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]

Core Viewpoint - The company has approved a 6-month extension of its second employee stock ownership plan, now set to expire on January 27, 2026, reflecting confidence in future development and market conditions [1][4]. Group 1: Employee Stock Ownership Plan Overview - The second employee stock ownership plan was initially approved on March 10, 2019, and the stock was transferred to the plan's account on July 22, 2020, involving 19.0049 million shares, which is 1.59% of the total share capital, at a price of 5.38 yuan per share [2]. - The lock-up period for the second employee stock ownership plan was set for 12 months, from July 28, 2020, to July 27, 2021, with a total duration of 60 months, ending on July 27, 2025 [2]. Group 2: Extension Details - As of the announcement date, the second employee stock ownership plan holds 9.0554 million shares, representing 0.76% of the current total share capital, and has not fully sold its holdings [3]. - The board of directors approved the extension of the plan's duration based on the management committee's recommendations, allowing for potential stock sales depending on market conditions [4].

与会董事经认真审议并表决通过如下决议： 一、以 9 票同意、0 票反对、0 票弃权审议通过《关于第二期员工持股计划延期的议案》。 根据《第二期员工持股计划》相关规定，本计划的存续期届满前，由员工持股计划管理委 员会提出，经公司董事会根据股东大会的授权审议通过后，本计划的存续期可以延长。鉴于第 二期员工持股计划的存续期将于 2025 年 7 月 27 日届满，截至本公告披露日，第二期员工持股 计划所持股票尚未全部出售，第二期员工持股计划尚持有公司股票 905.54 万股，占公司现有 总股本的 0.76%。基于对公司未来发展的信心，结合资本市场环境和公司股价情况，董事会同 意将公司第二期员工持股计划存续期延长 6 个月，即延长至 2026 年 1 月 27 日。 《关于第二期员工持股计划延期的公告》（公告编号：2025-031）详见 2025 年 7 月 23 日中国证券报、上海证券报、证券时报、证券日报及巨潮资讯 http://www.cninfo.com.cn。 特此公告 证券代码：002233 证券简称：塔牌集团 公告编号：2025-030 广东塔牌集团股份有限公司 第六届董事会第十八次会议决议公告 本公司 ...

证券代码：002233 证券简称：塔牌集团 公告编号：2025-031 广东塔牌集团股份有限公司 关于第二期员工持股计划延期的公告 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7月22日召开了第六届董事会 第十八次会议，审议通过了《关于第二期员工持股计划延期的议案》，同意将公司第二期员工 持股计划的存续期延长6个月，即延长至2026年1月27日。现将相关情况公告如下： 一、第二期员工持股计划的基本情况 公司于2019年3月10日召开的第四届董事会第十八次会议和2019年4月2日召开的2018年年 度股东大会审议通过《关于〈广东塔牌集团股份有限公司第二期员工持股计划〉的议案》，同 意公司实施第二期员工持股计划。具体内容详见公司于巨潮资讯（ http://www.cninfo.com.cn ） 发布的相关公告。 第二期员工持股计划股票来源于公司回购， 2020 年 7 月 22 日，中国证券登记结算有限 责任公司深圳分公司以非交易过户形式将公司回购专用证券账户所持有公司股票 1,900.49 万 股过户至 ...

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from increased fixed asset investments to stabilize economic expectations, particularly with the launch of major hydropower projects [3][4] - The cement market is experiencing a slight price decline, but overall demand is stabilizing, with an average shipment rate of 46% [11][17] - The report highlights the potential for recovery in valuations for leading companies in the sector due to improved supply-demand dynamics and ongoing industry consolidation [4][12] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight decline of 0.23% in the past week, underperforming the broader market indices [3] - The report emphasizes the importance of government policies aimed at stabilizing the economy and boosting demand in the construction materials sector [3][4] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The national average price for high-standard cement is 343.8 yuan/ton, down 3.3 yuan from last week and down 46.2 yuan from the same period last year [18][19] - The average cement inventory level is 65.8%, with a shipment rate of 45.9%, reflecting a slight increase in demand [27] - The report anticipates that the industry's profit center will be better than last year due to enhanced self-discipline among leading companies [4][11] 2.2 Glass Fiber - The report notes a clear trend towards upgrading electronic glass fiber products, with high-end products expected to see increased market penetration [12] - The profitability of ordinary glass fiber remains resilient, supported by growth in domestic demand from sectors like wind power and thermoplastics [12] - Leading companies are expected to benefit from improved product structures and market conditions, with recommendations for companies like Zhongcai Technology and Honghe Technology [12][13] 2.3 Glass - The glass industry is expected to see a supply-side contraction, which may improve the short-term supply-demand balance [13] - The report suggests that leading companies in the float glass sector will benefit from resource advantages and potential excess profit opportunities [13] 2.4 Renovation and Building Materials - The report highlights the positive impact of government policies on domestic demand for renovation materials, with expectations for continued growth in consumer confidence [14] - Recommendations include companies that are well-positioned to benefit from these trends, such as Beixin Building Materials and Arrow Home [14][15] 3. Industry Dynamics Tracking - The report discusses the ongoing policy environment and its implications for the construction materials sector, emphasizing the need for companies to adapt to changing market conditions [4][14] - The report also tracks the performance of various companies within the sector, providing insights into their financial metrics and market positioning [15][16]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The establishment of China Yajiang Group marks the orderly advancement of major engineering projects, with significant investment opportunities in geotechnical engineering and civil explosives [1][8] - The demand for civil explosives is expected to concentrate further, benefiting companies like Guangdong Hongda and Xuefeng Technology [1] - The traditional industry is experiencing a "anti-involution" trend, with recommendations for cement leaders such as Conch Cement and Huaxin Cement [1][9] - Domestic substitution is gaining momentum, with recommendations for companies like Maijia Xincai and Songjing Co., which are expected to benefit from tariff relief and increased shipping demand [1][10] Summary by Sections 1. Market Trends - In the 29th week, new housing and second-hand housing market transaction volumes showed a downward trend, with new housing transaction area in 30 major cities down by 25% year-on-year [2][23] - The average price of cement in the national market is 356 RMB/ton, continuing to decline with a drop of 1% [3][27] 2. Investment Opportunities - Major water conservancy and hydropower projects are expected to generate substantial demand for engineering, building materials, and civil explosives, with total investment in the Yarlung Hydropower Project estimated at approximately 1.2 trillion RMB [8] - The civil explosives industry is undergoing consolidation, with the Ministry of Industry and Information Technology aiming to reduce the number of production enterprises to 50 by 2025 [8] 3. Cement Industry Analysis - Cement prices are under downward pressure, particularly in East and Southwest China, with average shipment rates around 43.2% [3][27] - The cement market is expected to continue experiencing price fluctuations due to weak overall demand and high inventory levels [27][54] 4. Recommendations - Recommended companies include Conch Cement, Huaxin Cement, and companies in the waterproofing sector like Dongfang Yuhong and Keshun Co. [1][9] - For domestic substitution, companies like Maijia Xincai and Songjing Co. are highlighted for their growth potential in the ship coating sector [1][10]