Financial Performance - The company reported a basic earnings per share of -0.0262 yuan for Q1 2025, a decrease of 77.03% compared to -0.0148 yuan in Q1 2024 [1] - The operating revenue for Q1 2025 was 1.78 billion yuan, representing a 35.88% increase from 1.31 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.15 billion yuan, which is an 87.5% decline from -0.08 billion yuan in Q1 2024 [1] - The return on equity for Q1 2025 was -0.89%, down 71.15% from -0.52% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 24,475.4 million shares, accounting for 44.53% of the circulating shares, with a change of 709,100 shares from the previous period [2] - Guangdong Jianhua Enterprise Management Consulting Co., Ltd. remains the largest shareholder with 13,003.37 million shares, representing 23.66% of total share capital [3] - New entrant XU Shiming holds 266.00 million shares, accounting for 0.48% of total share capital [3] Dividend Policy - The company has announced that it will not distribute dividends or allocate bonus shares this time [3]

金隅集团（601992）公告，2025年第一季度营收为168.67亿元，同比增长31.42%；净亏损12.35亿元， 去年同期净亏损13.09亿元。 ...

Core Viewpoint - The announcement by Shangfeng Cement regarding the public solicitation of voting rights by the China Securities Investor Services Center marks a significant step in enhancing the participation of minority shareholders in corporate governance through the nomination of independent directors [1][2]. Group 1: Independent Director Nomination - The China Securities Investor Services Center has nominated Du Jian as an independent director candidate for Shangfeng Cement, following a successful nomination for another company in June 2024 [1]. - This initiative aims to provide a systematic approach for minority shareholders to participate in corporate governance, addressing the traditional concentration of nomination rights among major shareholders [2][3]. Group 2: Role of the China Securities Investor Services Center - The center acts as a legal investor protection agency, facilitating the delegation of nomination rights to enhance the voice of minority shareholders and improve the independent director selection mechanism [2]. - The center conducts independent due diligence on independent director candidates, ensuring their qualifications and independence, which alleviates concerns regarding the candidates' capabilities [3]. Group 3: Encouragement for Minority Shareholders - The center urges minority shareholders to actively participate in the voting process by delegating their voting rights to ensure the successful election of the nominated independent director [4]. - This model of "institutional professional agency + simplified shareholder authorization" aims to empower minority shareholders and effectively convey their demands through professional channels [4][5]. Group 4: Important Dates and Participation Guidelines - Investors are advised to pay attention to key dates such as the shareholder meeting registration date (May 7, 2025) and the deadline for the solicitation (May 12, 18:00) to ensure their participation [5]. - The center encourages investors to utilize various methods for expressing support for the independent director candidate, including attending the meeting, online voting, or delegating to the center [5].

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Views - The recent Politburo meeting emphasized the need for proactive macro policies to stabilize the real estate market, which is expected to create investment opportunities in building materials [3] - The report highlights the importance of local government bond issuance and the acceleration of urban renewal actions to support the industry [3] - Recommendations for consumer building materials include companies like Sankeshu, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware, while beneficiaries include Beixin Building Materials [3] Market Performance - The building materials index increased by 0.22% in the week from April 21 to April 25, 2025, underperforming the CSI 300 index, which rose by 0.38% [4][13] - Over the past three months, the building materials index has risen by 3.00%, outperforming the CSI 300 index by 4.19% [4][13] - In the past year, the building materials index has increased by 2.03%, underperforming the CSI 300 index by 3.63% [4][13] Cement Sector - As of April 25, 2025, the average price of P.O42.5 bulk cement was 332.84 RMB/ton, a slight decrease of 0.03% [6][26] - The clinker inventory ratio reached 63.80%, an increase of 2.46 percentage points [6][26] - Regional price variations were noted, with Northeast prices increasing by 7.14% while prices in other regions like North China and South China saw declines [26][28] Glass Sector - The spot price of float glass remained stable at 1331.00 RMB/ton as of April 25, 2025, while the price of photovoltaic glass was 139.06 RMB/weight box, also stable [6][90] - The inventory of float glass decreased by 6,000 weight boxes, a decline of 0.11% [84][85] Fiberglass Sector - The report indicates a growing interest in the LowDk electronic cloth supply chain, which is primarily used in 5G communication and AI applications [3] - Recommendations for the fiberglass sector include China Jushi, with beneficiaries being Zhongcai Technology and Changhai Co [3] Valuation Metrics - The average PE ratio for the building materials sector is 27.25, ranking it 17th lowest among all A-share industries, while the PB ratio is 1.10, ranking it 5th lowest [21][24]

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Insights - The Politburo meeting emphasized the need for proactive macro policies to stabilize the real estate market, which is expected to create investment opportunities in building materials [3] - The building materials index increased by 0.22% in the week from April 21 to April 25, 2025, underperforming the CSI 300 index, which rose by 0.38% [4][13] - Over the past three months, the building materials index has outperformed the CSI 300 index by 4.19%, while over the past year, it has underperformed by 3.63% [4][17] Market Performance - The building materials index has shown a 3.00% increase over the last three months, while the CSI 300 index has decreased by 1.20% [4][13] - The average PE ratio for the building materials sector is 27.25, ranking it 17th lowest among all A-share industries, while the PB ratio is 1.10, ranking it 5th lowest [21][24] Cement Sector - As of April 25, 2025, the average price of P.O42.5 bulk cement is 332.84 CNY/ton, showing a slight decrease of 0.03% [26][28] - The clinker inventory ratio has increased to 63.80%, up by 2.46 percentage points [26][28] Glass Sector - The spot price of float glass remains stable at 1331.00 CNY/ton, while the futures price has decreased by 1.05% to 1128 CNY/ton [82][83] - The inventory of float glass has decreased by 0.11%, totaling 5,618 million weight boxes [84][85] Fiberglass Sector - The fiberglass market is seeing stable prices for alkali-free yarn, with various types priced between 3,800 to 6,700 CNY/ton [6][19] Consumer Building Materials - The price of asphalt is 4,390 CNY/ton, showing a week-on-week decrease of 1.13% [6] - The price of acrylic acid has increased by 5.26% week-on-week to 8,000 CNY/ton [6]

Financial Data and Indicators - The basic earnings per share for 2024 is -0.0550 yuan, showing a 53.47% improvement compared to -0.1182 yuan in 2023 [1] - The net profit for 2024 is -0.19 billion yuan, a 53.66% increase from -0.41 billion yuan in 2023 [1] - The return on equity for 2024 is -8.96%, which is a 46.79% improvement from -16.84% in 2023 [1] - Operating revenue for 2024 is 3.57 billion yuan, an 8.84% increase from 3.28 billion yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 87.2261 million shares, accounting for 24.99% of the circulating shares, with a decrease of 478,800 shares compared to the previous period [1] - Shenzhen Pusu Zhichun Investment Enterprise holds 71.5535 million shares, representing 20.50% of the total share capital, with no change [2] - New entrants among the top shareholders include Zhu Dongsu, Liu Liqiang, Zhong Guiping, Tang Jiajun, Zhao Jigang, and Cheng Ting, while Zhao Jun Guo, Du Ling, Tong Zhang Ding, Goldman Sachs LLC, Cai Feng Yong, and Shan Zhong Yu have exited [2] Dividend Distribution - The company has announced no distribution or transfer of shares [3]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0200 | -0.0300 | 33.33 | 0.0100 | | 每股净资产（元） | 15.2 | 14.91 | 1.95 | 14.74 | | 每股公积金(元) | 4.15 | 4.15 | 0 | 4.15 | | 每股未分配利润(元) | 9.13 | 8.86 | 3.05 | 8.67 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 8.78 | 15.67 | -43.97 | 11.4 | | 净利润(亿元) | -0.08 | -0.15 | 46.67 | 0.06 | | 净资产收益率(%) | -0.12 | -0.22 | 45.45 | 0.09 | 数据四舍五入，查看更多财务数据>> | 名称 | 持有数量(万股) | 占总股本比例 (%) | 增减情况(万 股) | | --- | --- ...

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） | -0.3600 | -0.7040 | 48.86 | -0.5294 | | 每股净资产（元） | 2.39 | 2.59 | -7.72 | 3.35 | | 每股公积金(元) | 0.43 | 0.43 | 0 | 0.43 | | 每股未分配利润(元) | -0.15 | 0.21 | -171.43 | 0.92 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 17.35 | 20.51 | -15.41 | 25.91 | | 净利润(亿元) | -1.67 | -3.23 | 48.3 | -2.43 | | 净资产收益率(%) | -14.65 | -23.69 | 38.16 | -14.24 | 不分配不转增 前十大流通股东累计持有： 16561.48万股，累计占流通股比： 36.14%，较上期变化： -444.28万股。 ...

Core Viewpoint - The company has revised its profit forecast for 2024, expecting a net loss attributed to the parent company of approximately -18 million to -20.5 million yuan, primarily due to adjustments in asset impairment provisions [2][5][7]. Group 1: Performance Forecast - The expected net profit for 2024 is projected to be between -18 million and -20.5 million yuan, with a net profit excluding non-recurring items estimated at -17.5 million to -20 million yuan [2][5]. - The anticipated operating revenue for 2024 is estimated to be between 350 million and 380 million yuan, while the revenue after excluding unrelated business income is expected to be between 310 million and 335 million yuan [2][5]. Group 2: Previous Performance Comparison - In the previous forecast, the company estimated a net profit of -8 million to -16 million yuan for 2024, with a net profit excluding non-recurring items projected at -5.7 million to -13.7 million yuan [4]. - The prior expected operating revenue was between 370 million and 430 million yuan, with the adjusted revenue forecast remaining the same as the current estimate [4]. Group 3: Reasons for Forecast Revision - The revision of the performance forecast is primarily due to adjustments in the amount of asset impairment provisions, following discussions with the annual audit accountant [7]. - The company plans to assess potential impairment of assets and will engage a qualified third-party evaluation agency for asset impairment assessments, leading to adjustments in the forecasted impairment amounts [7]. Group 4: Previous Year Performance - For the previous year, the total profit was -39.55 million yuan, with a net profit attributed to the parent company of -41.24 million yuan, and a net profit excluding non-recurring items of -36.54 million yuan [6]. - The earnings per share for the previous year were reported at -0.1182 yuan [6].

证券代码：600585 证券简称：海螺水泥 公告编号：临2025-14 安徽海螺水泥股份有限公司 董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 安徽海螺水泥股份有限公司（"本公司"或"公司"）董事会于2025年4月17日以通讯方式召开会议，应到 董事8人，实到董事8人，本次会议由公司董事长杨军先生主持。本次会议的召开符合《公司法》和本公 司《公司章程》的规定，会议程序及所作决议合法有效。本次会议审议的各议案表决结果均为：有效表 决票数8票，其中赞成票8票，占有效表决票数的100%；反对票0票；弃权票0票。本次会议通过如下决 议： 朱胜利先生：1972年8月出生，现担任本公司第九届董事会副董事长、执行董事。朱先生获中共安徽省 委党校研究生学历，于2024年加入本集团，在此之前，曾担任合肥市新站综合开发试验区管委会副主 任，合肥市招商局局长，合肥市投资促进局局长，合肥市发展和改革委员会主任，合肥市副市长，安徽 省人民政府国有资产监督管理委员会副主任等职务。朱先生熟悉经济与投资发展工作，并具有较强的组 织领导能力。 ...