China Jushi Co. (600176) Q2 2025 Earnings Call August 28, 2025 04:00 AM ET Speaker0Good afternoon, everyone. Welcome to China Jushi's 2025 semi-annual performance briefing. First, on behalf of the company's management team, I would like to extend a warm welcome and heartfelt thanks to all investors, analysts, and media friends who have taken time from their busy schedules to attend this briefing either in person or online. Now, let me introduce the company's management team attending this briefing. Present ...

China Jushi Co. (600176) Q2 2025 Earnings Call August 28, 2025 04:00 AM ET Speaker0Good afternoon, everyone. Welcome to China Jushi's 2025 semi-annual performance briefing. First, on behalf of the company's management team, I would like to extend a warm welcome and heartfelt thanks to all investors, analysts, and media friends who have taken time from their busy schedules to attend this briefing either in person or online. Now, let me introduce the company's management team attending this briefing. Present ...

8月15日，九鼎新材盘中上涨5.85%，截至09:54，报9.04元/股，成交2.32亿元，换手率4.43%，总市值 58.91亿元。 截至5月30日，九鼎新材股东户数4.11万，人均流通股1.46万股。 2025年1月-3月，九鼎新材实现营业收入2.93亿元，同比增长6.98%；归属净利润1643.64万元，同比增长 84.89%。 资料显示，江苏九鼎新材料股份有限公司位于江苏省如皋市中山东路1号，公司专注于玻璃纤维纱、织 物及制品的研发、生产和销售，致力于玻璃纤维深加工与复合材料的创新，产品广泛出口至全球48个国 家和地区。公司具备强大的技术实力，已通过多项国际认证，并主持或参与制定19项行业标准。 ...

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [4] Core Viewpoints - The demand for high-end electronic fabrics is accelerating, leading to a new round of competition among fiberglass companies. The shortage of low thermal expansion coefficient (Low CTE) glass fabric raw materials and the surge in order demand have resulted in significantly extended delivery times for BT materials, confirming the ongoing supply-demand imbalance in high-end electronic fabrics. The rapid development of the AI industry is driving hardware upgrades, increasing the demand for high-speed, high-frequency PCB boards, which in turn raises the performance requirements for upstream electronic fabrics [4] - The report suggests focusing on companies with existing or potential layouts in high-end electronic fabrics, such as Honghe Technology, Zhongcai Technology, and China Jushi [4] Summary by Sections 1. Sector Tracking - The construction materials index (Shenwan) rose by 0.2%, while the cement, glass fiber, and renovation materials indices fell by 0.2%, 0.2%, and rose by 0.6% respectively. The top five gainers included Zhongqi New Materials (+20.5%) and Honghe Technology (+17.1%) [9] 2. Industry Dynamics - In May, the average price of new homes in 100 major cities in China rose by 0.30% month-on-month to 16,815 RMB per square meter, while the average price of second-hand homes fell by 0.71% year-on-year [14] - The sales revenue of the top 100 real estate companies in the first five months of 2025 was 1,443.6 billion RMB, a year-on-year decrease of 10.8% [14] - The balance of real estate loans in RMB at the end of the first quarter of 2025 was 53.54 trillion RMB, with a year-on-year growth of 0.04% [14] 3. Data Tracking 3.1 Cement - The average price of 42.5 cement nationwide was 367.8 RMB per ton, down 3.0 RMB per ton month-on-month and down 6.3% year-on-year [15] - The cement inventory ratio was 65.7%, up 0.4 percentage points month-on-month [15] 3.2 Float Glass - The average price of 5mm float glass was 1,370.3 RMB per ton, down 24.6 RMB per ton month-on-month and down 409.5 RMB per ton year-on-year [32] 3.3 Photovoltaic Glass - The average price of 2.0mm coated photovoltaic glass was 13.6 RMB per square meter, down 0.1 RMB per square meter month-on-month [37] 3.4 Glass Fiber - The average price of alkali-free glass fiber yarn was 4,705.0 RMB per ton, unchanged month-on-month and up 40.0 RMB per ton year-on-year [43] 3.5 Carbon Fiber - The average price of large tow carbon fiber was 72.5 RMB per kilogram, unchanged month-on-month and down 5.0 RMB per kilogram year-on-year [46]

行业报告 | 行业专题研究 建筑材料 证券研究报告 建材行业财报总结：24 年深蹲筑底，25Q1 曙光已现 建材行业 24 年经营持续承压，25Q1 曙光已现 我们跟踪的建材行业上市公司总计营收同比下降 15%达 5920 亿元，其中 Q1/Q2/Q3/Q4 分别实现 1260/1621/1485/1556 亿元，同比降幅均在 15%上下。 2024 年归母净利润同比下降 46%达 223 亿元，所有子板块均有下降，其中 Q1/Q2/Q3/Q4 分别实现 31/84/65/41 亿元，Q2 利润表现最优，且自 Q2 开始 同比降幅逐季收窄。2025 年 Q1 来看，全行业营收同比-6%达 1188 亿元，归母 净利润同比+7%达 34 亿元，实现自 21Q3 以来（近 14 个季度）的首次正增长。 子板块：24 年全部子行业利润下滑，25Q1 水泥、玻纤利润显著增长 风险提示：下游基建、地产需求不及预期，原材料、煤炭涨价超预期，产能投放超预期等。 2025 年 05 月 05 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | 作者 ...