Summary of the Conference Call on the Building Materials Industry Q1 2025 Industry Overview - The conference call discusses the building materials industry, particularly focusing on the consumption building materials sector in Q1 2025, highlighting various sub-sectors such as waterproofing, gypsum board, coatings, cement, glass, and photovoltaic glass [2][3][4][5][6][10][11][12]. Key Points and Arguments General Market Conditions - In Q1 2025, the consumption building materials industry showed stable B-end demand, with significant central government leverage and verified demand for key projects. However, C-end demand is expected to have limited growth due to high base effects from previous years [2][3][8]. - Municipal infrastructure is under pressure from local debt, but the low base from 2024 supports decent performance in engineering [2][3]. Sub-sector Performance - **Waterproofing Industry**: Revenue faced pressure due to price declines, but high-end products saw significant price increases. The strategy focuses on controlling channel inventory, with potential recovery in profitability if asphalt prices stabilize [3][4][9]. - **Gypsum Board Industry**: The sector performed well with low channel inventory, leading to expected sales growth. Despite a year-on-year price decline, lower costs for paper and coal helped maintain profitability [5][9]. - **Coatings Industry**: Major C-end companies achieved double-digit growth, while B-end remained stable. Some companies expanded channels to drive growth, resulting in a relatively strong overall performance [6][9]. - **Cement Industry**: Price increases in East China were successful, with prices higher than the previous year. Despite a projected demand decline of 5-10%, supply-side inventory levels are reasonable, maintaining profitability [10][14]. - **Glass Industry**: The sector faced significant average losses due to overcapacity and price corrections. Short-term recovery is unlikely without improvements in supply-demand dynamics [11]. - **Photovoltaic Glass Industry**: The first quarter exceeded expectations due to strong demand and price increases. However, concerns exist for Q3 as demand may decline [12][13]. Financial and Strategic Insights - The overall logic for the consumption building materials industry in 2025 indicates no expected volume growth, leading to reduced competition in price wars and lower management and sales expenses. This shift is anticipated to enhance net profit margins despite stagnant volume [8]. - Companies are advised to focus on product differentiation and high-end product pressures while monitoring export impacts on low-end product pricing [15]. Additional Important Insights - The building materials industry is experiencing a transition with a focus on managing costs and inventory levels, which may lead to improved profitability despite lower sales volumes [8][9]. - The performance of various sub-sectors reflects a mixed outlook, with some areas showing resilience while others face challenges due to market conditions and external pressures [3][4][5][6][10][11][12][14].

三湘都市报全媒体记者 潘显璇 4月10日下午，飞鹿股份召开2025年第二次临时股东大会，审议通过了《关于补选章健嘉先生为公司第 五届董事会非独立董事的议案》等提案。章健嘉正式当选飞鹿股份第五届董事会非独立董事，并接任公 司董事长一职。 章健嘉出生于1994年11月，今年31岁，是飞鹿股份控股股东、实际控制人、终身名誉董事长章卫国的儿 子。章健嘉的正式接班，刷新了上市湘企最年轻董事长的纪录。 接班工作多了个小插曲 因在外部单位的离职手续尚未办理完毕，章健嘉的此次接班，没能赶上今年2月份的董事会换届选举， 比原计划晚了两个月，让飞鹿股份的人事变动多了个小插曲，颇有戏剧性。 2025年2月10日，飞鹿股份召开2025年第一次临时股东大会，选举李珍香女士等3人为公司第五届董事会 非独立董事，选举刘崇等2人为公司第五届董事会独立董事，5名董事共同组成公司第五届董事会。 董事会选举李珍香为飞鹿股份第五届董事会董事长。公司控股股东、实际控制人章卫国不再担任公司董 事长一职，被聘为终身名誉董事长。 公开资料显示，李珍香出生于1989年5月，研究生学历。2015年7月至今，李珍香历任飞鹿股份总经理办 公室行政人事管理员、行政人 ...

Core Viewpoint - The company has shown significant growth in revenue and net profit for 2024, driven by strong demand in the container coatings sector, while facing challenges in the wind power coatings segment due to price declines [2][3][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.1 billion yuan, a year-on-year increase of 88%, and a net profit of 210 million yuan, up 26% [2]. - For Q4 2024, the company reported revenue of 750 million yuan, a 102% increase year-on-year, and a net profit of 71 million yuan, up 508% [2]. Group 2: Container Coatings Business - The container coatings segment generated revenue of 1.73 billion yuan in 2024, reflecting a 196% year-on-year growth, with sales volume reaching 111,000 tons, up 213% [3]. - The average product price in this segment was 15,500 yuan per ton, down 6% year-on-year, with a gross margin of 16.9%, a slight decrease of 0.14 percentage points [3]. - The company ranks second globally in the container coatings market [3]. Group 3: Wind Power Coatings Business - The wind power coatings segment saw revenue decline to 390 million yuan, a 23% decrease year-on-year, despite a 3% increase in sales volume to 12,800 tons [4]. - The average product price fell to 31,000 yuan per ton, down 25% year-on-year, with a gross margin of 37.5%, a decrease of 8.8 percentage points [4]. - The company has become a designated supplier for wind blade coatings for the global wind turbine manufacturer NORDEX, marking a significant breakthrough in overseas markets [4]. Group 4: Marine Coatings Development - The company has made significant progress in marine coatings, obtaining anti-fouling paint certification from the Norwegian classification society [5]. - A marketing center for marine coatings was established in Q4 2024 to support future sales efforts [5]. - The certification is crucial for entering the marine coatings repair market and expanding business coverage [5]. Group 5: Photovoltaic Glass Coatings - The company plans to begin mass sales of photovoltaic glass coatings in 2025, aiming to become a significant profit contributor [6][7]. - The acquisition of nano-level photovoltaic glass coating assets from Covestro is underway, with technology transfer and production line construction in progress [7]. - The coatings are designed to enhance solar panel efficiency and longevity, targeting various applications including offshore photovoltaic installations [7]. Group 6: Capacity Expansion - The Shanghai production base's total capacity has increased from 20,000 tons to 50,000 tons, completed in mid-2024 [8]. - The Nantong production base's capacity will expand from 70,000 tons to 114,000 tons, with the expansion initiated in Q4 2024 [8]. - The Zhuhai production base is under construction, expected to be completed by June 2025 [8].

Investment Rating - The report does not explicitly provide an investment rating for the interior wall paint industry. Core Insights - The interior wall paint industry in China has shown fluctuations in market size, with a notable increase in 2021 followed by a decrease in 2022. The estimated market size for 2023 is approximately 4,951.56 billion RMB, with a projected growth rate of 1.4% annually from 2023 to 2027 [8][9][10]. Summary by Sections 1. Market Size of the Interior Wall Paint Industry - The market size for the interior wall paint industry in China from 2018 to 2027 is projected as follows: - 2018: 3,327.90 billion RMB - 2019: 3,414.32 billion RMB - 2020: 3,442.74 billion RMB - 2021: 5,320.00 billion RMB - 2022: 4,883.20 billion RMB - 2023E: 4,951.56 billion RMB - 2024E: 5,020.89 billion RMB - 2025E: 5,091.18 billion RMB - 2026E: 5,162.46 billion RMB - 2027E: 5,234.73 billion RMB - The growth rates for these years indicate a significant spike in 2021, followed by a decline in 2022 and a modest recovery projected for the following years [8][9]. 2. Paint Production - The total paint production in China from 2018 to 2027 is as follows: - 2018: 2,377.07 thousand tons - 2019: 2,438.80 thousand tons - 2020: 2,459.10 thousand tons - 2021: 3,800.00 thousand tons - 2022: 3,488.00 thousand tons - 2023E: 3,536.83 thousand tons - 2024E: 3,586.35 thousand tons - 2025E: 3,636.56 thousand tons - 2026E: 3,687.47 thousand tons - 2027E: 3,739.09 thousand tons - The production growth rates show a peak in 2021, followed by a decline in 2022 and a slight recovery in subsequent years [13][21]. 3. Interior Wall Paint Production - The interior wall paint production figures from 2018 to 2027 are as follows: - 2018: 332.79 thousand tons - 2019: 341.43 thousand tons - 2020: 344.27 thousand tons - 2021: 532.00 thousand tons - 2022: 488.32 thousand tons - 2023E: 495.16 thousand tons - 2024E: 502.09 thousand tons - 2025E: 509.12 thousand tons - 2026E: 516.25 thousand tons - 2027E: 523.47 thousand tons - The production growth rates reflect similar trends to the overall paint production, with significant growth in 2021 and a decline in 2022 [17][19]. 4. Average Price of Interior Wall Paint - The average price of interior wall paint has remained stable at approximately 10,000 RMB per ton from 2018 to 2027, indicating no price growth during this period [24].

Investment Rating - The report indicates a positive outlook for the construction materials industry, particularly in segments benefiting from price increases and structural demand recovery [1][2][3]. Core Insights - Price increases for key materials such as fiberglass and coatings have been noted, driven by downstream demand and strategic changes from leading companies [1][2]. - The recovery in real estate sales is showing positive signals, with a notable increase in sales for the top 100 real estate companies in February 2025 [2][9]. - The overall construction site resumption rate is lagging, with a current rate of 64.6%, down 10.8 percentage points year-on-year [2][9]. Summary by Sections Weekly Discussion - Frequent price increase notices have been observed in cyclical products, particularly in fiberglass and coatings, indicating a structural demand characteristic for the first half of the year [1][8]. - Companies like China National Materials and China Jushi have announced price adjustments effective March 1, 2025, for various products [1][8]. Cyclical Linkage - The national average price for cement is reported at 394 RMB/ton, up 36 RMB year-on-year, with an average shipment rate of 30.9% [3][10]. - The average price for float glass is 1386.80 RMB/ton, showing a slight decrease, while fiberglass prices have seen a marginal increase [3][10]. National Subsidy Tracking - New subsidy guidelines in Jiangxi Province for energy-efficient appliances provide a 15% subsidy for level 2 products and 20% for level 1 products, which may benefit companies in the construction materials sector [11][12]. Important Changes - Companies such as Weixing New Materials and Rabbit Baby have released performance forecasts, indicating a positive trend in the industry [4][13]. - The total production of fiberglass yarn in China is projected to reach 7.56 million tons in 2024, reflecting a 4.6% year-on-year increase [4][13].

。麦加芯彩新材料科技（上海） 股份有限公司 MEGA P&C Advanced Materials (Shanghai) Company Limited （上海市嘉定区马陆镇思诚路 1515 号） 首次公开发行股票并在主板上市 招股意向书 保荐机构（主承销商） （北京市西城区金融大街 7 号英蓝国际金融中心 12 层 F1201-F1210、F1211B- F1215A、F1231-F1232 单元、15 层 F1519-F1521、F1523-F1531 单元） 麦加芯彩新材料科技（上海）股份有限公司 招股意向书 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 1 麦加芯彩新材料科技（上海） ...

二、你公司本次发行股票应严格按照报送上海证券交易所的 招股说明书和发行承销方案实施。 三、本批复自同意注册之日起 12个月内有效。 四、自同意注册之日起至本次股票发行结束前,你公司如发 中国证券监督管理委员会 麦 加芯彩新材料科技(上海)股份有限公司: 中国证券监督管理委员会收到上海证券交易所报送的关于你 公司首次公开发行股票并在主板上市的审核意见及你公司注册申 请 文件。根据《中华人民共和国证券法》《中华人民共和国公司法》 《国务院办公厅关于贯彻实施修订后的证券法有关工作的通知》 (国办发〔2020〕5 号)和《首次公开发行股票注册管理办法》(证 监会令第205号)等有关规定,经审阅上海证券交易所审核意见 及你公司注册申请文件,现批复如下: 一、同意你公司首次公开发行股票的注册申请。 证监许可〔2023〕1706号 关于同意麦加芯彩新材料科技(上海)股份 有限公司首次公开发行股票注册的批复 生重大事项， 应及时报告上海证券交易所并按有关规定处理。 ...

麦加芯彩新材料科技（上海） 股份有限公司 MEGA P&C Advanced Materials (Shanghai) Company Limited （上海市嘉定区马陆镇思诚路 1515 号） 首次公开发行股票并在主板上市 招股说明书 （注册稿） 保荐机构（主承销商） （北京市西城区金融大街 7 号英蓝国际金融中心 12 层 F1201-F1210、F1211B- F1215A、F1231-F1232 单元、15 层 F1519-F1521、F1523-F1531 单元） 本公司的发行申请尚需经上海证券交易所及中国证监会履行相应程序。本招股说明书不 具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明 书作为投资决定的依据。 麦加芯彩新材料科技（上海）股份有限公司 招股说明书（注册稿） 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人 ...

招股说明书 麦加芯彩新材料科技（上海）股份有限公司 招股说明书（上会稿） 麦加芯彩新材料科技（上海） 股份有限公司 MEGA P&C Advanced Materials (Shanghai) Company Limited （上海市嘉定区马陆镇思诚路 1515 号） 首次公开发行股票并在主板上市 （上会稿） 保荐机构（主承销商） （北京市西城区金融大街 7 号英蓝国际金融中心 12 层 F1201-F1210、F1211B- F1215A、F1231-F1232 单元、15 层 F1519-F1521、F1523-F1531 单元） 1-1-1 本公司的发行申请尚需经上海证券交易所及中国证监会履行相应程序。本招股说明书不 具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明 书作为投资决定的依据。 麦加芯彩新材料科技（上海）股份有限公司 招股说明书（上会稿） 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之 ...

麦加芯彩新材料科技（上海） 股份有限公司 MEGA P&C Advanced Materials (Shanghai) Company Limited （上海市嘉定区马陆镇思诚路 1515 号） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 本公司的发行申请尚需经上海证券交易所及中国证监会履行相应程序。本招股说明书不具有 据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明书作为投 资决定的依据。 保荐机构（主承销商） （北京市西城区金融大街 7 号英蓝国际金融中心 12 层 F1201-F1210、F1211B- F1215A、F1231-F1232 单元、15 层 F1519-F1521、F1523-F1531 单元） 麦加芯彩新材料科技（上海）股份有限公司 招股说明书（申报稿） 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人 ...