Investment Rating - The report maintains a recommendation for the building materials industry [2] Core Views - The real estate chain is stabilizing due to continued policy support, and industrial transformation is aiding fundamental recovery [1] - The cement market is experiencing weak demand and price fluctuations, while the float glass market is seeing price declines and weak shipments [1][12][13] - The consumption building materials sector is benefiting from ongoing "good housing" construction initiatives, with leading companies in sub-sectors maintaining their advantages [15][16] Summary by Sections 1. Weekly Core Views - Cement Industry: Demand remains poor, with prices continuing to decline. The national average cement price fell by 0.9% week-on-week, with significant price drops in regions like North China and South China [12][22] - Float Glass Industry: Prices are declining, with the national average price at 1200 RMB/ton, down 7.14 RMB/ton from the previous week. The market is facing weak demand and cautious purchasing behavior [13] - Fiberglass Industry: The price of non-alkali roving remains stable, while electronic yarn prices are seeing slight increases due to tight supply [14] - Consumption Building Materials: The government is emphasizing affordable housing and youth apartment supply, which is expected to boost demand for consumption building materials [15][16] 2. Industry Dynamics - Macro: The e-commerce logistics index in May rose to 111.6 points, indicating a steady increase in supply and demand [20] - Real Estate: Policies are being implemented to enhance community services and support flexible employment in housing funds [20] - Infrastructure: Investment in railway and civil aviation construction is expected to grow, with significant projects planned for unconventional water development [21] 3. Recommended Stocks - Weixing New Materials: Transitioning to a system integration service provider with a focus on risk control and sustainable growth [17] - Mona Lisa: Aiming for high-end market positioning with continuous improvement in operational quality [18] - Keshun Co.: Expected recovery in profitability as the waterproofing industry consolidates [19] - North New Materials: Expanding globally with a focus on gypsum board and related products [19] - Dongpeng Holdings: Diversifying product offerings to meet comprehensive consumer needs [19]

Core Viewpoint - Dongpeng Holdings has been awarded an AA rating in the Wind ESG assessment, reflecting its strong performance in environmental, social, and governance (ESG) practices, which is a significant recognition in the industry [1][2]. Group 1: ESG Rating and Significance - The Wind ESG rating is a leading and influential ESG assessment system in China, aligning with international standards and evaluating over 10,000 companies in the Greater China region [1]. - Companies rated AA are defined as having high management levels, low ESG risks, and strong sustainable development capabilities, with only 3.92% of A-share listed companies achieving AA or above [2]. Group 2: Environmental Management - Dongpeng Holdings has achieved 100% compliance with ISO14001 environmental management and ISO50001 energy management certifications across its eight production bases [6]. - The company has installed 53.78 MWp of photovoltaic capacity, with a year-on-year increase of 10.14%, and has a 100% recycling rate for non-hazardous waste [6]. - Waste gas treatment exceeds national standards, and all tile production bases have passed clean production audits, with several recognized as national "green factories" [6]. Group 3: Social Responsibility - The company has established a comprehensive quality management system, achieving 100% ISO9001 certification, and has implemented policies to protect labor rights [7]. - Dongpeng conducts ESG evaluations for suppliers and has a dynamic elimination mechanism in place [7]. - The company has a robust R&D management process and has participated in the development of 14 national standards [7]. Group 4: Corporate Governance - Dongpeng emphasizes diversity in its board, with women making up 33.33% of members, and has integrated diversity into its appointment considerations [11]. - The governance structure includes a board-ESG management group-executive group framework, linking management performance rewards to environmental compliance goals [11]. Group 5: Future Commitment - Dongpeng Holdings aims to drive ESG transformation across the industry, adhering to its mission of "integrating technology and art to create a better living environment," and is committed to achieving carbon neutrality by 2055 [13].

Group 1 - The board of directors of Guangdong Dongpeng Holdings Co., Ltd. held its 18th meeting of the fifth session on June 13, 2025, via telecommunication voting, with 100% attendance from the directors [2][4] - The board approved the proposal to adjust certain senior management personnel, specifically removing Mr. Shi Jinping from the position of deputy general manager [3][7] - The company expressed gratitude for Mr. Shi Jinping's contributions during his tenure and confirmed that he will continue to hold other positions within the company [7][8] Group 2 - The meeting was conducted in compliance with relevant laws, regulations, and the company's articles of association, ensuring its legality and validity [2] - The decision to adjust management positions was made based on operational management and organizational needs [7] - Mr. Shi Jinping did not hold any company shares as of the announcement date and will adhere to relevant regulations regarding share management [8]

特此公告。 广东东鹏控股股份有限公司董事会 二〇二五年六月十四日 证券代码：003012 证券简称：东鹏控股 公告编号:2025-053 广东东鹏控股股份有限公司 关于调整部分高级管理人员的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 广东东鹏控股股份有限公司（以下简称"公司"）董事会于 2025 年 6 月 13 日召开第五届董事会第十八次会议，审议通过了《关于调整部分高级管理人员的 议案》。根据经营管理和组织调整需要，公司对部分高级管理人员的工作岗位进 行调整，石进平先生调离高级管理人员岗位，不再担任公司副总经理职务，继续 在公司担任其他职务。公司董事会对石进平先生在任职期间为公司发展所作出的 贡献表示衷心感谢！ 截至本公告披露日，石进平先生未持有公司股票，不存在应当履行而未履行 的承诺事项。其在原定任期内和任期届满后六个月内将严格遵守中国证监会《上 市公司董事、监事和高级管理人员所持本公司股份及其变动管理规则》、深圳证 券交易所《上市公司自律监管指引第 1 号——主板上市公司规范运作》《上市公 司自律监管指引第 18 号——股东及董事、监事、高级 ...

二、董事会会议审议情况 经与会董事认真审议，以记名投票表决方式通过了以下议案： 1、审议通过了《关于调整部分高级管理人员的议案》。 第五届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 广东东鹏控股股份有限公司（以下简称"公司"）第五届董事会第十八次会 议于2025年6月13日以通讯表决方式召开，会议通知于2025年6月7日以书面或电 子邮件方式发出。本次会议应出席董事9名，实际出席董事9名，出席董事占东鹏 控股全体董事人数的100%。本次会议符合《公司法》等有关法律、行政法规、部 门规章、规范性文件和《公司章程》的规定，会议合法有效。 证券代码：003012 证券简称：东鹏控股 公告编号:2025-052 广东东鹏控股股份有限公司 石进平先生不再担任公司副总经理职务，公司《关于调整部分高级管理人员 的公告》披露于《中国证券报》《证券时报》《上海证券报》《证券日报》和巨 潮资讯网（www.cninfo.com.cn)。 2、 涉及本次董事会的相关议案。 特此公告。 广东东鹏控股股份有限公司董事会 二〇二五年六 ...

Group 1: TMT Sector Insights - The core viewpoint of the report indicates that the TMT sector's congestion has decreased, suggesting that a barbell strategy may be the optimal solution at present [3] - Based on the trend model, certain value sectors such as non-ferrous metals, agriculture, banking, and building materials are in the "strong trend - low congestion" area [3] - The report highlights that the building materials, non-bank financials, military industry, new energy, and steel sectors are in the "high prosperity + strong trend" quadrant, showing significant changes compared to the first quarter [3] Group 2: Investment Recommendations - The report recommends focusing on stable value sectors (banking, non-bank financials, steel, agriculture, building materials) on one hand, and technology sectors (electronics, communications, military, new energy, and innovative pharmaceuticals) on the other hand, as a barbell strategy [3] Group 3: Company-Specific Insights - For Chipone Technology (688521.SH), the company is projected to achieve revenues of 3.18 billion, 4.06 billion, and 5.88 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 36.9%, 27.6%, and 45.0% [5] - The report anticipates that the net profit attributable to the parent company for Chipone Technology will be 10 million, 60 million, and 140 million yuan for the same years, reflecting significant growth rates of 101.8%, 505.1%, and 125.3% [5] - Eastroc Beverage (003012.SZ) is expected to generate revenues of 6.01 billion, 6.11 billion, and 6.58 billion yuan from 2025 to 2027, with a compound annual growth rate of 17.8% [8] Group 4: Industry Performance Overview - The report lists the top-performing industries over the past year, with pharmaceuticals and biotechnology leading at 10.4%, followed by agriculture at 2.8% and textiles at 13.4% [1] - Conversely, the worst-performing industries include defense and military, food and beverage, and machinery, with declines of 17.5%, 3.1%, and 26.0% respectively over the past year [1] Group 5: Resource Expansion Insights - The report notes that Yubang Mining's silver resource has been confirmed to increase to 21,600 tons, with an additional 6,147 tons added, which is above expectations [9] - The projected revenues for Yubang Mining are expected to be 5.86 billion, 6.68 billion, and 8.32 billion yuan from 2025 to 2027, with net profits of 2.06 billion, 2.41 billion, and 3.13 billion yuan respectively [9]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][5]. Core Views - The company, Dongpeng Holdings, is a leading player in the ceramic tile industry, with a strong retail channel and solid cash flow, despite facing challenges in demand and competition [1][3]. - The demand for second-hand housing is providing support, and the supply side is accelerating its exit, leading to an improvement in industry beta [1][2]. - The company has a robust cash flow, with a projected operating cash flow of 860 million yuan in 2024 and a cash balance of 2.38 billion yuan by the end of 2024 [2][3]. Summary by Sections Company Overview - Dongpeng Holdings specializes in ceramic tiles and sanitary ware, with over 80% of its revenue coming from tile sales [1][13]. - The company has a nationwide presence with approximately 7,000 sales outlets and a dealer network of 4,500 [2][13]. Industry Analysis - The ceramic tile industry is experiencing a decline in new construction demand, but there is a growing demand for renovations, particularly in second-hand housing [1][10]. - The supply side is undergoing a market-driven exit, with outdated production capacities expected to be phased out due to energy control and carbon reduction policies [1][10]. Financial Performance - In 2024, the company expects revenue to decline to 6.47 billion yuan, a 16.8% decrease year-on-year, with a net profit of 330 million yuan, down 54.4% [1][4]. - The company forecasts a recovery starting in 2025, with projected revenues of 6.01 billion yuan, 6.11 billion yuan, and 6.58 billion yuan for 2025, 2026, and 2027 respectively [3][4]. Profitability and Cash Flow - The company maintains a stable gross margin, with a projected gross margin of 29.7% in 2024, despite a decrease from previous years [29]. - Operating cash flow is expected to remain strong, with a cash flow ratio of 1.2 and a net cash ratio of 2.6 in 2024 [2][3]. Investment Outlook - The company is positioned to benefit from the ongoing renovation demand and is expected to see a compound annual growth rate (CAGR) of 17.8% in net profit from 2025 to 2027 [3][4]. - The report highlights the potential for an increase in dividend yield, projected at approximately 4.3% based on the closing price as of June 9, 2025 [2][3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company, Dongpeng Holdings, is a leading player in the ceramic tile industry, with a strong retail channel and solid cash flow, despite facing challenges in the current market environment [3][10]. - The demand for second-hand housing is providing support, while supply-side adjustments are underway, leading to an improvement in industry beta [1][10]. - The company has a robust cash position, with a cash balance of 2.38 billion and a dividend yield of approximately 4.3% [2][10]. Summary by Sections Company Overview - Dongpeng Holdings specializes in ceramic tiles and sanitary ware, with over 80% of its revenue coming from tile sales [1][13]. - The company has a nationwide distribution network with approximately 7,000 sales outlets and a dealer network of 4,500 [2][13]. Industry Analysis - The ceramic tile industry is experiencing a decline in new construction demand, but there is a growing trend in renovation demand, particularly from the second-hand housing market [1][10]. - The supply-side is undergoing a cleansing process, driven by market forces and energy efficiency initiatives, which is expected to benefit the industry in the long term [1][10]. Financial Performance - The company reported a revenue of 6.47 billion in 2024, a year-on-year decline of 16.8%, with a net profit of 330 million, down 54.4% [1][4]. - Revenue projections for 2025-2027 are estimated at 6.01 billion, 6.11 billion, and 6.58 billion respectively, with a compound annual growth rate of 17.8% [3][4]. Cash Flow and Dividends - The company has a strong cash flow, with an operating cash flow of 860 million in 2024 and a cash balance of 2.38 billion at the end of the year [2][10]. - The dividend payment capability is supported by the company's solid cash flow and reduced impairment risks [2][10]. Profitability and Cost Management - The company has maintained a relatively stable gross margin despite market pressures, with a gross margin of 29.7% in 2024 [29]. - Cost control measures have been effective, with a management expense ratio of 6.6%, indicating efficient expense management [29][10].

证券代码：003012 证券简称：东鹏控股 公告编号:2025-049 广东东鹏控股股份有限公司 关于 2024 年股票期权激励计划预留授予登记完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 根据中国证监会《上市公司股权激励管理办法》、深圳证券交易所、中国证 券登记结算有限责任公司深圳分公司等有关规则，经深圳证券交易所、中国证券 登记结算有限责任公司深圳分公司审核确认和办理，广东东鹏控股股份有限公司 （以下简称"公司"）已完成2024年股票期权激励计划（以下简称"本激励计划"） 股票期权预留部分授予登记工作，现将有关事项公告如下： 一、已履行的相关审批程序 1、2024 年 5 月 6 日，公司第五届董事会第八次会议审议通过了《关于公司 <2024 年股票期权激励计划（草案）>及其摘要的议案》《关于<2024 年股票期权 激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事会办理公司 2024 年股票期权激励计划相关事宜的议案》《关于召开 2024 年第一次临时股东 大会的议案》。同日，公司第五届监事会第七次会议审议通过相关 ...

Core Viewpoint - Guangdong Dongpeng Holdings Co., Ltd. has been awarded the China Patent Excellence Award for its invention patents, highlighting the company's strength in technological innovation and intellectual property protection [1][2]. Group 1: Award Recognition - The company and its subsidiaries received the China Patent Excellence Award for their invention patents related to antibacterial and antiviral formaldehyde-removing agents and their preparation methods [1]. - This marks the fourth time the company has received this national-level award, underscoring its commitment to innovation and contribution to economic and social development [1][2]. Group 2: Patent Acquisition - The company has recently obtained seven new invention patent certificates from the National Intellectual Property Administration, bringing the total number of effective patents to 1,327, including 414 invention patents [1][4]. - The acquisition of these patents enhances the company's ability to protect its intellectual property, maintain competitive advantages, and foster a culture of continuous innovation [4]. Group 3: Industry Positioning - The company aims to lead the ceramic industry towards green, low-carbon, and sustainable development through ongoing technological innovation and overcoming technical barriers [2]. - The recognition as a "National Intellectual Property Demonstration Enterprise" further solidifies the company's position in the industry and enhances its brand influence [2].