Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved an annual revenue of 6.5 billion yuan, a year-on-year decrease of 17%, and a net profit attributable to shareholders of 330 million yuan, down 54% year-on-year [2][4]. - In the first quarter, the company reported a revenue of 1 billion yuan, a decline of 2% year-on-year, with a net profit of -30 million yuan, a decrease of 164% year-on-year [2][4]. - The ongoing price war in the industry is expected to continue, with a significant impact on profitability and revenue [11]. Summary by Sections Financial Performance - The company's revenue for 2024 is projected to decline by 17%, with tile revenue down 18% due to weak terminal demand and a 9% decrease in tile sales volume [11]. - The average price of tiles fell by approximately 10%, while production costs decreased by 7%, leading to a decline in gross margin from 33.5% in 2023 to 31.0% in 2024 [11]. - The net profit margin for 2024 is estimated to be around 5.1%, down 4.2 percentage points year-on-year [11]. Market Conditions - The first quarter showed a slight recovery in revenue decline, but profitability remains under pressure due to the ongoing price war [11]. - The construction area is expected to decline by about 28% in 2024, impacting overall demand in the industry [11]. Future Projections - The company is expected to achieve net profits of approximately 340 million yuan and 480 million yuan in 2025 and 2026, respectively, corresponding to valuation multiples of 21 and 15 times [6]. - The cash flow performance is strong, with a net cash flow from operating activities of 860 million yuan in 2024 [11]. Industry Dynamics - The supply side of the tile industry is experiencing significant exits, with production expected to decrease by 12% in 2024 compared to previous years [11]. - Environmental policies are pushing the industry towards green production and smart manufacturing, which may further influence supply dynamics [11].

证券代码：003012 证券简称：东鹏控股 公告编号:2025-035 朱端明先生任职期间分管公司人资运营平台，积极推动公司完善人力资源管 理体系和组织效能提升，助力公司实现运营成本和效率持续优化。公司及董事会 对其在任职期间的工作给予充分肯定，对朱端明先生为公司发展做出的贡献表示 衷心感谢！ 特此公告。 广东东鹏控股股份有限公司董事会 二〇二五年四月二十八日 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 广东东鹏控股股份有限公司（以下简称"公司"）董事会于 2025 年 4 月 19 日披露了《关于调整部分高级管理人员的公告》（公告编号：2025-031）。现将 有关信息补充公告如下： 朱端明先生的离任，系公司基于其因个人原因及未来职业规划于 2025 年 3 月 17 日主动提出的申请、结合公司经营管理情况所作出的审慎决策，朱端明先 生与公司董事会及管理层始终保持着良好的沟通协作，不存在歧见或未决事项。 广东东鹏控股股份有限公司 关于调整部分高级管理人员的补充公告 ...

Core Viewpoint - The company reported stable operating performance in the first quarter of 2025 despite industry challenges, with revenue remaining flat year-on-year and a decrease in net profit due to price adjustments in the previous year [4][5]. Financial Data - The company achieved operating revenue of 994 million yuan in the first quarter, which is approximately the same as the previous year [4]. - Net profit decreased compared to the same period last year, influenced by a decline in product prices [4][5]. - The company reported a non-recurring loss of 277,000 yuan related to employee compensation for factory relocation [3]. Operational Strategies - The company focused on channel optimization and cost control, leading to an 11.27% reduction in total expenses year-on-year [5]. - The retail business for tiles saw a revenue increase of 10.19% year-on-year, driven by product innovation and a response to national policies promoting home renovation [5]. Shareholder Information - As of the end of the reporting period, the company repurchased 6,038,900 shares, accounting for 0.52% of the total share capital, with a total transaction amount of approximately 36.25 million yuan [6]. Board Meeting - The company's board of directors held a meeting on April 25, 2025, where they unanimously approved the first quarter report and the 2024 ESG report [10][12].

2024 广东东鹏控股股份有限公司 环境、社会及管治（ESG）报告 2024 Environmental, Social and Governance (ESG) Report 目录 | | | | 01 | 02 | | 03 | | 04 | | 05 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 责任担当，百年东鹏 | | 绿色融合，美好人居 | | 匠心品质，用户至上 | | 携手前行，鹏翼未来 | | 秉承初心，社区共融 | | 22 公司治理 | 36 | 环境合规 | 58 | 创新驱动 | 92 | 合规雇佣 | | 118 文化可持续 | | 26 风险管理 | 39 | 能源使用 | 68 | 产品品质 | 100 | 员工培训与发展 | | 122 社会贡献 | | 30 商业道德 | 44 | 资源管理 | 74 | 负责任供应链 | 106 | 员工权益与关怀 | | 124 乡村振兴 | | 32 数据安全与客户隐私保护 | 46 | 污染物排放 | 86 | 客户服务 | 111 | 职业健康与安全 | ...

证券代码：003012 证券简称：东鹏控股 公告编号:2025-032 广东东鹏控股股份有限公司 第五届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 广东东鹏控股股份有限公司（以下简称"公司"）第五届董事会第十六次会 议于2025年4月25日以通讯表决方式召开，会议通知于2025年4月17日以书面或电 子邮件方式发出。本次会议应出席董事9名，实际出席董事9名，出席董事占东鹏 控股全体董事人数的100%。本次会议符合《公司法》等有关法律、行政法规、部 门规章、规范性文件和《公司章程》的规定，会议合法有效。 二、董事会会议审议情况 经与会董事认真审议，以记名投票表决方式通过了以下议案： 1、审议通过了《关于 2025 年第一季度报告的议案》。 公司《2025 年第一季度报告》披露于《中国证券报》《证券时报》《上海 证券报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）。 表决结果：同意 9 票，占全体董事人数的 100%；反对 0 票；弃权 0 票。 2、审议通过了《2024 年环境、社会及管治 ...

Financial Performance - The company reported a basic earnings per share of -0.0263 yuan for Q1 2025, a decrease of 168.37% compared to -0.0098 yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.3 billion yuan, a significant decline of 150% from -0.12 billion yuan in Q1 2024 [1] - The operating revenue for Q1 2025 was 9.94 billion yuan, down 1.78% from 10.12 billion yuan in Q1 2024 [1] - The return on equity was -0.40% in Q1 2025, compared to -0.15% in Q1 2024, reflecting a decline of 166.67% [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 80,414.82 million shares, accounting for 70.22% of the circulating shares, with an increase of 836.74 million shares from the previous period [2] - The largest shareholder, Ningbo Lijian Venture Capital Partnership, holds 35,037.98 million shares, representing 30.60% of the total share capital, with no change [3] - The second-largest shareholder, Foshan Huashengchang Ceramics Co., Ltd., holds 16,200 million shares, accounting for 14.15% of the total share capital, also unchanged [3] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Financial Performance - The company's revenue for Q1 2025 was CNY 994.30 million, a decrease of 1.74% compared to CNY 1,011.95 million in the same period last year[4]. - The net profit attributable to shareholders was a loss of CNY 30.45 million, representing a decline of 164.42% from a loss of CNY 11.52 million year-on-year[4]. - The total operating revenue for the current period was ¥994,298,902.45, a decrease of 1.6% from ¥1,011,954,877.18 in the previous period[22]. - The net profit for the current period was a loss of ¥30,403,306.04, compared to a loss of ¥11,923,136.96 in the previous period, indicating a significant decline in profitability[23]. - The company reported a basic and diluted earnings per share of -0.0263, compared to -0.0098 in the previous period, reflecting worsening financial performance[23]. Cash Flow and Liquidity - The net cash flow from operating activities improved to a loss of CNY 29.74 million, a 68.91% increase compared to a loss of CNY 95.65 million in the previous year[4]. - The net cash flow from operating activities was -29,742,651.45 CNY, an improvement from -95,653,471.99 CNY in the previous period, indicating a reduction in cash outflow[24]. - Total cash inflow from operating activities decreased to 1,311,453,639.43 CNY from 1,710,527,480.19 CNY, reflecting a decline of approximately 23.3%[24]. - Cash outflow from operating activities also decreased to 1,341,196,290.88 CNY from 1,806,180,952.18 CNY, showing a reduction of about 25.7%[24]. - The ending cash and cash equivalents balance was 2,071,468,155.51 CNY, down from 2,164,450,234.23 CNY in the previous period[25]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 11.46 billion, down 4.58% from CNY 12.01 billion at the end of the previous year[4]. - The company's total assets decreased to ¥11,456,350,742.79 from ¥12,006,436,364.97, showing a reduction in asset base[21]. - Total liabilities decreased to ¥3,872,995,825.80 from ¥4,357,477,432.70, indicating improved liability management[21]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 27,893[15]. - The largest shareholder, Ningbo Lijian Venture Capital Partnership, holds 30.28% of shares, totaling 350,379,778 shares[15]. - The second largest shareholder, Foshan Huashengchang Ceramics Co., Ltd., holds 14.00% of shares, totaling 162,000,000 shares[15]. - The third largest shareholder, Ningbo Hongyisheng Equity Investment Partnership, holds 11.71% of shares, totaling 135,482,100 shares[15]. - The company plans to repurchase shares with a total amount not less than RMB 100 million and not exceeding RMB 200 million, with a maximum repurchase price of RMB 9.08 per share[17]. Operational Efficiency - The company reduced total expenses by 11.27% year-on-year through enhanced operational efficiency and cost control measures[9]. - The total operating costs amounted to ¥1,019,439,702.54, down from ¥1,030,526,114.97, reflecting a cost reduction strategy[22]. Investment Performance - The company reported a significant increase in investment income of 219.34%, amounting to CNY 1.83 million, attributed to higher returns from financial investments[13]. - The company recorded an investment loss of ¥2,683,200.00 from joint ventures, compared to a gain of ¥242,899.26 in the previous period, indicating challenges in investment performance[22]. Research and Development - Research and development expenses increased to ¥41,923,515.22 from ¥37,251,151.30, highlighting a focus on innovation[22].

Core Viewpoint - Dongpeng Holdings (003012) reported a total revenue of 6.469 billion yuan for 2024, with a net profit attributable to shareholders of 328 million yuan, showcasing resilience amid challenges in the ceramic tile industry [1][2] Financial Performance - The company achieved a total revenue of 6.469 billion yuan in 2024, with ceramic tile products contributing 5.387 billion yuan [1] - Net profit attributable to shareholders was 328 million yuan, with operating cash flow of 859 million yuan [1] - Sales expenses decreased by 15.17% year-on-year, while management expenses fell by 0.12% [2] - R&D investment increased by 1.07%, indicating a focus on enhancing product competitiveness [2] - The cash flow from operating activities was 2.61 times the net profit attributable to shareholders, amounting to 859 million yuan [2] - The company maintained a cash balance of 3.215 billion yuan, with a debt-to-asset ratio of 36.29%, down 1.67 percentage points year-on-year [2] Market Position and Growth - Dongpeng Holdings achieved a market share increase despite an overall decline in industry output, with tile sales reaching 150 million square meters [3] - The company's production capacity utilization rate was close to 80%, significantly higher than the industry average of less than 50% [3] - The company expanded its small B channel operations, leading to an 8.07% year-on-year growth in its integrated business [3] Strategic Initiatives - The company is focusing on upgrading its product structure and transitioning towards green and low-carbon solutions [4] - High-value products accounted for 27.8% of sales, with innovations such as micro-patterned stone and smart toilets [4] - Dongpeng Holdings initiated a stock repurchase plan, with a total repurchase amount between 100 million and 200 million yuan, reflecting management's confidence in future growth [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company experienced a significant decline in revenue and profit in 2024, with operating income of 6.469 billion yuan, down 16.77% year-on-year, and a net profit attributable to shareholders of 328 million yuan, down 54.41% year-on-year [1][4]. - The company has implemented a stock incentive plan, indicating confidence in its long-term growth potential, with profit growth targets for 2025-2026 set at no less than 0%, 10%, and 15% compared to 2023 [1]. - The company is expected to gradually improve its market share in the medium to long term, especially if the real estate sector recovers [4]. Financial Performance - In 2024, the company’s gross margin was 29.7%, a decrease of 2.32 percentage points year-on-year, while the expense ratio increased to 21.31%, up 2.41 percentage points year-on-year [3]. - The company’s cash flow from operations (CFO) was 859 million yuan in 2024, a decrease of 907 million yuan year-on-year, with a cash collection ratio of 123.96% [3][14]. - The company’s revenue from tiles and sanitary ware in 2024 was 5.387 billion yuan and 916 million yuan, respectively, with year-on-year declines of 18.15% and 6.50% [2]. Market Position and Strategy - The company’s direct sales and distribution revenue accounted for 37.24% and 61.44% of total revenue in 2024, with the distribution channel's share increasing [2]. - The report highlights the importance of monitoring raw material prices, which may support gross margins in 2025 [2]. - The company’s marketing network covers the entire country, providing a solid foundation for future growth if the real estate market improves [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7] Core Views - The company experienced a significant decline in revenue and profit in 2024, with operating income of 6.469 billion yuan, down 16.77% year-on-year, and a net profit attributable to shareholders of 328 million yuan, down 54.41% year-on-year [1] - The company has implemented an equity incentive plan, indicating confidence in its long-term growth potential, with profit growth targets for 2025-2026 set at no less than 0%, 10%, and 15% compared to 2023 [1] - The company is expected to improve its market share in the medium to long term, especially if the real estate sector recovers [4] Financial Performance - In 2024, the company’s gross margin was 29.7%, a decrease of 2.32 percentage points year-on-year, with a net profit margin of 5.04%, down 4.22 percentage points year-on-year [3] - The company’s revenue from tiles and sanitary ware in 2024 was 5.387 billion yuan and 916 million yuan, respectively, with year-on-year declines of 18.15% and 6.50% [2] - The company’s cash flow from operations (CFO) in 2024 was 859 million yuan, a decrease of 907 million yuan year-on-year, indicating room for improvement in cash flow management [3] Market Position and Strategy - The company’s direct sales and distribution revenue accounted for 37.24% and 61.44% of total revenue in 2024, respectively, with the distribution channel's share increasing, reflecting an optimization of the channel structure [2] - The report forecasts net profits for 2025, 2026, and 2027 to be 378 million yuan, 434 million yuan, and 513 million yuan, respectively, indicating a recovery trajectory [4][5]