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告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 在 中 華 人 民 共 和 國 註 冊 成 立 的 成 員 責 任 有 限 的 股 份 有 限 公 司 ） 海外監管公告 2025年面向專業投資者公開發行科技創新可續期公司債券 （第四期）發行結果公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 承董事會命 中國建材股份有限公司 裴鴻雁 董事會秘書 中國，北京 二零二五年七月三日 於本公告日期，本公司之董事會成員包括執行董事周育先先生、魏如山先生、王兵先生 及苗小玲女士，非執行董事王于猛先生、沈雲剛先生及陳紹龍先生，及獨立非執行董事 孫燕軍先生、劉劍文先生、周放生先生、李軍先生及夏雪女士。 * 僅供識別 中国建材股份有限公司 2025 年面向专业投资者公开发行科技创新可续期公司债券 （第四期）发行结果公告 特别提示 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中的任 何虚假记载、误导性陈述或者重大遗漏承担 ...

Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].

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告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 在 中 華 人 民 共 和 國 註 冊 成 立 的 成 員 責 任 有 限 的 股 份 有 限 公 司 ） 海外監管公告 2025年面向專業投資者公開發行科技創新可續期公司債券（第四期） 發行票面利率公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 承董事會命 中國建材股份有限公司 裴鴻雁 董事會秘書 二零二五年七月一日 2025 年面向专业投资者公开发行科技创新可续期公司债券（第四期） 票面利率公告 中國，北京 * 僅供識別 中国建材股份有限公司 特别提示 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实、准确和完整承担个别及连带责任。 经中国证券监督管理委员会证监许可〔2024〕13 号文同意注册，中国建材股份有限 公司（以下简称"发行人"）获准面向专业投资者公开发行面值总额不超过人民币 200 亿 元的可续期公司债券，采用 ...

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告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 在 中 華 人 民 共 和 國 註 冊 成 立 的 成 員 責 任 有 限 的 股 份 有 限 公 司 ） 海外監管公告 2025年面向專業投資者公開發行科技創新可續期公司債券（第四期）發行公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 承董事會命 中國建材股份有限公司 裴鴻雁 董事會秘書 中國，北京 二零二五年六月三十日 於本公告日期，本公司之董事會成員包括執行董事周育先先生、魏如山先生、王兵先生 及苗小玲女士，非執行董事王于猛先生、沈雲剛先生及陳紹龍先生，及獨立非執行董事 孫燕軍先生、劉劍文先生、周放生先生、李軍先生及夏雪女士。 * 僅供識別 中国建材股份有限公司 （住所：北京市海淀区复兴路 17 号国海广场 2 号楼（B 座）） 2025 年面向专业投资者公开发行科技创新可续期公司债券 （第四期） 发行公告 | 发行人 | 中国建材股份有限公司 | | --- | ...

Core Concept - The article emphasizes the importance of "Three Precision Management" (三精管理) in corporate management, which includes organizational refinement, meticulous management, and lean operations, aiming to enhance efficiency and effectiveness in enterprises [3][10]. Group 1: Organizational Refinement - Organizational refinement focuses on governance standardization, functional hierarchy, platform specialization, and streamlined institutions, which are crucial for stable corporate development [4][5]. - Governance standardization is essential for ensuring a well-functioning corporate structure, with a clear board and efficient management team being foundational for growth [4]. - Functional hierarchy should be defined by roles such as investment centers, profit centers, and cost centers, clarifying decision-making and accountability [5]. - Platform specialization emphasizes focusing on core business areas to build competitive strength, avoiding diversification that dilutes focus [5]. - Streamlined institutions advocate for appropriate scaling, avoiding the pitfalls of excessive growth that can lead to inefficiencies [5]. Group 2: Meticulous Management - Meticulous management revolves around quality and cost, emphasizing the need for effective operational methods and long-term commitment to quality [6]. - Management methods should be practical and replicable, drawing from successful models like Japan's 5S and TQC [6]. - Cost benchmarking is a preferred method for controlling expenses, allowing companies to identify areas for improvement by comparing with industry leaders [6]. - Quality management requires a systematic approach, ensuring that quality standards are integrated throughout the production process to minimize defects [7]. - Financial stability is highlighted as crucial, with a focus on maintaining healthy cash flow and managing inventory and receivables effectively [7]. Group 3: Lean Operations - Lean operations address the uncertainties in business environments, stressing the need for correct strategic choices to avoid failure [8]. - Core business focus is essential, with non-core activities ideally being divested to maintain operational efficiency [8]. - Effective innovation is necessary, balancing the need for new ideas with the risks associated with untested ventures [9]. - Market segmentation allows companies to carve out niches in competitive industries, enhancing product value and profitability [9]. - Value optimization is crucial, with a focus on maximizing profits and market capitalization while ensuring sustainable growth [9]. Group 4: Challenges of Scale - The article discusses the limitations of scale, noting that not all companies can sustain linear growth indefinitely, with many facing decline after periods of success [11][12]. - The concept of "big but not strong" is introduced, suggesting that companies should prioritize quality and efficiency over sheer size [15]. - The phenomenon of "big company disease" is identified, characterized by inefficiencies and bureaucratic challenges that can hinder performance [16][18]. - Companies are encouraged to maintain a clear understanding of their growth limits and to avoid overextending themselves [18].

Core Viewpoint - The "Six Zero Green Building Materials Day" serves as a reminder for the industry to focus on low-carbon goals and showcases green achievements while promoting communication between the industry and the public [1] Group 1: Green Transformation Initiatives - Over 80 cement clinker production lines have completed ultra-low emission transformations, significantly reducing pollutant emissions [2] - The development of 89 alternative fuel projects has increased the utilization rate of industrial waste as fuel to 88.25%, surpassing international standards [2] - Cement kilns are now functioning as "urban purifiers," processing nearly 100 million tons of waste annually, equivalent to managing the yearly waste of a mega city [2] Group 2: Energy Transition - In 2024, the comprehensive energy consumption per ten thousand yuan of output decreased by 10.3%, while green energy supply increased by 105.66% [2] - The number of photovoltaic power generation enterprises reached 116, with installed capacity and power generation increasing by 81.53% and 40.31% respectively [2] - Alternative fuels such as waste tires and straw are now being utilized in cement production [2] Group 3: Carbon Management - Key targets for comprehensive energy consumption and carbon dioxide emissions have already met the 2025 expectations [2] - The establishment of a carbon management system has shown initial success, with companies receiving the first carbon management certification in their respective industries [2] Group 4: Digital Empowerment - A public service platform for carbon peak and carbon neutrality in key raw material industries has been launched, providing professional services for green low-carbon product development [2] - A digital carbon management platform has been created to manage carbon emission sources, ensuring comprehensive data sharing [2] Group 5: Future Directions - The company aims to focus on carbon reduction, pollution reduction, green expansion, and growth, exploring collaborative carbon reduction across the industry chain [3] - Emphasis will be placed on technological breakthroughs, platform sharing, and mechanism promotion to advance the modern industrial system of inorganic non-metallic materials towards intelligence, greenness, and integration [3]

Core Viewpoint - China National Building Material (CNBM) is expected to see revenue growth from 2025 to 2027, with projected revenues of 191.22 billion, 199.33 billion, and 207.00 billion yuan, representing year-on-year growth rates of +5.5%, +4.2%, and +3.8% respectively. Net profit attributable to shareholders is forecasted to be 4.12 billion, 4.89 billion, and 5.48 billion yuan, with year-on-year growth rates of +72.4%, +18.7%, and +12.1% respectively, leading to corresponding PE ratios of 6.7, 5.7, and 5.1. The report initiates coverage with a "Buy" rating [1][2]. Group 1: Company Overview - CNBM is a state-owned enterprise under the State-owned Assets Supervision and Administration Commission, and it is the largest non-metallic materials platform in China, with a strategic shift towards new materials and related capital investments [2]. - In 2024, CNBM reported revenues of 181.3 billion yuan (down 13.8% year-on-year) and a net profit of 2.39 billion yuan (down 38.2% year-on-year) [2]. Group 2: New Materials Segment - The new materials segment generated 48.5 billion yuan in revenue in 2024 (up 1.9% year-on-year) and contributed significantly to the company's profit, with a net profit of 2.61 billion yuan (down 23.8% year-on-year) [3]. - The segment is structured into three tiers: 1) Mature industries contributing over 85% of revenue, including gypsum board and fiberglass, with gypsum board holding a market share of over 60% [3]. 2) Emerging industries like lithium battery separators and carbon fiber, which are rapidly growing despite recent revenue declines [3][4]. 3) Cutting-edge technologies such as silicon nitride ceramic balls, which enhance product performance in high-tech applications [4]. Group 3: Financial Performance and Strategy - The basic building materials segment, while under pressure from low demand and overcapacity, is expected to recover, with revenues of 91.1 billion yuan in 2024 (down 23% year-on-year) and a net loss of 0.825 billion yuan [6]. - The company is implementing cost reduction strategies and expanding internationally, with overseas cement sales increasing by 15% year-on-year in 2024 [6]. Group 4: Engineering Services - The engineering services segment achieved revenues of 45.5 billion yuan in 2024 (up 0.8% year-on-year) and a net profit of 1.407 billion yuan (down 3.1% year-on-year), maintaining a strong market position [7]. - The company secured new orders worth 63.4 billion yuan in 2024, with a significant portion coming from international markets, which helps mitigate domestic demand pressures [7]. Group 5: Capital Expenditure and Shareholder Returns - CNBM's capital expenditure decreased to 23.5 billion yuan in 2024 (down 23.1% year-on-year), with a focus on new materials and international expansion [8]. - The company maintains a high dividend policy, with a cash dividend rate of over 50% in 2024, corresponding to a dividend yield of 4.81% [8].

（ 在 中 華 人 民 共 和 國 註 冊 成 立 的 成 員 責 任 有 限 的 股 份 有 限 公 司 ） 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告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 2025年面向專業投資者公開發行科技創新可續期公司債券 （第三期）發行結果公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 承董事會命 中國建材股份有限公司 裴鴻雁 董事會秘書 中國，北京 二零二五年六月三日 於本公告日期，本公司之董事會成員包括執行董事周育先先生、魏如山先生、王兵先生 及苗小玲女士，非執行董事王于猛先生、沈雲剛先生及陳紹龍先生，及獨立非執行董事 孫燕軍先生、劉劍文先生、周放生先生、李軍先生及夏雪女士。 * 僅供識別 中国建材股份有限公司 2025 年面向专业投资者公开发行科技创新可续期公司债券 （第三期）发行结果公告 特别提示 本期债券发行价格 100 元/张，采取网下面向《公司债券发行与交易管理办 法》和《上海证券交易所债券市场投资 ...

海外監管公告 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告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 在 中 華 人 民 共 和 國 註 冊 成 立 的 成 員 責 任 有 限 的 股 份 有 限 公 司 ） 2025年面向專業投資者公開發行科技創新可續期公司債券（第三期） 發行票面利率公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 承董事會命 中國建材股份有限公司 裴鴻雁 董事會秘書 中國，北京 二零二五年五月二十九日 於本公告日期，本公司之董事會成員包括執行董事周育先先生、魏如山先生、王兵先生 及苗小玲女士，非執行董事王于猛先生、沈雲剛先生及陳紹龍先生，及獨立非執行董事 孫燕軍先生、劉劍文先生、周放生先生、李軍先生及夏雪女士。 * 僅供識別 中国建材股份有限公司 2025 年面向专业投资者公开发行科技创新可续期公司债券（第三期） 发行人将按上述票面利率于 2025 年 5 月 30 日面向专业机构投资者网下发行本期债 券 。 具 体 认 购 方 法 请 ...

Core Viewpoint - China National Building Material (CNBM) has received approval to publicly issue corporate bonds totaling up to RMB 20 billion, with a specific issuance of RMB 1.3 billion for its third phase of technology innovation bonds aimed at professional investors [1][2]. Group 1: Bond Issuance Details - The total issuance scale for the current bonds is capped at RMB 1.3 billion, with each bond having a face value of RMB 100 [1]. - The bonds will be listed on the Shanghai Stock Exchange, with two types of bonds: YK15 and YK16, identified by codes 243088.SH and 243089.SH respectively [1]. - The bond types include a 3+N year fixed-rate bond and a 5+N year fixed-rate bond, with the option for inter-species allocation based on subscription demand [2]. Group 2: Interest Rate and Pricing - The interest rate for the first bond type is set between 1.50% and 2.50%, while the second type ranges from 1.60% to 2.60% [2]. - The final interest rates will be determined through a book-building process on May 29, 2025, based on inquiries from professional institutional investors [2].