广东塔牌集团股份有限公司（以下简称"公司"）于2025年8月6日召开的第六届董事会第十九次会议逐项 审议通过了《关于回购公司股份的议案》。 公司于2025年8月13日披露了《回购报告书》（公告编号：2025-038），详见公司于《证券时报》《证 券日报》《中国证券报》《上海证券报》和巨潮资讯（ http://www.cninfo.com.cn ）披露的相关公告。 一、回购股份的进展情况 根据《上市公司股份回购规则》（2025年修订）及《深圳证券交易所上市公司自律监管指引第9号一一 回购股份》（2025年修订）相关规定，在回购股份期间，公司应当在每个月的前3个交易日内，公告截 至上月末的回购进展情况。现将公司本轮回购进展情况公告如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002233 证券简称：塔牌集团 公告编号：2025-039 广东塔牌集团股份有限公司 关于回购公司股份的进展公告 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。 （2）中国证监会和深圳证券交易所规定的其他情形。 2、公司以集中竞价交易方式回购公司股份，符合深圳证券交易所 ...

Group 1 - The cement industry is experiencing a stabilization in mid-term performance, with leading companies accelerating strategic mergers and acquisitions to enhance industry concentration in response to weakening demand and intensified competition [1][5] - Huaxin Cement has completed the acquisition of 83.81% of Lafarge Africa in Nigeria for $773.86 million, aiming to strengthen its market presence in Africa [2][3] - The overall performance of the cement industry is expected to improve in the first half of 2025, driven by rising cement prices and declining coal costs, with several companies reporting year-on-year profit growth [1][2] Group 2 - Huaxin Cement's overseas cement business revenue reached 4.128 billion yuan in the first half of 2025, a year-on-year increase of 15.37%, contributing nearly 60% to the company's net profit [2] - The company plans to integrate its overseas assets into a new subsidiary for potential overseas listing, which is expected to enhance its competitiveness in global capital markets [3] - The acquisition of Lafarge Africa is seen as a strategic move to enhance Huaxin Cement's brand influence and operational capacity in West Africa [3] Group 3 - The domestic market is also witnessing accelerated regional consolidation, with Western Cement selling its assets in Xinjiang to Conch Cement for 1.65 billion yuan, which has received unconditional approval [5] - Conch Cement aims to enhance its market position by acquiring quality assets in low-concentration areas, with a market share of approximately 14% as of the first half of 2025 [6] - The industry is expected to face a downward trend in the coming years, but companies remain optimistic about market recovery due to infrastructure projects and improved supply-demand dynamics [6][7] Group 4 - The industry is at a critical stage where policies and market forces are working together to control new capacity and optimize production [7] - Companies are hopeful that the traditional peak season starting in September will improve supply-demand relationships and stabilize cement prices [7]

Core Viewpoint - The article highlights the divergence in industrial production, the continued recovery in infrastructure construction, and the weakness in real estate transactions, indicating mixed signals in the economy [2][4][29]. Group 1: Industrial Production - Industrial production shows divergence, with the blast furnace operating rate increasing by 0.9 percentage points year-on-year to 6.8%, while the apparent consumption continues to weaken, down 1.9 percentage points to 0% [2][4]. - The chemical sector shows significant declines, with soda ash and PTA operating rates down 4.1 percentage points to 1.7% and 5.5 percentage points to 12.1%, respectively [11]. - The automotive sector also experiences weakness, with the semi-steel tire operating rate down 0.3 percentage points to 6.2% [11]. Group 2: Construction and Infrastructure - Infrastructure construction continues to recover, with the asphalt operating rate increasing by 0.1 percentage points to 9.2% [2][23]. - Cement production and demand show a decline, with the national grinding operating rate and cement shipment rate down 3.3 percentage points to 9% and 1.3 percentage points to 4.2%, respectively [17]. Group 3: Real Estate and Demand - Real estate transactions remain weak, with the average daily transaction area for new homes showing a year-on-year increase of 9.6% but still at a low level [2][29]. - The migration scale index shows a year-on-year decline of 7.6% to 12.8%, indicating reduced movement intensity [2][40]. Group 4: Price Trends - Agricultural product prices are declining, with pork, eggs, and fruit prices down by 0.2%, 0.2%, and 0.5% respectively, while vegetable prices have increased by 1.7% [56]. - Industrial product prices are rebounding, with the Nanhua Industrial Price Index up by 0.2%, and the metal price index also increasing by 0.2% [62].

Summary of Conference Call Notes Industry Overview - The conference call discusses the supply-side reform across various industries, highlighting a slower capacity reduction compared to previous reforms. The overall capacity and inventory cycles for non-financial enterprises in the second quarter remain at the bottom, indicating a need for time and policy accumulation for recovery [3][4]. Key Points and Arguments - **Supply Capacity Assessment**: Analysts evaluate supply capacity using three dimensions: current supply capacity (capacity utilization rate and inventory), future supply changes (expansionary capital expenditure), and industry profitability (gross margin and proportion of loss-making enterprises) [4][5]. - **Manufacturing Sector**: - Industries such as construction, chemicals, and coke are categorized as "three lows" (low capacity utilization, low inventory, low expansionary capital expenditure), indicating low production willingness and limited future production capacity, accelerating capacity clearance [6]. - In contrast, cyclical products like textile chemicals, glass fiber, and fluorochemicals show profit growth, particularly fluorochemicals [6]. - Manufacturing areas like inverters, silicon materials, and silicon wafers are performing well, while lithium batteries and photovoltaic cell components are at the left-side bottom [6]. - **Consumer Goods Sector**: Chemical pharmaceuticals and clothing/home textiles are performing well, while traditional Chinese medicine is positioned in the middle to later stages of the left side [6]. - **TMT Sector**: Electronic chemicals, integrated circuit manufacturing, and security equipment are in relatively good positions, with no observed left-side bottom industries [2][6]. Additional Important Insights - The current supply-side framework is based on listed company data, reflecting the latest industry conditions as of the second quarter. The introduction of anti-involution policies has led to some positive factors across industries, but the overall situation remains at the bottom, requiring further time and policy efforts for noticeable changes [3]. - The assessment of supply capacity includes measuring capacity utilization through fixed asset turnover ratios and inventory through cumulative year-on-year comparisons over the past decade [4][5]. - Continuous tracking of data across different sectors is essential for making accurate judgments regarding potential investment opportunities and risks [6].

煤炭行业反内卷专题汇报 20250902 摘要 反内卷政策被纳入煤炭行业，市场预期转变，但政策主要具指标意义， 旨在提升煤价以恢复 PPI 增长，而非直接改变基本面。当前 PPI 数据连 续负增长，煤价上行或有助改善通胀。 市场对煤价持悲观态度，对比 2015 年及光伏产业，认为即使价格跌至 现金成本以下，供给端也不会减量。但当前情况与 2015 年不同，全年 原煤产量预计与去年持平，供给端未明显扩张。 多晶硅、玻璃和煤炭行业持续内卷源于高投资额、民企主导的市场化竞 争格局，以及大规模产能投放带来的供给和偿债压力，导致企业在价格 低于成本时仍不愿退出。 煤炭行业摆脱囚徒困境需供给侧改革。目前头部煤炭企业中国央企占比 高，行业盈利改善，负债率下降，且受政府严格监管，产量不再刚性， 减产已出现。 国家能源局规范煤矿生产，保障 2026 年长协电价稳定。反内卷旨在制 止无序低价竞争，而非淘汰落后产能。水泥行业通过头部企业主导供给 侧改革实现反内卷，值得借鉴。 Q&A 反内卷政策对煤炭行业的影响如何？ 反内卷政策对煤炭行业的影响主要体现在两个方面。首先，从政策层面来看， 国家能源局在 7 月下旬单独强调了对煤炭行业的 ...

Group 1 - The company conducted a specific investor survey on September 1, 2025, discussing key issues such as the 2025 semi-annual performance and cement price dynamics with ten institutions including CICC and Guotai Junan [1] - In the first half of 2025, the company achieved an operating income of 11.76 billion yuan, a year-on-year increase of 4.8%, with cement and clinker revenue at 9.18 billion yuan, aggregates at 750 million yuan, and hazardous waste disposal at 360 million yuan [1] - The company's net profit attributable to shareholders was -150 million yuan, but it reduced losses by approximately 650 million yuan, achieving a loss reduction rate of 80.9% [1] Group 2 - The company is steadily advancing capacity replacement and addressing overproduction, with local provincial announcements completed for several plants [2] - Following a price decline due to high temperatures and rainy seasons in July and early August, the company expects a nationwide price increase for cement starting in September, particularly in key regions [2]

2025年8月6日，广东塔牌集团第六届董事会第十九次会议审议通过《关于回购公司股份的议案》。8月 13日，公司披露《回购报告书》。 回购进展情况 截至2025年8月31日，公司尚未开始实施本轮回购。 公司既定的本轮回购方案显示，公司决定使用自有资金，以集中竞价方式从二级市场回购公司股份，用 于实施员工持股计划。本次回购股份资金总额不超过10,000万元（含）且不少于5,000万元（含），回购 价格不超过10元/股，回购期限为自董事会审议通过回购方案之日起6个月内。 其他说明 登录新浪财经APP 搜索【信披】查看更多考评等级 广东塔牌集团股份有限公司于2025年9月3日发布关于回购公司股份的进展公告。 公司表示，回购股份的时间、数量、方式等符合既定回购方案和报告书，也符合相关法律法规规定。同 时，回购股份在时间、数量及集中竞价交易委托时段等方面，均符合深圳证券交易所相关规定。 公司还称，将严格按照《上市公司股份回购规则》（2025年修订）及《深圳证券交易所上市公司自律监 管指引第9号——回购股份》（2025年修订）等相关规定，在回购期限内根据市场情况择机做出回购决 策并予以实施，同时及时履行信息披露义务，提醒投 ...

Core Viewpoint - The company reported a mixed performance in its 2025 H1 financial results, with a slight decline in revenue but a significant increase in net profit, driven by higher average selling prices in the cement business and growth in overseas operations [1][2][3]. Financial Performance - In 2025 H1, the company achieved revenue of 160.47 billion yuan, a year-on-year decrease of 1.17%, while net profit attributable to shareholders reached 11.03 billion yuan, up 51.05% year-on-year [1][2]. - The cement business generated revenue of 91.52 billion yuan in 2025 H1, reflecting a year-on-year increase of 5.60%, with sales volume at 27.74 million tons, down 2.63% year-on-year [2]. - The average selling price of cement was approximately 330 yuan per ton, an increase of 26 yuan per ton year-on-year, while production costs decreased by 9 yuan per ton to 232 yuan [2]. Overseas Business Growth - The overseas cement business reported revenue of 41.28 billion yuan in 2025 H1, a year-on-year increase of 15.37%, accounting for about 25.37% of total revenue [3]. - The company achieved net profit of 5.88 billion yuan from overseas operations, up 17.1% year-on-year, with sales volume of approximately 8.39 million tons, an increase of 10.41% year-on-year [3]. - Significant projects included the upgrade of production lines in Zambia and South Africa, and the acquisition of a 100% stake in a Brazilian aggregate company [3]. Aggregate and Concrete Business - The aggregate business generated revenue of 27.63 billion yuan in 2025 H1, a year-on-year decrease of 6.72%, with sales volume of 76.05 million tons, up 6.33% year-on-year [4]. - The concrete business reported revenue of 34.57 billion yuan, down 12.33% year-on-year, with sales volume of 1.325 million cubic meters, a decline of 9.88% year-on-year [4]. Profitability Metrics - The overall gross profit margin improved to 28.92%, an increase of 5.27 percentage points year-on-year, with the cement business gross margin at 29.74%, up 9.03 percentage points [5]. - The company’s operating cash flow was approximately 16.24 billion yuan, a decrease of 6.17% year-on-year [5]. Strategic Developments - The company announced plans to integrate all overseas assets into a subsidiary intended for overseas listing, focusing on cement manufacturing, sales, and related services [6]. - This strategic move aims to enhance financing capabilities and improve competitiveness in the global cement market [6]. Future Outlook - The company expects continued growth in overseas revenue and performance contributions, supported by an integrated strategy and high-margin aggregate business [7]. - Revenue projections for 2025-2027 are estimated at 360.27 billion yuan, 393.43 billion yuan, and 428.37 billion yuan, with corresponding net profits of 27.20 billion yuan, 30.90 billion yuan, and 34.49 billion yuan [7].

证券代码：000401 证券简称：冀东水泥 | | 2025 年上半年，公司实现危固废处置收入 3.65 亿元，毛利率约 28%。废弃物收集量 | | --- | --- | | | 较去年同期提升 55%，废弃物处置量同比提升 38%。 | | | 5.下半年，公司核心区域市场水泥价格如何展望？ | | | 7 月-8 月上旬受高温雨季影响价格下滑，8 月中旬开始，为改善盈利，长 | | | 江流域、东北、冀中南、河南、山东等地率先开始推动价格复苏，预计 9 月份 | | | 开始全国水泥价格将呈现普涨的态势。 | | 附件清单（如 | | | 有） | | | 日期 | 2025 年 9 月 2 日 | 唐山冀东水泥股份有限公司投资者关系活动记录表 编号：2025-004 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 （请文字说明其他活动内容） | | 参与单位名称 | 中金公司、国泰海通、长江证券、方正证券、西部证券、申万建材、广发证券、高盛投行、 | | ...

Core Insights - The company reported a revenue of 41.292 billion yuan for H1 2025, a year-on-year decrease of 9.38%, while net profit attributable to shareholders was 4.368 billion yuan, an increase of 31.34% [1] - The mid-year profit distribution plan includes a dividend of 0.24 yuan per share, totaling 1.26 billion yuan [1] Financial Performance - In Q2 2025, the company achieved a revenue of 22.24 billion yuan, down 8.24% year-on-year, with a net profit of 2.557 billion yuan, up 40.26% [1] - The company's cement clinker sales volume in H1 2025 was 12.6 million tons, a slight decline of 0.35% year-on-year, outperforming the industry [3] - The average selling price of cement was 243 yuan per ton, an increase of 4 yuan year-on-year, with a gross profit per ton of 70 yuan, up 18 yuan year-on-year [3] Industry Context - National cement production in H1 2025 was 815 million tons, a decrease of 4.3% year-on-year, reflecting weak demand amid a slowing macroeconomic environment [2][3] - Infrastructure investment in China grew by 4.6% year-on-year, while real estate development investment fell by 11.2%, and new housing starts dropped by 20% [2] Capital Expenditure and Capacity - The company’s capital expenditure in H1 2025 was approximately 6.21 billion yuan, primarily for project construction and external investments [4] - New capacities added during the reporting period included 1.8 million tons of clinker, 4 million tons of cement, 3.5 million tons of aggregates, and 525 million cubic meters of ready-mixed concrete [4] - The company’s total clinker capacity reached 27.6 million tons, cement capacity 40.7 million tons, and aggregate capacity 16.7 million tons by the end of the reporting period [4] Future Outlook - The company anticipates that supply-side reforms may provide price recovery potential, with expectations for improved production order and utilization rates if production is strictly aligned with registered capacities [4] - Earnings forecasts for 2025-2026 are projected at 8.7 billion and 10.1 billion yuan, corresponding to P/E ratios of 15 and 13 times, respectively, indicating a buy rating [5]