Core Viewpoint - The company has established two new dry-process rotary kiln clinker production lines with a daily capacity of 4,500 tons at its production base in Wuping, Longyan, Fujian, primarily serving the eastern Guangdong market with limited sales in the western Fujian region [2] Company Summary - The production base in Wuping, Longyan, is equipped with two production lines, each capable of producing 4,500 tons of clinker daily [2] - The cement produced at this facility is mainly sold in the eastern Guangdong region, with a small portion transported by road to the western Fujian area [2] - The company's market share in the western Fujian region is relatively limited [2]

Core Viewpoint - The company, Taipai Group, has limited market share in Fujian for its cement products, primarily selling to the eastern Guangdong region and a small portion to the western Fujian area [2] Group 1 - Taipai Group operates a production base in Longyan, Wuping, Fujian, with two new dry-process rotary kiln clinker production lines, each with a daily capacity of 4,500 tons [2] - The cement produced at this base is mainly sold to the eastern Guangdong market, with limited sales to the western Fujian region via road transportation [2] - The company acknowledges the question regarding its market presence in Fujian and compares its production capacity with local competitors [2]

Market Overview - The cement sector experienced a decline of 0.2% on November 4, with Shangfeng Cement leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Individual Stock Performance - Hanjian Heshan saw a significant increase of 10.09%, closing at 6.11, with a trading volume of 231,100 shares and a turnover of 141 million yuan [1] - Fujian Cement also rose by 10.00%, closing at 7.81, with a trading volume of 706,200 shares and a turnover of 527 million yuan [1] - Conversely, Shangfeng Cement fell by 1.83%, closing at 10.74, with a trading volume of 152,300 shares and a turnover of 164 million yuan [2] Capital Flow Analysis - The cement sector had a net inflow of 68.57 million yuan from institutional investors, while retail investors saw a net outflow of 93.65 million yuan [2][3] - Notably, Fujian Cement experienced a net inflow of 102 million yuan from institutional investors, but a net outflow of 68.33 million yuan from retail investors [3] - Hanjian Heshan had a substantial net inflow of 77.89 million yuan from institutional investors, with a significant net outflow of 39.61 million yuan from retail investors [3]

Group 1 - The company, Tapai Group, announced that as of October 31, 2025, it has repurchased a total of 6.1177 million shares through a dedicated securities account via centralized bidding, which represents 0.5131% of the company's total share capital [2]

证券代码：002233 证券简称：塔牌集团 公告编号：2025-049 广东塔牌集团股份有限公司 关于回购公司股份的进展公告 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。 广东塔牌集团股份有限公司（以下简称"公司"）于 2025 年 8 月 6 日召开的第六届董事 会第十九次会议逐项审议通过了《关于回购公司股份的议案》，同意公司使用自有资金以集中 竞价方式从二级市场回购公司股份用于实施员工持股计划，本次回购股份资金总额为不超过 10,000 万元（含）且不少于 5,000 万元（含），回购价格不超过 10 元/股，回购的期限为自董 事会审议通过回购方案之日起 6 个月内。 公司于 2025 年 8 月 13 日披露了《回购报告书》（公告编号：2025-038），分别于 2025 年 9 月 3 日、2025 年 10 月 10 日披露了《关于回购公司股份的进展公告》（公告编号：2025-039、 2025-044），于 2025 年 9 月 16 日披露了《关于首次回购股份的公告》（公告编号：2025-040）， 详见公司于《证券时报》《证券日报》《中国证券 ...

Core Viewpoint - The company announced a share repurchase plan aimed at employee stock ownership, with a budget of 50 million to 100 million yuan and a maximum repurchase price of 10 yuan per share, to be executed within 12 months from board approval [1] Group 1 - The company plans to repurchase shares using its own funds, with a total budget ranging from 50 million to 100 million yuan [1] - The repurchase price is set not to exceed 10 yuan per share [1] - The repurchase period is defined as 12 months from the date of board approval [1] Group 2 - As of October 31, 2025, the company has repurchased a total of 6.1177 million shares, representing 0.5131% of the total share capital [1] - The highest transaction price during the repurchase was 8.96 yuan per share, while the lowest was 8.65 yuan per share [1] - The total amount spent on the repurchase, excluding transaction fees, is 54.0858 million yuan [1]

Core Viewpoint - The cement industry has experienced stagnant revenue but significant profit growth in the first three quarters of the year, highlighting the need for further actions to maintain this performance amid overcapacity and declining prices [2][3]. Group 1: Company Performance - Jinyu Jidong reported a slight revenue increase of 0.1% to 18.575 billion yuan, while net profit surged by 113.6% to 40.35 million yuan, attributed to reduced costs from falling coal and raw material prices [2]. - Conch Cement's revenue decreased by 10.06% to 61.298 billion yuan, but net profit rose by 21.28% to 6.305 billion yuan, driven by enhanced cost control [3]. - Huaxin Cement achieved a revenue of 25.033 billion yuan, a 1.27% increase, with net profit soaring by 76.01% to 2.004 billion yuan, benefiting from rising domestic cement prices [3]. - Tapai Group's revenue slightly declined by 0.49% to 2.916 billion yuan, while net profit increased by 54.23% to 588 million yuan, supported by improved sales and cost control measures [4]. Group 2: Price Trends and Market Dynamics - Cement prices have been on a downward trend since April, reaching a near nine-year low, with only the first quarter supporting profit growth [2][5]. - The national cement price index dropped nearly 19% from approximately 394 at the beginning of the year to 320 by the end of September [4]. - The average selling price of cement has decreased less than the drop in coal prices, allowing for some profit margin retention [4]. Group 3: Industry Challenges and Strategies - The cement industry is facing a supply-demand imbalance, leading to intensified competition and price declines [5][8]. - The implementation of staggered production has been a key strategy for the industry, with companies showing varying levels of compliance [6][7]. - The cyclical nature of demand and the industry's response to price fluctuations have created a cycle of self-regulation and competitive pressure [8].

广东塔牌集团股份有限公司 简式权益变动报告书 上市公司名称：广东塔牌集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：塔牌集团 股票代码：002233 信息披露义务人一姓名：EMERGING ASIA EQUITY FUND（亚洲新兴市场 权益基金） 住所/通讯地址：N/A 信息披露义务人二姓名：APG ASIA EX JAPAN FUND (APG亚洲（日本除 外）基金) 住所/通讯地址：APG Asset Management N.V., Basisweg 10, 1043 AP Amsterdam, the Netherlands 信息披露义务人三姓名：FIDELITY EXJAP (富达基金（日本除外）) 住所/通讯地址：FIL Investments International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP, United Kingdom 信息披露义务人四姓名：HERMES CHINA EQUITY FUND (HERMES中国 权益基金) 住所/通讯地址：Federated ...

证券代码：002233 证券简称：塔牌集团 公告编号：2025-048 广东塔牌集团股份有限公司 关于股东及其一致行动人增持股份达到 5%的权益变动提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依 法承担法律责任。 重要内容提示： 1、本次权益变动属增持，不触及要约收购。 2、本次权益变动后EMERGING ASIA EQUITY FUND（亚洲新兴市场权益基 金）、APG ASIA EX JAPAN FUND（APG亚洲（日本除外）基金）、FIDELITY EXJAP（富达基金（日本除外））、HERMES CHINA EQUITY FUND（HERMES 中国权益基金）及WOO HAY TONG ASIA EX JAPAN FD（WOO HAY TONG亚洲 （日本除外）基金）（以下简称"信息披露义务人"）合计持有的股份数量占广东塔 牌集团股份有限公司（以下简称"塔牌集团"或"公司"）总股本的比例为5.26%，占剔 除公司回购专用证券账户股份后总股本的比例为5.37%。上述信息披露义务人受同 一主体控制，构成一致行动人关系。 3 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][31]. Core Views - The company experienced a decline in revenue in Q3, but investment gains continued to contribute positively to performance. For the first nine months of 2025, revenue was CNY 2.92 billion, down 0.49% year-on-year, while net profit attributable to shareholders was CNY 588 million, up 54.23% year-on-year [1][8]. - The company's cement sales volume for the first nine months was 11.29 million tons, an increase of 6.4% year-on-year, but Q3 sales volume was 3.4 million tons, down 7.0% year-on-year and 20.6% quarter-on-quarter [2][12]. - The company maintained a stable expense ratio, with a slight increase in Q3 due to revenue decline and increased packaging costs [3][26]. Summary by Sections Financial Performance - For Q3, the company reported revenue of CNY 860 million, down 9.89% year-on-year, and a net profit of CNY 152 million, down 1.6% year-on-year. The net profit excluding non-recurring items was CNY 69 million, up 12.1% year-on-year [1][8]. - The average revenue per ton of cement for the first nine months was CNY 258.4, with costs at CNY 196.2 and gross profit at CNY 62.2 per ton, reflecting a year-on-year decline in revenue and costs [2][12]. Cash Flow and Expenses - The net cash flow from operating activities for the first nine months was CNY 260 million, up 27.7% year-on-year, but Q3 cash flow was CNY 125 million, down 26.7% year-on-year [3][26]. - The company’s expense ratio for the first nine months was 10.1%, a decrease of 0.57 percentage points year-on-year, while Q3 saw an increase to 10.97% [3][26]. Future Outlook - The company is expected to benefit from a recovery in cement prices and a strong dividend policy, with a projected EPS of CNY 0.62, 0.67, and 0.73 for 2025-2027, corresponding to a PE of 13.4, 12.7, and 11.0 [4][31]. - The company is positioned as a leading cement producer in the Guangdong East region, with advantages in geographical location, resource allocation, cost scale, and marketing channels [31].