Group 1: Financial Performance - In Q1 2025, the company's revenue was 900 million yuan, a year-over-year decrease of 10.2% and a quarter-over-quarter decrease of 64.1% [1] - The net profit attributable to the parent company was 110 million yuan, down 25.95% year-over-year and 65.42% quarter-over-quarter [1] - The company's gross profit margin in Q1 was 40.45%, a decrease of 1.03 percentage points year-over-year, while the net profit margin was 12.95%, down 2.82 percentage points year-over-year [1] Group 2: Market Conditions - The market demand remains weak, with a reported 14.3% year-over-year decline in housing completion area according to the National Bureau of Statistics [1] - The company's terminal retail pipe sales continue to be under pressure due to the overall market conditions [1] Group 3: Strategic Focus and Brand Development - The company is focusing on its core pipeline business while expanding into waterproofing and water purification, gradually building a comprehensive water system product line [2] - The company aims to enhance its brand image by hiring Liu Shishi as the spokesperson for its water ecology brand and launching the "Elephant Weisen" visual identity [2] Group 4: Dividend Policy and Shareholder Returns - The company plans to distribute a cash dividend of 5 yuan per 10 shares in 2024, totaling 786 million yuan, along with an interim dividend of 1 yuan per 10 shares, totaling 157 million yuan [2] - Cumulatively, the company will distribute 943 million yuan in dividends in 2024, representing 99% of its net profit attributable to the parent company, with a current dividend yield of approximately 4.8% [2] Group 5: Investment Outlook - The company is expected to achieve net profits attributable to the parent company of 1.2 billion yuan, 1.43 billion yuan, and 1.55 billion yuan for the years 2025 to 2027, corresponding to price-to-earnings ratios of 16, 14, and 13 times [3] - The company maintains a strong operational foundation through continuous investment in brand and channel development, which is expected to help it accumulate strength in a challenging environment [3]

三、分红送配方案情况 10派0.5元(含税) 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： 71817.79万股，累计占流通股比： 63.32%，较上期变化： -1357.70万股。 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 公元塑业集团有限公司 | 46529.64 | 41.03 | 不变 | | 卢彩芬 | 15706.00 | 13.85 | 不变 | | 张炜 | 2604.30 | 2.30 | 不变 | | 珠海阿巴马资产管理有限公司-阿巴马元享红利23号私募 证券投资基金 | 2453.00 | 2.16 | 不变 | | 香港中央结算有限公司 | 1054.23 | 0.93 | -1379.70 | | 广州市京海龙实业有限公司 | 900.00 | 0.79 | -100.00 | | 郑烨 | 717.00 | 0.63 | 不变 | | 庄清雅 | 693.62 | 0.61 | 不变 | | 郑双惠 | 622.00 | 0.55 | 122.00 ...