证券代码：002545 证券简称：东方铁塔 公告编号：2025-021 2025 年 5 月 8 日 青岛东方铁塔股份有限公司（以下简称"公司"）第八届董事会、监事会任期将 于 2025 年 6 月 8 日届满。鉴于新修订的《中华人民共和国公司法》（以下简称"公 司法"）《上市公司章程指引》及《关于新<公司法>配套制度规则实施相关过渡期安 排》等要求，以及公司换届工作尚在筹备中，为确保公司相关工作的连续性和稳定性， 公司第九届董事会、监事会的换届选举工作将适当延期，董事会各专门委员会、高级 管理人员的任期亦相应顺延。 根据《公司法》《上市公司独立董事管理办法》等相关法律法规、规范性文件的 规定，独立董事在上市公司连续任职时间不得超过 6 年。公司独立董事张世兴先生、 权锡鉴先生自 2019 年 5 月 28 日起担任公司独立董事，连任时间即将满 6 年，由于 公司新一届董事会、监事会换届选举工作尚未完成，张世兴先生、权锡鉴先生将依据 《公司法》等相关规定，继续履行其独立董事及董事会相关专门委员会委员职责，直 至公司股东大会选举出新的独立董事。 在换届工作完成前，公司第八届董事会、监事会全体成员、董事会各专门委 ...

Core Viewpoint - The company reported mixed financial results for 2024, with revenue growth but a decline in net profit, while the first quarter of 2025 showed a recovery in net profit despite a decrease in revenue [1][2]. Financial Performance - In 2024, the company achieved revenue of 4.196 billion yuan, a year-on-year increase of 4.79%, but the net profit attributable to shareholders decreased by 10.97% to 564 million yuan [1] - For Q4 2024, the company reported a revenue of 1.085 billion yuan, a year-on-year decrease of 16.63%, and a net profit of 98 million yuan, down 22.01% year-on-year [1] - In Q1 2025, the company recorded revenue of 954 million yuan, a year-on-year increase of 6.48%, and a net profit of 206 million yuan, up 22.70% year-on-year [1] Business Segments - The potassium chloride business generated revenue of 2.364 billion yuan in 2024, a year-on-year increase of 16.3%, with production rising by 35% to 1.2 million tons and sales increasing by 39% to 1.21 million tons [2] - The construction segment, which includes steel structures and related services, reported revenue of 1.783 billion yuan, a year-on-year decrease of 7.4%, but the gross margin improved by 2.1 percentage points to 9.0% [2] Cost and Expenses - In 2024, the company's sales, management, and R&D expenses increased by 3.5%, 22.0%, and 11.0% respectively, while financial expenses decreased by 64.88 million yuan due to foreign exchange gains from a subsidiary [2] Future Projects and Market Position - The company is actively advancing the construction of a second 1 million tons/year potassium fertilizer project and maintains a leading market share in the steel structure business for power grid procurement [3] - The company holds potassium salt mining rights in Laos with over 400 million tons of pure potassium chloride resources and has a current production capacity of 1 million tons/year [3] - The company has secured contracts worth 383 million yuan from the State Grid and Southern Power Grid for various procurement projects in early 2025 [3] Profit Forecast and Valuation - The company maintains its profit forecast for 2025 but has adjusted the 2026 forecast downward due to slower-than-expected potassium chloride capacity construction, while a new forecast for 2027 has been added [4] - Expected net profits for 2025, 2026, and 2027 are 817 million yuan, 852 million yuan (previously 968 million yuan), and 1.032 billion yuan respectively [4]

2025 年 5 月 6 日 ——东方铁塔（002545.SZ）2024 年报及 2025 一季报点评 增持（维持） 分析师：周家诺 公司研究 执业证书编号：S0930523070007 021-52523675 zhoujianuo@ebscn.com 24 年氯化钾产销量显著提升，积极推进第二个百万吨项目建设 市场数据 当前价：7.62 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com | 总股本(亿股) | 12.44 | | --- | --- | | 总市值(亿元)： | 94.80 | | 一年最低/最高(元)： | 5.66/8.48 | | 近 3 月换手率： | 91.10% | 股价相对走势 -17% -8% 2% 12% 21% 04/24 07/24 10/24 01/25 东方铁塔 沪深300 收益表现 | % | 1M | 3M | 1Y | | --- | --- | --- | --- | | 相对 | 6.03 | 9.66 | -2.89 | | 绝对 | 11.08 | 9.01 | 0.19 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][11]. Core Views - The company has significantly increased its potassium chloride production and sales, with a focus on expanding its potassium and phosphate mineral resources [5][10]. - The company achieved a revenue of 4.196 billion yuan in 2024, a year-on-year increase of 4.79%, while the net profit attributable to shareholders decreased by 10.97% to 564 million yuan [4][6]. - The report highlights the robust performance of the steel structure manufacturing segment and the substantial growth in potassium chloride production and sales [5][10]. Financial Performance Summary - In 2024, the company reported a revenue of 4.196 billion yuan, with a year-on-year growth of 4.79% [4][6]. - The net profit attributable to shareholders was 564 million yuan, reflecting a decrease of 10.97% compared to the previous year [4][6]. - The sales gross margin was 27.38%, showing a slight increase of 0.18 percentage points year-on-year, while the net profit margin was 13.42%, down by 2.41 percentage points [4][6]. - The potassium chloride segment achieved a revenue of 2.464 billion yuan, a year-on-year increase of 16.31%, despite a decrease in gross margin by 5.19 percentage points to 40.40% [6][10]. Market Outlook - The global potassium fertilizer market is expected to remain tight, with prices showing an upward trend due to seasonal demand and supply constraints [9][10]. - The average price of potassium chloride in Q1 2025 was 2,881 yuan per ton, reflecting a year-on-year increase of 353 yuan per ton [9][15]. - The company is positioned to benefit from the ongoing high demand for potassium fertilizers, with plans to increase its production capacity to 3 million tons in the medium term [10][11]. Earnings Forecast - The company is projected to achieve revenues of 4.724 billion yuan, 4.945 billion yuan, and 5.177 billion yuan for 2025, 2026, and 2027, respectively [11][39]. - The net profit attributable to shareholders is expected to rise to 925 million yuan in 2025, with a growth rate of 64% [11][39]. - The report anticipates a price-to-earnings ratio (P/E) of 10 for 2025, decreasing to 9 by 2027, indicating a favorable valuation outlook [11][39].

Financial Performance - The company's revenue for Q1 2025 was CNY 954,487,028.38, representing a 6.48% increase compared to CNY 896,420,220.37 in the same period last year[5] - Net profit attributable to shareholders increased by 22.70% to CNY 205,859,499.84 from CNY 167,777,790.26 year-on-year[5] - Basic and diluted earnings per share rose by 22.68% to CNY 0.1655, compared to CNY 0.1349 in the same quarter last year[5] - Net profit for the current period was ¥205,857,342.58, up 22.7% from ¥167,821,935.22 in the previous period[18] - The net profit attributable to the parent company was approximately ¥205.86 million, an increase from ¥167.78 million in the previous period, representing a growth of 22.7%[19] - The total comprehensive income amounted to approximately ¥247.26 million, compared to ¥194.70 million in the prior period, reflecting an increase of 27%[19] Cash Flow - The net cash flow from operating activities surged by 157.13% to CNY 528,041,248.59, up from CNY 205,357,965.99 in the previous year[5] - Cash flow from operating activities generated a net amount of approximately ¥528.04 million, significantly higher than ¥205.36 million in the previous period, marking an increase of 156.5%[20] - Cash inflow from operating activities totaled approximately ¥1.23 billion, compared to ¥1.22 billion in the prior period, showing a slight increase of 0.1%[21] - The cash flow from investing activities resulted in a net outflow of approximately ¥348.19 million, a decrease from a net inflow of ¥190.03 million in the previous period[22] - Cash and cash equivalents at the end of the period were approximately ¥1.93 billion, down from ¥2.13 billion at the end of the previous period, a decrease of 9.5%[22] - The company reported a decrease in cash outflow from financing activities, with a net outflow of approximately ¥234.28 million compared to a net outflow of ¥91.33 million in the previous period[22] - The company received cash from borrowings amounting to approximately ¥220 million, down from ¥282.16 million in the previous period, a decrease of 22%[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 13,882,764,299.04, a 2.27% increase from CNY 13,574,133,877.82 at the end of the previous year[5] - The company's total assets amounted to ¥13,882,764,299.04, an increase from ¥13,574,133,877.82 at the beginning of the period[15] - Current assets totaled ¥5,566,031,045.90, up from ¥5,280,650,207.08, indicating a growth of 5.4%[14] - Total liabilities stood at ¥4,725,554,955.91, compared to ¥4,664,187,672.49 previously, marking an increase of 1.3%[15] - The company's equity attributable to shareholders increased by 2.78% to CNY 9,146,528,817.98 from CNY 8,899,263,522.92 at the end of the last year[5] - The company's equity attributable to shareholders rose to ¥9,146,528,817.98 from ¥8,899,263,522.92, reflecting a growth of 2.8%[15] Operating Performance - Total operating revenue for the current period reached ¥954,487,028.38, an increase of 6.0% compared to ¥896,420,220.37 in the previous period[17] - Total operating costs decreased to ¥688,379,463.19 from ¥700,858,006.45, reflecting a reduction of 1.9%[18] - Operating profit for the current period was ¥271,183,490.34, an increase from ¥194,482,762.41, showing a growth of 39.5%[18] Tax and Expenses - The company reported a 144.4% increase in taxes and surcharges compared to the same period last year, primarily due to export tariffs and resource taxes related to potash fertilizer business[9] - Financial expenses increased by 129.69% year-on-year, mainly due to foreign exchange losses[9] - The company reported a tax expense of ¥64,259,878.96, compared to ¥26,392,507.88 in the previous period, indicating a significant increase[18] Other Financial Metrics - Investment income grew by 152.91% compared to the previous year, influenced by wealth management income during the reporting period[9] - The company had a significant increase in prepayments, which rose by 118.12%, primarily due to increased prepayments for steel materials[9] - Inventory increased to ¥749,139,369.23 from ¥633,884,215.84, representing a rise of 18.2%[14] Product and Technology Development - The company did not report any significant new product launches or technological advancements during this period[23]

Shareholding Reduction Announcements - MEI TUNG (CHINA) LIMITED plans to reduce its shareholding in Helen Zhe by up to 22.09 million shares, representing 2.12% of the total share capital after excluding repurchased shares [1] - Shandong Railway Development Fund plans to reduce its shareholding in Century Rui Er by up to 17.55 million shares, representing 3% of the total share capital [1] - Wu Baigeng plans to reduce his shareholding in Pinwo Food by up to 2.97 million shares, representing 3% of the total share capital [1] - Huayuan International Land Port Group plans to reduce its shareholding in Phoenix Shipping by up to 30.36 million shares, representing 3% of the total share capital [3] Financial Performance Reports - United Chemical reported a revenue of 535 million yuan for 2024, a year-on-year increase of 24.80%, and a net profit of 56.43 million yuan, up 66.81% [5] - Huitong Technology achieved a revenue of 662 million yuan, a year-on-year increase of 11.84%, and a net profit of 108 million yuan, up 9.30% [7] - Guangji Pharmaceutical reported a revenue of 639 million yuan, a year-on-year decrease of 13.42%, and a net loss of 295 million yuan [8] - Anshuo Information achieved a revenue of 990 million yuan, a year-on-year increase of 11.53%, and a net profit of 15.09 million yuan, up 132.78% [9] - Yifan Pharmaceutical reported a revenue of 5.16 billion yuan, a year-on-year increase of 26.84%, and a net profit of 386 million yuan, up 170.04% [10] - Hongri Pharmaceutical reported a revenue of 5.78 billion yuan, a year-on-year decrease of 5.34%, and a net profit of 21.47 million yuan, down 95.76% [11] - Zhonglan Environmental reported a revenue of 646 million yuan, a year-on-year decrease of 22.75%, and a net profit of 13.10 million yuan, down 36.12% [13] - Feilu Co. reported a revenue of 518 million yuan, a year-on-year decrease of 37.16%, and a net loss of 140 million yuan [14] - China Great Wall reported a revenue of 14.20 billion yuan, a year-on-year increase of 5.83%, and a net loss of 1.48 billion yuan [15] - Nanshan A reported a revenue of 15.45 billion yuan, a year-on-year decrease of 15.06%, and a net profit of 267 million yuan, down 83.89% [16] - Yawen Co. reported a revenue of 2.06 billion yuan, a year-on-year increase of 6.70%, and a net profit of 75 million yuan, down 24.13% [17] - Jinlong Co. reported a revenue of 663 million yuan, a year-on-year increase of 245.16%, and a net loss of 89.23 million yuan [18] - Nanshan Holdings reported a revenue of 8.40 billion yuan, a year-on-year decrease of 30.35%, and a net loss of 1.77 billion yuan [20] - Hengfeng Information reported a revenue of 227 million yuan, a year-on-year decrease of 53.07%, and a net loss of 86.80 million yuan [21] - Wantong Technology reported a revenue of 1.21 billion yuan, a year-on-year increase of 19.58%, and a net profit of 36.92 million yuan, up 147.08% [22] - Kehua Bio reported a revenue of 1.76 billion yuan, a year-on-year decrease of 27.55%, and a net loss of 641 million yuan [23] - Dongfang Tower reported a revenue of 4.20 billion yuan, a year-on-year increase of 4.79%, and a net profit of 564 million yuan, down 10.97% [24] - Yanpai Co. reported a revenue of 785 million yuan, a year-on-year increase of 8.75%, and a net profit of 42.18 million yuan, down 35.72% [25] - Yongli Co. reported a revenue of 2.24 billion yuan, a year-on-year increase of 10.69%, and a net profit of 22.30 million yuan, down 40.73% [26]

青岛东方铁塔股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审说明 目 录 一、专项说明 二、附表 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X I N G H U A C E R T I F I E D P U B L I C A C C O U N T A N T S L L P 地址（ l o c a t i o n ）： 北京市丰台区丽泽路 2 0 号丽泽 S O H O B 座 2 0 层 20/F,Tower B,Lize SOHO,20 Lize Road,Fengtai District,Beijing PR China 电话（ tel ）： 0 1 0 - 5 1 4 2 3 8 1 8 传真（ f a x ）： 0 1 0 - 5 1 4 2 3 ...

青岛东方铁塔股份有限公司 内部控制审计报告书 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 目 录 一、 审计报告 二、 企业内部控制自我评价报告 三、审计报告附件 1. 中兴华会计师事务所（特殊普通合伙）营业执照复印件 2. 中兴华会计师事务所（特殊普通合伙）执业证书复印件 3. 注册会计师执业证书复印件 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X I N G H U A C E R T I F I E D P U B L I C A C C O U N T A N T S L L P 地址（ l o c a t i o n ）： 北京市丰台区丽泽路 2 0 号丽泽 S O H O B 座 2 0 层 20/F,Tower B,Lize SOHO,20 Lize Road,Fengtai District,Beijing P ...

青岛东方铁塔股份有限公司 委托理财管理制度 第一章 总则 第一条 为规范青岛东方铁塔股份有限公司（以下简称"公司"）委托理财业 务的管理，有效防范风险，保证公司资金、财产安全，提高投资收益，维护公司 和股东的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 7 号 ——交易与关联交易》等有关法律法规、规范性文件及《青岛东方铁塔股份有限 公司章程》（以下简称"《公司章程》"）的要求，结合公司实际，特制订青岛 东方铁塔股份有限公司委托理财管理制度（以下简称"本制度"）。 第二条 本制度所称委托理财是指委托银行、信托、证券、基金、期货、保险 资产管理机构、金融资产投资公司、私募基金管理人等专业理财机构对其财产进 行投资和管理或者购买相关理财产品的行为。 第六条 公司不得通过委托理财等投资的名义规避购买资产或者对外投资应当 履行的审议程序和信息披露义务，或者变相为他人提供财务资助。 第七条 公司进行委托理财应当选择资信状况及财务状况良好、无不良诚信记 录及盈利能力强的合格专业理财机构作为受托方，并与受托方签订书面合同，明 确委托理财的 ...