Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Views - The recent Politburo meeting emphasized the need for proactive macro policies to stabilize the real estate market, which is expected to create investment opportunities in building materials [3] - The report highlights the importance of local government bond issuance and the acceleration of urban renewal actions to support the industry [3] - Recommendations for consumer building materials include companies like Sankeshu, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware, while beneficiaries include Beixin Building Materials [3] Market Performance - The building materials index increased by 0.22% in the week from April 21 to April 25, 2025, underperforming the CSI 300 index, which rose by 0.38% [4][13] - Over the past three months, the building materials index has risen by 3.00%, outperforming the CSI 300 index by 4.19% [4][13] - In the past year, the building materials index has increased by 2.03%, underperforming the CSI 300 index by 3.63% [4][13] Cement Sector - As of April 25, 2025, the average price of P.O42.5 bulk cement was 332.84 RMB/ton, a slight decrease of 0.03% [6][26] - The clinker inventory ratio reached 63.80%, an increase of 2.46 percentage points [6][26] - Regional price variations were noted, with Northeast prices increasing by 7.14% while prices in other regions like North China and South China saw declines [26][28] Glass Sector - The spot price of float glass remained stable at 1331.00 RMB/ton as of April 25, 2025, while the price of photovoltaic glass was 139.06 RMB/weight box, also stable [6][90] - The inventory of float glass decreased by 6,000 weight boxes, a decline of 0.11% [84][85] Fiberglass Sector - The report indicates a growing interest in the LowDk electronic cloth supply chain, which is primarily used in 5G communication and AI applications [3] - Recommendations for the fiberglass sector include China Jushi, with beneficiaries being Zhongcai Technology and Changhai Co [3] Valuation Metrics - The average PE ratio for the building materials sector is 27.25, ranking it 17th lowest among all A-share industries, while the PB ratio is 1.10, ranking it 5th lowest [21][24]

（原标题：调仓风向标|中泰资管姜诚："被动"调整应对市场，逆势加仓房地产） 中国基金报 魏仲哲 编者按：四月中旬起，公募基金2025年度一季报陆续披露，明星基金经理们的调仓动作和仓位变化也成为基民们关注的焦点。而在每一份定期报 告背后，也隐藏着这些优秀管理人的"投资秘籍"。基金君将继续为大家更新人物库专题【调仓风向标】，解码明星基金产品持仓变化及其管理人 的投资理念。 四月下旬，公募基金进入了2025年度一季报的集中披露期，基金君长期跟踪的中泰资管基金经理姜诚最新操作动向也浮出水面。 一季度，姜诚仍然奉行"好资产便宜了，就再买一点"的调仓逻辑：A股方面，其对三只材料业个股进行了部分减持；同时，对房地产及相关行业 个股做了增持。港股方面，其对两只房地产个股进行了大幅减持，同时对银行业的持仓进行了整体减持。但总体上，两只包含港股的基金中，港 股持仓比例又整体上行。 纵观姜诚所有调仓动作，都与其一以贯之的观点保持高度一致：持仓结构稳定、坚持长期持有，同时面对股价的波动，从来只做被动的处理，不 追逐热点。具体操作上，基金君依然以规模较大的中泰星元、中泰玉衡，持有港股的中泰兴为、中泰元和为大家进行解析。一季度，姜诚对以 ...

Anhui Conch Cement Company Limited 关于附属公司 2025 年度第一期绿色中期票据发行结果 的公告 证券代码：600585 证券简称：海螺水泥 公告编号：临 2025-17 安徽海螺水泥股份有限公司 上述详情请见本公司分别于 2024 年 4 月 10 日、2024 年 5 月 17 日、2024 年 5 月 31 日及 2024 年 7 月 30 日在上海证券交易所网站披露的 2024 年第 16、19、21、 28 号临时公告。 于 2025 年 4 月 23 日，海螺环保集团发行了 2025 年度第一期绿色中期票据，现 将发行结果公告如下： | 名称 | 安徽海螺环保集团有限公司 2025 | 简称 | 25 | 海螺环保 | | | --- | --- | --- | --- | --- | --- | | | 年度第一期绿色中期票据 | | GN001 | | | | 代码 | 132580034 | 期限 | 年 3 | | | | 起息日 | 年 月 日 2025 4 25 | 兑付日 | 年 2028 4 | 月 | 日 25 | | 计划发行总额 | 亿元 ...

重要内容提示： 证券代码：600585 证券简称：海螺水泥 公告编号：2025-16 安徽海螺水泥股份有限公司 关于召开2024年年度股东大会的通知 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。 股东大会召开日期：2025年5月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 29 日 14 点 30 分 召开地点：安徽省芜湖市文化路 39 号 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 29 日 至2025 年 5 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大 会召开当日的交易时间段，即 9:15-9: ...

Financial Performance - The company's net revenue for 2024 was CNY 91,029,615, a decrease of 35.51% compared to CNY 141,157,207 in 2023[17]. - Net profit attributable to shareholders for 2024 was CNY 8,051,954, down 24.5% from CNY 10,686,594 in 2023[17]. - The company reported a basic earnings per share of CNY 1.46 for 2024, a decline of 25.90% from CNY 1.97 in 2023[18]. - Operating cash flow for 2024 was CNY 18,476,253, a decrease of 7.96% compared to CNY 20,074,156 in 2023[18]. - The net profit margin for 2024 was approximately 8.84%, reflecting ongoing challenges in the market[17]. - The company's main business revenue for 2024 was CNY 74,156,371 thousand, a decrease of 14.18% compared to CNY 86,407,007 thousand in 2023[46]. - Operating profit fell to CNY 9,713,107 thousand, down 26.03% from CNY 13,131,307 thousand in the previous year[46]. - The total non-recurring gains and losses amounted to CNY 331.41 million, down from CNY 467.06 million in the previous year[22]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 0.71 per share (including tax) for the 2024 fiscal year[5]. - The proposed final dividend for 2024 is CNY 0.71 per share (including tax), totaling CNY 374.67 million, which accounts for 48.68% of the net profit attributable to ordinary shareholders in the consolidated financial statements for 2024[93]. - The total cash dividend amount for the last three accounting years (including tax) is CNY 16.66 billion, with a cash dividend ratio of 147.83% based on the average net profit attributable to ordinary shareholders during the same period[95]. - The board proposed a profit distribution plan for the fiscal year 2024, with net profits after tax and minority interests estimated at 7.70 billion CNY and 8.05 billion CNY respectively[91]. Corporate Governance - The company has maintained complete independence in its operations, assets, and financial management from its controlling shareholders[112]. - The board of directors confirmed that all directors attended the twelfth meeting of the ninth board[5]. - The company has a diverse board of directors, including independent non-executive members, enhancing governance and oversight[114]. - The company is focused on enhancing its corporate governance and compliance, with Yu Shui serving as the Chief Compliance Officer and General Counsel[123]. - The board consists of 8 members, including 3 independent non-executive directors, with a gender diversity of 6 males and 2 females[171]. Risk Management - The company anticipates potential policy and environmental risks in 2025, which investors should be aware of[5]. - The company has disclosed significant risks in Chapter 3 of the report, including potential policy and environmental risks for 2025[5]. - The company emphasizes the importance of reading the risk disclosures provided in the report[5]. - The company has effectively managed foreign exchange risks by utilizing a centralized foreign exchange fund management model, reducing financial costs and currency exchange losses[107]. Capital Expenditure and Investment - The company has outlined its capital expenditure and new capacity goals for 2025, although these do not constitute a commitment to investors[5]. - The company intends to invest 11.98 billion yuan in capital expenditures in 2025, focusing on core business development and energy-saving technology upgrades[69]. - Capital expenditures during the reporting period totaled 15.619 billion yuan, primarily for project construction and external investments[65]. - The company plans to achieve a net sales volume of 26.8 million tons of cement and clinker in 2025, with stable product costs and expenses[69]. Environmental Compliance - The average emission concentration of nitrogen oxides from Anhui Hai Luo Cement Co., Ltd. Ningguo is 52.42 mg/m3, adhering to the emission standards[196]. - Anhui Conch Cement Co., Ltd. reported a total sulfur dioxide emission of 29.73 tons, with an average concentration of 1.50 mg/m3, meeting the emission standards[197]. - The company has established several new subsidiaries in 2024, including Zhoushan Conch New Building Materials Co., Ltd. and Lianshui Conch Green Building Technology Co., Ltd., each with a registered capital of 30 million yuan[72]. - The company is committed to low-carbon environmental development and is advancing ultra-low emission and energy-saving transformations to comply with national environmental policies[70]. Strategic Initiatives - The company plans to expand its market presence and invest in new technologies to enhance production efficiency[21]. - The company aims to improve its product offerings and explore new strategic partnerships in the coming year[21]. - The company is focusing on digitalization and green, low-carbon technologies to strengthen its core competitiveness[29]. - The company aims to enhance market expansion through mergers and acquisitions in advantageous markets during the downturn of the domestic cement industry[69]. Human Resources and Training - The company has recognized 676 instances of skilled talent certification through competitions and specialized training in cement technology[149]. - A total of 1,500 employees participated in various training programs aimed at enhancing professional skills and management capabilities during the reporting period[149]. - The gender distribution of employees was approximately 84.8% male and 15.2% female[145]. Shareholder Engagement - The company has actively engaged in investor relations, utilizing various communication methods to ensure shareholders have equal access to information[192]. - The company has successfully implemented its shareholder communication policy during the reporting period, ensuring transparency and engagement[192]. - Shareholders holding 10% or more of voting shares can request a special general meeting, ensuring shareholder rights are upheld[189]. Audit and Compliance - The financial report has been confirmed by the responsible persons, ensuring its authenticity and completeness[5]. - The audit committee conducted a review of the risk management and internal control systems, confirming their adequacy and effectiveness[187]. - The company engaged Ernst & Young to audit the effectiveness of internal controls as of December 31, 2024, receiving a standard unqualified opinion[188].

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 9,102,962 thousand, a decrease of 35.51% compared to 2023[2] - The net profit attributable to shareholders for 2024 was RMB 805,195 thousand, down 24.65% from the previous year[2] - Basic earnings per share for 2024 were RMB 1.53, a decline of RMB 0.49 per share compared to 2023[2] - The company reported a total profit of RMB 10,029,189 thousand for 2024, a decrease of 26.22% from 2023[7] - The company's operating revenue for the reporting period was CNY 91.03 billion, a decrease of 35.51% compared to the same period last year[25] - Net profit attributable to shareholders was CNY 7.696 billion, down 26.19% year-on-year[25] - Earnings per share decreased to CNY 1.46, a decline of CNY 0.51 from the previous year[25] - The company reported a net profit attributable to shareholders of 7.70 billion yuan, down 26.19% from the previous year[34] - The company's profit before tax for 2024 was RMB 10,392,547,000, compared to RMB 13,863,557,000 in 2023, reflecting a decrease of approximately 25%[102] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 254,635,244 thousand, reflecting a 3.36% increase from the previous year[10] - The total liabilities for the year were RMB 54,298,442 thousand, showing an increase from RMB 48,393,428 thousand in 2023[5] - Total assets as of December 31, 2024, were RMB 225,743,152 thousand, an increase from RMB 216,582,044 thousand in 2023[65] - Non-current liabilities rose to RMB 25,406,350 thousand in 2024, up from RMB 18,619,112 thousand in 2023[66] - The company's total equity increased to RMB 200,336,802 thousand in 2024, compared to RMB 197,962,932 thousand in 2023[66] Cash Flow - The cash flow from operating activities for 2024 was RMB 18,476,253 thousand, a decrease of 7.96% compared to the previous year[8] - The net cash flow from operating activities for 2024 was 18,476,253 thousand yuan, a decrease of 7.96% compared to 2023[48] - The net increase in cash and cash equivalents was 4,765,131 thousand yuan, a significant improvement compared to a decrease of 4,749,941 thousand yuan in the previous year[48] - The proportion of cash and cash equivalents at the end of the year was 16,337,147 thousand yuan, reflecting a 41.18% increase from the beginning of the year[48] Shareholder Information - The number of registered shareholders as of December 31, 2024, was 221,374, with H-share shareholders totaling 118[10] - Anhui Conch Group holds 1,928,870,014 shares, representing 36.40% of the total shares[11] - Hong Kong Central Clearing (Agent) Co., Ltd. holds 1,297,971,590 H shares, accounting for 24.49% of the total shares[13] - The company repurchased a total of 22,242,535 A shares, which is 0.42% of the total issued shares[13] - The total amount spent on share repurchases was 161,428,057.17 RMB, excluding transaction costs[18] - The company plans to repurchase shares with a total fund of no less than 400 million RMB and no more than 600 million RMB, with a maximum repurchase price of 32.30 RMB per share[17] - The company has not changed its controlling shareholder or actual controller during the reporting period[15] - The largest shareholder, Anhui Conch Group, has no pledged, marked, or frozen shares[13] Operational Highlights - The company increased clinker production capacity by 2.3 million tons overseas and added 8 million tons of cement production capacity through relocation[27] - The company has established six aggregate projects and added fifteen ready-mixed concrete projects during the reporting period[27] - The total clinker production capacity reached 274 million tons, cement production capacity reached 403 million tons, and ready-mixed concrete production capacity was 51.9 million cubic meters by the end of the reporting period[27] - The company actively promoted innovation and increased investment in technological innovation, achieving breakthroughs in several projects[26] - The company participated in projects that won multiple national and industry awards, enhancing its reputation in technological advancement[26] - The company is expanding its market presence with new operations in Africa and South America, and is accelerating construction in Cambodia[27] Cost Management - The cost of cement and clinker self-produced products decreased by 8.65% year-on-year, attributed to cost control measures[36] - The unit cost of raw materials decreased to 36.49 yuan/ton, down 6.87% year-on-year[35] - The company plans to enhance cost control through technological innovation and optimization of procurement channels[36] Research and Development - R&D expenses decreased by 33.89% year-on-year to 1,257,068 thousand yuan, primarily due to reduced investment in various R&D projects[38] - Research and development costs significantly decreased to RMB 1,257,068,000 in 2024 from RMB 1,901,540,000 in 2023, a reduction of 33.9%[89] Dividend Information - The proposed final dividend is 0.71 yuan per share, with a total distribution amounting to 3.74671 billion yuan, representing 48.68% of the net profit attributable to ordinary shareholders for the fiscal year 2024[57] - The expected date for the payment of the final dividend to H shareholders is around June 30, 2025[58] - The company plans to distribute a final dividend of RMB 0.71 per ordinary share for 2024, compared to RMB 1.48 per share in 2023[105] Market Risks and Strategy - The company faces risks including demand fluctuations due to reliance on the construction industry and potential overcapacity leading to increased competition and profit pressure[54][55] - The company emphasizes the importance of adhering to industry self-discipline and peak production requirements to maintain a healthy industry ecosystem[55] - The company is committed to advancing low-carbon and energy-saving transformations, which may increase operational costs but are essential for sustainable development[55] Acquisitions - The company completed the acquisition of Anhui Conch Information Technology Engineering Co., Ltd. during the reporting period[5] - The company acquired 51% of West Papua Conch on December 27, 2024, as part of its strategy to expand market share in Southeast Asia[113] - The total cash consideration for the acquisition of West Papua Conch was RMB 225,826,000, with recognized goodwill amounting to RMB 304,515,000[115] - The group acquired 100% equity of Hai Luo Information Engineering Company for RMB 126,400 thousand on January 2, 2024, under common control[116] Taxation - The company has subsidiaries in China that benefit from a preferential corporate income tax rate of 15% due to their high-tech enterprise certification, valid from 2024 to 2026[93][94][95][96]. - The corporate income tax rate for subsidiaries located outside mainland China varies, with rates of 16.5% in Hong Kong and 20% in Laos and Russia[98][99]. - The company’s subsidiaries in Uzbekistan benefit from a corporate income tax rate of 15%[99]. - The company’s subsidiaries that qualify as small and micro enterprises can enjoy a 75% exemption on taxable income, applicable to a 20% tax rate, from 2022 to 2024[97]. - The company’s subsidiaries that are recognized as high-tech enterprises can benefit from a 15% tax rate, with several subsidiaries receiving certification in 2023[95][96].

Financial Performance - Revenue for the reporting period was CNY 22,584,738,660, a decrease of 32.89% compared to the same period last year[3] - Net profit attributable to shareholders was CNY 1,872,817,793, down 15.13% year-on-year[3] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,694,170,382, a decrease of 15.38% compared to the previous year[3] - Basic earnings per share for the reporting period were CNY 0.35, down 14.77% year-on-year[3] - Diluted earnings per share for the reporting period were also CNY 0.35, reflecting a 14.77% decrease compared to the same period last year[3] - The weighted average return on equity was 1.01%, a decrease of 0.19 percentage points year-on-year[3] - Total operating revenue for the first three quarters of 2024 was RMB 68,150,360,320, a decrease from RMB 99,156,676,146 in the same period of 2023, representing a decline of approximately 31.3%[18] - Total operating costs for the first three quarters of 2024 were RMB 62,279,305,371, down from RMB 89,103,325,967 in 2023, indicating a reduction of about 30.1%[18] - Research and development expenses for the first three quarters of 2024 amounted to RMB 865,016,686, compared to RMB 1,311,043,595 in 2023, reflecting a decrease of approximately 34.1%[18] - Investment income for the first three quarters of 2024 was RMB 274,239,116, down from RMB 584,643,028 in 2023, indicating a decline of about 53.2%[18] - The net profit for the current period is CNY 5,245,020,339, a decrease of 42.5% compared to CNY 9,072,670,219 in the same period last year[19] - The total comprehensive income for the current period is CNY 5,293,830,027, down from CNY 8,324,820,064 year-over-year[20] - Operating profit for the current period is CNY 6,391,071,515, a decline of 41.5% from CNY 10,974,071,158 in the previous year[19] - The company reported a decrease in sales revenue from CNY 80,814,773,640 in the current period compared to CNY 113,568,072,927 in the same period last year[21] - The company’s total profit for the current period is CNY 6,802,401,181, down from CNY 11,435,421,165 year-over-year, reflecting a decline of 40.5%[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 252,090,916,161, an increase of 2.33% from the previous year-end[4] - Total assets increased to RMB 252,090,916,161 in 2024 from RMB 246,356,360,411 in 2023, marking an increase of approximately 2.99%[16] - Total liabilities rose to RMB 54,103,961,187 in 2024, compared to RMB 48,335,063,593 in 2023, representing an increase of about 11.5%[15] - Current liabilities totaled RMB 28,553,447,583 in 2024, a decrease from RMB 29,774,313,174 in 2023, reflecting a decline of approximately 4.1%[15] - Non-current liabilities increased significantly to RMB 25,550,513,604 in 2024 from RMB 18,560,750,419 in 2023, indicating a rise of about 37.6%[15] - The total equity attributable to shareholders was RMB 185,498,574,472 in 2024, slightly up from RMB 185,389,128,400 in 2023, showing a marginal increase of approximately 0.06%[16] Cash Flow - The company reported a net cash flow from operating activities of CNY 10,347,782,944, an increase of 7.15% compared to the previous year[3] - Cash inflow from operating activities is CNY 81,794,422,886, compared to CNY 114,740,576,193 in the same period last year, representing a decrease of 28.7%[21] - Net cash flow from operating activities was 10,347,782,944, an increase from 9,656,985,995 in the previous period, reflecting a growth of approximately 7.1%[22] - Cash inflow from investment activities totaled 20,160,109,120, down from 31,818,556,499, indicating a decrease of about 36.5%[22] - Net cash flow from financing activities was 2,810,214,014, a significant improvement compared to a negative cash flow of -2,431,485,454 in the previous period[22] - The total cash and cash equivalents at the end of the period reached 17,942,538,963, up from 12,864,254,741, representing an increase of approximately 39.5%[22] - Cash paid for operating activities amounted to 71,446,639,942, a decrease from 105,083,590,198, reflecting a reduction of about 32.0%[22] - Cash outflow from investment activities was 26,927,195,741, down from 42,568,064,190, indicating a decrease of approximately 36.8%[22] - Cash received from financing activities was 19,089,638,741, an increase from 14,525,288,101, showing a growth of about 31.5%[22] - The company reported a net increase in cash and cash equivalents of 6,370,522,941, contrasting with a decrease of -3,457,701,929 in the previous period[22] - Cash paid for taxes increased to 7,224,742,789 from 6,834,075,090, reflecting an increase of approximately 5.7%[22] - Cash received from other financing activities was 11,513,784,300, significantly higher than 195,000,000 in the previous period, indicating a substantial increase[22] Shareholder Information - As of the end of the reporting period, the total number of common shareholders is 253,137, with the top ten shareholders holding 36.40% and 24.49% of shares respectively[9] - Anhui Conch Group Co., Ltd. holds 1,928,870,014 shares, accounting for 36.40% of total shares, while Hong Kong Central Clearing Limited holds 1,297,949,590 shares, accounting for 24.49%[10] - The company’s repurchased shares account for 0.42% of the total issued share capital, totaling 22,242,535 shares[10] - The top ten shareholders do not have any related relationships or act in concert according to the board of directors[10] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities during the reporting period[12] - The company has not indicated any significant changes in operational conditions that require investor attention during the reporting period[12] Non-Recurring Items - Non-recurring gains and losses totaled CNY 178,647,411 for the reporting period[6] - The company recorded a net loss from asset disposal of CNY 9,474,610, contrasting with a gain of CNY 39,599,807 in the previous year[19] - Other comprehensive income after tax for the current period is CNY 48,809,688, compared to a loss of CNY 747,850,155 in the same period last year[19] - The company acquired Anhui Conch Information Technology Engineering Co., Ltd. in January 2024, necessitating restatement of prior financial statements[5]

Financial Performance - Anhui Conch Cement reported a revenue of RMB 50 billion for the first half of 2024, representing a year-on-year increase of 12%[1]. - The company's net profit for the same period reached RMB 10 billion, up 15% compared to the previous year[1]. - Operating revenue for the first half of 2024 was CNY 45,565,622, down 30.44% from CNY 65,503,714 in the same period of 2023[9]. - Net profit attributable to shareholders for the first half of 2024 was CNY 3,325,646, a decline of 48.56% compared to CNY 6,465,392 in the first half of 2023[9]. - Basic earnings per share for the first half of 2024 were CNY 0.63, down 48.35% from CNY 1.22 in the same period of 2023[9]. - The company's main product, 42.5-grade cement, generated revenue of CNY 23.686 billion, a decrease of 22.76% year-on-year[19]. - Main business revenue was 34.05 billion yuan, down 22.12% year-on-year, while operating profit fell by 51.51% to 4.03 billion yuan[25]. - The company reported a total comprehensive income of RMB 3,622,336 thousand, which includes other comprehensive income adjustments[155]. Market Expansion and Strategy - The company expects a revenue growth of 10-15% for the full year 2024, driven by increased demand in the construction sector[1]. - Anhui Conch Cement plans to expand its market presence in Southeast Asia, targeting a 5% market share by 2025[1]. - The company is exploring potential acquisitions of smaller cement producers to enhance its production capacity and market reach[1]. - The company aims to expand its overseas business and explore diversified development models to enhance operational quality in international projects[41]. - The company is advancing its international development strategy, with projects in Uzbekistan and Cambodia progressing steadily[17]. - The outlook for the second half of 2024 indicates a potential increase in cement demand driven by government infrastructure projects and policies aimed at stabilizing the real estate market[40]. Research and Development - The company has committed to increasing its R&D budget by 20% to accelerate innovation in sustainable materials[1]. - R&D expenses decreased by 29.24% year-on-year, primarily due to reduced investment in smart production industrialization projects[28]. - Research and development expenses for the first half of 2024 were RMB 519,216 thousand, down from RMB 733,748 thousand in the same period of 2023[142]. - The company actively promoted innovation and was awarded the second prize of the National Science and Technology Progress Award for a project related to high-speed rail materials[17]. Environmental Responsibility - Anhui Conch Cement aims to achieve a 30% reduction in carbon emissions by 2030 as part of its long-term sustainability strategy[1]. - The company is focusing on green low-carbon development and has made significant investments in safety and environmental protection[15]. - The company is committed to social responsibility and environmental sustainability in its operations[67]. - The company is focused on reducing emissions and improving environmental performance across its various cement plants[67]. - The company is committed to reducing its overall carbon footprint by implementing advanced emission control technologies[75]. Financial Position and Liabilities - Total assets as of June 30, 2024, were CNY 243,734,511, a decrease of 1.06% compared to the end of 2023[8]. - Total liabilities as of June 30, 2024, were CNY 47,580,120, a decrease of 1.68% compared to CNY 48,393,428 at the end of 2023[11]. - The debt-to-asset ratio was 19.50%, a decrease of 0.12 percentage points compared to the end of the previous year[30]. - The company's equity attributable to shareholders decreased to RMB 183,503,672 thousand from RMB 185,337,581 thousand, reflecting a decline of about 1.0%[149]. Cash Flow and Investments - Net cash flow from operating activities for the first half of 2024 was CNY 6,870,679, an increase of 35.75% compared to CNY 5,061,236 in the first half of 2023[9]. - Cash and cash equivalents amounted to CNY 67.84 billion, a slight decrease of 0.80% from CNY 68.38 billion at the end of the previous year[30]. - The company reported a total cash and cash equivalents balance of RMB 13,858,506 thousand as of June 30, 2024, compared to RMB 14,358,672 thousand at the same time in 2023[157]. - The company has invested RMB 500 thousand in subsidiaries without losing control, indicating strategic growth initiatives[155]. Shareholder Information - The total number of shares remained unchanged at 5,299,302,579, with 3,999,702,579 A shares (75.48%) and 1,299,600,000 H shares (24.52%)[117]. - The largest shareholder, 海螺集團, held 1,928,870,014 shares, representing 36.40% of the total shares[120]. - The company distributed a cash dividend of 0.96 CNY per share, totaling 5,065,977,642.24 CNY (including tax) to shareholders as of May 30, 2024[57]. - The board of directors recommended not to distribute any interim dividends for 2024 and will not implement capital reserve conversion into share capital[58]. Compliance and Governance - The company has adhered to all corporate governance codes as stipulated by the stock exchange during the reporting period[134]. - The company confirmed compliance with the standards of the Code of Conduct regarding securities transactions by all directors during the reporting period[134]. - The company has maintained compliance with all legal obligations and has no significant overdue debts[114].

Financial Performance - The company's revenue for the six months ended June 30, 2024, was approximately RMB 4,556.56 million, a decrease of about 30.44% compared to the same period last year[2]. - The net profit attributable to shareholders for the same period was approximately RMB 348.63 million, down approximately 48.37% year-on-year[2]. - The basic earnings per share for the reporting period was RMB 0.66, a decrease from RMB 1.27 in the same period last year[2]. - The company reported a decrease in net profit attributable to shareholders after excluding non-recurring gains and losses, amounting to RMB 3,184.88 million, down 48.25% year-on-year[10]. - Net profit attributable to shareholders was CNY 3.326 billion, down 48.56% year-on-year, with earnings per share of CNY 0.63, a decline of CNY 0.59 per share[20]. - The company reported a net profit for the period of RMB 3,547,266 thousand, representing a 50.2% decrease compared to RMB 7,122,732 thousand in 2023[50]. Assets and Liabilities - The total assets as of June 30, 2024, were RMB 243,734.51 million, a decrease of 1.06% compared to the end of the previous year[8]. - The total liabilities of the group amounted to 47.53 billion, a decrease of 1.66% compared to the previous year[36]. - The group’s equity attributable to shareholders decreased by 0.99% to 183.55 billion[37]. - The company's total assets were 243.73 billion, down 1.06% from the previous year-end[36]. - The net current assets decreased to RMB 68,824,198 thousand from RMB 71,709,224 thousand, a decline of 4.0%[52]. - The company reported a total equity of RMB 196,154,391 thousand as of June 30, 2024, down from RMB 197,962,932 thousand, a decrease of 0.9%[53]. Cash Flow - The net cash flow from operating activities for the first half of 2024 was RMB 6,870.68 million, an increase of 35.75% year-on-year[10]. - Cash and cash equivalents increased to RMB 13,858,506 thousand from RMB 11,572,016 thousand, a rise of 19.7%[51]. - The current tax expense for the six months ended June 30, 2024, was RMB 1,122,936,000, compared to RMB 1,722,477,000 in 2023, indicating a decrease of 34.87%[70]. - The company reported a decrease in cash and cash equivalents of RMB (2,058,787) thousand for the period[93]. Shareholder Information - The total number of registered shareholders as of the reporting period was 264,950, with H-share registered shareholders numbering 122[12]. - The largest shareholder, Anhui Conch Group Co., Ltd., held 1,928,870,014 shares, representing 36.40% of the total shares[12]. - The company repurchased a total of 22,242,535 A shares, accounting for 0.42% of the total issued share capital as of the end of the reporting period[15]. - The total amount spent on share repurchases during the reporting period was approximately 161.43 million yuan, excluding transaction fees[15]. - The company’s major shareholders do not have any related relationships or act in concert with each other[13]. Business Operations - The company added new clinker capacity of 2.3 million tons and cement capacity of 4.7 million tons during the reporting period[21]. - The company’s main business in the building materials sector generated revenue of CNY 33.579 billion, a decrease of 20.82% year-on-year, with a gross margin of 23.01%[23]. - The sales of 42.5-grade cement accounted for CNY 23.687 billion, down 22.76% year-on-year, with a gross margin of 22.62%[23]. - The company’s direct sales model generated revenue of CNY 19.756 billion, a decrease of 20.28% year-on-year, with a gross margin of 25.74%[24]. - The company is actively promoting innovation and green development, focusing on energy-saving and consumption-reduction technology transformation[20]. Market and Expansion - The construction of the new cement projects in Uzbekistan and Cambodia is progressing smoothly, contributing to the company's international expansion[20]. - The overseas sales market showed improvement, with export sales increasing by 100.69% year-on-year[28]. - The company plans to focus on effective investment and strengthen its competitive advantages in the cement and upstream and downstream industries[45]. - The company aims to explore overseas business expansion and diversify its development model while improving the operational quality of overseas projects[45]. Research and Development - The company received the second prize of the National Science and Technology Progress Award for its project on high-speed rail anti-corrosion materials[20]. - Research and development expenses decreased by 29.24% year-on-year, mainly due to reduced spending on smart production projects[33]. - The company’s research and development expenses for the six months ending June 30, 2023, were RMB 707,058,000[82]. Taxation - The effective corporate income tax rate for most subsidiaries in mainland China is 25%, with certain subsidiaries qualifying for a reduced rate of 15% due to their status as high-tech enterprises[71][74]. - The company has received high-tech enterprise certification for several subsidiaries, allowing them to benefit from the 15% preferential income tax rate until 2024[74]. - The company has not recognized any taxable income under Hong Kong profits tax, thus no provision for Hong Kong profits tax is required[70]. Miscellaneous - The company has not repurchased, sold, or redeemed any listed securities other than those disclosed during the reporting period[16]. - The company has no significant events affecting its operations since the publication of its annual report as of December 31, 2023[47]. - The company has diversified its customer base, with no single customer accounting for more than 10% of total sales revenue[57].

Financial Performance - Revenue for the reporting period was CNY 21,327,718,918, a decrease of 32.08% compared to the previous year[4] - Net profit attributable to shareholders was CNY 1,502,318,719, down 41.14% year-on-year[4] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,368,419,403, a decrease of 36.56% compared to the same period last year[4] - Basic and diluted earnings per share were both CNY 0.28, down 40.91% from the previous year[4] - Weighted average return on equity decreased by 0.57 percentage points to 0.81%[4] - The decline in revenue and profit was primarily due to a decrease in sales volume and prices of cement products[9] - Total operating revenue for Q1 2024 was RMB 21,327,718,918, a decrease of 32.2% compared to RMB 31,403,390,457 in Q1 2023[17] - The company's operating profit for Q1 2024 was CNY 1.71 billion, a decrease of 42.9% compared to CNY 3.00 billion in Q1 2023[18] - Net profit attributable to shareholders for Q1 2024 was CNY 1.50 billion, down 41.1% from CNY 2.55 billion in Q1 2023[18] - Total comprehensive income for Q1 2024 was CNY 1.39 billion, a decline of 44.0% from CNY 2.47 billion in Q1 2023[18] - The company reported a decrease in sales revenue from CNY 37.84 billion in Q1 2023 to CNY 25.07 billion in Q1 2024, reflecting a decline of 33.8%[20] Cash Flow and Assets - Net cash flow from operating activities was CNY 159,585,210, a significant decline of 94.87% year-on-year[4] - Cash flow from operating activities for Q1 2024 was CNY 159.59 million, significantly lower than CNY 3.11 billion in Q1 2023[20] - Cash and cash equivalents as of March 31, 2024, were RMB 66,336,636,055, down from RMB 68,382,205,847 as of December 31, 2023[14] - The company's cash and cash equivalents at the end of Q1 2024 were CNY 11.47 billion, a decrease from CNY 18.43 billion at the end of Q1 2023[21] - Total assets at the end of the reporting period were CNY 245,174,906,636, a slight decrease of 0.48% compared to the end of the previous year[4] - Total assets decreased to RMB 245,174,906,636 from RMB 246,356,360,411, indicating a slight contraction in the company's asset base[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 291,919[10] - Anhui Conch Group Co., Ltd. holds 1,928,870,014 shares, accounting for 36.40% of the total shares[10] - Hong Kong Central Clearing Limited holds 1,297,858,090 shares, representing 24.49% of the total shares[10] - The company has a repurchase account holding 22,242,535 shares, which is 0.42% of the total issued capital[11] - The total number of shares held by the top ten unrestricted shareholders is 3,346,000,000 shares[10] - The proportion of shares held by the top ten unrestricted shareholders is 63.00% of the total shares[10] - The top ten shareholders do not have any related party relationships or concerted actions[10] Operational Insights - The company does not have any significant changes in the operational situation during the reporting period[13] - There are no applicable reminders for investors regarding the company's operational situation during the reporting period[13] - The acquisition of Anhui Conch Information Technology Engineering Co., Ltd. and its subsidiary was completed in January 2024, requiring restatement of prior financial statements[7] Costs and Expenses - Total operating costs for Q1 2024 were RMB 19,736,771,656, down 31.2% from RMB 28,708,158,815 in Q1 2023[17] - Research and development expenses in Q1 2024 amounted to RMB 185,757,727, a decrease of 30% from RMB 265,299,174 in Q1 2023[17] - Cash inflow from investment activities in Q1 2024 was CNY 5.71 billion, down 49.1% from CNY 11.22 billion in Q1 2023[21] - Cash outflow from investment activities for Q1 2024 was CNY 6.56 billion, a decrease of 46.5% compared to CNY 12.27 billion in Q1 2023[21] - Net cash flow from financing activities for Q1 2024 was CNY 580.43 million, an increase from CNY 68.48 million in Q1 2023[21] Debt and Liabilities - Long-term borrowings increased to RMB 16,694,144,033 from RMB 15,611,937,445, suggesting a strategy to leverage debt for growth[16]