Core Viewpoint - China Resources Cement Technology (01313) plans to issue the first phase of medium-term notes for 2025 in the interbank bond market, aiming to raise funds for repaying domestic bank loans [1] Group 1 - The company intends to issue medium-term notes amounting to RMB 2 billion [1] - The issuance period for the notes is set for three years [1] - The coupon rate will be determined through centralized book-building and allocation results [1] Group 2 - The funds raised will be used to repay the company's and its subsidiaries' domestic bank borrowings [1]

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。 茲提述本公司日期為二零二三年七月十日、二零二三年九月二十八日、二零二四年四月十六 日及二零二四年四月二十二日的公告，有關（其中包括）本公司於二零二四年四月二十二日 在中國發行本金金額為人民幣 1,000,000,000 元的二零二四年度第一期中期票據，以及日期為 二零二四年七月二十五日及二零二五年七月二十四日有關本公司跟蹤評級報告的後續公告 （統稱「該等公告」）。除另有界定外，本公告所用詞彙應與該等公告所用者具有相同涵義。 本公司董事（「董事」）局（「董事局」）欣然宣佈，本公司擬於二零二五年八月二十二日在中 國銀行間債券市場建議發行二零二五年度第一期中期票據（「二零二五年度第一期中期票據」）。 二零二五年度第一期中期票據發行金額為人民幣 2,000,000,000 元，發行期限為三年，票面利 率將由集中簿記建檔、集中配售結果確定。二零二五年度第一期中期票據募集到的資金用於 償還本公司及其附屬公司的境內銀 ...

Investment Rating - The investment rating for China Resources Cement Technology (1313.HK) is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 10.206 billion yuan for the first half of 2025, a year-on-year decrease of 1.0%, while the net profit attributable to shareholders was 307 million yuan, reflecting an increase of 85% year-on-year [2][4]. - The overall industry demand is under pressure, but the Guangdong and Guangxi regions are performing relatively better than the national average. National cement production decreased by 4.3% year-on-year to 820 million tons in the first half of 2025 [5]. - The company’s cement sales volume decreased by 13% year-on-year to 25.31 million tons, while concrete sales volume increased by 36% year-on-year to 68.77 million tons, and aggregate sales volume increased by 23% year-on-year to 36.34 million tons [5]. - The average price of cement products was 247 yuan per ton, an increase of 9 yuan per ton year-on-year, while the average price of commercial concrete was 303 yuan per ton, a decrease of 41 yuan per ton year-on-year [5]. Summary by Sections Company Overview - The company is primarily located in the Guangdong and Guangxi regions, which are expected to see better demand growth compared to the national average. The production line utilization rates for cement, concrete, and aggregates were 56.8%, 32.0%, and 80.2%, respectively, compared to 64.2%, 27.1%, and 75.1% in the same period of 2024 [5][7]. Market Dynamics - The mid-term outlook for the South China market is positive due to the construction momentum from the Greater Bay Area. The regional supply has stabilized, and the market is entering a rebalancing phase. The company, as a regional leader, has comprehensive advantages in scale and distribution [7]. Financial Projections - The industry is expected to gradually optimize its structure, with the company projected to achieve net profits of 700 million yuan and 1 billion yuan for 2025 and 2026, respectively, corresponding to price-earnings ratios of 17 and 12 times [7].

Group 1 - The cement stocks have mostly risen, with Dongwu Cement increasing by 22.93% to HKD 5.63, China National Building Material up by 11.4% to HKD 5.57, and Huaxin Cement Technology rising by 2.08% to HKD 1.96 [1] - Dongwu Cement announced a significant reduction in losses expected in the first half of 2025, attributed to the "anti-involution" policy in the domestic cement industry and a slowdown in overall market demand in China [1] - The company also reported gains from the sale of cement clinker capacity indicators, which will continue to be replaced by externally purchased clinker supply [1] Group 2 - Tianfeng Securities noted that cement prices continued to decline in July, with a national average of RMB 344 per ton, down RMB 44 per ton year-on-year and RMB 8 per ton since early July [2] - Many regions have seen cement prices reach or fall below cost lines, and rising coal prices have further increased profit pressures for companies [2] - In response, regions like the Yangtze River Delta and Hubei have begun to actively implement peak-shaving measures and raise prices by approximately RMB 30 per ton, with expectations for gradual recovery in profitability as demand enters the peak season [2]

Group 1 - Cement stocks mostly rose, with Dongwu Cement up 22.93% to HKD 5.63, China National Building Material up 11.4% to HKD 5.57, and Huaxin Cement up 2.08% to HKD 1.96 [1] - Dongwu Cement announced a significant reduction in losses expected in the first half of 2025, attributed to the "anti-involution" policy in the domestic cement industry and a slowdown in overall market demand [1] - The company also reported gains from the sale of cement clinker capacity indicators, which will be replaced by externally purchased clinker supply [1] Group 2 - In July, cement prices continued to decline, with a national average of RMB 344 per ton, down RMB 44 year-on-year and RMB 8 from early July [2] - Many regions have seen cement prices touch or fall below cost lines, compounded by rising coal prices, increasing pressure on corporate profits [2] - In response, regions like the Yangtze River Delta and Hubei have begun to actively stagger production and raise prices by approximately RMB 30 per ton, with expectations for gradual recovery in profitability as demand enters the peak season [2]

Group 1 - Hong Kong cement stocks experienced a significant rise, with Dongwu Cement leading the gains at over 17%, followed by China National Building Material at over 7% [1] - Other notable performers included Huaxin Cement with a 2% increase, and China Tianrui Cement, China Resources Cement Technology, and Jinyu Group all rising over 1% [1] - The report from China Galaxy Securities indicated that July was a seasonal off-peak period, with high temperatures and rain affecting downstream construction, leading to a decrease in national cement demand and an increase in clinker inventory [2] Group 2 - Dongwu Cement is expected to reduce its losses to approximately 12.966 million yuan for the six months ending June 30, 2025, compared to a loss of about 39.981 million yuan in the same period last year, representing a reduction of approximately 67.6% [3] - The industry outlook suggests that demand is expected to gradually recover in mid to late August, with a potential stabilization and rebound in cement prices [2]

港股建材水泥股盘初拉升，其中，东吴水泥大涨超17%领衔，中国建材涨超7%，华新水泥涨2%，中国 天瑞水泥、华润建材科技、金隅集团涨超1%，海螺水泥涨0.4%。 消息上，中国银河证券研报表示，7月处于季节性淡季，高温雨水影响下游施工，全国水泥需求减少， 全国熟料线停窑率有所提升，但熟料库存继续增长，行业供需矛盾较大，水泥价格均呈下降态势。后续 来看，预计8月中下旬需求有望逐步回升，水泥价格有望止跌回涨。个股方面，东吴水泥公布，预期截 至2025年6月30日止六个月，亏损将减少至约1,296.6万元，而去年同期亏损约3,998.1万元，减幅约为 67.6%。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 00695 | 东吴水泥 | 5.360 | 17.03% | | 03323 | 中国建材 | 5.350 | 7.00% | | 06655 | 华新水泥 | 13.550 | 1.96% | | 01252 | 中国天瑞水泥 | 0.315 | 1.61% | | 01313 | 华润建材科技 | 1.940 | 1.04% | | 02009 ...

华润建材科技(01313)发布公告，自2025年9月1日起，龚晓峰先生获委任为独立非执行董事及战略与投 资委员会成员;及朱平先生将不再担任战略与投资委员会成员。 ...

Core Viewpoint - China Resources Cement Technology (01313.HK) reported a slight decrease in revenue for the mid-2025 period, while achieving significant growth in profit attributable to shareholders [1] Financial Performance - The consolidated revenue for the mid-2025 period reached RMB 10.2 billion, representing a 1.0% decrease compared to the same period last year [1] - Profit attributable to shareholders was RMB 307 million, showing an impressive year-on-year increase of 85.0% [1] Dividend Declaration - The board of directors has resolved to declare an interim dividend of HKD 0.014 per share for the period, compared to HKD 0.02 per share in 2024 [1]

期间内，该集团的水泥产品、混凝土及骨料对外销量分别减少370万吨、增加180万立方米及增加680万 吨，较去年同期分别减少12.6%、增加36.0%及增加23.2%。期间内，集团所销售的水泥产品中，约 82.1%为42.5或更高等级(2024年同期为83.4%)，约30.8%以袋装销售(2024年同期为29.3%)。用于集团混 凝土生产的内部水泥销量为140万吨(2024年同期为110万吨)，占水泥总销量的5.7%(2024年同期为 3.7%)。 华润建材科技(01313)公布2025年中期业绩，营业额为102.056亿元，同比减少1%;公司拥有人应占盈利 约3.07亿元，同比增长85%;每股基本盈利0.044元，每股中期股息0.014港元。 期间内，水泥产品、混凝土及骨料的平均售价分别为每吨人民币246.9元、每立方米人民币302.7元及每 吨人民币36.2元，较去年同期分别增加3.8%、减少11.9%及减少1.6%。 ...