Core Viewpoint - The company, Guangdong Tapai Group Co., Ltd., has announced a share repurchase plan aimed at implementing an employee stock ownership plan, with a total repurchase fund not exceeding 100 million yuan and not less than 50 million yuan, at a price not exceeding 10 yuan per share, within a period of six months from the board's approval date [1][2]. Summary by Sections Share Repurchase Progress - As of August 31, 2025, the company has not yet commenced the implementation of the current share repurchase plan [1]. Repurchase Plan Details - The repurchase will utilize self-owned funds through centralized bidding in the secondary market, with a total fund amounting to a maximum of 100 million yuan (including) and a minimum of 50 million yuan (including) [2]. - The repurchase price is capped at 10 yuan per share, and the duration for the repurchase is set for six months from the date the board approved the plan [2]. Compliance and Regulations - The company will strictly adhere to the revised "Regulations on Share Repurchase by Listed Companies" and the "Self-Regulatory Guidelines for Listed Companies on the Shenzhen Stock Exchange No. 9 - Share Repurchase" during the repurchase period [3]. - The company will make repurchase decisions based on market conditions and fulfill information disclosure obligations in a timely manner [3].

证券代码：002233 证券简称：塔牌集团 公告编号：2025-039 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》。 公司既定的本轮回购方案为：公司决定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。 二、其他说明 （一）公司回购股份的时间、回购股份的数量、回购股份方式等符合既定的回购方案和回 购报告书，符合相关法律法规规定。 （二）公司回购股份的时间、回购股份数量及集中竞价交易的委托时段等符合《深圳证券 交易所上市公司自律监管指引第 9 号——回购股份》的相关规定，具体如下： 1 1、公司以集中竞价交易方式回购股份，未在下列期间内实施： （1）自可能对本公司证券及其衍生品 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]

Market Overview - On September 1, the cement sector rose by 0.55% compared to the previous trading day, with Huaxin Cement leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Huaxin Cement (600801) closed at 16.28, with a gain of 3.43% and a trading volume of 437,100 shares, amounting to a transaction value of 709 million yuan [1] - Other notable performers included: - Tapai Group (002233) with a closing price of 9.17, up 2.69% [1] - Longquan Co. (002671) at 4.96, up 1.85% [1] - Qingsong Jianhua (600425) at 4.64, up 1.53% [1] Fund Flow Analysis - The cement sector experienced a net outflow of 191 million yuan from institutional investors, while retail investors saw a net inflow of 226 million yuan [2] - The detailed fund flow for key stocks showed: - Huaxin Cement had a net outflow of 27.14 million yuan from institutional investors [3] - Tapai Group saw a net inflow of 17.94 million yuan from institutional investors [3] - Tian Shan Co. (000877) had a net inflow of 15.66 million yuan from institutional investors [3]

Investment Rating - The report maintains a "Market Perform" rating for both the real estate and building materials sectors [1][2] Core Insights - Recent policies in Beijing and Shanghai have relaxed housing purchase restrictions, which is expected to boost market confidence and sales [2][26] - The overall performance of listed real estate companies remains under pressure, with a focus on the recovery of their balance sheets [2][28] - The building materials sector is experiencing a gradual recovery in demand, particularly in cement and glass fiber, driven by urban renewal projects and seasonal construction activities [3][44] Real Estate Sector Summary - The real estate sector has seen a 0.97% increase over the past two weeks, underperforming the CSI 300 index by 5.25 percentage points [14] - The sector's performance is influenced by recent policy changes aimed at stabilizing the market and improving sales data [2][26] - Key companies to watch include Poly Developments, Binjiang Group, and China Merchants Shekou, which are focusing on first- and second-tier cities [2][28] Building Materials Sector Summary - The building materials sector has increased by 2.86% over the past two weeks, with a year-to-date increase of 19.28% [29] - Cement prices are stabilizing, with a national average price of 316 RMB per ton, while inventory levels are gradually decreasing [33][44] - The glass fiber industry is showing signs of structural recovery, benefiting from demand in wind power and electronics sectors [3][45] Company Performance Highlights - In the consumer building materials segment, leading companies like Sanke Tree and Rabbit Baby have shown significant profit recovery, with Sanke Tree's net profit increasing by 109.30% year-on-year [48] - The report suggests focusing on companies with strong fundamentals and competitive advantages, such as Beixin Building Materials and Sanke Tree [48]

Core Viewpoint - The company reported a significant decrease in management expenses by 17.63% in the first half of the year, primarily due to a reduction in labor costs compared to the previous year [1] Summary by Relevant Sections - **Management Expenses** - Management expenses decreased by 17.63% in the first half of the year [1] - The reduction in labor costs was a key factor, with a decrease of approximately 35 million yuan compared to the same period last year [1] - The impact of this reduction in management expenses is expected to be reflected throughout the year [1]

Group 1 - The company, Tapai Group (002233), announced on August 28 that July and August are traditionally off-peak months, with high temperatures, typhoons, and increased rainfall affecting construction progress and leading to a slowdown in demand, which is roughly flat year-on-year and has decreased compared to June [1] - The company indicated that September will mark the beginning of the traditional sales peak season, and the sales performance in the third quarter will depend on the recovery of demand following improved weather conditions [1]

Core Viewpoint - The announcement from the company indicates that the staggered production plans in Guangdong, Guangxi, and Fujian for 2025 will significantly impact cement supply and pricing due to effective policy enforcement [1] Industry Summary - In 2025, the staggered production plan for Guangdong will involve a kiln shutdown for 95 days, while Guangxi will have 160 days, and Fujian will have 170 days [1] - The implementation of staggered production policies this year has been effective, aligning with the national "anti-involution" requirements, which have strengthened the constraints on the industry [1] - The reduced supply of cement due to these policies is expected to provide support for cement prices [1]

Core Viewpoint - The company reported a significant increase in sales volume for "cement + clinker" in the first half of the year, indicating strong operational performance and a commitment to maximizing efficiency and profitability moving forward [2]. Group 1: Sales Performance - In the first half of the year, the company achieved a sales volume of 8.1059 million tons for "cement + clinker," representing a year-on-year increase of 10.90% [2]. Group 2: Operational Strategy - The company plans to continue its efforts in production and operational management in the second half of the year to achieve better performance [2]. - An elastic compensation mechanism has been established, linking employee income levels to the company's performance, which encourages employees to enhance their productivity [2]. Group 3: Market Positioning - The company aims to consolidate its market share while seizing opportunities to maximize corporate benefits, emphasizing a proactive approach to cost reduction and efficiency improvement [2].

Group 1 - The company, Tapai Group, announced on August 28 that it has no plans for new production capacity [2] - The company's operational target for 2025 is to achieve cement sales of over 16.3 million tons, based on capacity management regulations and industry staggered production shutdowns [2] - The company believes that its current cement production capacity will meet market demand, with the exception of replacing the 2,500 tons per day capacity from Jintai Company to its Huizhou Longmen base [2]