Investment Rating - Industry rating is maintained at "Outperform the Market" [6] Core Insights - Infrastructure investment in August shows a narrowing year-on-year decline, with a focus on investment opportunities in the central and western regions [1] - Real estate sales area decreased by 4.7% year-on-year from January to August, with a significant drop of 11% in August alone [2] - Cement prices have started to rise after a prolonged period of decline, indicating potential recovery in profitability for cement companies [3] - The flat glass production showed a year-on-year decline of 4.5% from January to August, but the decline is narrowing, suggesting a potential improvement in demand [4] Summary by Sections Infrastructure Investment - From January to August, real estate development investment decreased by 12.9%, while narrow and broad infrastructure investments increased by 2% and 5.4% respectively [1] - Cumulative new special bonds reached 32,641.37 billion yuan, up 26.9% year-on-year, indicating strong support for infrastructure projects [1] Real Estate Market - New construction area decreased by 19.5% year-on-year from January to August, with a monthly decline of 19.8% in August [2] - Completion area saw a year-on-year decline of 17% from January to August, with a monthly drop of 21.2% in August [2] Cement Industry - Cement production from January to August was 1.105 billion tons, down 4.8% year-on-year, with August production at 148 million tons, a 6.2% decline [3] - The average cement price in August was 349 yuan per ton, showing a slight increase from earlier in the month [3] Glass Industry - Flat glass production from January to August was 64.818 million weight cases, down 4.5% year-on-year, with August production at 8.267 million weight cases, a 2% decline [4] - The market is showing signs of demand improvement as inventory levels decrease and production lines resume operations [4]

证券代码：002791 证券简称：坚朗五金 公告编号：2025-061 广东坚朗五金制品股份有限公司 关于参加广东辖区 2025 年投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，广东坚朗五金制品股份有限 公司（以下简称"公司"）将参加由广东证监局、广东上市公司协会 联合举办的"向新提质 价值领航--2025 年广东辖区投资者集体接待 日暨辖区上市公司中报业绩说明会"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 19 日（周五）15:30-17:00。 届时公司董事长白宝鲲先生、董事会秘书殷建忠先生、财务总监 邹志敏先生将在线就公司 2025 年半年度业绩、经营状况、公司治理、 发展战略等投资者关心的问题，与投资者进行沟通与交流，欢迎广大 投资者踊跃参与！ 特此公告。 广东坚朗五金制品股份有限公司 二○二五年九月十六日 ...

Group 1 - The core viewpoint of the news is that Jianlang Hardware has shown a positive stock performance with a 3.72% increase year-to-date and a 2.10% increase on September 15, 2023, reaching a stock price of 23.38 yuan per share [1] - The company has a total market capitalization of 8.274 billion yuan and a trading volume of 119 million yuan on the same day [1] - The main business revenue composition includes: window and door hardware systems (41.47%), other building hardware products (15.79%), home products (15.49%), and various other components [1] Group 2 - Jianlang Hardware belongs to the building materials industry, specifically in the sub-sector of renovation materials and other building materials [2] - As of August 29, 2023, the number of shareholders is 33,000, a decrease of 5.58% from the previous period, with an average of 5,800 circulating shares per shareholder, an increase of 5.90% [2] - For the first half of 2025, the company reported a revenue of 2.755 billion yuan, a year-on-year decrease of 14.18%, and a net profit attributable to shareholders of -30.4322 million yuan, a decrease of 722.32% [2] Group 3 - Since its A-share listing, Jianlang Hardware has distributed a total of 621 million yuan in dividends, with 134 million yuan distributed in the last three years [3] - As of June 30, 2025, Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 2.451 million shares, a decrease of 798,200 shares from the previous period [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The green transformation accelerates the upgrade of the supply structure in the building materials industry, with a focus on innovative measures to promote the industry's shift towards green and intelligent development [4] - The report highlights the positive impact of government policies, such as the "Three-Year Action Plan for the Promotion of Green Building Materials Industry" in Hubei Province, which aims to reshape the industrial structure [4] - Key recommended companies include: Sanke Tree (channel penetration, retail expansion), Dongfang Yuhong (waterproof leader, operational structure optimization), Weixing New Materials (high-quality operations, high retail business proportion), and Jianlang Hardware [4] - Beneficiary stocks in the cement sector include: Conch Cement, Huaxin Cement, and Shangfeng Cement, with a focus on energy-saving and carbon reduction initiatives [4] Market Performance - The building materials index rose by 2.45% in the week from September 8 to September 12, outperforming the CSI 300 index by 1.07 percentage points [5][14] - Over the past three months, the CSI 300 index increased by 15.83%, while the building materials index rose by 21.65%, indicating a 5.83 percentage point outperformance [5][14] - In the past year, the CSI 300 index increased by 43.14%, while the building materials index rose by 52.13%, showing a 9.00 percentage point outperformance [5][14] Cement Sector - As of September 12, the average price of P.O42.5 bulk cement nationwide was 275.03 yuan/ton, with a slight increase of 0.01% month-on-month [27] - The clinker inventory ratio nationwide was 62.59%, down by 0.79 percentage points [28] - Regional price variations were noted, with Northeast prices decreasing by 2.17% and North China prices increasing by 2.22% [27][31] Glass Sector - The average price of float glass as of September 12 was 1202.33 yuan/ton, reflecting a week-on-week increase of 1.01% [78] - The inventory of float glass decreased by 1.86%, with a total of 55 million weight boxes [80] - The price of photovoltaic glass remained stable at 125.00 yuan/weight box [84] Valuation Metrics - The average price-to-earnings (PE) ratio for the building materials sector is 29.36 times, ranking it 15th from the bottom among all A-share industries [23] - The price-to-book (PB) ratio is 1.34 times, ranking it 8th from the bottom among all A-share industries [32]

Core Viewpoint - The stock of Jianlang Hardware has shown a modest increase in price, with significant trading activity and a notable market capitalization, indicating investor interest despite recent declines in revenue and profit [1][2]. Group 1: Stock Performance - On September 10, Jianlang Hardware's stock rose by 2.16%, reaching 22.74 CNY per share, with a trading volume of 77.76 million CNY and a turnover rate of 1.83%, resulting in a total market value of 8.05 billion CNY [1]. - Year-to-date, the stock price has increased by 0.88%, with a 6.61% rise over the last five trading days, 1.79% over the last 20 days, and 7.37% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Jianlang Hardware reported a revenue of 2.755 billion CNY, a year-on-year decrease of 14.18%, and a net profit attributable to shareholders of -30.43 million CNY, representing a significant decline of 722.32% [2]. - Since its A-share listing, the company has distributed a total of 621 million CNY in dividends, with 134 million CNY distributed over the past three years [3]. Group 3: Business Overview - Jianlang Hardware, established on June 26, 2003, and listed on March 29, 2016, specializes in the research, production, and sales of mid-to-high-end building door and window hardware systems and related metal components [1]. - The company's revenue composition includes: 41.47% from door and window hardware systems, 15.79% from other building hardware products, 15.49% from home products, and smaller contributions from various other categories [1]. Group 4: Shareholder Information - As of August 29, the number of shareholders for Jianlang Hardware was 33,000, a decrease of 5.58% from the previous period, with an average of 5,800 circulating shares per shareholder, an increase of 5.90% [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 2.451 million shares, a decrease of 798,200 shares from the previous period [3].

Core Viewpoint - The stock of Jianlang Hardware has shown fluctuations, with a slight increase of 2.22% on September 8, 2023, while the company faces a decline in revenue and profit for the first half of 2025 compared to the previous year [1][2]. Company Overview - Jianlang Hardware, established on June 26, 2003, and listed on March 29, 2016, is located in Dongguan, Guangdong Province. The company specializes in the research, production, and sales of mid-to-high-end building door and window hardware systems and related metal components [1]. - The main business revenue composition includes: door and window hardware systems (41.47%), other building hardware products (15.79%), home products (15.49%), door and window accessories (9.33%), point-supported glass curtain wall components (6.95%), door control hardware systems (5.76%), stainless steel railing components (4.01%), and others (1.19%) [1]. Financial Performance - As of August 29, 2025, Jianlang Hardware reported a revenue of 2.755 billion yuan for the first half of 2025, a year-on-year decrease of 14.18%. The net profit attributable to the parent company was -30.4322 million yuan, a decrease of 722.32% compared to the previous year [2]. - Cumulatively, the company has distributed 621 million yuan in dividends since its A-share listing, with 134 million yuan distributed over the past three years [3]. Shareholder Information - As of August 29, 2025, the number of shareholders for Jianlang Hardware was 33,000, a decrease of 5.58% from the previous period. The average circulating shares per person increased by 5.90% to 5,800 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 2.451 million shares, a decrease of 798,200 shares from the previous period [3].

Core Points - The company, Guangdong Jianlang Hardware Products Co., Ltd., has received notification from shareholder Ms. Bai Baoping regarding the pledge of part of her shares [1] - The pledged shares account for 0.55% of the total share capital and 8.17% of her holdings [1] - The pledge does not involve any performance compensation obligations and is not expected to impact the company's operations or governance [1][2] Summary by Sections Shareholder Pledge Details - Ms. Bai Baoping has pledged shares amounting to 125,657,428 shares, which is 35.51% of her total holdings [1] - The total pledged shares by Ms. Bai Baoping and her associates amount to 149,531,790 shares, representing 42.25% of the total share capital [1] Cumulative Pledge Situation - As of the announcement date, the cumulative pledged shares include 5,373,455 shares that are subject to restrictions and marking [1] - The pledged shares do not include shares locked by executives [1] Other Situations - The company will continue to monitor the pledge situation and associated risks, ensuring compliance with relevant regulations and timely information disclosure [2]

Group 1 - The core point of the article is that Jianlang Hardware (002791) announced a stock pledge by shareholder Ms. Bai Baoping for personal funding needs [1] - The pledged amount is 1,950,000 shares, which represents 8.17% of her total holdings and 0.55% of the company's total share capital [1]

证券代码：002791 证券简称：坚朗五金 公告编号：2025-060 广东坚朗五金制品股份有限公司 关于股东部分股份质押的公告 1 / 2 股东名 称 是否为控 股股东或 第一大股 东及其一 致行动人 本次质 押数量 （股） 占其所 持股份 比例 占公司 总股本 比例 是否 为限 售股 是否 为补 充质 押 质押开始日 质押到 期日 质权人 质押 用途 白宝萍 是 1,950,0 00 8.17% 0.55% 否 否 2025 年 9 月 1 日 申请解 除质押 登记日 广发证 券股份 有限公 司 个人 资金 需求 一、 股东股份质押基本情况 | | | | 本次质押 | 本次质 | 占其 | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 持股数量 | 持股比 | 前质押股 | 押后质 | 所持 | 占公司 | 已质押股份 | 占已 | 未质押股份 | 占未 | | 称 | （股） | 例 | 份数量 | 押股份 | 股份 | 总股本 | 限售和冻 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing significant pressure on profitability, with a notable decline in domestic market revenue, while the overseas market expansion shows promising results [7] - The company reported a total revenue of 2.755 billion yuan in the first half of 2025, a year-on-year decrease of 14.18%, and a net profit attributable to shareholders of -30 million yuan, compared to a profit of 5 million yuan in the same period last year [7] - The company is focusing on integrating and expanding new product categories while enhancing product capabilities, aiming to improve service capabilities and iterate sales and product models during the industry downturn [7] Financial Performance Summary - Total revenue forecast for 2023A is 7.802 billion yuan, with a projected decline to 6.118 billion yuan in 2025E, followed by a recovery to 6.646 billion yuan in 2026E and 7.235 billion yuan in 2027E [1] - Net profit attributable to shareholders is expected to drop from 324.01 million yuan in 2023A to 175.23 million yuan in 2025E, before increasing to 272.03 million yuan in 2026E and 327.97 million yuan in 2027E [1] - The latest diluted EPS is projected to be 0.50 yuan per share in 2025E, with a P/E ratio of 44.79 [1] Market and Operational Insights - The company’s overseas revenue reached 477 million yuan in the first half of 2025, marking a year-on-year increase of 30.75%, indicating a growing share of overseas sales [7] - The gross margin for the first half of 2025 was 30.37%, slightly down by 0.9 percentage points year-on-year, with the company managing expenses effectively despite revenue pressures [7] - The company’s asset-liability ratio was 38.74% at the end of the first half of 2025, showing a downward trend compared to the beginning of the year [7]