Group 1 - The core viewpoint of the news is that cement stocks in Hong Kong experienced a significant rise, led by a nearly 19% increase in Shanshui Cement, attributed to a slight increase in national cement prices due to the traditional peak season and improved market demand [1][2] - China Galaxy Securities noted that this week, national cement prices saw a slight increase, primarily due to the current entry into the traditional peak season, with cement companies actively pushing for price increases [1] - The market demand has shown some recovery, although it remains weaker compared to the same period last year, and some clinker production lines are still in a state of suspension, which has not yet put pressure on the companies' clinker inventories [1] Group 2 - Looking ahead, the demand during the "Golden September and Silver October" period is expected to continue to grow, but the increase is anticipated to be limited due to weak terminal market conditions [1] - There is an expectation of a longer period of staggered production suspensions during the winter, combined with the current marginal improvement in demand, which suggests that cement companies will continue to actively push for price increases [1] - Additionally, there is an expectation of rising coal prices, which will further support cement prices [1]

Core Viewpoint - The Hong Kong cement sector is experiencing a significant rise, led by a nearly 19% increase in shares of China Shanshui Cement, driven by a slight uptick in national cement prices due to seasonal demand recovery and proactive pricing strategies from cement companies [1]. Industry Summary - This week, national cement prices have slightly increased, attributed to the traditional peak season and higher pricing enthusiasm from cement companies [1]. - Market demand has shown some recovery, although it remains weaker compared to the same period last year [1]. - Some clinker production lines are still idled, which has not yet pressured the clinker inventory of companies [1]. - Looking ahead, demand is expected to continue growing during the "Golden September and Silver October" period, but the increase is anticipated to be limited due to a weak end-market [1]. - The upcoming winter is expected to bring extended periods of production halts, and with marginal improvements in current demand, cement companies are likely to continue pushing for price increases [1]. - There is an expectation of rising coal prices, which will further support cement prices [1]. Company Summary - China Shanshui Cement saw a significant price increase of 18.89%, reaching 1.070 [1]. - Other companies such as China Tianrui Cement, Anhui Conch Cement, and China National Building Material also experienced modest gains of 1.45%, 1.22%, and 1.10% respectively [1]. - The stock performance of various cement companies indicates a positive market sentiment, with several companies showing around 1% increase in their stock prices [1].

Group 1 - Cement stocks in Hong Kong have seen a rise, with China Tianrui Cement up over 4%, Huaxin Cement up 3.8%, and Dongwu Cement and China National Building Material both rising nearly 2% [1] - The market is entering a traditional sales peak starting in September, with recent price increases for cement in the Pearl River Delta region [1] - After several rounds of price increases in the first quarter, cement prices in the Pearl River Delta experienced a continuous decline towards the end of the second quarter, but are expected to rebound as demand increases in the upcoming sales season [1] Group 2 - The expected cement prices in the fourth quarter are anticipated to be higher than the same period last year, supported by reduced external competition due to the approaching dry season in the Guangxi region [1] - The current price situation indicates a potential bottoming out of cement prices in the Pearl River Delta, with a positive outlook for recovery [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 自願性公告 法律訴訟的最新進展 本 公 告 乃 由 中 國 山 水 水 泥 集 團 有 限 公 司（「本公司」）自 願 作 出。 茲提述本公司於2025年8月26日刊發的2025年 中 期 報 告。除 非 另 有 界 定， 否則本公告中使用的詞彙應具有2025年 中 期 報 告 中 定 義 的 相 同 涵 義。 如先前在2025年 中 期 報 告 中 披 露，2023年6月28日，天瑞集團股份有限公 司（「天瑞集團」）在 香 港 高 等 法 院 對 本 公 司 及 其 附 屬 公 司 中 國 山 水 水 泥 集 團（香 港）有 限 公 司、China Pioneer Cement (Hong Kong) Company Limited及 山 東 山 水 水 泥 集 團 有 限 公 司（統 稱「中國山水集團」）提 起 訴 訟（即 高 等 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國山水水泥集團有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00691 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.01 | USD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.01 | USD | | 100,000,000 | 本月底法 ...

2025 中期報告 2025 Interim Report 2025 Interim Report 中期報告 (II) 公司信息 | (I) | 釋義 | 2 | | --- | --- | --- | | (II) | 公司信息 | 4 | | (III) | 主要數據 | 6 | | (IV) | 管理層討論與分析 | 7 | | (V) | 股本及主要股東、董事持股情況 | 25 | | (VI) | 重要事項 | 31 | | (VII) | 中期財務報告（未經審核） | 45 | | (VIII) | 其他 | 79 | (I) 釋義 於本中期報告內，除非文義另有所指，否則下列字句具有以下涵義： | 「本公司╱公司╱中國山水╱ | 指 | 中國山水水泥集團有限公司 | | --- | --- | --- | | 山水水泥」 | | | | 「本集團╱中國山水集團」 | 指 | 本公司及其附屬公司 | | 「財務報表」 | 指 | 本集團的簡明綜合財務報表 | | 「報告期」 | 指 | 2025年1月1日至2025年6月30日的期間 | | 「董事會」 | 指 | 本公司董事會 | | 「董事」 | ...

Core Viewpoint - The company reported a decline in revenue and a reduced loss for the first half of the fiscal year, indicating a focus on cost reduction and operational efficiency to improve performance moving forward [1]. Group 1: Financial Performance - For the six months ending June 30, 2025, the company recorded revenue of 5.554 billion yuan, a year-on-year decrease of 15.4% [1]. - The loss attributable to shareholders was 250 million yuan, which represents a year-on-year reduction of 52.8% [1]. Group 2: Strategic Measures for Performance Improvement - The company plans to enhance performance by focusing on cost reduction and efficiency improvements, including precise benchmarking and exploring cost-saving potential [1]. - It aims to deepen regional market engagement and implement marketing strategies to stabilize sales and prices [1]. - The company will optimize production organization and management while ensuring quality and safety standards [1]. - Efforts will be made to enhance supply chain efficiency through joint procurement and dynamic supplier selection [1]. - The company will prioritize cash flow safety and manage controllable expenses effectively [1]. Group 3: Industrial Layout Optimization - The company intends to promote industrial cluster development by strengthening its core business in clinker and cement while expanding into aggregates, manufactured sand, and high-performance concrete [2]. - It will focus on enhancing sales terminals and expanding market share in advantageous regions [2]. Group 4: Sustainable Development and Asset Management - The company will assess the sustainable development capabilities of enterprises and implement tailored strategies for loss-making entities [3]. - It plans to phase out inefficient capacities and optimize existing assets through various means such as restructuring and leasing [3]. Group 5: Innovation and Technology Advancement - The company is committed to green development by advancing carbon reduction technologies and clean energy alternatives [4]. - It aims to integrate digital and intelligent technologies into production and management processes to create smart factories and mines [4]. - A talent strategy will be implemented to enhance workforce efficiency and organizational optimization [4].

智通财经APP讯，山水水泥(00691)发布截至2025年6月30日止六个月业绩，营业收入55.54亿元(人民 币，下同)，同比下降15.4%;股东应占亏损2.50亿元，同比收窄52.8%;每股基本亏损0.06元。 于报告期间，集团亏损净额同比减少，主要由于本期水泥价格同比上升，且生产、销售、管理及财务等 各项费用皆有不同程度下降所致。 期内，营业收入减少主要由于本期受市场需求疲弱，水泥销量下降幅度大于销价提升幅度所致。 ...

Core Viewpoint - The company reported a decline in revenue and a reduced net loss, indicating challenges in the cement market due to weak demand and pricing dynamics [1] Financial Performance - Revenue for the six months ending June 30, 2025, was 5.554 billion RMB, a year-on-year decrease of 15.4% [1] - The loss attributable to shareholders was 250 million RMB, which represents a year-on-year reduction of 52.8% [1] - Basic loss per share was 0.06 RMB [1] Market Dynamics - The decrease in revenue was primarily due to weak market demand, with cement sales volume declining more than the increase in selling prices [1] - The reduction in net loss was mainly attributed to a year-on-year increase in cement prices and a decrease in various expenses related to production, sales, management, and finance [1]

Core Viewpoint - The company reported a decline in revenue and a reduced loss for the first half of 2025 compared to the same period last year, indicating challenges in the market demand for cement [1] Financial Performance - The company's revenue for the first half of 2025 is approximately RMB 5.55 billion, a decrease of 15.4% compared to the same period last year [1] - The loss attributable to shareholders for the first half of 2025 is approximately RMB 250 million, an improvement from a loss of RMB 530 million in the same period last year [1] - The basic loss per share for the first half of 2025 is RMB 0.06 [1] Sales Composition - Cement and clinker sales accounted for 92.5% of total revenue in the first half of 2025, up from 91.1% in 2024 [1] - Ready-mixed concrete sales contributed 3.4% to total revenue in the first half of 2025, down from 5.3% in 2024 [1] Market Conditions - The decrease in revenue is primarily attributed to weak market demand, with a decline in cement sales volume exceeding the increase in selling prices [1]