丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨华润建材科技（01313.HK） [Table_Title] 降本增效提供业绩支撑 报告要点 [Table_Summary] 公司披露 2025 年报：全年收入 210.55 亿元，同比下降 8.6%；归母净利润 4.79 亿元，同比增 长 127.3%。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 华润建材科技（01313.HK） cjzqdt11111 [Table_Title2] 降本增效提供业绩支撑 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 SFC：BVZ972 [Table_Summary2] 事件描述 公司披露 2025 年报：全年收入 210.55 亿元，同比下降 8.6%；归母净利润 4.79 亿元，同比增 长 127.3%。 事件评论 ⚫ 经营分析：需求持续承压，成本挖潜提供边际支撑。 1、销量端：2025 年水泥产量 ...

I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01313 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華潤建材科技控股有限公司 呈交日期: 2026年4月1日 本月 ...

本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.18條作出。 於二零二六年三月二十五日，華潤建材科技控股有限公司（「本公司」）（作為借款人） 與一家銀行（「貸方」）就一項上限為750,000,000港元（或其若干其他貨幣之等值）之 非承諾循環貸款融資（「該融資」）訂立融資函件（「該融資函件」）。根據該融資函 件的條款及條件，本公司已被視為向貸方承諾（其中包括）本公司促使華潤（集團）有 限公司維持至少51%的本公司股權。 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分內容 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。 根據該融資借入的所有款項（包括應計利息）須於期限不超過六個月的適用利息期最後 一日償還或續借。儘管有上述規定，貸方可隨時在其絶對酌情權下修改或取消該融資， 及╱或要求即時償還或支付該融資函件項下所有本金、利息、費用和其他欠款。 於本公告日期，華潤（集團）有限公司擁有本公司已發行股本約68.72%。 （於開曼群島註冊成立之有限公司） （股份代號：1313） 倘上市規則 ...

Group 1: NIO Inc. (蔚来汽车) - The company reported a significant increase in Q4 gross margin, driven by product structure optimization and scale effects, with expected revenues of 128.4 billion, 157.1 billion, and 180.8 billion CNY for 2026-2028, and net profits of 4.0 billion, 35.9 billion, and 73.2 billion CNY respectively, maintaining a "Buy" rating [1][8] - In 2025, NIO achieved total revenue of 87.49 billion CNY, a year-on-year increase of 33.1%, with a gross margin of 13.6%, and a narrowed net loss of 12.43 billion CNY [6][7] - The company delivered 124,800 vehicles in Q4 2025, with a significant increase in average selling price (ASP) to 252,000 CNY, primarily due to the high delivery volume of the ES8 model [6][7] Group 2: Minth Group (敏实集团) - The company reported a total revenue of 25.74 billion CNY in 2025, a year-on-year increase of 11.2%, with a net profit of 2.69 billion CNY, up 16.1% [11] - The battery box business contributed significantly to revenue growth, achieving 7.53 billion CNY, a 41.1% increase year-on-year, while overseas revenue accounted for 63% of total revenue [11][12] - The company is expected to achieve revenues of 30.3 billion, 35.1 billion, and 40.1 billion CNY for 2026-2028, with net profits of 3.15 billion, 3.74 billion, and 4.34 billion CNY respectively, maintaining a "Buy" rating [12] Group 3: Leap Motor (零跑汽车) - The company achieved a total revenue of 64.73 billion CNY in 2025, doubling year-on-year, with a net profit of 1.08 billion CNY [14][16] - Leap Motor is in a strong new product cycle, with plans to cover the 100,000 to 300,000 CNY price range, and aims to achieve a sales target of 1 million vehicles in 2026 [15][16] - Expected revenues for 2026-2028 are 105.6 billion, 130.9 billion, and 154.3 billion CNY, with net profits of 4.6 billion, 7.5 billion, and 10.3 billion CNY respectively, maintaining a "Buy" rating [16] Group 4: Top Group (拓普集团) - The company reported a total revenue of 29.6 billion CNY in 2025, a year-on-year increase of 11%, with a net profit of 2.78 billion CNY, down 7.4% [19] - The company expects revenues of 35 billion, 40.2 billion, and 45.3 billion CNY for 2026-2028, with net profits of 3.7 billion, 4.4 billion, and 5.2 billion CNY respectively, maintaining a "Buy" rating [21] - The company is focusing on breakthroughs in vehicle technology and expanding its robot and liquid cooling business, which are expected to drive new growth [20][21] Group 5: China Ping An (中国平安) - The company is positioned as a leader in the insurance sector, leveraging its unique financial synergy to enhance its market position in the insurance and banking collaboration [23][25] - The insurance channel is entering a new growth phase, with policies supporting the promotion of dividend insurance products, which are expected to meet the stable savings demand of residents [24] - Ping An's dual synergy system with banks is expected to enhance its competitive advantage, with a focus on expanding its customer base and improving conversion efficiency [25][26] Group 6: China Resources Cement (华润建材科技) - The company reported a total revenue of 21.055 billion CNY in 2025, a year-on-year decrease of 8.61%, but a net profit increase of 127.33% to 479 million CNY [28] - The cement business faced revenue and margin pressures, with a total cement product sales volume of 55.421 million tons, down 10.2% year-on-year [28][29] - The company expects to achieve net profits of 734 million, 890 million, and 981 million CNY for 2026-2028, maintaining a "Buy" rating [30] Group 7: Xingyu Co., Ltd. (星宇股份) - The company achieved a total revenue of 15.257 billion CNY in 2025, a year-on-year increase of 15.12%, with a net profit of 1.624 billion CNY, also up 15.32% [32] - The company is expanding its global presence and has initiated the application for H-share listing to enhance its international strategy [33] - The company is actively exploring the field of embodied intelligence, with the first batch of interactive modules expected to be delivered in 2026 [34]

Group 1 - The investment rating for China Resources Cement Technology is "Neutral" with a target price reduced from HKD 1.81 to HKD 1.70 [1] - The management anticipates a stable dividend outlook [1] - The total capital expenditure is projected to be RMB 1.8 billion for 2025 and RMB 3.2 billion for 2026 [1] Group 2 - The fiscal year 2025 net profit is estimated at RMB 479 million, which is 11% higher than the bank's forecast but 6% lower than market expectations [1] - Cement and clinker sales decreased by 10% year-on-year to 55 million tons, while gross profit per ton increased by 6% to RMB 39 [1] - Concrete sales increased by 18% year-on-year to 15 million cubic meters, with gross profit per cubic meter rising by 5% to RMB 41 [1] - Aggregate sales grew by 23% year-on-year to 86 million tons, although gross profit per ton decreased by 40% to RMB 8 [1]

Investment Rating - The report maintains a "Buy" rating for China Resources Cement Technology (01313.HK) [5] Core Views - In 2025, the company achieved revenue of 21.055 billion RMB, a year-on-year decrease of 8.61%, while the net profit attributable to shareholders was 479 million RMB, an increase of 127.33% [5] - The fourth quarter saw a revenue of 5.985 billion RMB, down 17.60% year-on-year, with a net profit of 148 million RMB, up 251.89% year-on-year, marking a significant turnaround from the previous year [5] - The cement business faced pressure on revenue and gross margins, with revenues from cement, concrete, and aggregate businesses at 12.657 billion, 4.389 billion, and 2.885 billion RMB respectively, showing year-on-year changes of -15.8%, +5.5%, and +14.3% [5][6] Summary by Sections Revenue and Profitability - The company reported a total revenue of 21.055 billion RMB in 2025, down 8.61% from the previous year, while net profit increased to 479 million RMB, reflecting a growth of 127.33% [5] - For Q4, revenue was 5.985 billion RMB, a decline of 17.60% year-on-year, with net profit reaching 148 million RMB, a significant increase of 251.89% [5] Business Segments Performance - Cement Business: Sales volume decreased by 10.2% to 55.421 million tons, with average price and cost per ton down by 15 RMB and 18 RMB respectively, leading to a gross profit of 39 RMB per ton, an increase of 2 RMB [6] - Concrete Business: Sales volume increased by 18.3% to 15.407 million cubic meters, with average price and cost per ton down by 35 RMB and 36 RMB respectively, resulting in a gross profit of 41 RMB per ton, up by 2 RMB [6] - Aggregate Business: Sales volume rose by 23.4% to 85.596 million tons, but average price decreased by 3 RMB, leading to a gross profit of 8 RMB per ton, down by 5 RMB [6] Cost Management - The company successfully reduced management expenses significantly in Q4, with total expenses per ton decreasing by 25.2 RMB to 57 RMB, primarily due to a reduction in goodwill impairment and fixed asset impairment compared to 2024 [3] Future Outlook - The company is expected to benefit from improved cost control and potential policy changes aimed at reducing overcapacity in the cement industry, with projected net profits of 734 million, 890 million, and 981 million RMB for 2026, 2027, and 2028 respectively [5]

Investment Rating - The investment rating for China Resources Cement Technology is maintained as "Buy" with a target price of HKD 2.37 [6]. Core Views - The company reported a revenue of RMB 21.055 billion and a net profit attributable to shareholders of RMB 479 million for the year 2025, reflecting a year-on-year change of -8.6% and +127.3% respectively, with net profit slightly exceeding expectations [1][6]. - The company benefits from a decrease in major costs such as coal and a reduction in asset goodwill impairment losses, which contributed to the significant increase in net profit [1][3]. - Despite short-term pressure on cement product prices and sales volume, the company is expected to benefit from supply-side reforms in the cement industry, including capacity management and carbon emission constraints [1][4]. Summary by Sections Revenue and Profitability - In 2025, the company's cement, concrete, and aggregate businesses generated sales revenues of RMB 12.66 billion, RMB 4.39 billion, and RMB 2.89 billion respectively, with year-on-year changes of -15.8%, +5.5%, and +14.3% [2]. - The sales volume for cement decreased by 10.2%, while concrete and aggregate volumes increased by 18.3% and 23.4% respectively [2]. - The average selling price (ASP) for cement, concrete, and aggregate saw declines of 6.3%, 10.8%, and 7.4% respectively, indicating pressure on the main business [2]. Cost Management - The overall gross margin for the company improved to 16.7%, a year-on-year increase of 0.2 percentage points, primarily due to effective cost control measures [3]. - The average procurement price of coal decreased by 16.5% to RMB 670 per ton, and the cost of coal per ton of clinker fell by 18.0% to RMB 85.5 [3]. Industry Outlook - The cement industry is facing continued demand pressure, with national cement production down 6.9% and real estate investment down 17.2% in 2025 [4]. - Supply-side reform policies are expected to improve the long-term competitive landscape of the industry, with the company focusing on differentiated products such as nuclear power cement and road silicate cement [4]. Financial Projections - The company’s net profit forecasts for 2026, 2027, and 2028 are RMB 639 million, RMB 899 million, and RMB 1.225 billion respectively, reflecting growth rates of 33.34%, 40.59%, and 36.28% [5][9]. - The target price has been adjusted to HKD 2.37, reflecting a 65% discount to the average price-to-book (PB) ratio since the company's listing [5].

EF002 第 1 頁 共 2 頁 v 1.1.1 EF002 | 香港 | | | --- | --- | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 本公司執行董事包括景世青先生、謝驥先生及李保軍先生﹔本公司非執行董事包括于舒天先生、周波先生、鄧荣輝先生及李楠先 | | | 生﹔及本公司獨立非執行董事包括吳錦華博士、顏碧蘭女士、鄧以海先生及龔曉峰先生。 | | 免責聲明 第 2 頁 共 2 頁 v 1.1.1 | 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。 | 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 | | --- | --- | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 華潤建材科技控股有限公司 | | 股份代號 | 01313 | | 多櫃 ...

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 21,054.8 million, a decrease of 8.6% compared to RMB 23,037.8 million in 2024[5] - Net profit attributable to the company's owners increased by 127.3% to RMB 479.4 million from RMB 210.9 million in the previous year[5] - Basic earnings per share rose to RMB 0.069 from RMB 0.030, reflecting a significant improvement in profitability[6] - Total comprehensive income for the year was RMB 350.7 million, compared to RMB 80.1 million in 2024, reflecting a strong recovery[6] - The company's pre-tax profit for 2025 was RMB 479,357,000, a significant increase from RMB 210,863,000 in 2024, representing a growth of approximately 127.7%[26] - The net profit margin for 2025 was 1.4%, an increase of 0.9 percentage points from 0.5% in 2024[83] Assets and Liabilities - Total assets decreased by 2.2% to RMB 70,393.5 million from RMB 71,963.1 million in 2024[5] - The company's debt ratio improved to 30.7% from 34.6% year-on-year, indicating better financial stability[5] - Trade receivables from third parties as of December 31, 2025, were RMB 1,720,717,000, a decrease from RMB 1,774,253,000 in 2024[29] - The total trade payables as of December 31, 2025, were RMB 3,168,462,000, a slight decrease from RMB 3,260,380,000 in 2024[34] - The group's net current liabilities as of December 31, 2025, amount to RMB 4,605,900,000, indicating a stable liquidity position[90] Income and Expenses - Other income increased to RMB 419.5 million from RMB 310.1 million, showing growth in non-operational revenue streams[5] - Financial expenses decreased to RMB 446,908 thousand in 2025 from RMB 536,215 thousand in 2024, reflecting improved cost management[22] - Selling and distribution expenses for 2025 were RMB 421,400,000, a decrease of 0.9% from RMB 425,000,000 in 2024, with these expenses accounting for 2.0% of consolidated revenue[78] - General and administrative expenses for 2025 were RMB 2,427,100,000, down 7.7% from RMB 2,630,100,000 in 2024, with goodwill impairment of RMB 57,000,000 included in this year's expenses[79] Dividends - The company proposed a final dividend of HKD 0.024 per share, up from HKD 0.01 in the previous year[5] - The company's interim dividend for 2025 is proposed at HKD 0.014 per share, down from HKD 0.02 per share in 2024, totaling RMB 89,015,000 compared to RMB 128,003,000 in the previous year[28] - The total dividend payout for the year ending December 31, 2025, is expected to be HKD 0.038 per share, up from HKD 0.03 per share in 2024[100] Production and Capacity - Total revenue for the cement division reached RMB 12,657,168 thousand, while concrete and aggregates divisions generated RMB 4,389,118 thousand and RMB 4,008,486 thousand respectively, leading to a total revenue of RMB 21,054,772 thousand[17] - The utilization rates for cement, concrete, and aggregate production lines in 2025 were 62.3%, 33.3%, and 95.9% respectively, compared to 69.2%, 33.9%, and 85.9% in 2024[50] - In 2025, the company increased its concrete production capacity by approximately 3.5 million cubic meters through the cooperation with 5 new concrete mixing stations[49] Market and Economic Outlook - In 2025, China's GDP is projected to grow by 5.0% year-on-year, reaching RMB 140.2 trillion, while fixed asset investment (excluding rural households) is expected to decline by 3.8% to RMB 48.5 trillion[35] - National infrastructure investment (excluding electricity, heat, gas, and water production and supply) is forecasted to decrease by 2.2% year-on-year in 2025[36] - The total area of commercial housing sales in China is expected to decline by 8.7% to 880 million square meters, with sales revenue decreasing by 12.6% to RMB 8.4 trillion in 2025[37] Environmental and Sustainability Initiatives - The company is actively promoting the "carbon peak and carbon neutrality" strategy, implementing a four-year action plan for energy conservation and carbon reduction[51] - The company is focusing on the green and low-carbon development direction, integrating ecological and energy-saving requirements into the entire production process[47] - By the end of 2025, 50% of cement clinker production capacity in key air pollution prevention areas is expected to complete ultra-low emission transformations[41] Innovation and Technology - The company has developed and optimized a rotary kiln technology based on proprietary intellectual property, achieving international advanced standards in green development[67] - The company has filed a total of 383 valid patents, including 123 invention patents, with 47 new patents granted in 2025[68] - The company has successfully implemented AI applications in nine scenarios, including intelligent dust collection and concrete mix design, leading to cost reductions and efficiency improvements[63] Strategic Focus - The company will focus on its core businesses of cement, aggregates, and concrete, aiming to enhance asset quality and regional leadership capabilities[96] - The company plans to increase R&D efforts around "intelligent, green, and integrated" technologies to develop new production capabilities and explore integrated solutions in building materials[96]

2025 Results Summary Gross Margin +0.2 ppt (YoY) EBITDA +2.7% (YoY) Profit Attributable to Owners of the Company +127.3% (YoY) Gearing Ratio -3.9 ppt (YoY) Free Cash Flow +103.9% (YoY) Capital Expenditure -39.5% (YoY) 1 Contents 01 Industry Overview Analysis of market dynamics, competitive landscape, and macro trends to gain insights into industry opportunities and challenges. 02 Financial Highlights Comprehensive core financial indicator review, profit and cash-flow analysis and operating performance and r ...