Core Points - The event held on April 24, 2025, in Hangzhou aimed to strengthen the light industry's skilled workforce in line with national talent strategies [1] - The light industry has seen rapid development and a comprehensive upgrade in vocational skill competitions over the past five years, with a well-established competition system [2] - The 2025 competition year is crucial for achieving the "14th Five-Year Plan" goals and enhancing the light industry's contribution to the national economy [3] Group 1: Competition Achievements - The light industry has hosted 4 national first-class competitions and 21 events, covering 11 industries and 12 occupations, along with 101 second-class competitions and 203 events across 21 industries and 61 occupations [2] - A total of 561 individuals have been recognized as national technical experts, with 2,282 awarded as national light industry technical experts, and 39 receiving the national May Day Labor Medal [2] - The competition has also trained over 3,500 professional judges, contributing to a robust expert team for skill development in the light industry [2] Group 2: Future Plans and Recommendations - The China Light Industry Federation plans to participate in the third national vocational skills competition and continue organizing various industry-specific competitions [3][4] - Emphasis will be placed on enhancing pre-competition management to ensure high-quality outcomes, with standardized guidelines for local competitions [4] - The federation aims to explore new competition categories focusing on digital skills and elder-friendly products to align with emerging industry trends [5] Group 3: Training and Development - The light industry competitions will promote training initiatives, with over 600 targeted training sessions planned for 2024 to enhance participants' skills [6] - The competitions will serve as a platform for training, integrating competition standards into training content to optimize skill development [6] - The collaboration between the China Light Industry Federation and the China Trade Union will focus on expanding new competition avenues and enhancing talent cultivation [7] Group 4: Recognition and Awards - The event recognized outstanding participants and organizations, awarding titles to various entities for their contributions to the light industry skills competition [7][8] - A national-level judge training session was conducted during the event, with nearly 650 participants, highlighting the commitment to improving judging standards [8]

本报讯 （记者 解 磊）近日，景德镇陶瓷大学国际学院"国际陶艺工作室"成功入选中外青少年社会实践 活动基地推荐名单。此次是国际陶艺工作室继获批"江西省首批中外人文交流基地""江西省首批中小学 生研学实践教育基地"和"中国政府奖学金来华留学生社会实践与文化体验基地"之后，再次获批"中外青 少年社会实践活动基地"。 景德镇陶瓷大学相关负责人表示，近年来，学校高度重视国际化发展，一直致力于对陶瓷文化的国际化 传播，不断推动陶瓷文化的国际交流与合作。学校将以此次成功入选为契机，深化陶瓷教育领域的国际 合作和人文交流，进一步发挥基地的示范引领作用，通过举办更多高质量的国际教育交流活动，用陶瓷 文化讲好中国故事，传播好中国声音。 "每年我都会到景德镇住几周，听讲座、看展览，跟不同国家的陶艺家交流学习。"来自刚果（金）的陶 艺家姆万加·斯坦尼斯说，"我希望能学到更多，并将所学教给我的非洲学生。" "从三宝国际陶艺村到乐天陶社，星星之火慢慢散开，然后引发陶溪川、三宝瓷谷等各个园区的裂 变，'洋景漂'在这里学习交流，进而认识中国文化、认识中国。"在张婧婧看来，"洋景漂"或留下创业， 或回到自己国家，都会促进陶瓷扩宽国际化视野、 ...

Core Viewpoint - The company reported a revenue of 970 million yuan for Q1 2025, reflecting a year-on-year increase of 17.9% but a quarter-on-quarter decrease of 9.8% [1] - The net profit attributable to shareholders was 140 million yuan, showing a year-on-year increase of 1.8% and a quarter-on-quarter increase of 10.8% [1] - The company continues to expand into new fields of ceramic materials through organic growth and horizontal mergers [2] Financial Performance - Revenue for Q1 2025 was 970 million yuan, with a year-on-year growth of 17.9% and a quarter-on-quarter decline of 9.8% [1] - Net profit attributable to shareholders was 140 million yuan, up 1.8% year-on-year and up 10.8% quarter-on-quarter [1] - The gross margin and net margin for Q1 2025 were 36.8% and 15.3%, respectively, down 2.0 percentage points and 2.4 percentage points year-on-year [4] Business Segments - The company operates in six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and other materials [2] - Electronic materials are expected to see a recovery in demand due to consumer electronics subsidies and growth in automotive electronics and AI servers [3] - Catalytic materials have expanded into overseas markets and are now part of the supply chain for major clients [3] - Biomedical segment is diversifying its product offerings with new launches, supported by strong R&D investment [3] - New energy materials are gaining traction with major lithium battery manufacturers, enhancing production quality and sales levels [3] - Precision ceramics are experiencing growth due to the adoption of ceramic bearings in new energy vehicles [3] R&D and Future Outlook - The company maintains high R&D investment, with a R&D expense ratio of 7.3%, down 0.2 percentage points year-on-year [4] - New product breakthroughs include spherical silica for high-frequency copper-clad laminates and zirconia/titania dispersions for backlight modules [4] - The company projects net profits of 690 million yuan, 850 million yuan, and 1.05 billion yuan for 2025, 2026, and 2027, respectively [4]

风险提示：在建项目进度低于预期，产品和原料价格波动。 本报告导读： 我们看好平台型企业多元产品矩阵接力，国产替代与海外拓展双轮驱动。 投资要点： 维持"增持"评 级。考虑到外部环境影响陶瓷墨水需求，以及费用端偏刚性，我们下调25-26 年EPS 至 0.77/0.93 元（原为0.88/1.04 元）,新增27 年EPS 为1.11 元。参考可比公司估值及考虑公司成长性，给予 25 年25 倍PE 估值，对应目标价为19.25 元。 公司业绩稳健增长。2024 年，公司实现营收40.47 亿元，同比+4.86%；扣非后归母净利5.81 亿元，同比 +7.05%；其中，24Q4 营收10.80 亿元，同比+0.78%，环比+6.67%。扣非后净利1.27 亿元，同 比-8.69%，环比-12.73%。25Q1 营收9.75 亿元，同比+17.94%，环比-9.76%。扣非后净利1.27 亿元，同 比+4.88%，环比-0.17%。 平台型企业多元产品矩阵接力。2024 年，电子材料、催化材料、生物医疗、新能源材料、精密陶瓷、 数码打印及其他材料营收分别同比+4.22%、+10.01%、+6.53%、+48.34 ...

Core Insights - The company reported a revenue of 975 million yuan for Q1 2025, representing a year-on-year growth of 17.94%, and a net profit attributable to shareholders of 136 million yuan, with a growth of 1.8% [1] Business Analysis - The electronic materials business is operating steadily, with ongoing customer collaboration in catalytic materials. Despite the impact of the Spring Festival, the company maintained stable operations, continuing to develop new products to meet high-end market demands [2] - In the catalytic sector, the company is advancing customer collaborations, particularly in the honeycomb ceramic field, where major overseas players like Corning and NGK dominate the market. The company leverages its stable domestic supply and cost-performance advantages to develop commercial and passenger vehicle clients, gradually entering a volume growth phase [2] - The biocompatible materials segment is taking shape overseas, with the precision ceramics business continuing to expand, becoming a future growth driver. The company is expanding its product range and upgrading existing products, with overseas sales channels improving and increasing overseas sales proportion [2] - The precision ceramics sector is seen as a sunrise industry, with ceramic balls gradually gaining traction alongside the 800V fast charging applications in new energy. The company has established a full industry chain layout for ceramic substrates, which will enhance product profitability and serve as a key support for mid-term business growth [2] Market Impact - The real estate sector has negatively impacted the company's building ceramics, with a 14.3% year-on-year decline in completed real estate area in China as of March. The company is expanding overseas markets and textile dyeing businesses but faces certain constraints [3] - The new energy sector remains highly competitive, with the company's alumina and other materials experiencing pressure from industry dynamics, leading to a Q1 overall gross margin of approximately 36.77%, down about three percentage points quarter-on-quarter [3] Profit Forecast - The company has lowered its 2025 revenue forecast by 15%, projecting revenues of 4.631 billion, 5.557 billion, and 6.391 billion yuan for 2025-2027, with net profits of 699 million, 870 million, and 1.03 billion yuan respectively. The corresponding EPS is expected to be 0.70, 0.87, and 1.03 yuan, with current price-to-earnings ratios of 24, 19, and 16 times [4]

Core Insights - The "2025 Industry Conference" focuses on the transformation and high-quality development of the ceramic sanitary ware industry, with over 400 attendees from leading brands, associations, and distributors [2][3] Group 1: Industry Overview - The conference was held on April 25 in Nanchang, Jiangxi, organized by the China Building Materials Circulation Association and other partners [3] - The event unveiled the authoritative "2025 Annual China Building Sanitary Ceramics Brand List," with Macro Ceramic Tiles recognized as a top brand [5] Group 2: Quality Control - Quality is the core competitiveness of Macro Ceramic Tiles, which implements a comprehensive quality control system covering raw materials, processes, and product quality [7] - The company ensures high purity of raw materials at 98% through a unique mining team and has a large-scale storage facility [7] - Macro Ceramic Tiles has passed multiple quality certifications and has been recognized for its quality standards [10] Group 3: Product Strategy - Macro Ceramic Tiles employs top international designs and core technologies to create a diverse product matrix that meets various consumer needs [12] - The company offers over 1,000 differentiated products across 12+ product lines, catering to retail, integrated, and engineering customization channels [12] Group 4: Innovation and Standards - Innovation drives Macro Ceramic Tiles, which has established a research platform with universities and has achieved numerous national and provincial recognitions [14] - The company has led the formulation of 13 national standards and 3 industry standards, establishing itself as an innovation benchmark in the industry [14] Group 5: Market Positioning - Macro Ceramic Tiles has a nationwide service network with over 3,000 service points, serving more than 20 million households [16] - The company has seen growth in channel coverage and customer satisfaction, with a focus on digital marketing and standardized dealer management [16] - The recognition as a top brand reflects the company's multi-dimensional development in quality, product, innovation, and market presence [18]

Core Viewpoint - Huaci Co., Ltd. reported steady growth in Q1 2025, with significant increases in revenue and net profit, but faced challenges in profitability and cash flow management [2][7]. Business Performance - The company achieved total revenue of 350 million yuan, a year-on-year increase of 25.26% - The net profit attributable to shareholders was 50.32 million yuan, up 10.19% year-on-year - The net profit excluding non-recurring items reached 46.88 million yuan, reflecting a year-on-year growth of 22.77% [2]. Profitability - Despite revenue and profit growth, profitability indicators showed a slight decline - The gross margin was 30.56%, down 6.45% year-on-year - The net margin was 14.21%, a decrease of 12.55% year-on-year, indicating potential pressure on cost control [3]. Expense Control - The company demonstrated effective expense control, with total operating expenses (selling, administrative, and financial expenses) amounting to 35.79 million yuan, representing 10.21% of revenue, a year-on-year decrease of 12.45% [4]. Accounts Receivable and Cash Flow - The accounts receivable stood at 162 million yuan, accounting for 78.97% of the latest annual net profit, with a year-on-year increase of 40.01% - The operating cash flow per share was 0.03 yuan, down 62.56% year-on-year, indicating potential risks in accounts receivable management and cash flow [5]. Asset and Liability Situation - The company had cash and cash equivalents of 522 million yuan, a year-on-year increase of 2.49%, indicating a healthy cash position - However, interest-bearing liabilities surged to 95.78 million yuan, a dramatic increase of 1655.07% year-on-year, which may pose challenges to future debt repayment capacity [6]. Summary - Overall, Huaci Co., Ltd. achieved growth in revenue and profit in Q1 2025, but faces challenges in profitability, accounts receivable management, and cash flow optimization, necessitating a focus on these areas for long-term health [7].

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 20605.03万股，累计占流通股比： 64.38%，较上期变化： 37.38万股。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 黄建平 | 8880.70 | 27.75 | 27.30 | | 蔡镇城 | 1447.70 | 4.52 | 不变 | | 蔡镇煌 | 1443.71 | 4.51 | 不变 | | 蔡镇锋 | 1443.64 | 4.51 | 不变 | | 蔡镇茂 | 1443.64 | 4.51 | 不变 | | 李维香 | 1443.64 | 4.51 | 不变 | | 蔡镇通 | 1443.64 | 4.51 | 不变 | | 谢悦增 | 1333.40 | 4.17 | 不变 | | 邓建华 | 1333.40 | 4.17 | 不变 | | 简顺好 | 391.56 | 1.22 | 新进 | | | 较上个报告期退出前十大股东有 | | | | 潘红亮 | 381.48 | 1.19 | 退出 | 本次公司不分配不转赠。 一、 ...

日用陶瓷设计上，四通股份将中国传统文化与国际各地域和民族文化相融合，使产品向艺术化、个性化 发展，不断提高产品的附加值；卫生陶瓷设计上，四通股份将外观的个性化、流行化与功能的智能化、 实用性相结合，其产品适用于国内外不同市场，尤其适用于美国、欧洲、澳大利亚等有严格安全、节水 要求的国家；艺术陶瓷设计上，四通股份产品装饰引入了国内外古典和现代流行的特色，创新运用了镂 空、镶瓷、贴花、彩绘、喷涂等多种技艺和手法，在装饰过程中大量应用了废弃物等材料，代替了传统 的高成本釉料装饰，使产品呈现出独特的立体感和艺术感，提升了产品的档次和附加值。 四通股份的日用陶瓷、卫生陶瓷、艺术陶瓷三大系列产品的重要质量指标均达到国家标准和产品进口国 的要求，同时符合客户的设计要求和消费者使用要求，具有很强的市场竞争优势。 在深耕主业的同时，四通股份采取了多元化经营战略，对新材料业务进行探索，开拓了锆钛矿产品精炼 业务，寻求更多的投资机会。公司新增设立控股子公司大连壹唯新材料有限公司，主要从事锆、钛等矿 产品精炼和销售业务。2024年四季度，锆钛矿精炼业务实现营业收入3973.82万元，同比增长100%。 四通股份是一家集研发、设计、生 ...

数据四舍五入，查看更多财务数据>> 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.1915 | -0.3599 | 46.79 | 0.0734 | | 每股净资产（元） | 2.29 | 2.51 | -8.76 | 2.87 | | 每股公积金(元) | 0.58 | 0.61 | -4.92 | 0.61 | | 每股未分配利润(元) | 0.64 | 0.85 | -24.71 | 1.23 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 28.54 | 29.04 | -1.72 | 32.95 | | 净利润(亿元) | -1.24 | -2.33 | 46.78 | 0.47 | | 净资产收益率(%) | -7.89 | -13.30 | 40.68 | 2.57 | | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | - ...