消息面上，10月24日，华润建材科技发布截至2025年9月30日止九个月业绩，营业额150.7亿元(人民 币，下同)，同比下降4.5%；公司拥有人应占盈利3.31亿元，同比增长7.3%；每股基本盈利0.047元。 华润建材科技(01313)绩后跌超4%，截至发稿，跌4.49%，报1.7港元，成交额3175.08万港元。 中金发布研报称，华润建材科技25Q3业绩基本符合该行预期。从主营业务上看，3Q25公司水泥熟料总 销量同比-5.3%至1412万吨，行业水泥合计产量同比-6.6%，其销量跌幅略小于同行。3Q25公司水泥熟 料吨均价同比-32元至205元；吨成本同比-32元至173元；吨毛利达32元同比基本持平于低位，淡季需求 疲弱叠加供需矛盾边际增加，水泥主业仍然承压。 ...

Core Viewpoint - CICC has downgraded the EPS estimates for China Resources Cement Technology (01313) for 2025 and 2026 by 66% and 48% to 0.06 CNY and 0.11 CNY respectively, due to over 100 million CNY fixed asset impairment in the first half of the year, which was not present in the same period last year [1] Group 1: Financial Performance - The company's Q3 2025 performance was in line with expectations, with a revenue decline of 11% year-on-year to 4.86 billion CNY and a net profit drop of 83% to 24.32 million CNY [2] - In Q3 2025, the total sales volume of cement clinker decreased by 5.3% year-on-year to 14.12 million tons, which was a smaller decline compared to the industry average of 6.6% [2] - The average price per ton of cement clinker in Q3 2025 was 205 CNY, with a cost of 173 CNY per ton, resulting in a gross profit of 32 CNY per ton, remaining at a low level due to weak seasonal demand [2] Group 2: Business Segments - The sales volume of concrete and aggregates grew rapidly in Q3 2025, with increases of 11% and 32% year-on-year respectively [3] - The gross profit per ton for concrete increased by 7 CNY to 46 CNY, while the gross profit for aggregates decreased by 5 CNY year-on-year to 8.3 CNY [3] Group 3: Cost and Expenses - The total cost per ton of cement clinker increased by 3 CNY year-on-year to 50 CNY, with sales, management, and financial expense ratios rising by 0.2 percentage points, 1.9 percentage points, and decreasing by 0.5 percentage points respectively [4] Group 4: Market Outlook - The industry may see price increases in November and December, with companies actively implementing staggered kiln shutdowns, indicating potential for price recovery [5] - Looking ahead to next year, if the industry strictly limits overproduction, the utilization rate of clinker capacity could rise to around 60%, enhancing profit potential in the southern market [5] - The company has fully accounted for fixed asset impairments this year and will focus on core operations, suggesting potential for performance recovery in 2025 due to a low base [5]

Core Viewpoint - China Resources Building Materials Technology Holdings reported a significant decline in revenue and net profit for 3Q25, largely in line with expectations, indicating ongoing challenges in the cement market due to weak demand and rising supply-demand imbalances [1][2]. Group 1: Financial Performance - Revenue fell 11% YoY to Rmb4.86 billion, while attributable net profit dropped 83% YoY to Rmb24.32 million [1]. - The firm's total sales volume of cement and clinker decreased 5.3% YoY to 14.12 million tonnes, which was a milder decline compared to the industry's 6.6% drop [1]. - The per-tonne average selling price (ASP) of cement and clinker decreased Rmb32 YoY to Rmb205, while the per-tonne cost also fell Rmb32 YoY to Rmb173, resulting in a stable per-tonne gross profit of Rmb32 [1]. Group 2: Business Segments - Sales volume for concrete and aggregate businesses increased significantly, with concrete sales rising 11% and aggregate sales up 32% YoY in 3Q25 [2]. - The unit gross profit for the concrete business increased Rmb7 YoY to Rmb46 per cubic meter, while the per-tonne gross profit for aggregates fell Rmb5 YoY to Rmb8.3 [2]. Group 3: Expense and Cost Management - The expense ratio for cement and clinker rose, with expenses per tonne increasing Rmb3 YoY to Rmb50 [3]. - Selling, general and administrative (G&A), and financial expense ratios changed by +0.2 percentage points, +1.9 percentage points, and -0.5 percentage points YoY, respectively [3]. Group 4: Industry Outlook - The cement industry is preparing for potential price hikes in November-December, with expectations that the "anti-involution" campaign may support earnings recovery [3]. - The utilization rate of clinker capacity is projected to rise to about 60% by 2026 if overproduction restrictions are strictly implemented [3]. - Management is focusing on strengthening profit margins and prioritizing pricing strategies, indicating potential upside for profit per tonne in southern China [3]. Group 5: Valuation and Forecast - EPS forecasts for 2025 and 2026 have been cut by 66% and 48% to Rmb0.06 and Rmb0.11, respectively, due to fixed asset impairments and lower-than-expected sales volume and prices [4]. - The stock is currently trading at 28x 2025 estimated P/E and 14x 2026 estimated P/E, with a target price cut by 12% to HK$2.2, implying a 34x 2025 estimated P/E and 17x 2026 estimated P/E with a 24% upside [4].

机构：中金公司 研究员：陈彦/刘嘉忱 业绩回顾 3Q25 业绩基本符合我们预期 风险 需求恢复不及预期，行业价格协同不及预期，行业竞争加剧。 发展趋势 11-12 月行业或仍酝酿提价，"反内卷"有望催化吨盈利修复。我们判断11-12 月企业仍较积极执行错峰停 窑，水泥有提价空间。展望明年，我们认为若行业严格执行限制超产，熟料产能利用率有望提升至60% 左右，叠加公司管理层强化利润导向、价格优先，华南市场吨利改善潜力较大。公司今年充分计提固定 资产减值等，后续聚焦主业经营，轻装上阵，在25 年低基数下，业绩弹性可期。 盈利预测与估值 考虑到①上半年公司有超过1 亿元固定资产减值计入管理费用，去年同期并无相应计提影响；②水泥 量、价表现或低于此前预期，我们下调公司25/26e EPS 66%/48%至0.06 元/0.11 元；当前股价对应25/26e 28x/14x P/E。我们维持跑赢行业评级，考虑到"反内卷"或带动板块估值提升，我们仅下调目标价12%至 2.2 港币，对应2025/26e 34x/17x P/E，隐含24%的上行空间。 淡季水泥需求疲软，公司水泥销量降幅略小于行业。3Q25 公司水泥熟料总销 ...

Core Viewpoint - China Resources Cement Technology (01313) announced significant changes in its board of directors and committee memberships effective from October 24, 2025 [1] Group 1: Board Changes - Mr. Shi Liqian has resigned as an independent non-executive director and chairman of the remuneration and nomination committee, as well as a member of the audit committee and risk and compliance committee [1] - Mr. Li Nan has been appointed as a non-executive director [1] - Mr. Deng Yihai has been promoted from a member to the chairman of the remuneration and nomination committee and has also been appointed as a member of the nomination committee [1] - Mr. Gong Xiaofeng has been appointed as a member of the remuneration and nomination committee, audit committee, and risk and compliance committee [1]

Core Viewpoint - China Resources Cement Technology (01313) reported a revenue of 15.07 billion RMB for the nine months ending September 30, 2025, representing a year-on-year decline of 4.5% while the profit attributable to shareholders increased by 7.3% to 331 million RMB, with basic earnings per share at 0.047 RMB [1] Financial Performance - Revenue for the nine-month period was 15.07 billion RMB, down 4.5% year-on-year [1] - Profit attributable to shareholders reached 331 million RMB, marking a 7.3% increase compared to the previous year [1] - Basic earnings per share were reported at 0.047 RMB [1]

Core Viewpoint - China Resources Cement Technology (01313.HK) reported a revenue of 15.0696 billion RMB for the nine months ending September 30, 2025, representing a year-on-year decrease of 4.5% [1] - The profit attributable to the company's owners was 331 million RMB, an increase of 7.3% year-on-year [1] - Basic earnings per share were 0.047 RMB [1]

智通财经APP讯，华润建材科技(01313)发布公告，自2025年10月24日起：石礼谦先生已辞任独立非执行 董事、薪酬与考核委员会主席、提名委员会成员、审核委员会成员及风险与合规委员会成员;李楠先生 获委任为非执行董事;邓以海先生由薪酬与考核委员会成员调任为薪酬与考核委员会主席，且获委任为 提名委员会成员;龚晓峰先生获委任为薪酬与考核委员会成员、审核委员会成员及风险与合规委员会成 员。 ...

格隆汇10月24日丨华润建材科技(01313.HK)发布公告，自2025年10月24日起：(1)石礼谦已辞任独立非 执行董事、薪酬与考核委员会主席、提名委员会成员、审核委员会成员及风险与合规委员会成员；(2) 李楠获委任为非执行董事；(3)邓以海由薪酬与考核委员会成员调任为薪酬与考核委员会主席，且获委 任为提名委员会成员；及(4)龚晓峰获委任为薪酬与考核委员会成员、审核委员会成员及风险与合规委 员会成员。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 ( 於開曼群島註冊成立之有限公司 ) （股份代號：1313） 截至二零二五年九月三十日止九個月 之未經審核財務資料 | | | 截至九月三十日止九個月 | | | | | --- | --- | --- | --- | --- | --- | | | 二零二五年 | | 二零二四年 | | (減少)/ | | | （未經審核） | | （未經審核） | | 增加 | | 營業額 （人民幣百萬元） | 15,069.6 | | 15,774.6 | | (4.5)% | | 本公司擁有人應佔盈利 | | | | | | | （人民幣百萬元） | 331.0 | | 308.6 | | 7.3% | | 每股基本盈利 | 人民幣 0.047 | 元 | 人民幣 0.044 | 元 | | | | 於二零二五年 | | 於二零二四年 | | 增加 | | | 九月三十日 | | 十二月三十一日 | | | | ...