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，概不就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） 持續關連交易：採購水泥外加劑、混凝土外加劑及其他外加劑 《水泥外加劑採購合同》 於二零二五年十一月二十七日，本公司（為其自身及代表本集團相關成員）與海螺材料 科技（為其自身及代表海螺材料科技集團相關成員）簽署了《水泥外加劑採購合同》， 受限於海螺材料科技股東會批准，於二零二六年一月一日至二零二六年十二月三十一日 有效期內，本集團擬向海螺材料科技集團採購水泥外加劑（即水泥助磨劑），《水泥外 加劑採購合同》項下交易的年度上限為人民幣 7 億元。 《混凝土及其他外加劑採購框架協議》 於二零二五年十一月二十七日，本公司（為其自身及代表本集團相關成員）與海螺材料 科技（為其自身及代表海螺材料科技集團相關成員）簽署了《混凝土及其他外加劑採購 框架協議》 ...

Group 1 - A new company, Shanghai Conch Jianye New Materials Co., Ltd., has been established with a registered capital of 30 million yuan [1] - The company's business scope includes the sale of building materials and lightweight building materials [1] - The shareholders of the company are Conch Cement and its subsidiary, Shanghai Conch Cement Sales Co., Ltd. [1]

Core Insights - Shanghai Conch Jianye New Materials Co., Ltd. has been established with a registered capital of 30 million yuan [1] - The company's business scope includes domestic trade agency, loading and unloading, and electric vehicle charging infrastructure operation [1] - Conch Cement (600585) holds indirect full ownership of the new company [1]

Group 1 - Shanghai Hailuo Jianye New Materials Co., Ltd. was recently established with a registered capital of 30 million RMB [1] - The legal representative of the company is Wang Jian, and it is co-owned by Conch Cement (600585) and its subsidiary, Shanghai Conch Cement Sales Co., Ltd. [1] - The company's business scope includes the sale of building materials, construction decoration materials, cement products, asbestos products, and lightweight building materials [1] Group 2 - The company is classified under the non-metallic mineral products industry [2] - The registration date of the company is November 25, 2025, and it is registered in Jiading District, Shanghai [2] - The company operates without a fixed business term, indicating a long-term operational strategy [2]

Core Insights - Shanghai Conch Jianye New Materials Co., Ltd. was established on November 25, with a registered capital of 30 million RMB [1] - The company is involved in the sales of various construction materials, including building materials, decorative materials, cement products, and lightweight building materials [1] - The shareholders of the new company include Conch Cement (600585) and its subsidiary Shanghai Conch Cement Sales Co., Ltd. [1]

Summary of Key Points from Conference Call Records Industry Overview: Real Estate Market - The real estate market continues to face pressure, with cumulative sales and amounts from January to October down 7% and 10% year-on-year respectively [1][2] - New construction and land acquisition areas have dropped approximately 70% from peak levels, with housing prices down over 35% [1][2] - The market is in a rapid bottom-seeking phase, particularly in core cities where price adjustments have significant impacts on residents' asset values [1][3] Core Insights and Arguments - Core city housing prices are unlikely to continue their rapid decline; the current situation is seen as an emotional clearance phase [3] - Policy measures are expected to increase in response to weakening housing prices, including potential new personal housing loan interest subsidies and adjustments to transaction taxes [1][3] - The building materials industry should focus on supportive policies, with leading companies likely to recover before the industry as a whole [1][5] Company-Specific Insights Sanhe Tree (三棵树) - Achieved relatively good performance in 2025, but its growth structure has not reached optimal status, relying on two beta strategies and one alpha strategy [6] - The "immediate residence" business and the art paint market are key growth drivers, but the rural revitalization project has not fully realized its potential [6] Rabbit Baby (兔宝宝) - Performed well in 2025, driven by strategic changes and industry trends, particularly through particle board business expansion [7] - Future performance may depend on the stability of the real estate market [7] Challenges in the Building Materials Sector - The consumer building materials industry faces challenges from fluctuations in the real estate market, which is a significant demand driver [8] - A potential second downturn in the real estate market could have a disruptive impact on company performance [8] Investment Recommendations - Focus on leading companies in the consumer building materials sector, such as Sanhe Tree, Rabbit Baby, and others, which have advantages in market concentration [10] - In the construction industry, state-owned enterprises and companies related to the real estate chain, such as China State Construction, are expected to benefit from real estate stimulus policies [11] Future Outlook - The building materials sector is anticipated to see a positive shift as supportive policies are implemented, potentially leading to a market recovery [5] - The overall market environment remains challenging, but leading companies are expected to outperform the industry average [1][4] Additional Considerations - The investment strategy for the home appliance industry should adjust to include companies related to the real estate chain, as demand for kitchen appliances is significantly driven by new housing completions [15][16] - Opportunities exist in sectors like smart projectors and robotic vacuums, where market consolidation may benefit leading companies [17]

Investment Rating - The report maintains a positive outlook on overseas growth and technology sectors, emphasizing the importance of identifying companies capable of navigating overseas cycles and accelerating domestic technology development [2][12]. Core Insights - The report highlights the impact of changes in the US interest rate stance on market sentiment, particularly affecting high-valuation sectors linked to overseas economies. It underscores the significance of finding resilient companies in overseas markets and the opportunity for domestic technology supply chain development [2][12]. - The report expresses optimism for the overseas and AI new materials sectors, citing the recent listing of "Le Shushi," a leading fast-moving consumer goods company in East and West Africa, as a notable addition to the overseas sector [2][12]. - In the traditional building materials and construction sectors, the focus has shifted to low-valuation or less-followed segments, with dividend policies becoming a key consideration. Companies are adapting to industry challenges by reducing capital expenditures and increasing dividends [3][13]. Summary by Sections Weekly Market Performance - The building materials index decreased by 6.46% during the week, with specific declines in glass manufacturing (-9.93%), fiberglass (-11.18%), and cement manufacturing (-6.06%) [17]. Price Changes in Building Materials - National cement prices slightly decreased by 0.4% week-on-week, with regional variations in price movements. Southern regions showed a slight increase in demand, while northern regions faced a decline due to weather conditions [26]. - The average price of float glass was reported at 1168.37 RMB/ton, reflecting a decrease of 2.26% week-on-week, with inventory levels increasing [38][52]. Sector Analysis - In the cement sector, the average price was 351 RMB/ton, down 78 RMB/ton year-on-year, with an average shipment rate of 45.7% [14]. - The fiberglass market showed stability in pricing, with the average price for 2400tex direct yarn at 3531.75 RMB/ton, a slight increase of 0.2% week-on-week [57]. - The report notes that the demand for construction materials remains weak, particularly in the completion phase, while retail segments show stable growth [16].

Group 1 - Morgan Stanley anticipates that Conch Cement's stock price will experience an absolute increase within the next 15 trading days, with a probability of occurrence estimated at 70% to 80%, indicating a high likelihood [1] - The company has been given an "Overweight" rating, with a target price for A-shares set at 29.5 yuan [1]

Group 1 - The cement sector has seen significant stock price increases, with companies like Shanshui Cement rising by 4.23% to HKD 0.74, China National Building Material up by 3.55% to HKD 5.54, and Conch Cement increasing by 2.9% to HKD 23.4 [1] - According to Zhongtai Securities, the cement sector achieved a total revenue of RMB 181.1 billion in the first three quarters, a year-on-year decline of 8.5%, while net profit attributable to shareholders reached RMB 9.5 billion, a year-on-year increase of 159.1%, driven by a low base from the previous year and relatively strong industry prices alongside low coal prices [1] - Huatai Securities indicates that the core of cement capacity reduction is effectively controlling the production capacity and output of clinker production lines, with expectations that the operational phase of cement capacity reduction will begin in 2026 due to policy constraints [1] Group 2 - The report anticipates that the reversion of industry profitability in Q3 2025 may accelerate the consolidation of cement capacity in certain regions, with proactive consolidation expected in Northeast markets by Yidong and a faster market consolidation process anticipated in South China [1] - The outlook for the cement industry profitability is expected to continue improving in 2026, supported by the expectation of reduced competition and effective capacity management [1]

Group 1 - The cement sector has seen significant stock price increases, with companies like Shanshui Cement rising by 4.23%, China National Building Material by 3.55%, and Anhui Conch Cement by 2.9% [1] - According to Zhongtai Securities, the cement sector achieved a total revenue of 181.1 billion yuan in the first three quarters, a year-on-year decline of 8.5%, while net profit attributable to shareholders reached 9.5 billion yuan, a year-on-year increase of 159.1% [1] - The increase in net profit is attributed to a low base from the previous year and relatively strong industry prices alongside lower coal prices [1] Group 2 - Huatai Securities emphasizes that effective control of clinker production line capacity and output is crucial for achieving cement capacity reduction [1] - Looking ahead to 2026, policy constraints are expected to accelerate the rectification of excess clinker production capacity, facilitating the practical implementation of cement capacity reduction [1] - The anticipated decline in industry profitability in Q3 2025 may accelerate the consolidation of cement capacity in certain regions, particularly in South China [1]