by approximately 10 yuan/ton [2][3] Future Outlook - The company aims to achieve cement sales of over 16.3 million tons in 2025, based on capacity management regulations and anticipated market demand [2] - The company plans to maintain a capital expenditure of less than 400 million yuan in 2025, focusing on projects for emission reduction, waste disposal, and renewable energy [3]

Group 1 - The core viewpoint of the news is that Tower Group is expected to achieve a counter-cyclical growth in "cement + clinker" sales in Q1 2025, primarily due to reduced rainfall in its market region, which minimally affected construction activities [1] - The company anticipates better sales performance in Q2 2025 compared to the same period last year, with a production line plan that includes 95 days of kiln shutdowns throughout Guangdong province, an increase of 15 days from 2024 [1] - Tower Group's operational goal for 2025 is to produce and sell over 16.3 million tons of cement, with no plans for additional production capacity aside from capacity replacement [1] - A decrease in coal prices is expected to lower cement production costs, with a fluctuation of 100 yuan/ton impacting costs by approximately 10 yuan/ton, effects to be realized within 2-3 months [1] - The company is open to expanding its cement business through mergers and acquisitions, focusing on market supply and demand, resource endowment, and transaction prices [1] - Tower Group aims to enhance efficiency and reduce costs while seeking quality investment projects, with a projected capital expenditure of less than 400 million yuan for 2025, primarily for production line upgrades, solid waste disposal, and photovoltaic projects [1] - Policy changes are expected to reduce production capacity, optimize supply-demand dynamics, and enhance industry concentration, benefiting price recovery and profitability stability [1]

Group 1: Sales and Market Performance - Current cement daily sales are slightly lower than in April but show significant growth compared to the same period last year, attributed to favorable weather conditions for construction projects [1] - In Q1 2025, the company's "cement + clinker" sales reached 3.71 million tons, a 2.53% increase year-on-year, while the overall Guangdong market saw a 5.95% decline in cement consumption [2] Group 2: Production and Capacity Management - In 2025, Guangdong's clinker production lines will have a planned shutdown of 95 days per kiln, an increase of 15 days from 2024, which will help support cement prices by reducing supply [3] - The company aims to produce and sell over 16.3 million tons of cement in 2025, with no plans for additional capacity as current production lines are deemed sufficient to meet market demand [4] Group 3: Cost and Pricing Factors - A decrease in coal prices is expected to significantly lower cement production costs, with a 100 CNY/ton drop in coal prices impacting cement costs by approximately 10 CNY/ton, reflecting in Q2 performance [5] - The cement industry is anticipated to benefit from policies that manage production capacity and carbon emissions, which will enhance market stability and profitability [8] Group 4: Strategic Outlook - The company will continue its strategy of prioritizing profit while maintaining market share, focusing on cost reduction and operational efficiency [6] - Capital expenditures for 2025 are projected to be under 400 million CNY, primarily for environmental upgrades and new technology projects [7] - The overall market environment for cement is expected to improve in 2025 due to supportive policies and reduced production capacity, leading to better profitability compared to the previous year [9]

北京市君合律师事务所 关于广东塔牌集团股份有限公司 为出具本法律意见书之目的，本所委派律师列席了公司本次股东大会现场会议，并 根据有关法律法规的规定和要求，按照律师行业公认的业务标准、道德规范和勤勉尽责 精神，对公司提供的本次股东大会有关文件和资料进行了核查。在本所经办律师对公司 提供的有关文件进行核查的过程中，本所假设： 1. 提供予本所之文件中的所有签署、盖章及印章都是真实的，所有作为正本提交 2025 年第一次临时股东大会的法律意见书 致：广东塔牌集团股份有限公司 北京市君合律师事务所（以下简称"本所"）接受广东塔牌集团股份有限公司（以 下简称"公司"）的委托，指派本所经办律师出席了公司于 2025 年 4 月 29 日在广东省 蕉岭县蕉城镇塔牌集团办公楼四楼会议室召开的 2025 年第一次临时股东大会（以下简 称"本次股东大会"）的现场会议。现根据《中华人民共和国公司法》、《中华人民共和 国证券法》等中国（本法律意见书所指"中国"包括中华人民共和国大陆地区、香港特 别行政区、澳门特别行政区和台湾地区，为本法律意见书之目的，仅指中华人民共和国 大陆地区）现行法律、法规和规范性文件（以下简称"法律、法规" ...

证券代码：002233 证券简称：塔牌集团 公告编号：2025-028 广东塔牌集团股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 特别提示： 1、本次股东大会没有出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开日期和时间： （1）现场会议时间：2025 年 4 月 29 日（星期二）下午 14：30； （2）网络投票时间：2025 年 4 月 29 日。其中通过深圳证券交易所交易系统进行网络投 票的具体时间为：2025 年 4 月 29 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳 证券交易所互联网投票系统投票的具体时间为：2025 年 4 月 29 日上午 9:15 至下午 15:00 期间 的任意时间。 4、会议召集人：公司董事会 5、会议主持人：董事长钟朝晖先生 2、现场会议召开地点：广东省蕉岭县蕉城镇塔牌集团办公楼四楼会议室。 3、会议召开方式：现场投票和网络投票相结合 6、会议的召集、召开与表 ...

Core Viewpoint - Guangdong Tapai Group Co., Ltd. announced its 2024 annual profit distribution plan, which includes a cash dividend of RMB 4.5 per 10 shares for all shareholders, based on a total share capital of 1,192,275,016 shares, excluding 18,124,508 shares held in the company's repurchase account [2][4][9]. Group 1: Profit Distribution Plan - The profit distribution plan was approved at the 2024 annual shareholders' meeting held on April 10, 2025 [4]. - The total cash dividend amount is RMB 528,367,728.60, calculated based on the adjusted total share capital of 1,174,150,508 shares [2][3]. - The cash dividend per share after the distribution will be RMB 0.4431592, which is derived from the total cash dividend divided by the total share capital [3][10]. Group 2: Ex-Dividend and Record Dates - The record date for the profit distribution is set for April 28, 2025, and the ex-dividend date is April 29, 2025 [11]. Group 3: Dividend Payment Method - The cash dividends will be directly credited to the accounts of shareholders through their securities custodians on the ex-dividend date [13]. Group 4: Taxation Information - For Hong Kong market investors and certain foreign institutions, the cash dividend will be RMB 4.05 per 10 shares after tax [9]. - Different tax rates apply for individual shareholders based on their holding period, with specific amounts outlined for different durations [10].

Sales Performance - In Q1 2025, the company achieved cement sales of 3.606 million tons, an increase of 4.41% year-on-year [2] - The combined sales of cement and clinker reached 3.7103 million tons, up 2.53% year-on-year [3] - The average selling price of cement was approximately 232 RMB/ton, a decrease of about 24.5 RMB/ton year-on-year, reflecting a 9.57% decline [2] Financial Overview - The company reported a revenue of 7.42 billion RMB, a year-on-year decrease of 9.20% [2] - Net profit attributable to shareholders was 1.65 billion RMB, an increase of 10.88% year-on-year [2] - The average cost of cement was around 186 RMB/ton, down 8 RMB/ton year-on-year, a decline of 4.17% [2] Market Conditions - The cement industry showed signs of improvement, with a slight increase in sales prices due to a decrease in coal procurement costs [2] - The company benefited from a reduction in rainfall in the region, which positively impacted construction activities and cement demand [3] Strategic Initiatives - The company plans to continue its strategy of "profit as the goal, market share as the foundation" to maximize efficiency while maintaining market presence [5] - The implementation of staggered production policies in Guangdong and Fujian is expected to tighten supply, with Guangdong's clinker production lines scheduled for 95 days of downtime [5] Investment and Financial Management - The company’s financial investment structure includes 45-50% in low-risk bank deposits and certificates of deposit, and up to 20% in securities investments [7] - The company reported a significant increase in financial investment income due to favorable market conditions [7] Environmental and Regulatory Factors - The company’s environmental business revenue decreased by approximately 15%, with net profit down by about 50% due to lower disposal prices [11] - The sale of surplus carbon emission allowances from closed low-quality enterprises contributed to increased non-operating income [8] Future Outlook - The company anticipates improved operating conditions in Q2 2025, supported by rising cement prices and favorable weather conditions for construction projects [13] - Coal prices have decreased by approximately 150 RMB/ton since the beginning of the year, which is expected to lower production costs [10]

证券代码：002233 证券简称：塔牌集团 公告编号：2025-027 广东塔牌集团股份有限公司 关于 2024 年年度权益分派实施公告 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。 特别提示： 1、根据《深圳证券交易所上市公司自律监管指引第9号——回购股份》等相关规定，广东塔 牌集团股份有限公司（以下简称"公司"）通过回购专用证券账户持有的公司股份18,124,508股不 享有参与利润分配的权利。因此，本次权益分派以公司现有总股本1,192,275,016剔除已回购股份 18,124,508股后的1,174,150,508股为基数，向全体股东每10股派现金股利人民币4.5元(含税)，按照 每股分配比例不变的原则，实际现金分红的总金额为528,367,728.60 元。 2、考虑到公司回购专用证券账户上的股份不参与2024年年度权益分派，公司本次实际现金 分红的总金额=实际参与分配的总股本×分配比例，即528,367,728.60 元=1,174,150,508股×0.45元 /股。因公司回购股份不参与分红，本次权益分派实施后，实施权益分派前后公司总股本保持 ...

Financial Performance - In the first quarter, the company achieved cement sales of 3.606 million tons, an increase of 4.41% year-on-year [5] - The total sales volume of "cement + clinker" reached 3.7103 million tons, up by 2.53% compared to the same period last year [5] - The company reported operating revenue of 919.6335 million yuan, a decrease of 7.42% year-on-year [5] - The net profit attributable to shareholders was 165.0569 million yuan, an increase of 10.88% year-on-year [5] Market Conditions - The increase in cement sales was attributed to reduced rainfall in the market area compared to the previous year, which positively impacted construction activities [5] - Cement prices have shown a slight recovery since the fourth quarter of last year, although they decreased by 9.57% year-on-year [5] - The average sales cost of cement decreased by 4.17% year-on-year due to lower coal procurement prices [5] Profitability Analysis - The comprehensive gross profit margin decreased by 3.61 percentage points year-on-year, indicating a decline in profitability in the cement main business [5] - Financial investment income significantly increased during the reporting period, contributing positively to the overall performance [5] Shareholder Information - As of the end of the reporting period, the company held 18,124,508 shares in a repurchase special account, accounting for 1.52% of the total share capital [6]

Financial Performance - The company's revenue for Q1 2025 was ¥919,633,542.65, a decrease of 7.42% compared to the same period last year[4]. - Net profit attributable to shareholders increased by 10.88% to ¥165,056,860.92, while the net profit after deducting non-recurring gains and losses decreased by 22.82% to ¥90,523,581.25[4]. - Total operating revenue for the current period is ¥919,633,542.65, a decrease of 7.4% from ¥993,308,544.77 in the previous period[25]. - Net profit for the current period is ¥167,131,537.59, an increase of 9.3% compared to ¥152,364,976.78 in the previous period[26]. - The total comprehensive income for the current period is ¥156,559,076.65, slightly up from ¥153,626,994.74 in the previous period[27]. - Basic and diluted earnings per share increased to ¥0.14 from ¥0.13, reflecting a growth of 7.7%[27]. Sales and Production - The company achieved cement sales of 3.606 million tons, an increase of 4.41% year-on-year, and "cement + clinker" sales of 3.7103 million tons, up 2.53% year-on-year[8]. - The average selling price of cement decreased by 9.57% year-on-year, while the average sales cost decreased by 4.17% year-on-year, leading to a decline in gross profit margin by 3.61 percentage points[8]. - Sales expenses increased by 32.20% to 22,228.1 million CNY, primarily due to higher cement packaging costs[12]. Cash Flow and Investments - The net cash flow from operating activities was negative at -¥67,546,970.46, a significant decrease of 3,552.82% compared to the previous year[4]. - Cash flow from operating activities shows a net outflow of ¥67,546,970.46, contrasting with a net inflow of ¥1,956,285.46 in the previous period[29]. - Cash received from investment activities increased by 46.32% to 806,759.21 million CNY, due to a rise in reverse repurchase product scale[13]. - Cash flow from investment activities decreased by 63.75% to 27,297.19 million CNY, primarily due to increased amounts for renewing entrusted financial products[14]. - Cash flow from investing activities generated a net inflow of ¥272,971,899.52, compared to ¥752,998,213.80 in the previous period[29]. Assets and Liabilities - Total assets at the end of Q1 2025 were ¥13,444,869,617.00, a decrease of 0.40% from the end of the previous year[4]. - The company's equity attributable to shareholders increased by 1.56% to ¥12,140,448,706.51 compared to the end of the previous year[4]. - The total assets of Guangdong Tapa Group as of March 31, 2025, amounted to CNY 13,444,869,617, a slight decrease from CNY 13,499,258,326.62 at the beginning of the period[19]. - The company's total liabilities decreased to CNY 1,246,901,520.26 from CNY 1,489,696,994.78, indicating improved financial stability[22]. - The equity attributable to the owners of the parent company increased to CNY 12,140,448,706.51 from CNY 11,954,116,618.28, reflecting a growth in retained earnings[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 43,234[16]. - The largest shareholder, Zhong Liehua, holds 16.61% of shares, totaling 198,001,330 shares[16]. - The total number of shares held by the top 10 unrestricted shareholders accounted for 23.89% of the total share capital, indicating concentrated ownership[17]. - The company has a share repurchase account holding 18,124,508 shares, representing 1.52% of the total share capital, which may signal confidence in future performance[17]. Research and Development - R&D expenses decreased by 71.93% to 1,204.9 million CNY, mainly due to reduced material consumption for ongoing projects[12]. - Research and development expenses significantly decreased to ¥1,204,851.40 from ¥4,292,376.74, a reduction of 72%[26]. Financial Investments - The company reported a significant increase in financial investment income, contributing positively to overall performance[8]. - The company recorded non-recurring gains of ¥74,533,279.67, primarily from financial asset fair value changes and government subsidies[5]. - Fair value gains surged by 468.16% to 63,184.0 million CNY, driven by changes in the fair value of trading financial assets[12]. - The company reported a significant increase in asset disposal gains by 37,016.92% to 2,412.6 million CNY, reflecting higher fixed asset disposal income[12].