证券代码：600176 证券简称：中国巨石 公告编号：2025-034 中国巨石股份有限公司 关于持股 5%以上股东增持公司股份计划实施完毕暨 增持结果的公告 现将本次增持计划有关情况公告如下： 一、增持主体的基本情况 （一）增持主体名称及与公司的关系 增持主体为振石集团，为公司持股 5%以上股东。 （二）增持主体实施增持计划前已持有股份的数量、占公司总股本的比例 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●增持计划内容：2024 年 11 月 23 日，中国巨石股份有限公司（以下简称 "公司"）在上海证券交易所网站披露了《关于公司持股 5%以上股东以专项贷 款和自有资金增持公司股份计划的公告》（公告编号：2024-068）。基于对公司 未来发展前景的坚定信心及中长期价值的认可，为增强投资者对公司的投资信 心，提升公司价值，切实维护广大投资者利益，公司持股 5%以上股东振石控股 集团有限公司（以下简称"振石集团"）计划自 2024 年 11 月 23 日起 12 个月内， 以专项贷款和自有资金通过上 ...

中国巨石股份有限公司 会议材料 中国巨石股份有限公司 一、《2024 年年度报告》及《2024 年年度报告摘要》； 二、《2024 年度董事会工作报告》； 三、《2024 年度监事会工作报告》； 四、《2024 年度财务决算报告》； 五、《2024 年度利润分配方案》； 六、《2024 年度资本公积金转增股本预案》； 七、《关于提请股东大会授权董事会决定 2025 年中期利润分配的 议案》； 八、《关于 2024 年度审计费用暨续聘中审众环会计师事务所为公 司 2025 年度审计机构、内部控制审计机构的议案》； 九、《关于公司 2025 年度预计日常关联交易的议案》； 十、《关于授权公司及子公司 2025 年融资授信总额度的议案》； 十一、《关于授权公司及全资子公司 2025 年为下属子公司提供银 行授信担保总额度的议案》； 十二、《关于授权公司及子公司 2025 年金融衍生品业务额度的议 案》； 十三、《关于公司及子公司 2025 年发行公司债及非金融企业债务 融资工具的议案》； 十四、《关于公司与中国建材集团财务有限公司签订 <金融服务协> 议>暨关联交易的议案》； 十五、《关于授权公司及公司子公司 20 ...

中国巨石股份有限公司 2024 年年度股东大会 会议材料 2025 年 4 月 11 日 1 一、《2024 年年度报告》及《2024 年年度报告摘要》； 二、《2024 年度董事会工作报告》； 三、《2024 年度监事会工作报告》； 四、《2024 年度财务决算报告》； 五、《2024 年度利润分配方案》； 六、《2024 年度资本公积金转增股本预案》； 七、《关于提请股东大会授权董事会决定2025年中期利润分配的 议案》； 八、《关于2024年度审计费用暨续聘中审众环会计师事务所为公 司 2025 年度审计机构、内部控制审计机构的议案》； 中国巨石股份有限公司 2024 年年度股东大会 材料目录 十五、《关于授权公司及公司子公司2025年对外捐赠总额度的议 案》。 2 议案一： 《2024 年年度报告》及《2024 年年度报告摘要》 详见上海证券交易所网站 www.sse.com.cn。 九、《关于公司 2025 年度预计日常关联交易的议案》； 十、《关于授权公司及子公司 2025 年融资授信总额度的议案》； 十一、《关于授权公司及全资子公司2025年为下属子公司提供银 行授信担保总额度的议案》； 十二、 ...

Group 1 - The company will participate in a collective performance briefing organized by China National Building Material Group on April 3, 2025, from 14:00 to 17:30 [2][3] - Investors can submit questions to the company via email by April 1, 2025, and the company will address commonly asked questions during the briefing [2][7] - The performance briefing will be conducted in a hybrid format, including live interaction, video streaming, and online text interaction [4][6] Group 2 - Key personnel attending the briefing include the company's board members, general manager Yang Guoming, and other relevant staff [4] - Investors can access the live stream of the briefing through the Shanghai Stock Exchange Roadshow Center platform [5][6] - After the briefing, investors can review the main content and outcomes of the event on the same platform [7]

证券代码：600176 证券简称：中国巨石 公告编号：2025-033 中国巨石股份有限公司 关于参加中国建材集团有限公司上市公司 集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 三、参加人员 出席本次业绩说明会的人员有：公司董事、总经理杨国明先生，副总经理、财 务负责人（代行）、董事会秘书、总法律顾问丁成车先生，证券事务代表徐梦丹女士 及相关工作人员（如有特殊情况，可能对参会人员进行调整）。 四、投资者参加方式 1、投资者可在 2025 年 4 月 3 日（星期四）下午 14:00-17:30 通过互联网登录 上证路演中心平台（https://roadshow.sseinfo.com/），在线参与本次业绩说明会， 公司将及时回答投资者的提问。 投资者可于2025年4月1日（星期二）17:00前，将关注的问题提前发送至公 司邮箱（ir@jushi.com）向公司提问，公司将在业绩说明会上就投资者普遍关注的 问题进行回答。 中国巨石股份有限公司（以下简称"公司"）已于2025年3月20 ...

Investment Rating - The investment rating for the company is "Accumulate" and maintained [2] Core Insights - The company reported significant improvement in Q4 earnings, with a notable increase in net profit by 146.0% year-on-year [5][6] - The company's revenue for 2024 is projected to be 180 billion yuan, representing a year-on-year growth of 13.5% [7][10] - The gross profit margin for Q4 was 28.58%, an increase of 2.77 percentage points year-on-year, indicating enhanced profitability [6] Company Overview - The latest closing price of the company's stock is 12.83 yuan, with a total market capitalization of 514 billion yuan [4] - The company achieved a record production and sales volume in 2024, with a total of 3.025 million tons of raw yarn and products sold, marking a 21.91% increase year-on-year [6] - The company’s first major shareholder is China National Building Material Group Corporation [4] Financial Performance - In 2024, the company achieved a total revenue of 158.6 billion yuan, a year-on-year increase of 6.6%, while the net profit attributable to shareholders decreased by 19.7% to 24.4 billion yuan [5][10] - The company’s operating cash flow for 2024 was 20.32 billion yuan, an increase of 11.65 billion yuan year-on-year, reflecting strong cash flow management [6] - The projected earnings per share (EPS) for 2025 is 0.74 yuan, with a corresponding price-to-earnings (P/E) ratio of 17.35 [10][12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Views - The company is experiencing a recovery in the industry with multiple rounds of price increases, demonstrating strong growth resilience [1]. - The company achieved a total revenue of 158.56 billion yuan in 2024, reflecting a year-on-year growth of 6.59%, while the net profit attributable to the parent company was 24.45 billion yuan, down 19.70% year-on-year [7][10]. - The company plans to distribute a cash dividend of 2.4 yuan per 10 shares, with a cash dividend ratio of 39.3% [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 158.56 billion yuan in 2024 to 223.63 billion yuan by 2027, with growth rates of 6.59%, 14.18%, 12.16%, and 10.13% respectively [3][10]. - Net profit is expected to increase from 24.45 billion yuan in 2024 to 38.50 billion yuan in 2027, with growth rates of -19.70%, 8.20%, 24.54%, and 16.86% respectively [3][10]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 0.61 yuan in 2024 to 0.96 yuan in 2027 [3][10]. - **Return on Equity (ROE)**: - ROE is expected to improve from 8.04% in 2024 to 10.27% in 2027 [3][10]. - **Valuation Metrics**: - Price-to-Earnings (PE) ratio is projected to decrease from 21 in 2024 to 13 in 2027, indicating an improving valuation as earnings grow [3][10]. - Price-to-Book (PB) ratio is expected to decline from 1.71 in 2024 to 1.39 in 2027 [3][10]. Market Position and Competitive Advantage - The company maintains a leading position in the fiberglass industry, with significant scale advantages and a focus on high-end product development [7][10]. - The company has achieved the world's largest production capacity in several product categories, reinforcing its competitive edge [7][10]. - The report highlights the company's commitment to innovation and R&D, which has led to the development of proprietary technologies and products that are at the forefront of the industry [7][10].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][13]. Core Views - China Jushi, as a leading player in the fiberglass industry, continues to enhance its market share despite challenging market conditions [4][7]. - The company achieved a revenue of 15.856 billion yuan in 2024, reflecting a year-on-year growth of 6.59%, while the net profit attributable to shareholders decreased by 19.7% to 2.445 billion yuan [3][4]. - The company’s operational efficiency is improving, with a reduction in the operating cycle to 169.71 days, down by 12.97 days year-on-year, driven by a decrease in inventory turnover days [6][7]. Revenue and Profitability - The sales volume of fiberglass yarn and products reached 3.025 million tons, up 21.91% year-on-year, while electronic cloth sales increased by 4.76% to 875 million meters [4]. - Despite a decline in fiberglass prices in 2024, the company managed to narrow the decline in net profit, particularly in the third and fourth quarters, where the fourth quarter saw a remarkable increase of 146.04% year-on-year [5][6]. Market Position and Strategy - The company is focusing on optimizing its product structure and management, targeting growth in new markets such as TP thermoplastic short fibers and small direct yarns [4][7]. - With a strong cash position of 3.123 billion yuan and a stable asset-liability ratio, the company is well-positioned to withstand risks and invest in research and development, which increased by 1.72% to 528 million yuan in 2024 [7][14]. Financial Forecast - The company is projected to achieve net profits of 3.138 billion, 3.872 billion, and 4.611 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.78, 0.97, and 1.15 yuan [7][14].

Investment Rating - The report maintains a "Strong Buy" rating for China Jushi [2][13] Core Views - China Jushi, as a leading player in the fiberglass industry, continues to enhance its market share despite adverse market conditions [4][7] - The company achieved a revenue of 15.856 billion yuan in 2024, representing a year-on-year growth of 6.59%, while the net profit attributable to shareholders decreased by 19.7% to 2.445 billion yuan [3][4] - The company’s operational efficiency is improving, with a reduction in inventory turnover days and an increase in sales volume, leading to a significant rise in market share [6][7] Financial Performance - In 2024, the company sold 3.025 million tons of fiberglass yarn and products, a year-on-year increase of 21.91%, and electronic cloth sales reached 875 million meters, up 4.76% [4] - The company’s net profit margin is projected to recover, with a significant increase of 146.04% in the fourth quarter compared to the previous year [5] - The forecast for net profit from 2025 to 2027 is 3.138 billion, 3.872 billion, and 4.611 billion yuan, respectively, with corresponding EPS of 0.78, 0.97, and 1.15 yuan [7][14] Market Position and Strategy - China Jushi's global layout and strong cash position allow it to mitigate international trade friction impacts and invest in R&D, with R&D expenses increasing by 1.72% to 528 million yuan in 2024 [7][14] - The company is focusing on optimizing its product structure and expanding into high-end markets, which is expected to enhance its international competitiveness [7][13]

Investment Rating - The investment rating for the company is "Buy" with a target price of 16.40 RMB [8][9]. Core Views - The company reported a revenue of 15.86 billion RMB for 2024, with a year-on-year growth of 6.6%. The net profit attributable to shareholders decreased by 19.7% to 2.44 billion RMB, while the adjusted net profit fell by 5.8% to 1.79 billion RMB. In Q4 2024, the company achieved a revenue of 4.22 billion RMB, a year-on-year increase of 22.4%, and a net profit of 910 million RMB, up 146% year-on-year [1][2]. - The company’s glass fiber and related products generated a revenue of 15.48 billion RMB in 2024, reflecting a 7.3% increase year-on-year. The sales volume of roving and products reached 3.025 million tons, up 21.9%, while electronic cloth sales increased by 4.7% to 880 million meters [2]. - The gross margin for 2024 was 25.0%, down 3.0 percentage points year-on-year, but improved to 28.6% in Q4 2024, driven by the recovery of glass fiber prices and an increase in high-end product sales [2][4]. - The company plans to distribute a cash dividend of 2.4 RMB per 10 shares, resulting in a payout ratio of 39.3%, an increase of 3.1 percentage points year-on-year [3]. - The company is expected to benefit from a new round of price increases for glass fiber, with production capacity expansion and zero-carbon manufacturing strategies enhancing operational efficiency and cost advantages [4][5]. Summary by Sections Financial Performance - In 2024, the company’s operating revenue was 15.86 billion RMB, with a net profit of 2.44 billion RMB, reflecting a decline of 19.7% year-on-year. The Q4 2024 results showed a significant recovery with a net profit increase of 146% [1][2]. - The gross margin for 2024 was 25.0%, with Q4 showing an improvement to 28.6% [2][3]. Sales and Production - The company’s glass fiber and related products revenue reached 15.48 billion RMB in 2024, with a sales volume of 3.025 million tons for roving, marking a 21.9% increase [2]. - The company’s production capacity reached 3.061 million tons, maintaining its position as an industry leader [4]. Dividend and Cash Flow - The company announced a cash dividend of 2.4 RMB per 10 shares, with a payout ratio of 39.3% [3]. - Operating cash flow for 2024 was 2.03 billion RMB, a 134.4% increase year-on-year [3]. Future Outlook - The company is expected to see continued improvement in profitability due to rising glass fiber prices and increased demand for high-end products [4][5]. - The target price for the company is set at 16.40 RMB, based on a projected P/E ratio of 20x for 2025 [5].