广东东鹏控股股份有限公司 公司股东HSG Growth I Holdco B, Ltd.、北京红杉坤德投资管理中心（有 限合伙）－上海喆德投资中心（有限合伙）保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 证券代码：003012 证券简称：东鹏控股 公告编号：2025-037 例分别为3.0155%和3.1362%）的股东HSG Growth I Holdco B, Ltd.和北京红杉 坤德投资管理中心（有限合伙）－上海喆德投资中心（有限合伙），计划通过集 中竞价交易或大宗交易等方式，合计减持本公司股份不超过公司总股本的1.50% （即减持数量不超过16,879,592股）。其中，在减持期间内通过集中竞价交易方 式减持公司股份的数量不超过公司总股本的1.00%(即11,253,061股）；通过大宗 交易方式减持公司股份的数量不超过公司总股本的1.50%(即16,879,592股）。若 公司在本减持计划实施期间发生送股、资本公积转增股本、配股及股份回购等变 动事项，将根据前述变动对上述减持数量进行 ...

证券代码：003012 证券简称：东鹏控股 公告编号：2025-037 广东东鹏控股股份有限公司 关于公司股东减持股份的预披露公告 公司股东HSG Growth I Holdco B, Ltd.、北京红杉坤德投资管理中心（有 限合伙）－上海喆德投资中心（有限合伙）保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、分别持有本公司股份33,933,743股和35,292,367股（占公司总股本的比 例分别为3.0155%和3.1362%）的股东HSG Growth I Holdco B, Ltd.和北京红杉 坤德投资管理中心（有限合伙）－上海喆德投资中心（有限合伙），计划通过集 中竞价交易或大宗交易等方式，合计减持本公司股份不超过公司总股本的1.50% （即减持数量不超过16,879,592股）。其中，在减持期间内通过集中竞价交易方 式减持公司股份的数量不超过公司总股本的1.00%(即11,253,061股）；通过大宗 交易方式减持公司股份的数量不超过公司总股本的1.50%(即16,879,592 ...

Core Viewpoint - Dongpeng Holdings (003012) reported stable operating quality in Q1 2025 despite industry pressures, with revenue of 994 million yuan, remaining flat year-on-year, while net profit decreased due to lower product prices and seasonal factors [2][6]. Financial Performance - In Q1 2025, the company achieved revenue of 994 million yuan, a slight decrease of 1.74% year-on-year, and a net loss of approximately 30.45 million yuan, down 164.42% year-on-year [6]. - The gross profit margin stood at 23.54%, with total expenses decreasing by 11.27% year-on-year [2][6]. - The company reported a debt ratio of 33.81% and investment income of 1.83 million yuan [6]. Market Strategy - The company is focusing on channel optimization and high-margin business development, responding to the national home decoration consumption policy, which has led to a 10.19% year-on-year increase in retail revenue from tiles [2][5]. - Dongpeng is expanding its retail presence, adding 188 new stores in 2024, and launching new product lines to enhance consumer experience [2][3]. Industry Outlook - The ceramic tile industry is expected to face ongoing market consolidation, with a projected production of 5.91 billion square meters in 2024, and a decrease in the number of large-scale enterprises [3][4]. - The industry is shifting towards high-quality development, focusing on high-end, intelligent, and green products, driven by policies supporting consumption upgrades [3][4]. Future Growth Drivers - The company aims to achieve growth through innovation, lean operations, digital empowerment, and green development strategies [4][5]. - Dongpeng is enhancing its product structure and high-end product layout, including strategic partnerships with luxury brands and the acquisition of high-end product lines [5].

Company Performance - In 2024, the company achieved operating revenue of 6.469 billion yuan, a year-on-year decrease of 16.77%, and a net profit of 328 million yuan, down 54.41% year-on-year [1] - The company acknowledged a continued weakening in demand within the ceramic tile industry, with an oversupply issue becoming prominent, leading to a shift from incremental competition to stock competition [1] - The company implemented measures such as channel optimization, lean operations across the entire value chain, and precise expense control to steadily improve operational quality [1][2] Strategic Initiatives - The company launched the DPICASA high-end brand strategy and formed deep strategic partnerships with three top Italian luxury brands, while also upgrading the IW brand to create a designer material aesthetic library [2] - The company acquired Lishi Rock Board to expand into the high-end rock board market [2] - The unit manufacturing cost of the company's tile products was reduced by 3.1 percentage points to cope with market downturn pressures [2] Market Response and Future Outlook - The company reported a 10.19% year-on-year increase in revenue from its large retail tile business in Q1 2025, driven by the national home decoration subsidy policy and product innovation [2][3] - The company noted that the first quarter is traditionally a low season, and the impact of current fluctuations on the overall annual performance is manageable [2] - The company is responding to the national home decoration subsidy policy by launching new products and enhancing in-store experiences through nationwide initiatives [3] - The ceramic tile industry is expected to face challenges from market demand, dual carbon energy consumption policies, and cross-industry competition, while opportunities may arise from the optimization of supply-side factors and policies supporting the replacement of old consumer goods [3]

Financial Performance - In Q1 2025, the company achieved a revenue of 994 million RMB, remaining stable compared to the same period last year, while net profit decreased year-on-year due to product price adjustments [2] - The total period expenses decreased by 11.27% year-on-year, with sales expense ratio and management expense ratio dropping by 2.25 and 1.42 percentage points respectively [3][6] Market Strategy - The company plans to capture opportunities in the existing housing market and renovation sector by enhancing retail channels and launching new product lines, including the "Cream Style" and "Light Luxury Style" series [3] - In 2024, the company added 188 retail stores and was recognized as a key promoter in the "Home Decoration Industry Replacement Action" [3] Policy Impact - The national home decoration subsidy policy has stimulated demand for tiles and sanitary products, with coverage extending to over 260 cities, leading to increased sales and improved online transaction values [4] - The company actively participated in the spring promotion week, launching new products to meet consumer demands for high-quality living [4] Industry Outlook - According to the China Building Sanitary Ceramics Association, the national ceramic tile production in 2024 is projected to be 5.91 billion square meters, with a decrease in the number of large-scale enterprises [5] - The industry is expected to face challenges from market demand fluctuations, energy consumption policies, and increased competition, while opportunities arise from the growing renovation market and supportive policies [5] Growth Drivers - The company aims for growth through innovation, lean operations, digital empowerment, and green development strategies [5] - The focus on high-margin business development and the introduction of high-end brands, such as DPI CASA, are part of the company's strategy to enhance its market position [6]

Group 1 - The company achieved a total operating revenue of 6.469 billion yuan in 2024, with net profit attributable to shareholders of 328 million yuan and a net cash flow from operating activities of 859 million yuan [1][2] - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares, amounting to approximately 283 million yuan, which represents 86% of the net profit attributable to shareholders for 2024 [1][2] - The company has maintained a strong financial position with cash and cash equivalents of 3.215 billion yuan and a debt-to-asset ratio of 36.29%, down 1.67 percentage points year-on-year [1][2] Group 2 - The company has seen a 10.19% year-on-year increase in revenue from its large retail business in the first quarter of 2025, driven by product innovation and refined operations [2][3] - The total expenses for the company decreased by 11.27% year-on-year, with sales and management expense ratios dropping by 2.25 and 1.42 percentage points, respectively [2][3] - The company is focusing on high-margin segments and has adjusted its business structure to concentrate resources on profitable areas, leading to improved profit quality [2][3] Group 3 - The company has expanded its retail network by adding 188 new stores in 2024, primarily through existing distributors [2][3] - The company has been recognized as a key promoter in the building materials industry for its "old-for-new" policy, which has significantly stimulated consumer demand for tiles [2][3] - The company is actively exploring investments in high-end equipment manufacturing and new-generation information technology through its investment platform [1][2]

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [4] Core Viewpoints - The market is transitioning from "weak reality, weak expectations" to "stable reality, strong expectations," with a focus on EPS and PE dynamics. The current trading logic reflects a typical "Davis Double Play" scenario, where PE fluctuations are crucial for market performance [5] - The report suggests that the cyclical recovery is expected to be sustainable, with potential policy support for domestic demand, particularly in consumption and manufacturing sectors. This is seen as a more favorable and sustainable choice compared to traditional investments [5] - The report emphasizes that the current market conditions indicate a turning point for many cyclical products, with EPS expected to bottom out before supply and demand, leading to a potential recovery in performance [5] Summary by Sections 1. Sector Tracking - The construction materials index (Shenwan) decreased by 2.1%, with sub-sectors like cement and glass fiber also showing declines of 2.2% and 2.8% respectively. Notable stock performances included Sichuan Jinding (+13.3%) and Hanjian Heshan (+8.0%) [9] 1.2. Industry Dynamics - In the first four months of 2025, top 100 real estate companies spent 360.8 billion yuan on land, a year-on-year increase of 26.6%. However, their sales totaled 1,119.86 billion yuan, down 10.2% year-on-year [16] - The Ministry of Industry and Information Technology is promoting energy-saving and carbon-reduction technologies across various sectors, including construction materials [16] 2. Data Tracking 2.1. Cement - The average price of 42.5 cement is 387.7 yuan/ton, down 3.2 yuan/ton month-on-month but up 29.7 yuan/ton year-on-year. The cement inventory ratio is 61.7%, down 0.1 percentage points month-on-month [17] 2.2. Float Glass - The average price of 5mm float glass is 1,423.0 yuan/ton, up 1.3 yuan/ton month-on-month but down 393.7 yuan/ton year-on-year. Inventory levels have increased by 0.1% month-on-month [32] 2.3. Photovoltaic Glass - The average price for 2.0mm coated photovoltaic glass is 14.3 yuan/sqm, stable month-on-month but down 4.1 yuan/sqm year-on-year. The production capacity is 98,690 tons/day, up 2.1% month-on-month [37] 2.4. Glass Fiber - The average price of alkali-free glass fiber yarn is 4,705.0 yuan/ton, down 40.0 yuan/ton month-on-month but up 525.0 yuan/ton year-on-year [44] 2.5. Carbon Fiber - The average price for large tow carbon fiber is 72.5 yuan/kg, stable month-on-month but down 2.0 yuan/kg year-on-year. The average operating rate for carbon fiber companies is 60.62%, up 0.43 percentage points month-on-month [47] 3. Key Company Valuation Table - The report includes a valuation table for key companies, highlighting stock prices, market capitalization, EPS, PE, and PB ratios for various firms in the construction materials sector [54]

Summary of China Building Products Conference Call Industry Overview - The conference call focused on the China building products industry, specifically six stocks across five sectors: steel structure, glass, construction hardware, ceramic tile, and anti-seismic [1][3]. Key Points and Arguments Sales Growth and Market Recovery - Sales growth showed recovery in 1Q25 after a weak 2024, with the steel structure sector leading year-over-year (yoy) revenue growth [3][19]. - Orders in 1Q25 indicated positive trends, but 2Q demand growth is critical for companies to meet full-year guidance [3][10]. - Infrastructure and manufacturing investments (FAI) were resilient, contributing to order growth in the steel structure sector, with SOE construction companies' overseas orders growing by 21% yoy in 1Q25 [3][21]. Sector-Specific Insights - **Steel Structure**: Honglu's orders turned around to +1% yoy after four quarters of decline, while Jinggong's orders moderated to +1% yoy from +8% yoy in FY24 [3][23]. - **Float Glass**: Order days improved from a 30% yoy decline in 1Q to a high-teens decline in April, with factory inventory down 10% since mid-March [3][30]. - **Construction Hardware**: Kinlong aimed for flat sales in FY25, with 1Q25 sales accelerating to +28% yoy [3][5]. - **Ceramic Tile**: The industry may see further volume contraction, with a significant share of aged accounts receivable (AR) rising [4][49]. - **Anti-Seismic**: Orders remained lukewarm due to weak public project constructions, particularly in high seismic areas [4][58]. Margin and Profitability Challenges - Margin pressure persisted, with gross profit margins (GPM) declining across the board in 2024 and 1Q25, primarily due to intensified retail competition and industry overcapacity [5][63]. - Companies are focusing on cost control to drive earnings recovery, with expectations of stable GPM in 2025E [6][10]. Capital Allocation and Cash Flow - Capital allocation has become more prudent, with average capex declining by approximately 20% quarter-over-quarter in 3Q/4Q24 and 1Q25 [6][10]. - Operating cash flow (OCF) showed weakness in 2024, with cash/accounting revenue ratios inching up by 5 percentage points [6][70]. Target Price and Stock Recommendations - Target prices for 2025E-27E earnings were revised down by an average of 1%, reflecting a 3% lower topline and recent margin trends [8][9]. - The steel structure and building materials indices have outperformed year-to-date, with selective buy ratings on Honglu and Kinlong, while Jinggong received a sell rating [10][13]. Additional Important Insights - The ceramic tile sector has seen a shift towards 2C channels, increasing from below 50% in 2021 to approximately 70% in 2024 [47]. - The share of aged AR is rising, particularly affecting companies like Dongpeng and Quakesafe, while Honglu and Kinlong are better positioned [7][49]. - The overall valuation for most sectors remains undemanding, with P/E and P/B ratios at low historical percentiles [14][10]. This summary encapsulates the key takeaways from the conference call, highlighting the recovery trends, sector-specific insights, margin pressures, and strategic recommendations for investors in the China building products industry.

根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引 第 9 号——回购股份（2023 年修订）》等相关规定，回购股份占上市公司总股本 的比例每增加百分之一，应当在事实发生之日起三个交易日内予以披露；每个月 的前三个交易日内披露截至上月末的回购进展情况。现将回购股份进展情况公告 如下: 证券代码：003012 证券简称：东鹏控股 公告编号:2025-036 广东东鹏控股股份有限公司 关于回购股份比例达到1%暨回购公司股份的进展公告 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"）于2024年11月18日召开第 五届董事会第十三次会议，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》，公司拟使用自有资金及回购专项贷款以集中竞价交易方式回购公 司股份，回购总金额不低于人民币10,000万元（含）且不超过20,000万元（含）， 回购价格不超过9.08元/股。具体情况详见公司于2024年11月19日披露的《关于 以集中竞价交易方式回购公司股份方案暨取得回购专项贷款承诺函的公告》（公 告编号：2024 ...

Group 1 - The overall market outlook for 2025 is expected to fluctuate at a relatively low level, with potential improvements driven by government policies in real estate, stimulating domestic demand, and consumption [1] - The company adopts a proactive approach in the competitive stock market, leveraging its extensive retail channel layout and relatively flat distributor advantages to enhance market presence and empower distributors [1] - Collaboration with leading companies in the integrated channel aims to reduce costs and improve gross margins through service efficiency [1] Group 2 - The company is cautious regarding engineering projects related to real estate, focusing on driving growth for distributors in niche markets such as healthcare, wellness, and hotel commercial chains [1] - The "old-for-new" national subsidy program is a key strategy for the company to capture market share during downturns, benefiting from quick response and strong execution capabilities to intercept traffic and expand customer orders [1]