| | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称及人 | 富瑞金融：谭建青；East Capital：陆宇熙、张浩；鑫巢资本：倪恩泽；瓴仁投资： | | 员姓名 | 王以哲。 | | 时间 | 2025 年 6 月 3 日 | | 地点 | 公司会议室 | | 上市公司接待人员 | 谭梅、章佳佳、陈银琼 | | 姓名 | | | | 1、请问公司近期的市场需求情况？ | | | 答：目前市场需求比较疲弱，基本延续了之前的态势。 | | | 2、请问公司今年在价格策略方面会有调整吗？ | | | 答：公司认为产品降价不是提升产品销售的最好选择，因此今年会更加强调"三 | | | 高"定位，即高端品牌、高端服务、高端价值，给予消费者更好的体验，坚持做好 | | | 的品牌与好的口碑，形成共赢、健康的生态。当然，因为目前外部环境没有改善， | | | 市场竞争仍然激烈，上述调整可能会让公司面临短期销售阵痛，但我们认为这是难 | | 投资者关系活动主 ...

证券代码：002372 证券简称：伟星新材 公告编号：2025-019 2、本分配方案自披露至实施期间，公司股本总额未发生变化。若公司股本总额在权益 分派实施前发生变化，公司将按照每股分配金额不变的原则，相应调整分配总额。 浙江伟星新型建材股份有限公司 2024年度权益分派实施公告 浙江伟星新型建材股份有限公司（以下简称"公司""我公司"）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《中华人民共和国公司法》的规定，公司回购专用证券账户持有的 20,170,000 股不享有参与本次权益分派的权利。本次权益分派方案为：以现有总股本剔除回购股份 20,170,000 股后的 1,571,867,988 股为基数，向全体股东每 10 股派发现金红利 5.00 元(含 税)。 2、根据股票市值不变原则，实施权益分派前后公司总股本保持不变，现金分红总额分 摊到每一股的比例将减小，因此，在除息价格计算时，每股现金红利应以 0.4936653 元/股 计算（每股现金红利=现金分红总额/总股本，即 0.4936653 元/股=785,933,994.00 元÷ ...

Group 1: Dividend Policy and Financial Performance - The company's dividend policy is stable and transparent, adhering to the company charter and future three-year shareholder return plan [2] - In Q1 2025, retail sales revenue decreased year-on-year due to three main factors: overall weak market demand, high base from the previous year, and emphasis on "three highs" positioning affecting sales [2] - The average household expenditure for PPR products is approximately 1,000-2,000 RMB for a 100 square meter house [2][3] Group 2: Market Strategy and Services - The company stabilizes its pricing system primarily through product and service enhancements [2] - The "Star Housekeeper" service was introduced to provide reliable pipeline systems and reduce installation risks through various support measures [3] - The competitive landscape in the plastic pipe industry is intense, with significant competition among brand enterprises and challenges for small and medium-sized companies [3] Group 3: Policy Impact and Future Outlook - The "Underground Pipeline" policy has a positive impact on the company, although its application in plastic pipes is limited [3] - The "Urban Renewal" policy benefits the company by facilitating retail and construction engineering businesses through the renovation of old neighborhoods [3] - The company's overseas business has shown significant year-on-year growth, although it remains a small proportion of total operations, with future expectations for steady growth [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 14.2 CNY per share [2][8]. Core Views - The company's Q1 2025 performance showed revenue of 895 million CNY, a year-on-year decrease of 10.2%, and a net profit attributable to shareholders of 114 million CNY, down 25.95% year-on-year. The decline is attributed to weak market demand and intensified industry competition [2][8]. - The report highlights a significant drop in investment income, which decreased by 295.63% year-on-year, primarily due to reduced fair value gains from financial assets held by a partnership [8]. - The company is expected to focus on enhancing its retail business and increasing market share in 2025-2026, with projected net profits of 1.077 billion CNY and 1.182 billion CNY for 2025 and 2026, respectively [8]. Financial Summary - For 2025, the company is projected to achieve total revenue of 6.595 billion CNY, reflecting a growth rate of 5.2% compared to 2024. The net profit is expected to be 1.077 billion CNY, with a year-on-year growth rate of 13.1% [4][8]. - The earnings per share (EPS) for 2025 is estimated at 0.68 CNY, with a price-to-earnings (P/E) ratio of 17 times [4][8]. - The company's total assets are projected to reach 6.797 billion CNY by 2025, with a debt-to-equity ratio of 2.2% [9][8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 14.2 CNY per share [2][8]. Core Views - The company's Q1 2025 performance showed revenue of 895 million CNY, a year-on-year decline of 10.2%, and a net profit attributable to shareholders of 114 million CNY, down 25.95% year-on-year. The decline is attributed to weak market demand and intensified industry competition [2][8]. - The report highlights a significant drop in investment income, which decreased by 295.63% year-on-year, primarily due to reduced fair value changes in financial assets held by a partnership [8]. - The company is expected to focus on enhancing its retail business and increasing market share in 2025-2026, with projected net profits of 1.077 billion CNY, 1.182 billion CNY, and 1.305 billion CNY for 2025, 2026, and 2027 respectively [8][9]. Financial Summary - For 2025, the company is projected to have total revenue of 6.595 billion CNY, with a year-on-year growth rate of 5.2%. The net profit attributable to shareholders is expected to be 1.077 billion CNY, reflecting a growth rate of 13.1% [4][9]. - The earnings per share (EPS) for 2025 is estimated at 0.68 CNY, with corresponding price-to-earnings (PE) ratios of 17x for 2025, 16x for 2026, and 14x for 2027 [4][8]. - The company's total assets are projected to reach 6.797 billion CNY by 2025, with a debt-to-equity ratio of 2.2% [9].

二、股东股份质押基本情况 | | 股东 | 是否为控股 股东或第一 | 本次质押数 | 占其所 | 占公 司总 | 是否 | 是否为 | 质押起始 | 质押到期 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 质权人 | 名称 | 大股东及其 | 量（股） | 持股份 | 股本 | 为限 | 补充质 | 日 | 日 | 用途 | | | | | | 比例 | | 售股 | 押 | | | | | | | 一致行动人 | | | 比例 | | | | | | | 中国农业银行 | 伟星 | | | | | | | 2025 年 5 | 办 理 解 除 | | | 股份有限公司 | | 是 | 60,000,000 | 9.94% | 3.77% | 否 | 否 | | | 经营 | | 临海市支行 | 集团 | | | | | | | 月 12 日 | 质押之日 | | 证券代码：002372 证券简称：伟星新材 公告编号：2025-018 浙江伟星新型建材股份有限公司 关于控股股东部分股份解除质押及再质押 ...

北京雍行律师事务所 关于浙江伟星新型建材股份有限公司 2024 年度股东大会的法律意见书 致：浙江伟星新型建材股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》（下称"《公司法》"） 《中华人民共和国证券法》（下称"《证券法》"）《上市公司股东会规则》（下称 "《股东会规则》"）《律师事务所从事证券法律业务管理办法》（下称"《证券法 律业务管理办法》"）等相关法律、法规和规范性文件以及《浙江伟星新型建材股 份有限公司章程》（下称"《公司章程》"）的规定，北京雍行律师事务所（下称 "本所"）委派律师出席浙江伟星新型建材股份有限公司（下称"伟星新材"或"公司"） 2024 年度股东大会（下称"本次股东大会"），并出具本法律意见书。 本所律师已经按照《股东会规则》的要求对本次股东大会的真实性、合法性 进行了核查和验证（下称"查验"）并发表法律意见，本法律意见书中不存在虚假 记载、误导性陈述及重大遗漏，否则本所律师将承担相应的法律责任。 本所律师根据《证券法律业务管理办法》和《股东会规则》的要求，按照律 师行业公认的业务标准、道德规范和勤勉尽责精神，对本次股东大会的相关文件 和有关事实进行了查验，现出 ...

证券代码：002372 证券简称：伟星新材 公告编号：2025-017 浙江伟星新型建材股份有限公司 2024 年度股东大会决议公告 浙江伟星新型建材股份有限公司(以下简称"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： 本次股东大会无新增、变更及否决提案的情况。 一、会议召开和出席情况 1、会议召开情况 （1）会议召开时间： 现场会议时间：2025 年 5 月 7 日（星期三）14:30 开始。 网络投票时间：2025 年 5 月 7 日。其中，通过深圳证券交易所（以下简称"深交所"） 交易系统进行网络投票的具体时间为：2025 年 5 月 7 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过互联网投票系统（wltp.cninfo.com.cn）进行网络投票的具体时间为： 2025 年 5 月 7 日 9:15-15:00。 （2）会议召开地点：浙江省临海市崇和路 238 号远洲国际大酒店二楼会议厅。 （3）会议召开方式：以现场表决和网络投票相结合的方式召开。 （4）会议召集人：公司董事会。公司第六届董事会第十三次 ...

Group 1 - The company reported a total revenue of 895 million yuan in Q1 2025, a year-on-year decrease of 10.20% [1] - The net profit attributable to shareholders was 114 million yuan, down 25.95% year-on-year, with a basic EPS of 0.07 yuan per share, a decline of 30.00% [1] - Investment income saw a significant drop of 295.63% to -5.56 million yuan, primarily due to reduced fair value changes in financial assets [1] Group 2 - The gross profit margin for Q1 2025 was 40.45%, a decrease of 1.03 percentage points year-on-year, while the net profit margin was 12.95%, down 2.82 percentage points [2] - Operating cash flow improved significantly, with a net cash flow of 85 million yuan, an increase of 148.13% year-on-year, driven by reduced raw material procurement expenses [2] - The industry is experiencing increased concentration as smaller companies exit the market, with the company expanding its overseas market presence [2] Group 3 - The company is advancing its "Concentric Circle Strategy" to enhance customer experience and drive average revenue per user growth through new product categories [3] - The company maintains its earnings forecast for 2025-2027, expecting EPS of 0.64 yuan, 0.71 yuan, and 0.76 yuan, with corresponding PE ratios of 18.3x, 16.6x, and 15.6x [3]

Core Viewpoint - The company,伟星新材, reported a decline in retail sales revenue and net profit in Q1 2025, attributed to high base effects from the previous year and weak market demand, while emphasizing a focus on high-quality positioning and price stability. Group 1: Financial Performance - In Q1 2025, the company's main revenue was 895 million yuan, a year-on-year decrease of 10.2% [10] - The net profit attributable to the parent company was 114 million yuan, down 25.95% year-on-year [10] - The company's debt ratio stood at 19.16%, with investment income at -5.56 million yuan and financial expenses at -2.47 million yuan [10] - The gross profit margin was reported at 40.45% [10] Group 2: Retail Business Insights - The decline in retail sales revenue was primarily due to a high base from 2024 and overall weak market demand [2] - The company is focusing on a "three high" positioning strategy to stabilize its pricing system [2][7] - The demand for home decoration is closely linked to economic conditions, with rigid demand remaining stable while improvement demand is suppressed [5] Group 3: Industry Competition - The plastic pipe industry remains highly competitive, with intensified competition among brand enterprises and difficulties for small and medium-sized companies [3] Group 4: Business Development - The waterproof business saw a slight decline in sales revenue, but brand influence is gradually increasing, with a good growth in service customers [4] - The water purification business is undergoing adjustments and optimizations, focusing on organizational changes, product innovation, and channel empowerment [5] - The integration of Zhejiang Kairui and Guangzhou Hexin is ongoing, with efforts to enhance operational quality through resource sharing and management optimization [6] Group 5: Market Strategy - The company aims to stabilize its pricing system through improvements in product and service quality, while engineering business pricing is market-driven [7] - The retail business's main sales channels include home decoration companies, project managers, and self-purchasing by homeowners, with a growing share from home decoration companies in first and second-tier cities [10] Group 6: Future Outlook - The company maintains a stable and transparent dividend policy, planning to follow its articles of association and future shareholder profit distribution plans [8] - The company sees potential for market share growth in various regions, influenced by local consumption habits and economic development [8]