2 September 2025 | 10:45PM HKT Beijing New Building Materials (000786.SZ): NDR takeaways: Positive pricing trend reaffirmed; still in an expansionary mode; Buy We hosted BNBM's management team for a HK NDR on Sep 2. Key takeaways include: 1) ASP improvement has been seen across all major products in Aug; 2) gypsum board market landscape has deteriorated with new supply coming on and BNBM's strategy in response is to dominate the premium segment while adopting a dynamic pricing strategy in the commodity segm ...