Financial Performance - In 2024, the company's revenue decreased to RMB 5,885,495, down 20.7% from RMB 7,427,010 in 2023[14] - The gross profit for 2024 was RMB 592,563, representing a gross profit margin of 10%, compared to 14% in 2023[14] - The company reported a loss for the year of RMB 262,565, a significant decline from a profit of RMB 111,235 in 2023[14] - In 2024, Asia Cement (China) reported operating revenue of RMB 5,885,495,000, a year-on-year decrease of 21%[22] - The gross profit for 2024 was RMB 592,563,000, representing a year-on-year decrease of 45%[22] - The net loss for the year amounted to RMB 262,565,000, a decrease of RMB 373,800,000 from a profit of RMB 111,235,000 in 2023[22] - The Group's cost of sales decreased by approximately 17% to RMB 5,292,932,000 in 2024 from RMB 6,356,723,000 in 2023, attributed to lower coal costs[45] - Profit before tax for 2024 was RMB 54,439,000, a decrease of RMB 417,192,000 compared to a profit of RMB 471,631,000 in 2023[52] - Cash generated from operating activities decreased from RMB 1,531,770,000 in 2023 to RMB 459,738,000 in 2024, representing a decline of approximately 70%[64] - Cash used in investing activities amounted to RMB 4,124,058,000 in 2024, compared to cash inflow of RMB 2,814,690,000 in 2023[65] - Cash used in financing activities was RMB 759,138,000 in 2024, down from cash inflow of RMB 973,667,000 in 2023, primarily due to repayments of bank borrowings[66] Asset and Liquidity Position - Total assets decreased to RMB 19,677,550, down from RMB 20,282,899 in the previous year[14] - The current ratio fell to 4.77 from 4.92, indicating a decrease in liquidity[14] - The Group's bank balances and cash as of December 31, 2024, were approximately RMB 8,883,071,000, down from RMB 9,256,549,000 in 2023[63] - Total assets decreased by approximately 3% to RMB 19,677,550,000 as of December 31, 2024, from approximately RMB 20,282,899,000 in 2023[69] - The Group's borrowings as of December 31, 2024, totaled RMB 1,144,000,000, down from RMB 1,773,000,000 in 2023, with short-term borrowings increasing to 88% of total borrowings[74] - The gearing ratio as of December 31, 2024, was approximately 14%, a slight decrease from 15% in 2023[75] Market and Industry Trends - The cement industry is expected to control production capacity at approximately 1.8 billion tonnes by the end of 2025, as per the State Council's Action Plan[16] - National cement output in 2024 was 1,830 million tonnes, reflecting a year-on-year decrease of 9.5%[28] - The cement industry's profits were expected to be approximately RMB 25 billion, with a year-on-year narrowed decrease of about 20%[28] - The Group anticipates that property investment will not show positive growth in 2025, with cement demand continuing to decline[99] - The planned cement sales volume for the Group in 2025 is expected to be similar to that of 2024, considering various market factors[100] - The average price of coal is likely to decline in 2025, which may reduce production costs but could also intensify price competition in the cement market[95] - Cement price competition was fierce in the first three quarters of 2024, leading to a significant downward trend in average prices, but a recovery in profitability is expected as companies respond to "anti-involution" strategies[98] Strategic Initiatives - The company is focusing on low-carbon development and has integrated AI digital technology into its operations[17] - The company expanded its market presence along the Yangtze River and increased clinker production capacity in the Hubei region[17] - A centralized purchasing and smart procurement strategy was implemented to reduce costs and facilitate project advancement[17] - The company aims to complete the upgrade of 50% of clinker production capacity to ultra-low emissions by the end of 2025[16] - Asia Cement (China) is focusing on green transformation and intelligent upgrades to lay a foundation for future profitability recovery[22] - The company plans to deepen transformation in strategy, organization, and talent to reshape core competitiveness[23] - The Group will focus on operational strategies emphasizing high efficiency, quality, service, and environmental protection in 2025[101] Corporate Governance - The Company complied with all provisions of the Corporate Governance Code for the year ended December 31, 2024, except for the noted deviations[108] - Mr. Lee Kao-chao resigned as an independent non-executive Director effective October 17, 2024, resulting in the number of independent non-executive Directors falling below one-third of the Board[106] - Mr. Wu Chun-pang was appointed as an independent non-executive Director effective January 1, 2025, restoring compliance with the relevant Listing Rules[107] - The Company will continue to regularly review and monitor its corporate governance practices to ensure compliance with the CG Code[111] - The Board currently consists of eleven Directors, including three executive Directors, four non-executive Directors, and four independent non-executive Directors[114] - The Company has established a Board Independence Evaluation Mechanism to ensure a strong independent element on the Board[137] - The Company has provisions requiring Directors to abstain from voting on transactions where they have a material interest[155] Committee Activities - The Audit Committee is responsible for reviewing the financial statements and the effectiveness of the Company's financial reporting system and internal control system[166] - The Remuneration Committee is tasked with making recommendations on the remuneration policy and structure for executive Directors and senior management[170] - The Audit Committee held four meetings in 2024, with Mr. TSIM, Tak-lung Dominic and Mr. HSU, Shu-tong attending all meetings[169] - The Remuneration Committee held one meeting in 2024, with all members attending[175] - The Independence Committee also held one meeting in 2024, with all members present except for Mr. WU, Chun-pang who was appointed after the meeting[186] - The Nomination Committee conducted one meeting in 2024, with all members in attendance[194] Diversity and Inclusion - The Nomination Committee has adopted a Board Diversity Policy to enhance diversity among Board members, considering factors such as gender, age, cultural and educational background, and professional experience[195] - As of the annual report date, the Board consists of 1 female and 10 male directors, reflecting the company's commitment to gender diversity[198] - The company aims to achieve at least one female Director and an appropriate balance of female employees at all levels, considering its current gender diversity satisfactory[199] - The Director Nomination Policy was adopted on December 31, 2018, to ensure a balance of skills, experience, and diversity of perspectives on the Board[200]

Financial Performance - The unaudited consolidated profit attributable to owners for the three months ended March 31, 2025, is approximately RMB 3,081,000[2] - Revenue for the three months ended March 31, 2025, is RMB 1,223,847,000, representing an increase from RMB 1,149,339,000 in the same period of 2024[3] - Gross profit for the same period is RMB 143,393,000, with a gross margin of approximately 11.7%[3] - The company reported a loss before tax of RMB 98,045,000 for the three months ended March 31, 2025[3] - The company does not recommend the payment of dividends for the first three months of 2025, consistent with the previous year[7] Assets and Liabilities - Total assets as of March 31, 2025, amount to RMB 17,414,366,000, compared to RMB 17,666,017,000 as of December 31, 2024[4] - Current liabilities are reported at RMB 1,037,109,000, an increase from RMB 911,574,000 in the previous period[5] - Cash and cash equivalents as of March 31, 2025, total RMB 9,041,261,000, compared to RMB 8,901,845,000 at the beginning of the year[5] - Non-current assets are valued at RMB 8,891,959,000 as of March 31, 2025, showing a slight increase from RMB 8,771,239,000 in the previous period[4] Cash Flow - The company experienced a net cash outflow from operating activities of RMB 33,332,000 for the three months ended March 31, 2025[5] Market and Economic Conditions - In Q1 2025, China's GDP reached RMB 31.9 trillion, growing by 5.4% year-on-year and 1.2% quarter-on-quarter[8] - National fixed asset investment increased by 4.2% year-on-year, with manufacturing investment rising by 9.1%[8] - Cement demand recovery was slow, with total cement production at 331 million tons, a year-on-year decrease of 1.4%[9] - The average cement price increased compared to the same period last year, leading to a turnaround from loss to profit for the company[9] - The real estate market remains in deep adjustment, with weak construction intentions from real estate companies[10] Operational Strategies - In Q1 2025, the company implemented peak-shifting policies, increasing kiln shutdown days from 55 to 60 days[10] - Infrastructure investment, particularly in water management, is expected to be a new growth point for cement demand[10] - The company anticipates a continued decline in cement demand in Q2 2025, but the rate of decline is expected to narrow compared to last year[11] - The company aims to enhance operational efficiency and customer service while participating in industry cooperation to improve performance in the second half of 2025[12]

Financial Performance - Revenue decreased by approximately 21% to RMB 5,885,495,000 (2023: RMB 7,427,010,000) [3] - The loss attributable to the company's owners was RMB 263,682,000 (2023: profit of RMB 106,088,000) [3] - Basic loss per share was RMB 0.168 (2023: basic earnings of RMB 0.068) [3] - The company reported a gross profit of RMB 592,563,000 (2023: RMB 1,070,287,000) [4] - Total revenue for the group in 2024 was RMB 5,885,495,000, down from RMB 7,427,010,000 in 2023, indicating a decrease of approximately 20.7% [16] - Cement sales accounted for 83% of total revenue in 2024, down from 86% in 2023, with sales amounting to RMB 4,875,970,000 [58] - Gross profit for 2024 was RMB 592,563,000, resulting in a gross margin of 10%, down from 14% in 2023 [59] - The company reported a loss of RMB 262,565,000 in 2024, a decrease of RMB 373,800,000 compared to a profit of RMB 111,235,000 in 2023 [67] Dividends - The board recommended no final dividend for the year ending December 31, 2024 [3] - The company did not declare a final dividend for the year ending December 31, 2024, compared to a final dividend of RMB 0.041 per share in 2023, totaling approximately RMB 64,241,000 [27] - The company will not declare a final dividend for the year ending December 31, 2024 [95] Assets and Liabilities - Total non-current assets decreased to RMB 8,891,959,000 (2023: RMB 9,363,152,000) [5] - Current assets decreased to RMB 10,785,591,000 (2023: RMB 10,919,747,000) [5] - Current liabilities increased to RMB 2,263,184,000 (2023: RMB 2,217,566,000) [5] - Total assets less current liabilities decreased to RMB 17,414,366,000 (2023: RMB 18,065,333,000) [5] - Total assets decreased by approximately 3% to RMB 19,677,550,000 as of December 31, 2024, from RMB 20,282,899,000 in 2023 [68] - Total borrowings as of December 31, 2024, were RMB 1,144,000,000, a decrease from RMB 1,773,000,000 in 2023 [75] - The debt ratio as of December 31, 2024, was approximately 14%, down from 15% in 2023 [76] Income and Expenses - Other income increased slightly to RMB 240,228,000 in 2024 from RMB 237,211,000 in 2023, showing a growth of about 0.9% [20] - The company recognized a total tax expense of RMB 317,004,000 for 2024, down from RMB 360,396,000 in 2023, representing a decrease of approximately 12% [6] - Total depreciation and amortization expenses decreased to RMB 758,255,000 in 2024 from RMB 834,780,000 in 2023, reflecting a reduction of approximately 9.1% [24] - Employee costs, including director remuneration, decreased to RMB 455,486,000 in 2024 from RMB 569,578,000 in 2023, a decline of about 20% [24] - Financing costs decreased to RMB 54,730,000 (2023: RMB 78,056,000) [4] - The company’s administrative expenses decreased by approximately 11% to RMB 302,081,000 in 2024 from RMB 337,779,000 in 2023, mainly due to lower salary and tax expenses [62] Sales and Production - Revenue from cement products and related products decreased to RMB 5,735,672,000 in 2024 from RMB 7,241,675,000 in 2023, representing a decline of approximately 20.8% [16] - Revenue from concrete sales also decreased to RMB 149,823,000 in 2024 from RMB 185,335,000 in 2023, a decline of about 19.1% [16] - The group’s cement sales volume in 2024 was 21,561 thousand tons, a decrease of 10.4% from 24,054 thousand tons in 2023 [53] - The group’s clinker sales volume increased by 17.3% to 2,391 thousand tons compared to 2,039 thousand tons in 2023 [53] - In the Southeast region, cement sales volume was 12,397 thousand tons, down 8.9% from 13,604 thousand tons in 2023 [53] - In the Southwest region, cement sales volume decreased by 10.9% to 5,910 thousand tons from 6,630 thousand tons in 2023 [53] Market Conditions - The group faced significant competition leading to price reductions, with cement prices fluctuating throughout the year [52] - The company anticipates that the supply-demand imbalance in the cement market will intensify, making price increases more difficult [86] - The cement industry is expected to face challenges in 2025, with insufficient demand and limited infrastructure investment growth [85] - It is anticipated that cement prices will show a trend of being low at the beginning of 2025 and gradually increasing, with the industry expected to recover profitability [91] Corporate Governance - The company has complied with all applicable corporate governance codes, except for certain deviations noted [97] - The appointment of a new independent non-executive director, effective January 1, 2025, ensures compliance with relevant listing rules [100] - The company will continue to regularly review and monitor its corporate governance practices to maintain high standards [100] - The Audit Committee was established on April 27, 2008, in accordance with the corporate governance code, with responsibilities including reviewing financial reports and risk management [101] Employee Information - The company had 2,822 employees as of December 31, 2024, and provides various employee benefits according to applicable laws [80] Cash Flow - Operating cash inflow decreased from RMB 1,531,770,000 in 2023 to RMB 459,738,000 in 2024 [71] - Investment cash outflow increased to RMB 4,124,058,000 in 2024 from RMB 2,814,690,000 in 2023 [73] - Capital expenditure for the year ended December 31, 2024, was approximately RMB 481,400,000, up from RMB 310,078,000 in 2023 [73] Other Information - There are no significant events following the reporting period [94] - The company will suspend share transfer registration from May 21, 2025, to May 26, 2025, to determine the eligibility of shareholders for the annual general meeting [96] - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website at the appropriate time for the fiscal year ending December 31, 2024 [105] - The company expressed gratitude to management, employees, shareholders, business partners, banks, and auditors for their support during the reporting period [106]

Financial Performance - The company reported a net loss attributable to owners of approximately RMB 458,998,000 for the nine months ended September 30, 2024[1] - Revenue for the nine months ended September 30, 2024, was RMB 4,118,612,000, a decrease from RMB 5,715,769,000 in the same period of 2023[2] - Gross profit for the nine months ended September 30, 2024, was RMB 224,885,000, significantly lower than RMB 845,754,000 in the same period of 2023[2] - The company's total assets as of September 30, 2024, were RMB 17,397,195,000, compared to RMB 18,065,333,000 as of December 31, 2023[3] - Cash and cash equivalents decreased by RMB 564,919,000 to RMB 8,691,630,000 as of September 30, 2024, from RMB 9,256,549,000 at the beginning of the year[4] - The company's net asset value as of September 30, 2024, was RMB 16,678,451,000, down from RMB 17,206,801,000 as of December 31, 2023[4] - The company did not recommend paying dividends for the first nine months of 2024, consistent with the same period in 2023[5] Economic Indicators - 2024 Q3 GDP reached 3,329.1 billion yuan, a year-on-year increase of 4.6%, with the first three quarters GDP totaling 9,497.46 billion yuan, up 4.8% year-on-year[7] - National fixed asset investment grew by 3.4% year-on-year in the first nine months, with infrastructure investment up 4.1% and manufacturing investment up 9.2%[7] - National real estate development investment fell by 10.1% year-on-year in the first nine months, while industrial added value increased by 5.8%[7] - National cement production in the first nine months was 1.327 billion tons, down 10.7% year-on-year, with September production hitting the lowest level since 2010[7] Cement Market Trends - In the Yangtze River mid-downstream market, cement prices increased by 90 yuan/ton in September, with downstream markets seeing a one-time price hike of 100 yuan/ton for clinker and cement[8] - In the Sichuan region, cement prices dropped by 90 yuan/ton in July and August but rebounded with two price increases totaling 90 yuan/ton in September, followed by another 50 yuan/ton hike in mid-October[9] - The company expects a moderate recovery in cement demand in Q4, with price increases from Q3 likely to be maintained through the end of the year[12] Company Strategy and Outlook - The company will continue to focus on high efficiency, quality, service, and environmental protection, leveraging its logistics advantages to maintain market share[12] - The company anticipates a short-term continuation of the real estate market's bottoming-out phase, despite recent policy support aimed at stabilizing the sector[11] Board and Management - Mr. Lui has over 10 years of experience in the company secretary field and has been working at Tricor since October 2011[14] - Mr. Lui holds a Bachelor's degree in Economics and Statistics from University College London, obtained in August 2011[14] - Mr. Lui is a Fellow of both the Hong Kong Chartered Governance Institute (HKCGI) and the Chartered Governance Institute UK & Ireland[14] - The Board of Directors expressed gratitude to Ms. Mok for her contributions and welcomed Mr. Lui's appointment[15] - The current executive directors of the company are Mr. Xu Xuping, Mr. Zhang Zhenkun, and Mr. Lin Shengzhang[15] - The non-executive directors include Mr. Xu Xudong (Chairman), Mr. Li Kunyan, Mr. Chen Ruilong, and Ms. Wu Lingling[15] - The independent non-executive directors are Mr. Zhan Delong, Mr. Wang Wei, and Dr. Wang Guoming[15]

Financial Performance - For the six months ended June 30, 2024, revenue was RMB 2,689,407, a decrease of 34.5% compared to RMB 4,105,099 for the same period in 2023[9]. - Gross profit for the period was RMB 132,980, resulting in a gross profit margin of 5%, down from 16% in the previous year[9]. - The company reported a loss attributable to owners of RMB 404,853, compared to a profit of RMB 195,784 in the same period last year[9]. - The company incurred a loss before tax of RMB 223,643,000 compared to a profit of RMB 394,977,000 in the previous year, reflecting a negative swing of approximately 156.6%[12]. - The profit for the period attributable to the owners of the Company was a loss of RMB 404,853,000 for the six months ended June 30, 2024, compared to a profit of RMB 195,784,000 in the same period of 2023[41]. - For the six months ended June 30, 2024, the Group reported a net loss of RMB 411,205,000, a decrease of RMB 611,522,000 from a net profit of RMB 200,317,000 for the same period in 2023[73]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 19,311,003, a decrease from RMB 20,282,899 as of December 31, 2023[10]. - Total assets less current liabilities stood at RMB 17,330,070,000 as of June 30, 2024, down from RMB 18,065,333,000 at the end of 2023[16]. - The company’s net assets were reported at RMB 16,731,355,000, down from RMB 17,206,801,000 at the end of 2023, reflecting a decrease of about 2.8%[16]. - The Group's borrowings as of June 30, 2024, totaled RMB 973,000,000, a decrease from RMB 1,773,000,000 at the end of 2023[76]. - The Group reported a significant increase in trade and other payables, totaling RMB 982,946,000 as of June 30, 2024, compared to RMB 825,163,000 as of December 31, 2023[51]. Cash Flow - For the six months ended June 30, 2024, the net cash from operating activities was RMB 145,761, a significant decrease from RMB 803,936 in the same period of 2023[20]. - Cash and cash equivalents at the end of the period were RMB 8,612,854, a decrease from RMB 8,812,619 at the end of June 2023[20]. - The company reported a net decrease in cash and cash equivalents of RMB 643,695, compared to a decrease of RMB 87,829 in the prior year[20]. Market Conditions - The company is focusing on market expansion and new product development to improve future performance[6]. - Management anticipates a challenging market environment but remains committed to strategic initiatives to enhance operational efficiency[6]. - The total cement production in China decreased by 10% year-on-year to 850 million tonnes from January to June 2024[63]. - The real estate market continued to decline, impacting cement demand significantly in key urban markets[65]. - The decline in cement demand was exacerbated by extreme weather events and a slowdown in infrastructure investment growth[65]. Segment Performance - The cement business generated revenue of RMB 2,621,481, while the concrete business contributed RMB 67,926, indicating a decline in both segments compared to the previous year[25]. - The segment result for the cement business was a loss of RMB 203,521, and for the concrete business, a loss of RMB 14,924, leading to a total segment loss of RMB 218,445[27]. Expenses - Distribution and selling expenses decreased by 27% to RMB 163,167,000 from RMB 223,006,000 in 2023, due to lower transportation fees and handling charges[71]. - Administrative costs decreased by 10% to RMB 149,274,000 from RMB 165,969,000, mainly due to reduced employee compensation and benefits[71]. - The depreciation and amortization expense for the six months ended June 30, 2024, was RMB 387,040,000, down from RMB 419,769,000 in the same period of 2023, reflecting a decrease of approximately 8%[37]. Shareholder Information - As of June 30, 2024, Asia Cement holds a beneficial interest of approximately 67.73% in the Company, with an additional corporate interest of 5.34%, totaling 73.07% of the issued share capital[97]. - The total number of ordinary shares held by substantial shareholders includes 1,061,209,202 shares (67.73%) held by Asia Cement and 83,652,798 shares (5.34%) controlled by corporations, indicating significant ownership concentration[97]. - The Company did not recommend any dividend for the six months ended June 30, 2024, consistent with the previous year where no dividend was paid[107]. Corporate Governance - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, and found compliance with applicable accounting standards[108]. - The Company has complied with all code provisions set out in the Corporate Governance Code during the six months ended June 30, 2024[109]. - The Nomination Committee is responsible for reviewing the structure and composition of the Board, currently comprising non-executive Directors[101].

Financial Performance - For the six months ended June 30, 2024, revenue was RMB 2,689,407,000, a decrease from RMB 4,105,099,000 in the same period of 2023, representing a decline of approximately 34.6%[9] - Gross profit for the period was RMB 132,980,000, down from RMB 646,005,000 in 2023, resulting in a gross profit margin of 5%, compared to 16% in the previous year[9] - The loss attributable to owners of the Company for the period was RMB 404,853,000, compared to a profit of RMB 195,784,000 in the same period of 2023[9] - Basic loss per share was RMB (0.258), a significant decline from earnings of RMB 0.125 per share in the prior year[9] - The financial highlights indicate a significant downturn in performance metrics compared to the previous year, necessitating strategic reassessment[6] - The company reported a loss for the period attributable to owners of the Company of RMB (404,853,000) for the six months ended June 30, 2024, compared to a profit of RMB 195,784,000 in 2023[43] - For the six months ended June 30, 2024, the Group reported a net loss of RMB 411,205,000, a decrease of RMB 611,522,000 from a net profit of RMB 200,317,000 for the same period in 2023[76] Financial Ratios and Assets - The current ratio and quick ratio calculations are based on current assets divided by current liabilities and current assets less inventories divided by current liabilities, respectively[7] - Current ratio improved to 5.14 as of June 30, 2024, compared to 4.92 at the end of 2023[10] - Quick ratio also increased to 4.85 from 4.65 in the previous period[10] - The gearing ratio improved to 0.13 from 0.15, indicating a reduction in leverage[10] - Total assets decreased to RMB 19,311,003 as of June 30, 2024, from RMB 20,282,899 at the end of 2023[10] - Net assets declined to RMB 16,731,355 from RMB 17,206,801 in the previous period[10] - The gearing ratio as of June 30, 2024, was 13%, a decrease from 15% as of December 31, 2023[77] Cash Flow and Operating Activities - The net cash from operating activities for the first half of 2024 was RMB 145,761, significantly lower than RMB 803,936 in the first half of 2023, indicating a decrease of about 81.8%[21] - The cash and cash equivalents at the end of the period were RMB 8,612,854, down from RMB 8,812,619 at the end of June 30, 2023, reflecting a decrease of approximately 2.3%[20] - The net decrease in cash and cash equivalents for the first half of 2024 was RMB 643,695, compared to a decrease of RMB 87,829 in the same period of 2023, indicating a significant increase in cash outflow[21] Segment Performance - The cement business generated external sales of RMB 2,621,481, while the concrete business contributed RMB 67,926, totaling RMB 2,689,407 for the period[28] - The segment result for the cement business was a loss of RMB 203,521, and for the concrete business, a loss of RMB 14,924, leading to a total segment loss of RMB 218,445[28] Market Conditions and Outlook - Cement production in China decreased by 10% year-on-year to 850 million tonnes from January to June 2024[66] - In the Yangtze River region, cement demand remained sluggish, with prices fluctuating at low levels due to tight funding for infrastructure projects and a deep adjustment in the real estate market[66] - The Group's performance was impacted by postponed infrastructure demand and extreme weather, leading to a persistently weak demand in the cement market[66] - Looking ahead, cement demand is expected to decline due to a lack of significant improvement in the real estate sector, despite accelerated infrastructure investment[88] Corporate Governance and Compliance - The Company has complied with all code provisions set out in the Corporate Governance Code during the six months ended June 30, 2024[107] - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, and found compliance with applicable accounting standards[108] - The Independence Committee assesses potential conflicts of interest between the Group and related parties, with no new conflicts identified during the review period[108] Shareholder Information - As of June 30, 2024, Asia Cement holds a beneficial interest of approximately 67.73% in the Company, with an additional 5.34% interest through controlled corporations, totaling 73.07% of the issued share capital[100] - The total number of ordinary shares held by substantial shareholders includes 1,061,209,202 shares by Asia Cement, representing 67.73% of the issued share capital[100] - The Company did not recommend any dividend payment for the six months ended June 30, 2024, consistent with the previous year where no dividend was declared[110]

Financial Performance - Revenue for 2023 was RMB 7,427,010 thousand, a decrease from RMB 9,614,330 thousand in 2022[7] - Gross profit for 2023 was RMB 1,070,287 thousand, down from RMB 1,288,929 thousand in 2022[7] - Profit for the year in 2023 was RMB 111,235 thousand, significantly lower than RMB 423,992 thousand in 2022[7] - Gross profit margin increased to 14% in 2023 from 13% in 2022[7] - Asia Cement (China)'s operating revenue in 2023 was RMB 7,427,010,000, a year-on-year decrease of 23%[14] - Gross operating profit in 2023 was RMB 1,070,287,000, a year-on-year decrease of 17%[14] - Net operating profit in 2023 was RMB 285,251,000, a year-on-year decrease of 47%[14] - Gross operating margin increased by 1.0 percentage point to 14.4% in 2023[14] - Net operating margin decreased by 1.7 percentage points to 3.8% in 2023[14] - Revenue for 2023 decreased by 23% to RMB 7,427,010,000 from RMB 9,614,330,000 in 2022, primarily due to a decline in the average selling price of products[32][33] - Gross profit margin increased to 14% in 2023 from 13% in 2022, despite a decrease in gross profit to RMB 1,070,287,000[36] - Finance costs increased by 37% in 2023 due to higher bank borrowing interest rates[37] - Profit before tax decreased by RMB 217,370,000 to RMB 471,631,000 in 2023[37] - Income tax expense increased by 36% to RMB 360,396,000 in 2023[37] - Net profit for 2023 decreased by RMB 312,757,000 to RMB 111,235,000[37] - Total assets decreased by 4% to RMB20,282,899,000, and total equity decreased by 1% to RMB17,206,801,000 as of 31 December 2023[38] - Cash generated from operating activities decreased from RMB1,614,656,000 in 2022 to RMB1,531,770,000 in 2023[38] - Cash used in investing activities amounted to RMB2,814,690,000 in 2023, compared to cash inflow of RMB257,340,000 in 2022[38] - Cash used in financing activities amounted to RMB973,667,000 in 2023, primarily due to repayments of bank borrowings[38] - Capital expenditure for 2023 was RMB310,078,000, mainly for new production lines[38] - Short-term borrowings increased to RMB1,148,000,000 (65% of total borrowings) in 2023, while long-term borrowings decreased to RMB625,000,000 (35%)[40] - The Group's gearing ratio decreased to 15% in 2023 from 18% in 2022[41] - Unutilized credit facilities amounted to RMB9,171,000,000 as of 31 December 2023[41] - The Group's total assets in 2023 amounted to US$105.3 billion, with annual revenues reaching US$23.4 billion[135] - The Group's revenue for the year ended 31 December 2023 is detailed in the consolidated statement of profit or loss and other comprehensive income on page 64 of the annual report[164] - The Board recommended a final dividend of RMB4.1 cents per ordinary share, totaling RMB64,241,000 for the year ended 31 December 2023[164] - A final dividend of RMB16 cents per ordinary share for the year 2022 was paid on 21 July 2023[164] - The company's distributable reserves as of 31 December 2023 amounted to approximately RMB 3,878,263,000, calculated under the Cayman Islands Companies Law[167] - Charitable donations made by the Group during the year amounted to RMB 2,600,000, a decrease from RMB 9,800,000 in 2022[167] - The aggregate sales attributable to the Group's five largest customers were less than 30% of the total turnover in both 2022 and 2023[173] - The aggregate purchases attributable to the Group's five largest suppliers were less than 30% of the total purchases in both 2022 and 2023[174] - No related party transactions during the year constituted connected transactions as defined under the Listing Rules[171] - The company did not purchase, sell, or redeem any of its listed securities during the year under review[167] - The company is not aware of any tax relief or exemption available to shareholders due to their holding of the company's securities[169] - The company's share capital details for the year are provided in note 34 of the consolidated financial statements[167] - The company's property, plant, and equipment movements during the year are detailed in note 15 of the consolidated financial statements[167] - The company's reserves and equity changes are detailed in note 44 and the consolidated statement of changes in equity on pages 67-68 of the annual report[167] Industry and Market Conditions - The cement industry's total profit dropped by more than 50% year-on-year due to fierce competition and a sharp decline in real estate investment[9] - China's GDP in 2023 reached RMB 126 trillion, a year-on-year increase of 5.2%, higher than the global growth rate of approximately 3%[19] - National cement output in 2023 was 2.02 billion tonnes, a year-on-year decrease of 0.7%, with industry profits expected to be around RMB 32 billion, down 50% year-on-year[19] - The real estate market is expected to stabilize after reaching its bottom in 2024, with property sales and investments likely to stabilize in the first half and moderately recover in the second half[46] - Cement industry faces severe supply-demand imbalance, with new capacity additions expected in 2024 and cement prices likely to exhibit a bottoming-out and volatile trend[47] - Coal prices fluctuated at high levels in 2023, ranging from RMB900-1,200 per tonne, posing risks of further price increases due to potential supply tightening[48] - Infrastructure investment is expected to increase in 2024, supported by RMB1 trillion additional government bonds issued at the beginning of the year[50] - Staggered peak production policies are expected to improve in 2024, with extended kiln suspension durations, easing the supply-demand imbalance[51] - The dual carbon goals and ultra-low emission policy will impose stricter requirements on cement enterprises, potentially leading to the elimination of obsolete capacities and increased industry concentration[51] - The company expects cement demand to slightly decrease in 2024, with market prices remaining low and volatile[53] Strategic Initiatives and Future Plans - The company focused on technological innovation and net zero emission goals, integrating resources and expanding intelligent projects[11] - The company built a dedicated intelligent energy management system and expanded intelligent projects to cover optimization control, quality management, logistics management, and equipment management[11] - The Group plans to initiate AI transformation and build digital mines and smart factories in the next five years[18] - All cement and clinker production lines will reach environmental protection class A standards[18] - The Group aims to optimize logistics and improve transshipment capabilities[18] - The Group will focus on cement + aggregates + concrete businesses[18] - The Group plans to increase the market position of its existing businesses and improve operational efficiency[18] - The company plans to sell 26,590,000 tonnes of cement products (cement and clinker) in 2024, maintaining the 2023 sales volume level[53] - The company will focus on operational strategies of high efficiency, high quality, excellent service, and high environmental protection in 2024[53] - The company aims to leverage its integrated storage and transportation competitive edge to pursue cost reduction and efficiency improvement[53] - The company will actively participate in market competition with a more efficient and professional business team to maintain core market share[53] Corporate Governance and Board Structure - The Board is committed to maintaining high standards of corporate governance to safeguard shareholder interests and enhance corporate value[54] - The company has complied with all provisions of the Corporate Governance Code as set out in the Listing Rules of the Hong Kong Stock Exchange[54] - The Board comprises 11 Directors, including 6 executive Directors, 1 non-executive Director, and 4 independent non-executive Directors[55] - The company has issued service contracts to executive Directors, with terms ranging from 3 years and termination requiring 3 months' prior notice[58] - The non-executive Director, Mr. HSU Shu-tong, has a 3-year appointment letter starting from 27 April 2023, with termination requiring 1 month's prior notice[59] - The company has issued appointment letters to independent non-executive directors for a term of three years, with specific start dates for each director[60] - Mr. TSIM, Tak-Lung Dominic has served as a director for over 9 years and continues to provide objective and independent guidance[62] - The company has established a Board Independence Evaluation Mechanism to ensure strong independent judgment and safeguard shareholders' interests[63] - All directors completed independence evaluations via questionnaires and interviews, with satisfactory results reported to the Board[66] - The roles of Chairman and Chief Executive Officer are separate, with Mr. HSU, Shu-tong as Chairman and Mr. CHANG Chen-kuen as CEO[67] - The Board is responsible for overseeing the Group's businesses, strategic decisions, and performance, with senior management handling day-to-day operations[68] - The Board planned and held four meetings in 2023, with directors receiving at least 14 days' notice for regular meetings[71] - Attendance details for Board meetings in 2023 show that most directors attended all four meetings, with some attending three out of four[73] - The Audit Committee held 4 meetings in 2023 with management and/or external auditors, with attendance records showing full participation by the chairman and one member, and 3 out of 4 meetings attended by another member[82][83] - The Audit Committee's main duties include reviewing financial statements, monitoring external auditor independence, and overseeing the company's financial reporting and risk management systems[80] - All directors received training relevant to the company's business or their duties, with individual training records maintained for the financial year ended 31 December 2023[77][79] - The company provides comprehensive induction training for newly appointed directors to ensure understanding of business operations and regulatory responsibilities[76][79] - One-third of the company's directors are subject to retirement by rotation and re-election every three years according to the Articles of Association[74] - Directors appointed to fill casual vacancies must be re-elected at the first general meeting after their appointment[74] - The Audit Committee comprises one non-executive director and two independent non-executive directors, chaired by Mr. TSIM, Tak-lung Dominic[81] - The company encourages continuous professional development for directors, providing updates on regulatory changes and business environment developments[76][79] - The Audit Committee's terms of reference were last amended in 2015 and are available on the Hong Kong Exchanges and Clearing Limited's website[83] - Non-executive directors are appointed for three-year terms and subject to retirement by rotation every three years[75] - The Remuneration Committee is responsible for approving the remuneration policy and packages for executive Directors and senior management, ensuring transparency and performance-based decisions[84][85] - In 2023, the Remuneration Committee held one meeting, with all members attending, including Chairman Dr. WANG, Kuo-ming[86][87] - The remuneration of senior management in 2023 ranged from HK$1,000,001 to HK$1,500,000 and HK$2,000,001 to HK$2,500,000, with 4 individuals falling within these bands[90] - The Independence Committee reviewed transactions between the Group, Asia Cement Corporation, Far Eastern New Century Corporation, and Far Eastern Group to ensure compliance with commercial terms and fairness[91][93] - The Independence Committee held one meeting in 2023, with all members, including Chairman Mr. LEE, Kao-chao, in attendance[92][94] - The Nomination Committee reviewed the structure, size, and composition of the Board and recommended changes to align with the company's corporate strategy[95] - The Nomination Committee assessed the independence of independent non-executive Directors and recommended the re-election of Directors[95] - The Nomination Committee comprises Mr. HSU, Shu-tong (Chairman), Mr. TSIM, Tak-lung Dominic, and Mr. WANG Wei, all of whom attended 1 out of 1 meeting in 2023[97] - The Board Diversity Policy was adopted on 25 October 2013 and amended on 31 December 2018, focusing on gender, age, cultural and educational background, and professional experience[98] - As of the annual report date, the Board consists of 1 female and 10 male Directors, with a target to achieve at least one female Director and appropriate gender balance across all levels of the Group[98] - The Corporate Sustainability Committee held 2 meetings in 2023, with all members attending both meetings[100][102] - The Board amended and adopted the written terms of reference for the Corporate Sustainability Committee on 8 September 2023, in compliance with the CG Code[100] - The Corporate Sustainability Committee is responsible for consolidating and disclosing corporate sustainability information, planning and executing sustainability projects, and coordinating external evaluations on corporate sustainability[99] - The Corporate Sustainability Committee comprises 3 members: Dr. WANG Kuo-ming (Chairman, Independent Non-Executive Director), Mr. HSU Shuping (Executive Director), and Ms. WU Ling-ling (Executive Director)[100][102] - The Corporate Sustainability Committee evaluates the implementation of corporate governance, fostering of a sustainable environment, maintenance of public welfare, and promotion of economic development[101][102] - The Corporate Sustainability Committee develops policies, systems, management guidelines, and concrete promotion plans for implementing sustainable development initiatives[102] - The Corporate Sustainability Committee identifies major stakeholders and their concerns, and sets future enhancement directions and goals[102] - The Board reviewed the effectiveness of the company's risk management and internal control systems for the year ended 31 December 2023 and found them to be effective and adequate, with no significant concerns affecting shareholders[108] - The company paid RMB 9,497,000 in total to Deloitte Touche Tohmatsu for audit and non-audit services in 2023, compared to RMB 6,000,000 in 2022[106] - The Internal Audit Department continuously reviews the company's material controls and aims to cover all major operations cyclically to identify major risk areas and control issues[111] - The company has a Whistleblowing Policy allowing employees and external parties to confidentially report concerns about possible improprieties to the Head of Internal Audit or the Audit Committee[113] - The company maintains an Anti-Corruption Policy with an internal reporting channel for employees to report suspected corruption and bribery, and conducts anti-corruption training and inspections[114] - The company's risk management and internal control systems are designed to manage, not eliminate, risks of failing to achieve business objectives, providing reasonable but not absolute assurance against material misstatement or loss[107] - The Board regularly reviews the adequacy of resources, qualifications, and experience of accounting and financial reporting staff, as well as their training programs and budget[111] - The Audit Committee evaluated the performance of the risk management and internal control system during 2023 and was satisfied with its effectiveness[112] - The company secretary, Ms. Mok Ming Wai, undertook over 15 hours of professional training in 2023 to update her skills and knowledge[103] - The Board is responsible for ensuring the financial statements reflect a true and fair view of the company's affairs, results, and cash flow, and are prepared in compliance with relevant laws and Listing Rules[103] - The company has established a Corporate Sustainability Committee to enforce and implement sustainable development policies, with the CEO as the director and the Secretariat of the Administration Office as the General Convener[115][117] - The company has implemented a whistleblowing policy and anti-corruption policy, allowing employees to report misconduct anonymously through internal channels[116] - The company has adopted regulatory measures to control inside information, limiting access to senior management and directors, and ensuring strict confidentiality[118][122] - The company discloses inside information to the public as soon as reasonably practicable, ensuring announcements are clear, balanced, and free from false or misleading statements[119][122] - Shareholders holding at least one-tenth of the paid-up capital can request to convene extraordinary general meetings and propose resolutions within 21 days[121][123] - The company provides shareholders with comprehensive operational and financial performance information through annual and interim reports, and holds annual general meetings for direct communication with the board[120][123] - The company emphasizes effective communication with shareholders through annual general meetings, where the Chairman, executive directors, and independent non-executive directors are available to address shareholder queries[125][127] - The 2023 annual general meeting was held on 9 June 2023, with the notice sent to shareholders on 25 April 2023[126][127] - The Company maintains a website (http://www.achc.com.cn) for up-to-date financial and corporate governance information[130] - The Company's dividend policy, established on 31 December 2018, outlines principles for distributing net profits as dividends to shareholders[133] - The Company updated its Memorandum and Articles of Association to align with the latest Listing Rules changes during the 2023 annual general meeting[134] - The Group's investor relations team actively communicates with the investment community to introduce the Group's strengths and growth strategies[131] - The register of members will be closed from 4 June 2024 to 7 June 2024 for the annual general meeting[164] Leadership and Key Personnel - Mr. HSU, Shu-ping, aged 78, is the executive Director and vice chairman of the Group, responsible for formulating the overall business strategy in China[140] - Mr. CHEN Ruey-long, aged 76, is an executive Director with extensive experience in economic affairs and corporate governance, serving as chairman of SINOCON Industrial Standards Foundation and vice president of Cross-Strait CEO Summit[140] - Mr. LEE, Kun-yen, aged 83, has over 60 years of experience in the cement and concrete industries, currently serving as Director and general manager of Asia Cement Corporation[141][142] - Ms. WU, Ling-ling, aged 57, has over 30 years of experience in finance and corporate strategy, specializing in mergers and acquisitions, working capital management, and regulatory accounting[143][144] - Mr. CH

Financial Performance - For the three months ended March 31, 2024, the company reported an unaudited consolidated loss attributable to owners of approximately RMB 129.7 million[2]. - Revenue for the three months was RMB 1,223.8 million, a decrease from RMB 1,896.8 million in the same period last year, representing a decline of approximately 35.5%[3]. - Gross profit for the period was a loss of RMB 231, compared to a gross profit of RMB 173.6 million in the previous year[3]. - Other income increased to RMB 62.3 million from RMB 46.4 million year-on-year, reflecting a growth of approximately 34.2%[3]. - The company reported a net cash outflow from operating activities of RMB 215.3 million for the three months ended March 31, 2024, compared to a net inflow of RMB 58.7 million in the same period last year[6]. - The company's cash and cash equivalents as of March 31, 2024, were RMB 9,041.3 million, down from RMB 9,256.5 million at the end of the previous year[6]. - The company does not recommend the payment of dividends for the first three months of 2024, consistent with the previous year[7]. Assets and Liabilities - As of March 31, 2024, total assets amounted to RMB 17,710.8 million, a decrease from RMB 18,065.3 million as of December 31, 2023[4]. - The company's non-current liabilities decreased to RMB 635.8 million from RMB 858.5 million as of December 31, 2023[5]. Market Conditions - In Q1 2024, the national GDP reached 29,629.9 billion yuan, with a year-on-year growth of 5.3%, accelerating by 0.1 percentage points compared to the previous quarter[8]. - In Q1 2024, the group's cement product sales (cement + clinker) decreased by 14% year-on-year due to a downturn in the real estate market and tight project financing[9]. - The national fixed asset investment in Q1 2024 grew by 4.5% year-on-year, while infrastructure investment increased by 6.5%[8]. - The cement market demand in Q1 2024 was weak, with a total cement production of 337 million tons, down 16.3% year-on-year[9]. - The group anticipates that the cement market demand will slightly decline overall in 2024, with real estate demand continuing to bottom out[12]. - The group maintains a cautious optimism regarding the cement industry's development, expecting marginal improvement in demand in the second half of 2024[10]. - The group expects that the cement price will gradually return to a rational range after experiencing a "price war" in 2023[10]. Strategic Initiatives - The group plans to enhance customer service and leverage its comprehensive storage advantages to maintain core market share amid competitive pressures[12]. - The group aims to improve performance in the second half of the year through a series of strategic measures[12]. Executive Changes - The board announced changes in executive directors effective April 29, 2024, with three current executive directors transitioning to non-executive roles[2]. - Mr. Chen, Mr. Li, and Ms. Wu will be appointed as non-executive directors effective April 29, 2024[13]. Executive Compensation - Mr. Chen's remuneration for 2020, including director's fees, salary, and other benefits, was approximately HKD 240,000[14]. - Mr. Li holds 200,000 shares in the company, representing his equity interest[16]. - Mr. Li's remuneration for 2020, including director's fees, salary, and other benefits, was also approximately HKD 240,000[16]. - Ms. Wu has over 30 years of financial professional experience and has held various director and supervisory roles in more than 30 companies[18]. - Ms. Wu has extensive experience in mergers and acquisitions, financial management, internal control, and regulatory accounting[19]. - Ms. Wu's total compensation for 2020, including director fees, salary, and other benefits, amounted to HKD 240,000[19]. - Ms. Wu holds a registered accountant qualification in both the United States and Taiwan[19].

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之內容概不 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 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 Asia Cement (China) Holdings Corporation 亞洲水泥（中 國）控股公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：743） 截至二零二三年十二月三十一日止年度之 全年業績公告 | --- | --- | |------------------------------------------------------------------------------------|------------------------------------------------------| | | | | 財務摘要 | | | ‧ 收益減少約 23% 至人民幣 7,427,000,000 元（二 零 二 二 年：約 人 民 幣 元）。 | 9,614,300,000 | | ‧ 本公 ...

Financial Performance - For the nine months ended September 30, 2023, the unaudited consolidated profit attributable to owners of the company was approximately RMB 116.2 million[2]. - Revenue for the nine months ended September 30, 2023, was RMB 5,715.8 million, compared to RMB 6,061.1 million for the same period in 2022, representing a decrease of approximately 5.7%[3]. - Gross profit for the nine months ended September 30, 2023, was RMB 845.8 million, down from RMB 1,025.8 million in 2022, reflecting a decline of about 17.5%[3]. - Basic earnings per share for the nine months ended September 30, 2023, was RMB 0.074, down from RMB 0.237 in the same period of 2022, representing a decline of approximately 68.8%[3]. - The company did not recommend the payment of dividends for the nine months ended September 30, 2023, consistent with the previous year[7]. Cash Flow and Assets - The company reported a net cash inflow from operating activities of RMB 1,241.9 million for the nine months ended September 30, 2023, compared to RMB 1,083.3 million in 2022, indicating an increase of approximately 14.7%[6]. - As of September 30, 2023, total assets amounted to RMB 18,153.2 million, a decrease from RMB 18,951.1 million as of December 31, 2022[4]. - The company's net asset value as of September 30, 2023, was RMB 17,217.2 million, compared to RMB 17,390.9 million as of December 31, 2022[5]. - The total liabilities as of September 30, 2023, were RMB 935.9 million, a significant decrease from RMB 1,560.2 million as of December 31, 2022[5]. Market and Sales Performance - From January to September 2023, the group's cement product sales (cement + clinker) totaled 19.61 million tons, a decrease of 570,000 tons or 2.8% compared to the same period in 2022[9]. - The group's forecast for full-year 2023 cement product sales is approximately 27.09 million tons, reflecting a decline of 3.2% compared to 2022[11]. - The cement market in the Yangtze River region experienced price declines of RMB 10-30 per ton in Q3 2023 due to weak demand and high inventory levels[8]. Economic Context - In Q3 2023, China's GDP reached RMB 31,999.2 billion, growing by 4.9% year-on-year, while the GDP for the first three quarters was RMB 91,302.7 billion, with a growth of 5.2%[8]. - National fixed asset investment grew by 3.1% year-on-year in the first three quarters, with infrastructure investment increasing by 6.2%[9]. - As of September 21, 2023, the total issuance of new special bonds nationwide reached RMB 3,275.5 billion, completing 86% of the annual quota, which is expected to support infrastructure projects and stabilize cement demand[9]. Future Outlook and Strategy - The group maintains a cautiously optimistic outlook for Q4 2023, anticipating a gradual recovery in cement demand driven by seasonal factors[9]. - The group plans to enhance customer service and reduce production costs while ensuring quality to adapt to increasing market competition[11]. - The cement industry is expected to face challenges and opportunities, with many companies reaching profitability bottoms and anticipating stronger recovery in performance by year-end[11]. - The group emphasizes the importance of adhering to high efficiency, quality, service, and environmental protection in its operational strategy moving forward[11].