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]

Financial Performance - The company's revenue for Q1 2025 was ¥919,633,542.65, a decrease of 7.42% compared to the same period last year[4]. - Net profit attributable to shareholders increased by 10.88% to ¥165,056,860.92, while the net profit after deducting non-recurring gains and losses decreased by 22.82% to ¥90,523,581.25[4]. - Total operating revenue for the current period is ¥919,633,542.65, a decrease of 7.4% from ¥993,308,544.77 in the previous period[25]. - Net profit for the current period is ¥167,131,537.59, an increase of 9.3% compared to ¥152,364,976.78 in the previous period[26]. - The total comprehensive income for the current period is ¥156,559,076.65, slightly up from ¥153,626,994.74 in the previous period[27]. - Basic and diluted earnings per share increased to ¥0.14 from ¥0.13, reflecting a growth of 7.7%[27]. Sales and Production - The company achieved cement sales of 3.606 million tons, an increase of 4.41% year-on-year, and "cement + clinker" sales of 3.7103 million tons, up 2.53% year-on-year[8]. - The average selling price of cement decreased by 9.57% year-on-year, while the average sales cost decreased by 4.17% year-on-year, leading to a decline in gross profit margin by 3.61 percentage points[8]. - Sales expenses increased by 32.20% to 22,228.1 million CNY, primarily due to higher cement packaging costs[12]. Cash Flow and Investments - The net cash flow from operating activities was negative at -¥67,546,970.46, a significant decrease of 3,552.82% compared to the previous year[4]. - Cash flow from operating activities shows a net outflow of ¥67,546,970.46, contrasting with a net inflow of ¥1,956,285.46 in the previous period[29]. - Cash received from investment activities increased by 46.32% to 806,759.21 million CNY, due to a rise in reverse repurchase product scale[13]. - Cash flow from investment activities decreased by 63.75% to 27,297.19 million CNY, primarily due to increased amounts for renewing entrusted financial products[14]. - Cash flow from investing activities generated a net inflow of ¥272,971,899.52, compared to ¥752,998,213.80 in the previous period[29]. Assets and Liabilities - Total assets at the end of Q1 2025 were ¥13,444,869,617.00, a decrease of 0.40% from the end of the previous year[4]. - The company's equity attributable to shareholders increased by 1.56% to ¥12,140,448,706.51 compared to the end of the previous year[4]. - The total assets of Guangdong Tapa Group as of March 31, 2025, amounted to CNY 13,444,869,617, a slight decrease from CNY 13,499,258,326.62 at the beginning of the period[19]. - The company's total liabilities decreased to CNY 1,246,901,520.26 from CNY 1,489,696,994.78, indicating improved financial stability[22]. - The equity attributable to the owners of the parent company increased to CNY 12,140,448,706.51 from CNY 11,954,116,618.28, reflecting a growth in retained earnings[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 43,234[16]. - The largest shareholder, Zhong Liehua, holds 16.61% of shares, totaling 198,001,330 shares[16]. - The total number of shares held by the top 10 unrestricted shareholders accounted for 23.89% of the total share capital, indicating concentrated ownership[17]. - The company has a share repurchase account holding 18,124,508 shares, representing 1.52% of the total share capital, which may signal confidence in future performance[17]. Research and Development - R&D expenses decreased by 71.93% to 1,204.9 million CNY, mainly due to reduced material consumption for ongoing projects[12]. - Research and development expenses significantly decreased to ¥1,204,851.40 from ¥4,292,376.74, a reduction of 72%[26]. Financial Investments - The company reported a significant increase in financial investment income, contributing positively to overall performance[8]. - The company recorded non-recurring gains of ¥74,533,279.67, primarily from financial asset fair value changes and government subsidies[5]. - Fair value gains surged by 468.16% to 63,184.0 million CNY, driven by changes in the fair value of trading financial assets[12]. - The company reported a significant increase in asset disposal gains by 37,016.92% to 2,412.6 million CNY, reflecting higher fixed asset disposal income[12].

证券代码：002233 证券简称：塔牌集团 公告编号：2025-023 广东塔牌集团股份有限公司 关于持股 5%以上的股东部分股份质押的公告 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"）近日接到股东张能勇先生的通知，获悉张 能勇先生所持有本公司的部分股份质押，具体事项如下： 一、 股东股份质押基本情况 1、本次股份质押的基本情况 | 是否为 | 是 | 控股股 | 是否为限 | 否 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 占公 | 东或第 | 占其所 | 售股（如 | 为 | 质押 | 质押 | 股东 | 本次质押 | 司总 | 质权 | | | | | | | | 一大股 | 持股份 | 是，注明 | 补 | 起始 | 到期 | 质押用途 | 名称 | 数量 | 股本 | 人 | 东及其 | ...

独立董事候选人声明与承诺 声明人 刁 英 峰 作 为 广东塔牌集团股份有限公司第 六 届 董 事 会 独 立董事候选人 ， 已充分了解并同意由提名人 广东塔牌集团股份有限 公司董事会提名为广东塔牌集团股份有限公司（以下简称该公司） 第六届董 事会独立董事候选人。现公开声明和保证，本人与该公司之间不存在 任 何 影 响 本 人 独 立 性 的 关 系 ， 且 符 合 相 关 法 律 、 行 政 法 规 、 部 门 规 章 、 规 范 性 文 件 和 深 圳 证 券 交 易 所 业 务 规 则 对 独 立 董 事 候 选 人 任 职 资格及独立性的要求，具体声明并承诺如下事项： 一、本人已经通过广东塔牌集团股份有限公司第六届董事会提名委员会资 格审查，提名人与本人不存在利害关系或者其他可能影响独立履职情形的密切 关系。 √ 是 □ 否 广东塔牌集团股份有限公司 如否，请详细说明：______________________________ 二、本人不存在《中华人民共和国公司法》第一百七十八条等规定不得担 任公司董事的情形。 √ 是 □ 否 如否，请详细说明：____________________________ ...

广东塔牌集团股份有限公司 独立董事候选人声明与承诺 声明人 李 伯 侨 作 为 广东塔牌集团股份有限公司第 六 届 董 事 会 独 立董事候选人 ， 已充分了解并同意由提名人 广东塔牌集团股份有限 公司董事会提名为广东塔牌集团股份有限公司（以下简称该公司） 第六届董 事会独立董事候选人。现公开声明和保证，本人与该公司之间不存在 任 何 影 响 本 人 独 立 性 的 关 系 ， 且 符 合 相 关 法 律 、 行 政 法 规 、 部 门 规 章 、 规 范 性 文 件 和 深 圳 证 券 交 易 所 业 务 规 则 对 独 立 董 事 候 选 人 任 职 资格及独立性的要求，具体声明并承诺如下事项： 一、本人已经通过广东塔牌集团股份有限公司第六届董事会提名委员会资 格审查，提名人与本人不存在利害关系或者其他可能影响独立履职情形的密切 关系。 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易 所业务规则规定的独立董事任职资格和条件。 √ 是 □ 否 如否，请详细说明：_________________________ ...

证券代码：002233 证券简称：塔牌集团 公告编号：2025-020 截至本公告披露日，李瑮蛟先生、徐小伍先生未持有公司股份。李瑮蛟先生、徐小伍先生 在任职独立董事期间秉持独立、客观、专业的原则，恪尽职守、勤勉尽责，为公司的规范治理 和健康发展发挥了积极作用。公司董事会对李瑮蛟先生、徐小伍先生在任职董事期间为公司作 出的贡献表示衷心感谢！ 二、补选独立董事情况 广东塔牌集团股份有限公司 关于独立董事任期届满辞职暨补选独立董事 和调整董事会专门委员会的公告 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。 一、独立董事任期届满辞职情况 根据《上市公司独立董事管理办法》相关规定，独立董事连续任职不得超过六年。广东塔 牌集团股份有限公司（以下简称"公司"）独立董事李瑮蛟先生、徐小伍先生因任期即将于 2025 年 5 月 30 日届满 6 年向公司董事会提出辞职申请，申请辞去公司独立董事及董事会专门 委员会相关职务，辞职后将不担任公司任何职务。 鉴于李瑮蛟先生、徐小伍先生辞职将导致公司独立董事人数少于董事会成员的三分之一， 相关董事会专门委员会中独立董事所占比例不符合 ...