高盛发表研报指，华润建材科技上半年纯利按年升85%至3.07亿元，每股盈利达4.4分；经常性净利润按 年升98%至3.91亿元，低于该行及市场预期。集团中期每股派息1.4港仙，派息率达30%。该行将集团今 年盈利预测下调54%，明年维持不变，2027年则下调2%，同时预测单位水泥毛利由今年下半年的每吨 45元升至2026年的每吨65元；目标价由2港元微升至2.1港元，维持"买入"评级。 ...

Group 1 - The company reported a revenue of 10.206 billion yuan for H1 2025, a year-on-year decrease of 1.0%, while net profit attributable to shareholders was 307 million yuan, an increase of 85% year-on-year [1] - National cement production decreased by 4.3% year-on-year to 820 million tons in H1 2025, with the company's main regions (Guangdong and Guangxi) showing relatively better performance compared to the national average [1] - The company's cement, concrete, and aggregate production line utilization rates were 56.8%, 32.0%, and 80.2% respectively, compared to 64.2%, 27.1%, and 75.1% in H1 2024 [1] Group 2 - In H1 2025, the company's cement sales were 25.31 million tons, a year-on-year decrease of 13%, while concrete sales increased by 36% to 68.77 million tons, and aggregate sales increased by 23% to 36.34 million tons [2] - The average price of cement was 247 yuan per ton, an increase of 9 yuan per ton year-on-year, while the price of commercial concrete decreased by 41 yuan per ton to 303 yuan per ton, and the price of aggregates decreased by 1 yuan per ton to 36 yuan per ton [2] - The company has an existing aggregate annual production capacity of approximately 108.6 million tons, with an expected total capacity of 134.8 million tons once all projects are completed [2] Group 3 - The industry is expected to gradually optimize its structure against a backdrop of reduced competition, with projected company earnings of 700 million yuan and 1 billion yuan for 2025 and 2026 respectively, corresponding to PE ratios of 17 and 12 times [3]

华润建材科技公告，公司计划于2025年8月22日在中国银行间债券市场发行2025年度第一期中期票据， 发行金额为20亿元，期限为三年。票据利率将根据集中簿记建档和配售结果确定。募集资金将用于偿还 公司及其附属公司的境内银行借款。相关文件已在中国货币网及上海清算所网站披露。票据发行需视市 场条件及若干条件达成方可实现，若实现，公司将根据上市规则另行公告。 ...

格隆汇8月18日丨华润建材科技(01313.HK)公布，公司拟于2025年8月22日在中国银行间债券市场建议发 行2025年度第一期中期票据。2025年度第一期中期票据发行金额为人民币20亿元，发行期限为三年，票 面利率将由集中簿记建档、集中配售结果确定。2025年度第一期中期票据募集到的资金用于偿还公司及 其附属公司的境内银行借款。 ...

华润建材科技(01313)公布，公司拟于2025年8月22日在中国银行间债券市场建议发行2025年度第一期中 期票据。2025年度第一期中期票据发行金额为人民币20亿元，发行期限为三年，票面利率将由集中簿记 建档、集中配售结果确定。2025年度第一期中期票据募集到的资金用于偿还公司及其附属公司的境内银 行借款。 ...

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]