Financial Performance - The company reported operating revenue of approximately RMB 16,866.52 million, representing a year-on-year increase of 31.42% compared to RMB 12,833.61 million in the same period last year[6]. - The net loss attributable to shareholders was approximately RMB 1,234.60 million, a decrease in loss of 5.65% from RMB 1,308.58 million in the previous year[6]. - The company experienced a 31% increase in operating income, primarily due to growth in the green building materials and real estate sectors[12]. - Total operating revenue for Q1 2025 reached ¥16.87 billion, a 31.7% increase from ¥12.83 billion in Q1 2024[27]. - Net loss for Q1 2025 was ¥2.13 billion, compared to a net loss of ¥2.08 billion in Q1 2024, reflecting a slight increase in losses[28]. - The company reported a total profit of -¥1.96 billion for Q1 2025, compared to -¥1.99 billion in Q1 2024[28]. Cash Flow - The net cash flow from operating activities was negative at RMB 5,430.79 million, worsening by 10.39% compared to RMB 4,919.45 million in the same period last year[6]. - In Q1 2025, cash inflow from operating activities was CNY 20.20 billion, an increase of 15.4% compared to CNY 17.54 billion in Q1 2024[35]. - The net cash flow from operating activities in Q1 2025 was -CNY 5.43 billion, worsening from -CNY 4.92 billion in Q1 2024[35]. - Cash inflow from investment activities in Q1 2025 totaled CNY 1.05 billion, up from CNY 461.97 million in Q1 2024[36]. - The net cash flow from investment activities was -CNY 2.09 billion in Q1 2025, compared to -CNY 1.24 billion in Q1 2024[36]. - Cash inflow from financing activities in Q1 2025 was CNY 22.35 billion, down from CNY 26.25 billion in Q1 2024[36]. - The net cash flow from financing activities was CNY 6.70 billion in Q1 2025, compared to CNY 7.60 billion in Q1 2024[36]. - The total cash and cash equivalents at the end of Q1 2025 were CNY 14.06 billion, a decrease from CNY 15.18 billion at the end of Q1 2024[36]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 266,567.77 million, an increase of 0.97% from RMB 263,995.72 million at the end of the previous year[6]. - The equity attributable to shareholders decreased by 4.36% to RMB 70,502.15 million from RMB 73,717.50 million at the end of the previous year[6]. - Current liabilities decreased to CNY 92.84 billion from CNY 96.78 billion, a reduction of about 4.0%[20]. - Non-current liabilities rose to CNY 85.32 billion from CNY 75.10 billion, an increase of approximately 13.5%[20]. - The company reported a total liability of CNY 178.16 billion, up from CNY 171.88 billion, reflecting an increase of about 3.8%[20]. - The total equity of the company decreased to CNY 88.41 billion from CNY 92.12 billion, a decline of approximately 4.0%[21]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 110,647[13]. - The largest shareholder, Beijing State-owned Capital Operation Management Co., Ltd., holds 4,832,665,938 shares, accounting for 45.26% of the total shares[13]. - The company has reported no changes in the participation of major shareholders in financing and securities lending activities[14]. Operational Costs and Income - Operating costs increased by 29%, attributed to the rise in revenue[12]. - The company reported a significant increase of 1,545% in business taxes and additional charges, mainly due to tax refunds related to land appreciation tax from real estate projects[12]. - Other income rose by 56%, largely due to an increase in government subsidies recognized during the reporting period[12]. - The company’s cash outflow for purchasing goods and services in Q1 2025 was CNY 21.85 billion, compared to CNY 14.32 billion in Q1 2024, indicating increased operational costs[35]. Investment Activities - The company’s investment activities generated a net cash flow decrease of 68%, reflecting increased investment expenditures during the reporting period[12]. - The company plans to increase its shareholding through centralized bidding, with an initial purchase of 6,682,600 shares for RMB 8,525,554 on August 23, 2024[15]. - As of March 31, 2025, the total non-current assets amount to RMB 139,123,123,000.00, showing a slight increase from the previous period[19]. - The company has a plan to continue increasing its shareholding over the next 12 months, with a total of 35,308,366 shares purchased so far[15].

金隅集团（601992）公告，2025年第一季度营收为168.67亿元，同比增长31.42%；净亏损12.35亿元， 去年同期净亏损13.09亿元。 ...

大公国际资信评估有限公司通过对北京金隅集团股份有限公司及"18金隅02"的信用状况进行跟踪评级， 确定北京金隅集团股份有限公司的主体信用等级维持AAA，评级展望维持稳定，"18金隅02"的信用等 级维持AAA。 4月29日，大公国际公布评级报告，北京金隅集团股份有限公司主体获"AAA"评级，相关债项 获"AAA"评级，评级展望稳定。 大公国际认为，北京金隅集团股份有限公司（以下简称"金隅集团"或"公司"）主要从事建材与房地产业 务。跟踪期内，多元化业务发展有助于提高公司整体抗风险能力，公司水泥产品在华北地区品牌知名度 和市场占有率较高，新型建材产品仍保持一定的品牌和规模优势，融资渠道较为多元，公司是控股股东 北京国有资本运营管理有限公司（以下简称"北京国管"）旗下建材板块最大的经营主体，可获得相关支 持；但2024年公司净利润亏损规模同比扩大，应收类款项部分账龄较长且存在一定资金占用，同时存货 存在一定跌价损失风险，2024年，公司期末总有息债务仍维持较大规模，经营性现金流同比转为净流 出，公司仍存在一定短期偿债压力。 资料显示，金隅集团成立于2005年12月22日，公司进行了多次增资扩股、股权调整，2009 ...

Financial Performance - The company's operating revenue for 2024 was RMB 110,711,819, an increase of RMB 2,756,139 or 2.6% compared to 2023[6]. - The total profit for 2024 reached RMB 456,099, marking a significant increase of RMB 155,712 or 51.8% from the previous year[6]. - The net loss attributable to shareholders of the parent company was RMB (555,162), a decline of RMB 580,425 or (2,297.5%) compared to a profit of RMB 25,263 in 2023[6]. - The basic earnings per share attributable to shareholders of the parent company was RMB (0.050), a decrease of RMB 0.052 or (2,600.0%) from RMB 0.002 in 2023[6]. - The main business gross profit decreased by 5.5% to RMB 10,884.7 million, with a gross margin of 9.9%, down 0.9 percentage points from the previous year[64]. - The net loss attributable to shareholders was approximately RMB 555.2 million, a significant increase of 2,297.5% compared to a profit of RMB 25.3 million in the previous year[64]. - The company reported a revenue of approximately RMB 110,711.8 million for 2024, representing a year-on-year increase of 2.6%[64]. Cash Flow and Assets - The company reported a cash balance of RMB 18,292,078, an increase of RMB 959,961 or 5.5% from RMB 17,332,117 in 2023[6]. - The net current assets increased by 55.2% to RMB 36,416.5 million, indicating improved liquidity[64]. - The company's total assets decreased to RMB 263,995,721, down by RMB 5,683,418 or (2.1%) from RMB 269,679,139 in 2023[6]. - The debt-to-asset ratio was 65.1%, slightly up by 0.1 percentage points from 65.0% in 2023[6]. - The cash and cash equivalents increased by 5.5% to RMB 18,292.1 million, while current liabilities decreased by 17.7% to RMB 96,778.9 million[64]. Real Estate Development - The company has developed approximately 170 real estate projects, with a total construction area exceeding 30 million square meters[17]. - The real estate development segment increased land reserves by approximately 273,000 square meters (equity area) through the acquisition of four quality plots[50]. - The company completed the delivery of 9,890 residential units during the year, with a non-residential area de-stocking of 120,000 square meters[69]. - The total area of land reserves held by the company is 5,614,300 square meters as of the reporting period[79]. - The company recorded a total contracted sales amount of approximately RMB 13,470.0 million, a year-on-year decrease of about 42.0%[79]. Investment and Acquisitions - The company successfully acquired an 11.816% stake in Tianjin Building Materials Group Co., Ltd. through a public bidding process[117]. - The group entered into a share transfer agreement to acquire 100% equity of a target company for a total consideration of RMB 63,502.86 million, funded by internal resources[117]. - The acquisition is expected to enhance the company's market influence in Heilongjiang province, creating a synergistic effect in the region[118]. - The company agreed to acquire a 40% stake in a subsidiary for approximately RMB 200.1 million, which constitutes a related party transaction[121]. Environmental and Social Governance - The company was recognized as one of the top 50 ESG listed companies in the Beijing-Tianjin-Hebei region and received accolades for its environmental, social, and governance practices[51]. - The company issued a green low-carbon transformation plan and established a carbon emission rights management approach, with 11 enterprises rated as A-level for heavy pollution weather performance[51]. - The company has established a carbon emission management system and completed the first phase of its carbon management platform[94]. - The company has implemented environmental protection policies in compliance with national laws and regulations, ensuring no major environmental pollution incidents occurred during the reporting period[171]. Market Strategy and Future Plans - The company aims to enhance its market position by focusing on differentiated marketing strategies and expanding into new sectors such as aggregates and renewable energy[53]. - The company plans to actively participate in urban renewal and affordable housing projects, leveraging policy opportunities to drive business growth[53]. - The company is committed to a dual-core business strategy in green building materials and real estate, aiming for high-quality development through both internal and external resource integration[92]. - For 2025, the company has set a theme of "high-quality development breakthrough year" and aims to deepen state-owned enterprise reforms and strengthen innovation leadership[104]. Corporate Governance and Management - The company appointed Mr. Hong Yongmiao as an independent non-executive director since May 12, 2021, who holds a PhD in Economics from the University of California, San Diego[28]. - The independent directors receive an annual remuneration of RMB 150,000 (pre-tax)[187]. - The company has established a harmonious labor relationship and focuses on protecting employees' legal rights, contributing to long-term development[173]. - The internal control system has been enhanced, with 118 regulations updated and a new internal control management manual for 2024 developed[136]. Employee and Training - As of December 31, 2024, the group employed a total of 43,825 employees, a decrease from 44,885 employees as of December 31, 2023[143]. - Total employee compensation for the reporting period was approximately RMB 7,453.2 million, representing an increase of about 5.3% compared to RMB 7,075.3 million for the year ended December 31, 2023[143]. - The group conducted 3,414 training sessions in 2024, with a total participation of 170,000 individuals, achieving a training coverage rate of 100%[145]. Financial Management - The company has a robust financial policy with strict cash and risk management, primarily holding cash and bank balances in RMB[153]. - The total interest expense allocated to capital during the reporting period amounted to approximately RMB 1,113,624,012.42[161]. - The company issued various bonds during the reporting period, including RMB 15 billion in medium-term notes with a coupon rate of 2.87% and RMB 20 billion with a coupon rate of 2.84%[162][163].

Financial Performance - In 2024, the company achieved a total operating revenue of ¥110.71 billion, representing a 2.55% increase compared to ¥107.96 billion in 2023[23]. - The net profit attributable to shareholders of the listed company was -¥555.16 million, a significant decrease of 2297.55% from ¥25.26 million in 2023[23]. - The net cash flow from operating activities was -¥5.32 billion, a decline of 174.45% compared to ¥7.14 billion in 2023[23]. - The total assets of the company at the end of 2024 were ¥263.99 billion, down 2.11% from ¥269.68 billion at the end of 2023[23]. - The net assets attributable to shareholders of the listed company increased to ¥73.72 billion, a 0.97% rise from ¥73.01 billion in 2023[23]. - The basic earnings per share for 2024 was -¥0.05, a decrease of 2600.00% from ¥0.002 in 2023[24]. - The company reported a decrease in net profit from recurring operations, amounting to -¥2.86 billion, a 40.98% increase in losses compared to -¥2.03 billion in 2023[23]. - The weighted average return on equity (ROE) for 2024 is -0.75%, a decrease of 0.79 percentage points from 0.04% in 2023[25]. Revenue Breakdown - The total operating revenue for the first quarter of 2024 is 12.83 billion yuan, while the net profit attributable to shareholders is -1.31 billion yuan[27]. - The total operating revenue for the second quarter of 2024 is 32.73 billion yuan, with a net profit attributable to shareholders of 501.91 million yuan[27]. - The total operating revenue for the third quarter of 2024 is 31.47 billion yuan, with a net profit attributable to shareholders of 370.13 million yuan[27]. - The total operating revenue for the fourth quarter of 2024 is 33.68 billion yuan, with a net profit attributable to shareholders of -118.62 million yuan[27]. - The company achieved a consolidated revenue of CNY 110.71 billion, a year-on-year increase of 2.6%, with main business revenue rising by 2.5% to CNY 109.75 billion[47]. - The total profit amounted to CNY 4.6 billion, reflecting a significant year-on-year increase of 51.8%, while the net profit was CNY -15.3 billion, a decrease of 19.2%[47]. Segment Performance - The new green building materials segment reported a main business revenue of CNY 78.27 billion, a decline of 2.1%, but the gross profit increased by 12.67% to CNY 7.21 billion[48]. - Cement and clinker sales reached 84.4 million tons, a decrease of 9.48%, with cement sales down by 12.58% to 75.47 million tons[48]. - The real estate development and operation segment generated a main business revenue of CNY 32.74 billion, up 15.24%, but gross profit fell by 21.77% to CNY 4.15 billion[49]. Cash Flow and Financing - The company’s financing cost was reduced to 3.18%, with a successful issuance of five phases of technology innovation bonds at a minimum interest rate of 1.99%[46]. - The company issued bonds totaling CNY 21.8 billion, receiving the "Outstanding Issuer of Industrial Bonds" award from the Shanghai Stock Exchange for 2023[46]. - The company’s R&D expenses increased by 25.6% to CNY 665.89 million, reflecting a commitment to innovation[51]. - The company’s carbon emission management strategy includes a 11% fuel replacement rate in the cement industry and the establishment of 16 new photovoltaic projects with a total installed capacity of 51.47 MW[46]. Environmental Compliance - The company has a structured profit distribution process that involves multiple levels of review and communication with independent directors and shareholders[121]. - The company has implemented a comprehensive internal control system, updating 118 regulations and enhancing compliance management to mitigate risks[133]. - The company has established an emergency response plan for environmental incidents, ensuring rapid and efficient handling of pollution events[156]. - The company has adopted automatic monitoring for volatile organic compounds (VOCs) emissions, ensuring continuous compliance with environmental standards[157]. Governance and Management - The company held 10 board meetings during the reporting period, approving a total of 64 proposals[84]. - The supervisory board convened 4 times, passing 12 proposals, all in compliance with relevant regulations[85]. - The company emphasizes the importance of governance and compliance, ensuring that all shareholders, especially minority shareholders, are treated fairly and equitably[83]. - The company has a structured process for determining the remuneration of directors and senior management, ensuring transparency and accountability[100]. Strategic Initiatives - The company aims to enhance its core competitiveness through vertical integration of the entire industry chain, focusing on both new green building materials and real estate development[43]. - The company is focusing on cost reduction and efficiency improvement in its cement and concrete businesses while expanding into high-value segments[33]. - The company plans to enhance its industrial capabilities through technological innovation and the development of new materials[74]. - The company is actively pursuing strategic restructuring and professional integration to enhance supply chain resilience[73]. Future Outlook - The company aims for a revenue target of 100 billion yuan for 2025, focusing on high-quality development and innovation[76]. - The company plans to enhance its financing structure and reduce debt levels to ensure a stable cash flow and maintain a reasonable asset-liability ratio[79]. - The company is committed to technological innovation and green transformation to adapt to policy changes and market demands, aiming to reduce carbon emissions and improve energy efficiency[78].

Financial Performance - The company's operating revenue for 2024 was CNY 25.29 billion, a decrease of 10.44% compared to CNY 28.24 billion in 2023[21]. - The net profit attributable to shareholders for 2024 was a loss of CNY 991.02 million, an improvement of 33.14% from a loss of CNY 1.50 billion in 2023[21]. - The net cash flow from operating activities increased by 6.74% to CNY 3.18 billion in 2024, compared to CNY 2.99 billion in 2023[21]. - The total assets at the end of 2024 were CNY 59.31 billion, a decrease of 1.77% from CNY 59.92 billion at the end of 2023[21]. - The net assets attributable to shareholders decreased by 4.58% to CNY 27.66 billion at the end of 2024, down from CNY 28.72 billion at the end of 2023[21]. - The basic earnings per share for 2024 was -CNY 0.373, improving by 32.67% from -CNY 0.564 in 2023[21]. - The diluted earnings per share for 2024 was -CNY 0.335, an improvement of 34.06% from -CNY 0.518 in 2023[21]. - The company reported a quarterly revenue of CNY 3.34 billion in Q1 2024, with a net profit loss of CNY 1.10 billion[26]. - The company received government subsidies amounting to CNY 157.40 million in 2024, compared to CNY 146.31 million in 2023[28]. - The company has indicated uncertainty regarding its ability to continue as a going concern due to negative net profits over the last three accounting years[21]. Market and Sales Performance - In 2024, the company's cement sales volume reached 84.4 million tons, a year-on-year decrease of 9.48%, aligning with the industry trend[32]. - The company's cement sales volume decreased by 12.58% to 7,547,000 tons in 2024, while production volume fell by 12.86% to 7,540,000 tons compared to 2023[43]. - The company's clinker sales volume increased by 29.23% to 893,000 tons in 2024, despite a production volume decline of 10.32% to 6,133,000 tons[43]. - The company holds a 50% market share in the Beijing-Tianjin-Hebei region, maintaining a leading position in the market with strong supply capabilities and advanced production technology[38]. - The company is actively promoting staggered production to balance supply and demand, enhancing its competitive edge in the Shanxi region[38]. - The company aims to maintain stable market share and improve profitability through industry ecosystem construction and supply chain collaboration in the Shaanxi region[39]. - The company plans to enhance its market influence by acquiring 100% of the equity of Hengwei Cement in early 2025, following the acquisition of 100% of Shuangyashan Cement by the end of 2024[39]. Environmental and Social Responsibility - The report includes a section on environmental and social responsibility, highlighting the company's commitment to sustainable practices[5]. - The company plans to implement ultra-low emission transformations for its clinker production lines to comply with national environmental regulations by 2025[33]. - The company aims to optimize its production capacity and improve energy efficiency, targeting a reduction in comprehensive energy consumption by 3.7% compared to 2020 levels by 2025[34]. - The company is committed to sustainable development by applying for funding for green low-carbon projects to reduce operational costs[34]. - The company has established a monitoring system for emissions, ensuring compliance with environmental regulations and transparency in reporting[167]. - The company is focusing on enhancing its environmental compliance measures to further reduce emissions in the upcoming fiscal year[157]. - The company plans to invest in new technologies aimed at reducing particulate matter emissions by 20% over the next two years[157]. Governance and Management - The financial report is guaranteed to be true, accurate, and complete by the company's management, including the chairman and accounting heads[3]. - All board members attended the meeting to review the annual report, ensuring comprehensive oversight[4]. - The company emphasizes the importance of risk awareness regarding forward-looking statements related to operational plans and development strategies[4]. - The governance structure includes a board of directors with specialized committees to enhance oversight and protect shareholder rights[109]. - The board of directors consists of 8 members, including 3 independent directors, and held 10 meetings during the reporting period[110]. - The company has experienced a leadership change with multiple executives resigning or being reassigned, indicating a strategic shift in management[119]. - The current management team includes experienced professionals with backgrounds in law, finance, and engineering, enhancing the company's governance[120][121]. - The company is focusing on strengthening its leadership structure to adapt to market changes and improve operational efficiency[118]. Risk Management - The company has outlined potential risks in its future development outlook section, urging investors to read carefully[4]. - The company faces risks related to macroeconomic slowdowns, which could impact demand in the cement industry due to its close ties to fixed asset investment and urbanization[100]. - The company faces risks from industrial policy impacts, including accelerated elimination of outdated capacity and carbon emission controls, which may affect performance; it plans to accelerate green low-carbon transformation through technological innovation and energy efficiency improvements[101]. - Despite a year-on-year decline in coal prices during the reporting period, the company acknowledges the risk of future price increases, which could impact profitability if cost increases cannot be passed on to product prices[101]. Research and Development - The company has 209 invention patents and 2,017 utility model patents, demonstrating its strong R&D capabilities[53]. - The company is developing high-activity belite cement to achieve significant energy savings and emissions reduction[74]. - The project aims to establish a zero-carbon fuel co-firing technology for cement kilns, enhancing the company's R&D capabilities[74]. - R&D investment amounted to ¥128,843,928.18 in 2024, reflecting a 2.08% increase from ¥126,223,798.65 in 2023, with R&D investment accounting for 0.51% of operating revenue[75]. Shareholder Engagement - The company plans to submit the 2024 remuneration for non-independent directors and supervisors for approval at the 2024 annual shareholders' meeting[127]. - The company held three shareholder meetings during the reporting period, ensuring compliance with legal requirements and providing equal voting rights for all shareholders[109]. - The first extraordinary general meeting of 2024 had an investor participation rate of 68.14%[115]. - The annual general meeting of 2023 had an investor participation rate of 66.17%[115]. Acquisitions and Investments - The company completed the acquisition of 100% equity in Zhongfei Jidong Building Materials Investment Co., Ltd. on June 14, 2024, after signing agreements to purchase 60% and 40% stakes on May 14 and May 29, respectively[147]. - The company also finalized the acquisition of 100% equity in Shuangyashan New Era Cement Co., Ltd. on January 13, 2025, after signing agreements with 48 individuals on December 13, 2024[147]. - The company plans to continue its market expansion through strategic acquisitions and investments in subsidiaries[147]. - The company is exploring potential acquisitions to enhance its market presence and enhance operational efficiencies[157]. Compliance and Internal Control - The company has established a comprehensive internal control framework to ensure compliance with regulatory standards and improve decision-making processes[148]. - The internal control audit report confirmed that the company maintained effective financial reporting controls as of December 31, 2024[150]. - The company has updated its internal control management manual to enhance compliance and risk management[145]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[170].

Financial Performance - The operating revenue for the year ended December 31, 2024, was RMB 110,711.8 million, an increase of approximately 2.6% compared to 2023[3]. - The net loss was approximately RMB 1,534.2 million, an increase of about RMB 246.8 million or approximately 19.2% compared to the net loss in 2023[3]. - The net loss attributable to shareholders of the parent company was approximately RMB 555.2 million, compared to a net profit of approximately RMB 25.3 million in 2023[3]. - The basic loss per share (excluding other equity instrument interest) was approximately RMB 0.15, an increase of about RMB 0.07 or approximately 87.5% compared to the basic loss per share of RMB 0.08 in 2023[3]. - The company reported a total comprehensive loss of RMB 1.51 billion for 2024, compared to a loss of RMB 1.39 billion in 2023[14]. - The company reported a total profit of RMB 300,386,736.67, compared to a loss in the previous year, indicating a significant turnaround[24]. - The company reported a significant increase in finished goods impairment provision to RMB 262,294,211.76 for the year ending December 31, 2024[50]. - The company reported a total loss of RMB 456.10 million for the year, with significant asset impairment losses of RMB 1.23 billion[23]. Revenue and Segments - The total revenue for the new green building materials segment was RMB 77.54 billion, while the real estate development and operation segment generated RMB 33.17 billion, totaling RMB 110.71 billion[23]. - The main business revenue reached RMB 109,754,863,645.13, up from RMB 107,068,654,154.25, reflecting a growth of 2.5%[29]. - The new green building materials segment achieved revenue of approximately RMB 78,264.8 million, a year-on-year decrease of about 2.1%, while gross profit increased by approximately 12.7% to RMB 7,205.3 million[87]. - The real estate development and operation segment reported revenue of approximately RMB 32,736.6 million, a year-on-year increase of about 15.2%, but gross profit decreased by approximately 21.8% to RMB 4,147.8 million[90]. Assets and Liabilities - Total assets decreased to RMB 263.99 billion in 2024 from RMB 269.68 billion in 2023, indicating a contraction in the asset base[15]. - Total liabilities decreased from RMB 175.31 billion in 2023 to RMB 171.88 billion in 2024, a reduction of approximately 2.44%[16]. - The total assets of the group were approximately RMB 263,995.7 million, a decrease of about 2.1% compared to the beginning of the reporting period[121]. - The group's total liabilities amounted to approximately RMB 171,878.4 million, with a debt-to-asset ratio of approximately 65.1%, an increase of about 0.1 percentage points from the beginning of the reporting period[121]. Cash Flow and Liquidity - Cash and cash equivalents rose to RMB 18.29 billion in 2024, compared to RMB 17.33 billion in 2023, showing improved liquidity[15]. - The company's cash and cash equivalents increased by 5.5% to RMB 18,292.1 million, while current assets decreased by 5.6% to RMB 133,195.5 million[83]. - The net current asset of the company was RMB 36,416.5 million, an increase from RMB 23,469.6 million in 2023[28]. Expenses and Costs - Research and development expenses increased to RMB 665.89 million in 2024, up from RMB 530.17 million in 2023, reflecting a focus on innovation[13]. - The cost of main business operations was RMB 98,870,166,420.33, compared to RMB 95,550,472,031.04, indicating an increase of 3.4%[30]. - Financial expenses increased to RMB 2.80 billion in 2024 from RMB 2.28 billion in 2023, primarily due to higher interest expenses[13]. - Management expenses increased by approximately RMB 82.8 million or 1.3% year-on-year, totaling RMB 6,648.4 million[97]. Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.05 per share (pre-tax) for the reporting period, compared to RMB 0.025 per share (pre-tax) for the year ended December 31, 2023[6]. - The proposed final dividend is RMB 0.05 per share (pre-tax), compared to RMB 0.025 per share (pre-tax) for the year ended December 31, 2023, reflecting a 100% increase[44]. Investments and Acquisitions - The group agreed to acquire 100% equity of a target company for a total consideration of RMB 63,502.86 million, funded by internal resources[127]. - The group successfully acquired 11.816% equity in Tianjin Construction Materials Group Co., Ltd. through a public bidding process[125]. - The company plans to utilize the acquired subsidiary as an investment platform for overseas expansion, particularly in Africa and countries along the Belt and Road Initiative[130]. Market and Economic Outlook - The company anticipates a challenging market environment in 2024, with significant declines in cement prices and sales volumes, leading to increased losses[119]. - The company faces external risks including increased trade risks due to geopolitical tensions and a decline in domestic demand for construction materials[115]. - The company aims to enhance its core competitiveness through vertical integration and horizontal consolidation of similar businesses[102]. Corporate Governance and Management - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a strong independent element[173]. - The audit committee, comprising two non-executive directors and three independent non-executive directors, reviewed the consolidated financial statements for the reporting period[175]. - The company has established a remuneration and nomination committee to review overall remuneration policies and ensure board diversity[176].

Financial Performance Expectations - The company expects a net profit attributable to shareholders for 2024 to be between -300 million and -600 million yuan, indicating a loss compared to the previous year [4]. - The estimated net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between -2.8 billion and -3.1 billion yuan for 2024 [4]. - In the previous year, the net profit attributable to shareholders was 25.26 million yuan, and the net profit excluding non-recurring gains and losses was -2.02821 billion yuan [5]. Sales and Market Conditions - The company's cement and clinker sales volume for the reporting period was approximately 84.4 million tons, a decrease of about 9.5% year-on-year [8]. - The real estate project turnover area was approximately 1.104 million square meters, a decrease of about 5.3% year-on-year [8]. - The decline in performance is attributed to oversupply in the cement industry, weak overall market demand, and intensified competition, leading to lower average selling prices and sales volumes [7]. Operational Adjustments - The company has implemented various cost reduction and efficiency enhancement measures, resulting in improved operating profits in the cement business [7]. - The real estate market is still in a deep adjustment period, with project sales prices not meeting expectations, affecting the operating profit margin of the real estate business [7]. Financial Reporting and Investor Guidance - The financial data provided is preliminary and subject to change, with the final figures to be disclosed in the official 2024 annual report [8]. - Investors are advised to be cautious regarding investment risks based on the preliminary forecasts [8].

Financial Performance - The company reported operating revenue of approximately RMB 77,036.6 million for the nine months ended September 30, 2024, representing a year-on-year increase of 6.12%[3] - In Q3 2024, the operating revenue was RMB 31,474.1 million, reflecting a year-on-year increase of 34.17%[3] - The net loss attributable to shareholders for the same period was approximately RMB 436.5 million, a significant decline of 4,212.65% compared to the previous year[3] - The basic earnings per share for Q3 2024 was RMB 0.03, a 186.66% increase compared to the same period last year[3] - Net profit attributable to shareholders increased by 192.66% compared to the previous period, driven by higher profits[8] - Operating revenue for the current period grew by 34.17%, attributed to the delivery of real estate projects and the cement business entering the sales peak season[8] - The net profit for the period was -865,617,923.02 CNY, compared to -418,877,189.35 CNY in the previous period, indicating a significant decline[18] - Total comprehensive income attributable to the parent company was -448,332,375.12 CNY, down from -6,312,532.31 CNY in the previous period[19] Assets and Liabilities - The total assets as of September 30, 2024, were RMB 270,239.5 million, a slight increase of 0.21% from the end of the previous year[3] - The net assets attributable to shareholders increased to RMB 74,473.3 million, up 2.01% from the previous year[3] - The total current assets as of September 30, 2024, amount to RMB 139,976,568,167.80, a slight decrease from RMB 141,074,340,797.32 as of December 31, 2023[14] - The total amount of other receivables increased from RMB 6,132,077,812.09 to RMB 9,544,839,048.92, which is an increase of around 55.5%[14] - The total non-current assets increased to CNY 130,262,947,884.20 from CNY 128,604,798,418.16[16] - Total liabilities decreased slightly to CNY 174,304,660,883.09 from CNY 175,314,768,398.62 year-over-year[16] - Total equity increased to CNY 95,934,855,168.91 from CNY 94,364,370,816.86 in the previous year[16] Cash Flow - The company recorded a net cash flow from operating activities of RMB -9,456.8 million for the nine months ended September 30, 2024, a decline of 205.12% year-on-year[3] - Cash flow from operating activities showed a net outflow of -9,456,802,718.13 CNY, contrasting with a net inflow of 8,996,162,667.05 CNY in the previous period[20] - The net cash flow from investment activities was -3,394,771,814.58, a significant decrease compared to 1,509,503,959.50 from the previous period[21] - Cash inflow from financing activities totaled 64,581,123,910.83, an increase from 59,257,628,704.21 in the prior period[21] - The cash and cash equivalents at the end of the period amounted to 11,730,460,205.15, down from 15,667,316,767.17 in the previous period[22] Expenses and Costs - Total operating costs for the same period were CNY 79,370,061,848.76, up from CNY 74,062,966,868.06 year-over-year[17] - Operating costs included CNY 69,312,779,063.72 in operating expenses, compared to CNY 64,743,116,856.04 in the previous year[17] - Sales expenses amounted to CNY 1,695,409,334.51, a decrease from CNY 1,828,078,677.80 year-over-year[17] - Management expenses increased to CNY 4,720,319,046.13 from CNY 4,348,360,131.96 in the previous year[17] - Financial expenses for the period were CNY 2,284,292,971.21, compared to CNY 2,076,079,518.34 last year[17] Shareholder Activities - The controlling shareholder, Beijing State Capital Operation Management Center, plans to increase its stake in the company by acquiring an additional 35,308,366 shares, totaling RMB 46,079,520.12[12] - The first purchase under the share buyback plan was executed on August 23, 2024, with 6,682,600 shares acquired for RMB 8,525,554[12] - The company has not yet completed its share buyback plan, indicating ongoing commitment to shareholder value enhancement[12] Market and Strategic Developments - The company has not disclosed any new product developments or market expansion strategies in the current report[1] - The company is actively pursuing market expansion strategies, including potential mergers and acquisitions, to enhance its competitive position[12]

Financial Performance - Revenue for Q3 2024 was CNY 7,337,521,765.50, a decrease of 6.63% compared to CNY 7,858,533,425.37 in the same period last year[3] - Net profit attributable to shareholders was CNY 509,399,138.90, an increase of 785.61% from CNY 46,715,682.30 year-on-year[3] - The net profit after deducting non-recurring gains and losses reached CNY 427,551,340.44, up 2,153.00% from CNY 18,976,959.27 in the previous year[3] - Basic earnings per share increased to CNY 0.1916, a rise of 787.04% compared to CNY 0.0176 in the same period last year[3] - Total operating revenue for Q3 2024 was ¥18,557,200,512.65, a decrease of 16.0% compared to ¥22,344,405,281.55 in the same period last year[13] - Total operating costs for Q3 2024 were ¥19,215,917,591.73, down 17.4% from ¥23,273,027,470.59 year-over-year[13] - The net profit for the third quarter of 2024 was -410,838,812.00 CNY, compared to -424,720,244.36 CNY in the same period last year, showing an improvement of approximately 3.1%[14] - The total comprehensive income attributable to the parent company was -321,339,788.07 CNY, compared to -361,886,938.69 CNY in the previous year, reflecting a year-over-year improvement of about 11.2%[15] Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 60,436,928,480.79, a slight increase of 0.09% from CNY 60,385,548,767.95 at the end of the previous year[3] - The company's total assets amounted to ¥60,436,928,480.79, slightly up from ¥60,385,548,767.95 in the previous quarter[12] - Current assets increased to ¥15,826,556,138.84 from ¥14,089,226,188.65, reflecting a growth of 12.3%[12] - Long-term borrowings rose to ¥8,794,464,228.55, compared to ¥8,477,584,450.00 in the previous period, indicating an increase of 3.7%[12] - The total liabilities reached ¥30,322,344,144.93, up from ¥29,337,904,027.40, marking a growth of 3.4%[12] - The company's equity attributable to shareholders decreased to ¥28,356,863,542.62 from ¥28,989,551,325.51, a decline of 2.2%[12] Cash Flow - The company reported a net cash flow from operating activities of CNY 1,762,054,187.01, down 21.91% from CNY 2,265,819,494.75 in the same period last year[3] - Operating cash flow for the third quarter was 1,762,054,187.01 CNY, down from 2,256,446,718.34 CNY in the same quarter last year, representing a decrease of approximately 21.9%[16] - The company recorded a net cash inflow from operating activities of 18,346,242,232.06 CNY, compared to 22,107,896,045.25 CNY in the previous year, indicating a decline of about 17.0%[16] - The net cash outflow from investing activities was 936,574,608.39 CNY, down from 1,453,680,390.04 CNY, representing a decrease of approximately 35.5%[16] - The total cash inflow from financing activities was ¥7,565,878,546.31, up from ¥6,493,262,957.97, reflecting an increase in financing efforts[17] - Cash outflow for debt repayment was ¥6,227,294,504.19, compared to ¥4,951,025,000.00 in the previous period, showing a significant increase in debt servicing[17] - The net cash flow from financing activities was ¥171,838,397.07, a recovery from -¥171,939,736.79 in the previous period, indicating improved financing conditions[17] - The ending balance of cash and cash equivalents was ¥6,497,833,264.14, compared to ¥6,948,557,612.68 in the previous period, indicating a reduction in available cash[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 85,556, with no preferred shareholders having restored voting rights[9] - Beijing Jinyu Group Co., Ltd. remains the largest shareholder, holding 44.34% of the shares, while Jidong Development Group Co., Ltd. holds 17.22%[9] Non-Recurring Items and Other Financial Metrics - Non-recurring gains and losses for the current period totaled CNY 81,847,798.46, with government subsidies contributing CNY 64,480,054.84[5] - The company experienced a 65.83% increase in receivables financing, amounting to CNY 1,015,146,270.05 compared to CNY 612,153,705.12 at the beginning of the year[7] - Contract liabilities rose by 38.38% to CNY 828,754,365.27, reflecting an increase in pre-sales[7] - Research and development expenses amounted to 130,569,574.60 CNY, slightly down from 137,746,317.00 CNY year-over-year, indicating a decrease of about 5.3%[14] - Financial expenses decreased to 424,529,097.55 CNY from 469,780,870.22 CNY, marking a reduction of approximately 9.6%[14] - The company reported a decrease in investment income to 88,124,498.93 CNY from 166,303,220.00 CNY, which is a decline of about 47.0%[14] Strategic Outlook - The company has not disclosed any new strategies or mergers and acquisitions during this reporting period[9] - The financial report does not mention any future outlook or performance guidance for the upcoming quarters[9] - Future outlook includes potential market expansion and new product development strategies, although specific details were not provided in the report[12] - The company has adopted new accounting standards starting in 2024, which may impact future financial reporting and performance metrics[17]