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]

Summary of Conference Call Notes Industry Overview - The conference call discusses the construction materials industry, particularly focusing on cement and glass products, amidst recent monetary policy changes by the central bank [1][2]. Key Points and Arguments - **Monetary Policy Impact**: The central bank announced a 0.5% reduction in the reserve requirement ratio and a 0.1% decrease in policy interest rates, expected to inject approximately 1 trillion yuan into the market [3]. - **Cement Market Performance**: As of May 9, the national cement shipment rates were reported at 48%, with regional rates in East and South China at 52% and 54% respectively, showing a month-on-month decline of 1.5%, 0.9%, and 7.2 percentage points [1]. - **Price Trends**: The average price of cement decreased by 4.5 yuan per ton to 387 yuan per ton, marking a 15 yuan drop since early April [1]. - **Glass Market Update**: The average price of float glass was reported at 1318 yuan per ton, down 14 yuan from the previous week, with inventory levels at 58.17 million heavy boxes, an increase of 3.4% [1]. - **Fiber Market**: The average price of alkali-free glass fiber yarn in East China was 3650 yuan per ton, down 50 yuan from before the May Day holiday [1]. Investment Opportunities - **Excess Return Potential**: Historical data suggests that the construction materials sector has a high probability of achieving excess returns compared to the CSI 300 index when the real estate market shows signs of stability and improvement [3][4]. - **Real Estate Market Indicators**: As of April 28, the second-hand housing price index for first and second-tier cities was 196.84 and 145.02 respectively, indicating a stabilization trend. Notably, the investment amount from 30 monitored real estate companies reached 87.6 billion yuan in April, a year-on-year increase of nearly 100% [3]. Recommended Investment Lines - **Main Line One**: Focus on large-scale construction materials with improving supply-demand dynamics, emphasizing price elasticity and high dividend yields [5]. - **Main Line Two**: Favorable outlook on leading consumer building material companies with long-term growth potential, highlighting performance elasticity in high-demand consumer segments [7]. - **Main Line Three**: Interest in companies transitioning or expanding into high-growth sectors such as semiconductors, AI, and robotics [7]. Recommended Companies - **Cement Companies**: Conch Cement, Huaxin Cement, China Jushi, TPI Cement, Shangfeng Cement, Changhai Co. [6]. - **Consumer Building Materials**: Sankeshu, Oriental Yuhong, Beixin Building Materials, Weixing New Materials, Tubao, with a focus on Jianlang Hardware, Qinglong Pipeline, and Longquan Co. [7]. - **High-Growth Companies**: Quartz Co., Planet Graphite, with attention to Zhongqi New Materials [8]. Risk Factors - Potential risks include demand falling short of expectations, gross margins not meeting forecasts, and delays in receivables [8].

Industry Overview - Cement is a powdery hydraulic inorganic binder material that hardens in air or water when mixed with water, binding materials like sand and stone together [1] - The cement industry consists of three stages: upstream raw material supply, midstream cement production, and downstream application in construction and infrastructure [2][5] - The midstream is the core of cement manufacturing, involving the processing of raw materials into clinker and then into cement [3] Industry Development History - The cement industry in China has evolved through several stages closely linked to national economic development, policy adjustments, and market demand changes [7] - Key stages include: 1. Initial exploration (1978-1984) 2. Transition from planned to market economy (1985-1995) 3. Elimination and upgrading (1996-2000) 4. Rapid development (2001-2010) 5. Supply-demand balance adjustment (2011-2021) 6. Seeking industrial upgrade breakthroughs (2022-present) [9] Industry Policy Background - Recent policies aim to address overcapacity and promote orderly development through measures like banning new capacity, eliminating outdated capacity, and promoting peak production [10] Current Industry Status - The cement industry in China has seen fluctuating revenue, with a peak of 1.01 trillion yuan in 2019, followed by a decline to 888.51 billion yuan in 2022 due to the pandemic [11] - Cement production has also declined, dropping to 21.18 billion tons in 2022 and projected to fall to 18.25 billion tons in 2024 [12] - Apparent cement consumption has decreased for three consecutive years, with a forecast of 18.2 billion tons in 2024, the lowest in a decade [15] - The downstream application structure shows that infrastructure construction accounts for the largest share of cement demand at 63%, followed by real estate at 22% and civil use at 15% [17] Competitive Landscape - The cement industry is characterized by regional concentration, with significant numbers of enterprises in central provinces like Hebei, Henan, and Hubei [19] - The overall concentration in the cement sector is low, with China National Building Material (CNBM) leading in production capacity at 518 million tons, followed by Anhui Conch at 395 million tons [20] Future Development Outlook - The cement industry faces a shrinking market due to weakened downstream demand linked to the real estate market and slowing infrastructure investment [24] - Future trends include capacity replacement and the adoption of smart technologies, with a focus on green mining practices [26]

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 ...

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" ...

国泰海通主要观点如下： 水泥需求下滑幅度进入放缓区间行业盈利就有望改善需要达成合意错峰天数，实现供给侧优化的累积与 下滑的需求匹配。如需求下降较快，合意天数达成难度大，现需求弱降甚至单月正增长有助于合意天数 的达成进而对价格形成更强的支撑。 投资建议 国泰海通发布研报称，3月以来华东和华南磨机开工率保持正增长，3月初至4月10日华东、华南平均磨 机开工率分别为63%、62%，较2024年同期的55%、51%有明显提升；沿江熟料库存保持在40%以下的 低位，水泥需求正增长的确信度高。从微观角度看，卓创等数据统计的样本(多为大企业)磨机开工率表 征的需求更佳，海螺水泥（600585）一季度销量优于行业实现正增长，考虑到大企业在大型基建项目中 份额更高，微观数据亦可验证基建是需求增长的抓手。 磨机开工率、库存印证数据可靠性高，3月水泥需求正增长 从卓创磨机开工率、库存可验证需求数据的可靠性：3月以来华东和华南磨机开工率保持正增长，3月初 至4月10日华东、华南平均磨机开工率分别为63%、62%，较2024年同期的55%、51%有明显提升；沿江 熟料库存保持在40%以下的低位，水泥需求正增长的确信度高。自2021下半 ...

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]