本报讯 （记者向炎涛）8月19日，北新集团建材股份有限公司（以下简称"北新建材"）发布2025年半年 度报告。上半年，公司实现营业收入135.58亿元，实现归属于上市公司股东的净利润19.3亿元。 同时，公司加强新品推广，提高盈利能力。报告期内，公司旗下泰山石膏加大市场开拓与产品升级力 度，推出融合平安文化、地域特色的国潮系列产品，加速培育石膏纤维板等第二增长曲线。旗下龙牌公 司组建新产品事业部，聚焦龙牌鲁班万能板、采暖板、金刚板、国潮板、超平板五大核心产品推广与销 售，新品溢价效应增厚利润。北新防水紧跟市场发展需求，持续推出国潮新装外露防水涂料、红色非沥 青非固化改性橡胶防水涂料、聚氨酯堵漏灌浆材料等特色产品。旗下嘉宝莉锚定高端定位，艺术涂料、 石艺漆两大品类高端门店上半年分别新增200余家、90余家，实现更多空白网点的覆盖，持续提升行业 影响力。 （文章来源：证券日报） 近年来，北新建材实施"一体两翼，全球布局"发展战略，做强、做优、做大石膏板和"石膏板+"业务， 加快做强做大防水、涂料业务，布局新兴国际市场，加速向消费类建材综合制造商和服务商转型。 上半年，公司多措并举，推进"一体两翼"业务高质量发展。 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 36.93 CNY based on a 15x valuation for 2025 [4]. Core Viewpoints - The company has a market share of nearly 70% in the gypsum board market, which has a size of approximately 150-200 billion CNY. The company aims to enhance the consumption attributes of gypsum boards, reduce costs, expand product categories, and accelerate internationalization [2][14]. - The company has adopted a "one body, two wings" strategy, focusing on waterproof materials and coatings, with significant revenue growth in both segments [3]. - The company has implemented a restricted stock incentive plan, projecting a compound annual growth rate (CAGR) of non-net profit attributable to shareholders of at least 14.22%, 16.12%, and 17.08% for 2025-2027 [4]. Summary by Sections Section 1: Gypsum Board Consumption Attributes - The company has a gypsum board market share of 67.38%, with a production volume of 2.165 billion square meters in 2023 [14]. - The company is focused on cost reduction, with a projected unit cost of 3.71 CNY per square meter in 2024, down by 0.19 CNY from the previous year [52]. - The company is expanding its product categories, including light steel keels and powder mortar, and is investing in gypsum fiber boards for interior and partition walls [2][63]. Section 2: Waterproof and Coating Business Expansion - The waterproofing materials segment has reached a revenue scale among the top three in the industry, while the coatings segment is expanding through acquisitions, including a significant merger with Jiaboli [3]. - The company’s coating production capacity is expected to increase from 103,000 tons to over 1.3 million tons by the end of 2024 [3]. Section 3: Profit Forecast and Investment Recommendations - The company forecasts revenues of 28.168 billion CNY, 30.126 billion CNY, and 32.317 billion CNY for 2025, 2026, and 2027, respectively, with growth rates of 9%, 7%, and 7% [4][8]. - The projected net profit attributable to shareholders is 4.142 billion CNY, 4.449 billion CNY, and 4.813 billion CNY for the same years, with growth rates of 14%, 7%, and 8% [4][8].