Core Viewpoint - The company reported significant declines in revenue and net profit for 2024, with ongoing pressure in the first quarter of 2025, primarily due to weak downstream demand and competitive pricing in the concrete industry [1][2]. Group 1: Financial Performance - In 2024, the company achieved total revenue of 1.41 billion yuan, a year-on-year decrease of 29.3%, and a net profit attributable to shareholders of -160 million yuan [1]. - For Q1 2025, the company reported total revenue of 250 million yuan, down 23.7% year-on-year, with a net profit of -1 million yuan [1]. - The company's sales volume of concrete fell to 4.106 million tons, a decline of 26.5%, with an average selling price of 315.3 yuan per cubic meter, down 5.3% year-on-year [1]. Group 2: Margin and Cost Analysis - The gross margin slightly decreased by 0.23 percentage points to 13.6% due to weak downstream demand and falling sales prices [2]. - The company recorded credit impairment losses of 87 million yuan and asset impairment losses of 130 million yuan, which collectively reduced the total profit by 220 million yuan [2]. - The net profit margin decreased by 12.8 percentage points, indicating a phase of profitability pressure [2]. Group 3: Competitive Position and Future Outlook - The company has a strong competitive advantage in the Chongqing concrete industry, being the second-largest player with four production bases, which enhances its market coverage [3]. - The market share in the Chongqing concrete industry is increasingly concentrated among leading firms, providing the company with relative resilience despite market contraction [3]. - The company is actively exploring opportunities in secondary industries to overcome growth bottlenecks, with potential support from policies aimed at stabilizing the real estate market and urban renewal initiatives [3]. - Earnings per share (EPS) are projected to be 0.67 yuan, 0.71 yuan, and 0.77 yuan for 2025-2027, with corresponding price-to-earnings (PE) ratios of 15, 15, and 14 times [3].

| 新疆青松建材化工（集团）股份有限公司 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 会议资料 | | | | | | | | | | 新疆青松建材化工（集团）股份有限公司 | | | | | | | | | | （主持人：董事长郑术建） | | | | | | | | | | 会议时间：2025 年 4 月 10 | | 日上午 | 11：30 | | | | | | | 会议地点：乌鲁木齐市米东区米东南路恒联巷 | | | 237 | 号公司办公楼一楼 | | | | | | 会议室 | | | | | | | | | | 一、律师审查出席会议人员的资格 | | | | | | | | | | 二、主持人宣布大会开始 | | | | | | | | | | 三、成立会议监票组 | | | | | | | | | | 股东代表 1 名，见证律师。 | 2 名，监事 | | | | | | | | | 四、审议《2024 年度财务决算报告和 | | | 2025 | 年度财务预算草案》 | | | | ...