来源：环球网 平阴山水石灰岩矿无人驾驶矿卡成果发布仪式 当时代的目光聚焦无人驾驶，矿山已经用一次次的规模化落地书写"科幻变成现实"的答案！ 5月15日，"平阴山水水泥石灰岩矿无人驾驶成果发布会暨无人驾驶矿卡应用观摩会"在山东济南盛大启 幕。该项目由平阴山水水泥有限公司主办，兖州中材、易控智驾、宇通矿卡、中国移动等联合协办，标 志着我国露天矿区全矿无人驾驶从试点探索迈向规模化落地的重要里程碑，为行业提供可复制、可推广 的绿色智运解决方案。 平阴山水无人驾驶项目高效、高质量的落地离不开矿山智能化产业链的完善与协同。项目以山水集团需 求为主导，构建了"智能装备+数字基建+创新技术+场景运营"协同范式，通过兖州中材、易控智驾、宇 通矿卡、中国移动的深度协同，形成了"技术-场景-产业"闭环，为行业提供了全要素联动的智慧矿山解 决方案样本。 作为技术赋能核心方，易控智驾依托其自研的无人驾驶技术方案'著山'，通过场景化技术适配实现精准 赋能。无人驾驶项目组深入矿区实际作业场景，对无人驾驶技术方案进行'轻量化改造'，最大限度复用 矿山现有设施，减少系统及环境改造，让无人驾驶无缝嵌入实际生产作业场景。通过自动篷布一键管控 扬尘 ...

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 14,509,866, a decrease of 20.5% compared to RMB 18,116,387 in 2023[10] - Gross profit increased to RMB 2,093,842, with a gross margin of 14.4%, up from 10.6% in the previous year[10] - Operating profit was RMB 182,404, representing an operating margin of 1.3%, a significant recovery from an operating loss of RMB 646,555 in 2023[10] - The net loss attributable to shareholders was RMB 140,608, compared to a loss of RMB 883,959 in 2023, indicating an improvement in financial performance[10] - The company reported a basic loss per share of RMB 0.03, an improvement from a loss of RMB 0.20 per share in the previous year[10] Market Outlook - Future guidance indicates a cautious optimism with expectations of gradual recovery in the construction materials market[10] - The continuous decline in cement demand is primarily due to a significant drop in real estate investment and insufficient funding for infrastructure projects[49] - The market outlook remains challenging due to ongoing economic pressures and reduced construction activities[49] - The company anticipates that the cement industry will experience a recovery in profitability in 2025, driven by enhanced industry self-discipline and production capacity management policies[96] Operational Efficiency - The company plans to focus on market expansion and new product development to drive future growth[10] - The company is investing in new technologies to improve production processes and reduce costs[10] - The gross profit margin has shown a positive trend, increasing from 10.6% in 2023 to 14.4% in 2024, reflecting improved operational efficiency[10] - The company plans to focus on improving operational efficiency and management effectiveness as part of its "Efficiency Improvement Year" initiative[101] Production and Sales - Cement sales volume decreased to 44,957 thousand tons in 2024 from 52,612 thousand tons in 2023, a decline of 14.5%[15] - The average selling price of cement was RMB 261.9 per ton in 2024, down from RMB 270.1 per ton in 2023, a decrease of 4.1%[15] - The clinker sales volume decreased to 6,826 thousand tons in 2024 from 10,338 thousand tons in 2023, a decline of 34.5%[15] - The sales volume of high-grade cement was 42,130,000 tons, a decrease of 14.2% year-on-year, while low-grade cement sales volume fell by 19.7% to 2,827,000 tons[62] Financial Position - Total assets decreased to RMB 30,222,319 thousand in 2024 from RMB 30,773,414 thousand in 2023, a decline of 1.8%[12] - Total liabilities decreased slightly to RMB 12,030,113 thousand in 2024 from RMB 12,370,050 thousand in 2023, a reduction of 2.8%[12] - The net debt-to-equity ratio increased to 14.9% in 2024 from 13.5% in 2023, indicating a rise in financial leverage[12] - Cash and cash equivalents decreased from RMB 2,254,037,000 to RMB 2,179,627,000, reflecting a net decrease of RMB 82,793,000 during the year[85] Strategic Initiatives - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[10] - The company plans to continue expanding its product diversification strategy, moving from a single product focus to a more varied product offering[18] - The company aims to strengthen its competitive position in the market through mergers and acquisitions, as well as strategic partnerships[34] - The company will prioritize green transformation by establishing a carbon management mechanism and increasing the utilization rate of alternative raw materials[102] Corporate Governance - The company has complied with relevant laws and regulations that significantly impact its business and operations[130] - The board of directors has received annual confirmation letters regarding the independence of all independent non-executive directors[118] - The company is committed to maintaining high standards of corporate governance to enhance shareholder value and ensure transparency[184] - The board regularly reviews corporate governance policies and practices to protect shareholder interests and enhance corporate value[186] Employee and Management - The group has a total of 14,700 employees as of December 31, 2024[183] - The group adheres to a compensation policy based on employee performance, qualifications, and capabilities[180] - The management team has a diverse educational background, including degrees from prestigious institutions such as the University of California, Los Angeles, and Tongji University[169] - The company emphasizes the importance of retaining and attracting talent through its stock options plan, which is crucial for its growth and development[159]

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was approximately RMB 14,509,866,000, a decrease of 19.9% compared to RMB 18,116,387,000 in 2023[4] - The operating profit for 2024 was approximately RMB 182,404,000, a significant recovery from an operating loss of RMB 646,555,000 in 2023[4] - The net loss attributable to shareholders for 2024 was approximately RMB 140,608,000, compared to a net loss of RMB 883,959,000 in 2023[4] - Basic loss per share for 2024 was RMB 0.03, improving from a basic loss per share of RMB 0.20 in 2023[4] - Gross profit for 2024 was RMB 2,093,842,000, an increase from RMB 1,912,607,000 in 2023[5] - The company reported a total of RMB 111.474 million in government grants for 2024, compared to RMB 161.097 million in 2023, reflecting a decline in financial support[35] - The net loss for the year was RMB 189,041,000, a significant improvement from a net loss of RMB 1,050,106,000 in 2023, representing a reduction of 82.0%[101] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 20,969,057,000, compared to RMB 20,037,834,000 in 2023[9] - The company’s total liabilities decreased from RMB 10,735,580,000 in 2023 to RMB 9,253,262,000 in 2024[9] - The company’s cash and cash equivalents decreased from RMB 2,254,037,000 in 2023 to RMB 2,179,627,000 in 2024[9] - Non-current liabilities increased to RMB 2,776,851 thousand in 2024 from RMB 1,634,470 thousand in 2023, representing a growth of approximately 70%[10] - Net assets decreased to RMB 18,192,206 thousand in 2024 from RMB 18,403,364 thousand in 2023, a decline of about 1.14%[10] - Total equity attributable to shareholders decreased to RMB 18,175,647 thousand in 2024 from RMB 18,329,334 thousand in 2023, reflecting a decrease of approximately 0.84%[10] - The total interest-bearing bank loans as of December 31, 2024, were RMB 5,365,460,000, of which RMB 3,797,750,000 is due within 12 months from the reporting date[21] Revenue Breakdown - The group's revenue from cement sales decreased to RMB 11,773,070,000 in 2024 from RMB 14,208,432,000 in 2023, representing a decline of approximately 17.1%[27] - Revenue from clinker sales also fell to RMB 1,501,593,000 in 2024, down from RMB 2,238,501,000 in 2023, a decrease of about 32.9%[27] - Cement sales accounted for 81.1% of total sales in 2024, down from 78.4% in 2023, with a sales amount of RMB 11,773,070,000, reflecting a year-on-year decline of 17.1%[95] - The company's cement and clinker sales amounted to 51,783,000 tons, a decrease of 17.7% year-on-year, while ready-mixed concrete sales fell by 25.5% to 2,272,000 cubic meters[92] Cost Management - The cost of goods sold (COGS) dropped significantly from RMB 16,195,885 thousand in 2023 to RMB 12,397,879 thousand in 2024, representing a decrease of about 23.0%[46] - Gross profit for 2024 was RMB 2,093,842,000, with a gross margin of 14.4%, up from 10.6% in 2023, attributed to a significant decrease in raw material and fuel costs[96] - The group's cost of sales decreased to RMB 12,416,024,000 in 2024 from RMB 16,203,780,000 in 2023, primarily due to lower export volumes and unit production costs[96] Legal and Regulatory Matters - The company faces several lawsuits from suppliers claiming unpaid balances totaling RMB 40,412,000 as of December 31, 2024, down from RMB 54,781,000 in 2023[62] - The company is currently involved in a winding-up petition in the Cayman Islands initiated by a shareholder, Tianrui (International) Holdings Limited[63] - The company has received a summons from Tianrui Group regarding alleged loans totaling the amount claimed in the announcement made on July 18, 2023[71] - The company is actively contesting the claims made in the Cayman Islands and is represented by legal counsel[63] Market Conditions - In 2024, China's cement production reached 1.825 billion tons, a year-on-year decrease of 9.5%, marking the lowest output in 15 years[76] - Cement demand continued to decline by 10% year-on-year, primarily due to a significant drop in new real estate projects and insufficient funding for infrastructure[81] - The cement industry is expected to face a decline in demand of approximately 5%-7% in 2025 compared to 2024, despite a stabilization in the real estate market[120] - The company plans to consolidate ongoing litigation with a previous case from 2019, which may impact its legal strategy moving forward[72] Future Outlook - The group aims to enhance operational efficiency and management effectiveness as part of its "Efficiency Improvement Year" initiative in 2025[123] - The company will focus on cost management by optimizing production costs and enhancing procurement strategies[124] - The group will continue to strengthen its product development efforts to enhance value-added offerings and customer retention[124] - The company will integrate online and offline sales channels to improve service reach and precision in production and sales alignment[124]

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2024, representing a 15% increase compared to the same period last year[6]. - The net profit for the first half of 2024 was RMB 300 million, up 20% year-on-year[6]. - For the first half of 2024, the company's revenue was RMB 6,566,739,000, a decrease of 25.7% compared to RMB 8,851,107,000 in the same period of 2023[9]. - The gross profit for the first half of 2024 was RMB 623,376,000, down 48.6% from RMB 1,212,786,000 in the first half of 2023, resulting in a gross margin of 9.5% compared to 13.7%[9]. - The company reported an operating loss of RMB 500,932,000 for the first half of 2024, significantly higher than the operating loss of RMB 42,692,000 in the same period of 2023[9]. - The net loss for the reporting period was RMB 616,636,000, compared to a net loss of RMB 307,916,000 in the same period of 2023[32]. - The company reported a basic loss per share of RMB 0.12 for the six months ended June 30, 2024, compared to RMB 0.05 for the same period last year[82]. - The company reported a significant increase in financial expenses, totaling RMB 90,486,000 compared to RMB 118,699,000 in the previous year[83]. Production and Sales - The cement production volume reached 5 million tons, a 10% increase from the previous year[6]. - Cement sales volume decreased to 21,604,000 tons in the first half of 2024, down 6.7% from 23,149,000 tons in the first half of 2023[11]. - The average selling price of cement dropped to RMB 248.0 per ton in the first half of 2024, a decline of 18.5% from RMB 304.2 per ton in the same period of 2023[11]. - High-grade cement sales accounted for 93.5% of total cement sales, with a volume of 20,191 thousand tons, down 6.6% year-on-year[20]. - The company’s revenue from cement sales was RMB 5,358,386,000, a decrease of 24% compared to RMB 7,041,690,000 in the same period of 2023[98]. Market Strategy and Expansion - The company plans to expand its market presence in the northeastern region of China, targeting a 25% market share by 2025[6]. - New product lines, including eco-friendly cement, are expected to launch in Q3 2024, aiming for a 30% contribution to total sales by 2025[6]. - The company is exploring potential acquisitions in the cement sector to strengthen its market position[6]. - The company aims to expand its market presence by leveraging brand advantages and enhancing differentiated marketing strategies[46]. Cost Management and Efficiency - The company has allocated RMB 200 million for research and development in new technologies for cement production[6]. - The company intends to deepen cost reduction and efficiency enhancement through lean production management and strategic procurement practices[48]. - Total sales cost accounted for 90.5% of revenue, an increase of 4.2 percentage points year-on-year[24]. - The company plans to implement cost control measures to improve future cash flows from operating activities[92]. Legal and Governance Issues - The company is facing a significant liquidation petition in the Cayman Islands initiated by a shareholder, Tianrui, regarding the cancellation of certain convertible bonds issued in August and September 2018[65]. - The company has initiated legal proceedings against former directors for various injunctive reliefs and damages due to alleged misconduct[68]. - The company is currently involved in litigation with Tianrui Group regarding alleged loans, with a hearing scheduled for April 30, 2025[147]. - The company has engaged legal counsel to address the winding-up petition and is preparing to contest the claims made against it[144]. Future Outlook - The company anticipates a revenue growth of 10-15% for the full year 2024, driven by increased demand in infrastructure projects[6]. - The company expects a marginal improvement in cement demand in the second half of 2024, driven by increased infrastructure projects and disaster recovery efforts[18]. - The overall demand for cement is expected to improve in the second half of the year due to increased infrastructure projects and disaster recovery needs[45]. Corporate Governance - The company maintained high standards of corporate governance and adopted the principles and code provisions of the corporate governance code[159]. - The chairman and CEO roles were separated, with the chairman assuming CEO responsibilities until a new CEO was appointed on August 5, 2024[160]. - Several changes in the board of directors occurred, including the appointment of a new chairman and CEO on August 5, 2024[165].

Financial Performance - Revenue for the first half of 2024 was approximately RMB 6,566,739,000, a decrease of 25.8% compared to the same period last year[1] - Operating loss for the first half of 2024 was approximately RMB 500,932,000, compared to an operating loss of RMB 42,692,000 in the same period last year[1] - Net loss attributable to shareholders for the first half of 2024 was approximately RMB 530,628,000, compared to a net loss of RMB 236,847,000 in the same period last year[1] - Basic loss per share for the first half of 2024 was RMB 0.12[1] - Gross profit for the first half of 2024 was RMB 623,376,000, a decrease from RMB 1,212,786,000 in the same period last year[2] - Total revenue for the first half of 2024 was RMB 6,566.739 million, a decrease from RMB 8,851.107 million in the first half of 2023[11] - Total revenue for the six months ended June 30, 2024, was RMB 6,900,093 thousand, a decrease from RMB 9,306,450 thousand in the same period in 2023[15] - The company reported a pre-tax loss of RMB 595,219 thousand for the six months ended June 30, 2024, compared to a pre-tax loss of RMB 162,632 thousand in the same period in 2023[16] - Revenue from Shandong Province decreased to RMB 4,248,322 thousand in 2024 from RMB 5,903,318 thousand in 2023[15] - Revenue from the Northeast region decreased to RMB 1,658,850 thousand in 2024 from RMB 2,040,921 thousand in 2023[15] - Revenue from Shanxi Province decreased to RMB 825,765 thousand in 2024 from RMB 1,093,767 thousand in 2023[15] - Revenue from Xinjiang region remained relatively stable at RMB 167,156 thousand in 2024 compared to RMB 268,444 thousand in 2023[15] - The company's total assets decreased to RMB 28,150,037 thousand as of June 30, 2024, from RMB 30,437,018 thousand as of December 31, 2023[15] - The company's total liabilities decreased to RMB 9,174,089 thousand as of June 30, 2024, from RMB 9,118,023 thousand as of December 31, 2023[15] - The company's financial expenses for the six months ended June 30, 2024, were RMB 90,486 thousand, a decrease from RMB 118,699 thousand in the same period in 2023[20] - The company's other income for the six months ended June 30, 2024, was RMB 82,755 thousand, a decrease from RMB 95,466 thousand in the same period in 2023[18] - Total depreciation and amortization for the six months ended June 30, 2024, amounted to RMB 703,943 thousand, a decrease from RMB 744,583 thousand in the same period in 2023[21] - The company's income tax expense for the six months ended June 30, 2024, was RMB 21,417 thousand, compared to RMB 145,284 thousand in the same period in 2023[23] - Revenue for the reporting period was RMB 6,566,739,000, a decrease of 25.8% compared to RMB 8,851,107,000 in the same period last year, primarily due to a decline in both cement sales volume and prices[52] - Gross profit decreased to RMB 623,376,000, with a gross margin of 9.5% (2023: 13.7%), mainly due to lower cement sales volume and prices[53] - Net loss for the period was RMB 616,636,000, compared to a net loss of RMB 307,916,000 in the same period last year, driven by a significant decline in gross profit[56] - Total assets increased by 0.8% to RMB 31,006,529,000, while total equity decreased by 3.4% to RMB 17,784,447,000[57] - Net cash generated from operating activities was RMB 209,713,000, a decrease of RMB 88,326,000 year-over-year, primarily due to lower cement sales volume and prices[59] - Capital expenditures amounted to RMB 571,386,000, mainly used for intelligent production, mining resource reserves, and new cement and clinker production lines[61] - The net capital debt ratio increased to 14.8% (2023: 13.5%), driven by higher bank borrowings and a decrease in total equity[57] - Other income decreased to RMB 82,755,000 from RMB 95,466,000, mainly due to a reduction in government subsidies[54] - Sales expenses decreased by 6.2% to RMB 133,209,000, primarily due to lower cement sales volume and reduced handling and sales service fees[54] - Total assets as of June 30, 2024, amounted to 1,574,028, compared to 2,194,299 as of December 31, 2023, showing a significant decrease[62] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 22,401,372,000, slightly higher than RMB 22,343,372,000 at the end of 2023[5] - Non-current assets as of June 30, 2024, included property, plant, and equipment valued at RMB 16,524,378,000[6] - Total equity as of June 30, 2024, was RMB 17,784,447,000, compared to RMB 18,403,364,000 at the end of 2023[7] - Non-current liabilities as of June 30, 2024, included bank loans due after one year amounting to RMB 1,650,210,000[7] - Accounts receivable and notes receivable as of June 30, 2024, totaled RMB 1,898,692 thousand, an increase from RMB 1,743,148 thousand as of December 31, 2023[26] - The company's restricted bank deposits as of June 30, 2024, amounted to RMB 320,180 thousand, a decrease from RMB 416,754 thousand as of December 31, 2023[30] - Total bank borrowings as of June 30, 2024, were RMB 5,521,260 thousand, an increase from RMB 5,132,457 thousand as of December 31, 2023[31] - Accounts payable increased to RMB 4,136,821 thousand as of June 30, 2024, up from RMB 3,855,229 thousand as of December 31, 2023[32] - Other payables and accrued expenses totaled RMB 2,149,302 thousand as of June 30, 2024, compared to RMB 2,069,927 thousand as of December 31, 2023[33] - Capital commitments not reflected in the financial statements amounted to RMB 719,988 thousand as of June 30, 2024, a decrease from RMB 1,275,929 thousand as of December 31, 2023[37] Legal and Litigation Matters - The company has appointed external and/or internal lawyers to handle pending litigation and reduce exposure to legal claims[8] - Legal disputes involving accounts payable amount to RMB 17,214 thousand as of June 30, 2024, with suppliers demanding immediate repayment[32] - Legal claims related to other payables amount to RMB 7,378 thousand as of June 30, 2024, down from RMB 11,811 thousand as of December 31, 2023[34] - Legal claims from service providers total RMB 51,545 thousand as of June 30, 2024, related to unpaid construction contracts and labor disputes[38] - The company is facing a winding-up petition in the Cayman Islands, with legal proceedings ongoing and an appeal pending before the Privy Council[39] - The company and its subsidiaries received a writ of summons from Tianrui Group on June 28, 2023, claiming an alleged loan amount, which the company denies and has counterclaimed against Tianrui Group[42] - The company's subsidiaries, including China Shanshui (Hong Kong) and Pioneer, are involved in a legal dispute with Tianrui Group, with a hearing for the consolidation and strike-out summons scheduled for April 30, 2025[43] - The Grand Court ruled on October 17, 2023, and October 26, 2023, regarding the scope of evidence disclosure in the Cayman Petition, with further trial schedules yet to be determined[41] - The company is involved in non-material litigation as of June 30, 2024, but management believes these cases will not have a significant impact on the company's financial position[44] Industry and Market Conditions - The cement industry in the first half of 2024 experienced a "continuous decline in demand, low price fluctuations, and sustained industry losses" due to the ongoing adjustment in the real estate sector and slowing infrastructure investment growth[45] - National cement demand continued to decline significantly in the first half of 2024, with cumulative cement production of 850 million tons, a year-on-year decrease of 10%, and a reduction of 100 million tons compared to the same period last year[46] - The company's cement and clinker sales totaled 24,631,000 tons in the first half of 2024, a year-on-year decrease of 8.8%, and revenue was RMB 6,566,739,000, a year-on-year decrease of 25.8%[50] - The average national cement market price in the first half of 2024 was RMB 367 per ton, a year-on-year decrease of RMB 54 per ton, or 13%[48] - The company's cement production capacity was 97.73 million tons, clinker production capacity was 50.12 million tons, and commercial concrete production capacity was 1.91 million cubic meters as of June 30, 2024[50] - The Shandong region accounted for 60.0% of the company's sales revenue in the first half of 2024, a decrease of 28.3% compared to the same period last year[51] - The Northeast operating region accounted for 24.9% of the company's sales revenue in the first half of 2024, a decrease of 18.4% compared to the same period last year[51] - The Shanxi operating region accounted for 12.6% of the company's sales revenue in the first half of 2024, a decrease of 24.0% compared to the same period last year[51] - The Xinjiang operating region accounted for 2.5% of the company's sales revenue in the first half of 2024, a decrease of 37.7% compared to the same period last year[51] - The cement market faced severe challenges in the first half of 2024, with declining prices and increased competition, leading to industry-wide losses[63] Strategic Initiatives and Future Outlook - The company has implemented cost control measures and other comprehensive policies to increase net cash inflows from operating activities in the coming years[8] - The company expects no significant difficulties in renewing short-term revolving bank loans based on past experience and current communication with banks[8] - The company expects industry profitability to improve in the second half of 2024, with a potential turnaround in the third quarter and growth in the fourth quarter[49] - The company expects improved cement demand in the second half of 2024 due to increased government bond issuance and post-disaster reconstruction needs[64] - The company plans to strictly implement peak-shifting production to optimize market supply and demand[65] - The company aims to expand its market by focusing on differentiated marketing and leveraging digital technologies, including e-commerce platforms[65] - The company will continue to reduce costs through lean production management and optimized procurement strategies[65] - The company will strengthen risk control measures, including safety production, quality management, and compliance with energy and environmental policies[65] Corporate Governance and Management - The company has maintained high standards of corporate governance and adopted the principles of the Corporate Governance Code[66] - The roles of Chairman and CEO were combined during the reporting period until May 31, 2024, due to the difficulty in finding a qualified candidate for both roles[66] - Mr. Teng Yongjun was appointed as Chairman and CEO on August 5, 2024, following the resignation of Mr. Li Huibao[67] - The Audit Committee reviewed the unaudited interim results and discussed risk management and internal controls with management[69] - No significant events affecting the company have occurred since June 30, 2024[70] - The interim results announcement is available on the Hong Kong Exchanges and Clearing Limited website and the company's website[70] Financial Instruments and Risk Management - The company has applied revised International Financial Reporting Standards (IFRS) for the first time in the reporting period, with no significant impact on current or prior financial performance[10] - The revised IFRS 7 and IAS 7 will require additional disclosures related to supplier financing arrangements, affecting the company's 2024 annual financial statements[10] - The company does not use financial instruments to hedge foreign exchange risks, as most sales and purchases are denominated in RMB[63] Dividends and Share Transactions - No interim dividend will be declared for the six months ending June 30, 2024[66] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[66] Employee and Subsidiary Information - The company had 15,149 employees as of June 30, 2024[63] - The company sold a 70% stake in Guangrao Shanshui Cement Co., Ltd. for RMB 26,295,000 on March 19, 2024, with no significant impact on financial operations[63]

Financial Performance - The company's operating revenue for the year ended December 31, 2023, was RMB 18,116,387 thousand, a decrease of 15.5% compared to RMB 21,488,959 thousand in 2022[5]. - Gross profit for the year was RMB 1,912,607 thousand, down 51.0% from RMB 3,899,098 thousand in the previous year[5]. - The company reported a net loss of RMB 1,050,106 thousand for the year, compared to a profit of RMB 763,840 thousand in 2022, indicating a significant decline in profitability[5]. - Basic and diluted loss per share for the year was RMB 0.20, compared to earnings of RMB 0.17 per share in the previous year[5]. - The company's total comprehensive expenditure and income for the year amounted to a net loss of RMB 998,149 thousand against an income of RMB 712,745 thousand[15]. - The company's net assets as of December 31, 2023, were RMB 18,403,364 thousand, down from RMB 19,432,600 thousand in 2022[30]. - The company reported a total equity attributable to shareholders of RMB 18,329,334 thousand, compared to RMB 19,161,336 thousand in the previous year[30]. - The net loss attributable to shareholders for 2023 was RMB (883,959) thousand, compared to a profit of RMB 755,411 thousand in 2022[157]. Assets and Liabilities - Total assets less current liabilities amounted to RMB 20,037,834 thousand, a decrease from RMB 21,019,193 thousand in 2022[12]. - The total current liabilities increased to RMB 10,735,580 thousand from RMB 9,409,619 thousand in the previous year, indicating a rise in financial obligations[12]. - As of December 31, 2023, the company's non-current liabilities included bank loans due after one year totaling RMB 800,310 thousand, a decrease from RMB 835,000 thousand in 2022[30]. - The total assets reported for 2023 were RMB 29,663,023 thousand, a decrease from RMB 30,452,079 thousand in 2022[113]. - The company's cash and cash equivalents decreased to RMB 1,743,148 thousand in 2023 from RMB 1,763,731 thousand in 2022[133]. - Total liabilities increased to RMB 12,370,050 thousand in 2023 from RMB 12,097,593 thousand in 2022[114]. Operational Strategies - The company aims to enhance financial control and reduce costs through stricter budget constraints and process controls[6]. - There is a focus on improving the management of accounts receivable to enhance asset liquidity and recovery rates[6]. - The company plans to prioritize resource allocation towards key projects, particularly in environmental protection and efficiency improvements[6]. - The company is actively working on measures to address operational losses and improve profitability through targeted restructuring efforts[7]. - The company plans to adopt a strategy of staggered production to reduce losses, rather than a blanket low-price strategy due to stable market demand[14]. - Key strategies for 2024 include strengthening standardized management, precise investment, and enhancing sustainable development capabilities[33]. - Cost reduction and efficiency enhancement will be prioritized, with a focus on risk prevention and sustainable survival capabilities[35]. - The company will implement a "Management Improvement Year" initiative to enhance operational management and efficiency across various dimensions[38]. - The company plans to optimize production organization and data management to achieve cost reduction and efficiency[39]. - Procurement strategies will focus on reducing costs through benchmarking and enhancing supplier evaluation mechanisms[40]. Market Outlook - The cement market is expected to face significant challenges in 2024, with insufficient demand and high production capacity, making substantial improvement in supply-demand relationships unlikely[14]. - The company anticipates a challenging outlook for the cement industry in 2024, focusing on stability and quality improvement to enhance competitiveness[32]. - The company plans to maintain its focus on market expansion and new product development to drive future growth[110]. - The company faced a decline in cement production growth, with cumulative production growth turning negative in the first half of 2023 due to weak market demand and adverse weather conditions[176]. - The company acknowledged that the cement market recovery was weaker than expected in 2023, with production growth continuing to decline in the latter half of the year[176]. Corporate Governance - The company has maintained high standards of corporate governance and has complied with the corporate governance code throughout the reporting period[19]. - The independent non-executive directors have sufficient channels to communicate with the chairman regarding company affairs, ensuring effective governance[22]. - The audit committee has discussed and reviewed the preliminary announcement of the company's performance with the current management[24]. - The company has not appointed a CEO; the responsibilities are currently held by the chairman, which is seen as a necessary arrangement given the complexity of the business[20]. Legal Matters - The company is currently involved in a significant legal case regarding a winding-up petition filed by a shareholder, which is pending court resolution[193]. - The company is awaiting further court decisions regarding the ongoing litigation and evidence disclosure related to the winding-up petition[171]. - The company received a court order on May 27, 2019, regarding the cancellation of certain convertible bonds issued in August and September 2018, and subsequent conversions and share allocations[194]. - The appeal by Tianrui against the court's decision is still pending and has not yet been heard[195]. - The High Court included China National Materials and Asia Cement as respondents in a petition on January 27, 2021[196]. - A hearing took place on May 23, 2022, with further submissions made on February 3, 2023, regarding document disclosure issues[198]. - Tianrui Group claims to have provided loans to the company and others, with the alleged outstanding amount detailed in a July 18, 2023 announcement[199]. - China National Water Group denies Tianrui's claim for loan repayment and countersues for damages caused by alleged collusion from 2015 to 2018[200]. - The counterclaim is based on a previous lawsuit filed in 2019 against Tianrui and others[200]. - China National Water Group intends to apply for the consolidation of this lawsuit with a previous High Court case[200].

Financial Performance - Total sales cost for the reporting period was RMB 7,638,321,000, accounting for 86.3% of revenue, an increase of 7.4 percentage points year-on-year [2]. - Gross profit for the six months ended June 30, 2023, was RMB 1,212,786,000, with a gross margin of 13.7%, down from 21.1% in 2022 [5]. - Net loss for the group was RMB 307,916,000, a decrease of RMB 779,987,000 compared to a net profit of RMB 472,071,000 in the same period last year [13]. - Operating revenue for the six months ended June 30, 2023, was RMB 8,851,107 thousand, a decrease of 12.6% from RMB 10,131,698 thousand in the same period of 2022 [141]. - Gross profit for the same period was RMB 1,212,786 thousand, down 43.1% from RMB 2,135,955 thousand year-on-year [141]. - Basic and diluted loss per share was RMB 0.05, compared to earnings of RMB 0.11 per share in the same period of 2022 [141]. - The company reported a net loss of RMB 236,847,000 for the current period, with total expenses amounting to RMB 243,438,000 [153]. - The company experienced an operating loss of RMB 42,692 thousand, compared to an operating profit of RMB 822,768 thousand in the first half of 2022, reflecting a significant decline in operating performance [181]. Assets and Liabilities - Total assets increased by approximately 3.6% to RMB 32,582,419,000 as of June 30, 2023 [15]. - Total liabilities rose to RMB 13,404,489 thousand, up from RMB 12,024,674 thousand at the end of 2022 [183]. - The net capital debt ratio increased to 9.9% as of June 30, 2023, from 7.1% at the end of 2022, mainly due to increased bank borrowings [15]. - Non-current liabilities decreased to RMB 1,379,830 thousand from RMB 1,586,593 thousand at the end of 2022, showing a reduction in long-term debt [149]. - The company’s net assets as of June 30, 2023, were RMB 19,177,930 thousand, down from RMB 19,432,600 thousand at the end of 2022 [149]. Cash Flow - The net cash generated from operating activities for the first half of 2023 was RMB 505,994,000, a year-on-year decrease of RMB 756,401,000, primarily due to a decline in cement prices leading to reduced revenue [30]. - The net cash used in investing activities was RMB 1,118,760,000, a decrease of RMB 232,137,000 year-on-year, mainly due to reduced capital expenditures for new cement and clinker production lines and technological upgrades [31]. - The net cash generated from financing activities increased to RMB 1,650,068,000, up RMB 1,179,932,000 year-on-year, primarily due to an increase in short-term borrowings [32]. - The overall cash flow from operations, investments, and financing activities resulted in a net change in cash and cash equivalents of RMB 1,037,302,000 for the period [30]. - The total cash and cash equivalents as of June 30, 2023, stood at RMB 3,183,403,000, compared to RMB 1,794,124,000 at the same time last year [30]. Market and Industry Outlook - The outlook for the second half of 2023 anticipates a potential recovery in the real estate market due to favorable policies, which may support cement demand [49]. - The cement industry is expected to accelerate supply-side reforms under the "dual carbon" and "dual control" policies, leading to a healthier and more stable industry ecosystem [49]. - The overall cement market in China showed weak demand, with a significant decline in real estate investment by 7.9% year-on-year [186]. Strategic Initiatives - The company aims to maintain price stability and reduce inventory through production adjustments in response to the challenging market conditions [49]. - The company plans to focus on market expansion by implementing differentiated marketing strategies tailored to local and timely demands, aiming to develop low-carbon and low-magnetic building materials to penetrate both traditional and emerging markets [50]. - The company aims to enhance cost reduction through refined management practices, focusing on production management, procurement strategies, and expense management to improve operational efficiency and reduce unnecessary expenditures [50]. - The company is focusing on cost management strategies to improve profitability in the upcoming quarters [154]. - The company has plans for market expansion and new product development to enhance revenue streams [154]. Shareholder Information - As of June 30, 2023, the company's total issued shares amount to 4,353,966,228 [67]. - Major shareholders include Li Liufa and Li Fenglan, each holding 951,462,000 shares, representing 21.85% of the total shares [61]. - China Shanshui Investment Company Limited holds 847,908,316 shares, accounting for 19.47% of the total shares [61]. - Asia Cement Corporation and its subsidiaries collectively hold 428,393,000 shares, representing 9.84% of the total shares [61]. - The company has pledged a total of 951,462,000 shares to Bohai Bank as collateral for loans [64]. Legal and Compliance Issues - The company is facing a winding-up petition in the Cayman Islands, initiated by a shareholder, Tianrui, with ongoing legal proceedings [93]. - The company has been denied the approval to pay the final dividend for the year ended December 31, 2021, as per the court's ruling on March 31, 2023 [97]. - The company is involved in significant litigation against former directors regarding alleged misconduct and damages claims [99]. - The company has received a court summons from Tianrui Group regarding loan repayment, which may impact financial obligations [122]. Employee and Training Initiatives - The company has a workforce of 16,592 employees as of June 30, 2023, and emphasizes the importance of technical training to enhance employee skills and performance [53].

| --- | --- | --- | |----------|------------|-------------| | | 2023 年 | 2022 年 | | | 6 月 30 日 | 12 月 31 日 | | | 人民幣千元 | 人民幣千元 | | | | | | 一年內 | 4,668,557 | 2,780,603 | | 一至兩年 | 95,000 | 835,000 | | 兩至五年 | 515,310 | – | | | | | | | 5,278,867 | 3,615,603 | 4,441,529 4,711,006 – 19 – (i) 該 金 額 主 要 指 收 購 物 業、廠 房 及 設 備 的 應 付 款 人 民 幣45,336,000元（2022年12月31日：人 民 幣 45,862,000元）、礦 山 治 理 應 付 款 人 民 幣123,946,000元（2022年12月31日：人 民 幣123,946,000元）、供 應商的合同保證金人民幣166,663,000元（2022年12月31日：人 民 幣116,356,000元）、設 備 維 護 的 應 付款人民幣14 ...

Financial Performance - The company's operating revenue for 2022 was RMB 21,488,959,000, a decrease of 12.5% from RMB 24,659,544,000 in 2021[7] - Gross profit for 2022 was RMB 4,229,850,000, with a gross margin of 19.7%, down from 29.4% in 2021[7] - Net profit attributable to equity holders was RMB 748,702,000, a significant decline from RMB 2,777,298,000 in the previous year[7] - The company reported a basic earnings per share of RMB 0.17 for 2022, compared to RMB 0.64 in 2021[7] - The company's cash flow from operating activities was RMB 2,658,434,000, down from RMB 3,553,072,000 in 2021[11] Production and Sales - Cement sales volume decreased to 47,570,000 tons in 2022, compared to 55,832,000 tons in 2021, reflecting a decline of 14.7%[12] - The average selling price of cement remained stable at RMB 360.8 per ton, slightly up from RMB 360.7 per ton in 2021[12] - The sales volume of high-grade cement was 44,427,000 tons, a decrease of 14.7% compared to 52,099,000 tons in the previous year, while low-grade cement sales volume decreased by 15.8% to 3,143,000 tons[178][180] - The company reported a decrease in external sales of cement, clinker, and concrete by 8,262,000 tons, 727,000 tons, and 225,000 tons respectively, with declines of 14.8%, 8.7%, and 6.3% year-on-year[178] Market Conditions - In 2022, China's national cement production was 2.12 billion tons, a decrease of 10.8% year-on-year, marking the lowest output since 2012 and the largest decline since 1969[96] - The average market price of cement in 2022 was RMB 466 per ton, down 4.2% year-on-year, with prices returning to 2017 levels despite significant increases in manufacturing costs due to rising coal prices[101] - The demand for cement throughout 2022 was characterized as "sluggish," with seasonal demand patterns becoming less distinct, leading to a situation where peak seasons were not strong and off-peak seasons were even weaker[100][103] Operational Strategy - The company is actively pursuing a diversified business model, expanding beyond cement to include aggregates, concrete, and prefabricated building components[16] - The company’s operational strategy includes a focus on expanding its market share through the development of new products and technologies[49] - Future strategies may include potential market expansion and the development of new technologies to enhance production capabilities[53] - The overall operational strategy emphasizes maintaining a balance between production capacity and market demand to optimize profitability[53] Corporate Structure and Governance - The company holds 100% ownership of China Shanshui (Hong Kong) and Pioneer Cement, which in turn owns 100% of Shandong Shanshui, indicating a solid corporate structure[47] - The company is committed to maintaining high standards of corporate governance and transparency in its operations[39] - The company has established a robust financial reporting structure, with comprehensive financial statements available for stakeholder review[40] Financial Position - Total assets increased to RMB 31,457,274,000 in 2022, up from RMB 28,963,687,000 in 2021[8] - The net debt-to-equity ratio increased to 7.1% in 2022, compared to 5.6% in 2021, indicating a rise in financial leverage[8] - The net cash generated from financing activities for the year was RMB 1,047,726,000, an increase compared to RMB 1,439,860,000 in the previous year, primarily due to increased net inflow from bank borrowings[143] Production Capacity - As of December 31, 2022, the total cement production capacity of the group was 91,950 thousand tons, and the clinker production capacity was 50,220 thousand tons, showing a decrease of 2,840 thousand tons in cement capacity and 252 thousand tons in clinker capacity compared to 2021[53] - The Shandong region accounted for the largest share of cement capacity at 48,630 thousand tons, down from 51,470 thousand tons in 2021, representing a decrease of approximately 5.5%[53] - The company operates multiple production facilities across various provinces, including Shandong, Liaoning, and Xinjiang, ensuring proximity to limestone mines and cement grinding production lines[52] Future Outlook - The company plans to focus on expanding its market presence and enhancing operational efficiency in response to the challenging market conditions[95] - The company is exploring potential acquisitions to strengthen its position in the Northeast region, targeting a 15% market share increase[200] - Future guidance indicates a projected revenue growth of 20% for the upcoming quarter, driven by new product launches and market expansion strategies[200]

股東週年大會 截 至2022年12月31日止年度業績初步公告 – 1 – | --- | --- | --- | --- | |-----------------------------------------------------|---------|-----------------------|---------------------| | | | 2022 年 | 2021 年 | | | 附 註 | 人民幣千元 | 人民幣千元 | | 營業收入 | 4(a) | 21,488,959 | 24,659,544 | | 經營成本 毛 利 | | (17,259,109) | (17,399,995) | | 其他收入 | 5 | 4,229,850 315,595 | 7,259,549 464,126 | | 貿 易 應 收 款 項 減 值 撥 回╱（減 值 損 失） 淨 額 | | 6,131 | (44,393) | | 其他應收款項減損淨額 | | (24,345) | (36,453) | | 銷售費用 | | (679,549) | (809,858) | | 管理費用 | | (1, ...