点击蓝字，关注我们 今日上午港股 1.巨子生物 (02367) 再跌逾4%， 成分争议发酵（可复美胶原蛋白含量遭质疑），高盛下调2025-27年盈测 9-12%，叠加天猫618排名跌至第16位拖累情绪。 2. 小菜园 (00999) 涨超9%， 7534万股解禁存仓华泰香港（市值6.48亿港元），东吴证券首予"买入"评 级，看好年化19%门店增速+供应链优势。 3. 先声药业 (02096) 涨超3%， 修订BCMA抗体授权协议：提高监管里程碑付款，降低特许权使用费率， 取消利润调整费，新增自主生产权。 4. 华虹半导体 (01347) 再涨5% ，天风证券重申涨价逻辑：产能利用率102.7%满产，9厂远期或贡献12.8 亿美元收入（现年收20亿），转嫁关税成本可期。 5. 德翔海运 (02510) 飙涨10%创新高 ，红海危机升级：波斯湾-欧洲航线运费单周涨2.5倍，伊朗拟关闭霍 尔木兹海峡，中东股东资源助推区域航线扩张。 6. 美中嘉和 (02453) 暴跌10%， 控股股东大宗减持3280万股（套现2亿港元，占股本4.46%），叠加配股 后流动性压力引发抛售。 7. 中远海能 (01138) 涨超7% ...

中国天瑞集团水泥公告，控股股东煜阔有限公司于2025年6月21日通过场外交易购入公司1.47亿股股 份。收购完成后，煜阔共持有18.45亿股，占公司已发行股本总额约59.8%。煜阔由卡莱斯有限公司全资 拥有，卡莱斯由天瑞(国际)控股有限公司全资拥有，天瑞(国际)由天瑞集团股份有限公司全资拥有。天 瑞集团由李留法先生和李凤娈女士分别拥有70%和30%权益。 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 6,117,025 thousand, a decrease of 22.5% compared to RMB 7,888,810 thousand in 2023[2] - Gross profit for the same period was RMB 1,346,599 thousand, down 17.3% from RMB 1,629,323 thousand in the previous year[4] - The company reported a net profit of RMB 214,215 thousand, a significant recovery from a net loss of RMB 623,524 thousand in 2023[4] - Basic and diluted earnings per share for 2024 were RMB 0.10, compared to a loss per share of RMB 0.22 in 2023[4] - Total revenue for the group in 2024 was RMB 6,117,025 thousand, down from RMB 7,888,810 thousand in 2023, indicating a decrease of about 22.4%[14] - The company achieved a profit attributable to shareholders of approximately RMB 279.4 million in 2024, compared to a loss of RMB 633.9 million in 2023[25] - Revenue from cement sales was approximately RMB 4,367.1 million, down RMB 1,720.2 million or 28.3%, with cement sales volume decreasing from approximately 25.2 million tons in 2023 to about 18.6 million tons in 2024, a reduction of 26.2%[36] Assets and Liabilities - Total assets decreased to RMB 37,215,106 thousand from RMB 40,573,494 thousand, reflecting a decline of 8.8%[2] - Total liabilities also decreased to RMB 21,239,599 thousand from RMB 24,787,427 thousand, a reduction of 14.2%[2] - The company's equity attributable to owners increased to RMB 15,736,988 thousand from RMB 15,466,436 thousand, showing a growth of 1.8%[6] - The company's current assets decreased to RMB 25,884,057 thousand from RMB 27,326,926 thousand, a decline of 5.3%[5] - The company's borrowings decreased to approximately RMB 13,799.0 million, down RMB 4,779.6 million or 25.7% compared to 2023[53] - Cash and cash equivalents decreased by RMB 259.7 million or 22.1% to approximately RMB 915.1 million, primarily due to the net cash impact from operating, investing, and financing activities[52] Income and Expenses - Other income surged to RMB 1,886,596 thousand, a substantial increase from RMB 396,574 thousand in 2023[4] - Financial expenses decreased to RMB 922,872 thousand in 2024 from RMB 1,152,053 thousand in 2023, a reduction of about 20%[17] - Distribution and selling expenses decreased to approximately RMB 148.0 million, down RMB 91.7 million or 38.3% compared to 2023, primarily due to reduced transportation costs[42] - Administrative expenses were approximately RMB 759.4 million, a decrease of RMB 146.2 million or 16.1% compared to 2023, mainly due to cost-saving measures[43] - EBITDA for 2024 was RMB 2,258.0 million, an increase of RMB 781.5 million or 52.9% compared to 2023, primarily due to reduced costs and expenses[40] Market and Sales - Cement sales volume in 2024 was approximately 18.6 million tons, a decrease of about 6.6 million tons or 26.2% compared to 25.2 million tons in 2023[24] - The average price of cement in 2024 was approximately RMB 234.9 per ton, a decrease of RMB 6.6 or 2.8% compared to the previous year[24] - Limestone aggregate sales volume in 2024 was approximately 37.1 million tons, a decrease of about 6.5 million tons or 14.8% compared to 43.6 million tons in 2023[24] Future Outlook and Strategy - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming fiscal year[7] - The company aims to enhance operational efficiency and reduce costs through refined management across all operational segments[75] - The company plans to expand its profitable product lines, including high-grade low-alkali cement and prefabricated construction materials[75] - The cement demand in 2025 is expected to decline by approximately 5% compared to 2024, although the rate of decline is slowing due to extraordinary counter-cyclical policy adjustments[74] Corporate Governance and Compliance - The company has not complied with several corporate governance regulations, including the requirement for independent non-executive directors on the board[87] - The audit committee, consisting of two independent non-executive directors, has reviewed the group's financial reporting and risk management processes for the year ending December 31, 2024[90] - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[80] Employee and Operational Metrics - The number of employees decreased to 5,469 in 2024 from 6,892 in 2023, with employee costs around RMB 457.6 million compared to RMB 562.3 million in 2023[69] - The company has 21 smart factories and is committed to digital transformation to improve production efficiency and reduce costs[77] - The company has increased its high-tech enterprises to 19 and achieved significant technological advancements, including ultra-low emissions and high-temperature fans[77] Legal and Financial Risks - The company has overdue borrowings of approximately RMB 457.4 million and other financial liabilities of approximately RMB 246.7 million, indicating significant uncertainty regarding its ability to continue as a going concern[84] - Management has implemented measures to alleviate liquidity pressure, including negotiating loan extensions and utilizing unutilized bank credit lines[85] - The company has noted that adjustments to the financial statements could significantly impact its financial position and performance for the years ending December 31, 2024, and December 31, 2023[83]

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 6,117,025 thousand, a decrease of 22.5% compared to RMB 7,888,810 thousand in 2023[2] - Gross profit for the same period was RMB 1,346,599 thousand, down 17.3% from RMB 1,629,323 thousand in 2023[4] - The company reported a net profit of RMB 214,215 thousand for 2024, a significant recovery from a loss of RMB 623,524 thousand in 2023[4] - Basic and diluted earnings per share for 2024 were RMB 0.10, compared to a loss per share of RMB 0.22 in 2023[4] - Total revenue for the group in 2024 was RMB 6,117,025 thousand, down from RMB 7,888,810 thousand in 2023, indicating a decrease of about 22.4%[14] - Revenue from cement sales decreased to RMB 4,367,095 thousand in 2024 from RMB 6,087,333 thousand in 2023, representing a decline of approximately 28.2%[12] - The net profit attributable to the company's owners was RMB 279.4 million in 2024, compared to a loss of RMB 633.9 million in 2023[25] - Cement sales volume in 2024 was approximately 18.6 million tons, a decrease of about 6.6 million tons or 26.2% from 25.2 million tons in 2023[24] - The average price of cement in 2024 was RMB 234.9 per ton, down RMB 6.6 or 2.8% from the previous year[24] Assets and Liabilities - Total assets decreased to RMB 37,215,106 thousand in 2024 from RMB 40,573,494 thousand in 2023, a decline of 8.8%[2] - Total liabilities also decreased to RMB 21,239,599 thousand in 2024 from RMB 24,787,427 thousand in 2023, a reduction of 14.1%[2] - The company's equity attributable to owners increased to RMB 15,736,988 thousand in 2024 from RMB 15,466,436 thousand in 2023, an increase of 1.8%[6] - The company's borrowings decreased to approximately RMB 13,799.0 million, down RMB 4,779.6 million or 25.7% from 2023[53] - The group's debt-to-asset ratio for 2024 is approximately 57.1%, a decrease of 4.0 percentage points from 61.1% as of December 31, 2023[56] - The net gearing ratio for 2024 is approximately 67.2%, down by 12.2 percentage points from 79.3% in 2023[58] Income and Expenses - Other income surged to RMB 1,886,596 thousand in 2024, compared to RMB 396,574 thousand in 2023, reflecting a growth of 375.5%[4] - Financial expenses decreased to RMB 922,872 thousand in 2024 from RMB 1,152,053 thousand in 2023, reflecting a reduction in interest expenses on borrowings[17] - Distribution and selling expenses decreased to approximately RMB 148.0 million, down RMB 91.7 million or 38.3% from 2023, primarily due to reduced transportation costs[42] - Administrative expenses were approximately RMB 759.4 million, a decrease of RMB 146.2 million or 16.1% from 2023, mainly due to cost-saving measures[43] - EBITDA for 2024 was RMB 2,258.0 million, an increase of RMB 781.5 million or 52.9% compared to 2023, primarily due to reduced costs and expenses[40] Operational Strategy - The company plans to continue focusing on the manufacturing and sales of cement, clinker, and limestone aggregates as part of its core business strategy[7] - The company aims to enhance operational efficiency and reduce costs through refined management practices, while expanding profitable product lines such as low-alkali cement and prefabricated buildings[75] - The group has established 21 smart factories and is committed to digital transformation to improve production efficiency and reduce energy consumption[77] Market Conditions - The cement demand is expected to decline by approximately 5% in 2025 compared to 2024, although the rate of decline is slowing due to extraordinary counter-cyclical policy adjustments[74] - The average price of cement in the national market fell by 2.6% year-on-year in 2024, with a complex trend of "weak in the first half, gradually recovering in the second half" observed[30] - The cement industry is expected to generate profits of approximately RMB 25 billion in 2024, representing a year-on-year decline of about 20%, but with a significantly narrowed decline[31] Corporate Governance - The company has not complied with several corporate governance regulations, including the requirement for independent non-executive directors on the board[87] - The company is actively seeking a new CEO after the resignation of the previous CEO in December 2015, and an executive committee has been established to manage daily operations[86] - The audit committee, consisting of two independent non-executive directors, has reviewed the group's financial reporting and risk management for the year ending December 31, 2024[90] Future Outlook - The group is currently evaluating the expected impact of the newly issued accounting standards, particularly IFRS 18, on future financial statements[10] - The company anticipates that the profitability of its coal trading business may not meet expectations due to stable coal prices, leading to a decision to suspend coal trading operations in October 2024[81] Employee and Community Engagement - The number of employees decreased to 5,469 in 2024 from 6,892 in 2023, with employee costs around RMB 457.6 million compared to RMB 562.3 million in 2023[69] - The company is focused on maintaining brand integrity and contributing to local economies, receiving accolades for its contributions to tax and community development[78] Auditor's Report - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[80] - The independent auditor has confirmed that the figures in the draft consolidated financial statements for 2024 are consistent with the reported amounts, but no assurance or conclusion has been provided[95]

Financial Performance - For the first half of 2024, the company recorded revenue of RMB 2,583.8 million, a decrease of approximately RMB 1,414.8 million or 35.4% compared to the same period in 2023[9]. - The company's gross profit was RMB 615.1 million, down 34.6% from RMB 940.1 million in the same period last year[6]. - The net profit attributable to the company's owners was approximately RMB 28.3 million, a decrease of about RMB 122.2 million or 81.2% year-on-year[9]. - The company sold 8.2 million tons of cement products, a reduction of approximately 3.8 million tons or 31.4% compared to about 12.0 million tons in the same period of 2023[8]. - Revenue from cement sales was approximately RMB 1,870.2 million, a decrease of 39.2% from approximately RMB 3,077.5 million in the same period of 2023[45]. - The group's gross profit for the first half of 2024 was approximately RMB 615.1 million, a decrease of RMB 325.1 million or 34.6% from approximately RMB 940.1 million in the same period last year[49]. - The company's profit before tax was approximately RMB 30.9 million, a decrease of RMB 124.7 million or 80.2% compared to RMB 155.6 million in the same period of 2023[31]. - The overall cement industry is expected to incur a loss of around RMB 1 billion in the first half of 2024 due to insufficient demand and low overall prices[42]. Sales and Market Trends - The average selling price of cement was approximately RMB 227.0 per ton, a decrease of RMB 29.1 or 11.4% compared to the same period last year[8]. - Revenue from the sale of limestone aggregates was approximately RMB 608.8 million, down RMB 123.8 million or 16.9% from RMB 732.6 million in the same period of 2023, with sales volume decreasing by 2.4 million tons or 11.1%[27]. - Sales revenue in the Central China region was approximately RMB 2,131.9 million, a decrease of RMB 1,157.3 million or 35.2% compared to RMB 3,289.2 million in the same period of 2023[28]. - The decline in cement demand and low prices were influenced by ongoing downturns in real estate investment and slowing infrastructure investment[37]. - The cement demand is showing marginal improvement, but the industry still faces overcapacity issues, with potential downward pressure on demand and prices due to a weak real estate market[125][126]. Assets and Liabilities - As of June 30, 2024, total assets amounted to RMB 37,423.2 million, a decrease of 7.8% from RMB 40,573.5 million at the end of 2023[6]. - The company's total liabilities decreased by 12.8% to RMB 21,611.2 million from RMB 24,787.4 million at the end of 2023[6]. - The company's trade and other receivables decreased from RMB 19,606.2 million as of December 31, 2023, to RMB 17,572.3 million as of June 30, 2024, primarily due to reduced advances for raw material purchases[34]. - The company's equity ratio decreased from 1.6 to 1.4, representing a reduction of 13%[77]. - The company's net current assets decreased to RMB 7,739,299,000 as of June 30, 2024, down from RMB 8,512,709,000 as of December 31, 2023, representing a decrease of approximately 9.1%[176]. Cost Management and Efficiency - The company's production cost per ton of cement decreased to RMB 54.7 from RMB 63.9 in the same period last year, a reduction of RMB 9.2[48]. - Administrative expenses were approximately RMB 361.3 million, a decrease of RMB 85.4 million or 19.1% from RMB 446.7 million in the same period of 2023, attributed to reduced R&D expenses and cost-saving measures[31]. - The company aims to reduce costs and improve efficiency by implementing centralized procurement and modern management practices[156]. Future Outlook and Strategic Initiatives - The group expects overall cement demand to improve in the second half of the year due to the acceleration of special bonds and central government funding for key projects[101]. - The implementation of the new cement standard GB 175–2023 starting June 1, 2024, will enhance quality requirements and eliminate low-quality cement products, positively impacting supply-demand dynamics in the industry[96]. - The group aims to strengthen the development of new cement products and enhance its offerings in aggregates, dry-mixed mortar, and prefabricated construction materials[103]. - The company is committed to sustainable development through green and intelligent transformation, emphasizing ultra-low emissions and energy conservation[158]. Corporate Governance and Management - The company's board has maintained high levels of corporate governance and transparency, ensuring compliance with the standards set forth in the listing rules[171]. - The company has established an executive committee to manage daily operations while actively seeking a new CEO following the resignation of the previous CEO in December 2015[145]. - Major shareholders control 64.71% of the company's shares, with significant stakes held by entities such as China Export-Import Bank and China Huarong Asset Management Co., Ltd.[131]. Employee and Operational Metrics - As of June 30, 2024, the company employed 5,897 staff, a decrease from 6,892 in 2023, with employee costs amounting to approximately RMB 231.6 million compared to RMB 272.1 million in the first half of 2023[118]. - The company is actively involved in regional development initiatives, including urban renewal and promoting stable growth in the real estate market[123].

Valuation and Impairment Assessments - The company has appointed a valuation expert to conduct impairment assessments and determine expected credit losses related to its associates[9]. - As of the announcement date, the company has not received the requested financial documents from its associates for review[10]. - The company plans to postpone the valuation of its associates until audited financial statements are obtained by December 31, 2024[11]. Shareholder Caution - The company emphasizes the importance of shareholders and potential investors exercising caution when trading its shares[12]. Board of Directors - The board of directors includes the chairman and executive director, Mr. Li Xuan Yu, along with other executive and non-executive members[13].

Group 1 - The core point of the article is that Tianrui Cement's stock resumed trading and surged by 104.5% after the Listing Review Committee allowed it to trade again following the release of its interim results and resolution of the issues that led to its suspension [1] - Tianrui Cement's stock was previously suspended due to a dramatic drop of 99% on April 9, which was linked to forced liquidation of shares held in the accounts of major shareholders and their family members [1] - The company later confirmed that the forced sale of 10 million shares did not execute successfully and has been canceled [2]

Financial Reporting - The company is awaiting the release of its interim results for the six months ending June 30, 2024, scheduled for November 29, 2024[3]. - The company plans to hire an independent professional valuer to assess the impairment and bad debt provisions, ensuring the accuracy and completeness of financial information[4]. - The company emphasizes the need for accurate and complete financial statements to avoid misleading investors[6]. - The company aims to publish updated interim results within the normal remedial period of 18 months if reliable financial information from its associates is received[5]. Share Suspension - The company has applied for a continued suspension of its shares pending the announcement of further insider information and valuation results[4].

Financial Interests and Receivables - As of June 30, 2024, the group's interests in associates and receivables from associates were RMB 968,541 thousand and RMB 590,459 thousand respectively[6]. - The group's equity interest and receivables from the associate Wanji Cement were RMB 407,258 thousand and RMB 81,674 thousand respectively, with a loss of RMB 26,900 thousand recognized during the interim period[6]. Concerns Regarding Wanji Cement - Wanji Cement has been suspended since June 2023, raising significant doubts about its ability to continue as a going concern due to net current liabilities of RMB 705,146 thousand reported[6]. - The company has not been able to obtain reliable financial information from Wanji Cement to verify its financial statements, impacting the accuracy of the interim results[7]. Actions and Plans - The company plans to hire an independent professional evaluation agency to assess the fair value of its interests in associates and the recoverability of receivables[7]. - The company has sent legal letters to assert its rights to review financial information from the associate, with further legal actions planned if responses are not received in a reasonable timeframe[9]. - An updated interim results announcement will be issued after necessary impairment assessments and receivables provisions are completed[10]. - The company is awaiting the results of a review hearing by the Listing Review Committee scheduled for December 6, 2024[4].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 2,583,798 thousand, a decrease of 35.4% compared to RMB 3,998,558 thousand in 2023[2]. - Gross profit for the same period was RMB 615,063 thousand, down 34.6% from RMB 940,131 thousand[2]. - Profit attributable to owners of the company was RMB 28,290 thousand, representing an 81.2% decline from RMB 150,521 thousand in the previous year[2]. - Basic earnings per share decreased to RMB 0.01 from RMB 0.05, reflecting an 81.2% drop[2]. - The company reported a pre-tax profit of RMB 30,881 thousand, significantly lower than RMB 155,619 thousand in the previous year[4]. - The company's profit before tax was approximately RMB 30.9 million, a decrease of RMB 124.7 million or about 80.2% compared to the same period in 2023[74]. - The net profit attributable to the company's owners was approximately RMB 28.3 million, a decrease of RMB 122.2 million or 81.2% year-on-year, with a net profit margin of 1.1%, down 2.7 percentage points from the same period in 2023[76]. Revenue Breakdown - Cement sales amounted to RMB 1,870,230 thousand, down 39.1% from RMB 3,077,482 thousand in the previous year[27]. - Revenue from cement sales was approximately RMB 1,870.2 million, down 39.2% from RMB 3,077.5 million year-on-year, with cement sales volume decreasing from approximately 12.0 million tons to 8.2 million tons, a decline of 31.4%[64]. - Revenue from limestone aggregate sales was approximately RMB 608.8 million, a decrease of RMB 123.8 million or 16.9% compared to RMB 732.6 million in the same period of 2023[64]. - The company's clinker sales revenue was approximately RMB 104.8 million, down 44.4% from RMB 188.5 million year-on-year, primarily due to a decrease in both sales volume and price[65]. Asset and Liability Overview - Total assets as of June 30, 2024, were RMB 37,423,201 thousand, a decrease of 7.8% from RMB 40,573,494 thousand at the end of 2023[2]. - Total liabilities decreased by 12.8% to RMB 21,611,245 thousand from RMB 24,787,427 thousand[2]. - Current assets were RMB 24,587,873 thousand, down 10.0% from RMB 27,326,926 thousand[2]. - As of June 30, 2024, the company's debt-to-asset ratio was 57.7%, a decrease of 3.4 percentage points from 61.1% at the end of 2023, primarily due to reduced borrowings[87]. - The company's cash and cash equivalents decreased from RMB 1,174.8 million at the end of 2023 to RMB 600.1 million as of June 30, 2024, mainly due to cash outflows from operating activities[82]. - Trade and other receivables decreased from RMB 19,606.2 million at the end of 2023 to RMB 17,572.3 million as of June 30, 2024, primarily due to reduced advances for raw material purchases[79]. - As of June 30, 2024, the net debt ratio decreased to 63.3%, down 16.0 percentage points from 79.3% on December 31, 2023[89]. Cost and Expenses - In the first half of 2024, the company's sales cost was approximately RMB 1,968.7 million, a decrease of RMB 1,089.7 million or 35.6% compared to the same period in 2023, primarily due to a decline in cement sales and lower procurement prices for raw coal and some materials[67]. - The gross profit for the first half of 2024 was approximately RMB 615.1 million, a decrease of RMB 325.1 million or 34.6% year-on-year, with a gross margin of 23.8%, remaining stable compared to the same period in 2023[68]. - Selling and distribution expenses decreased by RMB 48.4 million or 29.4% to approximately RMB 115.9 million in the first half of 2024, primarily due to reduced transportation costs[71]. - Administrative expenses were approximately RMB 361.3 million, a decrease of RMB 85.4 million or 19.1% compared to the same period in 2023, mainly due to reduced R&D expenses and cost-saving measures[72]. Market and Economic Conditions - The overall cement production in China for the first half of 2024 was 850 million tons, a decline of 10% compared to the previous year[61]. - The national GDP growth for the first half of 2024 was 5%, with fixed asset investment increasing by 3.9%, indicating a mixed economic environment affecting the construction materials sector[56]. - The domestic cement market demand remains weak, with a strong desire among companies to improve prices and profits in the second half of the year[108]. - The marginal improvement in cement demand is anticipated in the second half of the year due to the acceleration of special bonds and reconstruction needs in disaster-affected areas[106]. Strategic Initiatives - The company aims to reduce raw coal procurement costs through centralized purchasing and improve limestone mining management to lower costs[109]. - The company plans to respond to the industry's "anti-involution" initiative by maintaining staggered production to uphold market order[111]. - The focus on quality management is emphasized, with adherence to new industry standards to produce high-quality products[111]. - The company is committed to developing new cement products and enhancing its supply chain, including aggregates and prefabricated construction materials[111]. - The implementation of the new cement standard GB 175–2023 from June 1, 2024, is expected to improve industry supply-demand relationships by eliminating low-quality cement products[102]. Governance and Management - The company is actively seeking a new CEO following the resignation of the previous CEO in December 2015[113]. - The company has not declared an interim dividend for the reporting period ending June 30, 2023[116]. - The board of directors has reviewed the interim results for the six months ending June 30, 2023, which have not been audited[118]. - The company's shares have been suspended from trading since April 10, 2024, pending further notice[119].