Financial Performance - Total sales volume of cement and clinker increased by 4.3% to 9.54 million tons in the first half of 2023 compared to 9.15 million tons in the same period of 2022[4] - Revenue for the first half of 2023 was RMB 4,398.3 million, representing a 5.9% increase from RMB 4,152.3 million in the first half of 2022[4] - Gross profit decreased by 8.8% to RMB 1,234.2 million, with a gross margin of 28.1%, down from 32.6%[4] - EBITDA for the first half of 2023 was RMB 1,517.2 million, a decline of 10.2% from RMB 1,690.1 million in the previous year[4] - Net profit attributable to shareholders decreased by 19.1% to RMB 532.2 million, with basic earnings per share of RMB 0.098, down from RMB 0.121[4] - The overall profit stability in the first half of 2023 was attributed to cost control measures and efficiency improvements despite lower average selling prices in China[7] - The company reported a net profit of RMB 532,160,000 for the first half of 2023, a decrease from RMB 658,151,000 in the same period of 2022, representing a decline of approximately 19.1%[77] - The company reported a basic and diluted earnings per share of RMB 0.098, compared to RMB 0.121 in the previous year, a decline of about 18.9%[74] Sales and Market Trends - In the first half of 2023, the average selling price of cement in Shaanxi decreased by approximately 16.1% to RMB 303 per ton, compared to RMB 361 per ton in 2022[8] - Cement sales volume in Shaanxi slightly decreased by about 4.4% to approximately 6,530,000 tons, down from 6,830,000 tons in 2022[8] - In Xinjiang, cement sales volume decreased by 9.3% to approximately 880,000 tons, with an average selling price dropping to RMB 415 per ton from RMB 442 per ton in 2022[9] - In Guizhou, cement sales volume increased by approximately 35.9% to about 530,000 tons, with an average selling price of RMB 385 per ton, down from RMB 429 per ton in 2022[9] - The Mozambique plant's cement sales volume increased by 1.3% to approximately 740,000 tons, with an average selling price rising to RMB 638 per ton from RMB 509 per ton in 2022[10] - The Democratic Republic of the Congo's plant recorded an average selling price of RMB 1,509 per ton, with a sales volume of 39,000 tons, marking its first sales since the plant's launch[11] - In Ethiopia, the average selling price of cement was RMB 875 per ton, with a sales volume of 660,000 tons, achieving a capacity utilization rate of approximately 101%[12] - The company anticipates moderate demand growth in the second half of 2023, driven by several large infrastructure projects commencing[25] - The government is expected to maintain stable prices in the second half of 2023 due to stricter environmental policies limiting supply[25] Cost Management and Efficiency - The company continues to implement efficiency improvements and cost-saving measures to maintain profitability amid challenging market conditions[6] - The company is implementing cost reduction measures in 2023 to control sales costs and administrative expenses[31] - The average cost of coal decreased from approximately RMB 980 per ton in H1 2022 to RMB 975 per ton in H1 2023[36] - The company has installed waste heat recovery systems in 14 out of 20 production lines, reducing electricity consumption by approximately 30% and CO2 emissions by about 22,000 tons per million tons of cement produced[16] - The company has achieved a 60% reduction in nitrogen oxide (NOx) emissions per ton of clinker through the installation of De-NOx equipment across all plants in Shaanxi, Xinjiang, and Guizhou provinces[16] - The company has completed upgrades to meet new particulate matter emission standards across all plants, enhancing compliance with air pollution regulations in the cement industry[16] Assets and Liabilities - Total assets increased by 3.4% to RMB 31,266.0 million, while total liabilities rose by 9.2% to RMB 8,174.6 million[5] - The net debt-to-equity ratio increased to 60.1%, up from 55.9%[5] - The company's total liabilities increased to RMB 9,960,894 thousand from RMB 9,474,996 thousand, reflecting a rise of approximately 5.1%[76] - The company's net asset value rose to RMB 13,595,719 thousand from RMB 13,391,751 thousand, indicating an increase of about 1.5%[76] Employee and Governance - As of June 30, 2023, the company employed 8,780 full-time employees, an increase from 7,299 in the previous year[20] - Employee benefits expenses amounted to RMB 392,700,000 for the first half of 2023, compared to RMB 381,800,000 in the same period of 2022[20] - The company has established a Remuneration Committee to review the remuneration policies for directors and senior management[68] - The Nomination Committee is responsible for identifying and recommending candidates for the board[69] - The company is committed to maintaining high standards of corporate governance and transparency to maximize shareholder returns[65] Future Outlook and Strategy - The company aims to enhance its international development strategy and improve overseas project management mechanisms[24] - The focus on green and low-carbon sustainable development will drive increased investment in pollution reduction and energy-saving technologies[24] - The company plans to optimize its governance structure and enhance talent development strategies to support high-quality growth[24] - The company plans to start production at the new cement plant in Ethiopia with a capacity of 5,000,000 tons per year in Q1 2024[29] - A new cement production line in Uzbekistan is expected to produce 2,400,000 tons annually, also starting in Q1 2024[30] Shareholder Information - As of June 30, 2023, Zhang Jimin holds 1,756,469,900 shares, representing 32.29% of the company's issued share capital[49] - As of June 30, 2023, Anhui Conch Cement Co., Ltd. holds 1,584,849,970 shares, representing 29.14% of the company's issued share capital[52] - The total number of unexercised options under the post-IPO share option plan is 46,600,000 shares, which is approximately 0.86% of the company's issued share capital as of the mid-term report date[57] - The maximum number of shares that can be issued under the post-IPO share option plan is capped at 411,533,185 shares, equivalent to 10% of the issued share capital as of August 23, 2010[57] - The company aims to incentivize eligible participants through the post-IPO share option plan to enhance performance and retain talent[55] Compliance and Audit - The company’s financial statements for the six months ended June 30, 2023, were reviewed by Deloitte, confirming no significant issues were found[73] - The board confirmed compliance with all corporate governance code provisions as per the Hong Kong Stock Exchange Listing Rules for the six months ended June 30, 2023[65] - The Audit Committee has reviewed the unaudited consolidated interim results for the six months ended June 30, 2023[67]

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佈的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就 因本公佈全部或任何部分內容而產生或因依賴該等內容而引致的任何損 失承擔任何責任。 WEST CHINA CEMENT LIMITED 中 國 西 部 水 泥 有 限 公 司 （於澤西註冊成立的有限公司，註冊編號94796） （股份代號：2233） 二 零 二 三 年 中 期 業 績 公 佈 財務摘要 截至 截至 二零二三年 二零二二年 六月三十日 六月三十日 變動 人民幣百萬元（除另有指明外） 止六個月 止六個月 百分比 （未經審核） （未經審核） 水泥及熟料總銷售量（百萬噸） 9.54 9.15 4.3% 水泥銷售量（百萬噸） 9.14 8.70 5.1% 骨料銷售量（百萬噸） 2.06 2.30 (10.4%) ...

目錄 2 公司資料 3 財務摘要 4 業務回顧 9 大事紀要 11 主席報告 16 管理層討論及分析 30 企業管治報告 39 董事及高級管理層 44 董事會報告 57 獨立核數師報告 62 綜合損益及其他全面收入表 63 綜合財務狀況表 65 綜合權益變動表 67 綜合現金流量表 69 綜合財務報表附註 公司資料 總部及中國主要營業地點 審核委員會成員 中國陝西省西安市 李港衛（主席） 長安區 朱東 航天基地 ...

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 佈 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或 任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 WEST CHINA CEMENT LIMITED 中 國 西 部 水 泥 有 限 公 司 （於澤西註冊成立的有限公司，註冊編號94796） （股份代號：2233） 截至二零二二年十二月三十一日止年度之 年度業績公佈 的相關補充公佈 茲提述中國西部水泥有限公司於二零二三年三月二十八日刊發的截至二零二二年 十二月三十一日止年度之年度業績公佈（「該公佈」）。 董事會發現，該公佈「股息」一段存在無心筆誤，誤記股東收取末期股息的資格之 釐定日期。董事會謹此澄清（ 更正處以下劃線表示，以資識別 ），末期股息每股普 通股人民幣0.067元，須待股東於二零二三年五月二十五日（ 星期四 ）舉行的本公司 應屆股東週年大會上批准後，方會派付予於二零二三年六月二日（ 星期五 ）營業時 間結束時名列本公司股東名冊的股東。 除上文所述外，該公佈內容維持不變（ 中英文 ...

Financial Performance - Total sales volume of cement and clinker decreased by 4.9% to 19.3 million tons in 2022 from 20.3 million tons in 2021[2] - Revenue increased by 6.1% to RMB 8,489.1 million in 2022 compared to RMB 8,002.8 million in 2021[2] - Net profit attributable to shareholders decreased by 23.4% to RMB 1,214.7 million in 2022 from RMB 1,585.1 million in 2021[2] - Basic earnings per share fell by 23.0% to RMB 0.224 in 2022 from RMB 0.291 in 2021[2] - Gross profit margin decreased by 4.0 percentage points to 25.7% in 2022 from 29.7% in 2021[2] - The company reported a total of RMB 726,501,000 in receivables for 2022, down from RMB 1,004,904,000 in 2021, representing a decline of about 27.6%[40] - The company reported a net profit of RMB 1,214,746,000 for 2022, a decrease from RMB 1,585,070,000 in 2021, reflecting a decline of approximately 23.3%[38] - The total income tax expense for 2022 was RMB 169,184,000, down from RMB 300,639,000 in 2021, indicating a reduction of about 43.7%[37] Assets and Liabilities - Total assets increased by 13.5% to RMB 30,239.3 million in 2022 from RMB 26,648.4 million in 2021[3] - Net debt increased by 50.0% to RMB 7,487.1 million in 2022 from RMB 4,990.4 million in 2021[3] - The net asset to debt ratio improved by 13.6 percentage points to 55.9% in 2022 from 42.3% in 2021[3] - The company's total liabilities reached RMB 16,846,502 thousand in 2022, compared to RMB 14,856,724 thousand in 2021, marking an increase of approximately 13.4%[11] - The company's total non-current assets as of December 31, 2022, amounted to RMB 22,050,766 thousand, up from RMB 17,021,550 thousand in 2021, reflecting an increase of about 29.1%[26] Revenue Sources - Sales of cement and related products amounted to RMB 8,153,177 thousand in 2022, up from RMB 7,771,971 thousand in 2021, indicating a growth of about 4.91%[14] - Revenue from the Chinese market in 2022 was RMB 7,356,220 thousand, down from RMB 7,520,301 thousand in 2021, indicating a decline of about 2.19%[25] - Revenue from Africa significantly increased to RMB 1,130,732 thousand in 2022, compared to RMB 445,355 thousand in 2021, marking a growth of approximately 154.5%[25] - The company reported external sales of RMB 7,356,220 thousand from China and RMB 1,132,915 thousand from overseas, totaling RMB 8,489,135 thousand in external sales[18] Operational Highlights - The company reported a significant increase in commercial concrete sales volume by 29.9% to 1.74 million cubic meters in 2022 from 1.34 million cubic meters in 2021[2] - The segment profit for the China division was RMB 1,566,950 thousand, while the overseas segment profit was RMB 341,419 thousand, contributing to a total segment profit of RMB 1,908,369 thousand[18] - The company supplied cement for major infrastructure projects, including the Xi'an to Yan'an high-speed railway, consuming over 460,000 tons of cement in 2022[64] Cost and Expenses - Total depreciation and amortization expenses rose to RMB 1,289,898,000 in 2022 from RMB 1,084,818,000 in 2021, an increase of 18.9%[35] - Employee costs remained stable at RMB 776,562,000 in 2022, slightly down from RMB 776,835,000 in 2021[35] - Administrative expenses increased by 9.1% from RMB 554.3 million to RMB 604.8 million for the year ended December 31, 2022[91] - Financing costs increased by 59.6% from RMB 261.1 million to RMB 416.6 million, primarily due to the issuance of preferred shares[96] Environmental and Sustainability Initiatives - The group implemented energy-saving measures that reduced electricity consumption by approximately 30% and CO2 emissions by about 22,000 tons per million tons of cement produced[70] - The group installed De-NOx equipment across all its plants in China, reducing NOx emissions by approximately 60% per ton of clinker, meeting new air pollution standards[71] - The group has established solid waste treatment facilities with an annual capacity of 100,000 tons, 16,500 tons, and 80,000 tons at different plants, contributing to environmental sustainability[71] Corporate Governance - The company is committed to maintaining high standards of corporate governance and transparency[112] - The audit committee consists of four independent non-executive directors, ensuring oversight of financial reporting and internal controls[115] - The company has applied the corporate governance code principles as of December 31, 2022, and has complied with all relevant provisions[112] Future Outlook - The group plans to focus on strengthening and optimizing its cement main business, accelerating investment in upstream and downstream projects such as aggregates and ready-mixed concrete[77] - The group anticipates stable prices in 2023 due to limited supply caused by stricter environmental policies[78] - Several major infrastructure projects are expected to commence in 2023, including the construction of multiple railways and hydropower stations in Shaanxi province[78]

目錄 | 02 | 公司資料 | | --- | --- | | 03 | 財務摘要 | | 04 | 管理層討論與分析 | | 20 | 權益披露 | | 26 | 企業管治及其他資料 | | 28 | 簡明綜合財務報表審閱報告 | | 29 | 簡明綜合損益及其他全面收益表 | | 30 | 簡明綜合財務狀況表 | | 32 | 簡明綜合權益變動表 | | 34 | 簡明綜合現金流量表 | | 35 | 簡明綜合財務報表附註 | 公司 資料 總部及中國主要營業地點 中國陝西省西安市 長安區 航天基地 神舟四路336號 堯柏研發培訓中心 註冊辦事處 13 Castle Street St Helier Jersey JE1 1ES 香港主要營業地點 香港 尖沙咀 廣東道9號海港城 港威大廈第6座37樓3705室 公司網站 www.westchinacement.com 董事會 執行董事 張繼民 （主席） 馬維平 （總裁） 非執行董事 馬朝陽 侍光磊 （於二零二二年四月十九日辭任） 王敬謙 （於二零二二年四月十九日獲委任） 范長虹 獨立非執行董事 李港衛 譚競正 朱東 公司秘書 陳兢修 HKICPA 法定代表 ...

Financial Performance - Total sales volume of cement and clinker reached 20.3 million tons, a 2.0% increase from 19.9 million tons in 2020[6] - Revenue increased by 12.2% to RMB 8,002.8 million from RMB 7,131.1 million in the previous year[6] - Net profit attributable to shareholders rose by 1.6% to RMB 1,585.1 million, compared to RMB 1,560.5 million in 2020[6] - The group’s EBITDA rose from approximately RMB 3,000,000,000 in 2020 to approximately RMB 3,200,000,000 in 2021, indicating strong cash flow[48] - The profit attributable to the owners of the company increased from RMB 1,560,500,000 for the year ended December 31, 2020, to RMB 1,585,100,000 for the year ended December 31, 2021, primarily due to increased average selling prices and sales volume[72] - Basic earnings per share rose from RMB 28.7 cents for the year ended December 31, 2020, to RMB 29.1 cents for the year ended December 31, 2021[72] - The company reported a total comprehensive income of RMB 1,871,582 thousand for 2021, compared to RMB 1,579,410 thousand in 2020, an increase of approximately 18.5%[171] Asset and Liability Management - The company’s total assets increased by 41.0% to RMB 26,648.4 million from RMB 18,906.2 million in 2020[6] - The net debt increased by 123.1% to RMB 4,990.4 million from RMB 2,237.0 million in the previous year[7] - The net asset liability ratio increased from 21.2% in 2020 to 42.3% in 2021, still maintaining a relatively low level in the industry[48] - The company’s total equity increased by 12.0% to RMB 11,791,600,000 as of December 31, 2021, from RMB 10,527,200,000 in 2020[72] - The company’s cash and cash equivalents surged to RMB 3,507,715 thousand in 2021, compared to RMB 651,463 thousand in 2020, marking an increase of about 437.5%[173] Market Position and Sales - The company maintains a strong market position in the core markets of eastern and southern Shaanxi, benefiting from high transportation costs that create entry barriers[13] - Average selling prices in the central Shaanxi region have been rising despite low demand, with a stable profit margin due to significant market share and infrastructure demand[13] - The sales volume of aggregates increased significantly by 27.9% to 4.40 million tons from 3.44 million tons in 2020[6] - The average selling price of cement in 2021 was approximately RMB 339 per ton, up from RMB 301 per ton in 2020[55] - In Xinjiang province, sales volume and average prices increased due to government stimulus policies and the easing of the COVID-19 pandemic[49] Environmental Initiatives - The company's energy-saving and emission reduction measures have led to a 30% reduction in electricity consumption and a decrease of approximately 22,000 tons of CO2 emissions per million tons of cement produced annually[13] - The installation rate of the waste heat recovery system exceeds 80%, contributing to the company's sustainability efforts[13] - The company has installed De-NOx equipment at its plants in Shaanxi, Xinjiang, and Guizhou, reducing nitrogen oxide emissions by about 60% per ton of clinker[13] - The company continues to implement a "green building materials" strategy, increasing environmental protection investments and promoting industrial transformation[52] - The company is committed to developing green mining projects to reduce soil and mining site pollution[115] Strategic Plans and Future Outlook - The company plans to leverage the "Western Development Policy" and "Silk Road Economic Development Plan" to meet regional infrastructure demands[8] - The company plans to accelerate the implementation of a full industry chain development model, focusing on aggregates, ready-mixed concrete, and prefabricated houses to create new growth drivers[52] - The group expects to apply the revisions to the acquisition date starting from January 1, 2022, or the first annual period thereafter[188] - The company aims to strengthen its international development strategy and enhance project expansion efforts while maintaining a strong market position in its core markets[52] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion[108] Governance and Compliance - The company has established a clear division of responsibilities between the chairman and the president to enhance governance[78] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2021[82] - The company has a whistleblowing policy to allow employees to report any misconduct confidentially[84] - The board believes that the risk management and internal control systems of the company are effective and sufficient[95] - The company ensures that its consolidated financial statements fairly reflect its operational status, performance, and cash flow, adhering to relevant laws and listing rules[96] Shareholder Engagement and Dividends - The board proposed a final dividend of RMB 0.087 per ordinary share for the fiscal year ending December 31, 2021, reflecting stable net profit[49] - The company has established a dividend policy to ensure shareholders can share in profits while maintaining liquidity for future growth opportunities[99] - The board will regularly review and reassess the effectiveness of the dividend policy, but it does not constitute a legal commitment for future dividends[100] - The company has disclosed the remuneration of directors in the financial statements, including names, amounts, and categories[87] - The company’s issued share capital is at least 25% held by the public as of the end of the fiscal year 2021[160]

目錄 2 公司資料 3 財務摘要 4 業務回顧 8 大事紀要 10 主席報告 15 管理層討論及分析 26 企業管治報告 35 董事及高級管理層 39 董事會報告 52 獨立核數師報告 56 綜合損益及其他全面收入表 57 綜合財務狀況表 59 綜合權益變動表 60 綜合現金流量表 62 綜合財務報表附註 140 本集團財務摘要 2 0 2 0 年 度 業 績 報 告 / 中 國 西 部 水 泥 有 限 公 司 2 公司資料 總部及中國主 要 營 業 地 點 中 國 陝 西 省 西 安 市 長 安 區 航 天 基 地 神 舟 四 路 3 3 6 號 堯 柏 研 發 培 訓 中 心 註 冊 辦 事 處 4 7 E s p l a n a d e S t H e l i e r J e r s e y J E 1 0 B D C h a n n e l I s l a n d s 香 港 主 要 營 業 地 點 香 港 尖 沙 咀 廣 東 道 9 號 海 港 城 港 威 大 廈 第 6 座 3 7 樓 3 7 0 5 室 公 司 網 站 w w w . w e s t c h i n a c e m e n t ...

目錄 2 公司資料 3 財務摘要 4 管理層討論與分析 18 權益披露 24 企業管治及其他資料 26 簡明綜合財務報表審閱報告 27 簡明綜合損益及其他全面收益表 28 簡明綜合財務狀況表 30 簡明綜合權益變動表 31 簡明綜合現金流量表 32 簡明綜合財務報表附註 公司 資料 總部及中國主要營業地點 中國陝西省西安市 長安區 航天基地 神舟四路336號 堯柏研發培訓中心 註冊辦事處 香港主要營業地點 香港 尖沙咀 廣東道9號海港城 港威大廈 第6座 37樓3705室 公司網站 www.westchinacement.com 董事會 執行董事 張繼民 （主席） 馬維平 （總裁） 非執行董事 馬朝陽 劉剡 范長虹 獨立非執行董事 李港衛 譚競正 朱東 47 Esplanade St Helier Jersey JE1 0BD Channel Islands 公司秘書 陳兢修 HKICPA 法定代表 馬維平 陳兢修 HKICPA 審核委員會成員 李港衛 （主席） 譚競正 朱東 薪酬委員會成員 譚競正 （主席） 張繼民 李港衛 朱東 提名委員會成員 張繼民 （主席） 李港衛 譚競正 獨立核數師 德勤 • 關黃陳 ...