Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the importance of domestic circulation and cyclical investment opportunities in response to the current economic challenges and geopolitical tensions [4] - It suggests that the central government's recent policy adjustments indicate a shift towards prioritizing domestic demand and infrastructure investment as a more stable and controllable option compared to external factors [4] - The report anticipates that local government bond policies will accelerate, providing liquidity support for the economy, and predicts a potential early turnaround in cyclical sectors [4] Summary by Sections 1. Sector Tracking - The construction materials index rose by 0.2%, while the cement and glass fiber indices experienced declines of 1.0% and increases of 1.8% respectively [8] - Notable stock performances included gains from companies like Jianfeng Group (+14.1%) and losses from companies like Jingang Photovoltaic (-11.7%) [8] 2. Data Tracking 2.1 Cement - The average price of 42.5 cement nationwide is 390.8 RMB/ton, down 1.8 RMB/ton month-on-month but up 35.7% year-on-year [15] - The cement inventory ratio stands at 61.8%, unchanged month-on-month but down 6.6 percentage points year-on-year [15] - The cement shipment rate is 47.6%, down 1.4 percentage points month-on-month and 2.4 percentage points year-on-year [15] 2.2 Float Glass - The average price of 5mm float glass is 1421.7 RMB/ton, up 0.7 RMB/ton month-on-month but down 402.5 RMB/ton year-on-year [31] - The total inventory of key production enterprises in 13 provinces is 5.618 million heavy boxes, down 0.1% month-on-month but up 2.4% year-on-year [31] 2.3 Photovoltaic Glass - The average price for 2.0mm coated photovoltaic glass is 14.3 RMB/sqm, unchanged month-on-month but down 4.1 RMB/sqm year-on-year [36] - The inventory days for photovoltaic glass have increased to 26.85 days, up 3.1% month-on-month and 44.7% year-on-year [36] 2.4 Glass Fiber - The average price of alkali-free glass fiber yarn is 4745.0 RMB/ton, unchanged month-on-month but up 715.0 RMB/ton year-on-year [43] - The average price of electronic yarn is 9100.0 RMB/ton, unchanged month-on-month but up 1750.0 RMB/ton year-on-year [43] 2.5 Carbon Fiber - The average price of large tow carbon fiber is 72.5 RMB/kg, unchanged month-on-month but down 2.0 RMB/kg year-on-year [46] - The average operating rate of carbon fiber enterprises is 60.19%, up 1.09 percentage points month-on-month and 11.45 percentage points year-on-year [46] 3. Industry Dynamics - The report highlights ongoing efforts in various regions to stabilize the real estate market, including new housing plans in Qingdao and government initiatives in Guangdong [14] - The Central Political Bureau's meeting emphasized the need to maintain stability in the real estate market and capital markets, indicating a proactive approach to economic management [14]

Core Viewpoint - The company reported stable operating performance in the first quarter of 2025 despite industry challenges, with revenue remaining flat year-on-year and a decrease in net profit due to price adjustments in the previous year [4][5]. Financial Data - The company achieved operating revenue of 994 million yuan in the first quarter, which is approximately the same as the previous year [4]. - Net profit decreased compared to the same period last year, influenced by a decline in product prices [4][5]. - The company reported a non-recurring loss of 277,000 yuan related to employee compensation for factory relocation [3]. Operational Strategies - The company focused on channel optimization and cost control, leading to an 11.27% reduction in total expenses year-on-year [5]. - The retail business for tiles saw a revenue increase of 10.19% year-on-year, driven by product innovation and a response to national policies promoting home renovation [5]. Shareholder Information - As of the end of the reporting period, the company repurchased 6,038,900 shares, accounting for 0.52% of the total share capital, with a total transaction amount of approximately 36.25 million yuan [6]. Board Meeting - The company's board of directors held a meeting on April 25, 2025, where they unanimously approved the first quarter report and the 2024 ESG report [10][12].

2024 广东东鹏控股股份有限公司 环境、社会及管治（ESG）报告 2024 Environmental, Social and Governance (ESG) Report 目录 | | | | 01 | 02 | | 03 | | 04 | | 05 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 责任担当，百年东鹏 | | 绿色融合，美好人居 | | 匠心品质，用户至上 | | 携手前行，鹏翼未来 | | 秉承初心，社区共融 | | 22 公司治理 | 36 | 环境合规 | 58 | 创新驱动 | 92 | 合规雇佣 | | 118 文化可持续 | | 26 风险管理 | 39 | 能源使用 | 68 | 产品品质 | 100 | 员工培训与发展 | | 122 社会贡献 | | 30 商业道德 | 44 | 资源管理 | 74 | 负责任供应链 | 106 | 员工权益与关怀 | | 124 乡村振兴 | | 32 数据安全与客户隐私保护 | 46 | 污染物排放 | 86 | 客户服务 | 111 | 职业健康与安全 | ...

证券代码：003012 证券简称：东鹏控股 公告编号:2025-032 广东东鹏控股股份有限公司 第五届董事会第十六次会议决议公告 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"）第五届董事会第十六次会 议于2025年4月25日以通讯表决方式召开，会议通知于2025年4月17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。 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 2025 年第一季度报告的议案》。 公司《2025 年第一季度报告》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）。 表决结果：同意 9 票，占全体董事人数的 100%；反对 0 票；弃权 0 票。 2、审议通过了《2024 年环境、社会及管治 ...

Financial Performance - The company reported a basic earnings per share of -0.0263 yuan for Q1 2025, a decrease of 168.37% compared to -0.0098 yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.3 billion yuan, a significant decline of 150% from -0.12 billion yuan in Q1 2024 [1] - The operating revenue for Q1 2025 was 9.94 billion yuan, down 1.78% from 10.12 billion yuan in Q1 2024 [1] - The return on equity was -0.40% in Q1 2025, compared to -0.15% in Q1 2024, reflecting a decline of 166.67% [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 80,414.82 million shares, accounting for 70.22% of the circulating shares, with an increase of 836.74 million shares from the previous period [2] - The largest shareholder, Ningbo Lijian Venture Capital Partnership, holds 35,037.98 million shares, representing 30.60% of the total share capital, with no change [3] - The second-largest shareholder, Foshan Huashengchang Ceramics Co., Ltd., holds 16,200 million shares, accounting for 14.15% of the total share capital, also unchanged [3] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Financial Performance - The company's revenue for Q1 2025 was CNY 994.30 million, a decrease of 1.74% compared to CNY 1,011.95 million in the same period last year[4]. - The net profit attributable to shareholders was a loss of CNY 30.45 million, representing a decline of 164.42% from a loss of CNY 11.52 million year-on-year[4]. - The total operating revenue for the current period was ¥994,298,902.45, a decrease of 1.6% from ¥1,011,954,877.18 in the previous period[22]. - The net profit for the current period was a loss of ¥30,403,306.04, compared to a loss of ¥11,923,136.96 in the previous period, indicating a significant decline in profitability[23]. - The company reported a basic and diluted earnings per share of -0.0263, compared to -0.0098 in the previous period, reflecting worsening financial performance[23]. Cash Flow and Liquidity - The net cash flow from operating activities improved to a loss of CNY 29.74 million, a 68.91% increase compared to a loss of CNY 95.65 million in the previous year[4]. - The net cash flow from operating activities was -29,742,651.45 CNY, an improvement from -95,653,471.99 CNY in the previous period, indicating a reduction in cash outflow[24]. - Total cash inflow from operating activities decreased to 1,311,453,639.43 CNY from 1,710,527,480.19 CNY, reflecting a decline of approximately 23.3%[24]. - Cash outflow from operating activities also decreased to 1,341,196,290.88 CNY from 1,806,180,952.18 CNY, showing a reduction of about 25.7%[24]. - The ending cash and cash equivalents balance was 2,071,468,155.51 CNY, down from 2,164,450,234.23 CNY in the previous period[25]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 11.46 billion, down 4.58% from CNY 12.01 billion at the end of the previous year[4]. - The company's total assets decreased to ¥11,456,350,742.79 from ¥12,006,436,364.97, showing a reduction in asset base[21]. - Total liabilities decreased to ¥3,872,995,825.80 from ¥4,357,477,432.70, indicating improved liability management[21]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 27,893[15]. - The largest shareholder, Ningbo Lijian Venture Capital Partnership, holds 30.28% of shares, totaling 350,379,778 shares[15]. - The second largest shareholder, Foshan Huashengchang Ceramics Co., Ltd., holds 14.00% of shares, totaling 162,000,000 shares[15]. - The third largest shareholder, Ningbo Hongyisheng Equity Investment Partnership, holds 11.71% of shares, totaling 135,482,100 shares[15]. - The company plans to repurchase shares with a total amount not less than RMB 100 million and not exceeding RMB 200 million, with a maximum repurchase price of RMB 9.08 per share[17]. Operational Efficiency - The company reduced total expenses by 11.27% year-on-year through enhanced operational efficiency and cost control measures[9]. - The total operating costs amounted to ¥1,019,439,702.54, down from ¥1,030,526,114.97, reflecting a cost reduction strategy[22]. Investment Performance - The company reported a significant increase in investment income of 219.34%, amounting to CNY 1.83 million, attributed to higher returns from financial investments[13]. - The company recorded an investment loss of ¥2,683,200.00 from joint ventures, compared to a gain of ¥242,899.26 in the previous period, indicating challenges in investment performance[22]. Research and Development - Research and development expenses increased to ¥41,923,515.22 from ¥37,251,151.30, highlighting a focus on innovation[22].

Core Viewpoint - Dongpeng Holdings (003012) reported a total revenue of 6.469 billion yuan for 2024, with a net profit attributable to shareholders of 328 million yuan, showcasing resilience amid challenges in the ceramic tile industry [1][2] Financial Performance - The company achieved a total revenue of 6.469 billion yuan in 2024, with ceramic tile products contributing 5.387 billion yuan [1] - Net profit attributable to shareholders was 328 million yuan, with operating cash flow of 859 million yuan [1] - Sales expenses decreased by 15.17% year-on-year, while management expenses fell by 0.12% [2] - R&D investment increased by 1.07%, indicating a focus on enhancing product competitiveness [2] - The cash flow from operating activities was 2.61 times the net profit attributable to shareholders, amounting to 859 million yuan [2] - The company maintained a cash balance of 3.215 billion yuan, with a debt-to-asset ratio of 36.29%, down 1.67 percentage points year-on-year [2] Market Position and Growth - Dongpeng Holdings achieved a market share increase despite an overall decline in industry output, with tile sales reaching 150 million square meters [3] - The company's production capacity utilization rate was close to 80%, significantly higher than the industry average of less than 50% [3] - The company expanded its small B channel operations, leading to an 8.07% year-on-year growth in its integrated business [3] Strategic Initiatives - The company is focusing on upgrading its product structure and transitioning towards green and low-carbon solutions [4] - High-value products accounted for 27.8% of sales, with innovations such as micro-patterned stone and smart toilets [4] - Dongpeng Holdings initiated a stock repurchase plan, with a total repurchase amount between 100 million and 200 million yuan, reflecting management's confidence in future growth [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company experienced a significant decline in revenue and profit in 2024, with operating income of 6.469 billion yuan, down 16.77% year-on-year, and a net profit attributable to shareholders of 328 million yuan, down 54.41% year-on-year [1][4]. - The company has implemented a stock incentive plan, indicating confidence in its long-term growth potential, with profit growth targets for 2025-2026 set at no less than 0%, 10%, and 15% compared to 2023 [1]. - The company is expected to gradually improve its market share in the medium to long term, especially if the real estate sector recovers [4]. Financial Performance - In 2024, the company’s gross margin was 29.7%, a decrease of 2.32 percentage points year-on-year, while the expense ratio increased to 21.31%, up 2.41 percentage points year-on-year [3]. - The company’s cash flow from operations (CFO) was 859 million yuan in 2024, a decrease of 907 million yuan year-on-year, with a cash collection ratio of 123.96% [3][14]. - The company’s revenue from tiles and sanitary ware in 2024 was 5.387 billion yuan and 916 million yuan, respectively, with year-on-year declines of 18.15% and 6.50% [2]. Market Position and Strategy - The company’s direct sales and distribution revenue accounted for 37.24% and 61.44% of total revenue in 2024, with the distribution channel's share increasing [2]. - The report highlights the importance of monitoring raw material prices, which may support gross margins in 2025 [2]. - The company’s marketing network covers the entire country, providing a solid foundation for future growth if the real estate market improves [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7] Core Views - The company experienced a significant decline in revenue and profit in 2024, with operating income of 6.469 billion yuan, down 16.77% year-on-year, and a net profit attributable to shareholders of 328 million yuan, down 54.41% year-on-year [1] - The company has implemented an equity incentive plan, indicating confidence in its long-term growth potential, with profit growth targets for 2025-2026 set at no less than 0%, 10%, and 15% compared to 2023 [1] - The company is expected to improve its market share in the medium to long term, especially if the real estate sector recovers [4] Financial Performance - In 2024, the company’s gross margin was 29.7%, a decrease of 2.32 percentage points year-on-year, with a net profit margin of 5.04%, down 4.22 percentage points year-on-year [3] - The company’s revenue from tiles and sanitary ware in 2024 was 5.387 billion yuan and 916 million yuan, respectively, with year-on-year declines of 18.15% and 6.50% [2] - The company’s cash flow from operations (CFO) in 2024 was 859 million yuan, a decrease of 907 million yuan year-on-year, indicating room for improvement in cash flow management [3] Market Position and Strategy - The company’s direct sales and distribution revenue accounted for 37.24% and 61.44% of total revenue in 2024, respectively, with the distribution channel's share increasing, reflecting an optimization of the channel structure [2] - The report forecasts net profits for 2025, 2026, and 2027 to be 378 million yuan, 434 million yuan, and 513 million yuan, respectively, indicating a recovery trajectory [4][5]

Investment Rating - The report indicates a positive outlook for the real estate sector, emphasizing its role in boosting domestic demand and stabilizing the market [1][12]. Core Insights - The real estate market is transitioning back to its residential function, with significant declines in new home sales and construction activities projected for 2022-2024 [1][12]. - The implementation of new policies on May 17, 2024, aims to support the real estate market, including adjustments to loan rates and down payment requirements [1][12]. - Infrastructure projects are also highlighted as key drivers of domestic demand, particularly in regions like Xinjiang and Guangxi, with significant investments underway [2][13]. - The "Belt and Road" initiative remains a focal point for international expansion, with ongoing collaborations between China and Vietnam to enhance infrastructure connectivity [2][13]. Summary by Sections Weekly Discussion - The report discusses the importance of real estate in stimulating domestic demand, noting a shift towards residential needs and a significant drop in key market indicators [1][12]. - It highlights the recent government meetings aimed at stabilizing the real estate market and the potential impact of new policies on housing loans [1][12]. Cyclical Linkage - Cement prices have shown a year-on-year increase, with the national average price at 395 RMB/t, while glass prices have also seen slight increases [3][14]. - The report notes a stable demand for aluminum and steel, with expectations for continued high supply levels [3][14]. National Subsidy Tracking - Various regions have successfully implemented consumer subsidies, such as Shanghai's 1.8 billion RMB for home appliance upgrades, significantly boosting sales [4][15]. - The report suggests focusing on companies related to subsidized products in the construction materials sector [4][15]. Important Developments - The report mentions the strengthening of the strategic partnership between China and Vietnam, along with significant stock purchases by major shareholders in various companies [5][16]. - It emphasizes the government's commitment to stabilizing the stock market and supporting the real estate sector [5][16]. Market Performance (April 14-18) - The construction materials index experienced a slight decline, with specific segments like refractory materials and pipes performing better than others [17]. Construction Material Price Changes - Cement prices have slightly decreased in certain regions, while glass prices have shown minor increases, indicating a mixed market response [29][39]. - The report provides detailed statistics on the pricing trends and inventory levels for various construction materials [29][39].