广东塔牌集团股份有限公司 2025 年半年度报告全文 广东塔牌集团股份有限公司 2025 年半年度报告 2025 年 8 月 0 广东塔牌集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人何坤皇、主管会计工作负责人赖宏飞及会计机构负责人(会计主管人员)古 艳芬声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司存在市场需 求变化、行业周期变动以及原材料价格波动等风险，这些风险可能会导致公司完成年度生 产经营计划存在不确定性，公司年度生产经营计划不属于盈利预测，不能作为投资依据， 敬请投资者注意投资风险，本报告中第三节"管理层讨论与分析"中"十、公司面临的风 险和应对措施"中描述了公司未来经营中可能面临的风险以及应对措施，敬请广大投资者 注意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | ...

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The construction materials sector is experiencing weak demand, with the PMI showing a decline. The market is awaiting new policies to stimulate demand [4] - The report highlights that the cement market is facing challenges due to adverse weather conditions, leading to a low average shipment rate of less than 45% in key regions. However, the overall price decline has slowed down, indicating potential stabilization in the near term [11][18] - The report suggests that the supply-side consensus on self-discipline within the industry is strengthening, which may lead to better profitability compared to the previous year [11] - The report recommends focusing on cyclical industries that may benefit from policy support, particularly in cement and glass sectors, and highlights specific companies such as Huaxin Cement, Conch Cement, and others as potential investment opportunities [4][11] Summary by Sections 1. Industry Trends - The construction materials sector has seen a decline of 2.31% in the past week, underperforming against the Shanghai Composite Index [4] - The report notes that the cement price is currently at 339.7 RMB/ton, down 1.0 RMB/ton from the previous week and down 42.5 RMB/ton year-on-year [19][20] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The average cement shipment rate is reported at 44.7%, with a slight increase of 1.7 percentage points from the previous week, but a decrease of 2.0 percentage points year-on-year [26] - The report anticipates that cement prices will stabilize in the short term, despite current weak demand [11][18] 2.2 Glass - The average price of float glass is reported at 1295.3 RMB/ton, which is an increase of 56.7 RMB/ton from the previous week but a decrease of 175.7 RMB/ton year-on-year [4] - The report indicates that the glass industry is expected to see a supply-side contraction, which may improve the supply-demand balance in the short to medium term [14] 2.3 Fiberglass - The report highlights that the market for electronic fiberglass products is evolving, with a clear trend towards high-end products, which are expected to see increased penetration and value growth [12] - The profitability of ordinary fiberglass remains resilient, with ongoing demand in sectors like wind power and thermoplastics [12] 3. Industry Dynamics Tracking - The report discusses the impact of government policies aimed at stimulating domestic demand, particularly in the housing market, which is expected to improve the outlook for construction materials [15] - The report emphasizes the importance of companies that are exploring new business models and enhancing their supply chain efficiency [15]

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [1][3]. Core Insights - The report highlights that the construction materials sector is expected to continue its recovery due to increased infrastructure investment and consumption stimulation, supported by government policies [3][4]. - The real estate sector has shown weakened sales momentum in recent months, with a focus on policy impacts for short-term rebounds and a need for improved sales recovery and company fundamentals for medium-term outlook [3][28]. - The building materials sector is facing challenges such as weak demand, excess capacity, and inventory pressure, but upcoming policies are expected to enhance environmental standards and control capacity, positively impacting profitability [4][50]. Summary by Sections Real Estate Sector - The central government is emphasizing urban renewal and fiscal measures to support the real estate market, including the issuance of special bonds [3][28]. - The real estate sector has seen a slight increase of 0.66% over the past two weeks, outperforming the CSI 300 index by 0.24 percentage points [15][20]. - Key companies to watch include Poly Developments, China Merchants Shekou, and China Vanke, focusing on stable operations and strong positions in first and second-tier cities [3][28]. Building Materials Sector - The building materials sector has experienced a 6.23% increase over the past two weeks, ranking second among 31 sectors [29][31]. - Cement prices are under pressure due to weak demand, with the national average price at 320 RMB per ton, down 4 RMB from the previous week [36][50]. - Companies such as Conch Cement and Huaxin Cement are recommended for their solid fundamentals and attractive dividend yields [4][50]. Consumer Building Materials - Retail sales of building and decoration materials reached 15.8 billion RMB in June, with a year-on-year growth of 1.0% [5][53]. - The report anticipates a recovery in sales and profit margins for consumer building materials companies due to market improvements and cost optimization strategies [7][53]. - Recommended companies include Beixin Building Materials, Rabbit Baby, and Three Trees for their competitive advantages and solid fundamentals [7][53].

证券之星消息，8月1日水泥板块较上一交易日下跌0.99%，韩建河山领跌。当日上证指数报收于 3559.95，下跌0.37%。深证成指报收于10991.32，下跌0.17%。水泥板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002233 | 塔牌集团 | 8.19 | 1.36% | 18.07万 | | 1.49亿 | | 000672 | 上峰水泥 | 8.81 | 0.69% | 15.11万 | | 1.34亿 | | 000789 | 万年青 | 6.11 | 0.49% | 9.43万 | | 5736.06万 | | 002671 | 龙泉股份 | 4.87 | 0.41% | 11.69万 | | 5682.93万 | | 605122 | 四方新材 | 14.16 | 0.35% | 4.00万 | | 5671.21万 | | 600802 | 福建水泥 | 5.28 | 0.19% | 9.38万 | | 4968.80万 | | 60 ...

Group 1 - The core viewpoint of the news is that Guangdong Tapai Group Co., Ltd. has shown mixed financial performance in its latest quarterly report, with a decline in total revenue but an increase in net profit [1] - As of July 30, 2025, Tapai Group's stock closed at 8.34 yuan, with a slight increase of 0.24% and a trading volume of 108,100 hands, amounting to 89.97 million yuan [1] - The company's total revenue for Q1 2025 was 920 million yuan, a year-on-year decrease of 7.42%, while the net profit attributable to shareholders was 165 million yuan, a year-on-year increase of 10.88% [1] Group 2 - The company has a current ratio of 6.806, a quick ratio of 6.208, and a debt-to-asset ratio of 9.27%, indicating strong liquidity and low leverage [1] - Tapai Group has made investments in 26 companies and participated in 800 bidding projects, showcasing its active engagement in the market [2] - The company holds 113 trademark registrations and 11 patents, along with 8 administrative licenses, reflecting its commitment to intellectual property and regulatory compliance [2]

金融界消息 截至2025年7月29日收盘，塔牌集团（002233）报收于8.32元，上涨0.85%，换手率1.41%， 成交量16.75万手，成交金额1.39亿元。 资金流向方面，今日主力资金净流出1110.48万元，占比成交额8.0%。其中，超大单净流出274.84万 元、占成交额1.98%，大单净流出835.64万元、占成交额6.02%，中单净流出流出592.25万元、占成交额 4.27%，小单净流入1702.73万元、占成交额12.27%。 塔牌集团最新一期业绩显示，截至2025一季报，公司营业总收入9.20亿元、同比减少7.42%，归属净利 润1.65亿元，同比增长10.88%，扣非净利润9052.36万元，同比减少22.82%，流动比率6.806、速动比率 6.208、资产负债率9.27%。 天眼查商业履历信息显示，广东塔牌集团股份有限公司，成立于1995年，位于梅州市，是一家以从事非 金属矿物制品业为主的企业。企业注册资本119227.5016万人民币，实缴资本119227.5万人民币。公司法 定代表人为何坤皇。 通过天眼查大数据分析，广东塔牌集团股份有限公司共对外投资了26家企业，参与招投标项目 ...

[Key Financial Data and Indicators](index=1&type=section&id=I.%20Key%20Financial%20Data%20and%20Indicators%20for%20the%20First%20Half%20of%202025) The company reported a 4.05% increase in total operating revenue, with significant growth in operating profit, total profit, and net profit attributable to the parent, alongside a slight decrease in total assets and shareholders' equity Key Financial Performance (RMB) | Item | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 2,056,248,002.47 | 1,976,169,887.68 | 4.05% | | **Operating Profit** | 553,967,603.08 | 315,184,507.63 | 75.76% | | **Total Profit** | 549,295,663.00 | 302,267,389.66 | 81.73% | | **Net Profit Attributable to Parent Company Shareholders** | 435,396,878.41 | 226,215,063.52 | 92.47% | | **Net Profit Attributable to Parent Excluding Non-recurring Items** | 241,859,602.84 | 183,604,069.79 | 31.73% | | **Basic Earnings Per Share (RMB)** | 0.37 | 0.19 | 94.74% | | **Weighted Average Return on Net Assets** | 3.63% | 1.90% | 1.73% | Key Financial Position (RMB) | Item | End of Current Period | Beginning of Current Period | Change Percentage | | :--- | :--- | :--- | :--- | | **Total Assets** | 13,142,080,205.99 | 13,499,258,326.62 | -2.65% | | **Shareholders' Equity Attributable to Parent Company** | 11,885,598,288.30 | 11,954,116,618.28 | -0.57% | [Explanation of Operating Performance and Financial Condition](index=2&type=section&id=II.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Condition) The company's operating performance saw significant profit growth driven by sales volume increase and cost control, while financial condition remained stable with minor asset and equity adjustments [Explanation of Operating Performance](index=2&type=section&id=(I)%20Explanation%20of%20Operating%20Performance) Despite a weak cement market, the company's net profit attributable to the parent surged by 92.47% due to increased sales volume, effective cost control, and higher non-recurring gains - Macroeconomic Environment: In the first half of 2025, national cement output decreased by **4.3%** year-on-year, indicating weak industry demand; however, benefiting from declining coal prices, the industry's total profit is estimated to reach **RMB 15-16 billion**. Guangdong Province's cement consumption decreased by **4.95%** year-on-year[5](index=5&type=chunk) Core Operating Metrics | Core Operating Metrics | YoY Change | | :--- | :--- | | Total Operating Revenue | +4.05% | | Net Profit Attributable to Parent Company Shareholders | +92.47% | | "Cement + Clinker" Sales Volume | +10.90% | | Cement Average Selling Price | -5.51% | | Cement Average Sales Cost | -6.90% | - The company's significant profit growth resulted from multiple factors, including increased sales volume, improved core business profitability due to cost reductions exceeding price declines, and a substantial **RMB 150.93 million** year-on-year increase in non-recurring gains and losses from investment and asset disposal[6](index=6&type=chunk) [Explanation of Financial Condition](index=2&type=section&id=(II)%20Explanation%20of%20Financial%20Condition) At period-end, total assets and shareholders' equity saw minor decreases, while the weighted average return on net assets improved by 1.73 percentage points due to increased net profit Financial Condition Metrics | Financial Condition Metrics | Period-End Value (RMB Billion) | Change from Beginning of Year | | :--- | :--- | :--- | | Total Assets | 13.142 | -2.65% | | Shareholders' Equity Attributable to Parent Company | 11.886 | -0.57% | - During the reporting period, the company's weighted average return on net assets increased by **1.73 percentage points** year-on-year, primarily due to a significant increase in net profit attributable to shareholders of the listed company[7](index=7&type=chunk)[8](index=8&type=chunk) [Explanation of Differences from Previous Performance Forecast](index=3&type=section&id=III.%20Explanation%20of%20Differences%20from%20Previous%20Performance%20Forecast) The operating performance disclosed in this quick report is consistent with the company's previously issued 2025 Semi-Annual Performance Forecast - The operating performance disclosed in this quick report is consistent with the company's previously disclosed performance forecast[9](index=9&type=chunk) [Documents for Reference](index=3&type=section&id=IV.%20Documents%20for%20Reference) The company has prepared required reference documents, including comparative financial statements signed by management and an internal audit report - Documents for reference include: 1. Comparative balance sheets and income statements signed and sealed by the legal representative, the person in charge of accounting, and the head of the accounting department 2. Internal audit report signed by the head of the internal audit department[10](index=10&type=chunk)

Core Viewpoint - The company reported a significant increase in net profit and revenue for the first half of the year, driven by favorable market conditions and cost management strategies [1] Financial Performance - The company's operating revenue reached 2.056 billion, representing a year-on-year growth of 4.05% [1] - Net profit amounted to 435 million, showing a substantial year-on-year increase of 92.47% [1] Sales and Market Conditions - Cement sales volume increased by 10.90% year-on-year, benefiting from reduced rainfall in the market region, which facilitated construction activities [1] - The average selling price of cement decreased by 5.51% year-on-year, but the average sales cost of cement fell by 6.90%, leading to improved profitability in the cement business [1] Investment Gains - The company experienced a significant increase in investment income (including floating profits) due to a recovering capital market and active trading [1] - Non-recurring gains increased by 151 million, attributed to the disposal of shut-down enterprises [1]

Investment Rating - The report suggests a positive outlook for the industry, particularly in the context of rural road development and related materials [6][13]. Core Insights - The introduction of the "Rural Road Regulations" marks the first dedicated legislative framework for rural roads in China, aimed at enhancing rural infrastructure and supporting agricultural modernization [2][9]. - Rural road construction investment has consistently exceeded 400 billion yuan annually for the past eight years, with a total rural road mileage reaching 4.644 million kilometers by the end of 2024 [3][10]. - Key construction materials such as cement, concrete, and additives are expected to benefit from increased demand due to rural road projects, with optimistic estimates suggesting a potential increase in cement demand by 4 million tons [4][11]. - The report highlights a trend of decreasing cement prices, indicating a potential for industry recovery through supply-side reforms and capacity reductions [5][12]. Summary by Sections Legislative Framework - The "Rural Road Regulations" consist of 28 articles that establish a comprehensive system for rural road development, focusing on quality improvement, responsibility assignment, and safety enhancement [2][9]. Investment Trends - Continuous investment in rural road construction has been maintained at over 400 billion yuan, with plans for significant new and upgraded road mileage in the coming years [3][10]. Material Demand - The construction of rural roads is projected to significantly increase the demand for construction materials, particularly cement, with calculations suggesting a demand increase of approximately 2% relative to total production [4][11]. Market Dynamics - The cement industry is experiencing price declines, with a national average of 344 yuan per ton, prompting expectations for a positive impact from supply-side adjustments [5][12].

Investment Rating - The report provides a comprehensive valuation table for various companies in the building materials industry, indicating a range of price-to-earnings (PE) and price-to-book (PB) ratios for 2025E and 2026E [1] Core Insights - The report highlights the expected growth in net profit for several companies, with notable increases such as 90 million CNY for Conch Cement in 2025E and 100 million CNY in 2026E, reflecting a strong market position [1] - The PE ratios for the companies vary significantly, with Conch Cement at 15.3 for 2025E and 13.8 for 2026E, while companies like Jidong Cement show a much higher PE of 37.2 for 2025E [1] - The report emphasizes the valuation metrics, with companies like China National Building Material having a low PB ratio of 0.34, indicating potential undervaluation [1] Summary by Category Cement - Conch Cement has a total market value of 138.1 billion CNY, with projected net profits of 90 million CNY in 2025E and 100 million CNY in 2026E, and a PE of 15.3 for 2025E [1] - Huaxin Cement is valued at 31.9 billion CNY, with net profits expected to reach 25 million CNY in 2025E and 30 million CNY in 2026E, showing a PE of 12.7 for 2025E [1] - Other notable companies include Tianshan Shares with a market value of 43.1 billion CNY and projected net profits of 15 million CNY in 2025E [1] Consumer Building Materials - Rabbit Baby is projected to have net profits of 7.5 million CNY in 2025E and 8.5 million CNY in 2026E, with a PE of 11.2 for 2025E [1] - China Liansu is valued at 14.5 billion CNY, with expected net profits of 22 million CNY in 2025E and 24 million CNY in 2026E, showing a low PE of 6.6 for 2025E [1] Glass and Fiberglass - Shandong Pharmaceutical Glass has a market value of 15.1 billion CNY, with projected net profits of 10.5 million CNY in 2025E and 11.5 million CNY in 2026E, and a PE of 14.3 for 2025E [1] - China Jushi is valued at 51.5 billion CNY, with net profits expected to reach 35 million CNY in 2025E and 40 million CNY in 2026E, showing a PE of 14.7 for 2025E [1] New Materials - Zhongfu Shenying has a market value of 19.3 billion CNY, with projected net profits of 0.5 million CNY in 2025E and 1.5 million CNY in 2026E, reflecting a very high PE of 385.0 for 2025E [1] - Jilin Carbon Valley is valued at 8.5 billion CNY, with expected net profits of 1 million CNY in 2025E and 1.3 million CNY in 2026E, showing a PE of 85.0 for 2025E [1]