Core Viewpoint - Goldman Sachs reports that China National Building Material (03323) achieved a net profit of 1.36 billion RMB in the first half of the year, a significant recovery from a loss of 2.02 billion RMB in the same period last year, indicating a strong performance driven by better-than-expected profits in new materials and cement businesses [1] Financial Performance - The company's recurring net profit, excluding one-off factors, reached 1.29 billion RMB, compared to a recurring loss of 1.55 billion RMB in the previous year [1] - The performance exceeded both Goldman Sachs' and market expectations [1] Dividend Policy - Similar to the previous year, the company did not declare an interim dividend [1] Analyst Rating - Goldman Sachs maintains a "Buy" rating for the company, raising the target price from 4.4 HKD to 6.7 HKD [1]

FF301 本月底法定/註冊股本總額： RMB 7,593,021,358 | 2. 股份分類 | 普通股 | 股份類別 | | 其他類別 (請註明) | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,876,624,162 | RMB | | 1 RMB | | 3,876,624,162 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 3,876,624,162 | RMB | | 1 RMB | | 3,876,624,162 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1 - China National Building Material Group held a promotional event and innovation exhibition in Jakarta, Indonesia, attracting nearly 200 attendees, including government officials and representatives from enterprises and investment institutions [1][3] - The event showcased the group's global business layout and international development achievements, emphasizing comprehensive solutions in basic building materials, new materials, photovoltaic energy storage, and mineral resource development to support Indonesia's national development and promote sustainable growth [3][5] - The innovation exhibition featured the latest achievements from 10 member companies in areas such as basic building materials, new materials, engineering technology services, and logistics trade, with a focus on integrated digital solutions for smart factories and predictive maintenance [5][6] Group 2 - The event was welcomed by Indonesian Deputy Minister of Investment and Downstream Industry, who noted that it would facilitate cooperation between enterprises from both countries and promote the introduction of high-tech, low-carbon, and sustainable solutions, contributing to Indonesia's industrial modernization and green transformation [5] - China National Building Material Group's chairman highlighted the rapid development of Sino-Indonesian cooperation and the commitment to high-quality international development, aiming to jointly explore the Indonesian market and expand cooperation with ASEAN partners [6] - During the event, China National Building Material Group and its subsidiaries announced four technological innovation achievements and signed collective agreements with five key partners [6]

Group 1 - China National Building Material Group held a promotional event in Jakarta, Indonesia, attended by nearly 200 guests including government officials and business partners [1][3] - The company has established 31 enterprises and institutions in Southeast Asia, covering various sectors such as new materials, new energy, and trade logistics since entering the Indonesian market in 2005 [3][4] - The event aimed to foster strategic cooperation and innovation between China and Indonesia, contributing to the "Golden Indonesia 2045 Vision" and the "ASEAN Community Vision 2045" [3][4] Group 2 - Indonesian officials expressed support for deepening cooperation in industrial, energy, and sustainable development sectors, emphasizing the importance of high-tech and low-carbon solutions [3][4] - The event showcased China National Building Material Group's global business layout and international development achievements, marking 35 years of collaboration with ASEAN partners [4] - Five significant partnerships were formalized through collective signing at the event, alongside the release of four technological innovation results by China National Building Material Group [4]

Group 1 - The core topic of the event was the cooperation between China and Indonesia in green frontier technologies in the building materials sector [2] - Indonesia is focusing on downstream strategies and renewable energy development, with significant investment potential, aiming for sustainable and inclusive economic growth [2] - Chinese investments in Indonesia have grown at an average annual rate of 31% over the past six years, supporting Indonesia's downstream strategy [2] Group 2 - The Indonesian cement industry plans to achieve net-zero carbon emissions by 2050 through energy efficiency improvements, alternative fuel/raw material applications, and the deployment of Carbon Capture, Utilization, and Storage (CCUS) technology [2] - China National Building Material Group is introducing mature low-carbon technologies that have been commercialized in China to accelerate the low-carbon transition of Indonesia's cement industry [3] - The company emphasizes its mission of "materials create a better world" and aims to contribute to local economic and social development while collaborating with Indonesian partners [3]

Core Viewpoint - The company reported a slight decline in revenue for the first half of 2025, but achieved profitability, indicating a trend towards high-quality growth in its core business segments [1][2]. Group 1: Financial Performance - In 1H25, the company achieved a main business revenue of 83.28 billion yuan, a year-on-year decrease of 0.2%, and a net profit attributable to shareholders of 1.36 billion yuan, aligning with prior forecasts [1]. - In 2Q25, revenue reached 46.64 billion yuan, a year-on-year increase of 0.4%, with a net profit of 1.88 billion yuan, compared to a loss of 670 million yuan in the same period last year [1]. - The company’s basic building materials segment reported a revenue of 37.20 billion yuan in 1H25, down 8.8%, but turned a profit with a total profit of 160 million yuan, reflecting a gross margin increase of 7.3 percentage points to 16.1% [1][2]. Group 2: Segment Performance - The basic building materials division saw a significant drop in cement sales volume by 14.1% to 97.78 million tons, but the average price of cement and clinker increased by 3.6% to 249.8 yuan per ton [1][2]. - The new materials division generated revenue of 26.76 billion yuan in 1H25, a year-on-year increase of 13.6%, with a gross margin of 23.3%, slightly down by 0.4 percentage points [2]. - The engineering services division reported revenue of 21.31 billion yuan in 1H25, a year-on-year increase of 3.6%, but faced a decline in gross margin by 2.6 percentage points to 16.0% [2]. Group 3: Future Outlook - The company expects continued improvement in the basic building materials sector due to anticipated infrastructure investment and supply-side measures [2]. - The company maintains a positive outlook for its new materials segment, particularly in specialty fiber cloth, which is expected to drive growth [1][3]. - The profit forecast for the company for 2025-2027 is set at 4.2 billion, 5.1 billion, and 6.1 billion yuan respectively, with an estimated EPS of 0.55, 0.68, and 0.80 yuan [3].

Group 1 - As of August 29, 94 stocks reached a 52-week high, with Coastal Home (01124), Weixin Holdings (01087), and Huangda Fu Holdings (01348) leading the high rate at 78.95%, 66.67%, and 38.32% respectively [1][2] - Coastal Home closed at 0.375 and reached a peak of 0.680, achieving a high rate of 78.95% [2] - Weixin Holdings closed at 1.870 with a maximum price of 2.000, resulting in a high rate of 66.67% [2] - Huangda Fu Holdings closed at 0.140 and peaked at 0.148, with a high rate of 38.32% [2] Group 2 - Other notable stocks that reached a 52-week high include Jinmaoyuan Environmental Protection (06805) at 22.61%, GCL-Poly Energy (00451) at 20.00%, and Shenghe Biotechnology - B (02898) at 11.98% [2] - The list includes various companies across different sectors, indicating a broad market interest in stocks reaching new highs [2] Group 3 - The report also highlights stocks that reached a 52-week low, with New Quality Digital (02322) experiencing a significant drop of 81.58% [3] - Other companies with notable declines include INTL Genius (00033) at -14.55% and Huiyuan Tongchuang Technology (01116) at -14.16% [3] - The data reflects a mix of performance across the market, with some stocks facing substantial losses [3][4]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 6.15 [6][7]. Core Views - The company reported a turnaround in profitability in Q2 2025, achieving a revenue of CNY 466.4 billion, a year-on-year increase of 0.4%, and a net profit of CNY 18.8 billion, compared to a loss of CNY 6.7 billion in the same period last year [1][6]. - The company is expected to continue its high-quality growth, particularly in the basic building materials sector, amidst a competitive environment, while the special fiber cloth segment is anticipated to drive growth in the new materials sector [1][6]. Summary by Sections Basic Building Materials Division - In the first half of 2025, the revenue from the basic building materials division was CNY 372.0 billion, a decrease of 8.8% year-on-year, but the profit turned positive with a total profit of CNY 1.6 billion, reflecting a gross margin increase of 7.3 percentage points to 16.1% [2]. - The sales volume of cement and clinker was 97.78 million tons, down 14.1% year-on-year, which is significantly higher than the national average decline of 4.3% [2]. - The average price of cement and clinker was CNY 249.8 per ton, up 3.6% year-on-year, indicating a slight decrease compared to the average price of CNY 250.6 per ton in 2024 [2]. New Materials Division - The new materials division achieved a revenue of CNY 267.6 billion in the first half of 2025, a year-on-year increase of 13.6%, with a gross margin of 23.3%, down 0.4 percentage points [3]. - Sales volumes for fiberglass, wind turbine blades, lithium battery separators, and carbon fiber increased by 1.1%, 102.9%, 59.6%, and 51.2% respectively, while their average prices saw changes of +12.3%, -9.7%, -23.7%, and -16.6% [3]. Engineering Services Division - The engineering services division reported a revenue of CNY 213.1 billion in the first half of 2025, a year-on-year increase of 3.6%, but the overall gross margin decreased by 2.6 percentage points to 16.0% [4]. - The core subsidiary, China National Materials International, signed new orders worth CNY 41.2 billion, an increase of 11% year-on-year, with overseas orders growing by 19% [4]. Profit Forecast and Valuation - The company maintains a profit forecast of CNY 42 billion, CNY 51 billion, and CNY 61 billion for the years 2025 to 2027, respectively, with corresponding EPS of CNY 0.55, CNY 0.68, and CNY 0.80 [5]. - The target price has been raised by 28% to HKD 6.15, based on a P/E ratio of 10.2x for 2025, which is a 15% premium over the historical average [5].

Group 1 - The core viewpoint of the article highlights that China National Building Material (CNBM) reported a slight decline in revenue but achieved a turnaround in profit for the first half of 2025 [1] - For the six months ending June 30, 2025, CNBM's revenue was RMB 83.28 billion, a year-on-year decrease of 0.2% [1] - The company reported a net profit attributable to shareholders of RMB 1.36 billion, marking a return to profitability compared to the previous year [1] Group 2 - In the first half of 2025, China's national cement production reached 815 million tons, the lowest level for the same period since 2010, with a year-on-year decline of 4.3% [1] - The decline in cement production was less severe than the 5.7 percentage point drop observed in the same period of 2024 [1] - The cement industry is actively promoting ecological construction, leading to a recovery in cement prices and a decrease in coal costs, which has contributed to the continuous recovery of industry profitability [1] Group 3 - The total profit of the cement industry for the first half of 2025 was RMB 16.4 billion, indicating a return to profitability compared to the same period in 2024 [1]

来源：市场资讯 （来源：水泥网APP） 8月28日，中国建材公布中期业绩，2025年上半年，经审核收入约为人民币832.80亿元，较2024年同期 下降0.2%。集团未经审核权益持有者应占利润约为人民币13.60亿元，而2024年同期的集团权益持有者 应占亏损约为人民币20.18亿元。 ...