天山材料股份有限公司 2025 年半年度报告全文 天山材料股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 天山材料股份有限公司 2025 年半年度报告全文 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：天山材料股份有限公司 | | 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 | 11,905,405,130.58 | 12,092,213,849.24 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 1,037,674,403.17 | 1,026,004,353.78 | | 衍生金融资产 | 0.00 | 5,339.76 | | 应收票据 | 21,729,213.24 | 303,951,068.33 | | 应收账款 | 30,107,690,553.63 | 28,377,319,237.81 | | ...

天山材料股份有限公司 关于在中国建材集团财务有限公司 开展金融业务的风险持续评估报告 天山材料股份有限公司（简称"本公司"或"公司"）通过查验 中国建材集团财务有限公司（简称"财务公司"）《金融许可证》《营 业执照》等证件资料，并审阅了财务公司验资报告、财务报表，对财 务公司的经营资质、业务和风险状况进行了评估，现将有关风险评估 情况报告如下： 一、中国建材集团财务有限公司基本情况 中国建材集团财务有限公司成立于 2013 年 4 月 23 日，是经原中 国银行业监督管理委员会批准成立的非银行金融机构。 注册地址：北京市海淀区复兴路 17 号 2 号楼 9 层 法定代表人：陶铮 金融许可证机构编码：L0174H211000001 统一社会信用代码：9111000071783642X5 注册资本：47.21 亿元人民币，其中：中国建材集团有限公司（简 称"中国建材集团"）出资 36.79 亿元，占比 77.93%；中国建材股份 有限公司出资 10.42 亿元，占比 22.07%。 经营范围：许可项目:企业集团财务公司服务。(依法须经批准的 项目,经相关部门批准后方可开展经营活动,具体经营项目以相关部门 批准文件 ...

证券代码：000877 证券简称：天山股份 公告编号：2025-053 天山材料股份有限公司 第九届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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 1、天山材料股份有限公司(简称"公司")于 2025 年 8 月 8 日以 书面、邮件的方式发出召开第九届董事会第六次会议的通知。 2、公司第九届董事会第六次会议于 2025 年 8 月 18 日以现场结 合视频方式召开。 4、会议主持人为董事长赵新军，公司全体高级管理人员列席了 本次会议。 5、会议召开符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 二、董事会会议审议情况 （一）审议通过了《关于计提资产减值准备的议案》 本议案表决情况：9 票同意，0 票反对，0 票弃权。 本议案已经公司董事会审计委员会审议通过。 为真实、准确地反映公司的资产和财务状况，基于谨慎性原则， 本公司及所属公司计提资产减值准备 24,803.48 万元，减少 2025 年 半年度利润总额 24,803.48 万元。 具体内容详见《关于计提资产减值准备的公告》（公告编号： ...

天山股份公告，2025年上半年营业收入359.8亿元，同比下降9.40%。净亏损9.22亿元，上年同期净亏损 34.13亿元。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

Market Overview - The cement sector increased by 0.98% on August 18, with Tibet Tianlu leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Tibet Tianlu (600326) closed at 17.04, up 6.37% with a trading volume of 3.1322 million shares and a transaction value of 5.25 billion [1] - Tianshan Shares (000877) closed at 5.73, up 1.78% with a trading volume of 613,000 shares and a transaction value of 352 million [1] - Other notable performers include Hanjian Heshan (603616) at 5.90, up 1.55%, and Guotong Shares (002205) at 14.67, up 1.31% [1] Fund Flow Analysis - The cement sector saw a net inflow of 371 million from institutional investors, while retail investors experienced a net outflow of 93.33 million [2] - Major stocks like Tibet Tianlu had a net inflow of 34.5 million from institutional investors, indicating strong institutional interest [3] - Conversely, stocks like Hanjian Heshan and Guotong Shares experienced net outflows from retail investors, suggesting a mixed sentiment among retail participants [3]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Viewpoints - The construction materials sector is expected to see a rebound from low levels of activity, with a focus on opportunities arising from infrastructure investments and policy support [1][5] - The report highlights the potential for price increases in cement due to rising coal costs and improved demand conditions, projecting a steady upward trend in prices [12][18] - The report emphasizes the importance of leading companies in the sector, suggesting that they will benefit from industry consolidation and improved competitive advantages [12][14] Summary by Sections 1. Industry Overview - The construction materials sector has shown a 2.88% increase in the past week, outperforming the Shanghai Composite Index and the Wind All A Index [5] - Cement prices have stabilized at an average of 340.3 CNY/ton, with regional variations noted [19][20] 2. Bulk Construction Materials Fundamentals 2.1 Cement - Cement demand has slightly improved, with an average shipment rate of 45.8%, up 1.8 percentage points from the previous week [25] - The report anticipates a stronger profitability outlook for the cement industry compared to the previous year, driven by supply discipline and potential price increases [12][18] 2.2 Glass Fiber - The report identifies a clear trend towards upgrading electronic glass fiber products, with significant growth expected in high-end product segments [13] - The overall profitability of the glass fiber market remains low, but demand in sectors like wind power is expected to support recovery [13] 2.3 Glass - The glass industry is experiencing a supply-side contraction, which is expected to improve the short-term supply-demand balance [14] - The report suggests that leading glass manufacturers will benefit from cost advantages and the exit of excess capacity [14] 2.4 Renovation and Building Materials - The report notes an increase in consumer demand for home renovation materials, supported by government policies aimed at boosting domestic consumption [15] - Key players in the renovation materials sector are expected to see valuation recovery as market conditions improve [15] 3. Industry Dynamics - The report tracks ongoing policy developments and their potential impact on the construction materials sector, emphasizing the importance of government support for infrastructure projects [4][5] 4. Weekly Market Review - The report provides a detailed review of market performance, highlighting the construction materials sector's resilience amid broader economic challenges [5][20]

Group 1: Strategy and Market Outlook - The report indicates that the computing power sector has entered a main rising market, fulfilling necessary conditions for a significant market uptrend similar to the mobile internet boom in 2013 [8][10] - Short-term opportunities are identified in packaging testing, storage, computing chips, algorithm technology, and software, which show favorable technical indicators [13] - Mid-term analysis suggests that the valuation gap between Chinese and US computing power sectors is expected to converge, with higher performance expectation adjustments in advanced packaging, storage, and power sectors in China [11][12] Group 2: Company-Specific Analysis - Tianshan Co., as the largest cement producer in China, is expected to achieve revenues of 83.3 billion, 82.6 billion, and 82.1 billion CNY from 2025 to 2027, with net profits of 1.72 billion, 2.15 billion, and 2.70 billion CNY respectively [23][24] - The company is currently valued at a low PB of 0.5x, with a target price set at 8.22 CNY per share, reflecting a "buy" rating [23] - The report highlights that Tianshan Co. is well-positioned to benefit from regional infrastructure policies and has potential for cost reduction through enhanced management and resource utilization [24] Group 3: Economic and Industry Trends - The report notes a slowdown in industrial and service sector growth, with retail sales continuing to decline, indicating a weakening domestic demand [5][26] - Fixed asset investment has decreased by 5.3% year-on-year, with significant declines in real estate development investment, which fell by 17% [27][28] - The cement demand is projected to decline by 5%-6% in 2025, but the report anticipates stabilization in the long term, particularly in regions like Xinjiang [24]

首次覆盖方面，8月11日至8月15日券商共给出了95次首次覆盖，其中天山股份获得西部证券给予"买 入"评级，北汽蓝谷获得天风证券给予"买入"评级，燕京啤酒获得华源证券给予"增持"评级，海容冷链 获得国泰海通证券给予"增持"评级，新洋丰获得华金证券给予"买入"评级。 免责声明：文中涉及的观点、数据、个股等要素仅供参考，不构成投资建议，操作风险自担，投资有风 险，入市需谨慎。 评级调低方面，8月11日至8月15日，券商调低上市公司评级达到8家次，最新数据包括了华泰证券对德 邦股份的评级从"增持"调低至"持有"，华创证券对甘源食品的评级从"强推"调低至"推荐"，东吴证券对 健盛集团的评级从"买入"调低至"增持"。 南财投研通数据显示，8月11日至8月15日，券商给予上市公司目标价共217次，按最新收盘价计算，目 标价涨幅排名居前的公司有贵州茅台、云天化、晶晨股份，目标价涨幅分别为82.83%、59.38%、 54.93%，分别属于白酒、农化制品、半导体行业。 从券商推荐家数来看，8月11日至8月15日有294家上市公司得到券商推荐，其中贵州茅台获得34家推 荐，燕京啤酒获得21家推荐，万华化学获得21家推荐。 评级 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][58]. Core Views - Precious Metals - Gold: Short-term drivers are expected to be weak, with gold prices likely to fluctuate. As of August 15, the COMEX gold futures contract fell by 2.21% to $3,381.7 per ounce. The SPDR Gold ETF increased by 0.6% to 965.36 tons. The U.S. July CPI rose by 2.7% year-on-year, while the core CPI rose by 3.1%. The impact of U.S. tariff policies is gradually becoming evident. In the medium term, interest rate cut expectations may anchor gold prices, while long-term macro uncertainties continue to amplify gold's safe-haven attributes, leading to an expected upward trend in gold prices [4][5][7]. - Industrial Metals: The downstream consumption peak season is approaching, and the fundamental support is strengthening. As of August 15, LME copper futures fell by 0.1% to $9,760 per ton, with domestic copper social inventory at 125,600 tons, a decrease of 6,400 tons. The LME copper inventory stood at 155,800 tons. The import copper concentrate index reported -$37.68 per ton. The demand side is expected to enter a destocking cycle as domestic consumption gradually recovers. The macro environment remains supportive for copper prices due to a weaker dollar [6][7]. Summary by Sections 1. Precious Metals - Gold prices are expected to maintain a strong oscillation in the short term, with macro uncertainties supporting long-term upward trends [4][5]. 2. Industrial Metals - **Copper**: The domestic demand is gradually recovering, with a tight supply of copper concentrate. The medium to long-term outlook for copper prices remains positive [6][7]. - **Aluminum**: As of August 15, LME aluminum futures fell by 0.5% to $2,603 per ton. Domestic aluminum social inventory reached 588,000 tons, an increase of 24,000 tons. The short-term demand for aluminum is relatively weak due to seasonal factors, but medium-term price trends are expected to be strong due to supply-demand dynamics [6][7]. 3. Investment Recommendations - The report suggests focusing on the gold, copper, and aluminum sectors. For gold, the recommendation is to pay attention to Chifeng Jilong Gold Mining. For copper, the focus is on Luoyang Molybdenum Co., and for aluminum, Tianshan Aluminum is highlighted [7][56].

Investment Rating - The report maintains a positive outlook on the PCB upstream industry chain, particularly focusing on copper foil, electronic cloth, and equipment [1][11]. Core Insights - The report emphasizes the importance of monitoring the price trends of AI copper foil and the recent price increases announced by several CCL companies, indicating a favorable market environment for AI copper foil due to low domestic replacement rates and a healthy competitive landscape [1][11]. - The report highlights the robust growth potential in the African building materials sector, particularly for local manufacturing companies like Keda Manufacturing, which is expected to benefit from increased local production and supply chain protection [12][13]. - Traditional building materials are showing signs of recovery, with improved land acquisition sentiment and a potential stabilization in new construction starts, suggesting a positive trend for the real estate sector [13]. Summary by Sections Weekly Discussion - Continued recommendation for PCB upstream industry chain, focusing on AI copper foil, electronic cloth, and equipment due to favorable market conditions and limited domestic competition [1][11]. Cyclical Linkage - Cement prices are under pressure, with a national average of 340 RMB/t, down 42 RMB year-on-year, while glass prices are declining, indicating a challenging environment for these sectors [14][15]. - The report suggests that the demand for AI materials, particularly high-end copper foil and special fiberglass, remains strong, with price trends serving as key indicators of market health [15][16]. Market Performance - The building materials index showed a positive performance of 4.07% during the week, with specific segments like fiberglass and cement also reflecting gains, indicating a recovering market sentiment [18][29]. Building Materials Price Changes - National cement prices increased by 0.2% week-on-week, with regional variations in price adjustments, reflecting a gradual recovery in demand as weather conditions improve [29][30]. - The floating glass market continues to face challenges, with prices declining and inventory pressures persisting, although some signs of demand recovery are noted [39][40]. Fiberglass Market - The domestic fiberglass market remains stable, with prices holding steady, while electronic cloth prices are also stable, indicating a balanced supply-demand scenario [61][62]. Carbon Fiber Market - The carbon fiber market is stable, with prices averaging 83.75 RMB/kg, reflecting steady production rates and cautious demand from downstream industries [67][68].