一、召开会议基本情况 （一）股东大会届次：公司 2025 年度第一次临时股东大会 （二）股东大会召集人：公司董事会 2025 年 1 月 16 日，北新集团建材股份有限公司（以下简称"公司"）第七 届董事会第十七次临时会议审议通过了《关于召开 2025 年度第一次临时股东大 会的议案》，同意召开本次临时股东大会。 证券代码：000786 证券简称：北新建材 公告编号：2025-004 北新集团建材股份有限公司 （三）本次股东大会的召开，符合《中华人民共和国公司法》《中华人民共 和国证券法》《深圳证券交易所股票上市规则》等有关法律、法规、规范性文件 和公司章程的规定。 关于召开 2025 年度第一次临时股东大会的通知 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 （四）会议时间 现场会议召开时间：2025 年 2 月 10 日（星期一）下午 14:30 网络投票时间： 1、通过深圳证券交易所交易系统投票的时间为 2025 年 2 月 10 日的交易时 间，即 9:15-9:25，9:30-11:30，13:00-15:00； 2、通过深圳证券交易所互联网投票系统 ...

证券代码：000786 证券简称：北新建材 公告编号：2025-002 北新集团建材股份有限公司 第七届董事会第十七次临时会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、董事会会议召开情况 北新集团建材股份有限公司（以下简称"公司"）第七届董事会第十七次临 时会议于 2024 年 1 月 16 日以现场结合通讯方式召开，现场会议地点为北京未来 科学城七北路 9 号北新中心 A 座 17 层会议室。会议通知于 2024 年 1 月 13 日以 电子邮件方式发出，本次会议应出席董事 9 人，实际出席 9 人。会议由董事长薛 忠民先生主持，公司监事和高管人员等列席了会议，符合相关法律、法规和规范 性文件的规定。 二、董事会会议审议情况 会议经过审议，表决通过了以下决议： （一）审议通过了《关于更换公司财务负责人的议案》； 该议案已经公司董事会审计委员会、董事会提名委员会审议通过。 同意聘任王佳传先生为公司财务负责人（财务总监），任期与第七届董事会 任期一致。 该议案以 9 票同意，0 票反对，0 票弃权获得通过。 （二）审议通过了《关于拟更换公司董事 ...

Group 1: Business Development Strategy - The company aims to strengthen and expand its gypsum board business by focusing on production, marketing, and innovation, while implementing a "Three Precision" management approach to enhance profitability [2]. - Plans include optimizing capacity layout and advancing domestic and international gypsum board projects, with a focus on urban renewal, renovation, industrial construction, and residential markets [2][3]. - The company will continue to implement the "Dragon Brand Soaring, Mount Tai Climbing" plan to develop high-end products and comprehensive solutions for renovation projects [3]. Group 2: International Business Expansion - The company emphasizes a "focus first" strategy for international operations, targeting Southeast Asia and the Middle East for regional operations and resource allocation [3]. - The strategy includes a "gypsum board first" approach, with plans to adjust capacity based on market conditions for coatings and waterproofing businesses [3]. Group 3: Mergers and Acquisitions - The company plans to pursue integration opportunities in waterproof materials, coatings, prefabricated construction, and internationalization as part of its "One Body, Two Wings, Global Layout" strategy [3]. - Any potential acquisitions will comply with relevant disclosure obligations [3]. Group 4: Equity Incentives and Dividends - The company has disclosed a restricted stock incentive plan for 2024, pending regulatory approval before submission to the shareholders' meeting [3]. - Cumulative cash dividends since listing exceed 8 billion, with a cash dividend ratio of 40.03% in 2023, indicating a commitment to sharing development results with investors [3].

证券代码：000786 证券简称：北新建材 公告编号：2025-001 北新集团建材股份有限公司 关于股东、副董事长及其一致行动人股份减持计划 实施完成的公告 股东、副董事长贾同春及其一致行动人广发资管申鑫利 22 号单一资产管理计划、 广发资管申鑫利 24 号单一资产管理计划保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 公司于近日收到贾同春先生及其一致行动人出具的《关于股份减持计划实施完成 的告知函》，截至本公告披露日，本次股份减持计划已实施完毕。现将有关情况公告 如下： | 股东名称 | 减持方式 | 减持期间 | 减持均价 | 减持股数 | 减持股数占公司 | | --- | --- | --- | --- | --- | --- | | | | | （元/股） | （股） | 总股本的比例 | | 贾同春 | 集中竞价 | 2024年10月30日 | 31.0423 | 345,300 | 0.0204379% | | | 集中竞价 | 2024年10月31日 | 31.2678 | 815,600 | 0.0482744% | | | 集中竞价 | 2024年1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Views - The company's gypsum board business is expected to continue increasing its global market share under the strategic guidance of "one body and two wings, global layout." The supporting businesses, including metal framing, waterproofing, and coatings, are projected to contribute to sustained rapid growth [3]. - The company's stock incentive plan reflects confidence in its development, with high performance targets set for net profit growth in the coming years. The adjusted net profit forecasts for 2024-2026 are 39.02 billion, 46.77 billion, and 55.72 billion RMB, respectively [3]. - The company is expanding its industrial coatings segment through the acquisition of Zhejiang Daqiao Paint, which will enhance its market presence and production capacity in the East China region [3]. Financial Projections - Total revenue is projected to grow from 22.43 billion RMB in 2023 to 32.64 billion RMB by 2026, with a compound annual growth rate (CAGR) of approximately 9.86% [9]. - The net profit attributable to the parent company is expected to increase from 3.52 billion RMB in 2023 to 5.57 billion RMB in 2026, reflecting a CAGR of about 19.13% [9]. - The earnings per share (EPS) is forecasted to rise from 2.09 RMB in 2023 to 3.30 RMB in 2026, indicating a strong growth trajectory [9]. Market Data - The company's closing price is reported at 32.49 RMB, with a market capitalization of approximately 54.89 billion RMB [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 15.58 in 2023 to 9.85 in 2026, suggesting an attractive valuation as earnings grow [9]. Strategic Initiatives - The company is focusing on international expansion, particularly in Southeast Asia, Central Asia, the Middle East, Europe, and the Mediterranean region, to drive high growth in overseas operations [3]. - The strategic execution of enhancing the gypsum board business and integrating waterproofing and coatings is expected to stabilize volume and price, thereby consolidating market position [3].

各位投资者大家晚上好我是长江建材的李浩首先还是感谢大家参加我们这个会议尤其是在二五年的第一天也祝大家新年快乐今天晚上大家也看到了公司的股权激励也是重新发出来了为什么说是重新发出来因为实际上在去年的几乎是同一天公司发了二三年的股权激励的方案但是中间因为各种各样的原因一直没有得到上级单位的批复到了今年二五年的第一天 经过方案的一些重新的修改以及和国资委一个持续的沟通发出来了24年的一个股权纪律方案我们先去对比一下新旧两个预案的一个对比的话那细节我们就不多说了重点还是在于业绩指引的这个变化23年的预期是24到26年的购配利润是42.6亿61.6和64.7亿新版本的是25年27年的45.654.7 65.67亿 所以我们按照最新的这个既定目标算起来大概对应的这个复合增速是在20%左右就是先不考虑这个实现的这个可能性有多大首先从这个增速对比目前大家对北京的预期上增长增速的预期上去看的话确实是还是非常去非常超预期的那至于说这个低利实现的这个路径的话那我们认为无非就是从两个方面去看一个方面就是公司10%主业的一个稳定性还有一个的话就是公司外延业务未来的一个成长的一个路径 乍一看的话似乎滴滴目标和二三年去比的话还是下降了但实 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company has launched a new stock incentive plan aimed at high-quality development, with a total of up to 12.9 million restricted shares to be granted at a price of 18.20 yuan per share [2]. - Despite a downward adjustment in performance assessment targets for 2025-2026, the company remains committed to high-quality growth, with net profit targets set at no less than 4.56 billion yuan for 2025 and 5.02 billion yuan for 2026 [2]. - The acquisition of a 51.42% stake in Zhejiang Daqiao Paint for 207 million yuan is expected to enhance the company's performance and market presence in the industrial paint sector [3]. Financial Summary - The company forecasts revenue growth from 22.43 billion yuan in 2023 to 32.91 billion yuan in 2026, with a compound annual growth rate (CAGR) of 13.7% [3]. - The projected net profit for 2024-2026 is 3.88 billion yuan, 4.56 billion yuan, and 5.02 billion yuan respectively, with corresponding P/E ratios of 14.0, 11.9, and 10.8 [3]. - Key financial metrics include a projected net asset return of 15.1% in 2024, increasing to 16.0% in 2025 [5]. Market Position - The company benefits from a strong market position due to its cost advantages and brand strength, allowing it to avoid price wars and maintain profitability [3]. - The dual business model of waterproofing and coatings is expected to provide significant growth potential even during industry downturns [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 37.36 CNY per share, corresponding to a PE of approximately 14x for 2025 [1][3][13]. Core Views - The company demonstrates strong confidence in its growth potential, as evidenced by its high performance targets for stock incentives, despite the pressure on new housing completion demand. The confidence stems from the comprehensive implementation of the "One Body, Two Wings, Global Layout" strategy and the potential for more external acquisitions encouraged by policy support [1][2][3]. Financial Projections - The projected net profits for the company from 2024 to 2026 are 38.9 billion CNY, 45.8 billion CNY, and 54.8 billion CNY, respectively, with corresponding PE ratios of 13.2, 11.2, and 9.3 [1][3]. - The company expects stable growth in its gypsum board business, with significant contributions from the waterproofing and coating segments following successful acquisitions and market expansion [2][3]. Business Strategy - The company is focusing on enhancing its core gypsum board business while expanding into complementary products such as light steel keel, powder mortar, mineral wool board, and other gypsum board-related products, which have shown significant growth in recent years [2]. - The waterproofing business has achieved high-quality growth since 2023, with revenue growth rates of 24% and 20% for 2023 and the first half of 2024, respectively [2]. - The coating business, bolstered by the integration of Jia Baoli, is expected to see substantial growth through both organic development and external acquisitions [2]. Stock Incentive Plan - The company announced a new stock incentive plan on January 1, 2025, proposing to grant up to 12.9 million shares, with performance targets set for net profit growth rates of no less than 14.22%, 16.12%, and 17.08% for 2025, 2026, and 2027, respectively [12][16].

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company has launched a 2024 restricted stock incentive plan, which is expected to strengthen mid-term growth expectations and enhance valuation [5][7]. - The incentive plan includes performance assessments at three levels: company-wide, business unit, and individual performance, with specific targets for net profit growth and return on equity [5][6]. - The projected net profit for 2025-2027 is estimated to be 45.60 billion, 54.72 billion, and 65.67 billion respectively, with a year-on-year growth rate of around 20% for 2026 and 2027 [5][6]. Summary by Sections Incentive Plan - The company plans to grant a total of 12.90 million shares, accounting for 0.764% of the total share capital, with an initial grant of 11.17 million shares at a price of 18.20 yuan per share, to be unlocked over three years [3][5]. Market Demand and Performance - The demand for gypsum board is expected to remain stable, with a correlation to the non-manufacturing PMI index, indicating a recovery in the service sector and construction industry [6]. - The company maintains a strong market position, with a balanced strategy for both low-end and high-end products, ensuring stable profitability [6][7]. External Growth - The company is actively pursuing external growth through acquisitions and integration, with successful outcomes in its waterproofing and coating businesses [7]. - The financial foundation and backing from the group are expected to support continued external acquisitions [7]. Financial Projections - The projected revenues for 2024, 2025, and 2026 are 27.39 billion, 31.39 billion, and 37.36 billion respectively, with net profits expected to reach 3.88 billion, 4.61 billion, and 5.49 billion [23]. - The estimated PE ratios for 2025 and 2026 are approximately 11.1 and 9.3 times, indicating a valuation bottom [7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [9][21]. Core Insights - The company has proposed a stock incentive plan to grant 12.9 million restricted shares, representing approximately 0.764% of the total share capital, with performance targets set for the fiscal years 2025-2027 [1][3]. - The performance targets include a compound annual growth rate (CAGR) of non-net profit attributable to the parent company of at least 14.22%/16.12%/17.08% for the years 2025/2026/2027, respectively, with corresponding profit figures of 4.56 billion, 5.47 billion, and 6.57 billion yuan [1][3]. - The company is optimistic about its "one body, two wings, global layout" strategy, which is expected to drive long-term growth [3][8]. Financial Summary - Revenue projections show a growth from 19.93 billion yuan in 2022 to 31.90 billion yuan in 2026, with a CAGR of 7.71% from 2025 to 2026 [4][11]. - The net profit attributable to the parent company is forecasted to increase from 3.14 billion yuan in 2022 to 5.65 billion yuan in 2026, reflecting a CAGR of 14.56% [4][11]. - The company's earnings per share (EPS) is expected to rise from 1.86 yuan in 2022 to 3.34 yuan in 2026, with a corresponding decrease in the price-to-earnings (P/E) ratio from 17.35 to 9.64 [4][19]. Stock Incentive Plan - The stock incentive plan is designed to enhance employee motivation and operational vitality, with a total expense of approximately 135.3 million yuan for the initial grant of 11.17 million shares [3][8]. - The plan includes a three-phase unlocking mechanism based on achieving specified performance metrics [1][3]. Market Position - The company is positioned within the building materials and renovation materials industry, with a total market capitalization of approximately 54.42 billion yuan [9][21]. - The report highlights the company's strategic acquisitions and growth potential in the context of the industry landscape [3][8].