中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所 关于安徽海螺水泥股份有限公司 2024 年年度股东大会的法律意见书 致：安徽海螺水泥股份有限公司 北京市竞天公诚律师事务所（以下称"本所"）接受安徽海螺水泥股份有限 公司（以下称"公司"）的委托，指派本所律师列席了公司于 2025 年 5 月 29 日 14 时 30 分在安徽省芜湖市文化路 39 号召开的公司 2024 年年度股东大会（以 下称"本次股东大会"），并依据《中华人民共和国公司法》《中华人民共和国 证券法》等中国现行法律、法规和其他规范性文件（以下称"中国法律法规"） 及《安徽海螺水泥股份有限公司章程》（以下称"《公司章程》"）的规定，就 本次股东大会的召集和召开方式、出席会议人员资格、召集人资格、会议表决程 序和表决结果等事宜（以下称"程序事宜"）出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东大会的文件， 包括但不限于公司刊登的公告、关于召开本次股东大会的通知、会 ...

证券代码：600585 证券简称：海螺水泥 公告编号：2025-18 安徽海螺水泥股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 29 日 (二)股东大会召开的地点：安徽省芜湖市文化路 39 号芜湖海螺国际大酒店 3 楼 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,151 | | --- | --- | | 其中：A 股股东人数 | 1,150 | | 股） 境外上市外资股股东人数（H | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,771,303,904 | | 其中：A 股股东持有股份总数 | 2,117,100,018 | | 股） 境外上市外资股股东持有股份总数（H | 654,203,886 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 份 ...

证券代码：600585 证券简称：海螺水泥 公告编号：临 2025-19 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 安徽海螺水泥股份有限公司（"本公司"或"公司"）第十届董事会第一次会 议于 2025 年 5 月 29 日在本公司会议室召开，应到董事 9 人，实到董事 9 人。本次 会议由公司执行董事杨军先生主持，公司部分高级管理人员列席了会议。本次会议 的召开符合《公司法》和本公司《公司章程》的规定，会议程序及所作决议合法有 效。本次会议审议的各议案表决结果均为：有效表决票数 9 票，其中赞成票 9 票， 占有效表决票数的 100%；反对票 0 票；弃权票 0 票。本次会议通过如下决议： 一、选举产生第十届董事会董事长、副董事长 鉴于本公司第九届董事会董事于 2025 年 5 月 29 日届满退任，同日召开的 2024 年度股东周年大会选举产生第十届董事会成员，因此，董事会一致推选杨军先生担 任本公司第十届董 ...

Group 1 - The core index, the CN Materials Composite Index, reported at 3281.67 points, with a 2.51% increase over the past month, 1.68% over the past three months, and a 6.63% year-to-date increase [1] - The index is designed to reflect the overall performance of different industry securities from Chinese mainland enterprises, classified according to the China Securities Index industry classification standards [1] - The top ten holdings of the CN Materials Composite Index include Zijin Mining (6.39%), Wanhua Chemical (2.21%), and others, indicating a concentration in specific companies [1] Group 2 - The market distribution of the CN Materials Composite Index shows that the Shanghai Stock Exchange accounts for 49.23%, Shenzhen Stock Exchange for 42.38%, and Hong Kong Stock Exchange for 7.82% [2] - In terms of industry composition, non-ferrous metals represent 41.47%, chemicals 37.94%, and other sectors such as non-metallic materials and steel also contribute to the index [2] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, and can also be adjusted under special circumstances [3] - Adjustments to the index samples occur when there are changes in industry classification due to special events or when companies are delisted [3]

他进一步强调，政府将持续欢迎所有投资项目，尤其是那些有助于提升国家经济增长、具备韧性、可持 续性和环保理念的项目，并协助实现"柬埔寨2050愿景"。 应提的是，柬埔寨目前共有6家水泥厂投入运营，分别为贡布水泥厂、卓雷丁水泥厂、集茂Insee水泥 厂、马德望海螺水泥厂、泰文隆水泥厂和实居省海螺水泥厂，总年产能约1100万吨。柬埔寨政从一个国 产水泥自给自足转为可以出口水泥的国家。 据柬埔寨发展理事会（CDC）报告，仅从2025年1月至4月底，CDC共批准231个投资项目，总投资额达 33.6亿美元，预计将为全国创造约124,000个就业机会。 洪玛奈还宣布，国产水泥特别税政策将继续延长5年，以提升本国水泥产品的竞争优势和促进相关行业 的发展。 他指出，当前柬埔寨水泥行业投资前景广阔，他鼓励矿产与能源部以及柬埔寨水泥工业协会继续努力开 拓更多国际市场，扩大柬埔寨水泥产品的出口份额。 洪玛奈呼吁国内外投资者将柬埔寨作为首选投资目的地，强调柬埔寨正享有宝贵的和平红利、政治稳定 及宏观经济稳定。柬埔寨政府将一如既往地欢迎并积极配合所有有助于推动国家经济增长的投资项目。 5月20日上午，柬埔寨首相洪玛奈亲自出席实居省"海 ...

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。 安徽海螺水泥股份有限公司 ANHUI CONCH CEMENT COMPANY LIMITED （在中華人民共和國註冊成立之股份有限公司） （股份代號：00914） 關連交易：接受工程項目設計與技術服務、礦山基建項目工程設計與施工 服務和 SCR 脫硝技改服務 工程項目設計與技術服務 二零二五年五月二十三日，本公司（為其自身及代表其相關附屬公司）與海螺設計院 簽署《工程項目設計與技術服務合同》，根據該合同，海螺設計院將為本公司若干附 屬公司的骨料、機制砂、商砼、熟料線、粉磨站、礦粉中轉項目、輥壓機技改項目及 綜合類項目、本公司大型專項改造項目、工程諮詢服務等項目提供工程設計及/或技術 改造服務，合同價格為不超過人民幣 12,188 萬元。 礦山基建項目工程設計與施工服務 二零二五年二月七日，本公司附屬公司廣英礦業（作為發包人）與海螺設計院及銅冠 礦建（作為承包人）簽署《礦山基建項目工程總承包合同》，根據 ...

安徽海螺水泥股份有限公司 2024 年年度股东大会 会 议 资 料 2025 年 5 月 29 日 | | | | | | 安徽海螺水泥股份有限公司 ANHUI CONCH CEMENT COMPANY LIMITED 二〇二四年度股东大会会议议程 主持人：杨军 一、会议开始 主持人介绍出席会议人员。 二、宣读议案 1 时 间：2025 年 5 月 29 日下午 2:30 地 点：芜湖海螺国际大酒店 3 楼会议室 1、2024 年度董事会报告 2、2024 年度监事会报告 3、2024 年度经审计的财务报告 4、2024 年度利润分配方案 5、未来三年股东分红回报规划（2025-2027 年度） 6、关于提请股东大会授权董事会制定并实施 2025 年度中期 利润分配方案的议案 7、关于续聘财务和内控审计师并决定其酬金的议案 8、关于本公司及其附属公司为 20 家附属公司提供担保额度 预计的议案 9、关于修订《股东大会议事规则》的议案 10、关于修订《董事会议事规则》的议案 11、关于修订《公司章程》的议案 三、独立董事述职 由独立董事作 2024 年度述职报告。 四、审议和表决 股东对议案进行审议和投票表决， ...

Core Viewpoints - The construction materials industry is currently experiencing price fluctuations at the bottom level, awaiting improvements in supply and demand dynamics. The report anticipates that 2025 will be a year of profit recovery for the construction materials sector, supported by supply-side improvements and potential demand elasticity [6][21][22]. Group 1: Consumption Building Materials - The consumption building materials sector is seeing a recovery in retail building materials, driven by high demand in the second-hand housing market and supportive subsidy policies. Leading companies in this sector are demonstrating strong operational resilience [21][22]. - The long-term demand stability for consumption building materials is favorable, with increasing industry concentration and a positive competitive landscape for quality leading companies. Key players to watch include Sanke Tree, Rabbit Baby, North New Materials, Weixing New Materials, Dongfang Yuhong, China Liansu, and East Peng Holdings [21][22]. - The sector's revenue faced pressure due to a downturn in the real estate market, with a reported revenue decline of 7.2% year-on-year in 2024. However, leading companies are outperforming the industry average, indicating a potential for market share growth [27][28]. Group 2: Cement - The national average price of cement has decreased by 1.1% week-on-week, with the average price reported at 379 RMB per ton as of May 16, 2025. The industry is currently at a historical low in terms of valuation, with leading companies like Conch Cement and Huaxin Cement showing better-than-average profitability [22][23]. - The cement sector is expected to benefit from improved self-discipline among companies and a decrease in coal costs, which may enhance profitability levels compared to previous cycles [22][23]. Group 3: Glass - The glass market is experiencing weak transactions and a downward shift in price levels, with the average price of float glass reported at 1288 RMB per ton, down 2.4% week-on-week and 24.3% year-on-year. Leading glass companies are currently undervalued, with potential for recovery [22][26]. - The supply side of the glass market is adjusting, with leading companies maintaining a competitive edge in profitability. Key companies to monitor include Qibin Group, Shandong Yaobang, and Xinyi Glass [22][26]. Group 4: Fiberglass and Carbon-based Composites - The fiberglass market is stable, with prices holding steady. The leading companies in this sector, such as China Jushi and China National Materials, are well-positioned for growth due to favorable demand trends in various applications [23][24]. - The report highlights that the fiberglass and carbon-based composite sectors are characterized by long-term upward demand trends, with a positive competitive landscape among leading firms [23][24].

Investment Rating - Investment rating for the construction materials industry is "Positive" (maintained) [1] Core Viewpoints - The acceleration of urban renewal actions is expected to create investment opportunities in construction materials, as the government emphasizes the need for renovation and infrastructure improvements [3] - The potential market space for the renovation of existing buildings is gradually being developed, leading to a stabilization and recovery in demand for construction materials [3] Market Performance - The construction materials index decreased by 0.24% from May 12 to May 16, 2025, underperforming the CSI 300 index by 1.36 percentage points [5][14] - Over the past three months, the construction materials index increased by 2.72%, outperforming the CSI 300 index by 4.01 percentage points [5][15] - In the past year, the construction materials index decreased by 9.08%, underperforming the CSI 300 index by 14.82 percentage points [5][15] Sector Recommendations - Recommended companies in the consumer building materials sector include: - Sanke Tree (channel penetration, retail expansion) - Dongfang Yuhong (waterproof leader, operational structure optimization) - Weixing New Materials (high-quality operations, high retail business proportion) - Jianlang Hardware [4] - Beneficiary companies include: - Beixin Building Materials (gypsum board leader, diversified expansion in coatings and waterproof sectors) [4] Cement Sector Insights - As of May 16, 2025, the average price of P.O42.5 bulk cement was 317.07 CNY/ton, a decrease of 2.04% from the previous period [7][26] - The clinker inventory ratio was 66.98%, an increase of 3.74 percentage points [27] Glass Sector Insights - As of May 16, 2025, the average price of float glass was 1288.00 CNY/ton, down by 2.35% [7][81] - The average price of photovoltaic glass remained stable at 135.16 CNY/weight box [88] Fiberglass Sector Insights - The fiberglass market is seeing increased attention, particularly in applications related to 5G communication, AI, and aerospace [4]

公司报告 | 季报点评 海螺水泥（600585） 证券研究报告 风险提示：公司水泥销量不及预期、水泥需求不及预期、旺季涨价不及预 期、煤炭成本上涨等。 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 140,999.43 | 91,029.62 | 100,622.79 | 107,345.86 | 111,455.35 | | 增长率(%) | 6.80 | (35.44) | 10.54 | 6.68 | 3.83 | | EBITDA(百万元) | 21,347.43 | 18,371.74 | 21,477.10 | 24,068.18 | 25,657.93 | | 归属母公司净利润(百万元) | 10,430.14 | 7,696.12 | 10,115.91 | 11,561.51 | 12,487.81 | | 增长率(%) | (33.40) | (26.21) | 31.44 | 14.29 | 8.01 | | EPS(元/股) | ...