Group 1 - The core viewpoint of the article highlights the significant growth in Western Cement's overseas business, with a notable increase in cement production capacity in various African countries [1] - As of June 30, 2025, Western Cement has a total cement production capacity of 13.6 million tons in Ethiopia, Uzbekistan, Mozambique, Congo, Rwanda, and Tanzania, representing an 86.3% year-on-year increase [1] - The cement production capacity utilization rate in overseas markets reached 61.3% in the first half of 2025, an increase of 20.2 percentage points compared to the same period last year [1] Group 2 - Changjiang Securities points out that the African cement market has significant potential, high prosperity, and profitability that far exceeds that of the domestic market, making it a new blue ocean for domestic companies [1] - Western Cement has multiple ongoing and planned projects in the African market, which are expected to contribute significantly to the company's performance once they are completed and put into production [1]

Core Viewpoint - Western Cement (02233) shows significant growth in its mid-year performance, with a notable increase in revenue and net profit, driven by overseas market expansion [1] Financial Performance - The company achieved a revenue of 5.4 billion HKD in the first half of the year, representing a year-on-year increase of 46% [1] - Net profit reached 750 million HKD, marking a 93% year-on-year growth [1] - Sales volume for the period was 10.82 million tons, up 23.6% compared to the previous year [1] Market Expansion - The overseas market is identified as a core growth driver, with sales increasing by 178% to 4.17 million tons [1] - The company announced the acquisition of 1.2 million tons of cement capacity in the Congo and the sale of all its operations in Xinjiang to Conch Cement (600585), totaling 3.5 million tons of cement capacity [1] - The African cement market is highlighted as a new blue ocean for domestic companies, with high profitability and significant growth potential [1] - The company has multiple ongoing and planned projects in the African market, which are expected to contribute to future performance growth [1]

Core Viewpoint - Western Cement (02233) has shown significant growth in its mid-year performance, with a notable increase in revenue and net profit, indicating strong operational momentum and strategic expansion in overseas markets [1] Financial Performance - The company reported a revenue of 5.4 billion HKD for the first half of the year, representing a year-on-year increase of 46% [1] - Net profit reached 750 million HKD, marking a 93% year-on-year growth [1] - Sales volume for the period was 10.82 million tons, up 23.6% compared to the previous year [1] Market Expansion - The overseas market has been identified as a core growth driver, with sales in international markets increasing by 178% to 4.17 million tons [1] - The company has announced the acquisition of 1.2 million tons of cement capacity in the Congo and the sale of its entire business in Xinjiang to Conch Cement, totaling 3.5 million tons of cement capacity [1] Industry Outlook - The African cement market is highlighted as a significant opportunity, characterized by high growth potential and profitability compared to domestic markets [1] - The company has multiple ongoing and planned projects in Africa, which are expected to contribute to further performance growth as they come online [1]

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]