广东坚朗五金制品股份有限公司 2025 年半年度财务报告 广东坚朗五金制品股份有限公司 2025 年半年度财务报告 【2025 年 8 月 广东坚朗五金制品股份有限公司 2025 年半年度财务报告 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：广东坚朗五金制品股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 666,669,124.12 | 1,086,210,464.74 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 154,392,089.89 | 380,305,094.03 | | 衍生金融资产 | | | | 应收票据 | 66,472,429.24 | 139,258,317.02 | | 应收账款 | 3,206,298,286.77 | 3,221,099,049.56 | | 应收款项融资 | 148,978, ...

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。 广东坚朗五金制品股份有限公司（以下简称"公司"）于2025年5 月7日披露了《关于董事减持股份的预披露公告》（公告编号： 2025-028）。公司董事闫桂林先生计划自减持公告披露之日起15个交 易日之后的3个月内（即自2025年5月28日至2025年8月27日）以集中 竞价或大宗交易方式减持本公司股份不超过6,249,959股（占本公司 总股本比例1.79%）。 近日，公司收到闫桂林先生的《关于公司股份减持计划实施完成 的告知函》。现将有关情况公告如下： 一、股东减持情况 1、股东减持股份情况 证券代码：002791 证券简称：坚朗五金 公告编号：2025-055 广东坚朗五金制品股份有限公司 关于股东减持股份实施完成的公告 股东闫桂林先生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。 1、本次减持公司股份遵守了《公司法》《证券法》《上市公司 收购管理办法》《上市公司董事和高级管理人员所持本公司股份及其 变动管理规则》《深圳证券交易所股票上市规则》《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 ...

证券代码：002791 证券简称：坚朗五金 公告编号：2025-059 广东坚朗五金制品股份有限公司 关于 2025 年半年度计提资产减值准备及核销资产的 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。 根据《企业会计准则》《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》等有关规定，为真实、准确反映 广东坚朗五金制品股份有限公司（以下简称"公司"）2025 年半年 度财务状况和经营成果，公司及子公司对各类资产进行充分评估和减 值测试。基于谨慎性原则，公司对截至 2025 年 6 月 30 日可能发生资 产减值损失的有关资产计提资产减值准备，并对无法收回的款项进行 核销。现将具体情况公告如下： 一、 本次计提资产减值准备情况 单位：万元 | 项目 | 期初余额 | 加：本期计提 | 减：转销/核销 | 加：收回 | 期末余额 | | --- | --- | --- | --- | --- | --- | | 应收账款坏账准备 | 48,018.43 | 7,699.42 | 4,424.77 | 353.95 | 51,647.0 ...

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。 根据《上市公司募集资金监管规则》和《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》等相关法律、法规及 规范性文件的要求，广东坚朗五金制品股份有限公司（以下简称"公司"） 董事会编制了截至 2025 年 6 月 30 日募集资金年度存放、管理与实际使 用情况的专项报告。现将相关情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 证券代码：002791 证券简称：坚朗五金 公告编号：2025-058 广东坚朗五金制品股份有限公司 2025 半年度募集资金存放、管理与使用情况的 专项报告 经中国证券监督管理委员会《关于同意广东坚朗五金制品股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2023〕2044 号）批 准，并经深圳证券交易所同意，本公司向特定对象发行人民币普通股（A 股）32,345,013 股，每股发行价格为人民币 18.61 元，募集资金总额为 人民币 60,194.07 万元，扣除各项发行费用后实际募集资金净额为人民 币 59,213.95 万元 ...

广东坚朗五金制品股份有限公司 第五届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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 广东坚朗五金制品股份有限公司（以下简称"公司"）第五届董 事会第二次会议于2025年8月27日在广东省东莞市塘厦镇坚朗路3号 公司总部会议室，采取现场结合通讯表决方式召开。会议通知于2025 年8月15日以电子邮件等方式向全体董事发出。应出席会议董事10人， 实际出席会议董事10人，其中，董事白宝萍、王晓丽、张爱林、王立 军、陈平、周润书以视频方式参会。公司高级管理人员列席了会议， 会议的召开符合《公司法》《公司章程》的有关规定。会议由董事长 白宝鲲先生主持。 二、董事会会议审议情况 本次会议审议通过了以下议案： 证券代码：002791 证券简称：坚朗五金 公告编号：2025-056 本议案已经董事会审计委员会审议通过。 该议案表决情况：10票同意，0票反对，0票弃权，表决通过。 （二）关于《2025年半年度募集资金存放、管理与使用情况的专 项报告》的议案 具体内容详见巨潮资讯网（www.cninfo.com.cn）的《2025 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 15.26 [7][9]. Core Views - The company reported a revenue of RMB 1.915 billion for H1 2025, a year-on-year decrease of 17.96%, and a net loss attributable to the parent company of RMB 5.6682 million, a year-on-year increase in loss of 106.86% [1][7]. - The ceramic industry is experiencing intense competition, and the company's strategic engineering business is closely tied to real estate, which has negatively impacted revenue. However, the expansion of new retail channels and the ongoing industry consolidation are seen as positive factors [1][2]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenues of RMB 1.915 billion, with a significant decline in net profit, aligning with previous forecasts of a loss between RMB 3.2 million and RMB 6.3 million [1][7]. - Q2 2025 saw revenues of RMB 1.229 billion, down 18.96% year-on-year but up 79.07% quarter-on-quarter, with a net profit of RMB 53.6132 million, down 26.52% year-on-year but up 190.44% quarter-on-quarter [1][2]. Product and Channel Analysis - The company’s revenue from glazed tiles and ceramic boards was RMB 1.562 billion and RMB 230 million respectively, reflecting declines of 15.94% and 12.13% year-on-year. The overall gross margin decreased to 24.96%, down 1.87 percentage points year-on-year due to price declines amid fierce market competition [2][3]. - The company is focusing on optimizing its product structure and enhancing its multi-channel approach to improve profitability [2]. Cost Management and Cash Flow - The company maintained strict control over operating expenses, with a period expense ratio of 21.56%, up 0.29 percentage points year-on-year, while absolute expenses decreased by 16.9% [3]. - Operating cash flow for H1 2025 was RMB 91 million, a decline of 75.67% year-on-year, indicating challenges in cash generation despite cost control efforts [3]. Industry Outlook - The ceramic industry is facing challenges due to a prolonged downturn in the real estate sector, leading to reduced demand and increased competition. However, the trend of "anti-involution" is driving industry consolidation, with weaker players exiting the market [4][5]. - The company is actively working on transferring debt assets and has signed agreements to offset debts with real estate, indicating a proactive approach to managing financial challenges [4]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downwards due to ongoing price competition, with expected net profits of RMB 165 million, RMB 240 million, and RMB 290 million respectively [5]. - The company is assigned a PE valuation of 26 times for 2026, leading to an upward adjustment of the target price to RMB 15.26, reflecting a more favorable outlook despite current challenges [5].

Financial Performance - The company's operating revenue for the first half of 2025 was ¥2,754,983,388.76, a decrease of 14.18% compared to ¥3,210,299,159.60 in the same period last year[19] - The net profit attributable to shareholders was -¥30,432,192.65, representing a decline of 722.32% from ¥4,890,156.41 in the previous year[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥43,884,320.76, a decrease of 159.65% compared to -¥16,901,339.04 last year[19] - The basic and diluted earnings per share were both -¥0.09, down 550.00% from ¥0.02 in the previous year[19] - The weighted average return on equity was -0.54%, a decrease of 0.64% from 0.10% in the same period last year[19] - The net cash flow from operating activities was -¥204,486,056.17, a decline of 7.84% compared to -¥189,611,882.85 last year[19] - The company's revenue for the reporting period was ¥2,754,983,388.76, a decrease of 14.18% compared to ¥3,210,299,159.60 in the previous year[45] - The operating cost decreased by 13.07% to ¥1,918,170,544.50 from ¥2,206,478,170.46[45] - Research and development investment was ¥115,784,495.52, down 14.41% from ¥135,283,319.49[45] - The company achieved a 30.75% increase in overseas revenue, amounting to ¥477,161,451.02, compared to ¥364,950,189.47 in the previous year[49] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,396,300,621.20, a decrease of 4.93% from ¥9,883,580,238.14 at the end of the previous year[20] - The company's cash and cash equivalents decreased from ¥1,086,210,464.74 to ¥666,669,124.12, a decline of approximately 38.5%[193] - Total current assets decreased from ¥6,712,452,325.29 to ¥5,936,352,423.57, representing a reduction of about 11.5%[193] - Total liabilities decreased from ¥3,920,453,607.66 to ¥3,639,753,334.94, a reduction of approximately 7.1%[196] - The company's total equity decreased from ¥5,963,126,630.48 to ¥5,756,547,286.26, a decline of about 3.5%[197] - Long-term borrowings increased from ¥57,177,363.82 to ¥146,000,000.00, an increase of approximately 156.5%[196] - The company's total assets decreased from ¥9,883,580,238.14 to ¥9,396,300,621.20, a decline of about 4.9%[197] Market and Product Development - The company is focusing on expanding its product line into smart home products, security, and other related fields, aiming to become a comprehensive supplier of building hardware[26] - The company has established nearly 20 overseas warehouses, replicating the domestic warehousing sales model to quickly respond to customer supply needs[31] - The company has accumulated over 1,100 patents, with 3 invention patents and more than 40 other patents obtained during the reporting period, indicating a leading position in the industry[35] - The company has expanded its product offerings to include smart home and other household products, leveraging its marketing channel advantages[31] - The company has a strong focus on internationalization, with products sold in over 100 countries and regions, and subsidiaries established in various countries including Hong Kong, India, and Mexico[31] Corporate Governance and Compliance - The company has implemented strict information disclosure practices to ensure transparency and protect investor rights[121] - The company has established a management system for foreign exchange hedging to ensure effective risk management and compliance with internal controls[75] - The company has not encountered any unauthorized changes in the use of raised funds or violations regarding the occupation of raised funds[86] - The company has maintained a clean record with no violations regarding external guarantees during the reporting period[128] - The company has not faced any penalties or corrective actions during the reporting period[134] Shareholder and Equity Information - The company issued 32,345,013 new shares on September 5, 2024, increasing the total share capital to 353,885,013 shares[158] - The total number of ordinary shareholders at the end of the reporting period is 34,277[180] - The largest shareholder, Bai Baokun, holds 35.51% of the shares, totaling 125,657,428 shares[180] - The total number of unrestricted shares increased to 191,276,726, representing 54.05% of the total share capital[170] - The company plans to repurchase shares with a total amount between 100,000,000 CNY and 200,000,000 CNY, with a maximum repurchase price of 56.11 CNY per share[161] Risks and Challenges - The company faces risks from the construction hardware market due to a projected decline in real estate development investment growth rates of -10%, -9.6%, and -10.6% from 2022 to 2024[94] - The company’s main raw materials, including stainless steel and aluminum, account for 60%-70% of production costs, making it vulnerable to price fluctuations[99] - If the high-tech enterprise certification is not renewed after its expiration, the corporate income tax rate will increase from 15% to 25%, negatively impacting the company's net profit[104] Social Responsibility and Community Engagement - The company has participated in educational charity activities, contributing to over 90 schools since 2007, including the establishment of a hope school in Hunan[123] - The company emphasizes employee welfare, providing housing security and educational support for employees' children[118] - The company established an Environmental Protection Management Committee in June 2021 to oversee environmental protection and energy conservation efforts[122]

Group 1 - The core viewpoint of the news is that Jiannong Hardware (002791) has shown a slight increase in stock price, with a closing price of 22.99 yuan, up 1.46% as of August 25, 2025 [1] - The company reported a total operating revenue of 1.206 billion yuan for Q1 2025, a year-on-year decrease of 11.70%, while the net profit attributable to shareholders was 40.6143 million yuan, an increase of 11.46% [1] - The company has a current ratio of 1.970, a quick ratio of 1.538, and a debt-to-asset ratio of 36.30% [1] Group 2 - Jiannong Hardware has made investments in 62 companies and participated in 1,128 bidding projects [2] - The company holds 405 trademark registrations and 1,283 patent registrations, along with 206 administrative licenses [2] - Jiannong Hardware was established in 2003 and is primarily engaged in the metal products industry, with a registered capital of 3.53885 billion yuan [1][2]

Investment Rating - The report maintains a positive outlook on the building materials sector, highlighting potential opportunities in both "grouping" and "switching" strategies within the industry [2][11]. Core Insights - The building materials market is experiencing a shift in focus, with technology stocks gaining momentum while the building materials sector presents viable options for investment [2]. - The report emphasizes the importance of monitoring production capacity and quality improvements in key segments such as electronic fabrics and Q fabrics, which are expected to see increased demand due to advancements in AI and PCB technologies [3][4]. - The report identifies a growing confidence in infrastructure projects in regions like Xinjiang and Tibet, driven by government investments and the necessity of transportation infrastructure [11][12]. - The consumer building materials segment is showing signs of recovery, with expectations of improved revenue performance as the market stabilizes [24][25]. Summary by Sections Grouping in Building Materials - The electronic fabric sector is expected to maintain its performance, with leading companies like Zhongcai Technology reporting strong sales and production growth [3]. - The AI industry's production expectations are advancing, with key suppliers anticipating increased output of Q fabrics by the end of the year [4]. - The report highlights the importance of monitoring the production capacity and quality of Q fabrics, which will determine the actual supply capabilities of companies [4]. Switching in Building Materials - Infrastructure projects in Xinjiang and Tibet are gaining traction, with significant government backing and a strong demand for cement due to the region's unique geographical advantages [11][12]. - The consumer building materials sector is entering a recovery phase, with sales and construction data indicating a bottoming out of the market [13][14]. - The report notes that the cement industry is poised for potential growth, driven by policy improvements and governance enhancements [15][29]. Cement Industry - The cement sector is entering a peak season, but market performance remains subdued due to high comparative bases from the previous year [29][30]. - The report emphasizes the importance of policy measures to limit overproduction in the cement industry, which could enhance profitability [30][33]. - Companies like Conch Cement and Huaxin Cement are highlighted for their strong cash flow and potential for shareholder returns [34][38]. Glass Industry - The float glass market is experiencing price stabilization, with environmental regulations expected to impact production costs [40][41]. - The report indicates that the glass industry is facing cash flow challenges, with many companies operating at a loss [42]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market pressures, with a focus on improving operational efficiency [43]. Photovoltaic Glass - The photovoltaic glass segment is seeing a decline in inventory levels, with prices remaining stable amid increased demand from downstream component manufacturers [48]. - The report notes that while domestic prices are under pressure, overseas markets are performing better, which could benefit leading companies in the sector [49]. Fiberglass - The fiberglass market is characterized by a divergence in production and sales, with electronic fabrics maintaining a favorable outlook [50].

Core Viewpoint - The construction materials sector is experiencing mixed performance, with cement prices showing slight increases but overall demand recovery remaining slow due to various factors, including weather conditions and market liquidity [1][6]. Cement Industry - The national high-standard cement market price is 342.7 yuan/ton, up by 2.3 yuan/ton from last week but down by 35.7 yuan/ton compared to the same period in 2024 [1][3]. - The average cement inventory level among sample enterprises is 64.6%, down by 1.8 percentage points from last week and down by 2.2 percentage points from 2024 [1][3]. - The average cement shipment rate is 45.7%, down by 0.1 percentage points from last week and down by 2.7 percentage points from 2024 [1][3]. - Some regions have seen price increases, particularly in the Yangtze River Delta (+20.0 yuan/ton) and the Yangtze River Basin (+12.9 yuan/ton) [3]. - The industry is expected to maintain a steady upward price trend, supported by a consensus on supply discipline among leading enterprises [6]. Glass Industry - The average price of float glass is 1205.8 yuan/ton, down by 29.9 yuan/ton from last week and down by 216.2 yuan/ton from 2024 [3]. - The inventory of float glass among sample enterprises is 5.636 million heavy boxes, up by 280,000 heavy boxes from last week but down by 4.51 million heavy boxes from 2024 [3]. - The industry is expected to see a supply-side contraction, which may improve the short-term supply-demand balance [9]. Fiberglass Industry - The domestic market for electronic fiberglass cloth is stable, with mainstream prices for G75 products ranging from 8300 to 9200 yuan/ton [3]. - The market for ordinary fiberglass remains resilient, with demand in wind power and thermoplastics continuing to grow [7]. - The valuation of leading companies in the fiberglass sector is at historical lows, with potential for recovery as supply-demand balance improves [7]. Renovation and Building Materials - The government is expected to continue promoting domestic demand and consumption, with policies aimed at stabilizing the real estate market [10]. - The demand for home improvement and building materials is anticipated to improve, supported by government subsidies and consumer confidence [10]. - Leading companies in the sector are exploring new models and extending their industrial chains to enhance efficiency and pricing power [10].