Investment Rating - The report maintains a "Buy" rating for the company [3][10]. Core Insights - The company's core business includes building materials machinery and overseas building materials, with significant growth expected in H1 2025, achieving revenue of 8.2 billion yuan, a year-on-year increase of 49%, and a net profit of 750 million yuan, a year-on-year increase of 64% [1][16]. - The overseas building materials business is rapidly growing, particularly in Africa, with revenue reaching 3.77 billion yuan in H1 2025, a year-on-year increase of 90% and a gross margin of 36.8%, up 5.9 percentage points [1][18]. - The company has a strategic investment in Blue Lithium Industry, which is expected to benefit from the rebound in lithium carbonate prices, with Blue Lithium achieving sales of 20,600 tons of lithium carbonate and a net profit margin of 31% in H1 2025 [2][40]. Summary by Sections Company Overview - The company, originally established in 1992, has diversified into building materials machinery, overseas building materials, and lithium battery materials, actively following the "Belt and Road" initiative [16][32]. - The company has established production bases in seven African countries, operating 21 ceramic production lines, 2 glass production lines, and 2 sanitary ware production lines [18][32]. Overseas Building Materials - Africa is experiencing rapid urbanization, with a significant market opportunity for building materials. The region's urbanization rate is currently at 43.5%, similar to China's levels in 2005-2006, indicating substantial growth potential [2][57]. - The company has formed a joint venture with the SenDa Group to enhance its competitive edge in the African market, focusing on ceramics, glass, and sanitary ware [71]. Building Materials Machinery - The building materials machinery segment has shown stable profitability, with revenue of 2.57 billion yuan in H1 2025, a slight decline of 5% year-on-year due to high base effects [2][17]. - The company aims to extend its global footprint and enhance its service offerings through a combination of equipment, consumables, and maintenance services [17][31]. Lithium Materials Business - The company has developed a business structure that includes anode materials, lithium battery equipment, and lithium salt investments, with a significant stake in Blue Lithium Industry [40][41]. - The strategic investment in Blue Lithium has yielded substantial returns, contributing significantly to the company's net profit in recent years [40][41].

Core Viewpoint - The company aims to enhance its governance structure and operational efficiency while focusing on sustainable development and global expansion in the ceramic machinery and building materials sectors [5][6][8]. Meeting Agenda - The annual shareholder meeting is scheduled for April 16, 2025, at the company's headquarters in Guangdong Province [1][2]. Board of Directors and Shareholder Meeting Activities - The board has adhered to relevant laws and regulations, ensuring effective governance and compliance [5][6]. - A total of 4 regular reports and 95 temporary reports were disclosed during the reporting period, demonstrating a commitment to transparency [5][6]. Company Performance Overview - The company achieved a revenue of 12.6 billion yuan in 2024, representing a year-on-year increase of 29.96%, with over 63% of revenue coming from overseas operations [6][8]. - Net profit attributable to shareholders was 1.006 billion yuan, impacted by a significant decrease in performance from the associated company, Blue Lithium [6][11]. Strategic Initiatives - The company is advancing its global strategy by enhancing local service capabilities and expanding its market presence in regions such as Southeast Asia, the Middle East, and Europe [6][7]. - The "Big Building Materials" strategy is being implemented to capitalize on urbanization trends in Africa, with multiple projects launched across the continent [8][9]. Challenges and Responses - The company faces profitability pressures in its overseas building materials business due to competitive market conditions and pricing strategies [9][10]. - To address cost pressures and enhance efficiency, the company is focusing on optimizing production capacity and reducing operational costs [10][11]. Future Development Plans - The company aims to solidify its position as a global ceramic production service provider and a large-scale building materials group, with a focus on high-quality development [11][12]. - Plans include expanding product offerings and enhancing technological capabilities to meet diverse customer needs [12][13].