值得注意的是，公司报告期内宣布收购刚果120万吨水泥产能；出售新疆所有业务给海螺水泥，合计350 万吨水泥产能。该行指出，非洲水泥市场空间大，景气度较高，盈利能力远高于国内，是国内企业出海 的新蓝海市场。公司目前在非洲市场仍有多个在建/拟建项目，期待项目逐个落地投产后，为公司贡献 更大业绩增量。 消息面上，西部水泥中期业绩显示，上半年实现收入54亿，同比增长46%；实现净利润7.5亿，同比增 长93%。上半年公司实现销量1082万吨，同比增长23.6%。长江证券指出，海外是核心增量。期内海外 市场销量增加178%至417万吨。 智通财经APP获悉，西部水泥(02233)再涨超6%，截至发稿，涨5.19%，报2.84港元，成交额9008.36万港 元。 ...

Group 1 - Cement stocks mostly rose, with Dongwu Cement up 7.92% to HKD 4.77, Western Cement up 5.56% to HKD 2.85, China National Building Material up 3% to HKD 5.5, and Conch Cement up 0.62% to HKD 22.68 [1] - On September 5, major clinker line enterprises in the Yangtze River Delta began staggered production for 12 days, alleviating inventory pressure and leading to strong price increase intentions among manufacturers due to severe losses [1] - From September 17-18, some leading enterprises in the Yangtze River Delta announced a price increase of HKD 30 per ton for cement and clinker, with others expected to follow suit shortly [1] Group 2 - According to CICC, the national cement shipment rate in August 2025 averaged 45.2%, down from 48.8% in the same month last year, with a year-on-year decrease in cement production of 6.2% to 148 million tons [2] - The average cement price in September was HKD 338 per ton, reflecting a slight increase of HKD 2 per ton from the previous month, with estimated gross profit per ton for cement enterprises at HKD 58, up HKD 3 from the previous month [2] - The industry is expected to see marginal improvements in demand as it enters the peak season, along with price increases that could drive prices higher [2]

Group 1 - Cement stocks have rebounded after a continuous decline, with Dongwu Cement rising over 8%, Western Cement up over 5%, China National Building Material increasing over 3%, and Asia Cement up over 2% [1] - According to a report from China Galaxy Securities, cement demand remains weak in August due to seasonal factors, high temperatures, and rainy weather affecting downstream construction, leading to a decrease in operating load of cement mills [1] - The average price of cement in August was 271.67 yuan per ton, showing a month-on-month decline [1] Group 2 - The clinker inventory has shifted from an increase to a decrease, but the issue of oversupply in the industry still exists [1] - Looking ahead, demand is expected to seasonally improve from September to November, combined with accelerated capacity reduction in the industry, which may help ease supply and demand pressures and support cement prices [1]

WEST CHINA CEMENT LIMITED 中國西部水泥有限公司 (Incorporated in Jersey with limited liability, with registered number 94796) （於澤西註冊成立的有限公司，註冊編號 94796 ） （Stock Code 股份代號：2233） N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Non-registered holders(Note 1) West China Cement Limited (the "Company") – Notice of Publication of Interim Report (the "Current Corporate Communication") The Current Corporate Communication of the Company have been published in English and Chinese languages and are available on the website of The ...

WEST CHINA CEMENT LIMITED 中國西部水泥有限公司 (Incorporated in Jersey with limited liability, with registered number 94796) （於澤西註冊成立的有限公司，註冊編號 94796 ） （Stock Code 股份代號：2233） N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Registered Shareholders, West China Cement Limited (the "Company") – Notice of Publication of Interim Report (the "Current Corporate Communication") The Current Corporate Communication of the Company have been published in English and Chinese languages and are available on the website of The Stock ...

13 Castle Street St Helier Jersey JE1 1ES Channel Islands 目錄 02 公司資料 03 財務摘要 04 管理層討論與分析 22 權益披露 27 企業管治及其他資料 29 簡明綜合財務報表審閱報告 30 簡明綜合損益及其他全面收益表 31 簡明綜合財務狀況表 33 簡明綜合權益變動表 35 簡明綜合現金流量表 36 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） 曹建順 （總裁） 楚宇峰 （首席財務官） 王蕊 非執行董事 馬朝陽 凡展（辭任於二零二五年五月二十七日起生效） 汪志新 汪滿波（委任於二零二五年五月二十七日起生效） 獨立非執行董事 李港衛 （首席獨立非執行董事） 朱東 譚競正 馮濤 摟家強（委任於二零二五年三月二十四日起生效） 公司秘書 陳兢修 HKICPA 法定代表 曹建順 陳兢 ...

Group 1 - The cement stocks in Hong Kong experienced a collective decline, with Dongwu Cement falling over 12%, the weakest performer [1] - According to the National Bureau of Statistics, the national cement production in August was 14.802 million tons, a year-on-year decrease of 6.2% [1] - From January to August, the national cement production totaled 110.457 million tons, reflecting a year-on-year decline of 4.8% [1] Group 2 - Data indicates that the total cement production for the first eight months of 2024 was 115.907 million tons, resulting in a reduction of 5.450 million tons compared to the same period last year, a decrease of 4.7% [1] - CICC's report states that the average cement shipment rate in August 2025 is projected to be 45.2%, down from 48.8% in the same month last year [1] - The single-month cement production in August saw a year-on-year decline of 6.2%, amounting to 14.8 million tons, indicating continued weak demand during the off-season [1]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by overseas expansion and increased sales volume [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 5.42 billion, a year-on-year increase of 46%, and a net profit of 750 million, up 93% [1] - The total sales volume reached 10.82 million tons, representing a 23.6% increase year-on-year, with aggregate sales of 2.23 million tons, up 39.4%, while commercial concrete sales decreased by 4.6% [1] - Domestic market sales volume declined by 8.3% to 6.65 million tons, but the average selling price increased by 4.1% to 280 per ton, resulting in a gross profit of 64 per ton [1] - Overseas sales volume surged by 178% to 4.17 million tons, with an average selling price of 486 per ton, leading to a gross profit of 181 per ton [1] Group 2: Market Segmentation - Revenue from the Chinese market was 3.07 billion, while overseas revenue accounted for 2.35 billion, contributing to an overall gross profit of 1.63 billion [1] - The company’s domestic gross profit was 680 million, while overseas gross profit reached 950 million [1] Group 3: Capacity Integration and Expansion - The company announced the acquisition of 1.2 million tons of cement capacity in Congo and the sale of all operations in Xinjiang to Conch Cement, totaling 3.5 million tons of cement capacity [2] - As of H1 2025, the domestic cement production capacity was 28.5 million tons, with 17 production lines, while overseas capacity was 13.6 million tons across 7 production lines [2] - The company expects to increase its overseas cement capacity to 14.8 million tons following the completion of the acquisition of the CILU cement plant in Congo [2] Group 4: Market Outlook - The African cement market presents significant growth potential and higher profitability compared to the domestic market, positioning it as a new blue ocean for domestic enterprises [2] - The company has multiple ongoing and planned projects in Africa, which are expected to contribute to substantial performance growth once operational [2]

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first half of the year, driven by overseas expansion and recovery in domestic pricing [1][2] Group 1: Financial Performance - The company achieved a revenue of 54.2 billion and a net profit of 7.5 billion in the first half of the year, representing year-on-year growth of 46% and 93% respectively [1] - The adjusted net profit attributable to the parent company reached 7.5 billion, marking a substantial increase of 233% year-on-year [1] - The company has revised its net profit forecasts for 2025-2027 down to 15.8 billion, 21.3 billion, and 29.0 billion respectively, from previous estimates of 17 billion, 29 billion, and 35 billion [1] Group 2: Overseas Operations - Overseas revenue reached 23.5 billion, a year-on-year increase of 77.6%, primarily driven by a significant rise in sales volume [1] - The overall overseas cement sales surged by 178% to 4.17 million tons, with an average price and gross profit per ton of 486 and 181 respectively, reflecting declines of 34.2% and 44.5% year-on-year [1] - In Africa, revenue from Ethiopia, Mozambique, Congo, and other countries grew by 141%, 32%, 24%, and 64% respectively, with sales volumes increasing significantly [1] Group 3: Domestic Operations - Domestic revenue amounted to 30.7 billion, up 29% year-on-year, driven by price increases despite an 8.3% decline in sales volume to 6.65 million tons [2] - The average price and gross profit per ton in the domestic market were 280 and 64 respectively, showing increases of 11 and 26 compared to the previous year [2] - The company’s capital expenditure for the first half was 22.95 billion, a 40% increase, with ongoing projects in Mozambique and Uganda [2] Group 4: Debt Management - The company sold its Xinjiang assets for a total consideration of 1.65 billion, with expected cash flow contributions from overseas projects anticipated to alleviate debt repayment pressures [2] - The company is expected to recover 1.551 billion from the sale agreements over the next 12 months [2]

Group 1 - The report highlights that the high-interest fixed deposits maturing in 2025-2026 amount to 112 trillion yuan, with 72 trillion yuan being high-interest deposits and 40 trillion yuan low-interest deposits [2][37] - The renewal rate for banks facing a large volume of maturing high-interest deposits exceeds 100%, indicating strong demand for renewal [2][37] - The report discusses the impact of maturing high-interest deposits on banks' liability management, noting a trend of "maintaining end-of-month balances rather than daily averages" [2][37] Group 2 - The report on Anhui Energy (皖能电力) indicates that the company achieved a revenue of 13.185 billion yuan in H1 2025, a decrease of 5.83% year-on-year, while net profit increased by 1.05% to 1.082 billion yuan [3][27] - The decline in coal prices has positively impacted the company's profitability, with a gross margin increase of 4.06 percentage points to 16.25% in H1 2025 [3][27] - The report projects the company's net profit for 2025-2027 to be 2.18 billion, 2.34 billion, and 2.51 billion yuan, respectively, with corresponding PE ratios of 7.55, 7.03, and 6.55 [3][27] Group 3 - The report on China Oil Engineering (中油工程) outlines a plan to raise 5.9 billion yuan through a private placement to strengthen its position in the Middle East market [4][33] - The company has secured a contract for the Iraq seawater pipeline project, which is expected to enhance its international competitiveness [4][36] - The funds raised will be used for project construction and to supplement working capital, improving the company's financial structure and risk management [4][37] Group 4 - The report on Huace Testing (华测检测) shows a revenue of 2.96 billion yuan in H1 2025, a year-on-year increase of 6.05%, with net profit rising by 7.03% to 467 million yuan [6][21] - The company is focusing on enhancing operational efficiency in its life sciences segment and expanding its international presence through strategic acquisitions [6][22] - The projected net profit for 2025-2027 is 1.03 billion, 1.16 billion, and 1.29 billion yuan, with corresponding PE ratios of 21, 19, and 17 [6][24] Group 5 - The report on Western Cement (西部水泥) indicates a significant increase in overseas sales, with revenue reaching 5.42 billion yuan in H1 2025, a 46% year-on-year growth [7][29] - The company achieved a net profit of 750 million yuan, reflecting a 93% increase, driven by overseas capacity expansion and recovery in domestic prices [7][29] - The report projects net profits for 2025-2027 to be 1.58 billion, 2.13 billion, and 2.90 billion yuan, with a target PE of 12 times [7][30]